Document:

Exhibit
4.7.10

SECOND AMENDMENT 

TO

CREDIT
AGREEMENT

This
SECOND AMENDMENT, dated as of February
15, 2007 (this “Amendment”)
is entered into among HERTZ EQUIPMENT
RENTAL CORPORATION, a Delaware corporation (together with its successors
and assigns, “HERC”), THE HERTZ CORPORATION, a Delaware corporation
(together with its successors and assigns, the “Parent Borrower”), MATTHEWS
EQUIPMENT LIMITED, an Ontario corporation (“Matthews”), WESTERN
SHUT-DOWN (1995) LIMITED, an Ontario corporation (“Western” and, together
with HERC, the Parent Borrower and Matthews, the “Borrowers”), DEUTSCHE
BANK AG, NEW YORK BRANCH (“DBNY”), as administrative agent (the “Administrative
Agent”), DEUTSCHE BANK AG, CANADA BRANCH (“DBCB”), as Canadian agent
(the “Canadian Agent”), and the other parties signatory hereto.

WHEREAS, the Borrowers have entered into that certain CREDIT AGREEMENT, dated as of December 21, 2005 (as it may be
amended, amended and restated, supplemented or otherwise modified (including as
amended by that certain Amendment to Credit Agreement, dated as of June 30,
2006), the “Credit Agreement”) among the Borrowers, the Lenders from
time to time party thereto, the Administrative Agent, DBNY, as
collateral agent, the Canadian Agent, DBCB, as Canadian collateral agent,
LEHMAN COMMERCIAL PAPER INC., as syndication agent, and MERRILL LYNCH &
CO., MERRILL LYNCH, PIERCE, FENNER AND SMITH INCORPORATED, as documentation
agent.

WHEREAS, the terms used herein, including in the preamble and recitals hereto,
not otherwise defined herein or otherwise amended hereby shall have the
meanings ascribed thereto in the Credit Agreement;

WHEREAS, the Borrowers have requested that the Credit
Agreement be amended as more fully set forth herein;

NOW, THEREFORE, in consideration of the premises and the agreements, provisions and
covenants herein contained, the Borrowers, the Lenders, the Administrative
Agent and the Canadian Agent agree as follows:

ARTICLE ONE: 
AMENDMENTS

As of the Amendment
Effective Date (as defined in Article Two hereof), the Credit Agreement shall
be amended as set forth in this Article One.

1.             Section
1.1 of the Credit Agreement (Definitions) is hereby amended by inserting in
such Section the following definition in its appropriate alphabetical order:

“Second Amendment Effective
Date”:  February 15, 2007.

2.             The
definition of “Applicable Margin” in Section 1.1 of the Credit Agreement
(Definitions) is hereby amended by adding at the end of such definition the
following:

“Notwithstanding the first
sentence of this definition, the Applicable Margin on and after the Second
Amendment Effective Date shall equal (A) with respect to ABR Loans,
0.50% per annum, (B) with respect to Eurocurrency Loans, 1.50% per annum
and (c) with respect to BA Equivalent Loans, 1.50% per annum, in each case
subject to adjustment as provided above.”

3.             The
definition of “Payment Conditions” in Section 1.1 of the Credit Agreement
(Definitions) is hereby amended by inserting the phrase “except with respect to
Specified Payments described in clause (vi) of the definition thereof and made
within 10 Business Days of the Second Amendment Effective Date,” immediately
before the phrase “if the aggregate amount of Specified Payment is greater than
$50,000,000” in clause (d) thereof.

4.             The
definition of “Pricing Grid” in Section 1.1 of the Credit Agreement
(Definitions) is hereby amended by deleting such definition in its entirety and
replacing it with the following:

“Pricing Grid”:
with respect to Revolving Credit Loans and Swing Line Loans:

	
  Consolidated

  Leverage Ratio

  	
   

  	
  Applicable

  Margin for

  ABR Rate 

  ABR Loans

  	
   

  	
  Applicable

  Margin for 

  Canadian

  Prime Rate

  ABR Loans

  	
   

  	
  Applicable

  Margin for

  Eurocurrency

  Loans

  	
   

  	
  Applicable

  Margin for 

  BA

  Equivalent 

  Loans and

  B/A Fees

  	
   

  
	
  Greater than
  5.00:1.00

  	
   

  	
  1.00

  	
  %

  	
  1.00

  	
  %

  	
  2.00

  	
  %

  	
  2.00

  	
  %

  
	
  Greater than
  4.25:1.00, but less than or equal to 5.00:1.00

  	
   

  	
  0.75

  	
  %

  	
  0.75

  	
  %

  	
  1.75

  	
  %

  	
  1.75

  	
  %

  
	
  Greater than
  3.25:1.00, but less than or equal to 4.25:1.00

  	
   

  	
  0.50

  	
  %

  	
  0.50

  	
  %

  	
  1.50

  	
  %

  	
  1.50

  	
  %

  
	
  Less than or equal to
  3.25:1.00

  	
   

  	
  0.25

  	
  %

  	
  0.25

  	
  %

  	
  1.25

  	
  %

  	
  1.25

  	
  %

  

 

Each
determination of the Consolidated Leverage Ratio pursuant to the Pricing Grid
shall be made in a manner consistent with the determination thereof pursuant to
subsection 8.1; and

 2
 

(c)
with respect to Commitments:

	
  Utilized Commitment

  	
   

  	
  Applicable

  Commitment Fee Rate

  	
   

  
	
  Equal to or
  Greater than 75%

  	
   

  	
  0.25

  	
  %

  
	
  Less than 75%
  but Greater than or Equal to 25%

  	
   

  	
  0.375

  	
  %

  
	
  Less than 25%

  	
   

  	
  0.50

  	
  %

  

 

5.             The
definition of “Commitment” in Section 1.1 of the Credit Agreement (Definitions)
is hereby amended by deleting “$1,600,000,000” and replacing it with “$1,800,000,000”.

6.             The
definition of “Termination Date” in Section 1.1 of the Credit Agreement
(Definitions) is hereby amended by deleting such definition in its entirety and
replacing it with the following:

“Termination
Date”:  February 15, 2012.

7.             The definition of “Total
U.S. Facility Commitment” in Section 1.1 of the Credit Agreement (Definitions)
is hereby amended by deleting “$1,125,000,000” and replacing it with “$1,325,000,000”.

8.             Section 2.9 of the
Credit Agreement (Increase in Total Commitments) is hereby amended by adding
the following clause (e) after clause (d) thereof:

(e)           It
is understood and agreed that any increases in Commitments effected on the
Second Amendment Effective Date are made independently of this Section 2.9, and
no such increase shall be deemed to have been made pursuant to or under this
Section 2.9 or be deemed a “Commitment Increase” for any purpose under this
Section 2.9, and, for the avoidance of doubt, during the period from and after
the Closing Date to and including the Second Amendment Effective Date (and
after giving effect to any increases in Commitments on the date thereof) no
increases to the Total Commitments have been made pursuant to or under this
Section 2.9.

9.             Section 4.4(b)(iv) of
the Credit Agreement (Optional and Mandatory Prepayments) is hereby amended by
adding the words “pursuant to subsection 8.12(d)” after the words “the Parent
Borrower or any of its Subsidiaries shall enter into a Sale and Leaseback
Transaction”.

10.           Section 8.1(a) of the
Credit Agreement (Financial Condition Covenants) is hereby amended by adding at
the end of the table therein the following:

	
  December 31, 2010

  	
   

  	
  4.75x

  	
   

  
	
  March 31, 2011

  	
   

  	
  4.75x

  	
   

  
	
  June 30, 2011

  	
   

  	
  4.75x

  	
   

  
	
  September 30,
  2011

  	
   

  	
  4.75x

  	
   

  
	
  December 31, 2011

  	
   

  	
  4.75x

  	
   

  

 

 3
 

11.           Section 8.2(l) of the
Credit Agreement (Limitation on Indebtedness) is hereby amended by deleting the
number “$50,000,000” and replacing it with the number “$100,000,000”.

12.           Section 8.2(s) of the
Credit Agreement (Limitation on Indebtedness) is hereby amended by deleting the
number “$250,000,000” and replacing it with the number “$300,000,000”.

13.           Schedule 8.6(h) of the
Credit Agreement is hereby amended by adding to it the Dispositions set forth
on Schedule 8.6(h) hereto.

14.           Section 8.8 of the
Credit Agreement (Limitation on Capital Expenditures) is hereby amended by deleting
the last row in the table therein and replacing it with the following:

	
  January 1, 2010 to and including December 31, 2010

  	
   

  	
  $

  	
  400,000,000

  	
   

  
	
  January 1, 2011 to and including December 31, 2011

  	
   

  	
  $

  	
  400,000,000

  	
   

  
	
  January
  1, 2012 to and including the Termination Date

  	
   

  	
  $

  	
  400,000,000

  	
   

  

 

15.           Section 8.12(c) of the
Credit Agreement (Limitation on Sale and Leaseback Transactions) is hereby
amended by adding after the parenthetical therein the words “or such Sale and
Leaseback Transaction involves the property identified in item 3(b) of Schedule
8.6(h)”.

16.           Section 11.1(d) of the
Credit Agreement (Amendments and Waivers) is hereby amended by deleting the
phrase “ten Business Days’ prior written” in the first sentence thereof and
replacing them with “three Business Days’ prior written”.

17.           Schedule A of the
Credit Agreement is hereby amended by deleting it in its entirety and replacing
it with Schedule A attached hereto.

ARTICLE TWO: CONDITIONS PRECEDENT TO EFFECTIVENESS

Each
provision set forth in Article One hereof (other than the provision set forth
in Section 16 thereof, which shall be governed by the last sentence of this
Article Two) shall be effective as of the date (with respect to each such
provision, the “Amendment Effective Date”) on which each of the
following conditions with respect to each provision shall have been satisfied:

1.             The Borrowers, the Administrative Agent, the
Canadian Agent and the requisite  Lenders
shall have indicated their consent by the execution and delivery of the
signature pages to the Administrative Agent.

2.             The Guarantors shall have indicated their consent
to the Amendment by the execution and delivery of a Consent (each a “Consent”)
attached hereto as Annex I, in the case of Guarantors party to the U.S.
Guarantee and Collateral Agreement (as defined in the Credit

 4
 

Agreement), or attached hereto as Annex II, in the case of Guarantors
party to the Canadian Guarantee and Collateral Agreement (as defined in the
Credit Agreement), in each case dated the date hereof, by and among the
applicable Guarantors.

3.             The Administrative Agent shall have received
(1) an executed legal opinion of Debevoise & Plimpton LLP, special
New York counsel to Parent Borrower and the other Loan Parties, and (2) an
executed legal opinion of Harold Rolfe, Esq., general counsel to the Parent
Borrower, in each case in form and substance reasonably satisfactory to the
Administrative Agent.

4.             The Parent Borrower
shall have used commercially reasonable efforts to obtain for the
Administrative Agent, the Collateral Agent or the Canadian Collateral Agent, as
applicable, such customary endorsements or other written comfort regarding
existing title insurance policies as they may reasonably request, it being
understood that (1) to the extent any such endorsement or other comfort is not
provided on or prior to the Amendment Effective Date after the Parent Borrower’s
commercially reasonable efforts to do so, the delivery of such endorsement or
other comfort shall not constitute a condition to the effectiveness of any
provision of this Amendment and (2) no amendments to any mortgage shall be
required.

5.             The Borrowers shall have paid (a) to the
Administrative Agent, for the pro rata account of the Lenders that were Lenders
on the day immediately prior to the Second Amendment Effective Date (the “Existing
Lenders”) and that have consented to this Amendment (such Existing Lenders,
the “Consenting Existing Lenders”), an amendment fee equal to 0.075% of
the Commitments of such Consenting Existing Lenders in effect immediately
before the Second Amendment Effective Date, (b) to the Administrative Agent, for
the pro rata account of the Lenders that have consented to this Amendment and
that are Existing Lenders or affiliates thereof or Approved Funds, in respect
of any such Lender’s Commitment in excess of such Lender’s Commitment on the
day immediately prior to the Second Amendment Effective Date (such excess, the “Additional
Commitment”), a commitment fee equal to 0.10% of such Additional Commitment
and (c) to the Administrative Agent, for the pro rata account of any new
Lenders as of the Second Amendment Effective Date that has executed an
acknowledgement and agreement in respect of this Amendment (other than any
Lender that is an affiliate of an Existing Lender or an Approved Fund), in
respect of any such Lender’s Commitment as of such date, a commitment fee equal
to 0.15% of such Commitments.

6.             The Borrowers shall have paid all fees due to
the Administrative Agent, the Canadian Agent, the Collateral Agent, the
Canadian Collateral Agent or Deutsche Bank Securities Inc. in connection with
the Amendment.

Notwithstanding
anything to contrary set forth above, the amendment set forth in Section 16 of
Article One shall be effective (and this Amendment shall be effective with
respect to such amendment) as of the date the Required Lenders shall have indicated their consent to this
Amendment by the execution and delivery of the signature pages to the
Administrative Agent, notwithstanding that any condition set forth above may or
may not have been satisfied as of such date, and the “Amendment Effective Date”
shall be deemed to have occurred with respect to such amendment for purposes of
the first sentence of Article One and Section 2 of Article Four.

 5
 

ARTICLE THREE: REPRESENTATIONS AND WARRANTIES

In order to induce the Agents and Lenders to enter into this Amendment,
each of the Borrowers represents and warrants to each Agent and each Lender,
that:

1.             Representations and Warranties.  As
of the Amendment Effective Date, each of the representations and warranties
made by any Loan Party pursuant to this Amendment, the Credit Agreement or any
other Loan Document (or in any amendment, modification or supplement thereto)
to which it is a party, and each of the representations and warranties
contained in any certificate furnished at any time by or on behalf of any Loan
Party pursuant to this Amendment, the Credit Agreement or any other Loan
Document shall, except to the extent that they expressly relate to an earlier
date, be true and correct in all material respects on and as of such date as if
made on and as of such date.

2.             Corporate Power and Authority.  As
of the Amendment Effective Date, each of the Borrowers has the corporate power
and authority, and the legal right, to enter into and perform this
Amendment.  The execution, delivery and
performance of this Amendment has been duly authorized by all necessary
corporate action on the part of each Borrower.

3.             No Conflict; Governmental Consents.  The
execution and delivery by each of the Borrowers of this Amendment, and
performance by each of the Borrowers of the Credit Agreement as amended hereby,
will not (a) violate any Requirement of Law or Contractual Obligation of
such Loan Party in any respect that would reasonably be expected to have a
Material Adverse Effect, or (b) result
in, or require, the creation or imposition of any Lien (other than any Lien
permitted by subsection 8.3 of the Credit Agreement) on any of its properties
or revenues pursuant to any such Requirement of Law or Contractual Obligation.

4.             Binding Obligation. 
(a)  This Amendment
constitutes a legal, valid and binding obligation of each of the Borrowers,
enforceable against each such Borrower in accordance with its terms, except as
enforceability may be limited by applicable domestic or foreign bankruptcy,
insolvency, reorganization, moratorium or similar laws affecting the
enforcement of creditors’ rights generally and by general equitable principles
(whether enforcement is sought by proceedings in equity or at law).

(b)           Each Consent, when executed and delivered by
each applicable Guarantor, will constitute a legal, valid and binding
obligation of such Guarantor, enforceable against such Guarantor in accordance
with its terms, except as enforceability may be limited by applicable domestic
or foreign bankruptcy, insolvency, reorganization, moratorium or similar laws
affecting the enforcement of creditors’ rights generally and by general
equitable principles (whether enforcement is sought by proceedings in equity or
at law).

5.             No Default.  As of the Amendment Effective
Date, no Default or Event of Default has occurred and is continuing.

ARTICLE FOUR:  ACKNOWLEDGMENT AND AGREEMENT

From
and after the Second Amendment Effective Date, each bank or other financial
institution listed on Schedule A to this Amendment that is not an Existing
Lender that executes

 6
 

an acknowledgment and agreement to this Amendment on or
prior to the Second Amendment Effective Date (an “Effective Date Lender”)
shall hereby be a party to the Credit Agreement as a Lender thereunder
and shall have the rights and obligations of a Lender thereunder and under the
other Loan Documents and shall be bound by the provisions thereof, and by
executing and delivering a signature page hereto to the Administrative Agent,
each Effective Date Lender acknowledges and agrees to the foregoing.

ARTICLE FIVE:  MISCELLANEOUS

1.             The provisions of this Amendment shall be
binding upon and inure to the benefit of the parties hereto and their
respective successors and assigns.  Other
than in accordance with Section 8.5 of the Credit Agreement, none of the
Borrowers may assign or otherwise transfer any of its rights or obligations
hereunder without the prior written consent of each Lender.  No Lender may assign or otherwise transfer
its rights or obligations hereunder except in accordance with Section 11.6 of
the Credit Agreement.

2.             Except as expressly amended hereby, the
Credit Agreement and all other documents, agreements and instruments relating
thereto are and shall remain unmodified and in full force and effect and are
hereby ratified and confirmed.  On and
after the Amendment Effective Date, each reference in the Credit Agreement to “this
Agreement”, “hereunder”, “hereof”, “herein” or words of like import, and each
reference in the Notes to the Credit Agreement, shall mean and be a reference
to the Credit Agreement as amended hereby, and this Amendment and the Credit
Agreement shall be read together and construed as a single instrument.

3.             Any
provision of this Amendment which is prohibited or unenforceable in any
jurisdiction shall, as to such jurisdiction, be ineffective to the extent of
such prohibition or unenforceability without invalidating the remaining
provisions hereof, and any such prohibition or unenforceability in any
jurisdiction shall not invalidate or render unenforceable such provision in any
other jurisdiction.

4.             The execution, delivery and performance of
this Amendment shall not, except as expressly provided herein, constitute a
waiver of any provision of, or operate as a waiver of any right, power or
remedy of any Agent or Lender under, the Credit Agreement or any of the other
Loan Documents.

5.             Section headings herein are included herein
for convenience of reference only and shall not constitute a part hereof for
any other purpose or be given any substantive effect.

6.             THIS AMENDMENT AND THE RIGHTS AND OBLIGATIONS
OF THE PARTIES UNDER THIS AMENDMENT SHALL BE GOVERNED BY, AND CONSTRUED AND
INTERPRETED IN ACCORDANCE WITH, THE LAWS OF THE STATE
OF NEW YORK.

7.             This
Amendment may be executed by one or more of the parties to this Amendment on
any number of separate counterparts (including by telecopy), and all of such
counterparts taken together shall be deemed to constitute one and the same
instrument.

 7
 

8.             The
parties hereto agree that this Amendment does not represent or create a
novation of the Credit Agreement and the other Loan Documents or any of the
Obligations and liabilities existing thereunder.

[The remainder of this page
is intentionally left blank.]

 8

	
   

  	
  HERTZ EQUIPMENT RENTAL CORPORATION

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
  By:

  	
  /s/Elyse
  Douglas

  	
   

  
	
   

  	
   

  	
  Name:
  Elyse Douglas

  
	
   

  	
   

  	
  Title:
  Treasurer

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
  THE HERTZ
  CORPORATION

  
	
   

  	
   

  	
   

  
	
   

  	
  By:

  	
  /s/Elyse
  Douglas

  	
   

  
	
   

  	
   

  	
  Name:
  Elyse Douglas

  
	
   

  	
   

  	
  Title:
  Treasurer

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
  MATHEWS
  EQUIPMENT LIMITED

  
	
   

  	
   

  	
   

  
	
   

  	
  By:

  	
  /s/Elyse
  Douglas

  	
   

  
	
   

  	
   

  	
  Name:
  Elyse Douglas

  
	
   

  	
   

  	
  Title:
  Treasurer

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
  WESTERN
  SHUT-DOWN (1995) LIMITED

  
	
   

  	
   

  	
   

  
	
   

  	
  By:

  	
  /s/ Paul J. Siracusa

  	
   

  
	
   

  	
   

  	
  Name:
  Paul J. Siracusa

  
	
   

  	
   

  	
  Title:
  Vice President, Finance

  
					

 

Second Amendment – ABL Credit
Agreement

 

	
  

  	
  DEUTSCHE
  BANK AG, NEW YORK BRANCH

  
	
   

  	
  as
  Administrative Agent,

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
  By:

  	
  /s/
  Marguerite Sutton

  	
   

  
	
   

  	
   

  	
  Name:
  Marguerite Sutton

  
	
   

  	
   

  	
  Title:
  Director

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
  By:

  	
  /s/ Paul
  O’Leary

  	
   

  
	
   

  	
   

  	
  Name:
  Paul O’Leary

  
	
   

  	
   

  	
  Title:
  Vice President

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
  DEUTSCHE
  BANK AG, CANADA BRANCH

  
	
   

  	
  as
  Canadian Agent,

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
  By:

  	
  /s/
  Robert Johnston

  	
   

  
	
   

  	
   

  	
  Name:
  Robert Johnston

  
	
   

  	
   

  	
  Title:
  Vice President

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
  By:

  	
  /s/
  Marcellus Leung

  	
   

  
	
   

  	
   

  	
  Name:
  Marcellus Leung

  
	
   

  	
   

  	
  Title:
  Assistant Vice President

  

 

Second Amendment – ABL Credit
Agreement

 

	
  LENDERS:

  	
   

  	
   

  
	
   

  	
   

  	
  By signing below, you have indicated your 

  
	
   

  	
   

  	
  consent to the Second Amendment to Credit 

  
	
   

  	
   

  	
  Agreement

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
  Name of Institution:

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
  By: 

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
  Name:

  
	
   

  	
   

  	
   

  	
  Title:

  
					

 

[This
Amendment was executed by authorized signatories of 43 Lender Institutions:]

 

Second Amendment – ABL Credit
Agreement

EFFECTIVE DATE LENDERS:

	
   

  	
   

  	
  Acknowledged and Agreed:

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
  Name of Institution:

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
  By:

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
  Name:

  
	
   

  	
   

  	
   

  	
  Title:

  
					

 

[This Amendment was executed by
authorized signatories of 13 Effective Date Lender Institutions:]

Second Amendment – ABL Credit
Agreement

ANNEX I

CONSENT
OF GUARANTORS

Each
of the undersigned is a Guarantor of the Borrower Obligations of each Borrower
pursuant to the U.S. Guarantee and Collateral Agreement (as defined in the
Credit Agreement) and hereby (a) consents to the foregoing Amendment,
(b) acknowledges that, notwithstanding the execution and delivery of the
foregoing Amendment, the Guarantor Obligations of such Guarantor are not
impaired or affected and all guaranties made by such Guarantor pursuant to the
U.S. Guarantee and Collateral Agreement and all Liens granted by such Guarantor
as security for the Guarantor Obligations of such Guarantor pursuant to the
U.S. Guarantee and Collateral Agreement continue in full force and effect, and
(c) confirms and ratifies its obligations under each of the Loan Documents
executed by it.  Capitalized terms used
herein without definition shall have the meanings given to such terms in the
Amendment to which this Consent is attached or in the Credit Agreement referred
to therein or in the U.S. Guarantee and Collateral Agreement, as applicable.

IN WITNESS WHEREOF, each of the undersigned has
executed and delivered this Consent of Guarantors as of the 15th day of
February 2007.

(Signature
pages follow)

	
   

  	
  HERTZ INVESTORS, INC.

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
  By:

  	
  /s/ Paul J. Siracusa

  	
   

  
	
   

  	
   

  	
  Name: Paul J. Siracusa

  
	
   

  	
   

  	
  Title: Vice President and Treasurer

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
  BRAE HOLDING CORP.

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
  By:

  	
  /s/Elyse Douglas

  
	
   

  	
   

  	
  Name: Elyse Douglas

  
	
   

  	
   

  	
  Title:
  Treasurer

  

 

Second Amendment – ABL Credit
Agreement

 

	
  

  	
  HERTZ CLAIM MANAGEMENT

  CORPORATION

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
  By:

  	
  /s/Elyse Douglas

  
	
   

  	
   

  	
  Name: Elyse Douglas

  
	
   

  	
   

  	
  Title:
  Treasurer

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
  HCM MARKETING CORPORATION

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
  By:

  	
  /s/Elyse Douglas

  
	
   

  	
   

  	
  Name: Elyse Douglas

  
	
   

  	
   

  	
  Title:
  Treasurer

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
  HERTZ LOCAL EDITION CORP.

  
	
   

  	
   

  
	
   

  	
  By:

  	
  /s/Elyse Douglas

  
	
   

  	
   

  	
  Name: Elyse Douglas

  
	
   

  	
   

  	
  Title:
  Treasurer

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
  HERTZ LOCAL EDITION TRANSPORTING,

  INC.

  
	
   

  	
   

  	
   

  
	
   

  	
  By:

  	
  /s/Elyse Douglas

  
	
   

  	
   

  	
  Name: Elyse Douglas

  
	
   

  	
   

  	
  Title:
  Treasurer

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
  HERTZ GLOBAL SERVICES CORPORATION

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
  By:

  	
  /s/Elyse Douglas

  
	
   

  	
   

  	
  Name: Elyse Douglas

  
	
   

  	
   

  	
  Title:
  Treasurer

  

 

Second Amendment – ABL Credit
Agreement

 

	
  

  	
  HERTZ SYSTEM, INC.

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
  By:

  	
  /s/Elyse Douglas

  
	
   

  	
   

  	
  Name: Elyse Douglas

  
	
   

  	
   

  	
  Title:
  Treasurer

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
  HERTZ TECHNOLOGIES, INC.

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
  By:

  	
  /s/Elyse Douglas

  
	
   

  	
   

  	
  Name: Elyse Douglas

  
	
   

  	
   

  	
  Title:
  Treasurer

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
  HERTZ TRANSPORTING, INC.

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
  By:

  	
  /s/Elyse Douglas

  
	
   

  	
   

  	
  Name: Elyse Douglas

  
	
   

  	
   

  	
  Title:
  Treasurer

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
  SMARTZ VEHICLE RENTAL CORPORATION

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
  By:

  	
  /s/Elyse Douglas

  
	
   

  	
   

  	
  Name: Elyse Douglas

  
	
   

  	
   

  	
  Title:
  Treasurer

  

 

Second Amendment – ABL Credit
Agreement

ANNEX I

CONSENT
OF GUARANTORS

Each
of the undersigned is a Guarantor of the Borrower Obligations of each Canadian
Borrower pursuant to the Canadian Guarantee and Collateral Agreement (as
defined in the Credit Agreement) and hereby (a) consents to the foregoing
Amendment, (b) acknowledges that, notwithstanding the execution and
delivery of the foregoing Amendment, the Guarantor Obligations of such
Guarantor are not impaired or affected and all guaranties made by such
Guarantor pursuant to the Canadian Guarantee and Collateral Agreement and all
Liens granted by such Guarantor as security for the Guarantor Obligations of
such Guarantor pursuant to the Canadian Guarantee and Collateral Agreement
continue in full force and effect, and (c) confirms and ratifies its
obligations under each of the Loan Documents executed by it.  Capitalized terms used herein without
definition shall have the meanings given to such terms in the Amendment to
which this Consent is attached or in the Credit Agreement referred to therein
or in the Canadian Guarantee and Collateral Agreement, as applicable.

IN WITNESS WHEREOF, each of the undersigned has
executed and delivered this Consent of Guarantors as of the 15th day of
February 2007.

(Signature
pages follow)

	
   

  	
  MATHEWS EQUIPMENT LIMITED

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
  By:

  	
  /s/Elyse
  Douglas

  
	
   

  	
   

  	
  Name:
  Elyse Douglas

  
	
   

  	
   

  	
  Title:
  Treasurer

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
  WESTERN
  SHUT-DOWN (1995) LIMITED

  
	
   

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
  By:

  	
  /s/ Paul J. Siracusa

  	
   

  
	
   

  	
   

  	
  Name:
  Paul J. Siracusa

  
	
   

  	
   

  	
  Title:
  Vice President, Finance

  

 

Second Amendment – ABL Credit
AgreementEXHIBIT 4.9.1

HERTZ VEHICLE FINANCING
LLC, 

as Issuer

and

BNY MIDWEST TRUST
COMPANY,

as Trustee

 

SECOND AMENDED AND RESTATED BASE INDENTURE

Dated as of August 1, 2006

 

Rental Car Asset Backed Notes

(Issuable in Series)

TABLE OF CONTENTS

	
  

  	
   

  	
   

  	
  Page

  
	
  ARTICLE I

  	
  DEFINITIONS AND INCORPORATION BY REFERENCE

  	
   

  	
  1

  
	
  Section 1.1.

  	
  Definitions.

  	
   

  	
  1

  
	
  Section 1.2.

  	
  Cross-References.

  	
   

  	
  1

  
	
  Section 1.3.

  	
  Accounting and
  Financial Determinations; No Duplication.

  	
   

  	
  2

  
	
  Section 1.4.

  	
  Rules of
  Construction.

  	
   

  	
  2

  
	
   

  	
   

  	
   

  	
   

  
	
  ARTICLE II

  	
  THE NOTES

  	
   

  	
  2

  
	
  Section 2.1.

  	
  Designation and
  Terms of Notes.

  	
   

  	
  2

  
	
  Section 2.2.

  	
  Notes Issuable
  in Series.

  	
   

  	
  3

  
	
  Section 2.3.

  	
  Series
  Supplement for Each Series.

  	
   

  	
  5

  
	
  Section 2.4.

  	
  Execution and
  Authentication.

  	
   

  	
  6

  
	
  Section 2.5.

  	
  Registrar and
  Paying Agent.

  	
   

  	
  7

  
	
  Section 2.6.

  	
  Paying Agent to
  Hold Money in Trust.

  	
   

  	
  7

  
	
  Section 2.7.

  	
  Noteholder List.

  	
   

  	
  8

  
	
  Section 2.8.

  	
  Transfer and
  Exchange.

  	
   

  	
  9

  
	
  Section 2.9.

  	
  Persons Deemed
  Owners.

  	
   

  	
  10

  
	
  Section 2.10.

  	
  Replacement
  Notes.

  	
   

  	
  10

  
	
  Section 2.11.

  	
  Treasury Notes.

  	
   

  	
  11

  
	
  Section 2.12.

  	
  Book-Entry
  Notes.

  	
   

  	
  11

  
	
  Section 2.13.

  	
  Definitive
  Notes.

  	
   

  	
  12

  
	
  Section 2.14.

  	
  Cancellation.

  	
   

  	
  13

  
	
  Section 2.15.

  	
  Principal and
  Interest.

  	
   

  	
  13

  
	
  Section 2.16.

  	
  Tax Treatment.

  	
   

  	
  14

  
	
   

  	
   

  	
   

  	
   

  
	
  ARTICLE III

  	
  SECURITY

  	
   

  	
  14

  
					

 

 

	
  Section 3.1.

  	
  Grant of
  Security Interest.

  	
   

  	
  14

  
	
  Section 3.2.

  	
  Certain Rights
  and Obligations of HVF Unaffected.

  	
   

  	
  15

  
	
  Section 3.3.

  	
  Performance of
  Collateral Agreements

  	
   

  	
  16

  
	
  Section 3.4.

  	
  Release of
  Indenture Collateral.

  	
   

  	
  17

  
	
  Section 3.5.

  	
  Opinions of
  Counsel.

  	
   

  	
  17

  
	
  Section 3.6.

  	
  Stamp, Other
  Similar Taxes and Filing Fees.

  	
   

  	
  18

  
	
   

  	
   

  	
   

  	
   

  
	
  ARTICLE IV

  	
  REPORTS

  	
   

  	
  18

  
	
  Section 4.1.

  	
  Reports and
  Instructions to Trustee.

  	
   

  	
  18

  
	
  Section 4.2.

  	
  Reports to
  Noteholders.

  	
   

  	
  19

  
	
  Section 4.3.

  	
  Rule 144A
  Information.

  	
   

  	
  20

  
	
  Section 4.4.

  	
  Administrator.

  	
   

  	
  20

  
	
   

  	
   

  	
   

  	
   

  
	
  ARTICLE V

  	
  ALLOCATION AND APPLICATION OF COLLECTIONS

  	
   

  	
  20

  
	
  Section 5.1.

  	
  Collection
  Account.

  	
   

  	
  20

  
	
  Section 5.2.

  	
  Collections and
  Allocations.

  	
   

  	
  21

  
	
  Section 5.3.

  	
  Determination of
  Monthly Interest.

  	
   

  	
  24

  
	
  Section 5.4.

  	
  Determination of
  Monthly Principal.

  	
   

  	
  24

  
	
   

  	
   

  	
   

  	
   

  
	
  ARTICLE 5A.

  	
  HVF EXCHANGE ACCOUNT

  	
   

  	
  24

  
	
  Section 5A.1.

  	
  HVF Exchange
  Account.

  	
   

  	
  24

  
	
   

  	
   

  	
   

  	
   

  
	
  ARTICLE VI

  	
  DISTRIBUTIONS

  	
   

  	
  24

  
	
  Section 6.1.

  	
  Distributions in
  General.

  	
   

  	
  24

  
	
   

  	
   

  	
   

  	
   

  
	
  ARTICLE VII

  	
  REPRESENTATIONS AND WARRANTIES

  	
   

  	
  25

  
	
  Section 7.1.

  	
  Existence and
  Power.

  	
   

  	
  25

  
	
  Section 7.2.

  	
  Limited
  Liability Company and Governmental Authorization.

  	
   

  	
  25

  
	
  Section 7.3.

  	
  No Consent.

  	
   

  	
  25

  
	
  Section 7.4.

  	
  Binding Effect.

  	
   

  	
  26

  
					

 

 

	
  Section 7.5.

  	
  Litigation.

  	
   

  	
  26

  
	
  Section 7.6.

  	
  No ERISA Plan.

  	
   

  	
  26

  
	
  Section 7.7.

  	
  Tax Filings and
  Expenses.

  	
   

  	
  26

  
	
  Section 7.8.

  	
  Disclosure.

  	
   

  	
  26

  
	
  Section 7.9.

  	
  Investment
  Company Act.

  	
   

  	
  27

  
	
  Section 7.10.

  	
  Regulations T, U
  and X.

  	
   

  	
  27

  
	
  Section 7.11.

  	
  Solvency.

  	
   

  	
  27

  
	
  Section 7.12.

  	
  Ownership of
  Limited Liability Company Interests; Subsidiary.

  	
   

  	
  27

  
	
  Section 7.13.

  	
  Security Interests.

  	
   

  	
  27

  
	
  Section 7.14.

  	
  Related
  Documents.

  	
   

  	
  29

  
	
  Section 7.15.

  	
  No Manufacturer
  Events of Default.

  	
   

  	
  29

  
	
  Section 7.16.

  	
  Non-Existence of
  Other Agreements.

  	
   

  	
  29

  
	
  Section 7.17.

  	
  Compliance with
  Contractual Obligations and Laws.

  	
   

  	
  29

  
	
  Section 7.18.

  	
  Other Representations.

  	
   

  	
  30

  
	
   

  	
   

  	
   

  	
   

  
	
  ARTICLE VIII

  	
  COVENANTS

  	
   

  	
  30

  
	
  Section 8.1.

  	
  Payment of
  Notes.

  	
   

  	
  30

  
	
  Section 8.2.

  	
  Maintenance of
  Office or Agency.

  	
   

  	
  30

  
	
  Section 8.3.

  	
  Payment of
  Obligations.

  	
   

  	
  30

  
	
  Section 8.4.

  	
  Conduct of
  Business and Maintenance of Existence.

  	
   

  	
  30

  
	
  Section 8.5.

  	
  Compliance with
  Laws.

  	
   

  	
  31

  
	
  Section 8.6.

  	
  Inspection of
  Property, Books and Records.

  	
   

  	
  31

  
	
  Section 8.7.

  	
  Actions under
  the Collateral Agreements.

  	
   

  	
  31

  
	
  Section 8.8.

  	
  Notice of
  Defaults.

  	
   

  	
  32

  
	
  Section 8.9.

  	
  Notice of
  Material Proceedings.

  	
   

  	
  32

  
	
  Section 8.10.

  	
  Further
  Requests.

  	
   

  	
  32

  
					

 

 

	
  Section 8.11.

  	
  Further
  Assurances.

  	
   

  	
  32

  
	
  Section 8.12.

  	
  Liens.

  	
   

  	
  33

  
	
  Section 8.13.

  	
  Other
  Indebtedness.

  	
   

  	
  34

  
	
  Section 8.14.

  	
  No ERISA Plan.

  	
   

  	
  34

  
	
  Section 8.15.

  	
  Mergers.

  	
   

  	
  34

  
	
  Section 8.16.

  	
  Sales of Assets.

  	
   

  	
  34

  
	
  Section 8.17.

  	
  Acquisition of
  Assets.

  	
   

  	
  34

  
	
  Section 8.18.

  	
  Dividends,
  Officers’ Compensation, etc.

  	
   

  	
  34

  
	
  Section 8.19.

  	
  Legal Name;
  Location Under Section 9-301.

  	
   

  	
  35

  
	
  Section 8.20.

  	
  HVF LLC
  Agreement.

  	
   

  	
  35

  
	
  Section 8.21.

  	
  Investments.

  	
   

  	
  35

  
	
  Section 8.22.

  	
  No Other Agreements.

  	
   

  	
  35

  
	
  Section 8.23.

  	
  Other Business.

  	
   

  	
  35

  
	
  Section 8.24.

  	
  Maintenance of
  Separate Existence.

  	
   

  	
  35

  
	
  Section 8.25.

  	
  Manufacturer
  Programs.

  	
   

  	
  36

  
	
  Section 8.26.

  	
  Disposition of
  HVF Vehicles.

  	
   

  	
  37

  
	
  Section 8.27.

  	
  Insurance.

  	
   

  	
  38

  
	
   

  	
   

  	
   

  	
   

  
	
  ARTICLE IX

  	
  AMORTIZATION EVENTS AND REMEDIES

  	
   

  	
  38

  
	
  Section 9.1.

