Document:

Exhibit 4.5

 

 

EDGEWISE THERAPEUTICS, INC.

 

 

 

INDENTURE

 

Dated
as of              , 20

 

 

 

[__________]

 

Trustee

 

 

    

    

    

 

TABLE OF CONTENTS

 

	 	 	 	 	Page	 
	 	 	 	 	 	 
	ARTICLE I DEFINITIONS AND INCORPORATION BY REFERENCE	 	1	 
	Section 1.1	 	Definitions	 	1	 
	Section 1.2	 	Other Definitions	 	4	 
	Section 1.3	 	Incorporation by Reference of Trust Indenture Act	 	5	 
	Section 1.4	 	Rules of Construction	 	5	 
	ARTICLE II THE SECURITIES	 	5	 
	Section 2.1	 	Issuable in Series	 	5	 
	Section 2.2	 	Establishment of Terms of Series of Securities	 	6	 
	Section 2.3	 	Execution and Authentication	 	8	 
	Section 2.4	 	Registrar and Paying Agent	 	9	 
	Section 2.5	 	Paying Agent to Hold Money in Trust	 	10	 
	Section 2.6	 	Securityholder Lists	 	10	 
	Section 2.7	 	Transfer and Exchange	 	10	 
	Section 2.8	 	Mutilated, Destroyed, Lost and Stolen Securities	 	11	 
	Section 2.9	 	Outstanding Securities	 	11	 
	Section 2.10	 	Treasury Securities	 	12	 
	Section 2.11	 	Temporary Securities	 	12	 
	Section 2.12	 	Cancellation	 	12	 
	Section 2.13	 	Defaulted Interest	 	13	 
	Section 2.14	 	Global Securities	 	13	 
	Section 2.15	 	CUSIP Numbers	 	15	 
	ARTICLE III REDEMPTION	 	16	 
	Section 3.1	 	Notice to Trustee	 	16	 
	Section 3.2	 	Selection of Securities to be Redeemed	 	16	 
	Section 3.3	 	Notice of Redemption	 	16	 
	Section 3.4	 	Effect of Notice of Redemption	 	17	 
	Section 3.5	 	Deposit of Redemption Price	 	17	 
	Section 3.6	 	Securities Redeemed in Part	 	18	 
	ARTICLE IV COVENANTS	 	18	 
	Section 4.1	 	Payment of Principal and Interest	 	18	 
	Section 4.2	 	SEC Reports	 	18	 
	Section 4.3	 	Compliance Certificate	 	18	 
	Section 4.4	 	Stay, Extension and Usury Laws	 	19	 
	ARTICLE V SUCCESSORS	 	19	 
	Section 5.1	 	When Company May Merge, Etc	 	19	 
	Section 5.2	 	Successor Corporation Substituted	 	19	 

 

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TABLE OF CONTENTS

(Continued)

 

	 	 	 	 	Page	 
	ARTICLE VI DEFAULTS AND REMEDIES	 	20	 
	Section 6.1	 	Events of Default	 	20	 
	Section 6.2	 	Acceleration of Maturity; Rescission and Annulment	 	21	 
	Section 6.3	 	Collection of Indebtedness and Suits for Enforcement by Trustee	 	22	 
	Section 6.4	 	Trustee May File Proofs of Claim	 	22	 
	Section 6.5	 	Trustee May Enforce Claims Without Possession of Securities	 	23	 
	Section 6.6	 	Application of Money Collected	 	23	 
	Section 6.7	 	Limitation on Suits	 	24	 
	Section 6.8	 	Unconditional Right of Holders to Receive Principal and Interest	 	24	 
	Section 6.9	 	Restoration of Rights and Remedies	 	24	 
	Section 6.10	 	Rights and Remedies Cumulative	 	25	 
	Section 6.11	 	Delay or Omission Not Waiver	 	25	 
	Section 6.12	 	Control by Holders	 	25	 
	Section 6.13	 	Waiver of Past Defaults	 	26	 
	Section 6.14	 	Undertaking for Costs	 	26	 
	ARTICLE VII TRUSTEE	 	26	 
	Section 7.1	 	Duties of Trustee	 	26	 
	Section 7.2	 	Rights of Trustee	 	27	 
	Section 7.3	 	Individual Rights of Trustee	 	29	 
	Section 7.4	 	Trustee’s Disclaimer	 	29	 
	Section 7.5	 	Notice of Defaults	 	29	 
	Section 7.6	 	Reports by Trustee to Holders	 	30	 
	Section 7.7	 	Compensation and Indemnity	 	30	 
	Section 7.8	 	Replacement of Trustee	 	31	 
	Section 7.9	 	Successor Trustee by Merger, Etc	 	32	 
	Section 7.10	 	Eligibility; Disqualification	 	32	 
	Section 7.11	 	Preferential Collection of Claims Against Company	 	32	 
	ARTICLE VIII SATISFACTION AND DISCHARGE; DEFEASANCE	 	32	 
	Section 8.1	 	Satisfaction and Discharge of Indenture	 	32	 
	Section 8.2	 	Application of Trust Funds; Indemnification	 	33	 
	Section 8.3	 	Legal Defeasance of Securities of any Series	 	34	 
	Section 8.4	 	Covenant Defeasance	 	35	 
	Section 8.5	 	Repayment to Company	 	36	 
	Section 8.6	 	Reinstatement	 	37	 
	ARTICLE IX AMENDMENTS AND WAIVERS	 	37	 
	Section 9.1	 	Without Consent of Holders	 	37	 
	Section 9.2	 	With Consent of Holders	 	38	 
	Section 9.3	 	Limitations	 	38	 
	Section 9.4	 	Compliance with Trust Indenture Act	 	39	 
	Section 9.5	 	Revocation and Effect of Consents	 	39	 

 

    -ii-

    

    

 

	Section 9.6	 	Notation on or Exchange of Securities	 	40	 
	Section 9.7	 	Trustee Protected	 	40	 
	ARTICLE X MISCELLANEOUS	 	40	 
	Section 10.1	 	Trust Indenture Act Controls	 	40	 
	Section 10.2	 	Notices	 	40	 
	Section 10.3	 	Communication by Holders with Other Holders	 	41	 
	Section 10.4	 	Certificate and Opinion as to Conditions Precedent	 	42	 
	Section 10.5	 	Statements Required in Certificate or Opinion	 	42	 
	Section 10.6	 	Rules by Trustee and Agents	 	42	 
	Section 10.7	 	Legal Holidays	 	42	 
	Section 10.8	 	No Recourse Against Others	 	42	 
	Section 10.9	 	Counterparts	 	43	 
	Section 10.10	 	Governing Law; Waiver of Jury Trial; Consent to Jurisdiction	 	43	 
	Section 10.11	 	No Adverse Interpretation of Other Agreements	 	43	 
	Section 10.12	 	Successors	 	44	 
	Section 10.13	 	Severability	 	44	 
	Section 10.14	 	Table of Contents, Headings, Etc	 	44	 
	Section 10.15	 	Securities in a Foreign Currency	 	44	 
	Section 10.16	 	Judgment Currency	 	45	 
	Section 10.17	 	Force Majeure	 	45	 
	Section 10.18	 	U.S.A. Patriot Act	 	45	 
	ARTICLE XI SINKING FUNDS	 	45	 
	Section 11.1	 	Applicability of Article	 	45	 
	Section 11.2	 	Satisfaction of Sinking Fund Payments with Securities	 	46	 
	Section 11.3	 	Redemption of Securities for Sinking Fund	 	46	 

 

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EDGEWISE THERAPEUTICS, INC.

 

Reconciliation and tie between Trust Indenture
Act of 1939 and Indenture, dated as of     , 20

 

	§ 310(a)(1)	 	7.10
	(a)(2)	 	7.10
	(a)(3)	 	Not Applicable
	(a)(4)	 	Not Applicable
	(a)(5)	 	7.10
	(b)	 	7.10
	§ 311(a)	 	7.11
	(b)	 	7.11
	(c)	 	Not Applicable
	§ 312(a)	 	2.6
	(b)	 	10.3
	(c)	 	10.3
	§ 313(a)	 	7.6
	(b)(1)	 	7.6
	(b)(2)	 	7.6
	(c)(1)	 	7.6
	(d)	 	7.6
	§ 314(a)	 	4.2, 10.5
	(b)	 	Not Applicable
	(c)(1)	 	10.4
	(c)(2)	 	10.4
	(c)(3)	 	Not Applicable
	(d)	 	Not Applicable
	(e)	 	10.5
	(f)	 	Not Applicable
	§ 315(a)	 	7.1
	(b)	 	7.5
	(c)	 	7.1
	(d)	 	7.1
	(e)	 	6.14
	§ 316(a)	 	2.10
	(a)(1)(A)	 	6.12
	(a)(1)(B)	 	6.13
	(b)	 	6.8
	§ 317(a)(1)	 	6.3
	(a)(2)	 	6.4
	(b)	 	2.5
	§ 318(a)	 	10.1

 

 

Note: This reconciliation and tie shall not, for any purpose,
be deemed to be part of the Indenture.

 

    -iv-

    

    

 

Indenture dated as of , 20
between Edgewise Therapeutics, Inc., a company incorporated under the laws of Delaware (the “Company”), and [__________],
a national banking association organized under the laws of the United States, as trustee (the “Trustee”).

 

Each party agrees as follows for the benefit of
the other party and for the equal and ratable benefit of the Holders of the Securities issued under this Indenture.

 

ARTICLE I

DEFINITIONS AND INCORPORATION BY REFERENCE

 

Section 1.1         Definitions.

 

“Additional Amounts” means
any additional amounts which are required hereby or by any Security, under circumstances specified herein or therein, to be paid by the
Company in respect of certain taxes imposed on Holders specified herein or therein and which are owing to such Holders.