  	
  Amortization
  Events.

  	
   

  	
  38

  
	
  Section 9.2.

  	
  Rights of the
  Trustee upon Amortization Event or Certain Other Events of Default.

  	
   

  	
  39

  
	
  Section 9.3.

  	
  Other Remedies.

  	
   

  	
  43

  
	
  Section 9.4.

  	
  Waiver of Past
  Events.

  	
   

  	
  43

  
	
  Section 9.5.

  	
  Control by Requisite
  Investors.

  	
   

  	
  43

  
	
  Section 9.6.

  	
  Limitation on
  Suits.

  	
   

  	
  44

  
	
  Section 9.7.

  	
  Unconditional
  Rights of Holders to Receive Payment.

  	
   

  	
  44

  
					

 

 

	
  Section 9.8.

  	
  Collection Suit
  by the Trustee.

  	
   

  	
  44

  
	
  Section 9.9.

  	
  The Trustee May
  File Proofs of Claim.

  	
   

  	
  45

  
	
  Section 9.10.

  	
  Priorities.

  	
   

  	
  45

  
	
  Section 9.11.

  	
  Undertaking for
  Costs.

  	
   

  	
  45

  
	
  Section 9.12.

  	
  Rights and
  Remedies Cumulative.

  	
   

  	
  45

  
	
  Section 9.13.

  	
  Delay or
  Omission Not Waiver.

  	
   

  	
  46

  
	
  Section 9.14.

  	
  Reassignment of
  Surplus.

  	
   

  	
  46

  
	
   

  	
   

  	
   

  	
   

  
	
  ARTICLE X

  	
  THE TRUSTEE

  	
   

  	
  46

  
	
  Section 10.1.

  	
  Duties of the
  Trustee.

  	
   

  	
  46

  
	
  Section 10.2.

  	
  Rights of the
  Trustee.

  	
   

  	
  48

  
	
  Section 10.3.

  	
  Individual
  Rights of the Trustee.

  	
   

  	
  50

  
	
  Section 10.4.

  	
  Notice of
  Amortization Events and Potential Amortization Events.

  	
   

  	
  50

  
	
  Section 10.5.

  	
  Compensation.

  	
   

  	
  50

  
	
  Section 10.6.

  	
  Replacement of
  the Trustee.

  	
   

  	
  50

  
	
  Section 10.7.

  	
  Successor
  Trustee by Merger, etc.

  	
   

  	
  51

  
	
  Section 10.8.

  	
  Eligibility
  Disqualification.

  	
   

  	
  52

  
	
  Section 10.9.

  	
  Appointment of
  Co-Trustee or Separate Trustee.

  	
   

  	
  52

  
	
  Section 10.10.

  	
  Representations
  and Warranties of Trustee.

  	
   

  	
  53

  
	
  Section 10.11.

  	
  HVF
  Indemnification of the Trustee.

  	
   

  	
  53

  
	
   

  	
   

  	
   

  	
   

  
	
  ARTICLE XI

  	
  DISCHARGE OF INDENTURE

  	
   

  	
  54

  
	
  Section 11.1.

  	
  Termination of
  HVF’s Obligations.

  	
   

  	
  54

  
	
  Section 11.2.

  	
  Application of
  Trust Money.

  	
   

  	
  55

  
	
  Section 11.3.

  	
  Repayment to
  HVF.

  	
   

  	
  55

  
	
   

  	
   

  	
   

  	
   

  
	
  ARTICLE XII

  	
  AMENDMENTS

  	
   

  	
  56

  
	
  Section 12.1.

  	
  Without Consent
  of the Noteholders.

  	
   

  	
  56

  
					

 

 

	
  Section 12.2.

  	
  With Consent of
  the Noteholders.

  	
   

  	
  57

  
	
  Section 12.3.

  	
  Supplements.

  	
   

  	
  58

  
	
  Section 12.4.

  	
  Revocation and
  Effect of Consents.

  	
   

  	
  58

  
	
  Section 12.5.

  	
  Notation on or
  Exchange of Notes.

  	
   

  	
  58

  
	
  Section 12.6.

  	
  The Trustee to
  Sign Amendments, etc.

  	
   

  	
  59

  
	
   

  	
   

  	
   

  	
   

  
	
  ARTICLE XIII

  	
  MISCELLANEOUS

  	
   

  	
  59

  
	
  Section 13.1.

  	
  Notices.

  	
   

  	
  59

  
	
  Section 13.2.

  	
  Communication by
  Noteholders With Other Noteholders.

  	
   

  	
  61

  
	
  Section 13.3.

  	
  Certificate and
  Opinion as to Conditions Precedent.

  	
   

  	
  61

  
	
  Section 13.4.

  	
  Statements
  Required in Certificate.

  	
   

  	
  61

  
	
  Section 13.5.

  	
  Rules by the
  Trustee.

  	
   

  	
  61

  
	
  Section 13.6.

  	
  Duplicate
  Originals.

  	
   

  	
  61

  
	
  Section 13.7.

  	
  Benefits of
  Indenture.

  	
   

  	
  61

  
	
  Section 13.8.

  	
  Payment on
  Business Day.

  	
   

  	
  62

  
	
  Section 13.9.

  	
  Governing Law.

  	
   

  	
  62

  
	
  Section 13.10.

  	
  Successors.

  	
   

  	
  62

  
	
  Section 13.11.

  	
  Severability.

  	
   

  	
  62

  
	
  Section 13.12.

  	
  Counterpart
  Originals.

  	
   

  	
  62

  
	
  Section 13.13.

  	
  Table of
  Contents, Headings, etc.

  	
   

  	
  62

  
	
  Section 13.14.

  	
  Termination; Indenture
  Collateral.

  	
   

  	
  62

  
	
  Section 13.15.

  	
  No Bankruptcy
  Petition Against HVF.

  	
   

  	
  63

  
	
  Section 13.16.

  	
  No Recourse.

  	
   

  	
  63

  
	
  Section 13.17.

  	
  Waiver of Jury
  Trial.

  	
   

  	
  64

  
					

 

SECOND AMENDED AND RESTATED BASE INDENTURE, dated as
of August 1, 2006, between HERTZ VEHICLE FINANCING LLC, a special purpose
limited liability company established under the laws of Delaware, as issuer (“HVF”),
and BNY MIDWEST TRUST COMPANY, an Illinois trust company, as trustee (in such
capacity, the “Trustee”).

W I T N E S S E T H:

WHEREAS, HVF and the Trustee entered into a Base
Indenture dated as of September 18, 2002, as amended pursuant to the First
Supplemental Indenture dated as of March 31, 2004, and as amended and restated
pursuant to the Amended and Restated Base Indenture dated as of December 21,
2005 (the “Prior Indenture”);

WHEREAS, HVF and the Trustee desire to amend and
restate the Prior Indenture in its entirety as herein set forth;

WHEREAS, HVF has duly authorized the execution and
delivery of this Indenture to provide for the issuance from time to time of one
or more series of Rental Car Asset Backed Notes (the “Notes”), issuable
as provided in this Indenture; and

WHEREAS, all things necessary to make this Indenture a
legal, valid and binding agreement of HVF, in accordance with its terms, have
been done, and HVF proposes to do all the things necessary to make the Notes,
when executed by HVF and authenticated and delivered by the Trustee hereunder
and duly issued by HVF, the legal, valid and binding obligations of HVF as
hereinafter provided;

NOW, THEREFORE, for and in consideration of the
premises and the receipt of the Notes by the Noteholders, it is mutually
covenanted and agreed, for the equal and proportionate benefit of all
Noteholders, as follows:

ARTICLE I   DEFINITIONS
AND INCORPORATION BY REFERENCE

Section 1.1.  Definitions.

Certain capitalized terms used herein (including the
preamble and the recitals hereto) shall have the meanings assigned to such
terms in the Definitions List attached hereto as Schedule I (the “Definitions
List”), as such Definitions List may be amended or modified from time to
time in accordance with the provisions hereof.

Section 1.2.  Cross-References.

Unless otherwise specified, references in this
Indenture and in each other Related Document to any Article or Section are
references to such Article or Section of this Indenture or such other Related
Document, as the case may be and, unless otherwise specified, references in any
Article, Section or definition to any clause are references to such clause of
such Article, Section or definition.

Section 1.3.  Accounting and
Financial Determinations; No Duplication.

Where the character or amount of any asset or liability
or item of income or expense is required to be determined, or any accounting
computation is required to be made, for the purpose of this Indenture, such
determination or calculation shall be made, to the extent applicable and except
as otherwise specified in this Indenture, in accordance with GAAP.  When used herein, the term “financial
statement” shall include the notes and schedules thereto.  All accounting determinations and
computations hereunder or under any other Related Documents shall be made without
duplication.

Section 1.4.  Rules of
Construction.

In this Indenture, unless the context otherwise
requires:

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

(b)   reference to any
Person includes such Person’s successors and assigns but, if applicable, only
if such successors and assigns are permitted by this Indenture, and reference
to any Person in a particular capacity only refers to such Person in such
capacity;

(c)   reference to any
gender includes the other gender;

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

(e)   “including” (and
with correlative meaning “include”) means including without limiting the
generality of any description preceding such term; and

(f)    with respect to
the determination of any period of time, “from” means “from and including” and “to”
means “to but excluding”.

ARTICLE II   THE
NOTES

Section 2.1.  Designation and
Terms of Notes.

Each Series of Notes shall be substantially in the
form specified in the applicable Series Supplement and shall bear, upon its
face, the designation for such Series to which it belongs as selected by HVF,
with such appropriate insertions, omissions, substitutions and other variations
as are required or permitted hereby or by the applicable Series Supplement and
may have such letters, numbers or other marks of identification and such
legends or endorsements placed thereon as may, consistently herewith, be
determined to be appropriate by the Authorized Officer executing such Notes, as
evidenced by his execution of the Notes. 
All Notes of any Series shall, except as specified in the applicable
Series Supplement, be equally and ratably entitled as provided herein to the
benefits hereof without preference, priority or distinction on account of the
actual time or times of authentication and delivery, all in accordance with the
terms and provisions of this Indenture and the applicable Series
Supplement.  The aggregate 

 2
 

principal amount of Notes
which may be authenticated and delivered under this Indenture is
unlimited.  The Notes of each Series
shall be issued in the denominations set forth in the applicable Series
Supplement.

Section 2.2.  Notes
Issuable in Series.

(a) The Notes may be issued in one or more Series.  Each Series of Notes shall be created by a
Series Supplement.

(b) Notes of a new Series may from time to time be executed by HVF and
delivered to the Trustee for authentication and thereupon the same shall be
authenticated and delivered by the Trustee upon the receipt by the Trustee of a
Company Request at least two (2) Business Days (or such shorter time as is
acceptable to the Trustee) in advance of the related Series Closing Date and
upon delivery by HVF to the Trustee, and receipt by the Trustee, of the
following:

(i)    a Company Order authorizing
and directing the authentication and delivery of the Notes of such new Series
by the Trustee and specifying the designation of such new Series, the Initial
Principal Amount (or the method for calculating the Initial Principal Amount)
of such new Series to be authenticated and the Note Rate with respect to such
new Series;

(ii)   a Series Supplement satisfying
the criteria set forth in Section 2.3 executed by HVF and the Trustee
and specifying the Principal Terms of such new Series;

(iii)  the related Enhancement
Agreement, if any, executed by each of the parties thereto, other than the
Trustee;

(iv)  written confirmation from each
Rating Agency that the Rating Agency Condition with respect to each Series of
Notes Outstanding shall have been satisfied with respect to such issuance;

(v)   an Officer’s Certificate of HVF
dated as of the applicable Series Closing Date to the effect that (A) no
Amortization Event, Limited Liquidation Event of Default, Potential
Amortization Event or Enhancement Deficiency with respect to any Series of
Notes Outstanding is continuing or will occur as a result of the issuance of
the new Series of Notes, (B) no Liquidation Event of Default, Aggregate Asset
Amount Deficiency, Manufacturer Event of Default, Operating Lease Event of
Default, Potential Operating Lease Event of Default or Potential Manufacturer
Event of Default is continuing or will occur as a result of the issuance of the
new Series of Notes and (C) all conditions precedent provided in this Base
Indenture and the related Series Supplement with respect to the authentication
and delivery of the new Series of Notes have been satisfied;

(vi)  a Tax Opinion;

(vii) evidence that each of the parties
to the Related Documents with respect to the new Series of Notes has covenanted
and agreed in the Related Documents

 3
 

that, prior to the date which is one year and
one day after the payment in full of the latest maturing Note, it will not
institute against, or join with any other Person in instituting, against Hertz
Vehicles LLC, HGI, HVF or the Intermediary any bankruptcy, reorganization,
arrangement, insolvency or liquidation proceedings, or other proceedings, under
any Federal or state bankruptcy or similar law;

(viii)        unless otherwise specified
in the related Series Supplement, an Opinion of Counsel, subject to the
assumptions and qualifications stated therein, and in a form substantially
acceptable to the Trustee, dated the applicable Closing Date, substantially to
the effect that:

(A)          all instruments
furnished to the Trustee conform to the requirements of this Base Indenture and
the related Series Supplement and constitute all the documents required to be
delivered hereunder and thereunder for the Trustee to authenticate and deliver
the new Series of Notes, and all conditions precedent provided for in this Base
Indenture and the related Series Supplement with respect to the authentication
and delivery of the new Series of Notes have been complied with;

(B)           the related Series
Supplement has been duly authorized, executed and delivered by HVF;

(C)           the new Series of Notes
has been duly authorized and executed and, when authenticated and delivered in
accordance with the provisions of this Base Indenture and the related Series
Supplement, will constitute valid, binding and enforceable obligations of HVF
entitled to the benefits of this Base Indenture and the related Series
Supplement, subject, in the case of enforcement, to bankruptcy, insolvency,
reorganization, moratorium and other similar laws affecting creditors’ rights
generally and to general principles of equity; and

(D)          the related Series
Supplement is a legal, valid and binding agreement of HVF, enforceable in
accordance with its terms, subject to bankruptcy, insolvency, reorganization,
moratorium and other similar laws affecting creditors’ rights generally and to
general principles of equity; and

(ix)           such other documents,
instruments, certifications, agreements or other items as the Trustee may
reasonably require.

Upon satisfaction
of such conditions, the Trustee shall authenticate and deliver, as provided
above, such Series of Notes upon execution thereof by HVF.

 4
 

Section 2.3.  Series
Supplement for Each Series.

In conjunction with the issuance of a new Series, the
parties hereto shall execute a Series Supplement, which shall specify the
relevant terms with respect to such new Series of Notes, which may include
without limitation:

(a) its name or designation;

(b) the Initial Principal Amount or the method of calculating the
Initial Principal Amount with respect to such Series;

(c) the Note Rate with respect to such Series;

(d) the Series Closing Date;

(e) each Rating Agency rating such Series;

(f) the name of the Clearing Agency, if any;

(g) the interest payment date or dates and the date or dates from which
interest shall accrue;

(h) the method of allocating Collections allocated to such Series;

(i) whether the Notes of such Series will be issued in multiple Classes
and, if so, the method of allocating Collections allocated to such Series among
such Classes and the rights and priorities of each such Class;

(j) the method by which the principal amount of the Notes of such
Series shall amortize or accrete;

(k) the names of any Series Accounts to be used by such Series and the
terms governing the operation of any such account and the use of moneys
therein;

(l) any deposit of funds to be made in any Series Account on the Series
Closing Date;

(m) the terms of any related Enhancement and the Enhancement Provider
thereof, if any;

(n) whether the Notes of such Series may be issued in bearer form and
any limitations imposed thereon;

(o) the Series Termination Date of such Series; and

(p) any other relevant terms of such Series of Notes (including whether
or not such Series will be pledged as collateral for an issuance by an
Affiliate Issuer) that do not change the terms of any Series of Notes
Outstanding and that do not prevent the satisfaction of the 

 5
 

Rating Agency
Condition with respect to each Series of Notes Outstanding with respect to the
issuance of such new Series (all such terms, the “Principal Terms” of
such Series).

Section 2.4.  Execution and
Authentication.

(a) The Notes shall, upon issue pursuant to Section 2.2, be
executed on behalf of HVF by an Authorized Officer and delivered by HVF to the
Trustee for authentication and redelivery as provided herein.  If an Authorized Officer whose signature is
on a Note no longer holds that office at the time the Note is authenticated,
the Note shall nevertheless be valid.

(b) At any time and from time to time after the execution and delivery
of this Indenture, HVF may deliver Notes of any particular Series executed by
HVF to the Trustee for authentication, together with one or more Company Orders
for the authentication and delivery of such Notes, and the Trustee, in
accordance with such Company Order and this Indenture, shall authenticate and
deliver such Notes.

(c) No Note shall be entitled to any benefit under this Indenture or be
valid for any purpose unless there appears on such Note a certificate of
authentication substantially in the form provided for herein, duly executed by
the Trustee by the manual signature of a Trust Officer (and the Luxembourg
agent (the “Luxembourg Agent”), if the Notes of the Series to which such
Note belongs are listed on the Luxembourg Stock Exchange).  Such signatures on such certificate shall be
conclusive evidence, and the only evidence, that the Note has been duly
authenticated under this Indenture.  The
Trustee may appoint an authenticating agent acceptable to HVF to authenticate
Notes.  Unless limited by the term of
such appointment, an authenticating agent may authenticate Notes whenever the
Trustee may do so.  Each reference in
this Indenture to authentication by the Trustee includes authentication by such
agent.  The Trustee’s certificate of
authentication shall be in substantially the following form:

This is one of the Notes of a Series issued under the
within mentioned Indenture.

	
  

  	
  BNY MIDWEST TRUST COMPANY, as Trustee

  
	
   

  	
   

  
	
   

  	
  By:

  	
   

  	
   

  
	
   

  	
   

  	
  Authorized
  Signatory

  

 

(d) Each Note shall be dated and issued as of the date of its
authentication by the Trustee.

(e) Notwithstanding the foregoing, if any Note shall have been
authenticated and delivered hereunder but never issued and sold by HVF, and HVF
shall deliver such Note to the Trustee for cancellation as provided in Section
2.14 together with a written statement (which need not comply with Section
13.3 and need not be accompanied by an Opinion of Counsel) stating that
such Note has never been issued and sold by HVF, for all purposes of this
Indenture such Note shall be deemed never to have been authenticated and
delivered hereunder and shall not be entitled to the benefits of this
Indenture.

 6
 

The Trustee shall have the right to decline to
authenticate and deliver any Notes under this Section 2.4 if the
Trustee, based on the written advice of counsel, determines that such action
may not lawfully be taken.

Section 2.5.  Registrar and
Paying Agent.

(a) HVF shall (i) maintain an office or agency where Notes may be
presented for registration of transfer or for exchange (the “Registrar”)
and (ii) appoint a paying agent (which shall satisfy the eligibility criteria
set forth in Section 10.8(a)) (“Paying Agent”) at whose office or
agency Notes may be presented for payment. 
The Registrar shall keep a register of the Notes and of their transfer
and exchange (the “Note Register”). 
HVF may appoint one or more co-registrars and one or more
additional paying agents.  The term “Paying
Agent” includes any additional paying agent and the term “Registrar” includes
any co-registrars.  HVF may change
any Paying Agent or Registrar without prior notice to any Noteholder.  HVF shall notify the Trustee in writing of
the name and address of any Agent not a party to this Indenture.  The Trustee is hereby initially appointed as
the Registrar, Paying Agent and agent for service of notices and demands in
connection with the Notes.

(b) HVF shall enter into an appropriate agency agreement with any Agent
not a party to this Indenture.  Such
agency agreement shall implement the provisions of this Indenture that relate
to such Agent.  If HVF fails to maintain
a Registrar or Paying Agent, the Trustee shall act as such, and shall be
entitled to appropriate compensation in accordance with this Indenture until
HVF shall appoint a replacement Registrar or Paying Agent, as applicable.

Section 2.6.  Paying Agent to
Hold Money in Trust.

(a) HVF will cause each Paying Agent other than the Trustee to execute
and deliver to the Trustee an instrument in which such Paying Agent shall agree
with the Trustee (and if the Trustee acts as Paying Agent, it hereby so
agrees), subject to the provisions of this Section, that such Paying Agent
will:

(i)    hold all sums held by it for
the payment of amounts due with respect to the Notes in trust for the benefit
of the Persons entitled thereto until such sums shall be paid to such Persons
or otherwise disposed of as herein provided and pay such sums to such Persons
as herein provided;

(ii)   give the Trustee notice of any
default by HVF of which it has actual knowledge in the making of any payment
required to be made with respect to the Notes;

(iii)  at any time during the
continuance of any such default, upon the written request of the Trustee,
forthwith pay to the Trustee all sums so held in trust by such Paying Agent;

(iv)  immediately resign as a Paying
Agent and forthwith pay to the Trustee all sums held by it in trust for the
payment of Notes if at any time it ceases to meet the standards required to be
met by a Trustee hereunder at the time of its appointment; and

 7
 

(v)   comply with all requirements of
the Code with respect to the withholding from any payments made by it on any
Notes of any applicable withholding taxes imposed thereon and with respect to
any applicable reporting requirements in connection therewith.

(b) HVF may at any time, for the purpose of obtaining the satisfaction
and discharge of this Indenture or for any other purpose, by Company Order
direct any Paying Agent to pay to the Trustee all sums held in trust by such
Paying Agent, such sums to be held by the Trustee upon the same trusts as those
upon which the sums were held by such Paying Agent; and upon such payment by
any Paying Agent to the Trustee, such Paying Agent shall be released from all
further liability with respect to such money.

(c) Subject to applicable laws with respect to escheat of funds, any
money held by the Trustee or any Paying Agent in trust for the payment of any
amount due with respect to any Note and remaining unclaimed for two years after
such amount has become due and payable shall be discharged from such trust and
be paid to HVF on Company Request; and the Holder of such Note shall
thereafter, as an unsecured general creditor, look only to HVF for payment thereof
(but only to the extent of the amounts so paid to HVF), and all liability of
the Trustee or such Paying Agent with respect to such trust money shall
thereupon cease; provided, however, that the Trustee or such
Paying Agent, before being required to make any such repayment, may, at the
expense of HVF, cause to be published once, in a newspaper published in the
English language, customarily published on each Business Day and of general
circulation in New York City, and in a newspaper customarily published on each
Business Day and of general circulation in London and Luxembourg (if the
related Series of Notes has been listed on the Luxembourg Stock Exchange), if
applicable, notice that such money remains unclaimed and that, after a date
specified therein, which shall not be less than 30 days from the date of such
publication, any unclaimed balance of such money then remaining will be repaid
to HVF.  The Trustee may also adopt and
employ, at the expense of HVF, any other reasonable means of notification of
such repayment.

Section 2.7.  Noteholder List.

The Trustee will furnish or cause to be furnished by
the Registrar to HVF or the Paying Agent, within five Business Days after
receipt by the Trustee of a request therefor from HVF or the Paying Agent,
respectively, in writing, a list in such form as HVF or the Paying Agent may
reasonably require, of the names and addresses of the Noteholders of each
Series as of the most recent Record Date for payments to such Noteholders.  Unless otherwise provided in the applicable
Series Supplement, holders of Notes of any Series having an aggregate Principal
Amount of not less than 10% of the aggregate Principal Amount of such Series
(the “Applicants”) may apply in writing to the Trustee, and if such
application states that the Applicants desire to communicate with other
Noteholders of any Series with respect to their rights under this Indenture or
under the Notes and is accompanied by a copy of the communication which such
Applicants propose to transmit, then the Trustee, after having been adequately
indemnified by such Applicants for its costs and expenses, shall afford or
shall cause the Registrar to afford such Applicants access during normal
business hours to the most recent list of Noteholders held by the Trustee and
shall give HVF notice that such request has been made, within five Business
Days after the receipt of such application. 
Such list shall be as of a 

 8
 

date no more than 45 days
prior to the date of receipt of such Applicants’ request.  Every Noteholder, by receiving and holding a
Note, agrees with the Trustee that neither the Trustee, the Registrar, nor any
of their respective agents shall be held accountable by reason of the
disclosure of any such information as to the names and addresses of the
Noteholders hereunder, regardless of the source from which such information was
obtained.

The Trustee shall preserve in as current a form as is
reasonably practicable the most recent list available to it of the names and
addresses of Noteholders of each Series of Notes.  If the Trustee is not the Registrar, HVF
shall furnish to the Trustee at least seven Business Days before each Payment
Date and at such other time as the Trustee may request in writing, a list in
such form and as of such date as the Trustee may reasonably require of the
names and addresses of Noteholders of each Series of Notes.

Section 2.8.  Transfer and
Exchange.

(a) Upon surrender for registration of transfer of any Note at the
office or agency of the Registrar, if the requirements of Section 2.8(f)
and Section 8-401(a) of the UCC are met, HVF shall execute and after HVF has
executed, the Trustee shall authenticate and deliver to the Noteholder, in the
name of the designated transferee or transferees, one or more new Notes, in any
authorized denominations, of the same Class and a like Initial Principal
Amount.  At the option of any Noteholder,
Notes may be exchanged for other Notes of the same Series and Class in
authorized denominations of like Initial Principal Amount, upon surrender of
the Notes to be exchanged at any office or agency of the Registrar maintained
for such purpose.  Whenever Notes of any
Series are so surrendered for exchange, if the requirements of Section 8-401(a)
of the UCC are met, HVF shall execute and after HVF has executed, the Trustee
shall authenticate and deliver to the Noteholder, the Notes which the
Noteholder making the exchange is entitled to receive.

(b) Every Note presented or surrendered for registration of transfer or
exchange shall be (i) duly endorsed by, or be accompanied by a written
instrument of transfer in form satisfactory to the Trustee duly executed by,
the Holder thereof or such Holder’s attorney duly authorized in writing, with a
medallion signature guarantee, and (ii) accompanied by such other documents as
the Trustee may require.  HVF shall
execute and deliver to the Trustee or the Registrar, as applicable, Notes in
such amounts and at such times as are necessary to enable the Trustee to
fulfill its responsibilities under this Indenture and the Notes.

(c) All Notes issued upon any registration of transfer or exchange of
the Notes shall be the valid obligations of HVF, evidencing the same debt, and
entitled to the same benefits under this Indenture, as the Notes surrendered
upon such registration of transfer or exchange.

(d) The preceding provisions of this Section 2.8
notwithstanding, the Trustee or the Registrar, as the case may be, shall not be
required to register the transfer or exchange of any Note of any Series for a
period of 15 days preceding the due date for payment in full of the Notes of
such Series.

(e) Unless otherwise provided in the applicable Series Supplement, no
service charge shall be payable for any registration of transfer or exchange of
Notes, but HVF or the 

 9
 

Registrar may
require payment by the Noteholder of a sum sufficient to cover any tax or
governmental charge that may be imposed in connection with any transfer or
exchange of Notes.

(f) Unless otherwise provided in the applicable Series Supplement,
registration of transfer of Notes containing a legend relating to the
restrictions on transfer of such Notes (which legend shall be set forth in the
applicable Series Supplement) shall be effected only if the conditions set
forth in such applicable Series Supplement are satisfied.  Notwithstanding any other provision of this Section
2.8 and except as otherwise provided in Section 2.13, the
typewritten Note or Notes representing Book-Entry Notes for any Series may be
transferred, in whole but not in part, only to another nominee of the Clearing
Agency for such Series, or to a successor Clearing Agency for such Series
selected or approved by HVF or to a nominee of such successor Clearing Agency,
only if in accordance with this Section 2.8 and Section 2.12.

(g) If the Notes are listed on the Luxembourg Stock Exchange, the
Trustee or the Luxembourg Agent, as the case may be, shall send to HVF upon any
transfer or exchange of any Note information reflected in the copy of the
register for the Notes maintained by the Registrar or the Luxembourg Agent, as
the case may be.

Section 2.9.  Persons Deemed
Owners.

Prior to due presentment for registration of transfer
of any Note, the Trustee, any Agent and HVF may deem and treat the Person in
whose name any Note is registered (as of the day of determination) as the
absolute owner of such Note for the purpose of receiving payment of principal
of and interest on such Note and for all other purposes whatsoever, whether or
not such Note is overdue, and neither the Trustee, any Agent nor HVF shall be
affected by notice to the contrary.

Section 2.10.  Replacement
Notes.

(a) If (i) any mutilated Note is surrendered to the Trustee, or the
Trustee receives evidence to its satisfaction of the destruction, loss or theft
of any Note, and (ii) there is delivered to the Trustee such security or
indemnity as may be required by it to hold HVF and the Trustee harmless then,
provided that the requirements of Section 8-405 of the UCC are met, HVF shall
execute and upon its request the Trustee shall authenticate and deliver, in
exchange for or in lieu of any such mutilated, destroyed, lost or stolen Note,
a replacement Note; provided, however, that if any such
destroyed, lost or stolen Note, but not a mutilated Note, shall have become or
within seven days shall be due and payable, instead of issuing a replacement
Note, HVF may pay such destroyed, lost or stolen Note when so due or payable
without surrender thereof.  If, after the
delivery of such replacement Note or payment of a destroyed, lost or stolen
Note pursuant to the proviso to the preceding sentence, a protected purchaser
(within the meaning of Section 8-303 of the UCC) of the original Note in lieu
of which such replacement Note was issued presents for payment such original
Note, HVF and the Trustee shall be entitled to recover such replacement Note
(or such payment) from the Person to whom it was delivered or any Person taking
such replacement Note from such Person to whom such replacement Note was
delivered or any assignee of such Person, except a protected purchaser, and shall
be entitled to recover upon the security or indemnity provided therefor to the
extent of any loss, damage, cost or expense incurred by HVF or the Trustee in
connection therewith.

 10
 

(b) Upon the issuance of any replacement Note under this Section
2.10, HVF may require the payment by the Holder of such Note of a sum
sufficient to cover any tax or other governmental charge that may be imposed in
relation thereto and any other reasonable expenses (including the fees and
expenses of the Trustee) connected therewith.

(c) Every replacement Note issued pursuant to this Section 2.10
in replacement of any mutilated, destroyed, lost or stolen Note shall be
entitled to all the benefits of this Indenture equally and proportionately with
any and all other Notes duly issued hereunder.

(d) The provisions of this Section 2.10 are exclusive and shall
preclude (to the extent lawful) all other rights and remedies with respect to
the replacement or payment of mutilated, destroyed, lost or stolen Notes.

Section 2.11.  Treasury Notes.

In determining whether the Noteholders of the required
Principal Amount of Notes have concurred in any direction, waiver or consent,
Notes owned by HVF or any Affiliate of HVF (other than an Affiliate Issuer)
shall be considered as though they are not Outstanding, except that for the
purpose of determining whether the Trustee shall be protected in relying on any
such direction, waiver or consent, only Notes of which a Trust Officer has
received written notice of such ownership shall be so disregarded.  Absent written notice to the Trustee of such
ownership, the Trustee shall not be deemed to have knowledge of the identity of
the individual owners of the Notes.

Section 2.12.  Book-Entry
Notes.

(a) Unless otherwise provided in any applicable Series Supplement, the
Notes of each Series, upon original issuance, shall be issued in the form of
typewritten Notes representing the Book-Entry Notes, to be delivered to the
depository specified in such Series Supplement (the “Depository”) which
shall be the Clearing Agency on behalf of such Series.  The Notes of each Series shall, unless
otherwise provided in the applicable Series Supplement, initially be registered
on the Note Register in the name of the Clearing Agency or the nominee of the
Clearing Agency.  No Note Owner will
receive a definitive note representing such Note Owner’s interest in the
related Series of Notes, except as provided in Section 2.13.  Unless and until definitive, fully registered
Notes of any Series (“Definitive Notes”) have been issued to Note Owners
pursuant to Section 2.13:

(i)    the provisions of this Section
2.12 shall be in full force and effect with respect to each such Series;

(ii)   HVF, the Paying Agent, the
Registrar and the Trustee may deal with the Clearing Agency and the applicable
Clearing Agency Participants for all purposes (including the payment of
principal of and interest on the Notes and the giving of instructions or
directions hereunder) as the sole Holder of the Notes, and shall have no
obligation to the Note Owners;

 11
 

(iii)  to the extent that the
provisions of this Section 2.12 conflict with any other provisions of
this Indenture, the provisions of this Section 2.12 shall control with
respect to each such Series;

(iv)  the rights of Note Owners of
each such Series shall be exercised only through the Clearing Agency and the
applicable Clearing Agency Participants and shall be limited to those
established by law and agreements between such Note Owners and the Clearing
Agency and/or the Clearing Agency Participants, and all references in this
Indenture to actions by the Noteholders shall refer to actions taken by the
Clearing Agency upon instructions from the Clearing Agency Participants, and
all references in this Indenture to distributions, notices, reports and
statements to the Noteholders shall refer to distributions, notices, reports
and statements to the Clearing Agency, as registered holder of the Notes of
such Series for distribution to the Note Owners in accordance with the
procedures of the Clearing Agency; and

(v)   whenever this Indenture
requires or permits actions to be taken based upon instructions or directions
of Noteholders evidencing a specified percentage of the principal amount of the
Outstanding Notes, the applicable Clearing Agency shall be deemed to represent
such percentage only to the extent that it has received instructions to such
effect from Note Owners and/or their related Clearing Agency Participants
owning or representing, respectively, such required percentage of the
beneficial interest in the Outstanding Notes and has delivered such
instructions to the Trustee.

Pursuant to the Depository Agreement applicable to a
Series, unless and until Definitive Notes of such Series are issued pursuant to
Section 2.13, the initial Clearing Agency will make book-entry transfers
among the Clearing Agency Participants and receive and transmit distributions
of principal and interest on the Notes to such Clearing Agency Participants.

(b) Whenever notice or other communication to the Noteholders is
required under this Indenture, unless and until Definitive Notes shall have
been issued to Note Owners pursuant to Section 2.13, the Trustee and HVF
shall give all such notices and communications specified herein to be given to
Noteholders to the applicable Clearing Agency for distribution to the Note
Owners.

Section 2.13.  Definitive
Notes.

(a) The Notes of any Series, to the extent provided in the related
Series Supplement, upon original issuance, may be issued in the form of
Definitive Notes.  The applicable Series
Supplement shall set forth the legend relating to the restrictions on transfer
of such Definitive Notes and such other restrictions as may be applicable.

(b) With respect to the Notes of any Series issued in the form of
typewritten Notes representing the Book-Entry Notes, if (i) (A) HVF advises the
Trustee in writing that the Clearing Agency with respect to any Series of Notes
is no longer willing or able to discharge properly its responsibilities under
the applicable Depository Agreement and (B) the Trustee or HVF is unable to
locate a qualified successor, (ii) HVF, at its option, advises the Trustee in
writing that it elects to terminate the book-entry system through the Clearing
Agency with 

 12
 

respect to any
Series of Notes Outstanding or (iii) after the occurrence of an Amortization
Event with respect to any Series of Notes Outstanding, Note Owners holding a
beneficial interest in excess of 50% of the aggregate Principal Amount of such
Series of Notes advise the Trustee and the applicable Clearing Agency through
the applicable Clearing Agency Participants in writing that the continuation of
a book-entry system through the applicable Clearing Agency is no longer in the
best interests of such Note Owners, the Trustee shall notify all Note Owners of
such Series, through the applicable Clearing Agency Participants, of the
occurrence of any such event and of the availability of Definitive Notes to
Note Owners of such Series.  Upon
surrender to the Trustee of the Notes of such Series by the applicable Clearing
Agency, accompanied by registration instructions from the applicable Clearing
Agency for registration, HVF shall execute and the Trustee shall authenticate,
upon receipt of a Company Order, and deliver the Definitive Notes in accordance
with the instructions of the Clearing Agency. 
Neither HVF nor the Trustee shall be liable for any delay in delivery of
such instructions and may each conclusively rely on, and shall be protected in
relying on, such instructions.  Upon the
issuance of Definitive Notes of such Series of Notes all references herein to
obligations imposed upon or to be performed by the applicable Clearing Agency
shall be deemed to be imposed upon and performed by the Trustee, to the extent
applicable with respect to such Definitive Notes, and the Trustee shall recognize
the Holders of the Definitive Notes of such Series as Noteholders of such
Series hereunder.

Section 2.14.  Cancellation.

HVF may at any time deliver to the Trustee for
cancellation any Notes previously authenticated and delivered hereunder which
HVF may have acquired in any manner whatsoever, and all Notes so delivered
shall be promptly cancelled by the Trustee. 
The Registrar and Paying Agent shall forward to the Trustee any Notes
surrendered to them for registration of transfer, exchange or payment.  The Trustee shall cancel all Notes
surrendered for registration of transfer, exchange, payment, replacement or
cancellation.  HVF may not issue new
Notes to replace Notes that it has redeemed or paid or that have been delivered
to the Trustee for cancellation.  All
cancelled Notes held by the Trustee shall be disposed of in accordance with the
Trustee’s standard disposition procedures unless HVF shall direct that
cancelled Notes be returned to it pursuant to a Company Order.

Section 2.15.  Principal and
Interest.

(a) The principal of each Series of Notes shall be payable at the times
and in the amount set forth in the applicable Series Supplement and in
accordance with Section 6.1.

(b) Each Series of Notes shall accrue interest as provided in the
applicable Series Supplement and such interest shall be payable on each Payment
Date for such Series in accordance with Section 6.1 and the applicable
Series Supplement.

(c) Except as provided in the following sentence, the Person in whose
name any Note is registered at the close of business on any Record Date with
respect to a Payment Date for such Note shall be entitled to receive the
principal and interest payable on such Payment Date notwithstanding the
cancellation of such Note upon any registration of transfer, exchange or
substitution of such Note subsequent to such Record Date.  Any interest payable at maturity shall be
paid to the Person to whom the principal of such Note is payable.