 

“Affiliate” of any specified
person means any other person directly or indirectly controlling or controlled by or under common control with such specified person.
For the purposes of this definition, “control” (including, with correlative meanings, the terms “controlled by”
and “under common control with”), as used with respect to any person, shall mean the possession, directly or indirectly, of
the power to direct or cause the direction of the management or policies of such person, whether through the ownership of voting securities
or by agreement or otherwise.

 

“Agent” means any Registrar,
Paying Agent or Notice Agent.

 

“Board of Directors” means
the board of directors of the Company or any duly authorized committee thereof.

 

“Board Resolution” means a
copy of a resolution certified by the Secretary or an Assistant Secretary of the Company to have been adopted by the Board of Directors
or pursuant to authorization by the Board of Directors and to be in full force and effect on the date of the certificate and delivered
to the Trustee.

 

“Business Day” means, any day
except a Saturday, Sunday or a Legal Holiday in The City of New York, New York (or in connection with any payment, the place of payment)
on which banking institutions are authorized or required by law, regulation or executive order to close.

 

“Capital Stock” means any and
all shares, interests, participations, rights or other equivalents (however designated) of corporate stock.

 

“Company” means the party named
as such above until a successor replaces it and thereafter means the successor.

 

“Company Order” means a written
order signed in the name of the Company by an Officer.

 

    

    

    

 

“Corporate Trust Office” means
the principal office of the Trustee at which at any time this Indenture shall be administered, which office as of the date hereof is located
at the address specified in Section 10.2. With respect to presentation for transfer or exchange, conversions or principal payment,
such address shall be at the address specified in Section 10.2, or such other address as the Trustee may designate from time to time
by written notice to the Holders and the Company, or the principal corporate trust office of any successor Trustee (or such other address
as such successor Trustee may designate from time to time by written notice to the Holders and the Company).

 

“Default” means any event which
is, or after notice or passage of time or both would be, an Event of Default.

 

“Depositary” means, with respect
to the Securities of any Series issuable or issued in whole or in part in the form of one or more Global Securities, the person designated
as Depositary for such Series by the Company, which Depositary shall be a clearing agency registered under the Exchange Act; and
if at any time there is more than one such person, “Depositary” as used with respect to the Securities of any Series shall
mean the Depositary with respect to the Securities of such Series.

 

“Discount Security” means any
Security that provides for an amount less than the stated principal amount thereof to be due and payable upon declaration of acceleration
of the maturity thereof pursuant to Section 6.2.

 

“Dollars” and “$”
means the currency of The United States of America.

 

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

 

“Foreign Currency” means any
currency or currency unit issued by a government other than the government of The United States of America.

 

“Foreign Government Obligations”
means, with respect to Securities of any Series that are denominated in a Foreign Currency, direct obligations of, or obligations
guaranteed by, the government that issued or caused to be issued such currency for the payment of which obligations its full faith and
credit is pledged and which are not callable or redeemable at the option of the issuer thereof.

 

“GAAP”
means accounting principles generally accepted in the United States of America set forth in the opinions and pronouncements of the Accounting
Principles Board of the American Institute of Certified Public Accountants and statements and pronouncements of the Financial Accounting
Standards Board or in such other statements by such other entity as have been approved by a significant segment of the accounting profession,
which are in effect as of the date of determination.

 

“Global Security” or “Global
Securities” means a Security or Securities, as the case may be, in the form established pursuant to Section 2.2 evidencing
all or part of a Series of Securities, issued to the Depositary for such Series or its nominee, and registered in the name of
such Depositary or nominee.

 

    	 	-2-	 

     

    

 

“Holder” or “Securityholder”
means a person in whose name a Security is registered on the books of the Registrar.

 

“Indenture” means this Indenture
as amended or supplemented from time to time and shall include the form and terms of particular Series of Securities established
as contemplated hereunder.

 

“interest” with respect to
any Discount Security which by its terms bears interest only after Maturity, means interest payable after Maturity.

 

“Maturity,” when used with
respect to any Security, means the date on which the principal of such Security becomes due and payable as therein or herein provided,
whether at the Stated Maturity or by declaration of acceleration, call for redemption or otherwise.

 

“Officer” means the Chief Executive
Officer, President, the Chief Financial Officer, the Treasurer or any Assistant Treasurer, the Secretary or any Assistant Secretary, and
any Vice President of the Company.

 

“Officer’s Certificate”
means a certificate signed by any Officer that meets the requirements of Section 10.5.

 

“Opinion of Counsel” means
a written opinion of legal counsel who is acceptable to the Trustee. The opinion may contain customary limitations, qualifications, conditions
and exceptions. The counsel may be an employee of or counsel to the Company.

 

“person” means any individual,
corporation, partnership, joint venture, association, limited liability company, joint-stock company, trust, unincorporated organization
or government or any agency or political subdivision thereof.

 

“principal” of a Security means
the principal of the Security plus, when appropriate, the premium, if any, on, and any Additional Amounts in respect of, the Security.

 

“Responsible Officer” means
any officer of the Trustee in its Corporate Trust Office having direct responsibility for the administration of this Indenture and also
means, with respect to a particular corporate trust matter, any other officer to whom any corporate trust matter is referred because of
his or her knowledge of and familiarity with a particular subject.

 

“SEC” means the Securities
and Exchange Commission.

 

“Securities” means the debentures,
notes or other debt instruments of the Company of any Series authenticated and delivered under this Indenture.

 

“Series” or “Series of
Securities” means each series of debentures, notes or other debt instruments of the Company created pursuant to Sections 2.1
and 2.2 hereof.

 

“Stated Maturity” when used
with respect to any Security, means the date specified in such Security as the fixed date on which the principal of such Security or interest
is due and payable.

 

    	 	-3-	 

     

    

 

“Subsidiary” of any specified
person means any corporation, association or other business entity of which more than 50% of the total voting power of shares of Capital
Stock entitled (without regard to the occurrence of any contingency) to vote in the election of directors, managers or trustees thereof
is at the time owned or controlled, directly or indirectly, by such person or one or more of the other Subsidiaries of that person or
a combination thereof.

 

“TIA” means the Trust Indenture
Act of 1939 (15 U.S. Code §§ 77aaa-77bbbb) as in effect on the date of this Indenture; provided, however, that
in the event the Trust Indenture Act of 1939 is amended after such date, “TIA” means, to the extent required by any such amendment,
the Trust Indenture Act as so amended.

 

“Trustee” means the person
named as the “Trustee” in the first paragraph of this instrument until a successor Trustee shall have become such pursuant
to the applicable provisions of this Indenture, and thereafter “Trustee” shall mean or include each person who is then a Trustee
hereunder, and if at any time there is more than one such person, “Trustee” as used with respect to the Securities of any
Series shall mean the Trustee with respect to Securities of that Series.

 

“U.S. Government Obligations”
means securities which are direct obligations of, or guaranteed by, The United States of America for the payment of which its full faith
and credit is pledged and which are not callable or redeemable at the option of the issuer thereof, and shall also include a depositary
receipt issued by a bank or trust company as custodian with respect to any such U.S. Government Obligation or a specific payment of interest
on or principal of any such U.S. Government Obligation held by such custodian for the account of the holder of a depository receipt, provided
that (except as required by law) such custodian is not authorized to make any deduction from the amount payable to the holder of such
depositary receipt from any amount received by the custodian in respect of the U.S. Government Obligation evidenced by such depositary
receipt.

 

Section 1.2         Other
Definitions.

 

	
    TERM
	 	
    DEFINED IN SECTION

	“Bankruptcy Law”	 	6.1
	“Custodian”	 	6.1
	“Event of Default”	 	6.1
	“Judgment Currency”	 	10.16
	“Legal Holiday”	 	10.7
	“mandatory sinking fund payment”	 	11.1
	“New York Banking Day”	 	10.16
	“Notice Agent”	 	2.4
	“optional sinking fund payment”	 	11.1
	“Paying Agent”	 	2.4
	“Registrar”	 	2.4
	“Required Currency”	 	10.16
	“Specified Courts”	 	10.10
	“successor person”	 	5.1

 

    	 	-4-	 

     

    

 

Section 1.3        Incorporation
by Reference of Trust Indenture Act.

 

Whenever this Indenture refers to a provision
of the TIA, the provision is incorporated by reference in and made a part of this Indenture. The following TIA terms used in this Indenture
have the following meanings:

 

“Commission” means the SEC.

 

“indenture securities” means
the Securities.

 

“indenture security holder”
means a Securityholder.

 

“indenture to be qualified”
means this Indenture.

 

“indenture trustee” or “institutional
trustee” means the Trustee.

 

“obligor” on the indenture securities
means the Company and any successor obligor upon the Securities.

 

All other terms used in this Indenture that are
defined by the TIA, defined by TIA reference to another statute or defined by SEC rule under the TIA and not otherwise defined herein
are used herein as so defined.

 

Section 1.4        Rules of
Construction.

 

Unless the context otherwise requires:

 

(a)       a
term has the meaning assigned to it;

 

(b)       an
accounting term not otherwise defined has the meaning assigned to it in accordance with GAAP;

 

(c)       “or”
is not exclusive;

 

(d)       words
in the singular include the plural, and in the plural include the singular; and

 

(e)       provisions
apply to successive events and transactions.

 

ARTICLE II

THE SECURITIES

 

Section 2.1         Issuable
in Series.

 

The aggregate principal amount of Securities that
may be authenticated and delivered under this Indenture is unlimited. The Securities may be issued in one or more Series. All Securities
of a Series shall be identical except as may be set forth or determined in the manner provided in a Board Resolution, a supplemental
indenture or an Officer’s Certificate detailing the adoption of the terms thereof pursuant to authority granted under a Board Resolution.
In the case of Securities of a Series to be issued from time to time, the Board Resolution, Officer’s Certificate or supplemental
indenture detailing the adoption of the terms thereof pursuant to authority granted under a Board Resolution may provide for the method
by which specified terms (such as interest rate, maturity date, record date or date from which interest shall accrue) are to be determined.
Securities may differ between Series in respect of any matters, provided that all Series of Securities shall be equally and
ratably entitled to the benefits of the Indenture.