 13
 

(d) If HVF defaults in the payment of interest on the Notes of any
Series, such interest, to the extent paid on any date that is more than five
(5) Business Days after the applicable due date, shall, at the option of HVF,
cease to be payable to the Persons who were Noteholders of such Series on the
applicable Record Date and HVF shall pay the defaulted interest in any lawful
manner, plus, to the extent lawful, interest payable on the defaulted interest,
to the Persons who are Noteholders of such Series on a subsequent special
record date which date shall be at least five (5) Business Days prior to the
payment date, at the rate provided in this Indenture and in the Notes of such
Series.  HVF shall fix or cause to be
fixed each such special record date and payment date, and at least 15 days before
the special record date, HVF (or the Trustee, in the name of and at the expense
of HVF) shall mail to Noteholders of such Series a notice that states the
special record date, the related payment date and the amount of such interest
to be paid.

Section 2.16.  Tax Treatment.

HVF has structured this Indenture and the Notes have
been (or will be) issued with the intention that the Notes will qualify under
applicable tax law as indebtedness and any entity acquiring any direct or
indirect interest in any Note by acceptance of its Notes (or, in the case of a
Note Owner, by virtue of such Note Owner’s acquisition of a beneficial interest
therein) agrees to treat the Notes (or beneficial interests therein) for
purposes of Federal, state and local and income or franchise taxes and any
other tax imposed on or measured by income, as indebtedness.

ARTICLE III   SECURITY

Section 3.1.  Grant of
Security Interest.

(a) To secure the Note Obligations, HVF hereby pledges, assigns,
conveys, delivers, transfers and sets over to the Trustee, for the benefit of
the Noteholders, and hereby grants to the Trustee, for the benefit of the
Noteholders, a security interest in, all of the following property now owned or
at any time hereafter acquired by HVF or in which HVF now has or at any time in
the future may acquire any right, title or interest (collectively, the “Indenture
Collateral”):

(i)    the Collateral Agreements,
including, without limitation, all monies due and to become due to HVF under or
in connection with the Collateral Agreements, whether payable as Rent, fees,
expenses, costs, indemnities, insurance recoveries, damages for the breach of
any of the Collateral Agreements or otherwise, all security for amounts payable
thereunder and all rights, remedies, powers, privileges and claims of HVF
against any other party under or with respect to the Collateral Agreements
(whether arising pursuant to the terms of such Collateral Agreements or
otherwise available to HVF at law or in equity), the right to enforce any of
the Collateral Agreements and to give or withhold any and all consents,
requests, notices, directions, approvals, extensions or waivers under or with
respect to the Collateral Agreements or the obligations of any party
thereunder;

 14
 

(ii)   the Collection Account and each
HVF Exchange Account, all monies on deposit from time to time in the Collection
Account and each HVF Exchange Account and all proceeds thereof; provided,
however, that in the case of any funds held in the accounts maintained pursuant
to the Escrow Agreement that constitute Relinquished Property Proceeds, such
funds shall not constitute HVF Vehicle Collateral unless such funds are or
become Additional Subsidies;

(iii)  each Series Account, all monies
on deposit from time to time in such Series Account and all proceeds thereof;

(iv)  all Investment Property;

(v)   all additional property that
may from time to time hereafter (pursuant to the terms of any Series Supplement
or otherwise) be subjected to the grant and pledge hereof by HVF or by anyone
on its behalf; and

(vi)  to the extent not otherwise included,
all Proceeds and products of any and all of the foregoing and all collateral
security and guarantees given by any Person with respect to any of the
foregoing.

(b) To secure the Note Obligations, HVF hereby confirms the grant,
pledge, hypothecation, assignment, conveyance, delivery and transfer to the
Collateral Agent under the Collateral Agency Agreement for the benefit of the
Trustee, on behalf of the Noteholders, of a continuing first priority perfected
Lien on all right, title and interest of HVF in, to and under the HVF Vehicle
Collateral.

(c) The foregoing grant is made in trust to secure the Note Obligations
and to secure compliance with the provisions of this Indenture and any Series
Supplement, all as provided in this Indenture. 
The Trustee, as trustee on behalf of the Noteholders, acknowledges such
grant, accepts the trusts under this Indenture in accordance with the
provisions of this Indenture and subject to Section 10.1 and 10.2,
agrees to perform its duties required in this Indenture.  The Collateral shall secure the Notes equally
and ratably without prejudice, priority or distinction (except, with respect to
any Series of Notes, as otherwise stated in the applicable Series Supplement).

Section 3.2.  Certain Rights
and Obligations of HVF Unaffected.

(a) Notwithstanding the assignment and security interest so granted to
the Trustee on behalf of the Noteholders, HVF shall nevertheless be permitted,
subject to the Trustee’s right to revoke such permission in the event of an
Amortization Event with respect to any Series of Notes Outstanding and subject
to the provisions of Section 3.3, to give all consents, requests,
notices, directions, approvals, extensions or waivers, if any, which are
required to be given in the normal course of business (which does not include
waivers of default under any of the Collateral Agreements or any of the
Manufacturer Programs).

(b) The assignment of the Collateral to the Trustee on behalf of the
Noteholders shall not (i) relieve HVF from the performance of any term,
covenant, condition or agreement on HVF’s part to be performed or observed
under or in connection with any of the Collateral 

 15
 

Agreements or
any of the Manufacturer Programs or (ii) impose any obligation on the Trustee
or any of the Noteholders to perform or observe any such term, covenant,
condition or agreement on HVF’s part to be so performed or observed or impose
any liability on the Trustee or any of the Noteholders for any act or omission
on the part of HVF or from any breach of any representation or warranty on the
part of HVF.

(c) HVF hereby agrees to indemnify and hold harmless the Trustee
(including its directors, officers, employees and agents) from and against any
and all losses, liabilities (including liabilities for penalties), claims,
demands, actions, suits, judgments, reasonable out-of-pocket costs and expenses
arising out of or resulting from the assignment granted hereby or by the
Collateral Agency Agreement or any Assignment Agreement, whether arising by
virtue of any act or omission on the part of HVF or otherwise, including,
without limitation, the reasonable out-of-pocket costs, expenses, and
disbursements (including reasonable attorneys’ fees and expenses) incurred by
the Trustee in enforcing this Indenture or preserving any of its rights to, or
realizing upon, any of the Collateral; provided, however, the
foregoing indemnification shall not extend to any action by the Trustee which
constitutes gross negligence or willful misconduct by the Trustee or any other
indemnified person hereunder.  The
indemnification provided for in this Section 3.2 shall survive the
removal of, or a resignation by, such Person as Trustee as well as the
termination of this Indenture, any Series Supplement, the Collateral Agency
Agreement or any Assignment Agreement.

Section 3.3.  Performance of
Collateral Agreements..

Upon the occurrence of a default or breach by any
Person party to a Collateral Agreement or a Manufacturer Program, promptly
following a request from the Trustee or the Collateral Agent to do so and at
HVF’s expense, HVF agrees to take all such lawful action as permitted under
this Indenture as the Trustee or the Collateral Agent may request to compel or
secure the performance and observance by: 
(i) the Hertz Nominee, the HFC Nominee, Hertz Vehicles LLC, HGI, the
Administrator, the Servicer, the Lessee, the Intermediary or the Escrow Agent
or any other party to any of the Collateral Agreements of its obligations to
HVF and (ii) a Manufacturer under a Manufacturer Program of its obligations to
HVF, including, without limitation, any obligations of such Manufacturer to HGI
or Hertz, as applicable, that have been assigned to HVF, in each case in
accordance with the applicable terms thereof, and to exercise any and all
rights, remedies, powers and privileges lawfully available to HVF to the extent
and in the manner directed by the Trustee or the Collateral Agent, as
applicable, including, without limitation, the transmission of notices of
default and the institution of legal or administrative actions or proceedings
to compel or secure performance by the Hertz Nominee, the HFC Nominee, Hertz
Vehicles LLC, HGI, the Administrator, the Servicer, the Lessee, the
Intermediary or the Escrow Agent (or such other party to any of the Collateral
Agreements) or by a Manufacturer under a Manufacturer Program, of their
respective obligations thereunder.  If
(i) HVF shall have failed, within 30 days of receiving the direction of the
Trustee or the Collateral Agent, as applicable, to take commercially reasonable
action to accomplish such directions of the Trustee or the Collateral Agent, as
applicable, (ii) HVF refuses to take any such action or (iii) the Trustee or
the Collateral Agent, as applicable, reasonably determines that such action
must be taken immediately, in any such case the Trustee or the Collateral
Agent, as applicable, may, but shall not be obligated to, take, at the expense
of HVF, such previously directed action and any related action permitted under
this Indenture which the Trustee or the Collateral Agent, as 

 16
 

applicable, thereafter
determines is appropriate (without the need under this provision or any other
provision under this Indenture to direct HVF to take such action), on behalf of
HVF and the Noteholders.

Section 3.4.  Release of
Indenture Collateral.

(a) The Trustee shall, when required by the provisions of this
Indenture, execute instruments to release property from the lien of this
Indenture, or convey the Trustee’s interest in the same, in a manner and under
circumstances that are not inconsistent with the provisions of this
Indenture.  No party relying upon an
instrument executed by the Trustee as provided in this Section 3.4 shall
be bound to ascertain the Trustee’s authority, inquire into the satisfaction of
any conditions precedent or see to the application of any moneys.

(b) In accordance with the Collateral Agency Agreement, from and after
the earliest of (i) in the case of a Program Vehicle subject to a Repurchase
Program, the Turnback Date for such Program Vehicle, (ii) in the case of a Program
Vehicle subject to a Guaranteed Depreciation Program, the date of sale of such
Program Vehicle by an auction dealer to a third party, (iii) in the case of a
Non-Program Vehicle, the date of the deposit of the Disposition Proceeds of
such Non-Program Vehicle by or on behalf of HVF into the Collection Account or
an HVF Exchange Account, (iv) in the case of a Transferred HVF Vehicle, the
date the related Transfer Payment is deposited into the Collection Account or
an HVF Exchange Account, (v) in the case of a Casualty, the date the related
Casualty Payment is deposited into the Collection Account and (vi) in the case
of a Rejected Vehicle, the date the related Rejected Vehicle Payment is
deposited into the Collection Account, such HVF Vehicle and the related
Certificate of Title shall automatically be released from the lien of the
Collateral Agency Agreement.  Any Lien of
the Trustee on the HVF Vehicles shall automatically be deemed to be released
concurrently with any release of the Lien of the Collateral Agent as provided
in the Collateral Agency Agreement.

(c) The Trustee shall, at such time as there is no Note Outstanding,
release any remaining portion of the Indenture Collateral from the lien of this
Indenture and release to HVF any funds then on deposit in the Collection
Account and any Series Accounts.  The
Trustee shall release property from the lien of this Indenture pursuant to this
Section 3.4(c) only upon receipt of a Company Order accompanied by an
Officer’s Certificate and an Opinion of Counsel meeting the applicable
requirements of Section 13.3.

Section 3.5.  Opinions of
Counsel.

The Trustee shall receive at least seven days’ notice
when requested by HVF to take any action pursuant to Section 3.4(a),
accompanied by copies of any instruments involved, and the Trustee may also
require as a condition of such action, an Opinion of Counsel, in form and
substance reasonably satisfactory to the Trustee, stating the legal effect of
any such action, outlining the steps required to complete the same, and concluding
that all such action will not materially and adversely impair the security for
the Notes or the rights of the Noteholders; provided, however
that such Opinion of Counsel shall not be required to express an opinion as to
the fair value of the Indenture Collateral. 
Counsel rendering any such opinion may rely, 

 17
 

without independent
investigation, on the accuracy and validity of any certificate or other
instrument delivered to the Trustee in connection with any such action.

Section 3.6.  Stamp, Other
Similar Taxes and Filing Fees.

HVF shall indemnify and hold harmless the Trustee, the
Collateral Agent and each Noteholder from any present or future claim for
liability for any stamp or other similar tax and any penalties or interest with
respect thereto, that may be assessed, levied or collected by any jurisdiction
in connection with this Indenture or any Collateral.  HVF shall pay any and all amounts in respect
of, all search, filing, recording and registration fees, taxes, excise taxes
and other similar imposts that may be payable or determined to be payable in
respect of the execution, delivery, performance and/or enforcement of this
Indenture.

ARTICLE
IV   REPORTS

Section 4.1. 
Reports and Instructions to Trustee.

(a) Daily Collection Reports.  On each Business Day commencing on the
Initial Closing Date, HVF shall prepare and maintain, or cause to be prepared
and maintained, a record (each, a “Daily Collection Report”) setting
forth the aggregate of the amounts deposited in the Collection Account or an
HVF Exchange Account on the immediately preceding Business Day, which shall
consist of:  (A) the aggregate
amount of payments received from Manufacturers and/or auction dealers under
Manufacturer Programs related to Program Vehicles and in each case deposited in
the Collection Account or an HVF Exchange Account, plus (B) the aggregate
amount of proceeds received from third parties (other than Manufacturers and
auction dealers) with respect to the sale of HVF Vehicles and in each case
deposited in the Collection Account or an HVF Exchange Account, plus (C) the
aggregate amount of other Collections deposited in the Collection Account or an
HVF Exchange Account.  HVF shall deliver
a copy of the Daily Collection Report for each Business Day to the Trustee.

(b) Reports and Certificates.  Promptly following delivery to HVF, HVF shall
forward to the Trustee copies of all reports, certificates, information or
other materials delivered to HVF pursuant to the HVF Lease.

(c) Monthly Servicing Certificate.  On or before the fourth Business Day prior to
each Payment Date (unless otherwise agreed by the Trustee), HVF shall furnish
to the Trustee and the Paying Agent a certificate substantially in the form of Exhibit
A (each a “Monthly Servicing Certificate”).

(d) Monthly Noteholders’ Statement.  On or before the fourth Business Day prior to
each Payment Date (unless otherwise agreed by the Trustee), HVF shall furnish
to the Trustee a Monthly Noteholders’ Statement with respect to each Series of
Notes substantially in the form provided in the applicable Series Supplement.

(e) Monthly Collateral Certificate.  On or before each Payment Date, HVF shall
furnish to the Trustee and the Collateral Agent an Officer’s Certificate of HVF
to the effect that, except as stated therein, (i) the HVF Vehicles and all
other Collateral is free and clear of all Liens, other than Permitted Liens,
and (ii) the aggregate amount of all vicarious liability claims 

 18
 

outstanding against HVF as of the immediately preceding Determination
Date is less than $5 million.  If the
aggregate amount of vicarious liability claims outstanding against HVF exceeds
$5 million, the Officer’s Certificate delivered pursuant to this Section
4.1(e) shall also contain a schedule describing all of the vicarious
liability claims then outstanding against HVF.

(f) Quarterly Compliance Certificates.  On the Payment Date in each of March, June,
September and December, commencing in December 2002, HVF shall deliver to the
Trustee an Officer’s Certificate of HVF to the effect that, except as provided
in a notice delivered pursuant to Section 8.8, no Amortization Event or
Potential Amortization Event with respect to any Series of Notes Outstanding
has occurred or is continuing and no Operating Lease Event of Default or
Potential Operating Lease Event of Default has occurred or is continuing.

(g) Non-Program Vehicle Report.  On the Payment Date in May of each year,
commencing in May 2003, HVF shall cause a nationally recognized firm of
independent certified public accountants to furnish a report to the Trustee and
the Rating Agencies to the effect that they have performed certain agreed upon
procedures with respect to the calculations of (i) the Disposition
Proceeds received by HVF from the sale or other disposition of all Non-Program
Vehicles (other than Casualties) sold or otherwise disposed of during the
Related Month, (ii) the respective Net Book Values of such Non-Program
Vehicles and (iii) the Market Values of such Non-Program Vehicles on the date
of such sale or other disposition.

(h) Verification of Title.  On or prior to May 30 of each year,
commencing May 30, 2003, HVF shall cause a nationally recognized firm of
independent certified public accountants to furnish a report to the Trustee and
the Rating Agencies to the effect that they have performed certain agreed upon
procedures on a statistical sample of the Certificates of Title of the HVF
Vehicles designed to provide a ninety-five percent (95%) confidence level
confirming that the HVF Vehicles are titled in the name of Hertz Vehicles LLC
and the Certificates of Title show a first lien in the name of the Collateral
Agent, except for such exceptions as shall be set forth in such report (which
exceptions may include the existence of the Initial Hertz Vehicles and the
Service Vehicles).

(i) Additional Information.  From time to time such additional information
regarding the financial position, results of operations or business of Hertz,
Hertz Vehicles LLC, HGI or HVF as the Trustee may reasonably request to the
extent that such information is available to HVF pursuant to the Related
Documents.

(j) Instructions as to Withdrawals and
Payments.  HVF will furnish, or cause
to be furnished, to the Trustee or the Paying Agent, as applicable, written
instructions to make withdrawals and payments from the Collection Account, any
HVF Exchange Account and any other accounts specified in a Series Supplement
and to make drawings under any Enhancement, as contemplated herein and in any
Series Supplement.  The Trustee and the
Paying Agent shall promptly follow any such written instructions.

Section 4.2. 
Reports to Noteholders.

(a) On each Payment Date, the Paying Agent
shall forward to each Noteholder of record as of the immediately preceding
Record Date of each Series of Notes Outstanding the 

 19
 

Monthly Noteholders’ Statement with respect to such Series, with a copy
to the Rating Agencies and any Enhancement Provider with respect to such
Series.

(b) Annual Noteholders’ Tax Statement.  Unless otherwise specified in the applicable
Series Supplement, on or before January 31 of each calendar year, beginning
with calendar year 2003, the Paying Agent shall furnish to each Person who at
any time during the preceding calendar year was a Noteholder a statement
prepared by HVF containing the information which is required to be contained in
the Monthly Noteholders’ Statements with respect to each Series of Notes
aggregated for such calendar year or the applicable portion thereof during
which such Person was a Noteholder, together with such other customary information
(consistent with the treatment of the Notes as debt) as HVF deems necessary or
desirable to enable the Noteholders to prepare their tax returns (each such
statement, an “Annual Noteholders’ Tax Statement”).  Such obligations of HVF to prepare and the
Paying Agent to distribute the Annual Noteholders’ Tax Statement shall be
deemed to have been satisfied to the extent that substantially comparable
information shall be provided by the Paying Agent pursuant to any requirements
of the Code as from time to time in effect.

Section 4.3. 
Rule 144A Information.

For so long as any of the Notes are “restricted
securities” within the meaning of Rule 144(a)(3) under the Securities Act, HVF
agrees to provide to any Noteholder or Note Owner and to any prospective purchaser
of Notes designated by such Noteholder or Note Owner upon the request of such
Noteholder or Note Owner or prospective purchaser, any information required to
be provided to such holder or prospective purchaser to satisfy the conditions
set forth in Rule 144A(d)(4) under the Securities Act.

Section 4.4. 
Administrator.

Pursuant to the Administration Agreement, the
Administrator has agreed to provide certain reports, instructions and other
services on behalf of HVF.  The
Noteholders by their acceptance of the Notes consent to the provision of such
reports by the Administrator in lieu of HVF.

ARTICLE V   ALLOCATION
AND APPLICATION OF COLLECTIONS

Section 5.1. 
Collection Account.

(a) Establishment of Collection Account.  On or prior to the Initial Closing Date, HVF,
the Collection Account Securities Intermediary and the Trustee shall have
entered into the Collection Account Control Agreement pursuant to which the
Collection Account shall be established and maintained for the benefit of the
Noteholders.  If at any time a Trust
Officer obtains knowledge that the Collection Account is no longer an Eligible
Deposit Account, the Trustee shall, within ten (10) Business Days of obtaining
such knowledge, cause the Collection Account to be moved to a Qualified Institution
or a Qualified Trust Institution and cause the depositary maintaining the new
Collection Account to assume the obligations of the existing Collection Account
Securities Intermediary under the Collection Account Control Agreement.

 20
 

(b) Administration of the Collection
Account.  All amounts held in the
Collection Account shall be invested in Permitted Investments in accordance
with the Collection Account Control Agreement at the written direction of
HVF.  Investments of funds on deposit in
administrative sub-accounts of the Collection Account established in respect of
a particular Series of Notes shall be required to mature on or before the dates
specified in the applicable Series Supplement. 
In the absence of written investment instructions hereunder, funds on
deposit in the Collection Account shall remain uninvested.  HVF shall not direct the disposal of any
Permitted Investments prior to the maturity thereof to the extent such disposal
would result in a loss of the initial purchase price of such Permitted
Investment.

(c) Earnings from Collection Account.  All interest and earnings (net of losses and
investment expenses) paid on funds on deposit in the Collection Account shall
be deemed to be available and on deposit for distribution.

(d) Establishment of Series Accounts.  To the extent specified in the Series
Supplement with respect to any Series of Notes, the Trustee may establish and
maintain one or more Series Accounts and/or administrative sub-accounts of the
Collection Account to facilitate the proper allocation of Collections in
accordance with the terms of such Series Supplement.

Section 5.2. 
Collections and Allocations.

(a) Collections in General.  Until this Indenture is terminated pursuant
to Section 11.1, HVF shall, and the Trustee is authorized (upon written
instructions) to, cause all Collections due and to become due to HVF or the
Trustee, as the case may be, to be deposited in the following manner:

(i)    all
amounts due under or in connection with the HVF Vehicle Collateral, including,
without limitation, amounts due from Manufacturers and their related auctions
dealers under their Manufacturer Programs with respect to the HVF Vehicles,
other than Excluded Payments and Permitted Check Payments, shall be deposited
directly into a Collateral Account by the Manufacturers and the related auction
dealers and shall be withdrawn from such Collateral Account and deposited
either into the Collection Account or, in the case of Relinquished Property
Proceeds, an HVF Exchange Account for application in accordance with
Section 4.2 of the Master Exchange Agreement within seven Business Days of
the deposit thereof into such Collateral Account;

(ii)   all
amounts representing the proceeds from sales of HVF Vehicles to third parties,
other than the Manufacturers or their auction dealers, and all amounts received
by the Servicer in the form of Permitted Check Payments shall be deposited into
a Collateral Account within two Business Days of receipt by the Servicer and
shall be withdrawn from a Collateral Account and either deposited into the
Collection Account or, in the case of Relinquished Property Proceeds, an HFV
Exchange Account for application in accordance with Section 4.2 of the
Master Exchange Agreement within seven Business Days of the deposit thereof
into a Collateral Account;

 21
 

(iii)  all
insurance proceeds and warranty payments in respect of the HVF Vehicles, other
than Excluded Payments, shall be deposited into a Collateral Account within two
Business Days of receipt by the Servicer and shall be withdrawn from a
Collateral Account and deposited into the Collection Account within seven
Business Days of the deposit thereof into a Collateral Account;

(iv)  all
amounts payable to HVF pursuant to the HVF Lease shall be paid directly to the
Trustee for deposit into the Collection Account;

(v)   all
payments of Transfer Price by HGI in respect of Transferred HVF Vehicles and
Manufacturer Receivables, all Rejected Vehicle Payments by HGI or the Servicer
and all other amounts payable by HGI to HVF pursuant to the Purchase Agreement
shall be paid directly to the Trustee for deposit into the Collection Account;

(vi)  all
amounts payable by the Nominee pursuant to Section 11(b) of the Nominee
Agreement shall be deposited directly into a Collateral Account by the Nominee
and shall be withdrawn from a Collateral Account and deposited into the
Collection Account within seven Business Days of the deposit thereof into a
Collateral Account;

(vii) all
amounts payable by the Hertz Nominee pursuant to Section 10 of the Hertz
Nominee Agreement shall be deposited directly into a Collateral Account by the
Hertz Nominee and shall be withdrawn from a Collateral Account and deposited
into the Collection Account within seven Business Days of the deposit thereof
into a Collateral Account;

(viii)                all
amounts payable by the HFC Nominee pursuant to Section 10 of the HFC Nominee
Agreement shall be deposited directly into a Collateral Account by the HFC
Nominee and shall be withdrawn from a Collateral Account and deposited into the
Collection Account within seven Business Days of the deposit thereof into a
Collateral Account; and

(ix)   all
Collections from any other source shall be either paid directly into the
Collection Account at such times as such amounts are due or deposited by the
Servicer into the Collection Account within seven Business Days after deposit
thereof into a Collateral Account.

Notwithstanding the foregoing, (x) unless an
Amortization Event with respect to any Series of Notes Outstanding has occurred
and is continuing, insurance proceeds and warranty payments with respect to the
HVF Vehicles shall not be required to be deposited in a Collateral Account or
the Collection Account, and may be held by HVF or paid to Hertz and (y) unless
there has been a failure by HGI to make a payment to HVF on account of an
Invoice Adjustment when due in accordance with Section 1.05(d) of the Purchase
Agreement and such failure is continuing, payments by Manufacturers on account
of Invoice Adjustments shall not be required to be deposited in a Collateral
Account or the Collection Account and may be held by HGI.  HVF agrees that if any Collections shall be
received by HVF in an account other than a Collateral Account, an HVF Exchange
Account or the Collection Account or in any other manner, such 

 22
 

monies, instruments, cash and other proceeds will not
be commingled by HVF with any of its other funds or property, if any, but will
be held separate and apart therefrom and shall be held in trust by HVF for, and
immediately paid over to the Trustee or the Collateral Agent, as applicable,
with any necessary endorsement.  All
Collections deposited into a Collateral Account shall be allocated and
distributed to the Trustee as provided in the Collateral Agency Agreement.  All monies, instruments, cash and other proceeds
received by the Trustee pursuant to this Indenture (including amounts received
from the Collateral Agent) shall be immediately deposited in the Collection
Account or an HVF Exchange Account and shall be applied as provided in this Article
5 or Article 5A.

(b) Allocations for Noteholders.  On each day on which Collections are
deposited into the Collection Account, HVF shall allocate Collections deposited
into the Collection Account in accordance with this Article 5 and shall
instruct the Trustee in writing to withdraw the required amounts from the
Collection Account and make the required deposits in any Series Account in
accordance with this Article 5, as modified by any Series
Supplement.  HVF shall make such deposits
or payments on the date indicated therein in immediately available funds or as
otherwise provided in the applicable Series Supplement.  If,
on any date on which Collections are deposited into the Collection Account or
Collections are otherwise on deposit in the Collection Account, there are unpaid
Ford Reimbursement Obligations, HVF shall apply any such Collections not
allocable to any Series pursuant to a Series Supplement to pay such unpaid Ford
Reimbursement Obligations by instructing the Trustee in writing to withdraw
from the Collection Account and pay to Ford an amount equal to the lesser of
such unpaid Ford Reimbursement Obligations and the amount of Collections
deposited into or on deposit in the Collection Account on such date that are
not allocable to any Series pursuant to any Series Supplement.

(c) Sharing Collections.  In the manner described in the applicable
Series Supplement, to the extent that Principal Collections that are allocated
to any Series on a Payment Date are not needed to make payments to Noteholders
of such Series or required to be deposited in a Series Account for such Series
on such Payment Date, such Principal Collections may, at the direction of HVF,
be applied to cover principal payments due to or for the benefit of Noteholders
of another Series.  Any such reallocation
will not result in a reduction in the Principal Amount of the Series to which
such Principal Collections were initially allocated.

(d) Unallocated Principal Collections.  If, after giving effect to Section 5.2(c),
Principal Collections allocated to any Series on any Payment Date are in excess
of the amount required to be paid in respect of such Series on such Payment
Date, then any such excess Principal Collections shall be allocated to HVF or
such other party as may be entitled thereto as set forth in any Series
Supplement.  If, on any date on which Principal
Collections are allocated to HVF pursuant to this Section 5.2(d), there
are unpaid Ford Reimbursement Obligations, HVF shall apply any such Principal
Collections to pay such unpaid Ford Reimbursement Obligations by instructing
the Trustee in writing to withdraw from the applicable Series Account and pay
to Ford an amount equal to the lesser of such unpaid Ford Reimbursement
Obligations and the amount of such Principal Collections allocated to HVF
pursuant to this Section 5.2(d).

 23

Section 5.3.  Determination of
Monthly Interest.

Monthly payments of interest on each Series of Notes
shall be determined, allocated and distributed in accordance with the
procedures set forth in the applicable Series Supplement.

Section 5.4.  Determination of
Monthly Principal.

Monthly payments of principal of each Series of Notes
shall be determined, allocated and distributed in accordance with the
procedures set forth in the applicable Series Supplement.  However, all principal of or interest on any
Series of Notes shall be due and payable no later than the Series Termination
Date with respect to such Series.

[THE REMAINDER OF ARTICLE 5 IS RESERVED AND MAY BE
SPECIFIED IN ANY SUPPLEMENT WITH RESPECT TO ANY SERIES.]

ARTICLE 5A.  HVF
EXCHANGE ACCOUNT

Section 5A.1.  HVF
Exchange Account. On or prior to the Restatement Effective Date, the
Trustee shall establish and maintain for the benefit of the Noteholders one or
more HVF Exchange Accounts, each in the name of the Trustee or, prior to the
date of termination of the Master Exchange Agreement pursuant to Section
7.01(b) thereof, the joint name of the Trustee and the Intermediary, that shall
be administered and operated as provided in the Master Exchange Agreement.  Each HVF Exchange Account shall be maintained
(i) with a Qualified Institution or (ii) as a segregated trust
account with a Qualified Trust Institution. 
If any HVF Exchange Account is not maintained in accordance with the
previous sentence, then within ten (10) Business Days of obtaining knowledge of
such fact, the Trustee and the Intermediary shall establish a new HVF Exchange
Account which complies with such sentence and transfer into the new HVF
Exchange Account all funds from the non-qualifying HVF Exchange Account.  Initially, each HVF Exchange Account will be
established with the Trustee.

ARTICLE VI   DISTRIBUTIONS

Section 6.1.  Distributions in
General.

(a) Unless otherwise specified in the applicable Series Supplement, on
each Payment Date, the Paying Agent shall pay to the Noteholders of each Series
of record on the preceding Record Date the amounts payable thereto hereunder by
check mailed first-class postage prepaid to such Noteholder at the address for
such Noteholder appearing in the Note Register except that with respect to
Notes registered in the name of a Clearing Agency or its nominee, such amounts
shall be payable by wire transfer of immediately available funds released by
the Paying Agent from the applicable Series Account no later than Noon (New
York City time) on the Payment Date for credit to the account designated by
such Clearing Agency or its nominee, as applicable; provided, however,
that, the final principal payment due on a Note shall only be paid to the
Noteholder of a Definitive Note on due presentment of such Definitive Note for
cancellation in accordance with the provisions of the Note.

 24
 

(b) Unless otherwise specified in the applicable Series Supplement (i)
all distributions to Noteholders of all Classes within a Series of Notes will
have the same priority and (ii) in the event that on any date of determination
the amount available to make payments to the Noteholders of a Series is not
sufficient to pay all sums required to be paid to such Noteholders on such
date, then each Class of Noteholders will receive its ratable share (based upon
the aggregate amount due to such Class of Noteholders) of the aggregate amount
available to be distributed in respect of the Notes of such Series.

ARTICLE VII   REPRESENTATIONS
AND WARRANTIES

HVF hereby represents and warrants, for the benefit of
the Trustee and the Noteholders, as follows as of the Restatement Effective
Date and each Series Closing Date:

Section 7.1.  Existence and
Power.

HVF (a) is a limited liability company duly formed,
validly existing and in good standing under the laws of the State of Delaware,
(b) is duly qualified to do business as a foreign limited liability company and
in good standing under the laws of each jurisdiction where the character of its
property, the nature of its business or the performance of its obligations
under the Related Documents make such qualification necessary, except to the
extent that the failure to so qualify is not reasonably likely to result in a
Material Adverse Effect, and (c) has all limited liability company powers and
all governmental licenses, authorizations, consents and approvals required to
carry on its business as now conducted and for purposes of the transactions
contemplated by this Indenture and the other Related Documents.

Section 7.2.  Limited
Liability Company and Governmental Authorization.

The execution, delivery and performance by HVF of this
Indenture, the applicable Series Supplement and the other Related Documents to
which it is a party (a) is within HVF’s limited liability company powers and
has been duly authorized by all necessary limited liability company action, (b)
requires no action by or in respect of, or filing with, any Governmental
Authority which has not been obtained and (c) does not contravene, or
constitute a default under, any Requirements of Law with respect to HVF or any
Contractual Obligation with respect to HVF or result in the creation or
imposition of any Lien on any property of HVF, except for Liens created by this
Indenture or the other Related Documents. 
This Indenture and each of the other Related Documents to which HVF is a
party has been executed and delivered by a duly authorized officer of HVF.

Section 7.3.  No Consent.

No consent, action by or in respect of, approval or
other authorization of, or registration, declaration or filing with, any Governmental
Authority or other Person is required for the valid execution and delivery by
HVF of this Base Indenture, any Series Supplement or any Related Document or
for the performance of any of HVF’s obligations hereunder or thereunder other
than such consents, approvals, authorizations, registrations, declarations or
filings as shall have been obtained by HVF prior to the Restatement Effective
Date or as contemplated in Section 7.13.

 25
 

Section 7.4.  Binding Effect.

This Indenture and each other Related Document is a
legal, valid and binding obligation of HVF enforceable against HVF in
accordance with its terms (except as such enforceability may be limited by
bankruptcy, insolvency, fraudulent conveyance, reorganization, moratorium and
other similar laws affecting creditors’ rights generally or by general
equitable principles, whether considered in a proceeding at law or in equity
and by an implied covenant of good faith and fair dealing).

Section 7.5.  Litigation.

There is no action, suit or proceeding pending against
or, to the knowledge of HVF, threatened against or affecting HVF before any
court or arbitrator or any Governmental Authority with respect to which there
is a reasonable possibility of an adverse decision that would materially
adversely affect the financial condition, business, assets or operations of HVF
or which in any manner draws into question the validity or enforceability of
this Indenture, any Series Supplement or any other Related Document or the
ability of HVF to perform its obligations hereunder or thereunder.

Section 7.6.  No ERISA Plan.

HVF has not established and does not maintain or
contribute to any Plan that is covered by Title IV of ERISA.

Section 7.7.  Tax Filings and
Expenses.

HVF has filed all federal, state and local tax returns
and all other tax returns which, to the knowledge of HVF, are required to be
filed (whether informational returns or not), and has paid all taxes due, if
any, pursuant to said returns or pursuant to any assessment received by HVF,
except such taxes, if any, as are being contested in good faith and for which
adequate reserves have been set aside on its books.  HVF has paid all fees and expenses required
to be paid by it in connection with the conduct of its business, the
maintenance of its existence and its qualification as a foreign limited
liability company authorized to do business in each State in which it is
required to so qualify, except to the extent that the failure to pay such fees
and expenses is not reasonably likely to result in a Material Adverse Effect.

Section 7.8.  Disclosure.

All certificates, reports, statements, documents and
other information furnished to the Trustee by or on behalf of HVF pursuant to
any provision of this Indenture or any Related Document, or in connection with
or pursuant to any amendment or modification of, or waiver under, this
Indenture or any Related Document, shall, at the time the same are so
furnished, be complete and correct to the extent necessary to give the Trustee
true and accurate knowledge of the subject matter thereof in all material
respects, and the furnishing of the same to the Trustee shall constitute a
representation and warranty by HVF made on the date the same are furnished to
the Trustee to the effect specified herein.

 26
 

Section 7.9.  Investment Company
Act.

HVF is not, and is not controlled by, an “investment
company” within the meaning of, and is not required to register as an
“investment company” under, the Investment Company Act.

Section 7.10.  Regulations T,
U and X.

The proceeds of the Notes will not be used to purchase
or carry any “margin stock” (as defined or used in the regulations of the Board
of Governors of the Federal Reserve System, including Regulations T, U and X
thereof).  HVF is not engaged in the
business of extending credit for the purpose of purchasing or carrying any
margin stock.

Section 7.11.  Solvency.

Both before and after giving effect to the
transactions contemplated by this Indenture and the other Related Documents,
HVF is solvent within the meaning of the Bankruptcy Code and HVF is not the
subject of any voluntary or involuntary case or proceeding seeking liquidation,
reorganization or other relief with respect to itself or its debts under any
bankruptcy or insolvency law and no Event of Bankruptcy has occurred with respect
to HVF.

Section 7.12.  Ownership of
Limited Liability Company Interests; Subsidiary.

All of the issued and outstanding limited liability
company interests of HVF are owned by Hertz, all of which limited liability
company interests have been validly issued, are fully paid and non-assessable
and are owned of record by Hertz, free and clear of all Liens other than
Permitted Liens; provided, however, that such limited liability
company interests may be pledged to the ABL Collateral Agent pursuant to the
ABL Guarantee and Collateral Agreement for the benefit of the secured parties
thereunder.  HVF has no subsidiaries and
owns no capital stock of, or other equity interest in, any other Person, other
than Hertz Vehicles LLC.

Section 7.13. 
Security Interests.

(a) HVF owns and has good and marketable
title to the Collateral, free and clear of all Liens other than Permitted
Liens.  The Manufacturer Receivables and
HVF’s rights under the Collateral Agreements constitute general intangibles
under the applicable UCC.  This Indenture
constitutes a valid and continuing Lien on the Indenture Collateral in favor of
the Trustee on behalf of the Noteholders, which Lien on the Indenture
Collateral has been perfected and is prior to all other Liens (other than
Permitted Liens), and the Collateral Agency Agreement constitutes a valid and
continuing Lien on the HVF Vehicle Collateral in favor of the Collateral Agent,
which Lien on the HVF Vehicle Collateral has been perfected and is prior to all
other Liens (other than Permitted Liens) and, in each case, is enforceable as
such as against creditors of and purchasers from HVF in accordance with its
terms, except as such enforceability may be limited by bankruptcy, insolvency,
fraudulent conveyance, reorganization, moratorium and other similar laws
affecting creditors’ rights generally or by general equitable principles,
whether considered in a proceeding at law or in equity and by an implied
covenant of good faith and fair dealing. 
HVF has received all consents and approvals required by the terms of the
Collateral to the pledge of the Collateral to the Trustee or the Collateral
Agent, as the case may be.