 

    	 	-5-	 

     

    

 

Section 2.2         Establishment
of Terms of Series of Securities.

 

At or prior to the issuance of any Securities
within a Series, the following shall be established (as to the Series generally, in the case of Subsection 2.2.1 and either as to
such Securities within the Series or as to the Series generally in the case of Subsections 2.2.2 through 2.2.23) by or pursuant
to a Board Resolution, and set forth or determined in the manner provided in a Board Resolution, supplemental indenture hereto or Officer’s
Certificate:

 

2.2.1.           the
title (which shall distinguish the Securities of that particular Series from the Securities of any other Series) and ranking (including
the terms of any subordination provisions) of the Series;

 

2.2.2.           the
price or prices (expressed as a percentage of the principal amount thereof) at which the Securities of the Series will be issued;

 

2.2.3.           any
limit upon the aggregate principal amount of the Securities of the Series which may be authenticated and delivered under this Indenture
(except for Securities authenticated and delivered upon registration of transfer of, or in exchange for, or in lieu of, other Securities
of the Series pursuant to Section 2.7, 2.8, 2.11, 3.6 or 9.6);

 

2.2.4.           the
date or dates on which the principal of the Securities of the Series is payable;

 

2.2.5.           the
rate or rates (which may be fixed or variable) per annum or, if applicable, the method used to determine such rate or rates (including,
but not limited to, any commodity, commodity index, stock exchange index or financial index) at which the Securities of the Series shall
bear interest, if any, the date or dates from which such interest, if any, shall accrue, the date or dates on which such interest, if
any, shall commence and be payable and any regular record date for the interest payable on any interest payment date;

 

2.2.6.           the
place or places where the principal of and interest, if any, on the Securities of the Series shall be payable, where the Securities
of such Series may be surrendered for registration of transfer or exchange and where notices and demands to or upon the Company in
respect of the Securities of such Series and this Indenture may be delivered, and the method of such payment, if by wire transfer,
mail or other means;

 

2.2.7.           if
applicable, the period or periods within which, the price or prices at which and the terms and conditions upon which the Securities of
the Series may be redeemed, in whole or in part, at the option of the Company;

 

    	 	-6-	 

     

    

 

2.2.8.           the
obligation, if any, of the Company to redeem or purchase the Securities of the Series pursuant to any sinking fund or analogous provisions
or at the option of a Holder thereof and the period or periods within which, the price or prices at which and the terms and conditions
upon which Securities of the Series shall be redeemed or purchased, in whole or in part, pursuant to such obligation;

 

2.2.9.           the
dates, if any, on which and the price or prices at which the Securities of the Series will be repurchased by the Company at the option
of the Holders thereof and other detailed terms and provisions of such repurchase obligations;

 

2.2.10.         if
other than denominations of $1,000 and any integral multiple thereof, the denominations in which the Securities of the Series shall
be issuable;

 

2.2.11.         the
forms of the Securities of the Series and whether the Securities will be issuable as Global Securities;

 

2.2.12.         if
other than the principal amount thereof, the portion of the principal amount of the Securities of the Series that shall be payable
upon declaration of acceleration of the maturity thereof pursuant to Section 6.2;

 

2.2.13.         the
currency of denomination of the Securities of the Series, which may be Dollars or any Foreign Currency, and if such currency of denomination
is a composite currency, the agency or organization, if any, responsible for overseeing such composite currency;

 

2.2.14.         the
designation of the currency, currencies or currency units in which payment of the principal of and interest, if any, on the Securities
of the Series will be made;

 

2.2.15.         if
payments of principal of or interest, if any, on the Securities of the Series are to be made in one or more currencies or currency
units other than that or those in which such Securities are denominated, the manner in which the exchange rate with respect to such payments
will be determined;

 

2.2.16.         the
manner in which the amounts of payment of principal of or interest, if any, on the Securities of the Series will be determined, if
such amounts may be determined by reference to an index based on a currency or currencies or by reference to a commodity, commodity index,
stock exchange index or financial index;

 

2.2.17.         the
provisions, if any, relating to any security provided for the Securities of the Series;

 

2.2.18.         any
addition to, deletion of or change in the Events of Default which applies to any Securities of the Series and any change in the right
of the Trustee or the requisite Holders of such Securities to declare the principal amount thereof due and payable pursuant to Section 6.2;

 

2.2.19.         any
addition to, deletion of or change in the covenants set forth in Articles IV or V which applies to Securities of the Series;

 

    	 	-7-	 

     

    

 

2.2.20.         any
Depositaries, interest rate calculation agents, exchange rate calculation agents, conversion agents or other agents with respect to Securities
of such Series if other than those appointed herein;

 

2.2.21.         the
provisions, if any, relating to conversion or exchange of any Securities of such Series, including if applicable, the conversion or exchange
price, the conversion or exchange period, provisions as to whether conversion or exchange will be mandatory, at the option of the Holders
thereof or at the option of the Company, the events requiring an adjustment of the conversion price or exchange price and provisions affecting
conversion or exchange if such Series of Securities are redeemed;

 

2.2.22.         any
other terms of the Series (which may supplement, modify or delete any provision of this Indenture insofar as it applies to such Series),
including any terms that may be required under applicable law or regulations or advisable in connection with the marketing of Securities
of that Series; and

 

2.2.23.         whether
any of the Company’s direct or indirect Subsidiaries will guarantee the Securities of that Series, including the terms of subordination,
if any, of such guarantees.

 

All Securities of any one Series need not
be issued at the same time and may be issued from time to time, consistent with the terms of this Indenture, if so provided by or pursuant
to the Board Resolution, supplemental indenture hereto or Officer’s Certificate referred to above. No Board Resolution, supplemental
indenture hereto or Officer’s Certificate may affect the Trustee’s own rights, duties or immunities under this Indenture or
otherwise with respect to any Series of Securities except as the Trustee may agree in writing.

 

Section 2.3        Execution
and Authentication.

 

An Officer shall sign the Securities for the Company
by manual or facsimile signature.

 

If an Officer whose signature is on a Security
no longer holds that office at the time the Security is authenticated, the Security shall nevertheless be valid.

 

A Security shall not be valid until authenticated
by the manual signature of the Trustee or an authenticating agent. The signature shall be conclusive evidence that the Security has been
authenticated under this Indenture.

 

The Trustee shall at any time, and from time to
time, authenticate Securities for original issue in the principal amount provided in the Board Resolution, supplemental indenture hereto
or Officer’s Certificate, upon receipt by the Trustee of a Company Order. Each Security shall be dated the date of its authentication.

 

The aggregate principal amount of Securities of
any Series outstanding at any time may not exceed any limit upon the maximum principal amount for such Series set forth in the
Board Resolution, supplemental indenture hereto or Officer’s Certificate delivered pursuant to Section 2.2, except as provided
in Section 2.8.

 

    	 	-8-	 

     

    

 

 

Prior to the issuance of Securities of any Series,
the Trustee shall have received and (subject to Section 7.2) shall be fully protected in relying on: (a) the Board Resolution,
supplemental indenture hereto or Officer’s Certificate establishing the form of the Securities of that Series or of Securities
within that Series and the terms of the Securities of that Series or of Securities within that Series, (b) an Officer’s
Certificate complying with Section 10.4, (c) an Opinion of Counsel complying with Section 10.4 and (d) an Opinion
of Counsel (which may be the same Opinion of Counsel referred to in the preceding clause (c)) that such Securities, when they have been
duly executed, issued, and authenticated in accordance with the terms of the Indenture and delivered against payment therefor in the circumstances
described in such Opinion of Counsel, will be legally valid and binding obligations of the Company, enforceable against the Company in
accordance with their terms.

 

The Trustee shall have the right to decline to
authenticate and deliver any Securities of such Series: (a) if the Trustee, being advised by counsel, determines that such action
may not be taken lawfully; or (b) if the Trustee in good faith shall determine that such action would expose the Trustee to personal
liability to Holders of any then-outstanding Series of Securities.

 

The Trustee may appoint an authenticating agent
acceptable to the Company to authenticate Securities. An authenticating agent may authenticate Securities whenever the Trustee may do
so. Each reference in this Indenture to authentication by the Trustee includes authentication by such agent. An authenticating agent has
the same rights as an Agent to deal with the Company or an Affiliate of the Company.

 

Section 2.4             Registrar
and Paying Agent.

 

The Company shall maintain, with respect to each
Series of Securities, at the place or places specified with respect to such Series pursuant to Section 2.2, an office or
agency where Securities of such Series may be presented or surrendered for payment (“Paying Agent”), where Securities
of such Series may be surrendered for registration of transfer or exchange (“Registrar”) and where notices and
demands to or upon the Company in respect of the Securities of such Series and this Indenture may be delivered (“Notice
Agent”). The Registrar shall keep a register with respect to each Series of Securities and to their transfer and exchange.
The Company will give prompt written notice to the Trustee of the name and address, and any change in the name or address, of each Registrar,
Paying Agent or Notice Agent. If at any time the Company shall fail to maintain any such required Registrar, Paying Agent or Notice Agent
or shall fail to furnish the Trustee with the name and address thereof, such presentations, surrenders, notices and demands may be made
or served at the Corporate Trust Office of the Trustee, and the Company hereby appoints the Trustee as its agent to receive all such presentations,
surrenders, notices and demands; provided, however, that any appointment of the Trustee as the Notice Agent shall exclude
the appointment of the Trustee or any office of the Trustee as an agent to receive the service of legal process on the Company.

 

The Company may also from time to time designate
one or more co-registrars, additional paying agents or additional notice agents and may from time to time rescind such designations; provided,
however, that no such designation or rescission shall in any manner relieve the Company of its obligations to maintain a Registrar,
Paying Agent and Notice Agent in each place so specified pursuant to Section 2.2 for Securities of any Series for such purposes.
The Company will give prompt written notice to the Trustee of any such designation or rescission and of any change in the name or address
of any such co-registrar, additional paying agent or additional notice agent. The term “Registrar” includes any co-registrar;
the term “Paying Agent” includes any additional paying agent; and the term “Notice Agent” includes
any additional notice agent. The Company or any of its Affiliates may serve as Registrar or Paying Agent.

 

    	 	-9-	 

     

    

 

The Company hereby appoints the Trustee the initial
Registrar, Paying Agent and Notice Agent for each Series unless another Registrar, Paying Agent or Notice Agent, as the case may
be, is appointed prior to the time Securities of that Series are first issued.

 

Section 2.5             Paying
Agent to Hold Money in Trust.

 

The Company shall require each Paying Agent other
than the Trustee to agree in writing that the Paying Agent will hold in trust, for the benefit of Securityholders of any Series of
Securities, or the Trustee, all money held by the Paying Agent for the payment of principal of or interest on the Series of Securities,
and will notify the Trustee in writing of any default by the Company in making any such payment. While any such default continues, the
Trustee may require a Paying Agent to pay all money held by it to the Trustee. The Company at any time may require a Paying Agent to pay
all money held by it to the Trustee. Upon payment over to the Trustee, the Paying Agent (if other than the Company or a Subsidiary of
the Company) shall have no further liability for the money. If the Company or a Subsidiary of the Company acts as Paying Agent, it shall
segregate and hold in a separate trust fund for the benefit of Securityholders of any Series of Securities all money held by it as
Paying Agent. Upon any bankruptcy, reorganization or similar proceeding with respect to the Company, the Trustee shall serve as Paying
Agent for the Securities.

 

Section 2.6             Securityholder
Lists.

 

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 Securityholders of each Series of
Securities and shall otherwise comply with TIA § 312(a). If the Trustee is not the Registrar, the Company shall furnish to the
Trustee at least ten days before each interest payment date and at such other times 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 Securityholders of each Series of Securities.

 

Section 2.7             Transfer
and Exchange.

 

Where Securities of a Series are presented
to the Registrar or a co-registrar with a request to register a transfer or to exchange them for an equal principal amount of Securities
of the same Series, the Registrar shall register the transfer or make the exchange if its requirements for such transactions are met.
To permit registrations of transfers and exchanges, the Trustee shall authenticate Securities at the Registrar’s request. No service
charge shall be made for any registration of transfer or exchange (except as otherwise expressly permitted herein), but the Company may
require payment of a sum sufficient to cover any transfer tax or similar governmental charge payable in connection therewith (other than
any such transfer tax or similar governmental charge payable upon exchanges pursuant to Sections 2.11, 3.6 or 9.6).

 

    	 	-10-	 

     

    

 

Neither the Company nor the Registrar shall be
required (a) to issue, register the transfer of, or exchange Securities of any Series for the period beginning at the opening
of business fifteen days immediately preceding the sending of a notice of redemption of Securities of that Series selected for redemption
and ending at the close of business on the day such notice is sent, or (b) to register the transfer of or exchange Securities of
any Series selected, called or being called for redemption as a whole or the portion being redeemed of any such Securities selected,
called or being called for redemption in part.

 

Section 2.8             Mutilated,
Destroyed, Lost and Stolen Securities.

 

If any mutilated Security is surrendered to the
Trustee, the Company shall execute and the Trustee shall authenticate and deliver in exchange therefor a new Security of the same Series and
of like tenor and principal amount and bearing a number not contemporaneously outstanding.

 

If there shall be delivered to the Company and
the Trustee (i) evidence to their satisfaction of the destruction, loss or theft of any Security and (ii) such security or indemnity
bond as may be required by each of them to hold itself and any of its agents harmless, then, in the absence of notice to the Company or
the Trustee that such Security has been acquired by a bona fide purchaser, the Company shall execute and upon receipt of a Company Order
the Trustee shall authenticate and make available for delivery, in lieu of any such destroyed, lost or stolen Security, a new Security
of the same Series and of like tenor and principal amount and bearing a number not contemporaneously outstanding.

 

In case any such mutilated, destroyed, lost or
stolen Security has become or is about to become due and payable, the Company in its discretion may, instead of issuing a new Security,
pay such Security.

 

Upon the issuance of any new Security under this
Section, the Company may require the payment of a sum sufficient to cover any tax or other governmental charge that may be imposed in
relation thereto and any other expenses (including the fees and expenses of the Trustee) connected therewith.

 

Every new Security of any Series issued pursuant
to this Section in lieu of any destroyed, lost or stolen Security shall constitute an original additional contractual obligation
of the Company, whether or not the destroyed, lost or stolen Security shall be at any time enforceable by anyone, and shall be entitled
to all the benefits of this Indenture equally and proportionately with any and all other Securities of that Series duly issued hereunder.

 

The provisions of this Section 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 Securities.

 

Section 2.9             Outstanding
Securities.

 

The Securities outstanding at any time are all
the Securities authenticated by the Trustee except for those canceled by it, those delivered to it for cancellation, those reductions
in the interest on a Global Security effected by the Trustee in accordance with the provisions hereof and those described in this Section as
not outstanding.

 

    	 	-11-	 

     

    

 

If a Security is replaced pursuant to Section 2.8,
it ceases to be outstanding until the Trustee receives proof satisfactory to it that the replaced Security is held by a bona fide purchaser.

 

If the Paying Agent (other than the Company, a
Subsidiary of the Company or an Affiliate of the Company) holds on the Maturity of Securities of a Series money sufficient to pay
such Securities payable on that date, then on and after that date such Securities of the Series cease to be outstanding and interest
on them ceases to accrue.

 

The Company may purchase or otherwise acquire
the Securities, whether by open market purchases, negotiated transactions or otherwise. A Security does not cease to be outstanding because
the Company or an Affiliate of the Company holds the Security (but see Section 2.10 below).

 

In determining whether the Holders of the requisite
principal amount of outstanding Securities have given any request, demand, authorization, direction, notice, consent or waiver hereunder,
the principal amount of a Discount Security that shall be deemed to be outstanding for such purposes shall be the amount of the principal
thereof that would be due and payable as of the date of such determination upon a declaration of acceleration of the Maturity thereof
pursuant to Section 6.2.

 

Section 2.10           Treasury
Securities.

 

In determining whether the Holders of the required
principal amount of Securities of a Series have concurred in any request, demand, authorization, direction, notice, consent or waiver,
Securities of a Series owned by the Company or any Affiliate of the Company shall be disregarded, except that for the purposes of
determining whether the Trustee shall be protected in relying on any such request, demand, authorization, direction, notice, consent or
waiver only Securities of a Series that a Responsible Officer of the Trustee actually knows are so owned shall be so disregarded.

 

Section 2.11           Temporary
Securities.

 

Until definitive Securities are ready for delivery,
the Company may prepare and the Trustee shall authenticate temporary Securities upon a Company Order. Temporary Securities shall be substantially
in the form of definitive Securities but may have variations that the Company considers appropriate for temporary Securities. Without
unreasonable delay, the Company shall prepare and the Trustee upon receipt of a Company Order shall authenticate definitive Securities
of the same Series and date of maturity in exchange for temporary Securities. Until so exchanged, temporary securities shall have
the same rights under this Indenture as the definitive Securities.

 

Section 2.12           Cancellation.

 

The Company at any time may deliver Securities
to the Trustee for cancellation. The Registrar and the Paying Agent shall forward to the Trustee any Securities surrendered to them for
registration of transfer, exchange or payment. The Trustee shall cancel all Securities surrendered for transfer, exchange, payment, replacement
or cancellation in accordance with its customary procedures (subject to the record retention requirement of the Exchange Act and
the Trustee) and deliver a certificate of such cancellation to the Company upon written request of the Company. The Company may not issue
new Securities to replace Securities that it has paid or delivered to the Trustee for cancellation.

 

    	 	-12-	 

     

    

 

Section 2.13           Defaulted
Interest.

 

If the Company defaults in a payment of interest
on a Series of Securities, it shall pay the defaulted interest, plus, to the extent permitted by law, any interest payable on the
defaulted interest, to the persons who are Securityholders of the Series on a subsequent special record date. The Company shall fix
the record date and payment date. At least 10 days before the special record date, the Company shall send to the Trustee and to each Securityholder
of the Series a notice that states the special record date, the payment date and the amount of interest to be paid. The Company may
pay defaulted interest in any other lawful manner.

 

Section 2.14           Global
Securities.

 

2.14.1.             Terms
of Securities. A Board Resolution, a supplemental indenture hereto or an Officer’s Certificate shall establish whether the
Securities of a Series shall be issued in whole or in part in the form of one or more Global Securities and the Depositary for such
Global Security or Securities.

 

2.14.2.             Transfer
and Exchange. Notwithstanding any provisions to the contrary contained in Section 2.7 of the Indenture and in addition thereto,
any Global Security shall be exchangeable pursuant to Section 2.7 of the Indenture for Securities registered in the names of Holders
other than the Depositary for such Security or its nominee only if (i) such Depositary notifies the Company that it is unwilling
or unable to continue as Depositary for such Global Security or if at any time such Depositary ceases to be a clearing agency registered
under the Exchange Act, and, in either case, the Company fails to appoint a successor Depositary registered as a clearing agency under
the Exchange Act within 90 days of such event or (ii) the Company executes and delivers to the Trustee an Officer’s Certificate
to the effect that such

 

Global Security shall be so exchangeable. Any Global
Security that is exchangeable pursuant to the preceding sentence shall be exchangeable for Securities registered in such names as the
Depositary shall direct in writing in an aggregate principal amount equal to the principal amount of the Global Security with like tenor
and terms.

 

Except as provided in this Section 2.14.2,
a Global Security may not be transferred except as a whole by the Depositary with respect to such Global Security to a nominee of such
Depositary, by a nominee of such Depositary to such Depositary or another nominee of such Depositary or by the Depositary or any such
nominee to a successor Depositary or a nominee of such a successor Depositary.

 

Neither the Trustee nor any Agent shall have any
responsibility for any actions taken or not taken by the Depositary.