 27
 

(b) Other than the security interest granted
to the Trustee hereunder and the Collateral Agent under the Collateral Agency
Agreement, HVF has not pledged, assigned, sold or granted a security interest
in the Collateral, the Account Collateral, the Investment Property or the
General Intangibles Collateral.  All
action necessary (including the filing of UCC-1 financing statements, the
assignment of rights under the Manufacturer Programs to the Collateral Agent
under the Assignment Agreements and the notation on the Certificates of Title
for all HVF Vehicles (other than the Initial Hertz Vehicles and the Service
Vehicles) of the Collateral Agent’s Lien for the benefit of the Noteholders) to
protect and perfect the Trustee’s security interest in the Indenture Collateral
and the Collateral Agent’s security interests in the HVF Vehicle Collateral has
been duly and effectively taken.  No security
agreement, financing statement, equivalent security or lien instrument or
continuation statement listing HVF as debtor covering all or any part of the
Collateral is on file or of record in any jurisdiction, except such as may have
been filed, recorded or made by HVF in favor of the Trustee on behalf of the
Noteholders in connection with this Indenture or the Collateral Agent in
connection with the Collateral Agency Agreement, and HVF has not authorized any
such filing.

(c) HVF’s legal name is Hertz Vehicle
Financing LLC and its location within the meaning of Section 9-307 of the
applicable UCC is the State of Delaware.

(d) Except
for a change made pursuant to Section 8.19, (i) HVF’s sole place of
business and chief executive office shall be at, and the place where its
records concerning the Collateral are kept is at: 225 Brae Boulevard,
Park Ridge, New Jersey 07656 and (ii) HVF’s
jurisdiction of organization is Delaware. 
HVF does not transact, and has not transacted, business under any other
name.

(e) All
authorizations in this Indenture for the Trustee to endorse checks, instruments
and securities and to execute financing statements, continuation statements,
security agreements and other instruments with respect to the Indenture
Collateral and to take such other actions with respect to the Indenture
Collateral authorized by this Indenture are powers coupled with an interest and
are irrevocable.

(f) This Base Indenture creates a valid and
continuing Lien (as defined in the New York UCC) in the Account Collateral, the
Investment Property and the General Intangibles Collateral in favor of the
Trustee on behalf of the Trustee for the benefit of the Noteholders, which Lien
is prior to all other Liens (other than Permitted Liens) and is enforceable as
such as against creditors of and purchasers from HVF in accordance with its
terms, except as such enforceability may be
limited by bankruptcy, insolvency, fraudulent conveyance, reorganization,
moratorium and other similar laws affecting creditors’ rights generally or by
general equitable principles, whether considered in a proceeding at law or in
equity and by an implied covenant of good faith and fair dealing.  All action necessary to perfect such
first-priority security interest has been duly taken.

(g) The
General Intangibles Collateral constitutes “general intangibles” within the
meaning of the New York UCC.

 28
 

(h) HVF owns and has good and marketable
title to the Account Collateral, the Investment Property and the General
Intangibles Collateral free and clear of any Liens (other than Permitted
Liens), claim or encumbrance of any Person.

(i) HVF has caused or will have caused,
within ten days, the filing of all appropriate financing statements in the
proper filing office in the appropriate jurisdictions under applicable law in
order to perfect the security interest in the General Intangibles Collateral
and the Investment Property granted to the Trustee in favor of the Secured
Parties hereunder.

(j) HVF has not authorized the filing of and
is not aware of any financing statements against HVF that include a description
of collateral covering the Account Collateral, the Investment Property or the
General Intangibles Collateral other than any financing statement relating to
the security interest granted to the Trustee in favor of the Trustee for the
benefit of the Noteholders hereunder or that has been terminated.  HVF is not aware of any judgment or tax lien
filings against HVF.

(k) HVF is a Registered Organization.

Section 7.14. 
Related Documents.

The Collateral Agreements are in full force and
effect.  There are no outstanding
Servicer Defaults or Operating Lease Events of Default nor have events occurred
which, with the giving of notice, the passage of time or both, would constitute
a Servicer Default or Operating Lease Event of Default.

Section 7.15. 
No Manufacturer Events of Default.

There are no outstanding Manufacturer Events of
Default with respect to any Manufacturer of an Eligible Program Vehicle, nor
have any events occurred which, with the giving of notice, the passage of time
or both, would constitute such a Manufacturer Event of Default.

Section 7.16. 
Non-Existence of Other Agreements.

Other than as permitted by Section 8.22, (i)
HVF is not a party to any contract or agreement of any kind or nature and (ii)
HVF is not subject to any material obligations or liabilities of any kind or
nature in favor of any third party, including, without limitation, Contingent
Obligations.  HVF has not engaged in any
activities since its formation (other than those incidental to its formation,
the authorization and the issue of the initial Series of Notes, the execution
of the Related Documents to which it is a party and the performance of the
activities referred to in or contemplated by such agreements).

Section 7.17. 
Compliance with Contractual Obligations and Laws.

HVF is not (i) in violation of the HVF LLC Agreement,
(ii) in violation of any Requirement of Law with respect to HVF or (iii) in
violation of any Contractual Obligation with respect to HVF.

 29
 

Section 7.18. 
Other Representations.

All representations and warranties of HVF made in each
Related Document to which it is a party are true and correct and are repeated
herein as though fully set forth herein.

ARTICLE
VIII   COVENANTS

Section 8.1. 
Payment of Notes.

HVF shall pay the principal of (and premium, if any)
and interest on the Notes when due pursuant to the provisions of this Indenture
and any applicable Series Supplement. 
Principal and interest shall be considered paid on the date due if the
Paying Agent holds on that date money designated for and sufficient to pay all
principal and interest then due.

Section 8.2. 
Maintenance of Office or Agency.

HVF will maintain an office or agency (which may be an
office of the Trustee, the Registrar or co-registrar) where Notes may be
surrendered for registration of transfer or exchange, where notices and demands
to or upon HVF in respect of the Notes and this Indenture may be served, and
where, at any time when HVF is obligated to make a payment of principal of, and
premium, if any, upon, the Notes, the Notes may be surrendered for
payment.  HVF will give prompt written
notice to the Trustee of the location, and any change in the location, of such
office or agency.  If at any time HVF
shall fail to maintain any such required office or agency or shall fail to
furnish the Trustee with the address thereof, such presentations, surrenders,
notices and demands may be made or served at the Corporate Trust Office.

HVF may also from time to time designate one or more
other offices or agencies where the Notes may be presented or surrendered for
any or all such purposes and may from time to time rescind such
designations.  HVF will give prompt
written notice to the Trustee of any such designation or rescission and of any
change in the location of any such other office or agency.

HVF hereby designates the Corporate Trust Office as
one such office or agency of HVF.

Section 8.3. 
Payment of Obligations.

HVF will pay and discharge, at or before maturity, all
of its respective material obligations and liabilities, including, without
limitation, tax liabilities and other governmental claims, except where the
same may be contested in good faith by appropriate proceedings, and will
maintain, in accordance with GAAP, reserves as appropriate for the accrual of
any of the same.

Section 8.4. 
Conduct of Business and Maintenance of Existence.

HVF will maintain its existence as a limited liability
company validly existing, and in good standing under the laws of the State of
Delaware and duly qualified as a foreign 

 30
 

limited liability company
licensed under the laws of each state in which the failure to so qualify would
be reasonably likely to result in a Material Adverse Effect.

Section 8.5. 
Compliance with Laws.

HVF will comply in all respects with all Requirements
of Law with respect to HVF and all applicable laws, ordinances, rules,
regulations, and requirements of Governmental Authorities except where the
necessity of compliance therewith is contested in good faith by appropriate
proceedings and where such noncompliance would not materially and adversely
affect the business, financial condition, operations or properties of HVF or
the ability of HVF to perform its obligations under this Indenture or under any
other Related Document to which it is a party; provided, however,
such noncompliance will not result in a Lien (other than a Permitted Lien) on
any of the Collateral.

Section 8.6. 
Inspection of Property, Books and Records.

HVF will keep proper books of record and account in
which full, true and correct entries shall be made of all dealings and
transactions, business and activities in accordance with GAAP.  HVF will permit the Trustee or any Person
appointed by it to act as its agent to visit and inspect any of its properties,
to examine and make abstracts from any of its books and records and to discuss
its affairs, finances and accounts with its officers, directors, employees and
independent certified public accountants, all at such reasonable times upon
reasonable notice and as often as may reasonably be requested.

Section 8.7. 
Actions under the Collateral Agreements.

(a) HVF will comply in all material respects
with all of its obligations under the Manufacturer Programs.  HVF will not take any action which would
permit Hertz, the Hertz Nominee, the HFC Nominee, Hertz Vehicles LLC, HGI, the
Intermediary, the Escrow Agent or any other Person to have the right to refuse
to perform any of its respective obligations under any of the Collateral
Agreements, the Manufacturer Programs or any other instrument or agreement
included in the Collateral or that would result in the amendment,
hypothecation, subordination, termination or discharge of, or impair the
validity or effectiveness of, any Collateral Agreement, Manufacturer Program or
any such instrument or agreement.

(b) Except as otherwise provided in Section
3.2(a), HVF agrees that it will not, without the prior written consent of
the Trustee acting at the direction of the Requisite Investors, exercise any
right, remedy, power or privilege available to it with respect to any obligor
under a Collateral Agreement or under any instrument or agreement included in
the Collateral, take any action to compel or secure performance or observance
by any such obligor of its obligations to HVF or give any consent, request,
notice, direction, approval, extension or waiver with respect to any such
obligor.  HVF agrees that it will not,
without the prior written consent of the Trustee, acting at the direction of
the Requisite Investors, amend, modify, waive, supplement, terminate or
surrender, or agree to any amendment, modification, supplement, termination,
waiver or surrender of, the terms of any of the Related Documents or consent to
the assignment of any of the Related Documents by any other party thereto.  Upon the occurrence of a Servicer Default,
HVF will not, without the prior written consent of the Trustee acting at the
direction of the 

 31
 

Requisite Investors, terminate the Servicer and appoint a successor
Servicer in accordance with the HVF Lease and will terminate the Servicer and
appoint a successor Servicer in accordance with the HVF Lease if and when so
directed by the Trustee acting at the direction of the Requisite
Investors.  Notwithstanding the
foregoing, HVF may terminate the Master Exchange Agreement and the Escrow
Agreement pursuant to their respective terms at any time.

Section 8.8. 
Notice of Defaults.

Promptly (and in any event within five (5) Business
Days) upon becoming aware of (i) any Potential Amortization Event or
Amortization Event with respect to any Series of Notes Outstanding, any
Potential Operating Lease Event of Default, any Operating Lease Event of
Default or any Servicer Default or (ii) any default under any other Collateral
Agreement, any Related Document or under any Manufacturer Program, HVF shall
give the Trustee and the Rating Agencies with respect to each Series of Notes
Outstanding notice thereof, together with an Officer’s Certificate of HVF
setting forth the details thereof and any action with respect thereto taken or
contemplated to be taken by HVF.

Section 8.9. 
Notice of Material Proceedings.

Promptly (and in any event within five (5) Business
Days) upon becoming aware thereof, HVF shall give the Trustee and the Rating
Agencies written notice of the commencement or existence of any proceeding by
or before any Governmental Authority against or affecting HVF which is
reasonably likely to have a material adverse effect on the financial condition,
business, assets or operations of HVF or the ability of HVF to perform its
obligations under this Indenture or under any other Related Document to which
it is a party.

Section 8.10. 
Further Requests.

HVF will promptly furnish to the Trustee such other
information as, and in such form as, the Trustee may reasonably request in
connection with the transactions contemplated hereby or by any Series
Supplement.

Section 8.11. 
Further Assurances.

(a) HVF shall do such further acts and
things, and execute and deliver to the Trustee such additional assignments,
agreements, powers and instruments, as are necessary or desirable to maintain
the security interest of the Trustee in the Indenture Collateral on behalf of
the Noteholders and of the Collateral Agent in the HVF Vehicle Collateral as a
perfected security interest subject to no prior Liens (other than Permitted
Liens), to carry into effect the purposes of this Indenture or the other
Related Documents or to better assure and confirm unto the Trustee or the
Noteholders their rights, powers and remedies hereunder including, without
limitation, the filing of any financing or continuation statements under the
UCC in effect in any jurisdiction with respect to the liens and security
interests granted hereby or pursuant to the Collateral Agency Agreement.  Without limiting the generality of the
foregoing provisions of this Section 8.11(a), HVF shall take all
actions that are required to maintain the security interest of the Trustee in
the Indenture Collateral and of the Collateral Agent in the HVF Vehicle
Collateral as a perfected security interest subject to no prior Liens (other
than Permitted Liens), including, without limitation (i) filing all UCC
financing statements, continuation statements and 

 32
 

amendments thereto necessary to achieve the foregoing, (ii) causing the
Lien of the Collateral Agent to be noted on all Certificates of Title and (iii)
causing the Servicer, as agent for the Collateral Agent, to maintain possession
of the applicable Certificates of Title for the benefit of the Collateral Agent
pursuant to Section 2.6(a) of the Collateral Agency Agreement.  If HVF fails to perform any of its agreements
or obligations under this Section 8.11(a), the Trustee shall, at the
direction of the Required Noteholders of any Series of Notes, itself perform
such agreement or obligation, and the expenses of the Trustee incurred in
connection therewith shall be payable by HVF upon the Trustee’s demand
therefor.  The Trustee is hereby
authorized to execute and file any financing statements, continuation
statements or other instruments necessary or appropriate to perfect or maintain
the perfection of the Trustee’s security interest in the Indenture Collateral.

(b) If any amount payable under or in
connection with any of the Indenture Collateral shall be or become evidenced by
any promissory note, chattel paper or other instrument, such note, chattel
paper or instrument shall be deemed to be held in trust and immediately pledged
and physically delivered to the Trustee hereunder, and shall, subject to the
rights of any Person in whose favor a prior Lien has been perfected, be duly
endorsed in a manner satisfactory to the Trustee and delivered to the Trustee
promptly.

(c) HVF will warrant and defend the Trustee’s
right, title and interest in and to the Indenture Collateral and the income,
distributions and proceeds thereof, for the benefit of the Trustee on behalf of
the Noteholders, against the claims and demands of all Persons whomsoever.

(d) On or before March 31 of each calendar
year, commencing with March 31, 2003, HVF shall furnish to the Trustee an
Opinion of Counsel either stating that, in the opinion of such counsel, such
action has been taken with respect to the recording, filing, re-recording and
refiling of this Indenture, any indentures supplemental hereto and any other
requisite documents and with respect to the execution and filing of any
financing statements and continuation statements as are necessary to maintain
the perfection of the lien and security interest created by this Indenture or
the Collateral Agency Agreement in the Collateral and reciting the details of
such action or stating that in the opinion of such counsel no such action is
necessary to maintain the perfection of such lien and security interest.  Such Opinion of Counsel shall also describe
the recording, filing, re-recording and refiling of this Indenture, any
indentures supplemental hereto and any other requisite documents and the
execution and filing of any financing statements and continuation statements
that will, in the opinion of such counsel, be required to maintain the
perfection of the lien and security interest of this Indenture in the
Collateral until March 31 in the following calendar year.

Section 8.12. 
Liens.

HVF will not create, incur, assume or permit to exist
any Lien upon any of its property (including the Collateral), other than (i)
Liens in favor of the Trustee for the benefit of the Noteholders and (ii) other
Permitted Liens.

 33
 

Section 8.13. 
Other Indebtedness.

(a) HVF will not create, assume, incur,
suffer to exist or otherwise become or remain liable in respect of any Indebtedness
other than (i) Indebtedness hereunder or under any other Related Document and
(ii) Indebtedness under the HVF Credit Facility, the form of which is attached
as Exhibit B hereto.

(b) HVF will not enter into the HVF Credit
Facility unless, as a condition to the effectiveness of the HVF Credit
Facility, the Trustee shall have received one or more Opinions of Counsel,
subject to the assumptions and qualifications stated therein, and in a form
reasonably acceptable to the Trustee, substantially to the effect that (i) the
HVF Credit Facility has been duly authorized, executed and delivered by the
parties thereto, and (ii) the HVF Credit Facility is a legal, valid and binding
agreement of the parties thereto, enforceable in accordance with its terms, subject
to bankruptcy, insolvency, reorganization, moratorium and other similar laws
affecting creditors’ rights generally and to general principals of equity.

Section 8.14. 
No ERISA Plan.

HVF shall not establish or maintain or contribute to
any Plan that is covered by Title IV of ERISA.

Section 8.15. 
Mergers.

HVF will not merge or consolidate with or into any
other Person.

Section 8.16. 
Sales of Assets.

HVF will not sell, lease, transfer, liquidate or
otherwise dispose of any of its property except as contemplated by the Related
Documents.

Section 8.17. 
Acquisition of Assets.

HVF will not acquire, by long-term or operating lease
or otherwise, any property except in accordance with the terms of the Related
Documents.

Section 8.18. 
Dividends, Officers’ Compensation, etc.

HVF will not declare or pay any distributions on any
of its limited liability company interests; provided, however,
that so long as no Amortization Event or Potential Amortization Event has
occurred and is continuing with respect to any Series of Notes Outstanding or
would result therefrom, HVF may declare and pay distributions to the extent
permitted under Section 18-607 of the Delaware Limited Liability Company
Act.  HVF will not pay any wages or salaries
or other compensation to its officers, directors, employees or others except
out of earnings computed in accordance with GAAP.

 34
 

Section 8.19. 
Legal Name; Location Under Section 9-301.

HVF will neither change its location (within the
meaning of Section 9-301 of the applicable UCC) or its legal name without at
least 30 days’ prior written notice to the Trustee and the Collateral
Agent.  In the event that HVF desires to
so change its location or change its legal name, HVF will make any required
filings and prior to actually changing its location or its legal name HVF will
deliver to the Trustee and the Collateral Agent (i) an Officer’s Certificate of
HVF and an Opinion of Counsel confirming that all required filings have been
made to continue the perfected interest of the Trustee on behalf of the
Noteholders in the Indenture Collateral and the perfected interest of the
Collateral Agent in the HVF Vehicle Collateral in respect of the new location
or new legal name of HVF and (ii) copies of all such required filings with the
filing information duly noted thereon by the office in which such filings were
made.

Section 8.20. 
HVF LLC Agreement.

HVF will not amend the HVF LLC Agreement or its
certificate of formation unless, prior to such amendment, the Rating Agency
Condition with respect to each Series of Notes Outstanding shall have been
satisfied with respect to such amendment.

Section 8.21. 
Investments.

HVF will not make, incur, or suffer to exist any loan,
advance, extension of credit or other investment in any Person other than in
accordance with the Related Documents and, in addition, without limiting the
generality of the foregoing, HVF will not direct the investment of funds in the
Collection Account or any HVF Exchange Account in a manner that would have the
effect of causing HVF to be an “investment company” within the meaning of the
Investment Company Act.

Section 8.22. 
No Other Agreements.

HVF will not enter into or be a party to any agreement
or instrument other than any Related Document, as the same may be amended,
modified or supplemented from time to time, any documents related to any
Enhancement or any documents and agreements incidental thereto.

Section 8.23. 
Other Business.

HVF will not engage in any business or enterprise or
enter into any transaction other than the acquisition, financing, leasing and
disposition of the HVF Vehicles pursuant to the Related Documents, the related
exercise of its rights thereunder, the borrowing of funds under the HVF Credit
Facility, the incurrence and payment of ordinary course operating expenses, the
issuing and selling of the Notes and other activities related to or incidental
to any of the foregoing.

Section 8.24. 
Maintenance of Separate Existence.

HVF will:

 35
 

(a) maintain its own deposit account or
accounts, separate from those of any Affiliate, with commercial banking
institutions and ensure that the funds of HVF will not be diverted to any other
Person or for other than the use of HVF, nor will such funds be commingled with
the funds of Hertz or any other Subsidiary or Affiliate of Hertz other than as
provided in the Related Documents;

(b) ensure that all transactions between HVF
and any of its Affiliates, whether currently existing or hereafter entered
into, shall be only on an arm’s length basis, it being understood and agreed
that the transactions contemplated in the Related Documents meet the
requirements of this clause (b);

(c) to the extent that it requires an office
to conduct its business, conduct its business from an office at a separate
address from that of Hertz and its Affiliates (other than Hertz Vehicles LLC or
any other affiliated special purpose company (other than HGI)); provided,
that segregated offices in the same building shall constitute separate
addresses for purposes of this clause (c).  To the extent that HVF and any of its members
or Affiliates have offices in the same location, there shall be a fair and
appropriate allocation of overhead costs among them, and each such entity shall
bear its fair share of such expenses;

(d) issue separate financial statements
prepared at least annually and prepared in accordance with GAAP;

(e) conduct
its affairs in its own name and in accordance with the HVF LLC Agreement and
observe all necessary, appropriate and customary limited liability company
formalities, including, but not limited to, holding all regular and special
meetings appropriate to authorize all actions of HVF, keeping separate and
accurate minutes of its meetings, passing all resolutions or consents necessary
to authorize actions taken or to be taken, and maintaining accurate and
separate books, records and accounts, including, but not limited to, payroll
and intercompany transaction accounts;

(f) not assume or guarantee any of the
liabilities of Hertz or any Affiliate thereof;

(g) take, or refrain from taking, as the case
may be, all other actions that are necessary to be taken or not to be taken in
order to (x) ensure that the assumptions and factual recitations set forth in
the Specified Bankruptcy Opinion Provisions remain true and correct in all
material respects with respect to HVF and (y) comply in all material respects
with those procedures described in such provisions which are applicable to HVF;
and

(h) maintain at least one Independent
Director on its Board of Directors.

Section 8.25. 
Manufacturer Programs.

(a) Prior to the leasing of any Program
Vehicles under the HVF Lease for any model year after the 2002 model year, HVF
will (i) cause the Lessee to deliver to the Trustee, the Lessor and the Rating
Agencies an Officer’s Certificate of the Lessee substantially in the form of Exhibit
C and (ii) have satisfied the Rating Agency Condition with respect to each
Series of Notes Outstanding with respect to the leasing of Program Vehicles
subject to such Manufacturer Program under the HVF Lease.

 36
 

(b) No later than six months following the
leasing of any Program Vehicles under the HVF Lease for any model year after
the 2002 model year, HVF will (x) deliver to the Trustee and the Rating
Agencies an executed copy of the Manufacturer Program for such model year and
(y) have received an executed Assignment Agreement with respect to such
Manufacturer Program for such model year.

(c) Prior to the leasing of any Program
Vehicles under the HVF Lease subject to a Manufacturer Program of a new
Manufacturer, HVF will (i) have received an executed Assignment Agreement with
respect to such Manufacturer Program and (ii) have satisfied the Rating Agency
Condition with respect to each Series of Notes Outstanding with respect to the
leasing of Program Vehicles subject to such Manufacturer Program under the HVF
Lease.

(d) HVF shall deliver to the Trustee, the
Lessor and the Rating Agencies promptly following the introduction of any
prospective material change in any existing Manufacturer Program or the
introduction of any new Manufacturer Program by an existing Manufacturer (other
than a Manufacturer Program for a new model year by an existing Manufacturer)
notice of the same describing the principal terms thereof.  If there is a material change to a Manufacturer
Program during a model year, HVF will satisfy the Rating Agency Condition with
respect to each Series of Notes Outstanding with respect to the leasing of
Program Vehicles subject to such Manufacturer Program, as so changed, pursuant
to the HVF Lease.

(e) HVF shall deliver to the Trustee a copy
of any rating confirmations required to be obtained pursuant to this Section
8.25.

(f) In no event shall HVF agree, to the
extent any consent of HVF is solicited or required by the Manufacturer or any
assignor of such Manufacturer Program, to any change in any Manufacturer
Program that is reasonably likely to materially adversely affect its rights or
the rights of the Noteholders with respect to any Program Vehicle previously
purchased or financed under such Manufacturer Program.

Section 8.26. 
Disposition of HVF Vehicles.

(a) HVF will turn in, or cause to be turned
in, each Program Vehicle (subject to the right to redesignate a Program Vehicle
as a Non-Program Vehicle pursuant to Section 2.6 of the HVF Lease) to the
relevant Manufacturer within the Repurchase Period therefor in accordance with
the applicable Manufacturer Program unless, prior to the end of such Repurchase
Period, HVF sells such Program Vehicle and receives sales proceeds thereof in
cash plus, if the related Manufacturer is an Eligible Program Manufacturer,
non-return incentives payable by such Manufacturer to HVF, in an amount at
least equal to the Repurchase Price that HVF would have received with respect
to such Program Vehicle if it had turned such Program Vehicle back to the
Manufacturer.

(b) If a Non-Program Vehicle is returned to
HVF pursuant to Section 2.5(c) of the HVF Lease, HVF will use commercially
reasonable efforts to arrange for the prompt sale of such Non-Program Vehicle
and to maximize the sale price thereof.

 37
 

Section 8.27. 
Insurance.

HVF will obtain and maintain, or cause to be obtained
and maintained, with respect to the HVF Vehicles (i) comprehensive public
liability and property damage protection in respect of the possession,
condition, maintenance, operation and use of the HVF Vehicles, in the amount
required to meet the minimum financial responsibility requirements mandated by
applicable state law for each occurrence and (ii) catastrophic physical damage
insurance, in an amount not less than $50,000,000; provided, however that HVF
may rely on the Indemnification Agreement in lieu of obtaining and maintaining
the insurance required by clauses (i) and (ii) hereof for so long
as the Lessee is permitted to self-insure by applicable law.  All insurance policies obtained pursuant to
this Section 8.27 shall name the Collateral Agent as a loss payee as its
interest may appear.  HVF shall provide
that the Trustee and the Collateral Agent will receive at least 30 days’ prior
written notice of any change or cancellation of such insurance policies or
arrangements.  Any insurance, as opposed
to self-insurance, obtained by HVF shall be obtained from a Qualified Insurer
only.

ARTICLE
IX   AMORTIZATION EVENTS AND REMEDIES

Section 9.1. 
Amortization Events.

If any one of the following events shall occur during
the Revolving Period, the Accumulation Period or the Controlled Amortization
Period with respect to any Series of Notes (each, an “Amortization Event”):

(a) the occurrence of an Event of Bankruptcy
with respect to Hertz Vehicles LLC, HGI, HVF or Hertz;

(b) the Securities and Exchange Commission or
other regulatory body having jurisdiction reaches a final determination that
Hertz Vehicles LLC, HGI or HVF is an “investment company” or is under the
“control” of an “investment company” under the Investment Company Act;

(c) the HVF Lease is terminated for any
reason;

(d) any Lease Payment Default shall have
occurred;

(e) any Aggregate Asset Amount Deficiency
exists and continues for a period of three Business Days;

(f) any Operating Lease Event of Default
(other than a Lease Payment Default) shall have occurred and be continuing;

(g) there shall have been filed against
Hertz, Hertz Vehicles LLC, HGI or HVF (i) a notice of a federal tax lien from
the Internal Revenue Service, (ii) a notice of a Lien from the Pension Benefit
Guaranty Corporation under Section 412(n) of the Code or Section 302(f) of
ERISA for a failure to make a required installment or other payment to a Plan
to which either of such sections applies or (iii) a notice of any other Lien
(other than a Permitted Lien) that could reasonably be expected to attach to
the assets of Hertz Vehicles LLC, HVF or any HVF 

 38
 

Exchange Account and 30 days shall have elapsed without such notice
having been effectively withdrawn or such Lien having been released or
discharged;

(h) subject to Section 8.7(b) herein,
any of the Related Documents or any material portion thereof shall cease, for
any reason, to be in full force and effect, enforceable in accordance with its
terms or Hertz, the Hertz Nominee, the HFC Nominee, Hertz Vehicles LLC, HGI or
HVF shall so assert in writing;

(i) any Servicer Default or any Administrator
Default shall have occurred; or

(j) any other event shall occur which may be
specified in any Series Supplement as an “Amortization Event”;

then (i) in the case of any event described in clause
(f), (g), (h), (i) or (j) above (with respect
to clause (j) above, only to the extent such Amortization Event is
subject to waiver as set forth in the applicable Series Supplement), either the
Trustee, by written notice to HVF, or the Required Noteholders of the
applicable Series of Notes, by written notice to HVF and the Trustee, may
declare that an Amortization Event has occurred with respect to such Series as
of the date of the notice or (ii) in the case of any event described in clause
(a), (b), (c), (d) or (e) above, an
Amortization Event with respect to all Series of Notes then outstanding shall
immediately occur without any notice or other action on the part of the Trustee
or any Noteholder or (iii) in the case of any event described in clause (j)
above (only to the extent such Amortization Event is not subject to waiver as
set forth in the applicable Series Supplement), an Amortization Event with
respect to the related Series of Notes shall immediately occur without any
notice or other action on the part of the Trustee or any Noteholder.

Section 9.2. 
Rights of the Trustee upon Amortization Event or Certain Other Events of
Default.

(a) General.  If and whenever an Amortization Event with respect
to any Series of Notes Outstanding shall have occurred and be continuing, the
Trustee may and, at the written direction of the Requisite Investors shall,
exercise (or direct the Collateral Agent to exercise) from time to time any
rights and remedies available to it under applicable law or any Related
Document; provided, however, that if such Amortization Event is
with respect to less than all Series of Notes Outstanding, then the Trustee’s
rights and remedies pursuant to the provisions of this Section 9.2
shall, to the extent not detrimental to the rights of the holders of the Series
of Notes Outstanding with respect to which no Amortization Event shall have
occurred, be limited to rights and remedies pertaining only to those Series of
Notes with respect to which such Amortization Event has occurred and the
Trustee shall exercise such rights and remedies at the written direction of
Noteholders holding in excess of 50% of the aggregate Principal Amount of all
such Series of Notes with respect to which such Amortization Event has
occurred.  Any amounts obtained by the
Trustee (or by the Collateral Agent at the direction of the Trustee) on account
of or as a result of the exercise by the Trustee of any right shall be held by
the Trustee as additional collateral for the repayment of Note Obligations and
shall be applied as provided in Article 5.  If so specified in the applicable Series
Supplement, the Trustee may agree not to exercise any rights or remedies
available to it as a result of the occurrence of an Amortization Event with
respect to a Series of Notes to the extent set forth therein.

 39
 

(b) Liquidation Event of Default; Limited
Liquidation Event of Default.  If a
Liquidation Event of Default or a Limited Liquidation Event of Default shall
have occurred and be continuing, the Trustee, at the written direction of the
Requisite Investors (in the case of a Liquidation Event of Default) or the
Required Noteholders of the applicable Series of Notes (in the case of a
Limited Liquidation Event of Default), shall direct HVF and the Collateral
Agent to exercise (and HVF agrees to exercise) all rights, remedies, powers,
privileges and claims of HVF against any party to any Related Document arising
as a result of the occurrence of such Liquidation Event of Default or Limited
Liquidation Event of Default, as the case may be, or otherwise, including the
right or power to take any action to compel performance or observance by any
such party of its obligations to HVF and the right to terminate all or a  portion of the HVF Lease and take possession
of HVF Vehicles and to give any consent, request, notice, direction, approval,
extension or waiver in respect of such HVF Lease, and any right of HVF to take
such action independent of such direction shall be suspended.  If and whenever a Liquidation Event of
Default or a Limited Liquidation Event of Default with respect to any Series of
Notes Outstanding shall have occurred and be continuing, the Trustee may and,
at the written direction of the Requisite Investors (in the case of a
Liquidation Event of Default) or the Required Noteholders of the applicable
Series of Notes (in the case of a Limited Liquidation Event of Default), shall
direct HVF to terminate (a) the Nominee Power of Attorney granted to Hertz and
direct the Nominee to grant a Nominee Power of Attorney to HVF, the Collateral
Agent or the Trustee, as specified by the Trustee, pursuant to Section 2(c) of
the Nominee Agreement, (b) the Power of Attorney granted to Hertz pursuant to
Section 2.6(b) of the Collateral Agency Agreement, (c) the Hertz Nominee Power
of Attorney granted to Hertz and direct the Hertz Nominee to grant a Hertz
Nominee Power of Attorney to the Trustee or the Collateral Agent and/or (d) the
HFC Nominee Power of Attorney granted to HFC and direct the HFC Nominee to
grant a HFC Nominee Power of Attorney to the Trustee or the Collateral Agent.

(c) Manufacturer Programs and HVF Vehicles.  (i)  Upon the occurrence of a
Liquidation Event of Default, the Trustee, at the written direction of the
Requisite Investors, shall promptly (and in any event within any reasonably
practicable period specified in such written direction) instruct the Collateral
Agent to return or cause HVF to return the Program Vehicles to the related
Manufacturers (after the minimum holding period specified in the Manufacturer’s
Manufacturer Program and so long as a Manufacturer Event of Default has not
occurred and is continuing with respect to the related Manufacturer) and then,
to the extent any Manufacturer fails to accept any such Program Vehicles under
the terms of the applicable Manufacturer Program (or if a Manufacturer Event of
Default has occurred and is continuing with respect to any Manufacturer), to
direct the Collateral Agent to liquidate or cause HVF to liquidate the Program
Vehicles in accordance with the rights of HVF under the Related Documents and
to otherwise sell or cause to be sold to third parties all Non-Program
Vehicles.  Upon the occurrence of a
Limited Liquidation Event of Default with respect to any Series of Notes, the
Trustee, acting at the written direction of the Required Noteholders of the
applicable Series of Notes, shall promptly (and in any event within any
reasonably practicable period specified in such written direction) instruct the
Collateral Agent to return or cause HVF to return Program Vehicles to the
related Manufacturers (after the minimum holding period specified in the
Manufacturer’s Manufacturer Program and so long as a Manufacturer Event of
Default has not occurred and is continuing with respect to the related
Manufacturer) and then, to the extent any Manufacturer fails to accept any such
Program Vehicles under the terms of the applicable 

 40
 

Manufacturer Program (or if a Manufacturer Event of Default has
occurred and is continuing with respect to any Manufacturer), to direct the
Collateral Agent to liquidate or cause HVF to liquidate Program Vehicles in
accordance with the rights of HVF under the Related Documents and to sell
Non-Program Vehicles or cause Non-Program Vehicles to be sold to third parties
in an amount sufficient to pay all interest and principal on such Series of
Notes; provided, however, that the Collateral Agent, the Trustee
and HVF shall select the Program Vehicles to be returned to the related
Manufacturers and the Non-Program Vehicles to be sold to third parties in a
manner that does not adversely affect in any material respect the interests of
the Noteholders of any Series of Notes Outstanding or any Enhancement Provider.

(i)             In
addition to, and not in limitation of, the remedies and duties of the Trustee
set forth in subsection (i) above or (iii) below, if a
Liquidation Event of Default or a Limited Liquidation Event of Default shall
have occurred and be continuing, the Trustee may, and at the written direction
of the Requisite Investors (in the case of a Liquidation Event of Default) or
at the direction of the Required Noteholders of the applicable Series of Notes
(in the case of a Limited Liquidation Event of Default) shall direct the
Collateral Agent to exercise, or cause HVF to exercise, to the extent
necessary, all rights, remedies, powers, privileges and claims of HVF or the
Collateral Agent against the Manufacturers under or in connection with the
Manufacturer Programs.

(ii)          In
the event that either (A) an Event of Bankruptcy with respect to any
Manufacturer of Program Vehicles shall have occurred and is continuing and such
Manufacturer shall fail to repurchase any Program Vehicles in accordance with
the terms of the related Manufacturer Program and a Trust Officer has actual
knowledge thereof or (B) if there has occurred and is continuing any other
Manufacturer Event of Default and a Trust Officer has knowledge thereof, the
Trustee shall direct the Collateral Agent to sell or cause HVF to sell any and
all Program Vehicles covered by the related Manufacturer Program of such
Manufacturer for the highest purchase price offered and, promptly upon receipt,
to deposit the proceeds of such sale into the Collection Account for allocation
hereunder; provided, however, that if any event described in clause
(A) or (B) above occurs, HVF shall have three Business Days from
such occurrence to redesignate such Program Vehicles as Non-Program Vehicles in
accordance with, and subject to the terms and conditions of, Section 2.6 of the
HVF Lease before the Trustee may direct the Collateral Agent to sell any such
Program Vehicles.

(d) Failure of HVF or the Collateral Agent
to Take Action.  If (i) HVF or the
Collateral Agent shall have failed, within 10 Business Days of receiving the
direction of the Trustee, to take commercially reasonable action to accomplish
directions of the Trustee given pursuant to clauses (b) or (c)
above, (ii) HVF or the Collateral Agent refuses to take such action or (iii)
the Trustee reasonably determines that such action must be taken immediately,
the Trustee may (and at the written direction of the Required Noteholders of
the affected Series of Notes (with respect to any Limited Liquidation Event of
Default) or the Requisite Investors (with respect to any Liquidation Event of
Default) shall), take such previously directed action (and any related action
as permitted under this Indenture thereafter determined by the Trustee to be
appropriate without the need under this provision or any other provision under
this Indenture to direct HVF or the Collateral Agent to take such action).  The Trustee may direct the Collateral Agent
to institute legal proceedings for the appointment of a receiver or receivers
to take 

 41
 

possession of the HVF Vehicles pending the sale thereof pursuant either
to the powers of sale granted by this Indenture, the Collateral Agency
Agreement and the other Related Documents or to a judgment, order or decree
made in any judicial proceeding for the foreclosure or involving the
enforcement of this Indenture.