 

    	 	-13-	 

     

    

 

2.14.3.             Legends.
Any Global Security issued hereunder shall bear a legend in substantially the following form:

 

“THIS SECURITY IS A GLOBAL SECURITY WITHIN
THE MEANING OF THE INDENTURE HEREINAFTER REFERRED TO AND IS REGISTERED IN THE NAME OF THE DEPOSITARY OR A NOMINEE OF THE DEPOSITARY. THIS
SECURITY IS EXCHANGEABLE FOR SECURITIES REGISTERED IN THE NAME OF A PERSON OTHER THAN THE DEPOSITARY OR ITS NOMINEE ONLY IN THE LIMITED
CIRCUMSTANCES DESCRIBED IN THE INDENTURE, AND MAY NOT BE TRANSFERRED EXCEPT AS A WHOLE BY THE DEPOSITARY TO A NOMINEE OF THE DEPOSITARY,
BY A NOMINEE OF THE DEPOSITARY TO THE DEPOSITARY OR ANOTHER NOMINEE OF THE DEPOSITARY OR BY THE DEPOSITARY OR ANY SUCH NOMINEE TO A SUCCESSOR
DEPOSITARY OR A NOMINEE OF SUCH A SUCCESSOR DEPOSITARY.”

 

In addition, so long as the Depository Trust Company
(“DTC”) is the Depositary, each Global Note registered in the name of DTC or its nominee shall bear a legend in substantially
the following form:

 

“UNLESS THIS GLOBAL NOTE IS PRESENTED BY
AN AUTHORIZED REPRESENTATIVE OF THE DEPOSITORY TRUST COMPANY, A NEW YORK CORPORATION (“DTC”), TO THE COMPANY OR ITS AGENT
FOR REGISTRATION OF TRANSFER, EXCHANGE OR PAYMENT, AND ANY GLOBAL NOTE ISSUED IS REGISTERED IN THE NAME OF CEDE & CO. OR IN SUCH
OTHER NAME AS IS REQUESTED BY AN AUTHORIZED REPRESENTATIVE OF DTC (AND ANY PAYMENT IS MADE TO CEDE & CO. OR TO SUCH OTHER ENTITY
AS IS REQUESTED BY AN AUTHORIZED REPRESENTATIVE OF DTC), ANY TRANSFER, PLEDGE OR OTHER USE HEREOF FOR VALUE OR OTHERWISE BY OR TO ANY
PERSON IS WRONGFUL INASMUCH THE REGISTERED OWNER HEREOF, CEDE & CO., HAS AN INTEREST HEREIN.”

 

2.14.4.             Acts
of Holders. The Depositary, as a Holder, may appoint agents and otherwise authorize participants to give or take any request, demand,
authorization, direction, notice, consent, waiver or other action which a Holder is entitled to give or take under the Indenture.

 

(a)            Any
request, demand, authorization, direction, notice, consent, waiver or other action provided by this Indenture to be given or taken by
Holders may be embodied in and evidenced by one or more instruments of substantially similar tenor signed by such Holders in person or
by agent duly appointed in writing; and, except as herein otherwise expressly provided, such action shall become effective when such instrument
or instruments are delivered to the Trustee and, where it is hereby expressly required, to the Company. Such instrument or instruments
(and the action embodied therein and evidenced thereby) are herein sometimes referred to as the “Act” of Holders signing such
instrument or instruments. Proof of execution of any such instrument or of a writing appointing any such agent shall be sufficient for
any purpose of this Indenture and conclusive in favor of the Trustee and the Company, if made in the manner provided in this Section.

 

(b)           The
fact and date of the execution by any Person of any such instrument or writing may be proved by the affidavit of a witness of such execution
or by a certificate of a notary public or other officer authorized by law to take acknowledgments of deeds, certifying that the individual
signing such instrument or writing acknowledged to such officer the execution thereof. Where such execution is by a signer acting in a
capacity other than such signer’s individual capacity, such certificate or affidavit shall also constitute sufficient proof of such
signer’s authority. The fact and date of the execution of any such instrument or writing, or the authority of the Person executing
the same, may also be proved in any other manner which the Trustee deems sufficient.

 

    	 	-14-	 

     

    

 

(c)            The
ownership of Global Securities or any Securities issued in certificated form shall be proved by the Registrar.

 

(d)           Any
request, demand, authorization, direction, notice, consent, waiver or other Act of the Holder of any Security shall bind every future
Holder of the same Security and the holder of every Security issued upon the registration of transfer thereof or in exchange therefor
or in lieu thereof in respect of anything done, omitted or suffered to be done by the Trustee or the Company in reliance thereon, whether
or not notation of such action is made upon such Security.

 

(e)            If
the Company shall solicit from the Holders any request, demand, authorization, direction, notice, consent, waiver or other Act, the Company
may, at its option, by or pursuant to a Board Resolution, fix in advance a record date for the determination of Holders entitled to give
such request, demand, authorization, direction, notice, consent, waiver or other Act, but the Company shall have no obligation to do so.
If such a record date is fixed, such request, demand, authorization, direction, notice, consent, waiver or other Act may be given before
or after such record date, but only the Holders of record at the close of business on such record date shall be deemed to be Holders for
the purposes of determining whether Holders of the requisite proportion of Outstanding Securities have authorized or agreed or consented
to such request, demand, authorization, direction, notice, consent, waiver or other Act, and for that purpose the Outstanding Securities
shall be computed as of such record date; provided that no such authorization, agreement or consent by the Holders on such record date
shall be deemed effective unless it shall become effective pursuant to the provisions of this Indenture not later than six months after
the record date.

 

2.14.5.             Payments.
Notwithstanding the other provisions of this Indenture, unless otherwise specified as contemplated by Section 2.2, payment of the
principal of and interest, if any, on any Global Security shall be made to the Holder thereof.

 

2.14.6.             Consents,
Declaration and Directions. The Company, the Trustee and any Agent shall treat a person as the Holder of such principal amount of
outstanding Securities of such Series represented by a Global Security as shall be specified in a written statement of the Depositary
or by the applicable procedures of such Depositary with respect to such Global Security, for purposes of obtaining any consents, declarations,
waivers or directions required to be given by the Holders pursuant to this Indenture.

 

Section 2.15           CUSIP
Numbers.

 

The Company in issuing the Securities may use
 “CUSIP” numbers (if then generally in use), and, if so, the Trustee shall use “CUSIP” numbers in notices of redemption
as a convenience to Holders; provided that any such notice may state that no representation is made as to the correctness of such
numbers either as printed on the Securities or as contained in any notice of a redemption and that reliance may be placed only on the
other elements of identification printed on the Securities, and any such redemption shall not be affected by any defect in or omission
of such numbers. The Company shall promptly notify the Trustee of any change that the Company is aware of in the CUSIP numbers.

 

    	 	-15-	 

     

    

 

ARTICLE III

REDEMPTION

 

Section 3.1             Notice
to Trustee.

 

The Company may, with respect to any Series of
Securities, reserve the right to redeem and pay the Series of Securities or may covenant to redeem and pay the Series of Securities
or any part thereof prior to the Stated Maturity thereof at such time and on such terms as provided for in such Securities. If a Series of
Securities is redeemable and the Company wants or is obligated to redeem prior to the Stated Maturity thereof all or part of the Series of
Securities pursuant to the terms of such Securities, it shall notify the Trustee in writing of the redemption date and the principal amount
of Series of Securities to be redeemed. The Company shall give the notice at least 5 days before the notice is delivered to the Holders,
unless a shorter period is satisfactory to the Trustee.

 

Section 3.2             Selection
of Securities to be Redeemed.

 

Unless otherwise indicated for a particular Series by
a Board Resolution, a supplemental indenture hereto or an Officer’s Certificate, if less than all the Securities of a Series are
to be redeemed, the Securities of the Series to be redeemed will be selected as follows: (a) if the Securities are in the
form of Global Securities, in accordance with the procedures of the Depositary, (b) if the Securities are listed on any national
securities exchange, in compliance with the requirements of the principal national securities exchange, if any, on which the Securities
are listed, or (c) if not otherwise provided for under clause (a) or (b) in the manner that the Trustee deems fair and
appropriate, including pro rata, by lot or other method, unless otherwise required by law or applicable stock exchange requirements,
subject, in the case of Global Securities, to the applicable rules and procedures of the Depositary. The Securities to be redeemed
shall be selected from Securities of the Series outstanding not previously called for redemption. Portions of the principal of Securities
of the Series that have denominations larger than $1,000 may be selected for redemption. Securities of the Series and portions
of them it selected for redemption shall be in amounts of $1,000 or whole multiples of $1,000 or, with respect to Securities of any Series issuable
in other denominations pursuant to Section 2.2.10, the minimum principal denomination for each Series and the authorized integral
multiples thereof. Provisions of this Indenture that apply to Securities of a Series called for redemption also apply to portions
of Securities of that Series called for redemption.

 

Section 3.3             Notice
of Redemption.

 

Unless otherwise indicated for a particular Series by
Board Resolution, a supplemental indenture hereto or an Officer’s Certificate, at least 15 days but not more than 60 days before
a redemption date, the Company shall send or cause to be sent by first-class mail or electronically, in accordance with the procedures
of the Depositary, a notice of redemption to each Holder whose Securities are to be redeemed.

 

    	 	-16-	 

     

    

 

The notice shall identify the Securities of the
Series to be redeemed and shall state:

 

(a)            the
redemption date;

 

(b)           the
redemption price (or manner of calculation if not then known);

 

(c)            the
name and address of the Paying Agent;

 

(d)           if
any Securities are being redeemed in part, the portion of the principal amount of such Securities to be redeemed and that, after the redemption
date and upon surrender of such Security, a new Security or Securities in principal amount equal to the unredeemed portion of the original
Security shall be issued in the name of the Holder thereof upon cancellation of the original Security;

 

(e)            that
Securities of the Series called for redemption must be surrendered to the Paying Agent to collect the redemption price;

 

(f)            that
interest on Securities of the Series called for redemption ceases to accrue on and after the redemption date unless the Company defaults
in the deposit of the redemption price;

 

(g)           the
CUSIP number, if any; and

 

(h)           any
other information as may be required by the terms of the particular Series or the Securities of a Series being redeemed.

 

At the Company’s request, the Trustee shall
give the notice of redemption in the Company’s name and at its expense, provided, however, that the Company has delivered to the
Trustee, at least 5 days (unless a shorter time shall be acceptable to the Trustee) prior to the notice date, an Officer’s Certificate
requesting that the Trustee give such notice and setting forth the information to be stated in such notice.

 

Section 3.4             Effect
of Notice of Redemption.

 

Once notice of redemption is sent as provided
in Section 3.3, Securities of a Series called for redemption become due and payable on the redemption date and at the redemption
price. Except as otherwise provided in the supplemental indenture, Board Resolution or Officer’s Certificate for a Series, a notice
of redemption may not be conditional. Upon surrender to the Paying Agent, such Securities shall be paid at the redemption price plus accrued
interest to the redemption date.

 

Section 3.5             Deposit
of Redemption Price.

 

On or before 11:00 a.m., New York City time, on
the redemption date, the Company shall irrevocably deposit with the Paying Agent money sufficient (as determined by the Company) to pay
the redemption price of and accrued interest, if any, on all Securities to be redeemed on that date.

 

    	 	-17-	 

     

    

 

Section 3.6             Securities
Redeemed in Part.

 

Upon surrender of a Security that is redeemed
in part, the Trustee shall authenticate for the Holder a new Security of the same Series and the same maturity equal in principal
amount to the unredeemed portion of the Security surrendered.

 

ARTICLE IV

COVENANTS

 

Section 4.1             Payment
of Principal and Interest.

 

The Company covenants and agrees for the benefit
of the Holders of each Series of Securities that it will duly and punctually pay the principal of and interest, if any, on the Securities
of that Series in accordance with the terms of such Securities and this Indenture. On or before 11:00 a.m., New York City time, on
the applicable payment date, the Company shall deposit with the Paying Agent money sufficient to pay the principal of and interest, if
any, on the Securities of each Series in accordance with the terms of such Securities and this Indenture.

 

Section 4.2             SEC
Reports.

 

To the extent any Securities of a Series are
outstanding, the Company shall deliver to the Trustee within 15 days after it files them with the SEC copies of the annual reports and
of the information, documents, and other reports (or copies of such portions of any of the foregoing as the SEC may by rules and
regulations prescribe) which the Company is required to file with the SEC pursuant to Section 13 or 15(d) of the Exchange Act.
The Company also shall comply with the other provisions of TIA § 314(a). Reports, information and documents filed with the SEC via
the EDGAR system (or any successor system thereto) will be deemed to be delivered to the Trustee as of the time of such filing via EDGAR
for purposes of this Section 4.2, it being understood that the Trustee shall have no responsibility whatsoever to determine if such
filings have been made, and that the Trustee shall not be deemed to have knowledge of the information contained therein.

 

Delivery of reports, information and documents
to the Trustee under this Section 4.2 are for informational purposes only and the Trustee’s receipt of the foregoing shall
not constitute constructive or actual notice of any information contained therein or determinable from information contained therein,
including the Company’s compliance with any of their covenants hereunder (as to which the Trustee is entitled to rely exclusively
on Officer’s Certificates).

 

Section 4.3             Compliance
Certificate.

 

To the extent any Securities of a Series are
outstanding, the Company shall deliver to the Trustee, within 120 days after the end of each fiscal year of the Company, an Officer’s
Certificate stating that a review of the activities of the Company and its Subsidiaries during the preceding fiscal year has been made
under the supervision of the signing Officers with a view to determining whether the Company has kept, observed, performed and fulfilled
its obligations under this Indenture, and further stating, as to each such Officer signing such certificate, that to the best of his/her
knowledge the Company has kept, observed, performed and fulfilled each and every covenant contained in this Indenture and is not in default
in the performance or observance of any of the terms, provisions and conditions hereof (or, if a Default or Event of Default shall have
occurred, describing all such Defaults or Events of Default of which the Officer may have knowledge).

 

    	 	-18-	 

     

    

 

Section 4.4             Stay,
Extension and Usury Laws.

 

The Company covenants (to the extent that it may
lawfully do so) that it will not at any time insist upon, plead, or in any manner whatsoever claim or take the benefit or advantage of,
any stay, extension or usury law wherever enacted, now or at any time hereafter in force, which may affect the covenants or the performance
of this Indenture or the Securities; and the Company (to the extent it may lawfully do so) hereby expressly waives all benefit or advantage
of any such law and covenants that it will not, by resort to any such law, hinder, delay or impede the execution of any power herein granted
to the Trustee, but will suffer and permit the execution of every such power as though no such law has been enacted.

 

ARTICLE V

SUCCESSORS

 

Section 5.1             When
Company May Merge, Etc.

 

The Company shall not consolidate with or merge
with or into, or convey, transfer or lease all or substantially all of its properties and assets to, any person (a “successor
person”) unless:

 

(a)            the
Company is the surviving corporation or the successor person (if other than the Company) is a corporation organized and validly existing
under the laws of any U.S. domestic jurisdiction and expressly assumes, by a supplemental indenture, executed and delivered to the Trustee,
the Company’s obligations on the Securities and under this Indenture; and

 

(b)            immediately
after giving effect to the transaction, no Default or Event of Default, shall have occurred and be continuing.

 

Where the Company is not the surviving corporation,
the Company shall deliver to the Trustee prior to the consummation of the proposed transaction an Officer’s Certificate to the foregoing
effect and an Opinion of Counsel stating that the proposed transaction and any supplemental indenture comply with this Indenture.

 

Notwithstanding the above, any Subsidiary of the
Company may consolidate with, merge into or transfer all or part of its properties to the Company. Neither an Officer’s Certificate
nor an Opinion of Counsel shall be required to be delivered in connection therewith.

 

Section 5.2             Successor
Corporation Substituted.

 

Upon any consolidation or merger, or any sale,
lease, conveyance or other disposition of all or substantially all of the assets of the Company in accordance with Section 5.1, the
successor corporation formed by such consolidation or into or with which the Company is merged or to which such sale, lease, conveyance
or other disposition is made shall succeed to, and be substituted for, and may exercise every right and power of, the Company under this
Indenture with the same effect as if such successor person has been named as the Company herein; provided, however, that
the predecessor Company in the case of a sale, conveyance or other disposition (other than a lease) shall be released from all obligations
and covenants under this Indenture and the Securities.

 

    	 	-19-	 

     

    

 

ARTICLE VI

DEFAULTS AND REMEDIES

 

Section 6.1             Events
of Default.

 

“Event of Default,” wherever
used herein with respect to Securities of any Series, means any one of the following events, unless in the establishing Board Resolution,
supplemental indenture or Officer’s Certificate, it is provided that such Series shall not have the benefit of said Event of
Default:

 

(a)            default
in the payment of any interest on any Security of that Series when it becomes due and payable, and continuance of such default for
a period of 30 days (unless the entire amount of such payment is deposited by the Company with the Trustee or with a Paying Agent prior
to 11:00 a.m., New York City time, on the 30th day of such period); or

 

(b)            default
in the payment of principal of any Security of that Series at its Maturity; or

 

(c)            default
in the performance or breach of any covenant or warranty of the Company in this Indenture (other than defaults pursuant to paragraphs
(a) or (b) above or pursuant to a covenant or warranty that has been included in this Indenture solely for the benefit of Series of
Securities other than that Series), which default continues uncured for a period of 60 days after there has been given, by registered
or certified mail, to the Company by the Trustee or to the Company and the Trustee by the Holders of at least 25% in principal amount
of the outstanding Securities of that Series a written notice specifying such default or breach and requiring it to be remedied and
stating that such notice is a “Notice of Default” hereunder; or

 

(d)            the
Company pursuant to or within the meaning of any Bankruptcy Law:

 

(i)             commences
a voluntary case,

 

(ii)            consents
to the entry of an order for relief against it in an involuntary case,

 

(iii)           consents
to the appointment of a Custodian of it or for all or substantially all of its property,

 

(iv)           makes
a general assignment for the benefit of its creditors, or

 

(v)           generally
is unable to pay its debts as the same become due; or

 

    	 	-20-	 

     

    

 

(e)            a
court of competent jurisdiction enters an order or decree under any Bankruptcy Law that:

 

(i)             is
for relief against the Company in an involuntary case,

 

(ii)            appoints
a Custodian of the Company or for all or substantially all of its property, or

 

(iii)           orders
the liquidation of the Company,

 

and the order or decree remains unstayed and in effect for 60 days;
or

 

(f)            any
other Event of Default provided with respect to Securities of that Series, which is specified in a Board Resolution, a supplemental indenture
hereto or an Officer’s Certificate, in accordance with Section 2.2.18.

 

The term “Bankruptcy Law” means
title 11, U.S. Code or any similar U.S. Federal or State law for the relief of debtors. The term “Custodian” means
any receiver, trustee, assignee, liquidator or similar official under any Bankruptcy Law.

 

The Company will provide the Trustee written notice
of any Default or Event of Default within 30 days of becoming aware of the occurrence of such Default or Event of Default, which notice
will describe in reasonable detail the status of such Default or Event of Default and what action the Company is taking or proposes to
take in respect thereof.

 

Section 6.2             Acceleration
of Maturity; Rescission and Annulment.