(e) Sale of Collateral.  Upon any sale of any of the Collateral
directly by the Trustee, or by the Collateral Agent at the direction of the
Trustee, whether made under the power of sale given under this Section 9.2
or under judgment, order or decree in any judicial proceeding for the
foreclosure or involving the enforcement of this Indenture:

(i)             the
Trustee, any Noteholder and/or any Enhancement Provider may bid for and
purchase the property being sold, and upon compliance with the terms of sale
may hold, retain and possess and dispose of such property in its own absolute
right without further accountability;

(ii)          the
Trustee, or the Collateral Agent at the direction of the Trustee, may make and
deliver to the purchaser or purchasers a good and sufficient deed, bill of sale
and instrument of assignment and transfer of the property sold;

(iii)       all
right, title, interest, claim and demand whatsoever, either at law or in equity
or otherwise, of HVF of, in and to the property so sold shall be divested; and
such sale shall be a perpetual bar both at law and in equity against HVF, its
successors and assigns, and against any and all Persons claiming or who may
claim the property sold or any part thereof from, through or under HVF or its
successors or assigns;

(iv)      the
receipt of the Trustee or of the officer thereof making such sale shall be a
sufficient discharge to the purchaser or purchasers at such sale for his or
their purchase money, and such purchaser or purchasers, and his or their
assigns or personal representatives, shall not, after paying such purchase
money and receiving such receipt of the Trustee or of such officer therefor, be
obliged to see to the application of such purchase money or be in any way
answerable for any loss, misapplication or nonapplication thereof; and

(v)         to
the extent that it may lawfully do so, HVF agrees that it will not at any time
insist upon, or plead, or in any manner whatsoever claim or take the benefit or
advantage of, any appraisal, valuation, stay, extension or redemption laws, or
any law permitting it to direct the order in which the HVF Vehicles shall be
sold, now or at any time hereafter in force, which may delay, prevent or
otherwise affect the performance or enforcement of this Indenture.

(f) Additional Remedies.  In addition to any rights and remedies now or
hereafter granted hereunder or under applicable law with respect to the
Collateral, the Trustee shall (subject to the foregoing provisions in respect
of the HVF Vehicles) have all of the rights and remedies of a secured party
under the UCC as enacted in any applicable jurisdiction.

(g) Amortization Event.  Upon the occurrence of an Amortization Event
with respect to one or more, but not all, Series of Notes Outstanding, the
Trustee shall exercise all remedies hereunder to the extent necessary to pay
all interest and principal on the related Series 

 42
 

of Notes, provided that any such actions shall not adversely
affect in any material respect the interests of the Noteholders of any Series
of Notes Outstanding with respect to which no Amortization Event shall have
occurred.

Section 9.3. 
Other Remedies.

Subject to the terms and conditions of this Indenture,
if an Amortization Event occurs and is continuing, the Trustee may pursue any
remedy available under applicable law or in equity to collect the payment of
principal or interest on the Notes (or the applicable Series of Notes, in the
case of an Amortization Event that affects less than all Series of Notes) or to
enforce the performance of any provision of the Notes, this Indenture or any
Series Supplement with respect such Series of Notes.  In addition, the Trustee may, or shall at the
written direction of the Requisite Investors (or the Required Noteholders of
one or more Series of Notes, in the case of an Amortization Event that affects
only such Series of Notes), direct the Collateral Agent or HVF to exercise any
rights or remedies available under any Related Document or under applicable law
or in equity with respect to that Series of Notes, provided that any
such actions shall not adversely affect in any material respect the interests
of the Noteholders of any Series of Notes Outstanding with respect to which no
Amortization Event shall have occurred.

The Trustee may maintain a proceeding even if it does
not possess any of the Notes or does not produce any of them in the proceeding,
and any such proceeding instituted by the Trustee shall be in its own name as
trustee.  All remedies are cumulative to
the extent permitted by law.

Section 9.4. 
Waiver of Past Events.

Subject to Section 12.2, the Noteholders of any
Series owning an aggregate Principal Amount of Notes in excess of 66 2/3% of
the aggregate Principal Amount of the Outstanding Notes of such Series, by
notice to the Trustee, may waive any existing Potential Amortization Event or
Amortization Event described in clause (f), (g), (h), (i)
or (j) of Section 9.1 (with respect to clause (j), only to
the extent subject to waiver as provided in the applicable Series Supplement)
which relate to such Series and its consequences.  Upon any such waiver, such Potential
Amortization Event shall cease to exist with respect to such Series, and any
Amortization Event with respect to such Series arising therefrom shall be
deemed to have been cured for every purpose of this Indenture, but no such
waiver shall extend to any subsequent or other Potential Amortization Event or
impair any right consequent thereon.  A
Potential Amortization Event or an Amortization Event described in clause
(a), (b), (c), (d), (e) or (j) of Section
9.1 (with respect to clause (j), only to the extent not subject
to waiver as set forth in the applicable Series Supplement) shall not be
subject to waiver.  The Trustee shall provide notice to each
Rating Agency of any waiver by the Noteholders of any Series pursuant to Section
9.4.

Section 9.5. 
Control by Requisite Investors.

The Requisite Investors (or, to the extent such remedy
relates only to a particular Series of Notes, the Required Noteholders of such
Series) may direct the time, method and place of conducting any proceeding for
any remedy available to the Trustee or exercising any trust or power conferred
on the Trustee.  However, subject to Section
10.1, the Trustee may refuse to

 43
 

follow any direction that
conflicts with law or this Indenture, that the Trustee determines may be unduly
prejudicial to the rights of other Noteholders, or that may involve the Trustee
in personal liability.

Section 9.6. 
Limitation on Suits.

Any other provision of this Indenture to the contrary
notwithstanding, a Holder of Notes of any Series may pursue a remedy with
respect to this Indenture or the Notes of such Series only if:

(a) the Noteholder gives to the Trustee
written notice of a continuing Amortization Event with respect to such Series;

(b) the Noteholders of at least 25% of the
aggregate Principal Amount of all then Outstanding Notes of such Series make a
written request to the Trustee to pursue the remedy;

(c) such Noteholder or Noteholders offer and,
if requested, provide to the Trustee indemnity satisfactory to the Trustee
against any loss, liability or expense;

(d) the Trustee does not comply with the
request within 60 days after receipt of the request and the offer and, if
requested, the provision of indemnity; and

(e) during such 60-day period the Required
Noteholders of such Series of Notes do not give the Trustee a direction
inconsistent with the request.

A Noteholder may not use this Indenture to prejudice
the rights of another Noteholder or to obtain a preference or priority over
another Noteholder.

Section 9.7. 
Unconditional Rights of Holders to Receive Payment.

Notwithstanding any other provision of this Indenture,
the right of any Noteholder of a Note to receive payment of principal and
interest on the Note, on or after the respective due dates expressed in the Note,
or to bring suit for the enforcement of any such payment on or after such
respective dates, is absolute and unconditional and shall not be impaired or
affected without the consent of the Noteholder.

Section 9.8. 
Collection Suit by the Trustee.

If any Amortization Event arising from the failure to
make a payment in respect of a Series of Notes occurs and is continuing, the
Trustee is authorized to recover judgment in its own name and as trustee of an
express trust against HVF for the whole amount of principal and interest
remaining unpaid on the Notes of such Series and interest on overdue principal
and, to the extent lawful, interest and such further amount as shall be
sufficient to cover the costs and expenses of collection, including the
reasonable compensation, expenses, disbursements and advances of the Trustee,
its agents and counsel.

 44

Section 9.9.  The Trustee May
File Proofs of Claim.

The Trustee is authorized to file such proofs of claim
and other papers or documents as may be necessary or advisable in order to have
the claims of the Trustee (including any claim for the reasonable compensation,
expenses, disbursements and advances of the Trustee, its agents and counsel)
and the Noteholders allowed in any judicial proceedings relative to HVF (or any
other obligor upon the Notes), its creditors or its property, and shall be
entitled and empowered to collect, receive and distribute any money or other
property payable or deliverable on any such claim and any custodian in any such
judicial proceeding is hereby authorized by each Noteholder to make such
payments to the Trustee and, in the event that the Trustee shall consent to the
making of such payments directly to the Noteholders, to pay the Trustee any
amount due to it for the reasonable compensation, expenses, disbursements and
advances of the Trustee, its agents and counsel, and any other amounts due the
Trustee under Section 10.5. 
To the extent that the payment of any such compensation, expenses,
disbursements and advances of the Trustee, its agents and counsel, and any
other amounts due the Trustee under Section 10.5 out of the estate in
any such proceeding, shall be denied for any reason, payment of the same shall
be secured by a Lien on, and shall be paid out of, any and all distributions,
dividends, money and other properties which the Noteholders may be entitled to
receive in such proceeding whether in liquidation or under any plan of
reorganization or arrangement or otherwise. 
Nothing herein contained shall be deemed to authorize the Trustee to
authorize or consent to or accept or adopt on behalf of any Noteholder any plan
of reorganization, arrangement, adjustment or composition affecting the Notes
or the rights of any Noteholder thereof, or to authorize the Trustee to vote in
respect of the claim of any Noteholder in any such proceeding.

Section 9.10.  Priorities.

If the Trustee collects any money pursuant to this
Article, the Trustee shall pay out the money in accordance with the provisions
of Article 5.

Section 9.11.  Undertaking for
Costs.

In any suit for the enforcement of any right or remedy
under this Indenture or in any suit against the Trustee for any action taken or
omitted by it as a Trustee, a court in its discretion may require the filing by
any party litigant in the suit of any undertaking to pay the costs of the suit,
and the court in its discretion may assess reasonable costs, including
reasonable attorneys’ fees, against any party litigant in the suit, having due
regard to the merits and good faith of the claims or defenses made by the party
litigant.  This Section does not apply to
a suit by the Trustee, a suit by a Noteholder pursuant to Section 9.7,
or a suit by Noteholders of more than 10% of the aggregate Principal Amount of
all then Outstanding Notes.

Section 9.12.  Rights and
Remedies Cumulative.

No right or remedy herein conferred upon or reserved
to the Trustee or to the holders of Notes is intended to be exclusive of any
other right or remedy, and every right or remedy shall, to the extent permitted
by law, be cumulative and in addition to every other right and remedy given
under this Indenture or now or hereafter existing at law or in equity or 

 45
 

otherwise.  The assertion or employment of any right or
remedy under this Indenture, or otherwise, shall not prevent the concurrent
assertion or employment of any other appropriate right or remedy.

Section 9.13.  Delay or
Omission Not Waiver.

No delay or omission of the Trustee or of any holder
of any Note to exercise any right or remedy accruing upon any Amortization
Event shall impair any such right or remedy or constitute a waiver of any such
Amortization Event or an acquiescence therein. 
Every right and remedy given by this Article 9 or by law to the
Trustee or to the holders of Notes may be exercised from time to time, and as
often as may be deemed expedient, by the Trustee or by the holders of Notes, as
the case may be.

Section 9.14.  Reassignment of
Surplus.

After termination of this Indenture and the payment in
full of the Note Obligations, any proceeds of the Collateral received or held
by the Trustee shall be turned over to HVF and the Indenture Collateral shall
be reassigned to HVF by the Trustee without recourse to the Trustee and without
any representations, warranties or agreements of any kind.

ARTICLE
X   THE TRUSTEE

Section 10.1. 
Duties of the Trustee.

(a) If an Amortization Event has occurred and
is continuing, the Trustee shall exercise such of the rights and powers vested
in it by this Indenture, and use the same degree of care and skill in their
exercise, as a prudent man would exercise or use under the circumstances in the
conduct of his own affairs; provided, however, that the Trustee
shall have no liability in connection with any action or inaction taken, or not
taken, by it upon the deemed occurrence of an Amortization Event of which a
Trust Officer has not received written notice. 
The preceding sentence shall not have the effect of insulating the
Trustee from liability arising out of the Trustee’s negligence or willful
misconduct.

(b) Except during the occurrence and
continuance of an Amortization Event:

(i)    The Trustee undertakes to
perform only those duties that are specifically set forth in this Indenture and
no others, and no implied covenants or obligations shall be read into this
Indenture against the Trustee; and

(ii)   In the absence of bad faith
on its part, the Trustee may conclusively rely, as to the truth of the
statements and the correctness of the opinions expressed therein, upon
certificates or opinions furnished to the Trustee and conforming to the
requirements of this Indenture; however, in the case of any such certificates
or opinions which by any provision hereof are specifically required to be
furnished to the Trustee, the Trustee shall be under a duty to examine such
certificates or opinions to determine whether or not they conform to the
requirements of this Indenture (but need not confirm or investigate the
accuracy of mathematical calculations or other facts stated therein).  Except as otherwise provided, the delivery of
reports, information and 

 46
 

documents to
the Trustee is for informational purposes only and the Trustee’s receipt of
such shall not constitute constructive notice of any information contained
therein or determinable from information contained therein, including HVF’s
compliance with any of its covenants hereunder (as to which the Trustee is
entitled to rely exclusively on Officer’s Certificates).

(c) The Trustee may not be relieved from
liability for its own negligent action, its own negligent failure to act, or
its own willful misconduct, except that:

(i)    This clause does not limit
the effect of clause (b) of this Section 10.1.

(ii)   The Trustee shall not be
liable for any error of judgment made in good faith by a Trust Officer, unless
it is proved that the Trustee was negligent in ascertaining the pertinent
facts.

(iii)  The Trustee shall not be
liable with respect to any action it takes or omits to take in good faith in
accordance with a direction received by it pursuant to Section 9.3.

(iv)  The Trustee shall not be
charged with knowledge of any default by any Person in the performance of its
obligations under any Related Document, unless a Trust Officer receives written
notice of such failure from HVF, Hertz or any Noteholder or otherwise has
actual knowledge thereof.

(d) Notwithstanding anything to the contrary
contained in this Indenture or any of the Related Documents, no provision of
this Indenture shall require the Trustee to expend or risk its own funds or
incur any liability (financial or otherwise) if there are reasonable grounds
(as determined by the Trustee in its sole discretion) for believing that the repayment
of such funds is not reasonably assured to it by the security afforded to it by
the terms of this Indenture.  The Trustee
may refuse to perform any duty or exercise any right or power unless it
receives indemnity satisfactory to it against any risk, loss, liability or
expense.

(e) In the event that the Paying Agent or the
Registrar shall fail to perform any obligation, duty or agreement in the manner
or on the day required to be performed by the Paying Agent or the Registrar, as
the case may be, under this Indenture, the Trustee shall be obligated as soon
as practicable upon actual knowledge of a Trust Officer thereof and receipt of
appropriate records and information, if any, to perform such obligation, duty
or agreement in the manner so required.

(f) Subject to Section 10.3, all
moneys received by the Trustee shall, until used or applied as herein provided,
be held in trust for the purposes for which they were received, but need not be
segregated from other funds except to the extent required by law or the Related
Documents.

(g) Whether or not therein expressly so
provided, every provision of this Indenture relating to the conduct of,
affecting the liability of or affording protection to the Trustee shall be
subject to the provisions of this Section 10.1.

 47
 

(h) Beyond the exercise of reasonable care in
the custody thereof, the Trustee shall have no duty as to any Collateral in its
possession or control or in the possession or control of any agent or bailee or
any income thereon or as to the preservation of rights against prior parties or
any other rights pertaining thereto and, unless directed by the Required
Noteholders of any Series of Notes Outstanding, the Trustee shall not be
responsible for filing any financing or continuation statements or recording
any documents or instruments in any public office at any time or times or
otherwise perfecting or maintaining the perfection of any securities interest
in the Collateral.  The Trustee shall be
deemed to have exercised reasonable care in the custody of the Collateral in
its possession if the Collateral is accorded treatment substantially equal to
that which it accords its own property and shall not be liable or responsible
for any loss or diminution in the value of any of the Collateral, by reason of
the act or omission or any carrier, forwarding agency or other agent or bailee
selected by the Trustee with due care in good faith.

(i) The Trustee shall not be responsible for
the existence, genuineness or value of any of the Collateral or for the
validity, perfection, priority or enforceability of the Liens in any of the
Collateral, whether impaired by operation of law or by reason of any action or
omission to act on its part hereunder, except to the extent such action or
omission constitutes negligence, bad faith or willful misconduct on the part of
the Trustee, for the validity or sufficiency of the Collateral or any agreement
or assignment contained therein, for the validity of the title of HVF to the
Collateral, for insuring the Collateral or for the payment of taxes, charges,
assessments or Liens upon the Collateral or otherwise as to the maintenance of
the Collateral.  Except as otherwise
provided herein, the Trustee shall have no duty to inquire as to the performance
or observance of any of the terms of this Indenture or the Related Documents by
HVF or the Collateral Agent.

Section 10.2. 
Rights of the Trustee.

Except as otherwise provided by Section 10.1:

(a) The Trustee may conclusively rely and
shall be fully protected in acting or refraining from acting based upon any
document believed by it to be genuine and to have been signed by or presented
by the proper person.

(b) The Trustee may consult with counsel of
its selection and the advice of such counsel or any Opinion of Counsel shall be
full and complete authorization and protection from liability in respect of any
action taken, suffered or omitted by it hereunder in good faith and in reliance
thereon.

(c) The Trustee may act through agents,
custodians and nominees and shall not be liable for any misconduct or
negligence on the part of, or for the supervision of, any such agent, custodian
or nominee so long as such agent, custodian or nominee is appointed with due
care.  The appointment of agents (other
than legal counsel) pursuant to this subsection (c) shall be subject to
the prior consent of HVF, which consent shall not be unreasonably withheld.

(d) The Trustee shall not be liable for any
action it takes or omits to take in good faith which it believes to be
authorized or within its rights or powers conferred upon it by this Indenture.

 48
 

(e) The Trustee shall be under no obligation
to exercise any of the rights or powers vested in it by this Indenture or any
Series Supplement, or to institute, conduct or defend any litigation hereunder
or in relation hereto, at the request, order or direction of any of the
Noteholders, pursuant to the provisions of this Indenture or any Series
Supplement, unless such Noteholders shall have offered to the Trustee
reasonable security or indemnity satisfactory to the Trustee against the costs,
expenses and liabilities which may be incurred therein or thereby; nothing
contained herein shall, however, relieve the Trustee of the obligations, upon
the occurrence of a default by the Lessee, the Servicer, the Hertz Nominee, the
HFC Nominee, Hertz Vehicles LLC, HGI or HVF (which has not been cured), to
exercise such of the rights and powers vested in it by this Indenture or any
Series Supplement, and to use the same degree of care and skill in their
exercise as a prudent man would exercise or use under the circumstances in the
conduct of his own affairs.

(f) The Trustee shall not be bound to make
any investigation into the facts of matters stated in any resolution,
certificate, statement, instrument, opinion, report, notice, request, consent,
order, approval, bond or other paper or document, unless requested in writing
so to do by the Required Noteholders of any Series of Notes. If the Trustee is
so requested by the Required Noteholders or determines in its own discretion to
make such further inquiry or investigation into such facts or matters as it
sees fit, the Trustee shall be entitled to examine the books, records and
premises of HVF, personally or by agent or attorney, at the sole cost of HVF
and the Trustee shall incur no liability by reason of such inquiry or
investigation.

(g) The Trustee shall not be liable for any
losses or liquidation penalties in connection with Permitted Investments,
unless such losses or liquidation penalties were incurred through the Trustee’s
own willful misconduct, negligence or bad faith.

(h) The Trustee shall not be liable for the
acts or omissions of any successor to the Trustee so long as such acts or
omissions were not the result of the negligence, bad faith or willful
misconduct of the predecessor Trustee.

(i) The Trustee shall not be required to take
any action pursuant to any request or direction of HVF unless such request or
direction is sufficiently evidenced by a Company Request or Company Order.

(j) Whenever in the administration of this
Indenture the Trustee shall deem it desirable that a matter be proved or
established prior to taking, suffering or omitting any action hereunder, the
Trustee (unless other evidence be herein specifically prescribed) may, in the
absence of bad faith on its part, conclusively rely upon an Officer’s
Certificate.

(k) The rights, privileges, protections,
immunities and benefits given to the Trustee, including, without limitation,
its right to be indemnified, are extended to, and shall be enforceable by, the
Trustee in each of its capacities hereunder, and each agent, custodian and
other person employed to act hereunder.

(l) The Trustee may request that HVF deliver
an incumbency certificate setting forth the names of individuals and/or titles
of officers authorized at such time to take specified actions pursuant to this
Indenture, which incumbency certificate may be signed by any person 

 49
 

authorized to sign an Officer’s Certificate, including any person
specified as so authorized in any such certificate previously delivered and not
superseded.

Section 10.3. 
Individual Rights of the Trustee.

The Trustee in its individual or any other capacity
may become the owner or pledgee of Notes and may otherwise deal with HVF or an
Affiliate of HVF with the same rights it would have if it were not
Trustee.  Any Agent may do the same with
like rights.

Section 10.4. 
Notice of Amortization Events and Potential Amortization Events.

If an Amortization Event or a Potential Amortization
Event with respect to any Series of Notes Outstanding occurs and is continuing
of which a Trust Officer shall have received written notice, the Trustee shall
promptly (and in any event within five (5) Business Days) provide the
Noteholders, HVF and each Rating Agency with notice of such Amortization Event
or Potential Amortization Event, to the extent that the Notes of such Series
are Book-Entry Notes, by telephone and facsimile and otherwise by first class
mail.

Section 10.5.  Compensation.

(a) HVF shall promptly pay to the Trustee
from time to time compensation for its acceptance of this Indenture and
services hereunder as the Trustee and HVF shall from time to time agree in
writing.  The Trustee’s compensation
shall not be limited by any law on compensation of a trustee of an express
trust.  HVF shall reimburse the Trustee
promptly upon request for all reasonable disbursements, advances and expenses
incurred or made by it in addition to the compensation for its services.  Such expenses shall include (i) the
reasonable compensation, disbursements and expenses of the Trustee’s agents and
counsel and (ii) the reasonable expenses of the Trustee’s agents.

(b) HVF shall not be required to reimburse
any expense or indemnify the Trustee against any loss, liability, or expense
incurred by the Trustee through the Trustee’s own willful misconduct or
negligence.

(c) When the Trustee incurs expenses or
renders services after an Amortization Event occurs, the expenses and the
compensation for the services are intended to constitute expenses of
administration under the Bankruptcy Code.

(d) The provisions of this Section 10.5
shall survive the termination of this Indenture and the resignation and removal
of the Trustee.

Section 10.6. 
Replacement of the Trustee.

(a) A resignation or removal of the Trustee
and appointment of a successor Trustee shall become effective only upon the
successor Trustee’s acceptance of appointment as provided in this Section
10.6.

(b) The Trustee may, after giving forty-five
(45) days prior written notice to HVF, each Noteholder and each Rating Agency,
resign at any time and be discharged from the trust 

 50
 

hereby created; provided, however, that no such
resignation of the Trustee shall be effective until a successor trustee has
assumed the obligations of the Trustee hereunder.  The Requisite Investors may remove the
Trustee at any time by so notifying the Trustee and HVF.  So long as no Amortization Event has occurred
and is continuing with respect to any Series of Outstanding Notes, HVF may
remove the Trustee at any time.  HVF
shall remove the Trustee if:

(i)    the Trustee fails to comply
with Section 10.8;

(ii)   the Trustee is adjudged a
bankrupt or an insolvent or an order for relief is entered with respect to the
Trustee under the Bankruptcy Code;

(iii)  a custodian or public
officer takes charge of the Trustee or its property; or

(iv)  the Trustee becomes
incapable of acting.

If the Trustee resigns or is removed or if a vacancy
exists in the office of the Trustee for any reason, HVF shall promptly appoint
a successor Trustee.  Within one year
after the successor Trustee takes office, the Requisite Investors may appoint a
successor Trustee to replace the successor Trustee appointed by HVF.

(c) If a successor Trustee does not take
office within 30 days after the retiring Trustee resigns or is removed, the retiring
Trustee, at the expense of HVF, HVF or any Noteholder may petition any court of
competent jurisdiction for the appointment of a successor Trustee.

(d) If the Trustee after written request by
any Noteholder fails to comply with Section 10.8, such Noteholder may
petition any court of competent jurisdiction for the removal of the Trustee and
the appointment of a successor Trustee.

(e) A successor Trustee shall deliver a
written acceptance of its appointment to the retiring Trustee or removed
Trustee and to HVF.  Thereupon the
resignation or removal of the retiring Trustee shall become effective, and the
successor Trustee shall have all the rights, powers and duties of the Trustee
under this Indenture and any Series Supplement. 
The successor Trustee shall mail a notice of its succession to
Noteholders.  The retiring Trustee shall
promptly transfer all property held by it as Trustee to the successor Trustee; provided,
however, that all sums owing to the retiring Trustee hereunder have been
paid.  Notwithstanding replacement of the
Trustee pursuant to this Section 10.6, HVF’s obligations under Section
10.5 shall continue for the benefit of the retiring Trustee.

Section 10.7. 
Successor Trustee by Merger, etc.

Subject to Section 10.8, if the Trustee
consolidates, merges or converts into, or transfers all or substantially all of
its corporate trust business to, another corporation, the successor corporation
without any further act shall be the successor Trustee.

 51
 

Section 10.8. 
Eligibility Disqualification.

(a) There shall at all times be a Trustee
hereunder which shall (i) be a corporation organized and doing business under
the laws of the United States of America or of any state thereof authorized
under such laws to exercise corporate trustee power and (ii) be subject to
supervision or examination by Federal or state authority and shall have a
combined capital and surplus of at least $50,000,000 as set forth in its most
recent published annual report of condition.

(b) At any time the Trustee shall cease to
satisfy the eligibility requirements of Section 10.8(a) above, the
Trustee shall resign immediately in the manner and with the effect specified in
Section 10.6.

Section 10.9. 
Appointment of Co-Trustee or Separate Trustee.

(a) Notwithstanding any other provisions of
this Indenture or any Series Supplement, at any time, for the purpose of
meeting any legal requirements of any jurisdiction in which any part of the
Indenture Collateral may at the time be located, the Trustee shall have the
power and may execute and deliver all instruments to appoint one or more
persons to act as a co-trustee or co-trustees, or separate trustee or separate
trustees, of all or any part of the Indenture Collateral, and to vest in such
Person or Persons, in such capacity and for the benefit of the Noteholders,
such title to the Indenture Collateral, or any part thereof, and, subject to
the other provisions of this Section 10.9, such powers, duties,
obligations, rights and trusts as the Trustee may consider necessary or
desirable.  No co-trustee or separate
trustee hereunder shall be required to meet the terms of eligibility as a
successor trustee under Section 10.8 and no notice to Noteholders of the
appointment of any co-trustee or separate trustee shall be required under Section
10.6.  No co-trustee shall be
appointed without the consent of HVF unless such appointment is required as a
matter of state law or to enable the Trustee to perform its functions
hereunder.

(b) Every separate trustee and co-trustee
shall, to the extent permitted by law, be appointed and act subject to the
following provisions and conditions:

(i)    The Notes of each Series
shall be authenticated and delivered solely by the Trustee or an authenticating
agent appointed by the Trustee;

(ii)   All rights, powers, duties
and obligations conferred or imposed upon the Trustee shall be conferred or
imposed upon and exercised or performed by the Trustee and such separate
trustee or co-trustee jointly (it being understood that such separate trustee
or co-trustee is not authorized to act separately without the Trustee joining
in such act), except to the extent that under any law of any jurisdiction in
which any particular act or acts are to be performed, the Trustee shall be
incompetent or unqualified to perform, such act or acts, in which event such
rights, powers, duties and obligations (including the holding of title to the
Indenture Collateral or any portion thereof in any such jurisdiction) shall be
exercised and performed singly by such separate trustee or co-trustee, but solely
at the direction of the Trustee;

 52
 

(iii)  No trustee hereunder shall
be personally liable by reason of any act or omission of any other trustee
hereunder; and

(iv)  The Trustee may at any time
accept the resignation of or remove any separate trustee or co-trustee.

(c) Any notice, request or other writing
given to the Trustee shall be deemed to have been given to each of the then
separate trustees and co-trustees, as effectively as if given to each of
them.  Every instrument appointing any
separate trustee or co-trustee shall refer to this Indenture and the conditions
of this Article 10.  Each separate
trustee and co-trustee, upon its acceptance of the trusts conferred, shall be
vested with the estates or property specified in its instrument of appointment,
either jointly with the Trustee or separately, as may be provided therein,
subject to all the provisions of this Indenture and any Series Supplement,
specifically including every provision of this Indenture or any Series
Supplement relating to the conduct of, affecting the liability of, or affording
protection to, the Trustee.  Every such
instrument shall be filed with the Trustee and a copy thereof given to HVF.

(d) Any separate trustee or co-trustee may at
any time constitute the Trustee, its agent or attorney-in-fact with full power
and authority, to the extent not prohibited by law, to do any lawful act under
or in respect to this Indenture or any Series Supplement on its behalf and in
its name.  If any separate trustee or
co-trustee shall die, become incapable of acting, resign or be removed, all of
its estates, properties, rights, remedies and trusts shall vest in and be
exercised by the Trustee, to the extent permitted by law, without the
appointment of a new or successor trustee.

Section 10.10.  Representations and Warranties of Trustee.

The Trustee represents and warrants to HVF and the
Noteholders that:

(i)    The Trustee is an Illinois
trust company, organized, existing and in good standing under the laws of the
State of Illinois;

(ii)   The Trustee has full power,
authority and right to execute, deliver and perform this Indenture and any
Series Supplement issued concurrently with this Indenture and to authenticate
the Notes, and has taken all necessary action to authorize the execution,
delivery and performance by it of this Indenture and any Series Supplement
issued concurrently with this Indenture and to authenticate the Notes;

(iii)  This Indenture has been
duly executed and delivered by the Trustee; and

(iv)  The Trustee meets the
requirements of eligibility as a trustee hereunder set forth in Section 10.8.

Section 10.11.  HVF Indemnification of the Trustee.

HVF shall indemnify and hold harmless the Trustee or
any predecessor Trustee and their respective directors, officers, agents and
employees from and against any loss, liability, 

 53
 

claim, expense (including
taxes, other than taxes based upon, measured by or determined by the income of
the Trustee or such predecessor Trustee), damage or injury suffered or
sustained by reason of any acts, omissions or alleged acts or omissions arising
out of or in connection with the activities of the Trustee or such predecessor
Trustee pursuant to this Indenture or any Series Supplement, including but not
limited to any judgment, award, settlement, reasonable attorneys’ fees and
other costs or expenses reasonably incurred in connection with the defense of
any actual or threatened action, proceeding, claim (whether asserted by HVF or
any Noteholder or any other Person) or liability in connection with the
exercise or performance of any of its powers or duties hereunder, or in
connection with enforcing the provisions of this Section 10.11; provided,
however, that HVF shall not indemnify the Trustee, any predecessor
Trustee or their respective directors, officers, employees or agents if such
acts, omissions or alleged acts or omissions constitute bad faith or negligence
by the Trustee or such predecessor Trustee, as the case may be.  The indemnity provided herein shall survive
the termination of this Indenture and the resignation and removal of the
Trustee.

ARTICLE
XI   DISCHARGE OF INDENTURE

Section 11.1. 
Termination of HVF’s Obligations.

(a) This Indenture shall cease to be of
further effect (except that (i) HVF’s obligations under Section 10.5 and
Section 10.11, (ii) the Trustee’s and Paying Agent’s obligations under Section
11.3 and (iii) the Noteholders’ and the Trustee’s obligations under Section
13.15 shall survive) when all Outstanding Notes theretofore authenticated
and issued (other than destroyed, lost or stolen Notes which have been replaced
or paid) have been delivered to the Trustee for cancellation and HVF has paid
all sums payable hereunder.

(b) In addition, except as may be provided to
the contrary in any Series Supplement, HVF may terminate all of its obligations
under this Indenture if:

(i)    HVF irrevocably deposits in
trust with the Trustee or at the option of the Trustee, with a trustee
reasonably satisfactory to the Trustee and HVF under the terms of an
irrevocable trust agreement in form and substance satisfactory to the Trustee,
money or U.S. Government Obligations in an amount sufficient, in the opinion of
a nationally recognized firm of independent certified public accountants
expressed in a written certification thereof delivered to the Trustee, to pay,
when due, principal and interest on the Notes to maturity or redemption, as the
case may be, and to pay all other sums payable by it hereunder; provided,
however, that (1) the trustee of the irrevocable trust shall have been
irrevocably instructed to pay such money or the proceeds of such U.S.
Government Obligations to the Trustee and (2) the Trustee shall have been
irrevocably instructed to apply such money or the proceeds of such U.S.
Government Obligations to the payment of said principal and interest with respect
to the Notes;

(ii)   HVF delivers to the Trustee
an Officer’s Certificate of HVF stating that all conditions precedent to
satisfaction and discharge of this Indenture have been complied with, and an
Opinion of Counsel to the same effect;

 54
 

(iii)  HVF delivers to the Trustee
an Officer’s Certificate of HVF stating that no Potential Amortization Event or
Amortization Event shall have occurred and be continuing on the date of such
deposit; and

(iv)  the Rating Agency Condition
with respect to each Series of Notes Outstanding shall have been satisfied with
respect to such deposit and termination of obligations pursuant to this Section
11.1.

Then, this Indenture shall cease to be of further
effect (except as provided in this Section 11.1), and the Trustee, on demand
of HVF, shall execute proper instruments acknowledging confirmation of and
discharge under this Indenture.

(c) After such irrevocable deposit made
pursuant to Section 11.1(b) and satisfaction of the other conditions set
forth herein, the Trustee upon request shall acknowledge in writing the
discharge of HVF’s obligations under this Indenture except for those surviving
obligations specified above.

In order to have money available on a payment date to
pay principal or interest on the Notes, the U.S. Government Obligations shall
be payable as to principal or interest at least one Business Day before such
payment date in such amounts as will provide the necessary money.  U.S. Government Obligations shall not be
callable at the issuer’s option.

(d) The representations and warranties set
forth in Article 7 of this Indenture shall survive for so long as any
Series of Notes are Outstanding, and may not be waived with respect to any
Series of Notes Outstanding.

Section 11.2. 
Application of Trust Money.

The Trustee or a trustee satisfactory to the Trustee
and HVF shall hold in trust money or U.S. Government Obligations deposited with
it pursuant to Section 11.1.  The
Trustee shall apply the deposited money and the money from U.S. Government
Obligations through the Paying Agent in accordance with this Indenture to the
payment of principal and interest on the Notes. 
The provisions of this Section 11.2 shall survive the expiration
or earlier termination of this Indenture.

Section 11.3. 
Repayment to HVF.

The Trustee and the Paying Agent shall promptly pay to
HVF upon written request any excess money or, pursuant to Sections 2.10
and 2.14, return any Notes held by them at any time.

Subject to Section 2.6(c), the Trustee and the
Paying Agent shall pay to HVF upon written request any money held by them for
the payment of principal or interest that remains unclaimed for two years after
the date upon which such payment shall have become due.

The provisions of this Section 11.3 shall
survive the expiration or earlier termination of this Indenture.

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ARTICLE
XII   AMENDMENTS

Section 12.1. 
Without Consent of the Noteholders.

(a) Without the consent of any Noteholder,
HVF and the Trustee, at any time and from time to time, may enter into one or
more Supplements hereto, in form satisfactory to the Trustee, for any of the
following purposes:

(i)    to create a new Series of
Notes;

(ii)   to add to the covenants of
HVF for the benefit of any Noteholders (and if such covenants are to be for the
benefit of less than all Series of Notes, stating that such covenants are
expressly being included solely for the benefit of such Series) or to surrender
any right or power herein conferred upon HVF (provided, however,
that HVF will not pursuant to this subsection 12.1(a)(ii) surrender any
right or power it has under the Related Documents);

(iii)  to mortgage, pledge,
convey, assign and transfer to the Trustee any property or assets as security
for the Notes and to specify the terms and conditions upon which such property
or assets are to be held and dealt with by the Trustee and to set forth such
other provisions in respect thereof as may be required by the Indenture or as
may, consistent with the provisions of the Indenture, be deemed appropriate by
HVF and the Trustee, or to correct or amplify the description of any such
property or assets at any time so mortgaged, pledged, conveyed and transferred
to the Trustee;

(iv)  to cure any ambiguity,
defect, or inconsistency or to correct or supplement any provision contained
herein or in any Series Supplement or in any Notes issued hereunder;

(v)   to provide for
uncertificated Notes in addition to certificated Notes;

(vi)  to add to or change any of
the provisions of the Indenture to such extent as shall be necessary to permit
or facilitate the issuance of Notes in bearer form, registrable or not
registrable as to principal, and with or without interest coupons;

(vii) to evidence and provide for
the acceptance of appointment hereunder by a successor Trustee with respect to
the Notes of one or more Series and to add to or change any of the provisions
of the Indenture as shall be necessary to provide for or facilitate the
administration of the trusts hereunder by more than one Trustee; or

(viii) to correct or supplement any provision herein or in any
Series Supplement which may be inconsistent with any other provision herein or
therein or to make any other provisions with respect to matters or questions
arising under this Indenture or in any Series Supplement;

provided, however, that, as
evidenced by an Officer’s Certificate of HVF, such action shall not adversely
affect in any material respect the interests of any Noteholder or Enhancement
Provider.

 56
 

(b) Upon the request of HVF and receipt by
the Trustee of the documents described in Section 2.2, the Trustee shall
join with HVF in the execution of any Series Supplement authorized or permitted
by the terms of this Indenture and shall make any further appropriate
agreements and stipulations which may be therein contained, but the Trustee
shall not be obligated to enter into such Series Supplement which affects its
own rights, duties or immunities under this Indenture or otherwise.

Section 12.2. 
With Consent of the Noteholders.