 

If an Event of Default with respect to Securities
of any Series at the time outstanding occurs and is continuing (other than an Event of Default referred to in Section 6.1(d) or
(e)) then in every such case the Trustee or the Holders of not less than 25% in principal amount of the outstanding Securities of that
Series may declare the principal amount (or, if any Securities of that Series are Discount Securities, such portion of the principal
amount as may be specified in the terms of such Securities) of and accrued and unpaid interest, if any, on all of the Securities of that
Series to be due and payable immediately, by a notice in writing to the Company (and to the Trustee if given by Holders), and upon
any such declaration such principal amount (or specified amount) and accrued and unpaid interest, if any, shall become immediately due
and payable. If an Event of Default specified in Section 6.1(d) or (e) shall occur, the principal amount (or specified
amount) of and accrued and unpaid interest, if any, on all outstanding Securities shall ipso facto become and be immediately due
and payable without any declaration or other act on the part of the Trustee or any Holder.

 

At any time after such a declaration of acceleration
with respect to any Series has been made and before a judgment or decree for payment of the money due has been obtained by the Trustee
as hereinafter in this Article provided, the Holders of a majority in principal amount of the outstanding Securities of that Series,
by written notice to the Company and the Trustee, may rescind and annul such declaration and its consequences if all Events of Default
with respect to Securities of that Series, other than the non-payment of the principal and interest, if any, of Securities of that Series which
have become due solely by such declaration of acceleration, have been cured or waived as provided in Section 6.13.

 

    	 	-21-	 

     

    

 

No such rescission shall affect any subsequent
Default or impair any right consequent thereon.

 

Section 6.3             Collection
of Indebtedness and Suits for Enforcement by Trustee.

 

The Company covenants that if

 

(a)            default
is made in the payment of any interest on any Security when such interest becomes due and payable and such default continues for a period
of 30 days, or

 

(b)           default
is made in the payment of principal of any Security at the Maturity thereof, or

 

(c)            default
is made in the deposit of any sinking fund payment, if any, when and as due by the terms of a Security,

 

then,
the Company will, upon demand of the Trustee, pay to it, for the benefit of the Holders of such Securities, the whole amount then due
and payable on such Securities for principal and interest and, to the extent that payment of such interest shall be legally enforceable,
interest on any overdue principal and any overdue interest at the rate or rates prescribed therefor in such Securities, and, in addition
thereto, such further amount as shall be sufficient to cover the costs and expenses of collection, including the compensation, reasonable
expenses, disbursements and advances of the Trustee, its agents and counsel.

 

If the Company fails to pay such amounts forthwith
upon such demand, the Trustee, in its own name and as trustee of an express trust, may institute a judicial proceeding for the collection
of the sums so due and unpaid, may prosecute such proceeding to judgment or final decree and may enforce the same against the Company
or any other obligor upon such Securities and collect the moneys adjudged or deemed to be payable in the manner provided by law out of
the property of the Company or any other obligor upon such Securities, wherever situated.

 

If an Event of Default with respect to any Securities
of any Series occurs and is continuing, the Trustee may in its discretion proceed to protect and enforce its rights and the rights
of the Holders of Securities of such Series by such appropriate judicial proceedings as the Trustee shall deem most effectual to
protect and enforce any such rights, whether for the specific enforcement of any covenant or agreement in this Indenture or in aid of
the exercise of any power granted herein, or to enforce any other proper remedy.

 

Section 6.4             Trustee
May File Proofs of Claim.

 

In case of the pendency of any receivership, insolvency,
liquidation, bankruptcy, reorganization, arrangement, adjustment, composition or other judicial proceeding relative to the Company or
any other obligor upon the Securities or the property of the Company or of such other obligor or their creditors, the Trustee (irrespective
of whether the principal of the Securities shall then be due and payable as therein expressed or by declaration or otherwise and irrespective
of whether the Trustee shall have made any demand on the Company for the payment of overdue principal or interest) shall be entitled and
empowered, by intervention in such proceeding or otherwise,

 

    	 	-22-	 

     

    

 

(a)            to
file and prove a claim for the whole amount of principal and interest owing and unpaid in respect of the Securities and to file such other
papers or documents as may be necessary or advisable in order to have the claims of the Trustee (including any claim for the compensation,
reasonable expenses, disbursements and advances of the Trustee, its agents and counsel) and of the Holders allowed in such judicial proceeding,
and

 

(b)            to
collect and receive any moneys or other property payable or deliverable on any such claims and to distribute the same, and any custodian,
receiver, assignee, trustee, liquidator, sequestrator or other similar official in any such judicial proceeding is hereby authorized by
each Holder 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 Holders, to pay to the Trustee any amount due it for the compensation, reasonable expenses, disbursements and advances of the Trustee,
its agents and counsel, and any other amounts due the Trustee under Section 7.7.

 

Nothing herein contained shall be deemed to authorize
the Trustee to authorize or consent to or accept or adopt on behalf of any Holder any plan of reorganization, arrangement, adjustment
or composition affecting the Securities or the rights of any Holder thereof or to authorize the Trustee to vote in respect of the claim
of any Holder in any such proceeding.

 

Section 6.5             Trustee
May Enforce Claims Without Possession of Securities.

 

All rights of action and claims under this Indenture
or the Securities may be prosecuted and enforced by the Trustee without the possession of any of the Securities or the production thereof
in any proceeding relating thereto, and any such proceeding instituted by the Trustee shall be brought in its own name as trustee of an
express trust, and any recovery of judgment shall, after provision for the payment of the compensation, reasonable expenses, disbursements
and advances of the Trustee, its agents and counsel, be for the ratable benefit of the Holders of the Securities in respect of which such
judgment has been recovered.

 

Section 6.6             Application
of Money Collected.

 

Any money or property collected by the Trustee
pursuant to this Article shall be applied in the following order, at the date or dates fixed by the Trustee and, in case of the distribution
of such money or property on account of principal or interest, upon presentation of the Securities and the notation thereon of the payment
if only partially paid and upon surrender thereof if fully paid:

 

First: To the payment of all amounts due the Trustee
under Section 7.7; and

 

Second: To the payment of the amounts then due
and unpaid for principal of and interest on the Securities in respect of which or for the benefit of which such money has been collected,
ratably, without preference or priority of any kind, according to the amounts due and payable on such Securities for principal and interest,
respectively; and

 

Third: To the Company.

 

    	 	-23-	 

     

    

 

Section 6.7     Limitation
on Suits.

 

No Holder of any Security of any Series shall
have any right to institute any proceeding, judicial or otherwise, with respect to this Indenture, or for the appointment of a receiver
or trustee, or for any other remedy hereunder, unless

 

(a)            such
Holder has previously given written notice to the Trustee of a continuing Event of Default with respect to the Securities of that Series;

 

(b)            the
Holders of not less than 25% in principal amount of the outstanding Securities of that Series shall have made written request to
the Trustee to institute proceedings in respect of such Event of Default in its own name as Trustee hereunder;

 

(c)            such
Holder or Holders have offered to the Trustee indemnity or security satisfactory to the Trustee against the costs, expenses and liabilities
which might be incurred by the Trustee in compliance with such request;

 

(d)            the
Trustee for 60 days after its receipt of such notice, request and offer of indemnity has failed to institute any such proceeding; and

 

(e)            no
direction inconsistent with such written request has been given to the Trustee during such 60-day period by the Holders of a majority
in principal amount of the outstanding Securities of that Series;

 

it being understood, intended and expressly covenanted by the
Holder of every Security with every other Holder and the Trustee that no one or more of such Holders shall have any right in any
manner whatever by virtue of, or by availing of, any provision of this Indenture to affect, disturb or prejudice the rights of any
other of such Holders, or to obtain or to seek to obtain priority or preference over any other of such Holders or to enforce any
right under this Indenture, except in the manner herein provided and for the equal and ratable benefit of all such Holders of the
applicable Series.

 

Section
6.8     Unconditional Right of Holders to Receive Principal and
Interest.

 

Notwithstanding any other provision in this Indenture,
the Holder of any Security shall have the right, which is absolute and unconditional, to receive payment of the principal of and interest,
if any, on such Security on the Maturity of such Security, including the Stated Maturity expressed in such Security (or, in the case of
redemption, on the redemption date) and to institute suit for the enforcement of any such payment, and such rights shall not be impaired
without the consent of such Holder.

 

Section
6.9     Restoration of Rights and Remedies.

 

If the Trustee or any Holder has instituted any
proceeding to enforce any right or remedy under this Indenture and such proceeding has been discontinued or abandoned for any reason,
or has been determined adversely to the Trustee or to such Holder, then and in every such case, subject to any determination in such proceeding,
the Company, the Trustee and the Holders shall be restored severally and respectively to their former positions hereunder and thereafter
all rights and remedies of the Trustee and the Holders shall continue as though no such proceeding had been instituted.

 

    	 	-24-	 

     

    

 

Section
6.10     Rights and Remedies Cumulative.

 

Except as otherwise provided with respect to the
replacement or payment of mutilated, destroyed, lost or stolen Securities in Section 2.8, no right or remedy herein conferred upon
or reserved to the Trustee or to the Holders is intended to be exclusive of any other right or remedy, and every right and remedy shall,
to the extent permitted by law, be cumulative and in addition to every other right and remedy given hereunder or now or hereafter existing
at law or in equity or otherwise. The assertion or employment of any right or remedy hereunder, or otherwise, shall not, to the extent
permitted by law, prevent the concurrent assertion or employment of any other appropriate right or remedy.

 

Section
6.11     Delay or Omission Not Waiver.

 

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

 

Section 6.12     Control
by Holders.

 

The Holders of a majority in principal amount
of the outstanding Securities of any Series shall have the right to 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, with respect to the Securities of
such Series, provided that

 

(a)            such
direction shall not be in conflict with any rule of law or with this Indenture,

 

(b)            the
Trustee may take any other action deemed proper by the Trustee which is not inconsistent with such direction,

 

(c)            subject
to the provisions of Section 7.1, the Trustee shall have the right to decline to follow any such direction if the Trustee in good
faith shall, by a Responsible Officer of the Trustee, determine that the proceeding so directed would involve the Trustee in personal
liability, and

 

(d)            prior
to taking any action as directed under this Section 6.12, the Trustee shall be entitled to indemnity satisfactory to it against the
losses, costs, expenses and liabilities which might be incurred by it in compliance with such request or direction.