Except as provided in Section 12.1, the
provisions of this Indenture and any Series Supplement (unless otherwise
provided in such Series Supplement) may from time to time be amended, modified
or waived, if such amendment, modification or waiver is in writing and
consented to in writing by HVF, the Trustee and the Requisite Investors (or the
Required Noteholders of a Series of Notes, in respect of any amendment to the
Series Supplement with respect to such Series of Notes or any amendment to the
Indenture which affects only the Noteholders of such Series of Notes and does
not affect the Noteholders of any other Series of Notes, as substantiated by a
Officer’s Certificate of HVF to such effect); provided, however
that this Indenture, any Series Supplement and any Related Document may be
amended without the consent of any Noteholder, but subject to any consents
specified in a Series Supplement, in order to permit HVF to provide financing
in the form of one or more rated and/or unrated asset backed securities and/or
one or more credit facilities to PR Borrower for the purpose of acquiring
vehicles for its car rental fleet in Puerto Rico or to make payments in
reduction of the principal amount of other indebtedness of PR Borrower or for
any other purpose which is permitted in the consents, if any, obtained pursuant
to the Series Supplements; provided that the Rating Agency Condition
with respect to each Series of Notes Outstanding shall have been satisfied with
respect to such amendment; provided, further that this Indenture
may be amended by HVF without the consent of any Noteholder for the purpose of
amending the definition of the term “Ineligible Non-Investment Grade
Manufacturer Receivable Amount”; provided that the Rating Agency
Condition with respect to each Series of Notes Outstanding shall have been
satisfied with respect to such amendment. 
Notwithstanding the foregoing (but subject to the proviso in the
immediately preceding sentence):

(i)    any modification of this Section
12.2, any requirement hereunder that any particular action be taken by
Noteholders holding the relevant percentage in Principal Amount of the Notes or
any change in the definition of the terms “Aggregate Asset Amount”, “Aggregate
Asset Amount Deficiency”, “Eligible Manufacturer Program”, “Eligible
Manufacturer”, “Eligible Program Manufacturer”, “Ineligible Asset Amount”,
“Limited Liquidation Event of Default”, “Liquidation Event of Default” or
“Manufacturer Program” or the applicable amount of Enhancement shall require
the consent of each affected Noteholder;

(ii)   any amendment, waiver or
other modification that would (A) extend the due date for, or reduce the amount
of any scheduled repayment or prepayment of principal of or interest on any
Note (or reduce the principal amount of or rate of interest on any Note) shall
require the consent of each affected Noteholder; (B) affect adversely the
interests, rights or obligations of any Noteholder individually in comparison
to any other Noteholder shall require the consent of such Noteholder; or (C)
amend or 

 57
 

otherwise
modify any Amortization Event shall require the consent of each affected
Noteholder; and

(iii)  any amendment, waiver or
other modification that would (A) approve the assignment or transfer by HVF of
any of its rights or obligations hereunder or under any other Related Document
to which it is a party, except pursuant to the express terms hereof or thereof;
(B) release any obligor under any Related Document to which it is a party,
except pursuant to the express terms of such Related Document; or (C) amend or
otherwise modify any Servicer Default, shall require in each case the consent
of Noteholders holding not less than 662⁄3% of the Aggregate Principal
Amount (or Noteholders holding not less than 662⁄3% of the aggregate
Principal Amount Outstanding of any Series of Notes, in respect of any
amendment to a Series Supplement with respect to such Series of Notes or any
amendment to the Indenture which affects only the Noteholders of such Series of
Notes and does not affect the Noteholders of any other Series of Notes, as
substantiated by an Officer’s Certificate of HVF to such effect).

No failure or delay on the part of any Noteholder or
the Trustee in exercising any power or right under this Indenture or any other
Related Document shall operate as a waiver thereof, nor shall any single or
partial exercise of any such power or right preclude any other or further
exercise thereof or the exercise of any other power or right.

Section 12.3. 
Supplements.

Each amendment or other modification to this Indenture
or the Notes shall be set forth in a Supplement.  The initial effectiveness of each Supplement
shall be subject to the satisfaction of the Rating Agency Condition with
respect to each Series of Notes Outstanding and the delivery to the Trustee of
an Opinion of Counsel that such Supplement is authorized by this Indenture and
the conditions precedent set forth herein and in such Series Supplement with
respect thereto have been satisfied.  In
addition to the manner provided in Sections 12.1 and 12.2,
each Series Supplement may be amended as provided in such Series Supplement.

Section 12.4. 
Revocation and Effect of Consents.

Until an amendment or waiver becomes effective, a
consent to it by a Noteholder of a Note is a continuing consent by the
Noteholder and every subsequent Noteholder of a Note or portion of a Note that
evidences the same debt as the consenting Noteholder’s Note, even if notation
of the consent is not made on any Note. 
However, any such Noteholder or subsequent Noteholder may revoke the
consent as to his Note or portion of a Note if the Trustee receives written notice
of revocation before the date the amendment or waiver becomes effective.  An amendment or waiver becomes effective in
accordance with its terms and thereafter binds every Noteholder.  HVF may fix a record date for determining
which Noteholders must consent to such amendment or waiver.

Section 12.5. 
Notation on or Exchange of Notes.

The Trustee may place an appropriate notation about an
amendment or waiver on any Note thereafter authenticated.  HVF, in exchange for all Notes, may issue and
the Trustee shall authenticate new Notes that reflect the amendment or
waiver.  Failure to make the 

 58
 

appropriate notation or
issue a new Note shall not affect the validity and effect of such amendment or
waiver.

Section 12.6. 
The Trustee to Sign Amendments, etc.

The Trustee shall sign any Supplement authorized
pursuant to this Article 12 if the Supplement does not adversely affect
the rights, duties, liabilities or immunities of the Trustee.  If it does, the Trustee may, but need not,
sign it.  In signing such Supplement, the
Trustee shall be entitled to receive, if requested, an indemnity reasonably
satisfactory to it and to receive and, subject to Section 10.1, shall be
fully protected in relying upon, an Officer’s Certificate of HVF and an Opinion
of Counsel as conclusive evidence that such Supplement is authorized or
permitted by this Indenture and that all conditions precedent have been
satisfied, and that it will be valid and binding upon HVF in accordance with
its terms.

ARTICLE
XIII   MISCELLANEOUS

Section 13.1. 
Notices.

(a) Any notice or communication by HVF or the
Trustee to the other shall be in writing and delivered in person or mailed by
first-class mail (registered or certified, return receipt requested), telex,
telecopier or overnight air courier guaranteeing next day delivery, to the other’s
address:

If to HVF:

Hertz Vehicle Financing
LLC

c/o       The Hertz Corporation
             225 Brae Boulevard
             Park Ridge, NJ  07656

Attn:   Treasury Department

Phone:  (201) 307-2000

Fax:  (201) 307-2746

with a copy to the Administrator:

The Hertz Corporation

225 Brae Boulevard

Park Ridge, NJ  07656

Attn:   Treasury Department 

Phone:  (201) 307-2000

Fax:  (201) 307-2746

 59
 

If to the Trustee:

BNY Midwest Trust Company

2 North LaSalle

Chicago, IL  60602

Attn:  Corporate
Trust Administration – Structured Finance

Phone:  (312) 827-8569

Fax:  (312) 827-8562

If to an Enhancement Provider, at the address provided
in the applicable Enhancement Agreement.

HVF or the Trustee by notice to the other may
designate additional or different addresses for subsequent notices or
communications; provided, however, HVF may not at any time
designate more than a total of three (3) addresses to which notices must be
sent in order to be effective.

Any notice (i) given in person shall be deemed
delivered on the date of delivery of such notice, (ii) given by first class
mail shall be deemed given five (5) days after the date that such notice is
mailed, (iii) delivered by telex or telecopier shall be deemed given on the
date of delivery of such notice, and (iv) delivered by overnight air courier
shall be deemed delivered one Business Day after the date that such notice is
delivered to such overnight courier.

Notwithstanding any provisions of this Indenture to
the contrary, the Trustee shall have no liability based upon or arising from
the failure to receive any notice required by or relating to this Indenture or
the Notes.

If HVF mails a notice or communication to Noteholders,
it shall mail a copy to the Trustee at the same time.

(b) Where the Indenture provides for notice
to Noteholders of any event, such notice shall be sufficiently given (unless
otherwise herein expressly provided) if sent in writing and mailed, first-class
postage prepaid, to each Noteholder affected by such event, at its address as
it appears in the Note Register, not later than the latest date, and not
earlier than the earliest date, prescribed (if any) for the giving of such
notice.  In any case where notice to a
Noteholder is given by mail, neither the failure to mail such notice, nor any
defect in any notice so mailed, to any particular Noteholder shall affect the
sufficiency of such notice with respect to other Noteholders, and any notice
which is mailed in the manner herein provided shall be conclusively presumed to
have been duly given.  Where this
Indenture provides for notice in any manner, such notice may be waived in
writing by any Person entitled to receive such notice, either before or after
the event, and such waiver shall be the equivalent of such notice.  Waivers of notice by Noteholders shall be
filed with the Trustee, but such filing shall not be a condition precedent to
the validity of any action taken in reliance upon such waiver.

In the case by reason of the suspension of regular
mail service or by reason of any other cause it shall be impracticable to give
such notice by mail, then such notification as shall be 

 60
 

made that is satisfactory
to the Trustee shall constitute a sufficient notification for every purpose
hereunder.

Section 13.2. 
Communication by Noteholders With Other Noteholders.

Noteholders may communicate with other Noteholders
with respect to their rights under this Indenture or the Notes.

Section 13.3. 
Certificate and Opinion as to Conditions Precedent.

Upon any request or application by HVF to the Trustee
to take any action under this Indenture, HVF shall furnish to the Trustee an
Officer’s Certificate of HVF in form and substance reasonably satisfactory to
the Trustee (which shall include the statements set forth in Section 13.4)
stating that, in the opinion of the signers, all conditions precedent and covenants,
if any, provided for in this Indenture relating to the proposed action have
been complied with.

Section 13.4. 
Statements Required in Certificate.

Each certificate with respect to compliance with a
condition or covenant provided for in this Indenture shall include:

(a) a statement that the Person giving such
certificate has read such covenant or condition;

(b) a brief statement as to the nature and
scope of the examination or investigation upon which the statements contained
in such certificate are based;

(c) a statement that, in the opinion of such
Person, he has made such examination or investigation as is necessary to enable
him to express an informed opinion as to whether or not such covenant or
condition has been complied with; and

(d) a statement as to whether or not, in the
opinion of such Person, such condition or covenant has been complied with.

Section 13.5. 
Rules by the Trustee.

The Trustee may make reasonable rules for action by or
at a meeting of Noteholders.

Section 13.6. 
Duplicate Originals.

The parties may sign any number of copies of this
Indenture.  One signed copy is enough to
prove this Indenture.

Section 13.7. 
Benefits of Indenture.

Except as set forth in a Series Supplement, nothing in
this Indenture or in the Notes, expressed or implied, shall give to any Person,
other than the parties hereto and their 

 61
 

successors hereunder and
the Holders, any benefit or any legal or equitable right, remedy or claim under
the Indenture.

Section 13.8. 
Payment on Business Day.

In any case where any Payment Date, redemption date or
maturity date of any Note shall not be a Business Day, then (notwithstanding
any other provision of this Indenture) payment of interest or principal (and
premium, if any), as the case may be, need not be made on such date but may be
made on the next succeeding Business Day with the same force and effect as if
made on the Payment Date, redemption date, or maturity date; provided, however.
that no interest shall accrue for the period from and after such Payment Date,
redemption date, or maturity date, as the case may be.

Section 13.9. 
Governing Law.

THIS INDENTURE, AND ALL
MATTERS ARISING FROM OR IN ANY MANNER RELATING TO THIS INDENTURE, SHALL BE
GOVERNED BY, AND CONSTRUED AND INTERPRETED IN ACCORDANCE WITH, THE LAWS OF THE
STATE OF NEW YORK.

Section 13.10.  Successors.

All agreements of HVF in this Indenture and the Notes
shall bind its successor; provided, however, HVF may not assign
its obligations or rights under this Indenture or any Related Document.  All agreements of the Trustee in this
Indenture shall bind its successor.

Section 13.11.  Severability.

In case any provision in this Indenture or in the
Notes shall be invalid, illegal or unenforceable, the validity, legality and
enforceability of the remaining provisions shall not in any way be affected or
impaired thereby.

Section 13.12.  Counterpart Originals.

The parties may sign any number of copies of this
Indenture.  Each signed copy shall be an
original, but all of them together represent the same agreement.

Section 13.13.  Table of Contents, Headings, etc.

The Table of Contents and headings of the Articles and
Sections of this Indenture have been inserted for convenience of reference
only, are not to be considered a part hereof, and shall in no way modify or restrict
any of the terms or provisions hereof.

Section 13.14.  Termination; Indenture Collateral.

This Indenture, and any grants, pledges and
assignments hereunder, shall become effective concurrently with the issuance of
the first Series of Notes and shall terminate when (a) all Note Obligations
shall have been fully paid and satisfied, (b) the obligations of each 

 62
 

Enhancement Provider
under any Enhancement and related documents have terminated, and (c) any
Enhancement shall have terminated, at which time the Trustee, at the request of
HVF and upon receipt of an Officer’s Certificate of HVF to the effect that the
conditions in clauses (a), (b) and (c) above have been
complied with and upon receipt of a certificate from the Trustee and each
Enhancement Provider to the effect that the conditions in clauses (a), (b)
and (c) above have been complied with, shall reassign (without recourse
upon, or any warranty whatsoever by, the Trustee) and deliver all Indenture
Collateral and documents then in the custody or possession of the Trustee
promptly to HVF.

HVF and the Noteholders hereby agree that, if any
funds remain on deposit in the Collection Account after the termination of this
Indenture, such amounts shall be released by the Trustee and paid to HVF.

Section 13.15.  No Bankruptcy Petition Against HVF.

Each of the Noteholders and the Trustee hereby
covenants and agrees that, prior to the date which is one year and one day
after the payment in full of the latest maturing Note, it will not institute
against, or join with any other Person in instituting, against HVF, Hertz
Vehicles LLC, HGI or the Intermediary any bankruptcy, reorganization,
arrangement, insolvency or liquidation proceedings, or other proceedings, under
any Federal or state bankruptcy or similar law; provided, however,
that nothing in this Section 13.15 shall constitute a waiver of any
right to indemnification, reimbursement or other payment from HVF pursuant to
this Indenture.  In the event that any
such Noteholder or the Trustee takes action in violation of this Section 13.15,
HVF, Hertz Vehicles LLC, HGI or the Intermediary, as the case may be, shall
file or cause to be filed an answer with the bankruptcy court or otherwise
properly contesting the filing of such a petition by any such Noteholder or the
Trustee against HVF, Hertz Vehicles LLC, HGI 
or the Intermediary, as the case may be, or the commencement of such
action and raising the defense that such Noteholder or the Trustee has agreed
in writing not to take such action and should be estopped and precluded
therefrom and such other defenses, if any, as its counsel advises that it may
assert.  The provisions of this Section
13.15 shall survive the termination of this Indenture, and the resignation
or removal of the Trustee.  Nothing
contained herein shall preclude participation by any Noteholder or the Trustee
in the assertion or defense of its claims in any such proceeding involving HVF,
Hertz Vehicles LLC, HGI or the Intermediary.

Section 13.16.  No Recourse.

The obligations of HVF under this Indenture are solely
the obligations of HVF.  No recourse
shall be had for the payment of any amount owing in respect of any fee
hereunder or any other obligation or claim arising out of or based upon this
Indenture against any member, employee, officer or director of HVF.  Fees, expenses or costs payable by HVF
hereunder shall be payable by HVF to the extent and only to the extent that HVF
is reimbursed therefor pursuant to any of the Related Documents, or funds are
then available or thereafter become available for such purpose pursuant to Article
5.  In the event that HVF is not
reimbursed for such fees, expenses or costs or that sufficient funds are not
available for their payment pursuant to Article 5, the excess unpaid
amount of such fees, expenses or costs shall in no event constitute a claim (as
defined in Section 101 of the Bankruptcy Code) against, or corporate obligation
of, HVF. 

 63
 

Nothing in this Section 13.16
shall be construed to limit the Trustee from exercising its rights hereunder
with respect to the Collateral.

Section 13.17.  Waiver of Jury Trial.

EACH OF HVF AND THE
TRUSTEE HEREBY IRREVOCABLY WAIVES, TO THE FULLEST EXTENT PERMITTED BY
APPLICABLE LAW, ANY AND ALL RIGHT TO TRIAL BY JURY IN ANY LEGAL PROCEEDING
ARISING OUT OF OR RELATING TO THIS INDENTURE, THE NOTES OR THE TRANSACTIONS
CONTEMPLATED HEREBY.

 64
 

IN WITNESS WHEREOF, the
Trustee and HVF have caused this Indenture to be duly executed by their
respective duly authorized officers as of the day and year first written above.

	
  

  	
  HERTZ VEHICLE FINANCING LLC, 

  
	
   

  	
  as Issuer

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
  By:

  	
  /s/ Robert H.
  Rillings

  	
   

  
	
   

  	
   

  	
  Name: Robert H.
  Rillings

  
	
   

  	
   

  	
  Title: Vice
  President & Treasurer

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
  BNY MIDWEST TRUST COMPANY,

  
	
   

  	
   

  	
   as Trustee

  
	
   

  	
   

  	
   

  
	
   

  	
  By:

  	
  /s/ Marian
  Onischak

  	
   

  
	
   

  	
   

  	
  Name: Marian
  Onischak

  
	
   

  	
   

  	
  Title: Assistant
  Vice President

  

 

 65

SCHEDULE 1

TO THE

AMENDED AND RESTATED

BASE INDENTURE

DEFINITIONS LIST

“ABL Collateral Agent” means Deutsche Bank AG,
New York Branch, in its capacity as Collateral Agent under the ABL Guarantee
and Collateral Agreement.

“ABL Guarantee and Collateral Agreement” means
that certain Guarantee and Collateral Agreement, dated as of the Restatement
Effective Date, by and among, Hertz, certain of its subsidiaries, CCMG
Corporation, and Deutsche Bank AG, New York Branch, as collateral agent.

“Account Collateral” means HVF’s right, title
and interest in, to and under all of the assets, property and interests in
property, whether now owned or hereafter acquired or created, in Section
3.1(a)(ii) and (iii) of this Base Indenture.

“Accrued Amounts” means, with respect to any
Series of Notes (or any class of such Series of Notes), the amount, if any,
specified in the applicable Series Supplement.

“Accumulation Period” means, with respect to
any Series of Notes, the period, if any, specified in the applicable
Supplement.

“Acquisition Date” the date on which CCMG
Acquisition, Corporation,
a company formed by Clayton Dubilier & Rice, Inc., The Carlyle Group, and
Merrill Lynch Global Partners, Inc. or an affiliate thereof consummates the
acquisition of Hertz, directly or through one or more subsidiaries.

“Additional Subsidies” has the meaning
specified in Section 1.1 of the Master Exchange Agreement.

“Adjusted Aggregate Asset Amount” with respect
to any Series of Notes, has the meaning specified in the applicable Series
Supplement.

“Administration Agreement” means the Amended
and Restated Administration Agreement, dated as of the Restatement Effective
Date, by and among the Administrator, HVF and the Trustee, as amended, modified
or supplemented from time to time in accordance with its terms.

“Administrator” means Hertz, in its capacity as
the administrator under the Administration Agreement, or any successor
Administrator thereunder.

“Administrator Default” means any of the events
described in Section 8(d) of the Administration Agreement.

“Affiliate” means, with respect to any
specified Person, another Person that directly, or indirectly through one or
more intermediaries, controls or is controlled by or is under common control
with the Person specified.  For purposes
of this definition, “control” means the power to direct the management and
policies of a Person, directly or indirectly, whether through ownership of
voting securities, by contract or otherwise; and “controlled” and “controlling”
have meanings correlative to the foregoing.

“Affiliate Issuer” means any special purpose
entity that is an Affiliate of Hertz that has entered into financing
arrangements secured by one or more Series of Notes.

“Agent” means any Registrar or Paying Agent.

“Aggregate Asset Amount” means, as of any date,
the amount equal to the sum, rounded to the nearest $100,000, of (i) the Net
Book Value of all Program Vehicles that are Eligible Vehicles as of such date
and not turned in to and accepted by the Manufacturer thereof pursuant to its
Manufacturer Program, not delivered and accepted for Auction pursuant to a
Manufacturer Program or not otherwise sold or deemed to be sold under the
Related Documents, plus (ii) the Net Book Value of all Non-Program Vehicles
that are Eligible Vehicles as of such date not sold or deemed to be sold under
the Related Documents, plus (iii) the aggregate amount of Manufacturer
Receivables (other than Excluded Payments) payable to HVF or to the
Intermediary pursuant to the Master Exchange Agreement, in each case, as of such
date by Manufacturers with respect to Vehicles that are Eligible Vehicles and
Eligible Program Vehicles when turned in to and accepted by such Manufacturers
or delivered and accepted for Auction, plus (iv) the aggregate amount of
Manufacturer Receivables (other than Excluded Payments) payable to HVF or to
the Intermediary pursuant to the Master Exchange Agreement, in each case, as of
such date by Manufacturers with respect to Vehicles that were Eligible Vehicles
but not Eligible Program Vehicles when turned in to and accepted by such
Manufacturers or delivered and accepted for Auction, plus (v) with respect to
Eligible Vehicles that have been delivered and accepted for Auction pursuant to
a Manufacturer Program, all amounts receivable (other than amounts specified in
clauses (iii) and (iv) above) from any Person in connection with the Auction of
such Eligible Vehicles as of such date, plus (vi) with respect to Eligible
Vehicles that have been turned in to and accepted by the Manufacturer,
delivered and accepted for Auction or otherwise sold, any accrued and unpaid
Casualty Payments or Termination Payments with respect to such Eligible
Vehicles as of such date under the HVF Lease, plus (vii) with respect to
Eligible Vehicles that have been turned in to and accepted by the Manufacturer,
delivered and accepted for Auction or otherwise sold, any accrued and unpaid
Monthly Base Rent with respect to such Eligible Vehicles under the HVF Lease
(net of amounts set forth in clauses (iii), (iv), (v) and (vi) above), plus (viii)
with respect to Rejected Vehicles, the amount due and payable as of such date
by HGI to HVF pursuant to Section 1.05(b) of the Purchase Agreement, plus (ix)
with respect to Eligible Vehicles that were Program Vehicles sold by HVF to a
third party pursuant to Section 2.5(a) of the HVF Lease, any non-return
incentives payable to HVF under a Manufacturer Program by an Eligible Program
Manufacturer in respect of the sale of such Vehicles outside of the related
Manufacturer Program as of such date, plus (x) if such date is during the
period from and including a Determination Date to but excluding the next
Payment Date, accrued and unpaid Monthly Base Rent payable on the next Payment
Date with respect to all Eligible Vehicles as of such date that have not been
turned in to and accepted by the Manufacturer thereof pursuant to its
Manufacturer Program, not been delivered and accepted 

 2
 

for Auction pursuant to a Manufacturer Program and not
otherwise been sold or deemed to be sold under the Related Documents, plus (xi)
the amount of cash and Permitted Investments on deposit in the Collection
Account and the HVF Exchange Accounts, minus (xii) any Ineligible Asset Amount
on such date.

“Aggregate Asset Amount Deficiency” means, with
respect to any date of determination, the amount, if any, by which the
Aggregate Required Asset Amount on such date exceeds the Aggregate Asset Amount
on such date.

“Aggregate Principal Amount” means the sum of
the Principal Amounts with respect to all Series of Notes then Outstanding.

“Aggregate Required Asset Amount” means, on any
date of determination, the sum of the Required Asset Amount with respect to
each Series of Notes Outstanding on such date.

“Amortization Commencement Date” means, with
respect to a Series of Notes, the date on which an Amortization Event for such
Series is deemed to have occurred pursuant to Section 9.1 of the Base
Indenture.

“Amortization Event” with respect to each
Series of Notes, has the meaning specified in Section 9.1 of the Base
Indenture.

“Amortization Period” means, with respect to
any Series of Notes, the period following the Revolving Period which shall be
the Accumulation Period, the Controlled Amortization Period or the Rapid
Amortization Period, each as defined in the applicable Series Supplement.

“Annual Noteholders’ Tax Statement” has the
meaning specified in Section 4.2(b) of the Base Indenture.

“Applicants” has the meaning specified in Section
2.7 of the Base Indenture.

“Assignment Agreement” means the agreement with
respect to each Manufacturer and its Manufacturer Program, entered into or to
be entered into among Hertz, HGI, HVF and the Collateral Agent and acknowledged
by such Manufacturer, (a) (x) (i) assigning to HGI certain of Hertz’s rights,
title and interest in and to such Manufacturer’s Manufacturer Program as such
rights, title and interest relate to passenger automobiles and light-duty
trucks purchased and to be purchased by HGI from such Manufacturer under such
Manufacturer Program and (ii) assigning from HGI to HVF those rights, title and
interest as they relate to passenger automobiles and light-duty trucks
purchased by HVF from HGI pursuant to the Purchase Agreement, (y) in the case
of the Initial Hertz Vehicles, assigning to HVF certain of Hertz’s rights,
title and interest in and to such Manufacturer’s Manufacturer Program as such
rights, title and interest relate to passenger automobiles and light-duty
trucks purchased by Hertz from such Manufacturer under such Manufacturer
Program and contributed by Hertz to HVF and (z) in the case of the Service
Vehicles, assigning to HVF certain of HFC’s rights, title and interest in and
to such Manufacturer’s Manufacturer Program as such rights, title and interest
relate to passenger automobiles and light-duty trucks purchased by HFC from such

 3
 

Manufacturer under such Manufacturer Program and
purchased by HVF from HFC, (b) assigning to the Collateral Agent on behalf of
the Trustee HVF’s rights, title and interest therein and (c) assigning to the
Collateral Agent on behalf of Hertz HGI’s rights, title and interest therein.

“Auction” means the set of procedures specified
in a Guaranteed Depreciation Program for sale or disposition of Program
Vehicles through auctions and at auction sites designated by such Program
Vehicles’ Manufacturer pursuant to such Guaranteed Depreciation Program.

“Audi” means Audi
of America, Inc., a division of Volkswagen.

“Authorized Officer” means (a) as to HGI, any
of the President, any Vice President, the Treasurer or any Assistant Treasurer
of HGI, (b) as to HVF, any of the President, any Vice President, the Treasurer
or any Assistant Treasurer of HVF and (c) as to the Servicer, the Administrator
or the Lessee, any of the President, any Vice President, the Treasurer or any
Assistant Treasurer of Hertz.

“Bankruptcy Code” means The Bankruptcy Reform
Act of 1978, as amended from time to time, and as codified as 11 U.S.C. Section
101 et  seq.

“Base Indenture” means the Amended and Restated
Base Indenture, dated as of the Restatement Effective Date, between HVF and the
Trustee, as amended, modified or supplemented from time to time, exclusive of
Series Supplements.

“BMW” means Bayerische Motoren Werke
Aktiengesellschaft, a German corporation, and its successors.

“Board of Directors” means the Board of
Directors of the Lessee or the Board of Directors of HVF, as applicable, or, in
each case, any authorized committee of the Board of Directors.

“Book-Entry Notes” means beneficial interests
in the Notes, ownership and transfers of which shall be evidenced or made
through book entries by a Clearing Agency as described in Section 2.12
of the Base Indenture; provided that after the occurrence of a condition
whereupon book-entry registration and transfer are no longer permitted and
Definitive Notes are issued to the Note Owners, such Definitive Notes shall
replace Book-Entry Notes.

“Business Day” means any day other than a
Saturday, Sunday or other day on which banks are authorized or required by law
to be closed in New York City, New York.

“Capitalized Cost” means, with respect to each
Vehicle, the sum of (a) the price paid for such Vehicle by HGI or the
Intermediary (or, in the case of the Initial Hertz Vehicles, Hertz, or, in the
case of the Service Vehicles, HFC) to the Manufacturer, dealer or other Person
selling such Vehicle, as established by the invoice delivered in connection
with the purchase of such Vehicle and reflecting any adjustments made pursuant
to Section 1.05(d) of the Purchase Agreement (or, with respect to the
Initial Hertz Vehicles or the Service Vehicles, any adjustments made by the
related Manufacturer to such invoice price), plus, (b) if not otherwise
included therein, with respect to any Program Vehicle, dealer profit to the
extent included in the 

 4
 

capitalized cost of such Program Vehicle under the
terms of the applicable Manufacturer Program, or, with respect to any
Non-Program Vehicle, dealer profit to the extent included in the capitalized
cost of Program Vehicles of the same make, model and model year under the terms
of the applicable Manufacturer Program, plus (c) delivery charges for such
Vehicle minus, in the case of any Non-Program Vehicle, the amount of any
upfront incentive fees paid or payable to HGI or the Intermediary (or, in the
case of the Initial Hertz Vehicles, Hertz, or, in the case of the Service Vehicles,
HFC) by the Manufacturer of such Vehicle in respect of the purchase of such
Vehicle.

“Carrying Charges” means for any Payment Date,
without duplication, the sum of (a) all fees, expenses and other amounts
payable by HVF to the Trustee under the Indenture or to a Qualified
Intermediary under the Master Exchange Agreement, (b) the Monthly Servicing Fee
payable by HVF to the Servicer on such Payment Date, (c) $1,500, (d) the sum of
(i) all reasonable out-of-pocket costs and expenses of HVF incurred in connection
with the issuance of each Series of Notes, including any fees payable to the
Rating Agencies in connection with their rating of such Series of Notes and any
fees or commissions payable in connection with the sale of such Series of
Notes, and (ii) all reasonable out-of-pocket costs and expenses of HVF incurred
in connection with the execution, delivery and performance (including the
enforcement, waiver or amendment) of the Related Documents, and (e) any amounts
owing to a counterparty under a Swap Agreement or a Series-Specific Swap
Agreement, less (f) any amounts due from a counterparty under a Swap
Agreement or a Series-Specific Swap Agreement. 
Before issuance of any Series of Notes, HVF will review the estimated
out-of-pocket costs and expenses to be incurred in connection with the issuance
thereof with the Lessee. If Lessee objects to such estimated costs and
expenses, it shall notify HVF prior to the issuance of such Series of Notes,
and HVF shall not issue any additional Series of Notes.

“Casualty” means, with respect to any HVF
Vehicle, that (a) such HVF Vehicle is destroyed, seized or otherwise rendered
permanently unfit or unavailable for use, (b) such HVF Vehicle is lost or
stolen and is not recovered for 180 days following the occurrence thereof or
(c) in the case of a Program Vehicle not redesignated under Section 2.6
of the HVF Lease, the return of such HVF Vehicle cannot, prior to the end of
the applicable Repurchase Period, be effected for any reason or the
Manufacturer thereof did not accept such HVF Vehicle for repurchase under the
terms of the applicable Manufacturer Program, in either case, for any reason
other than the Manufacturer’s willful refusal or inability to comply with its
obligations under its Manufacturer Program.

“Casualty Payment” has the meaning specified in
Section 6.2 of the HVF Lease.

“Cede” means Cede & Co., a nominee of DTC.

“Certificated Security” means a “certificated
security” within the meaning of Section 8-102 of the applicable UCC.

“Certificate of Title” means, with respect to
each Vehicle, the certificate of title applicable to such Vehicle duly issued
in accordance with the certificate of title act or statute of the jurisdiction
applicable to such Vehicle.

 5
 

“Chrysler” means DaimlerChrysler Motors
Corporation, a Delaware corporation, and its successors.

“Class” means, with respect to any Series of
Notes, any one of the classes of Notes of that Series as specified in the
applicable Series Supplement.

“Clearing Agency” means an organization
registered as a “clearing agency” pursuant to Section 17A of the Exchange Act
or any successor provision thereto or Euroclear or Clearstream.

“Clearing Agency Participant” means a broker,
dealer, bank, other financial institution or other Person for whom from time to
time a Clearing Agency effects book entry transfers and pledges of securities
deposited with the Clearing Agency.

“Clearstream” means Clearstream Banking,
societe anonyme.

“Closing Date” means the Restatement Effective
Date or any Series Closing Date.

“Code” means the Internal Revenue Code of 1986,
as amended, reformed or otherwise modified from time to time, and any successor
statute of similar import, in each case as in effect from time to time.
References to sections of the Code also refer to any successor sections.

“Collateral” means the collective reference to
the Indenture Collateral and the HVF Vehicle Collateral.

“Collateral Account” is defined in Section
2.5(a) of the Collateral Agency Agreement.

“Collateral Agency Agreement” means the Amended
and Restated Collateral Agency Agreement, dated as of the Restatement Effective
Date, among HVF, as grantor, HGI, as grantor, Hertz as servicer, the Collateral
Agent, the Trustee, as secured party, and Hertz, as secured party, as amended,
restated, modified or supplemented from time to time in accordance with its
terms.

“Collateral Agent” means BNY Midwest Trust
Company, in its capacity as collateral agent under the Collateral Agency
Agreement and any successor thereto or permitted assign in such capacity
thereunder.

“Collateral Agreements” means the HVF Lease,
the Supplemental Documents, the Assignment Agreements, the Purchase Agreement,
the Hertz Contribution Agreement, the Administration Agreement, the Nominee
Agreement, the Hertz Nominee Agreement, the HFC Nominee, the Indemnification
Agreement, the LLC Agreement, the HVF Credit Facility, any Swap Agreement, any
Series-Specific Swap Agreement, any Enhancement Agreement, the Master Exchange
Agreement and the Escrow Agreement.

“Collection Account” means securities account
no. 162826 entitled “BNY Midwest Trust Company, as Trustee, Securities Account
of Hertz Vehicle Financing LLC”

 6
 

maintained by the Collection Account Securities
Intermediary pursuant to the Collection Account Control Agreement or any
successor securities account maintained pursuant to the Collection Account
Control Agreement.

“Collection Account Control Agreement” means
the agreement among HVF, BNY Midwest Trust Company, as securities intermediary,
and the Trustee, dated as of September 18, 2002, relating to the Collection
Account, as the same may be amended and supplemented from time to time.

“Collection Account Securities Intermediary”
means BNY Midwest Trust Company or any other securities intermediary that
maintains the Collection Account pursuant to the Collection Account Control
Agreement.

“Collections” means, without duplication, (a)
all payments on the Collateral, including, without limitation, (i) all
payments by or on behalf of the Lessee under the HVF Lease, (ii) all
payments by Hertz to HVF under the Indemnification Agreement, (iii) all
proceeds of the HVF Vehicles, including (A) all payments made by or on behalf
of any Manufacturer or auction dealer, under the related Manufacturer Program
with respect to HVF Vehicles, but excluding Excluded Payments, (B) all payments
by or on behalf of any other Person as proceeds from the sale of HVF Vehicles
and (C) all insurance proceeds and warranty payments in respect of the HVF
Vehicles, but excluding Excluded Payments, whether such payments are in the form
of cash, checks, wire transfers or other forms of payment and whether in
respect of principal, interest, repurchase price, fees, expenses or otherwise,
(iv) all payments by HGI to HVF under the Purchase Agreement, including,
without limitation (A) all payments of the Transfer Price by HGI in
respect of Transferred HVF Vehicles and Manufacturer Receivables pursuant to Section
1.06 of the Purchase Agreement and (B) all payments of the Rejected
Vehicle Payment by HGI or the Servicer pursuant to Section 1.05(b)
of the Purchase Agreement, (v) all Swap Payments (vi) all payments
made from a Collateral Account (including the Joint Collection Account (as
defined in the Master Exchange Agreement)) or an HVF Exchange Account to the
Collection Account and (vii) all amounts earned on Permitted Investments
of funds in the Collection Account and, to the extent so specified in a Series
Supplement, in a Series Account.

“Committed Purchaser” means a special purpose
company that has committed to purchase a Series of Notes from HVF from time to
time and that finances such purchases with, among other things, the proceeds of
commercial paper notes issued by such special purpose company.

“Company Order” and “Company Request”
means a written order or request signed in the name of HVF by any one of its
Authorized Officers and delivered to the Trustee.

“Condition Report” means a condition report
with respect to a Program Vehicle, signed and dated by the Servicer and a
Manufacturer or its agent in accordance with the applicable Manufacturer
Program.

“Consolidated Subsidiary” means, at any time,
any Subsidiary or other entity the accounts of which are consolidated with
those of Hertz in its consolidated financial statements as of such time.

 7
 

“Contingent Obligation” means, as applied to any
Person, any direct or indirect liability, contingent or otherwise, of that
Person (a) with respect to any indebtedness, lease, dividend, letter of credit
or other obligation of another if the primary purpose or intent thereof by the
Person incurring the Contingent Obligation is to provide assurance to the
obligee of such obligation of another that such obligation of another will be
paid or discharged, or that any agreements relating thereto will be complied
with, or that the holders of such obligation will be protected (in whole or in
part) against loss in respect thereof or (b) under any letter of credit issued
for the account of that Person or for which that Person is otherwise liable for
reimbursement thereof.  Contingent
Obligation shall include (a) the direct or indirect guarantee, endorsement
(otherwise than for collection or deposit in the ordinary course of business),
co-making, discounting with recourse or sale with recourse by such Person
of the obligation of another and (b) any liability of such Person for the
obligations of another through any agreement (contingent or otherwise) (i) to
purchase, repurchase or otherwise acquire such obligation or any security
therefor, or to provide funds for the payment or discharge of such obligation
(whether in the form of loans, advances, stock purchases, capital contributions
or otherwise), (ii) to maintain the solvency of any balance sheet item, level
of income or financial condition of another or (iii) to make take-or-pay or
similar payments if required regardless of non-performance by any other party
or parties to an agreement, if in the case of any agreement described under subclause
(i) or (ii) of this sentence the primary purpose or intent thereof
is as described in the preceding sentence. The amount of any Contingent
Obligation shall be equal to the amount of the obligation so guaranteed or
otherwise supported.

“Contractual Obligation” means, with respect to
any Person, any provision of any security issued by that Person or of any
indenture, mortgage, deed of trust, contract, undertaking, agreement or other
instrument to which that Person is a party or by which it or any of its
properties is bound or to which it or any of its properties is subject.

“Controlled Amortization Period” means, with
respect to any Series of Notes, the period specified in the applicable Series
Supplement.

“Controlled Distribution Amount” means, with
respect to any Class of Notes, the amount (or amounts) specified in any
applicable Series Supplement.

“Controlled Group” means, with respect to any
Person, such Person, whether or not incorporated, and any corporation, trade or
business that is, along with such Person, a member of a controlled group of
corporations or a controlled group of trades or businesses as described in
Sections 414(b) and (c), respectively, of the Code.

“Corporate Trust Office” shall mean the
principal office of the Trustee at which at any particular time its corporate
trust business shall be administered which office at the date of the execution
of the Base Indenture is located at 2 North LaSalle, Chicago, Illinois 60602,
Attention: Corporate Trust Administration—Structured Finance, or at any other
time at such other address as the Trustee may designate from time to time by
notice to the Noteholders and HVF.

“Daily Collection Report” has the meaning
specified in Section 4.1(a) of the Base Indenture.

 8
 

“Defaulting Manufacturer” has the meaning
specified in Section 18(a) of the HVF Lease.

“Definitions List” means this Definitions List,
as amended or modified from time to time.

“Definitive Notes” has the meaning specified in
Section 2.12(a) of the Base Indenture.

“Depository” has the meaning specified in Section
2.12(a) of the Base Indenture.

“Depository Agreement” means, with respect to a
Series having Book-Entry Notes, the agreement among HVF, the Trustee and the
Clearing Agency, or as otherwise provided in the applicable Series Supplement.

“Depreciation Charge” means, with respect to
(a) any Program Vehicle, the applicable depreciation charge set forth in the
related Manufacturer Program for such Program Vehicle calculated on a daily
basis and (b) any Non-Program Vehicle, the scheduled daily depreciation charge
for such Non-Program Vehicle set forth by HVF in the Depreciation Schedule for
such Non-Program Vehicle.  If such charge
is expressed as a percentage, the daily Depreciation Charge for such Vehicle
shall be such percentage multiplied by the Capitalized Cost for such Vehicle
calculated on a daily basis.  For
Vehicles not held for a full month in the month of acquisition, the
Depreciation Charges shall be prorated by multiplying the applicable
depreciation amount by a fraction, the numerator of which is the number of days
from the In-Service Date with respect to such Vehicle to the first day of the
next month and the denominator of which is the number of days in such
month.  For the month in which a Program
Vehicle is turned back to the applicable Manufacturer pursuant to a
Manufacturer Program, the Depreciation Charge shall be prorated by multiplying
the applicable depreciation amount by a fraction, the numerator of which is the
number of days from the first day of such month to the Turnback Date for such
Vehicle and the denominator of which is the number of days in such month.  In the event a Vehicle is sold other than
pursuant to the Manufacturer Program or suffers a Casualty, the Depreciation
Charge shall be prorated by multiplying the applicable depreciation amount by a
fraction, the numerator of which is the number of days from the first day of
such month to the date of the sale of such Vehicle or the date such Vehicle
suffers a Casualty, as the case may be, and the denominator of which is the
number of days in such month.

“Depreciation Schedule” means the initial
schedule of estimated daily depreciation prepared by HVF with respect to each
type of Non-Program Vehicle, as revised from time to time by HVF, subject to Section
24 of the HVF Lease.

“Determination Date” means the date five
Business Days prior to each Payment Date.

“Disposition Date” means with respect to any
HVF Vehicle, (i) if such HVF Vehicle was sold at Auction pursuant to a
Guaranteed Depreciation Program or returned to a Manufacturer for repurchase
pursuant to a Repurchase Program, the Turnback Date, (ii) if such HVF Vehicle
is sold to HGI in accordance with Section 1.06 of the Purchase
Agreement, the date on which the Transfer Price with respect to such
Transferred HVF Vehicle is deposited into 

 9
 

the Collection Account or an HVF Exchange Account,
(iii) if such HVF Vehicle was sold to any Person (other than to a Manufacturer
pursuant to such Manufacturer’s Repurchase Program, to a third party through an
Auction conducted by or through or arranged by the Manufacturer pursuant to its
Guaranteed Depreciation Program or to HGI pursuant to the Purchase Agreement)
the date on which the proceeds of such sale are deposited in the Collection
Account or an HVF Exchange Account, (iv) if such HVF Vehicle becomes a Casualty
or an Ineligible Vehicle (except as a result of a sale thereof), the date on
which the Casualty Payment is paid by the Lessee to the Trustee or (v) if such
HVF Vehicle becomes a Rejected Vehicle pursuant to Section 1.05(b) of
the Purchase Agreement, the date on which the Rejected Vehicle Payment is paid
by HGI to the Trustee.

“Disposition Proceeds” means the net proceeds
(other than the portion of the Repurchase Price payable (i) by the Manufacturer
pursuant to a Manufacturer Program or (ii) with respect to Non-Program
Vehicles, by the Lessee pursuant to the HVF Lease) from the sale or disposition
of an HVF Vehicle to any Person, whether at an Auction or otherwise.

“Distribution Account” means, with respect to
any Series of Notes, an account established as such pursuant to the applicable
Series Supplement.

“Dollar” and the symbol “$” mean the
lawful currency of the United States.

“DTC” means The Depository Trust Company.

“Due Date” means, with respect to any payment
due from a Manufacturer or auction dealer in respect of a Program Vehicle
turned back for repurchase or sale pursuant to the terms of the related
Manufacturer Program, the thirtieth (30th) day after the Disposition Date for
such Vehicle.

“Early Termination Payment” has the meaning
specified in Section 13.4 of the HVF Lease.

“Eligible Deposit Account” means (a) a
segregated identifiable trust account established in the trust department of a
Qualified Trust Institution or (b) a separately identifiable deposit account
established in the deposit taking department of a Qualified Institution.

“Eligible Manufacturer” means (a) each Eligible
Program Manufacturer, Mitsubishi and Subaru and (b) any other Manufacturer with
respect to which the Rating Agency Condition with respect to each Series of
Notes Outstanding shall have been satisfied.

“Eligible Manufacturer Program” means at any
time a Manufacturer Program that is in full force and effect with an Eligible
Program Manufacturer; provided that (a) with respect to any new
Manufacturer Program (including a new model year Manufacturer Program of an
Eligible Program Manufacturer and a Manufacturer Program of a new Eligible
Program Manufacturer) that is proposed for consideration after the Initial
Closing Date as an Eligible Manufacturer Program, prior to such new
Manufacturer Program constituting an “Eligible Manufacturer Program” hereunder,
the Rating Agency Condition with respect to each Series of Notes Outstanding
shall have been satisfied with respect to such Manufacturer Program, and (b)
with respect to any material change (other than as specified in clause (a)
above) in the terms of 

 10
 

any existing Eligible Manufacturer Program, prior to
such Manufacturer Program, as changed, constituting an “Eligible Manufacturer
Program” hereunder, the Rating Agency Condition with respect to each Series of
Notes Outstanding shall have been satisfied with respect to such change.

“Eligible Program Manufacturer” means (a) Ford,
GM, Chrysler, Toyota, Honda, Mazda, Nissan, Volvo, Jaguar, Audi, Volkswagen,
Land Rover, Hyundai, Kia, Lexus, Mercedes and BMW or (b) a Manufacturer
(i) who, at the time that such Manufacturer is proposed for consideration
as an Eligible Program Manufacturer, has a long term unsecured debt rating of
at least “BBB-” from S&P, at least “Baa3” from Moody’s and, unless
otherwise agreed to by Fitch, at least “BBB-” from Fitch, provided, that
if a Manufacturer proposed for consideration under the preceding clause (b)
does not have a rating from S&P or Moody’s, then the rating of the entity
specified by the Rating Agencies shall apply, or (ii) with respect to which the
Rating Agency Condition with respect to each Series of Notes Outstanding shall
have been satisfied; provided, however, that upon the occurrence
of a Manufacturer Event of Default with respect to any such Manufacturer, such
Manufacturer shall no longer qualify as an Eligible Program Manufacturer.

“Eligible Program Vehicle” means a Program
Vehicle that is subject to an Eligible Manufacturer Program on the Vehicle
Operating Lease Commencement Date for such Program Vehicle, unless it is
redesignated as a Non-Program Vehicle pursuant to Section 2.6 of the HVF
Lease.

“Eligible Vehicle” means an HVF Vehicle (i)
that is not older than forty-eight (48) months from the date of the original
manufacturer invoice therefore, (ii) the Certificate of Title for which is in
the name of the Hertz Vehicles LLC, as nominee titleholder for HVF and notes
the Collateral Agent as the first lienholder (other than (x) with respect to an
Initial Hertz Vehicle, for which the Certificate of Title shall be in the name
of Hertz, (y) with respect to a Service Vehicle, for which the Certificate of
Title shall be in the name of HFC and (z) in the case of clauses (x) and (y)
above, each Certificate of Title described therein shall not note any lien
thereon, including, without limitation, the lien of the Collateral Agent) (or,
the Certificate of Title has been submitted to the appropriate state
authorities for such retitling and notation), (iii) that is owned by HVF free
and clear of all Liens other than Permitted Liens and (iv) that is designated
as an HVF Vehicle in accordance with the Collateral Agency Agreement.

“Enhancement” means, with respect to any Series
of Notes, the rights and benefits provided to the Noteholders of such Series of
Notes pursuant to any letter of credit, surety bond, cash collateral account,
overcollateralization, issuance of subordinated Notes, spread account,
guaranteed rate agreement, maturity guaranty facility, tax protection
agreement, interest rate swap or any other similar arrangement.

“Enhancement Agreement” means any contract,
agreement, instrument or document governing the terms of any Enhancement or
pursuant to which any Enhancement is issued or outstanding.

“Enhancement Amount” has the meaning specified,
with respect to any Series of Notes, in the applicable Series Supplement.

 11
 

“Enhancement Deficiency” has the meaning
specified, with respect to any Series of Notes, in the applicable Series
Supplement.

“Enhancement Provider” means the Person
providing any Enhancement as designated in the applicable Series Supplement,
other than any Noteholders the Notes of which are subordinated to any Class of
the Notes of the same Series.

“ERISA” means the Employee Retirement Income
Security Act of 1974, as amended, and any successor statute of similar import,
in each case as in effect from time to time. References to sections of ERISA
also refer to any successor sections.

“Escrow Agent” has the meaning specified in
Section 1.1 of the Escrow Agreement.

“Escrow Agreement” means the Escrow Agreement,
dated as of the Restatement Effective Date, among the Escrow Agent, the
Intermediary, Hertz, HVF and HGI, as amended, modified or supplemented from
time to time in accordance with its terms, or any replacement escrow agreement
entered into pursuant to Section 5.01(e) of such escrow agreement (or the
comparable provision of a replacement escrow agreement), as amended, modified
or supplemented from time to time in accordance with its terms.

“Euroclear” means Euroclear Bank, S.A./N.V., as
operator of the Euroclear System.

“Event of Bankruptcy” shall be deemed to have
occurred with respect to a Person if:

(a)  a case or
other proceeding shall be commenced, without the application or consent of such
Person, in any court, seeking the liquidation, reorganization, debt
arrangement, dissolution, winding up, or composition or readjustment of debts
of such Person, the appointment of a trustee, receiver, custodian, liquidator,
assignee, sequestrator or the like for such Person or all or any substantial
part of its assets, or any similar action with respect to such Person under any
law relating to bankruptcy, insolvency, reorganization, winding up or
composition or adjustment of debts, and such case or proceeding shall continue
undismissed, or unstayed and in effect, for a period of 60 consecutive days; or
an order for relief in respect of such Person shall be entered in an
involuntary case under the federal bankruptcy laws or other similar laws now or
hereafter in effect; or

(b)  such Person
shall commence a voluntary case or other proceeding under any applicable
bankruptcy, insolvency, reorganization, debt arrangement, dissolution or other
similar law now or hereafter in effect, or shall consent to the appointment of
or taking possession by a receiver, liquidator, assignee, trustee, custodian,
sequestrator (or other similar official) for such Person or for any substantial
part of its property, or shall make any general assignment for the benefit of
creditors; or

 12
 

(c)  the board
of directors of such Person (if such Person is a corporation or similar entity)
shall vote to implement any of the actions set forth in clause (b) above.

“Excess Damage Charges” means, with respect to
any Program Vehicle, the amount charged or deducted from the Repurchase Price
by the Manufacturer of such Vehicle due to (a) damage over a prescribed limit,
(b), if applicable, damage not subject to a prescribed limit and (c) missing
equipment, in each case with respect to such Vehicle at the time that such
Vehicle is turned in to such Manufacturer or its agent for repurchase or
Auction pursuant to the applicable Manufacturer Program.

“Excess Mileage Charges” means, with respect to
any Program Vehicle, the amount charged or deducted from the Repurchase Price,
by the Manufacturer of such Vehicle due to the fact that such Vehicle has
mileage over a prescribed limit at the time that such Vehicle is turned in to
such Manufacturer or its agent for repurchase or Auction pursuant to the
applicable Manufacturer Program.

“Exchange Act” means the Securities Exchange
Act of 1934, as amended.

“Excluded Payments” means (a) all incentive
payments payable by a Manufacturer to purchase Vehicles (but not any amounts
payable by a Manufacturer as an incentive for selling Program Vehicles outside
of the related Manufacturer Program), (b) all amounts payable by a Manufacturer
as compensation for the preparation of newly delivered vehicles, (c) all
amounts payable by a Manufacturer as compensation for interest payable after
the purchase price for a Vehicle is paid and (d) all amounts payable by a
Manufacturer in reimbursement for warranty work performed by or on behalf of
HVF on the Vehicles.

“Expected Final Payment Date” means, with
respect to any Series of Notes, the date stated in the applicable Series
Supplement as the date on which such Series of Notes is expected to be paid in
full.

“FDIC” means the Federal Deposit Insurance
Corporation.

“Finance Guide” means the Black Book Official
Finance/Lease Guide.

“Financial Officer” means, with respect to any
Person, the chief financial officer, vice president-finance, principal
accounting officer, controller or treasurer of such Person.

“Fitch” means Fitch Ratings.

“Ford” means Ford Motor Company, a Delaware
corporation, and its successors.

“Ford Letter of Credit”
means an irrevocable letter of credit issued for the account of Ford or an
affiliate thereof in favor of the Trustee for the benefit of a Series of Notes
or a class of a Series of Notes.

“Ford Reimbursement
Obligations” means any and all obligations of HVF in respect of a Ford
Letter of Credit set forth in any Series Supplement; provided, however
that no 

 13
 

Ford Reimbursement
Obligation in respect of a disbursement made under a Ford Letter of Credit
shall arise until such time as Ford has reimbursed the provider of such Ford
Letter of Credit for such disbursement.

“GAAP” means the generally accepted accounting
principles promulgated or adopted by the Financial Accounting Standards Board
and its predecessors and successors from time to time.

“General Intangibles” means “general intangible” within the
meaning of Section 9-102(a)(42) of Revised Article 9.

“General Intangibles Collateral” means HVF’s
right, title and interest in, to and under all of the assets, property and
interests in property, whether now owned or hereafter acquired or created, as
described in Section 3.1(a)(i) and (v) of this Base Indenture.

“GM” means General Motors Corporation, a
Delaware corporation, and its successors.

“Governmental Authority” means any Federal,
state, local or foreign court or governmental department, commission, board,
bureau, agency, authority, instrumentality or regulatory body.

“Guaranteed Depreciation Program” means a
guaranteed depreciation program pursuant to which a Manufacturer has agreed to
(a) cause Vehicles manufactured by it or one of its Affiliates that are turned
back during the specified Repurchase Period to be sold by an auction dealer,
(b) cause the proceeds of any such sale to be deposited in a Collateral Account
by such auction dealer promptly following such sale and (c) pay to HVF or the
Intermediary the excess, if any, of the guaranteed payment amount with respect
to any such Vehicle calculated as of the Turnback Date in accordance with the
provisions of such guaranteed depreciation program over the amount deposited in
a Collateral Account by an auction dealer pursuant to clause (b) above.

“Hertz” means The Hertz Corporation, a Delaware
corporation, and its successors.

“Hertz Contribution Agreement” means the
Contribution Agreement, dated as of the Restatement Effective Date, between
Hertz and HVF, as the same may be amended, restated, modified or supplemented
from time to time in accordance with its terms.

“Hertz Nominee” means Hertz, as nominee
titleholder for HVF pursuant to the Hertz Nominee Agreement.

“Hertz Nominee Agreement” means the Vehicle
Title Nominee Agreement, dated as of the Restatement Effective Date, among
Hertz, HVF and the Collateral Agent, as the same may be amended, restated,
modified or supplemented from time to time in accordance with its terms.

“Hertz Nominee Power of Attorney” means a power
of attorney in the form of Exhibit A-2 to the Hertz Nominee Agreement.

 14
 

“Hertz Vehicles LLC” means Hertz Vehicles LLC,
a Delaware limited liability company, and its successors.

“HFC” means Hertz Funding Corp., a Delaware
corporation, and its successors.

“HFC Nominee” means HFC, as nominee titleholder
for HVF pursuant to the HFC Nominee Agreement.

“HFC Nominee Agreement” means the Vehicle Title
Nominee Agreement, dated as of the Restatement Effective Date, among HFC, HVF,
Hertz and the Collateral Agent, as the same may be amended, restated, modified
or supplemented from time to time in accordance with its terms.

“HFC Nominee Power of Attorney” means a power
of attorney in the form of Exhibit A-2 to the HFC Nominee Agreement.

“HFC Purchase Agreement” means the Purchase
Agreement, dated as of the Restatement Effective Date, between HFC and HVF, as
the same may be amended, restated, modified or supplemented from time to time
in accordance with its terms.

“HGI” means Hertz General Interest LLC, a
Delaware limited liability company, and its successors.

“HGI Account” means concentration account no.
323242723, held at JPMorgan Chase Bank in the name of Hertz General Interest
LLC.

“HGI Credit Facility” means the Credit and
Security Agreement dated as of September 18, 2002, between HGI and Hertz, as
amended, modified or supplemented from time to time in accordance with its
terms.

“HGI Eligible Vehicle” means a HGI Vehicle (i)
that is not older than forty-eight (48) months from the date of the original
manufacturer invoice therefore, (ii) the Certificate of Title for which is in
the name of the Hertz Vehicles LLC, as nominee titleholder for HGI and notes
the Collateral Agent as the first lienholder (or the Certificate of Title has
been submitted to the appropriate state authorities for such notation), (iii)
that is owned by HGI free and clear of all Liens other than Permitted Liens and
(iv) that is designated as a HGI Vehicle in accordance with the Collateral
Agency Agreement.

“HGI Exchange Account” has the meaning
specified in Section 1.1 of the Master Exchange Agreement.

“HGI Lease” means the Amended and Restated
Master Motor Vehicle Operating Lease and Servicing Agreement, dated as of the
Restatement Effective Date, between HGI, as lessor thereunder, and Hertz, as
lessee and as servicer, as the same may be amended, restated, modified or
supplemented from time to time in accordance with its terms.

 15
 

“HGI LLC Agreement” means the Amended and
Restated Limited Liability Company Agreement of HGI, dated as of Restatement
Effective Date, as amended, modified or supplemented from time to time in
accordance with its terms.

“HGI Management Agreement” means each of the
Management Agreements with one or more of the members of the Board of Directors
of HGI, as amended, modified or supplemented from time to time in accordance
with its terms.

“HGI Vehicle” means a passenger automobile or
light-duty truck which is owned by HGI and leased by HGI to the Lessee pursuant
to the HGI Lease.

“HGI Vehicle Collateral” has the meaning
specified in Section 2.1(b) of the Collateral Agency Agreement.

“Honda” means
American Honda Motor Co., Inc., a California corporation, and its successors.

“HVF” means Hertz Vehicle Financing LLC, a
Delaware limited liability company, and its successors.

“HVF Credit Facility” means the Credit Agreement,
in the form attached as Exhibit B to the Base Indenture, to be entered
into between HVF and Hertz, as amended, modified or supplemented from time to
time in accordance with its terms.

“HVF Exchange Account” has the meaning
specified in Section 1.1 of the Master Exchange Agreement.

“HVF Lease” means the Master Motor
Vehicle Operating Lease and Servicing Agreement, dated as of the Restatement
Effective Date, between HVF, as lessor thereunder, and Hertz, as lessee and as
servicer, as the same may be amended, restated, modified or supplemented from
time to time in accordance with its terms.

“HVF LLC Agreement” means the Amended and
Restated Limited Liability Company Agreement of HVF, dated as of the
Restatement Effective Date, as amended, modified or supplemented from time to
time in accordance with its terms.

“HVF Management Agreement” means each of the
Management Agreements with one or more of the members of the Board of Directors
of HVF, as amended, modified or supplemented from time to time in accordance with
its terms.

“HVF Vehicle” means a passenger automobile or
light-duty truck (including any Initial Hertz Vehicle or Service Vehicle) which
is owned by HVF and leased by HVF to the Lessee pursuant to the HVF Lease
(including any such Vehicle that constitutes Replacement Property under, and as
defined in, the Master Exchange Agreement).

“HVF Vehicle Collateral” has the meaning
specified in Section 2.1(a) of the Collateral Agency Agreement.

 16
 

“Hyundai” means Hyundai Motor America
Corporation, a California corporation, and its successors.

“IHV Transfer Value” means with respect to each
Initial Hertz Vehicle, the net book value of such Initial Hertz Vehicle, as
recorded on the books and records of Hertz (with appropriate adjustments for
depreciation) at the time of the contribution of each Initial Hertz Vehicle to
HVF pursuant to Section 1.01 of the Hertz Contribution Agreement.

“Indebtedness”, as applied to any Person,
means, without duplication, (a) all indebtedness for borrowed money, (b) that
portion of obligations with respect to any lease of any property (whether real,
personal or mixed) that is properly classified as a liability on a balance
sheet in conformity with GAAP, (c) notes payable and drafts accepted
representing extensions of credit whether or not representing obligations for
borrowed money, (d) any obligation owed for all or any part of the deferred
purchase price for property or services, which purchase price is (i) due more
than six months from the date of the incurrence of the obligation in respect
thereof or (ii) evidenced by a note or similar written instrument, (e) all
indebtedness secured by any Lien on any property or asset owned by that Person
regardless of whether the indebtedness secured thereby shall have been assumed
by that Person or is nonrecourse to the credit of that Person, and (f) all
Contingent Obligations of such Person in respect of any of the foregoing.

“Indemnified Person” has the meaning specified
in Section 2 of the Indemnification Agreement.

“Indemnification Agreement” means the Amended
and Restated Indemnification Agreement, dated as of the Restatement Effective
Date, among Hertz, Hertz Vehicles LLC, HGI and HVF, as amended, modified or
supplemented from time to time in accordance with its terms.

“Indenture” means the Base Indenture, together
with all Series Supplements, as amended, modified or supplemented from time to
time by Supplements thereto in accordance with its terms.

“Indenture Collateral” has the meaning
specified in Section 3.1 of the Base Indenture.

“Independent Director” has the meaning
specified in Schedule A to each of the LLC Agreement, the HVF LLC
Agreement and the HGI LLC Agreement.

“Ineligible Asset Amount” means, as of any date
of determination, an amount equal to the sum (without duplication) of the following
amounts to the extent that such amounts are included in clauses (i)
through (x) of the definition of Aggregate Asset Amount for such date:
(a) the aggregate amount of all Manufacturer Receivables (other than Excluded
Payments) as of such date payable to HVF or to the Intermediary pursuant to the
Master Exchange Agreement, in each case, by a Manufacturer with respect to
which a Manufacturer Event of Default specified in clause (i) or (ii)
of the definition thereof has occurred with respect to HVF Vehicles that were
Eligible Vehicles when turned in to and accepted by such Manufacturer or
delivered and accepted for Auction, plus (b) the aggregate amount of all
Manufacturer Receivables (other than Excluded Payments) as of such date payable
to HVF or to the Intermediary pursuant to the Master Exchange Agreement, in
each case, by a Manufacturer which is an Eligible Program 

 17
 

Manufacturer with respect to HVF Vehicles that were
Eligible Vehicles when turned in to and accepted by such Manufacturer or
delivered and accepted for Auction which amounts are unpaid more than one
hundred (100) days past the applicable Due Date, plus (c) the aggregate of all
amounts specified in clause (iv) of the definition of “Aggregate Asset
Amount” which are unpaid more than forty-five (45) days past the applicable
Disposition Date, plus (d) the aggregate of all amounts specified in clause
(v) of the definition of “Aggregate Asset Amount” which are unpaid sixty
(60) days or more past the applicable Disposition Date, plus (e) the aggregate
of all amounts specified in clauses (vi),  (vii) and (x) of
the definition of “Aggregate Asset Amount” which are past due as of such date
and in respect of which any grace period provided for in the HVF Lease for the
making of such payments has expired, plus (f) the aggregate of all amounts
specified in clause (viii) of the definition of “Aggregate Asset Amount”
which are unpaid more than five Business Days past the date on which the
related Rejected Vehicle was rejected by the Lessee pursuant to Section
1.05(b) of the Purchase Agreement, plus (g) the aggregate of all amounts
specified in clause (ix) of the definition of “Aggregate Asset Amount”
which are payable to HVF or to the Intermediary pursuant to the Master Exchange
Agreement, in each case, by a Manufacturer which was an Eligible Program
Manufacturer with respect to which a Manufacturer Event of Default specified in
clause (i) or (ii) of the definition thereof has occurred or
which are unpaid more than sixty (60) days past the due date thereof, plus (h)
the amount by which (x) the aggregate of all amounts specified in clause (v)
of the definition of “Aggregate Asset Amount” which are unpaid more than
fifteen (15) days but less than sixty (60) days past the applicable Disposition
Date exceeds (y) 1% of the Aggregate Asset Amount on such date plus (i) the
amount by which (x) the aggregate of all amounts specified in clauses (i)
and (ii) of the definition of “Aggregate Asset Amount” attributable to
Initial Hertz Vehicles exceeds (y) the Maximum Initial Hertz Vehicle Amount
plus (j) the amount by which (x) the aggregate of all amounts specified in clauses
(i) and (ii) of the definition of “Aggregate Asset Amount”
attributable to Service Vehicles exceeds (y) the Maximum Service Vehicle Amount
plus (k) the Ineligible Non-Investment Grade Manufacturer Receivable Amount.

“Ineligible Non-Investment Grade Manufacturer
Receivable Amount” means, as of any date of determination, with respect to
each Non-Investment Grade Manufacturer, an amount equal to the sum (without
duplication) of the following amounts to the extent that such amounts are
included in clauses (i) through (x) of the definition of
Aggregate Asset Amount for such date: 
(a) the aggregate amount of Manufacturer Receivables (other than
Excluded Payments) payable to HVF or to the Intermediary pursuant to the Master
Exchange Agreement, in each case, as of such date by such Non-Investment Grade
Manufacturer with respect to Vehicles that are Eligible Vehicles and Eligible
Program Vehicles when turned in to and accepted by such Non-Investment Grade
Manufacturer or delivered and accepted for Auction, plus (b) the aggregate
amount of Manufacturer Receivables (other than Excluded Payments) payable to
HVF or to the Intermediary pursuant to the Master Exchange Agreement, in each
case, as of such date by such Non-Investment Grade Manufacturers with respect
to Vehicles that were Eligible Vehicles but not Eligible Program Vehicles when
turned in to and accepted by such Non-Investment Grade Manufacturer or delivered
and accepted for Auction; provided, that the definition of “Ineligible
Non-Investment Grade Manufacturer Receivable Amount” may be amended by HVF,
subject to satisfaction of the Rating Agency Condition with respect to such
amendment; provided further that any Non-Investment Grade Manufacturer
may be excluded from this definition by HVF, subject to satisfaction of the
Rating Agency Condition with respect to such exclusion.

 18
 

“Ineligible Vehicle” means an HVF Vehicle that
is not an Eligible Vehicle.

“Initial Closing Date” means the date on which
the initial Series of Notes is issued pursuant to the Indenture.

“Initial Determination Date” means, with
respect to any Vehicle, the Determination Date with respect to the Related
Month in which a Vehicle Operating Lease Commencement Date for such Vehicle
occurs.

“Initial Hertz Vehicles” means, solely during
the period commencing on the Acquisition Date and ending 180 days from the
Acquisition Date, a passenger automobile or light-duty truck which is
contributed by Hertz to HVF on or prior to the Acquisition Date pursuant to the
Hertz Contribution Agreement and leased by HVF to the Lessee pursuant to the
HVF Lease (including any such Vehicle that constitutes Replacement Property
under and as defined in the Master Exchange Agreement) and (i) that is not
older than forty-eight (48) months from the date of the original manufacturer
invoice therefore, (ii) the Certificate of Title for which is in the name of
Hertz and shall not note any lien thereon, including, without limitation, the
lien of the Collateral Agent (or the Certificate of Title has been submitted to
the appropriate state authorities for retitling and notation of the lien of the
Collateral Agent as the first lienholder), (iii) that has been made subject to
the Hertz Nominee Agreement, (iv) that is owned by HVF free and clear of all
Liens other than Permitted Liens and (v) that is designated as an HVF Vehicle
in accordance with the Collateral Agency Agreement.  For the avoidance of doubt, with respect to
any passenger automobile or light-duty truck, from and after receipt by the
Servicer or a Servicer’s Agent, as agent of, and custodian for, the Collateral
Agent, or its designated agents, of a Certificate of Title with respect to such
passenger automobile or light-duty truck which is in the name of Hertz Vehicles
LLC, as nominee titleholder for HVF, and which notes the Collateral Agent as
the first lienholder, such passenger automobile or light-duty truck shall not
constitute an Initial Hertz Vehicle.  In
addition, for the avoidance of doubt, from and after the expiration of the
period ending 180 days from the Acquisition Date, no passenger automobile or
light-duty truck shall constitute an Initial Hertz Vehicle.

“Initial Principal Amount” means, with respect
to any Series of Notes, the aggregate initial principal amount specified in the
applicable Series Supplement.

“In-Service Date” means, with respect to (i)
any Vehicle subject to a Manufacturer Program, the date on which depreciation
related to such Vehicle begins to accrue under such Manufacturer Program and
(ii) any Vehicle not subject to a Manufacturer Program, the date designated by
the Servicer in respect of such Non-Program Vehicle in the Monthly Servicing
Certificate for the Related Month in which the Vehicle Operating Lease
Commencement Date for such Non-Program Vehicle occurs.

“Interest Collections” means on any date of
determination all Collections which represent payments of Monthly Variable Rent
under the HVF Lease plus any amounts earned on Permitted Investments in the
Collection Account which are available for distribution on such date.

 19
 

“Interest Period” means, with respect to any
Series of Notes, the period specified in the applicable Series Supplement.

“Intermediary” means the Person acting in the
capacity of Qualified Intermediary pursuant to the Master Exchange Agreement.

“Invested Percentage” means, with respect to
any Series of Notes, the percentage specified in the applicable Series
Supplement.

“Investment Company Act” means the Investment
Company Act of 1940, as amended.

“Investment Property” has the meaning specified
in Section 9-102(a)(49) of the applicable UCC.

“Invoice Adjustment” has the meaning specified
in Section 1.05(d) of the Purchase Agreement.

“Jaguar” means Jaguar Cars, a division of Ford
Motor Company, and its successors.

“Kia” means Kia Motors America, Inc., a
California corporation, and its successors.

“Land Rover” means Land Rover North America,
Inc., a Delaware corporation, and its successors.

“Lease” means either the HVF Lease or the HGI
Lease.

“Lease Payment Default” means the occurrence of
any event described in Section 17.1.1 of the HVF Lease.

“Lease Payment Deficit” means, for any Related
Month, an amount equal to the excess, if any, of (a) the aggregate amount of
payments required to be made under the HVF Lease with respect to the Related
Month over (b) the aggregate amount of payments actually received by HVF under
the HVF Lease with respect to the Related Month.

“Lessee” means Hertz, in its capacity as the
lessee under the HVF Lease and the HGI Lease.

“Lessor” means HVF, in its capacity as the
lessor under the HVF Lease.

“Lexus” means Lexus, a division of Toyota, and
its successors.

“Lien” means, when used with respect to any
Person, any interest in any real or personal property, asset or other right
held, owned or being purchased or acquired by such Person which secures payment
or performance of any obligation, and shall include any mortgage, lien, pledge,
encumbrance, charge, retained security title of a conditional vendor or 

 20
 

lessor, or other security interest of any kind,
whether arising under a security agreement, mortgage, lease, deed of trust,
chattel mortgage, assignment, pledge, retention or security title, financing or
similar statement, or notice or arising as a matter of law, judicial process or
otherwise.

“Limited Liquidation Event of Default” means,
with respect to any Series of Notes, any event specified as such in the
applicable Series Supplement.

“Liquidation Event of Default” means, so long
as such event or condition continues, any of the following: (a) any Lease
Payment Default,
(b) an Event of Bankruptcy with respect to Hertz, Hertz Vehicles LLC, HGI or
HVF or (c) an Operating Lease Event of
Default in respect of a breach by the Lessee of its agreements set forth in
Section 18(a) of the HVF Lease.

“LLC Agreement” means the Amended and Restated
Limited Liability Company Agreement of Hertz Vehicles LLC, dated as of
September 18, 2002, as amended, modified or supplemented from time to time in
accordance with its terms.

“Luxembourg Agent” has the meaning specified in
Section 2.4(c) of the Base Indenture.

“Management Agreement” means each of the
Management Agreements with one or more of the members of the Board of Directors
of Hertz Vehicles LLC, as amended, modified or supplemented from time to time
in accordance with its terms.

“Manufacturer” means a manufacturer or
distributor of passenger automobiles and/or light-duty trucks.

“Manufacturer Event of Default” means with
respect to any Manufacturer, (i) there shall be Past Due Amounts owing to
Hertz, HGI, HVF or the Intermediary with respect to such Manufacturer in an
amount equal to or in excess of the lesser of (x) $25 million and (y) the then
outstanding aggregate amount of repurchase obligations of such Manufacturer
under its Manufacturer Program in respect of all Vehicles, in each case, net of
Past Due Amounts aggregating no more than $50 million, (A) that are the subject
of a good faith dispute as evidenced in a writing by Hertz, HGI, HVF or the
Manufacturer questioning the accuracy of amounts paid or payable in respect of
certain Vehicles tendered for repurchase under a Manufacturer Program (as
distinguished from any dispute relating to the repudiation by such Manufacturer
generally of its obligations under such Manufacturer Program or the assertion
by such Manufacturer of the invalidity or unenforceability as against it of
such Manufacturer Program) and (B) with respect to which Hertz, HGI or HVF, as
the case may be, has provided adequate reserves as reasonably determined by
such Person, (ii) the occurrence of an Event of Bankruptcy with respect to such
Manufacturer and such Manufacturer has not assumed its Manufacturer Program in
accordance with the Bankruptcy Code or (iii) the termination of such
Manufacturer’s Manufacturer Program or the failure of such Manufacturer’s
Repurchase Program or Guaranteed Depreciation Program to qualify as a
Manufacturer Program.

“Manufacturer Program” means at any time any
Repurchase Program or Guaranteed Depreciation Program that is in full force and
effect with a Manufacturer (i) pursuant to which the repurchase price or
guaranteed auction sale price is at least equal to the Capitalized 

 21
 

Cost of each Vehicle, minus all Depreciation Charges
accrued with respect to such Vehicle prior to the date that the Vehicle is
submitted for repurchase, minus Excess Mileage Charges, minus Excess Damage
Charges, (ii) that cannot be amended or terminated with respect to any Vehicle
after the purchase of that Vehicle, and (iii) the assignment of the benefits of
which to HVF and the Collateral Agent has been acknowledged in writing by the
related Manufacturer in the form of an Assignment Agreement.

“Manufacturer Receivable” means an amount due
from a Manufacturer or an auction dealer under a Manufacturer Program in
respect of or in connection with a Program Vehicle disposed of in accordance
with such Manufacturer Program.

“Market Value” means, with respect to any
Vehicle as of any date of determination, the wholesale market value of such
Vehicle as specified in the Related Month’s published NADA Guide for the model
class and model year of such Vehicle based on the average equipment and the
average mileage of each vehicle of such model class and model year; provided,
that if the NADA Guide is not being published or the NADA Guide is being
published but such Vehicle is not included therein, the Finance Guide at the
beginning of the model year shall be used to estimate the wholesale market
value of the Vehicle, based on the Vehicle’s model class and model year or the
closest model class and model year thereto and a vehicle condition of “average”
(as defined in the Finance Guide); provided, further, that if the
Finance Guide is not being published or the Finance Guide is being published
but such Vehicle or a reasonably similar model class and model year is not
included therein, the wholesale market value of such Vehicle shall be based on
an independent third-party data source, and determined in accordance with a
methodology, with respect to which the Rating Agency Condition with respect to
each Series of Notes Outstanding shall have been satisfied; provided,
further, that if no such third-party data source or methodology shall have been
so approved or any such third-party source or methodology is not available, the
wholesale market value of such Vehicle shall be equal to a reasonable estimate
of the wholesale market value of such Vehicle as determined by the Servicer,
based on the Net Book Value of such Vehicle and any other factors deemed
relevant by the Servicer.

“Master Exchange Agreement” means the Master
Exchange Agreement, dated as of the Restatement Effective Date, among Hertz,
HVF, HGI, the Intermediary and J.P. Morgan Property Holdings LLC, as
amended, modified or supplemented from time to time in accordance with its
terms.

“Material Adverse Effect” means, with respect
to any occurrence, event or condition:

1.     a material adverse change in the financial condition, business,
assets or operations of Hertz and its Consolidated Subsidiaries;

2.     a material adverse effect on the ability of Hertz, the Hertz
Nominee, the HFC Nominee, Hertz Vehicles LLC, HGI, HVF or the Qualified
Intermediary to perform its obligations under any of the Related Documents;

 22

3.     a material adverse effect on HVF’s interest in the HVF Vehicles
or the Manufacturer Receivables; or

4.     an adverse effect on (i) the validity or enforceability of any
Related Document or (ii) on the validity, status, perfection or priority of the
Lien of the Trustee in the Indenture Collateral or of the Collateral Agent in
the HVF Vehicle Collateral; provided that with respect to the Initial
Hertz Vehicles and the Service Vehicles, the lack of the notation of the lien
of the Collateral Agent on the Certificates of Title related to such Vehicles
to the extent provided under the Related Documents, shall not constitute a
Material Adverse Effect.

“Maximum Initial Hertz Vehicle Amount” means
during the period (i) from and including the Restatement Effective Date to but
excluding the 90th day following the Restatement Effective Date, $480,000,000 of the Adjusted
Aggregate Asset Amount, (ii) from and including the 90th day following the
Restatement Effective Date to but excluding the 180th day following the Restatement
Effective Date, $270,000,000 of
the Adjusted Aggregate Asset Amount and (iii) thereafter, $0.

“Maximum Lease Termination Date” means, with
respect to any Vehicle, the earlier of (x) the last Business Day of the month
that is 36 months after the month in which the Vehicle Operating Lease
Commencement Date occurs with respect to such Vehicle and (y) the last Business
Day of the month that is 47 months after the date of original invoice for such
Vehicle.

“Maximum Manufacturer Amount” means, as of any
date of determination, with respect to a particular Manufacturer or group of
Manufacturers, the lowest Maximum Manufacturer Amount with respect to such
Manufacturer or group of Manufacturers specified with respect to such
Manufacturer or group of Manufacturers in any Series Supplement under which
Notes are Outstanding as of such date.

“Maximum Non-Eligible Manufacturer Amount”
means, as of any date of determination, the lowest Maximum Non-Eligible
Manufacturer Amount specified in any Series Supplement under which Notes are
Outstanding as of such date.

“Maximum Non-Eligible Vehicle Amount” means, as
of any date of determination, the lowest Maximum Non-Eligible Vehicle Amount
specified in any Series Supplement under which Notes are Outstanding as of such
date.

“Maximum Service Vehicle Amount” means,
$35,000,000.

“Maximum Term” has the meaning specified in Section
3.1 of the HVF Lease.

“Mazda” means Mazda Motor of America, Inc., a
California corporation, d/b/a Mazda North American Operations, and its
successors, provided, that for determination of ratings by the Rating
Agencies, “Mazda” means Mazda Motor Corporation and its successors.

“Measurement Month” on any date, means each
calendar month, or the smallest number of consecutive calendar months,
preceding such date in which at least the lesser of the 

 23
 

following (a) and (b) were sold to third parties, at
auction or otherwise (excluding salvage sales): (a) the greater of (x)
one-twelfth of the number of Non-Program Vehicles as of the last day of such
calendar month or consecutive calendar months and (y) 2,000 and (b) 4,500
Non-Program Vehicles; provided, however, that no calendar month
included in a single Measurement Month shall be included in any other
Measurement Month.

“Mercedes” means, Mercedes Benz USA, a wholly
owned subsidiary of Chrysler, and its successors.

“Minimum Term” has the meaning specified in Section
3.1 of the HVF Lease.

“Mitsubishi” means Mitsubishi Motor Sales of
America, Inc., a California corporation, and its successors.

“Monthly Administration Fee” has the meaning
specified in the Administration Agreement.

“Monthly Base Rent” has the meaning specified
in Section 4.1 of the HVF Lease.

“Monthly Servicing Certificate” has the meaning
specified in Section 4.1(c) of the Base Indenture.

“Monthly Servicing Fee” has the meaning
specified in Section 23 of the HVF Lease.

“Monthly Noteholders’ Statement” means, with
respect to any Series of Notes, a statement substantially in the form of an
Exhibit to the applicable Series Supplement.

“Monthly Variable Rent” has the meaning
specified in Section 4.2 of the HVF Lease.

“Moody’s” means Moody’s Investors Service.

“NADA Guide” means the National Automobile
Dealers Association, Official Used Car Guide, Eastern Edition.

“Net Book Value” means, (a) with respect to each
New Vehicle subject to either Lease, (i) as of any date of determination during
the period from the Vehicle Operating Lease Commencement Date for such New
Vehicle under such Lease to but excluding the Initial Determination Date for
such New Vehicle, the Capitalized Cost of such New Vehicle, (ii) as of the
Initial Determination Date for such New Vehicle, (A) the Capitalized Cost for
such New Vehicle minus (B) the aggregate Depreciation Charges accrued with
respect to such New Vehicle under such Lease through the last day of the
Related Month in which the Vehicle Operating Lease Commencement Date for such
New Vehicle under such Lease occurred and (iii) as of any Determination Date
after the Initial Determination Date for such New Vehicle, (A) the Net Book Value
of such New Vehicle as calculated on the immediately preceding Determination
Date minus (B) the aggregate Depreciation Charges accrued with respect to such
New Vehicle under such Lease during the Related Month (through the last day
thereof), (b) with respect to 

 24
 

each Transferred Vehicle subject to either Lease, (i)
as of any date of determination during the period from the Vehicle Operating
Lease Commencement Date for such Transferred Vehicle under such Lease to but
excluding the Initial Determination Date for such Transferred Vehicle, the
Transfer Price of such Transferred Vehicle paid by the Purchaser of such
Transferred Vehicle pursuant to Section 1.07 of the Purchase Agreement,
(ii) as of the Initial Determination Date for such Transferred HGI Vehicle, (A)
the Transfer Price of such Transferred Vehicle paid by the Purchaser of such
Transferred Vehicle pursuant to Section 1.07 of the Purchase Agreement
minus (B) the aggregate Depreciation Charges accrued with respect to such
Transferred Vehicle under such Lease through the last day of the Related Month
in which the Vehicle Operating Lease Commencement Date for such Transferred
Vehicle under such Lease occurred and (iii) as of any Determination Date after
the Initial Determination Date for such Transferred Vehicle, (A) the Net Book
Value of such Transferred Vehicle as calculated on the immediately preceding
Determination Date minus (B) the aggregate Depreciation Charges accrued with
respect to such Transferred Vehicle under such Lease during the Related Month
(through the last day thereof), (c) with respect to each Initial Hertz Vehicle
subject to the HVF Lease, (i) as of any date of determination during the period
from the Vehicle Operating Lease Commencement Date for such Initial Hertz
Vehicle under such Lease to but excluding the Initial Determination Date for
such Initial Hertz Vehicle, the IHV Transfer Value of such Initial Hertz Vehicle,
(ii) as of the Initial Determination Date for such Initial Hertz Vehicle, (A)
the IHV Transfer Value of such Initial Hertz Vehicle minus (B) the aggregate
Depreciation Charges accrued with respect to such Initial Hertz Vehicle under
such Lease through the last day of the Related Month in which the Vehicle
Operating Lease Commencement Date for such Initial Hertz Vehicle under such
Lease occurred and (iii) as of any Determination Date after the Initial
Determination Date for such Initial Hertz Vehicle, (A) the Net Book Value of
such Initial Hertz Vehicle as calculated on the immediately preceding
Determination Date minus (B) the aggregate Depreciation Charges accrued with
respect to such Initial Hertz Vehicle under such Lease during the Related Month
(through the last day thereof) and (d) with respect to each Service Vehicle
subject to the HVF Lease, (i) as of any date of determination during the period
from the Vehicle Operating Lease Commencement Date for such Service Vehicle
under such Lease to but excluding the Initial Determination Date for such
Service Vehicle, the SV Transfer Price of such Service Vehicle paid by HVF
pursuant to Section 1.02 of the HFC Purchase Agreement, (ii) as of the
Initial Determination Date for such Service Vehicle, (A) the SV Transfer Price
of such Service Vehicle paid by HVF pursuant to Section 1.02 of the HFC
Purchase Agreement minus (B) the aggregate Depreciation Charges accrued with
respect to such Service Vehicle under such Lease through the last day of the
Related Month in which the Vehicle Operating Lease Commencement Date for such
Service Vehicle under such Lease occurred and (iii) as of any Determination
Date after the Initial Determination Date for such Service Vehicle, (A) the Net
Book Value of such Service Vehicle as calculated on the immediately preceding
Determination Date minus (B) the aggregate Depreciation Charges accrued with
respect to such Service Vehicle under such Lease during the Related Month
(through the last day thereof).  After
the Initial Determination Date for a Vehicle, on any day which is not a
Determination Date, the Net Book Value of such Vehicle shall be the Net Book
Value calculated for such Vehicle on the most recent Determination Date.  In connection with a redesignation of an
Eligible Vehicle as either a Program Vehicle or a Non-Program Vehicle in
accordance with Section 2.6 of the HVF Lease, the Net Book Value of such
Vehicle shall be recalculated on the next Determination Date following such
redesignation as if such Vehicle had been designated as a Non-Program Vehicle
(in the case of a redesignated 

 25
 

Program Vehicle) or a Program Vehicle (in the case of
a redesignated Non-Program Vehicle) on the Vehicle Operating Lease Commencement
Date for such Vehicle.

“New HVF Vehicle” means a Vehicle that is
purchased from HGI pursuant to Section 1.05 of the Purchase Agreement.

“New Vehicle” has the meaning specified in Section
1.04 of the Purchase Agreement.

“New Vehicle Schedule” has the meaning
specified in Section 1.04 of the Purchase Agreement.

“Nissan” means Nissan North America, Inc., a
California corporation, and its successors.

“Nominee” means Hertz Vehicles LLC, as nominee
titleholder for each of HGI and HVF pursuant to the Nominee Agreement.

“Nominee Agreement” means the Amended and
Restated Vehicle Title Nominee Agreement dated as of September 18, 2002 among
Hertz Vehicles LLC, HVF, HGI, and the Collateral Agent, as amended, modified or
supplemented from time to time in accordance with its terms.

“Nominee Power of Attorney” means a power of
attorney in the form of Exhibit A to the Nominee Agreement.

“Non-Eligible Program Vehicle” means a Program
Vehicle that is not an Eligible Program Vehicle on the Vehicle Operating Lease
Commencement Date for such Program Vehicle.

“Non-Investment Grade Manufacturer” has the
meaning specified, with respect to any Series, in the applicable Series
Supplement.

“Non-Program Vehicle” means an HVF Vehicle that
is not subject to a Manufacturer Program on the Vehicle Operating Lease
Commencement Date for such HVF Vehicle or which is redesignated as a
Non-Program Vehicle pursuant to Section 2.6 of the HVF Lease.

“Non-Program Vehicle Special Default Payments”
has the meaning specified in Section 13.3 of the HVF Lease.

“Noteholder” and “Holder” means the
Person in whose name a Note is registered in the Note Register.

“Note Obligations” means all principal and
interest, at any time and from time to time, owing by HVF on the Notes and all
costs, fees and expenses payable by, or obligations of, HVF under the Indenture
and/or the Related Documents.

 26
 

“Note Owner” means, with respect to a
Book-Entry Note, the Person who is the beneficial owner of such Book-Entry
Note, as reflected on the books of the Clearing Agency, or on the books of a
Person maintaining an account with such Clearing Agency (directly or as an
indirect participant, in accordance with the rules of such Clearing Agency).

“Note Rate” means, with respect to any Series
of Notes, the annual rate at which interest accrues on the Notes of such Series
of Notes (or formula on the basis of which such rate shall be determined) as
stated in the applicable Series Supplement.

“Note Register” means the register maintained
pursuant to Section 2.5(a) of the Base Indenture, providing for the
registration of the Notes and transfers and exchanges thereof.

“Notes” has the meaning specified in the
recitals to the Base Indenture.

“Officer’s Certificate” means a certificate
signed by an Authorized Officer of Hertz, HGI, Hertz Vehicles LLC or HVF, as
the case may be.

“Operating Lease Commencement Date” has the
meaning specified in Section 3.2 of the HVF Lease.

“Operating Lease Event of Default” has the
meaning specified in Section 17.1 of the HVF Lease.

“Operating Lease Expiration Date” has the
meaning specified in Section 3.2 of the HVF Lease.

“Opinion of Counsel” means a written opinion
from legal counsel who is acceptable to the Trustee.  The counsel may be an employee of or counsel
to Hertz, HGI, Hertz Vehicles LLC or HVF, as the case may be.

“Outstanding” has the meaning specified, with
respect to any Series, in the applicable Series Supplement.

“Past Due Amounts” means, with respect to any
Manufacturer, the amount that such Manufacturer (or if such Manufacturer’s
Manufacturer Program is a Guaranteed Depreciation Program, such Manufacturer or
any related auction dealers) shall have failed to pay when due under such
Manufacturer’s Manufacturer Program with respect to a Vehicle turned in to such
Manufacturer with respect to which such failure shall have continued for more
than one hundred (100) days following the Due Date.

“Paying Agent” has the meaning specified in Section
2.5(a) of the Base Indenture.

“Payment Date” means, unless otherwise
specified in any Series Supplement for the related Series of Notes, the 25th
day of each calendar month, or if such date is not a Business Day, the next
succeeding Business Day, commencing on October 25, 2002.

“Permitted Check Payments” means (i) payments
of sales proceeds of HVF Vehicles made by check by auction dealers under the
Manufacturer Program with Chrysler and 

 27
 

(ii) payments made by check by GM, Hyundai and Subaru
under their respective Manufacturer Programs.

“Permitted Investments” means negotiable
instruments or securities, payable in Dollars, issued by an entity organized
under the laws of the United States of America and represented by instruments
in bearer or registered or in book-entry form which evidence (excluding any
security with the “r” symbol attached to its rating):

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

(ii)  demand deposits of, time
deposits in, or certificates of deposit issued by, any depositary institution
or trust company incorporated under the laws of the United States of America or
any state thereof whose short-term debt is rated “P-1” by Moody’s, “A-1+” by
S&P (or as otherwise agreed to by S&P) and, if rated by Fitch, “F1+” by
Fitch (or as otherwise agreed to by Fitch) and subject to supervision and
examination by Federal or state banking or depositary institution authorities; provided,
however, that at the earlier of (x) the time of the investment and (y)
the time of the contractual commitment to invest therein, the certificates of
deposit or short-term deposits, if any, or long-term unsecured debt obligations
(other than such obligation whose rating is based on collateral or on the
credit of a Person other than such institution or trust company) of such
depositary institution or trust company shall have a credit rating from S&P
of “A-1+” (or as otherwise agreed to by S&P), a credit rating from Moody’s
of “P-1” and, if rated by Fitch, a credit rating from Fitch of “F-1+” (or as
otherwise agreed to by Fitch) in the case of certificates of deposit or
short-term deposits, or a rating from S&P not lower than “AA,” a rating from
Moody’s not lower than “Aa2” and, if rated by Fitch, a rating from Fitch not
lower than “AA” in the case of long-term unsecured debt obligations;

(iii)  commercial paper having,
at the earlier of (x) the time of the investment and (y) the time of the contractual
commitment to invest therein, a rating from S&P of “A-1+” (or as otherwise
agreed to by S&P), a rating from Moody’s of “P-1” and, if rated by Fitch, a
rating from Fitch of “F-1+” (or as otherwise agreed to by Fitch);

(iv)  bankers’ acceptances issued
by any depositary institution or trust company described in clause (ii)
above;

(v)  investments in money market
funds rated “AAAm” by S&P, “Aaa” by Moody’s and, if rated by Fitch, “AAA”
by Fitch, or otherwise approved in writing by S&P, Moody’s and Fitch;

(vi)  Eurodollar time deposits
having a credit rating from S&P of “A-1+” (or as otherwise agreed to by
S&P), a credit rating from Moody’s of “P-1” and, if rated by Fitch, a
credit rating from Fitch of “F-1+” (or as otherwise agreed to by Fitch);

(vii)  repurchase agreements
involving any of the Permitted Investments described in clauses (i) and (vi)
above and the certificates of deposit described in clause (ii) above
which are entered into with a depository institution or trust company, having a

 28
 

commercial
paper or short-term certificate of deposit rating of “A-1+” by S&P (or as
otherwise agreed to by S&P), “P-1” by Moody’s and, if rated by Fitch,
“F-1+” by Fitch (or as otherwise agreed to by Fitch) or which otherwise is
approved as to collateralization by the Rating Agencies; and

(viii)  any other instruments or
securities, if the Rating Agencies confirm in writing that the investment in
such instruments or securities will not adversely affect any ratings with
respect to any Series of Notes.

“Permitted Liens” means (i) Liens for current
taxes not delinquent or for taxes being contested in good faith and by
appropriate proceedings, and with respect to which adequate reserves have been
established, and are being maintained, in accordance with GAAP, (ii) mechanics’,
materialmen’s, landlords’, warehousemen’s and carriers’ Liens, and other Liens
imposed by law, securing obligations arising in the ordinary course of business
that are not more than thirty days past due or are being contested in good
faith and by appropriate proceedings and with respect to which adequate
reserves have been established, and are being maintained, in accordance with
GAAP, (iii) Liens in favor of the Trustee pursuant to the Indenture and Liens
in favor of the Collateral Agent pursuant to the Collateral Agency Agreement,
and (iv) Liens in favor of an Enhancement Provider, provided, however,
that such Liens referred to in this clause (iv) are subordinate to the
Liens in favor of the Trustee and the Collateral Agent and have been consented
to by each of the Trustee and the Collateral Agent.

“Person” means any natural person, corporation,
business trust, joint venture, association, company, partnership, limited
liability company, joint stock company, corporation, trust, unincorporated organization
or Governmental Authority.

“Physical Property” means banker’s acceptances,
commercial paper, negotiable certificates of deposits and other obligations
that constitute “instruments” within the meaning of Section 9-102(a)(47) of the
applicable UCC and are susceptible to physical delivery and Certificated
Securities.

“Plan” means any “employee pension benefit
plan”, as such term is defined in ERISA, which is subject to Title IV of ERISA
(other than a “multiemployer plan”, as defined in Section 4001 of ERISA) and to
which any company in the Controlled Group has liability, including any
liability by reason of having been a substantial employer within the meaning of
Section 4063 of ERISA for any time within the preceding five years or by reason
of being deemed to be a contributing sponsor under Section 4069 of ERISA.

“Pool Factor” means, unless a Series of Notes
is issued in more than one Class as stated in the applicable Series Supplement,
a number carried out to seven decimals representing the ratio of the Principal
Amount of such Series as of such Record Date (determined after taking into
account any reduction in the Principal Amount which will occur on the following
Payment Date) to the Initial Principal 
Amount of such Series, and with respect to a Series of Notes having more
than one Class, as specified in the applicable Series Supplement.

“Potential Amortization Event” means any
occurrence or event which, with the giving of notice, the passage of time or
both, would constitute an Amortization Event.

 29
 

“Potential Manufacturer Event of Default” means
an event which, with the giving of notice, the passage of time or both, would
constitute a Manufacturer Event of Default.

“Potential Operating Lease Event of Default”
means any occurrence or event which, with the giving of notice, the passage of
time or both, would constitute an Operating Lease Event of Default.

“Power of Attorney” means a power of attorney
in the form of Exhibit B to the Collateral Agency Agreement.

“Principal Amount” means, with respect to each
Series of Notes, the amount specified in the applicable Series Supplement.

“Principal Collections” means any Collections
other than Interest Collections.

“Principal Distribution Period” means, with
respect to any Series of Notes, the period specified in the applicable Series
Supplement.

“Principal Payment Amount” means, with respect
to any Class of Notes, the amount (or amounts) specified in any applicable
Series Supplement.

“Principal Terms” has the meaning specified in Section
2.3 of the Base Indenture.

“Proceeds” has the meaning specified in Section
9-102(a)(64) of the applicable UCC.

“Program Vehicle” means an HVF Vehicle eligible
under, and subject to, a Manufacturer Program.

“Program Vehicle Special Default Payments” has
the meaning specified in Section 13.3 of the HVF Lease.

“PR Borrower” means Puerto Ricancars Fleet,
LLC, a Puerto Rican special purpose limited liability company established under
the laws of the Commonwealth of Puerto Rico.

“Purchase Agreement” means the Amended and
Restated Participation, Purchase and Sale Agreement dated as of the Restatement
Effective Date by and among HGI, HVF, the Servicer and the Lessee, as amended,
modified or supplemented from time to time in accordance with its terms.

“Purchaser” has the meaning specified in the
recitals to the Purchase Agreement.

“Qualified Institution” means a depository
institution organized under the laws of the United States of America or any
State thereof or incorporated under the laws of a foreign jurisdiction with a
branch or agency located in the United States of America or any State thereof
and subject to supervision and examination by federal or state banking
authorities which at all 

 30
 

times has the Required Rating and, in the case of any
such institution organized under the laws of the United States of America,
whose deposits are insured by the FDIC.

“Qualified Insurer” means a financially sound
and responsible insurance company duly authorized and licensed where required
by law to transact business and having a general policy rating of “A” or better
by A.M. Best Company, Inc.

“Qualified Intermediary” means a Person
satisfying the requirements for a “qualified intermediary” within the meaning
of Section 1031 of the Code and the regulations thereunder.

“Qualified Trust Institution” means an
institution organized under the laws of the United States of America or any
State thereof or incorporated under the laws of a foreign jurisdiction with a
branch or agency located in the United States of America or any State thereof
and subject to supervision and examination by federal or state banking
authorities which at all times (i) is authorized under such laws to act as a
trustee or in any other fiduciary capacity, (ii) has capital, surplus and
undivided profits of not less than $50,000,000 as set forth in its most recent
published annual report of condition, and (iii) has a long term deposits rating
of not less than “BBB-” by S&P, “Baa3” by Moody’s and, unless otherwise
agreed to by Fitch, “BBB-” by Fitch.

“Rapid Amortization Period” means, with respect
to any Series of Notes, the period specified in the applicable Series
Supplement.

“Rating Agency” with respect to any Series of
Notes, has the meaning specified in the applicable Series Supplement.

“Rating Agency Condition” with respect to any
Series of Notes, has the meaning specified in the applicable Series Supplement.

“Reasonably Equivalent Value” has the meaning
specified in Section 1.07 of the Purchase Agreement.

“Record Date” means, with respect to any Series
of Notes and any Payment Date, the date specified in the applicable Series
Supplement.

“Registered Organization” means “registered organization” within
the meaning of Section 9-102(a)(70) of Revised Article 9.

“Registrar” has the meaning specified in Section
2.5(a) of the Base Indenture.

“Rejected Vehicle” has the meaning specified in
Section 1.05(b) of the Purchase Agreement.

“Rejected Vehicle Payment” has the meaning
specified in Section 1.05(b) of the Purchase Agreement.

 31
 

“Rejected Vehicle Schedule” has the meaning
specified in Section 1.05(b) of the Purchase Agreement.

“Related Documents” means, collectively, the
Indenture, the Notes, the Purchase Agreement, the Hertz Contribution Agreement,
the HFC Purchase Agreement, the Nominee Agreement, the Hertz Nominee Agreement,
the HFC Nominee Agreement, the Collateral Agency Agreement, the Indemnification
Agreement, the LLC Agreement, the HVF Credit Facility, any Enhancement
Agreement, the Assignment Agreements, the Administration Agreement, the
Depository Agreements, any agreements relating to the issuance or the purchase
of any Series of Notes, the HVF Lease, the Supplemental Documents relating to
the HVF Lease, the Master Exchange Agreement and the Escrow Agreement.

“Related Month” means, (i) with respect to any
Payment Date or Determination Date, the most recently ended calendar month,
(ii) with respect to any other date, the calendar month in which such date
occurs and (iii) with respect to an Interest Period, the month in which such
Interest Period commences; provided, however, that with respect
to the above clause (i), the initial Related Month shall be the period
from and including the Initial Closing Date to and including the last day of
the calendar month in which the Initial Closing Date occurs.

“Related Vehicle Collateral” has the meaning
specified in Section 5.1(a) of the Collateral Agreement.

“Relinquished Property Proceeds” has the
meaning specified in Section 1.1 of the Master Exchange Agreement.

“Rent” has the meaning specified in Section
4.3 of the HVF Lease.

“Reportable Event” has the meaning specified in
Title IV of ERISA.

“Repurchase Period” means, with respect to any
Program Vehicle, the period during which such Vehicle may be turned in to the
Manufacturer thereof for repurchase or sale at Auction pursuant to the
applicable Manufacturer Program.

“Repurchase Price” with respect to any Program
Vehicle (i) subject to a Repurchase Program means the price paid or payable by
the Manufacturer thereof to repurchase such Program Vehicle pursuant to its
Manufacturer Program and (ii) subject to a Guaranteed Depreciation Program
means the amount which the Manufacturer thereof guarantees will be paid to the
seller of such Program Vehicle by such Manufacturer and/or the related auction
dealers upon the disposition of such Program Vehicle pursuant to its
Manufacturer Program.

“Repurchase Program” means a program pursuant
to which a Manufacturer has agreed to repurchase Vehicles manufactured by such
Manufacturer or one of its Affiliates during the specified Repurchase Period.

“Required Asset Amount” means, with respect to
any Series of Notes, the amount specified in the applicable Series Supplement.

 32
 

“Required Enhancement Amount” means, with
respect to any Series of Notes, the amount specified in the applicable Series
Supplement.

“Required Noteholders” has the meaning
specified, with respect to any Series of Notes, in the applicable Series
Supplement.

“Required Rating” means (i) a short-term
certificate of deposit rating from Moody’s of “P-1,” from S&P of at least
“A-1+” and, if rated by Fitch, from Fitch of at least “F-1+” and (ii) a
long-term unsecured debt rating of not less than “Aa3” by Moody’s, not less
than “AA-” by S&P and, unless otherwise agreed to by Fitch, not less than
“AA-” by Fitch.

“Requirements of Law” means, with respect to
any Person or any of its property, the certificate of incorporation or articles
of association and by-laws, limited liability company agreement, partnership
agreement or other organizational or governing documents of such Person or any
of its property, and any law, treaty, rule or regulation, or determination of
any arbitrator or Governmental Authority, in each case applicable to or binding
upon such Person or any of its property or to which such Person or any of its
property is subject, whether Federal, state or local (including, without
limitation, usury laws, the Federal Truth in Lending Act and retail installment
sales acts).

“Requisite Investors” means Noteholders holding
in excess of 50% of the sum of (a) the Aggregate Principal Amount and (b) the
sum of the unutilized purchase commitments of the Committed Purchasers
(excluding, for the purposes of making the foregoing calculation, any Notes
held by any Affiliate of Hertz (other than a Committed Purchaser or an
Affiliate Issuer)); provided, however that, upon the occurrence
and during the continuance of an Amortization Event with respect to any Series
of Notes held by a Committed Purchaser, the purchase commitment of such
Committed Purchaser shall be deemed to be zero.

“Responsible Officer” means, with respect to
the Collateral Agent, any officer within the corporate trust department of the
Collateral Agent, including any Vice President, Assistant Vice President or
Assistant Treasurer of the Corporate Trust Office, or any trust officer, or any
officer customarily performing functions similar to those performed by the
person who at the time shall be such officers, or to whom any corporate trust
matter is referred because of his knowledge of and familiarity with a
particular subject, or any successor thereto responsible for the administration
of the Collateral Agency Agreement.

“Restatement Effective Date” means December 21, 2005.

“Revised
Article 8” means Article 8 of the New York UCC.

“Revised Article 9” means
Article 9 of the New York UCC.

“Revolving Period” means, with respect to any
Series of Notes, the period specified in the applicable Series Supplement.

“S&P” or “Standard & Poor’s”
means Standard & Poor’s Ratings Services, a division of The McGraw-Hill
Companies, Inc.

 33
 

“Securities Act” means the Securities Act of
1933, as amended.

“Seller” has the meaning specified in the
recitals to the Purchase Agreement.

“Series Account” means any account or accounts
established pursuant to a Series Supplement for the benefit of a Series of
Notes.

“Series Closing Date” means, with respect to
any Series of Notes, the date of issuance of such Series of Notes, as specified
in the applicable Series Supplement.

“Series of Notes” or “Series” means each
Series of Notes issued and authenticated pursuant to the Base Indenture and the
applicable Series Supplement.

“Series-Specific Swap Agreement” means one or
more interest rate swap contracts, interest rate cap agreements or similar
contracts entered into by HVF in connection with the issuance of a Series of
Notes, as specified, and designated as a “Series-Specific Swap Agreement” in
the applicable Series Supplement, providing limited protection against interest
rate risks solely with respect to such Series of Notes.

“Series Supplement” means a supplement to the
Base Indenture complying (to the extent applicable) with the terms of Section
2.3 of the Base Indenture.

“Series Termination Date” means, with respect
to any Series of Notes, the date stated in the applicable Series Supplement as
the termination date.

“Servicer” means Hertz, in its capacity as
servicer under the HVF Lease, the Purchase Agreement and the Collateral Agency
Agreement.

“Servicer Default” has the meaning specified in
Section 17.7 of the HVF Lease.

“Service Vehicles” means, solely during the
period commencing on the Acquisition Date and ending 180 days from the
Acquisition Date, a passenger automobile or light-duty truck which is sold by
HFC to HVF on or prior to the Acquisition Date pursuant to the HFC Purchase
Agreement and leased by HVF to the Lessee pursuant to the HVF Lease (including
any such Vehicle that constitutes Replacement Property under and as defined in
the Master Exchange Agreement) and (i) that is not older than forty-eight (48)
months from the date of the original manufacturer invoice therefore, (ii) the
Certificate of Title for which is in the name of HFC and shall not note any
lien thereon, including, without limitation, the lien of the Collateral Agent
(or the Certificate of Title has been submitted to the appropriate state
authorities for retitling and notation of the lien of the Collateral Agent as
the first lienholder), (iii) that has been made subject to the HFC Nominee
Agreement, (iv) that is owned by HVF free and clear of all Liens other than
Permitted Liens and (v) that is designated as an HVF Vehicle in accordance with
the Collateral Agency Agreement.  For the
avoidance of doubt, with respect to any passenger automobile or light-duty
truck, from and after receipt by the Servicer or a Servicer’s Agent, as agent
of, and custodian for, the Collateral Agent, or its designated agents, of a
Certificate of Title with respect to such passenger automobile or light-duty
truck which is in the name of Hertz Vehicles LLC, as nominee titleholder for
HVF and which notes the Collateral Agent as the first lienholder, such
passenger automobile or light-duty truck shall not constitute a

 34
 

Service Vehicle. 
In addition, for the avoidance of doubt, from and after the expiration
of the period ending 180 days from the Acquisition Date, no passenger
automobile or light-duty truck shall constitute a Service Vehicle.

“Special Default Payments” has the meaning
specified in Section 13.3 of the HVF Lease.

“Special Term” has the meaning specified in Section
3.1 of the HVF Lease.

“Specified Bankruptcy Opinion Provisions” means
the provisions contained in the legal opinions delivered in connection with the
issuance of each Series of Notes or, if applicable, amendments to the Related
Documents relating to the non-substantive consolidation of Hertz and its
Affiliates (other than HGI and Hertz Vehicles LLC) and HVF.

“Subaru” means Subaru of America, Inc., a New
Jersey corporation, and its successors.

“Subsidiary” means, with respect to any Person
(herein referred to as the “parent”), any corporation, partnership, association
or other business entity (a) of which securities or other ownership interests
representing more than 50% of the equity or more than 50% of the ordinary
voting power or more than 50% of the general partnership interests are, at the
time any determination is being made, owned, controlled or held by the parent
or (b) that is, at the time any determination is being made, otherwise
controlled, by the parent or one or more subsidiaries of the parent or by the
parent and one or more subsidiaries of the parent.

“Supplement” means a supplement to the Base
Indenture complying (to the extent applicable) with the terms of Article 12
of the Base Indenture.

“Supplemental Documents” has the meaning
specified in Section 2.1 of the HVF Lease.

“SV Transfer Price” has the meaning specified
in Section 1.02 of the HFC Purchase Agreement.

“Swap Agreement” means one or more interest
rate swap contracts, interest rate cap agreements or similar contracts (other
than a Series-Specific Swap Agreement) entered into by HVF in connection with
the issuance of a Series of Notes, as specified, and designated, as a “Swap
Agreement”, in the applicable Series Supplement, providing limited protection
against interest rate risks.

“Swap Payments” means amounts payable to or
receivable by HVF pursuant to any Swap Agreement.

“Tax Opinion” means an Opinion of Counsel to be
delivered in connection with the issuance of a new Series of Notes to the
effect that, for United States federal income tax purposes, (i) the issuance of
such new Series of Notes will not affect adversely the United States federal
income tax characterization of any Series of Notes Outstanding or Class thereof
that was (based upon an Opinion of Counsel) characterized as debt at the time
of their issuance and (ii)

 35
 

HVF will not be classified as an association or as a
publicly traded partnership taxable as a corporation for United States federal
income tax purposes.

“10-K Report” has the meaning specified in Section
25.5 of the HVF Lease.

“Term” has the meaning specified in Section
3.2 of the HVF Lease.

“Termination Payment” means the collective
reference to Excess Damage Charges, Excess Mileage Charges, early turnback
surcharges and any other similar charges and penalties charged under the
Manufacturer Programs.

“Termination Value” means, with respect to (a)
any Vehicle other than a Transferred Vehicle, as of any date, an amount equal
to (i) the Capitalized Cost of such Vehicle, minus (ii) all Depreciation
Charges for such Vehicle accrued prior to such date under the applicable Lease, (b) any Transferred Vehicle, as of
any date, an amount equal to (i) the Transfer Price previously paid by or on
behalf of HGI or HVF, as the case may be, for such Vehicle pursuant to Section
1.07 of the Purchase Agreement minus (ii) all Depreciation Charges for such
Transferred Vehicle accrued under the applicable Lease from the date such
Vehicle was transferred pursuant to Section 1.06 of the Purchase
Agreement to such date, (c) any Initial Hertz Vehicle, as of any date, an
amount equal to (i) the IHV Transfer Value of such Initial Hertz Vehicle minus
(ii) all Depreciation Charges for such Initial Hertz Vehicle accrued under the
applicable Lease from the date such Initial Hertz Vehicle was transferred
pursuant to Section 1.01 of the Hertz Contribution Agreement to such date
and (d) any Service Vehicle, as of any date, an amount equal to (i) the SV
Transfer Price previously paid by or on behalf of HVF for such Vehicle pursuant
to Section 1.02 of the HFC Purchase Agreement minus (ii) all
Depreciation Charges for such Service Vehicle accrued under the applicable
Lease from the date such Service Vehicle was transferred pursuant to Section
1.01 of the HFC Purchase Agreement to such date.

“Toyota” means Toyota Motor Sales, U.S.A.,
Inc., a California corporation, and its successors, provided, that for
determination of ratings by the Rating Agencies, “Toyota” means Toyota Motor
Corporation and its successors.

“Transfer Price” has the meaning specified in Section
1.07 of the Purchase Agreement.

“Transferred HGI Vehicle” means, as of any date
of determination, a HGI Vehicle which has been sold to HVF pursuant to Section
1.06 of the Purchase Agreement prior to such date.

“Transferred HVF Vehicle” means, as of any date
of determination, an HVF Vehicle which has been sold to HGI pursuant to Section
1.06 of the Purchase Agreement prior to such date.

“Transferred Vehicle” means either a
Transferred HGI Vehicle or a Transferred HVF Vehicle.

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“Transferred Vehicle Schedule” has the meaning
specified in Section 1.06 of the Purchase Agreement.

“Trustee” means the party named as such in the
Indenture until a successor replaces it in accordance with the applicable
provisions of the Indenture and thereafter means the successor serving
thereunder.

“Trust Officer” means any officer within the
corporate trust department of the Trustee, including any Vice President,
Assistant Vice President or Assistant Treasurer of the Corporate Trust Office,
or any trust officer, or any officer customarily performing functions similar
to those performed by the person who at the time shall be such officers, or to
whom any corporate trust matter is referred because of his knowledge of and
familiarity with a particular subject, or any successor thereto responsible for
the administration of the Base Indenture.

“Turnback Date” means, with respect to any
Program Vehicle, the date on which such Vehicle is accepted for return by a
Manufacturer or its agent pursuant to its Manufacturer Program and the
Depreciation Charges cease to accrue pursuant to its Manufacturer Program.

“UCC” means the Uniform Commercial Code as in
effect from time to time in the specified jurisdiction.

“United States” or “U.S.” means the
United States of America, its fifty States and the District of Columbia.

“U.S. Government Obligations” means direct
obligations of the United States of America, or any agency or instrumentality
thereof for the payment of which the full faith and credit of the United States
of America is pledged as to full and timely payment of such obligations.

“Vehicle” means either a HGI Vehicle or an HVF
Vehicle.

“Vehicle Collateral” means the collective
reference to the HGI Vehicle Collateral and the HVF Vehicle Collateral.

“Vehicle Funding Date” has the meaning
specified in Section 3.1 of the HVF Lease.

“Vehicle Operating Lease Commencement Date” has
the meaning specified in Section 3.1 of each of the Leases.

“Vehicle Operating Lease Expiration Date” has
the meaning specified in Section 3.1 of each of the Leases.

“Vehicle Purchase Price” has the meaning
specified in Section 2.4 of the HVF Lease.

“Vehicle Return Default” has the meaning
specified in Section 17.6 of the HVF Lease.

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“Vehicle Term” has the meaning specified in Section
3.1 of the HVF Lease.

“Vehicle Turn-In Condition” has the meaning
specified in Section 13.1 of the HVF Lease.

“Volkswagen” means Volkswagen of America, Inc.,
a New Jersey corporation, and its successors.

“Volvo” means Volvo Cars of North America, LLC,
a Delaware limited liability company, and its successors.

“VIN” means vehicle identification number.

“written” or “in writing” means any form
of written communication, including, without limitation, by means of telex,
telecopier device, telegraph or cable.

 38

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