 

    	 	-25-	 

     

    

 

Section 6.13     Waiver
of Past Defaults.

 

The Holders of not less than a majority in principal
amount of the outstanding Securities of any Series may on behalf of the Holders of all the Securities of such Series, by written
notice to the Trustee and the Company, waive any past Default hereunder with respect to such Series and its consequences, except
a Default in the payment of the principal of or interest on any Security of such Series (provided, however, that the Holders of a
majority in principal amount of the outstanding Securities of any Series may rescind an acceleration and its consequences, including
any related payment default that resulted from such acceleration). Upon any such waiver, such Default shall cease to exist, and any Event
of Default 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 Default or impair any right consequent thereon.

 

Section 6.14     Undertaking
for Costs.

 

All parties to this Indenture agree, and each
Holder of any Security by his acceptance thereof shall be deemed to have agreed, that any court may in its discretion require, 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, suffered
or omitted by it as Trustee, the filing by any party litigant in such suit of an undertaking to pay the costs of such suit, and that such
court may in its discretion assess reasonable costs, including reasonable attorneys’ fees, against any party litigant in such suit,
having due regard to the merits and good faith of the claims or defenses made by such party litigant; but the provisions of this Section shall
not apply to any suit instituted by the Company, to any suit instituted by the Trustee, to any suit instituted by any Holder, or group
of Holders, holding in the aggregate more than 10% in principal amount of the outstanding Securities of any Series, or to any suit instituted
by any Holder for the enforcement of the payment of the principal of or interest on any Security on or after the Maturity of such Security,
including the Stated Maturity expressed in such Security (or, in the case of redemption, on the redemption date).

 

ARTICLE VII

TRUSTEE

 

Section 7.1     Duties
of Trustee.

 

(a)            If
an Event of Default has occurred and is continuing, the Trustee shall exercise 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 person would exercise or use under the circumstances in the conduct
of such person’s own affairs.

 

(b)            Except
during the continuance of an Event of Default:

 

(i)            The
Trustee need 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.

 

(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 Officer’s Certificates or Opinions of Counsel furnished to the Trustee and conforming to the requirements
of this Indenture; however, in the case of any such Officer’s Certificates or Opinions of Counsel which by any provisions
hereof are specifically required to be furnished to the Trustee, the Trustee shall examine such Officer’s Certificates and Opinions
of Counsel to determine whether or not they conform to the form requirements of this Indenture (but need not confirm or investigate the
accuracy of mathematical calculations or other facts stated therein).

 

    	 	-26-	 

     

    

 

(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
paragraph does not limit the effect of paragraph (b) of this Section.

 

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

 

(iii)            The
Trustee shall not be liable with respect to any action taken, suffered or omitted to be taken by it with respect to Securities of any
Series in good faith in accordance with the direction of the Holders of a majority in principal amount of the outstanding Securities
of such Series relating to the time, method and place of conducting any proceeding for any remedy available to the Trustee, or exercising
any trust or power conferred upon the Trustee, under this Indenture with respect to the Securities of such Series in accordance with
Section 6.12.

 

(d)            Every
provision of this Indenture that in any way relates to the Trustee is subject to paragraph (a), (b) and (c) of this Section.

 

(e)            The
Trustee may refuse to perform any duty or exercise any right or power unless it receives indemnity satisfactory to it against the losses,
costs, expenses and liabilities which might be incurred by it in performing such duty or exercising such right or power.

 

(f)            The
Trustee shall not be liable for interest or investment on any money received by it except as the Trustee may agree in writing with the
Company. Money held in trust by the Trustee need not be segregated from other funds except to the extent required by law.

 

(g)            No
provision of this Indenture shall require the Trustee to expend or risk its own funds or otherwise incur any financial liability in the
performance of any of its duties, or in the exercise of any of its rights or powers.

 

(h)            The
Paying Agent, the Registrar and any authenticating agent shall be entitled to the protections and immunities as are set forth in paragraphs
(e), (f) and (g) of this Section and in Section 7.2, each with respect to the Trustee.

 

Section
7.2     Rights of Trustee.

 

(a)            The
Trustee may conclusively rely on and shall be protected in acting or refraining from acting upon any document (whether in its original
or facsimile form) believed by it to be genuine and to have been signed or presented by the proper person. The Trustee need not investigate
any fact or matter stated in the document.

 

    	 	-27-	 

     

    

 

(b)            Before
the Trustee acts or refrains from acting, it may require an Officer’s Certificate or an Opinion of Counsel or both. The Trustee
shall not be liable for any action it takes or omits to take in good faith in reliance on such Officer’s Certificate or Opinion
of Counsel.

 

(c)            The
Trustee may act through its attorneys and agents and shall not be responsible for the misconduct or negligence of any attorney or agent
appointed with due care. No Depositary shall be deemed an agent of the Trustee and the Trustee shall not be responsible for any act or
omission by any Depositary.

 

(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, provided that the Trustee’s conduct does not constitute willful misconduct or negligence.

 

(e)            The
Trustee may consult with counsel and the advice of such counsel or any Opinion of Counsel shall be full and complete authorization and
protection in respect of any action taken, suffered or omitted by it hereunder without willful misconduct or negligence, and in reliance
thereon.

 

(f)            The
Trustee shall be under no obligation to exercise any of the rights or powers vested in it by this Indenture at the request or direction
of any of the Holders of Securities unless such Holders shall have offered (and, if requested, provided) to the Trustee security or indemnity
satisfactory to it against the losses, costs, expenses and liabilities which might be incurred by it in compliance with such request or
direction.

 

(g)            The
Trustee shall not be bound to make any investigation into the facts or matters stated in any resolution, certificate, statement, instrument,
opinion, report, notice, request, direction, consent, order, bond, debenture, note, other evidence of indebtedness or other paper or document,
but the Trustee, in its discretion, may make such further inquiry or investigation into such facts or matters as it may see fit.

 

(h)            The
Trustee shall not be deemed to have notice of any Default or Event of Default unless a Responsible Officer of the Trustee has actual knowledge
thereof or unless written notice of any event which is in fact such a default is received by the Trustee at the Corporate Trust Office
of the Trustee, and such notice references the existence of a Default or Event of Default, the Securities generally or the Securities
of a particular Series and this Indenture.

 

(i)            In
no event shall the Trustee be responsible or liable to any person for special, punitive, indirect, consequential or incidental loss or
damage of any kind whatsoever (including but not limited to lost profits), even if the Trustee has been advised of the likelihood of such
loss or damage and regardless of the form of action.

 

(j)            The
permissive right of the Trustee to take the actions permitted by this Indenture shall not be construed as an obligation or duty to do
so.

 

    	 	-28-	 

     

    

 

(k)            No
bond or surety shall be required with respect to performance of Trustee’s duties and powers.

 

(l)            Under
no circumstances shall the Trustee be liable in its individual capacity for the obligations evidenced by the Securities.

 

(m)            Any
request or direction of the Company mentioned herein shall be sufficiently evidenced by a Company Order and any resolution of the Board
of Directors may be sufficiently evidenced by a Board Resolution.

 

(n)            The
Trustee may request that the Company deliver a certificate setting forth the names of individuals and/or titles of officers authorized
at such time to take specified actions pursuant to this Indenture.

 

(o)            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.

 

Section 7.3     Individual
Rights of Trustee.

 

The Trustee in its individual or any other capacity
may become the owner or pledgee of Securities and may otherwise deal with the Company or an Affiliate of the Company with the same rights
it would have if it were not Trustee. Any Agent may do the same with like rights. The Trustee is also subject to Sections 7.10 and 7.11.

 

Section 7.4     Trustee’s
Disclaimer.

 

The Trustee shall not be responsible for and makes
no representation as to the validity or adequacy of this Indenture or the Securities, it shall not be accountable for the Company’s
use of the proceeds from the Securities, or any money paid to the Company or upon the Company’s direction under any provision of
this Indenture, it shall not be responsible for the use or application of any money received by any Paying Agent other than the Trustee,
and it shall not be responsible for any statement herein or in the Securities or any other document in connection with the sale of the
Securities other than its authentication. The recitals contained herein and in the Securities, except the Trustee’s certificates
of authentication, shall be taken as the statements of the Company, and the Trustee or any Authenticating Agent assumes no responsibility
for their correctness.

 

Section 7.5     Notice
of Defaults.

 

If a Default or Event of Default occurs and is
continuing with respect to the Securities of any Series and if it is actually known to a Responsible Officer of the Trustee, the
Trustee shall send to each Securityholder of the Securities of that Series notice of a Default or Event of Default within 90 days
after it occurs or, if later, after a Responsible Officer of the Trustee has knowledge of such Default or Event of Default. Except in
the case of a Default or Event of Default in payment of principal of or interest on any Security of any Series, the Trustee may withhold
the notice if and so long as it in good faith determines that withholding the notice is in the interests of Securityholders of that Series.

 

    	 	-29-	 

     

    

 

Section 7.6     Reports
by Trustee to Holders.

 

Within
60 days after each             , commencing             ,
20 , the Trustee shall transmit by mail to all Securityholders, as their names and addresses appear on the register kept by the Registrar,
a brief report dated as of such anniversary date, in accordance with, and to the extent required under, TIA § 313.

 

A copy of each report at the time of its sending
to Securityholders of any Series shall be filed with the SEC and each national securities exchange on which the Securities of that
Series are listed. The Company shall promptly notify the Trustee in writing when Securities of any Series are listed on any
national securities exchange or delisted from any national securities exchange.

 

Section 7.7     Compensation
and Indemnity.

 

The Company shall pay to the Trustee from time
to time compensation for its services as the Company and the Trustee shall from time to time agree upon in writing. The Trustee’s
compensation shall not be limited by any law on compensation of a trustee of an express trust. The Company shall reimburse the Trustee
upon request for all reasonable out of pocket expenses incurred by it. Such expenses shall include the reasonable compensation and expenses
of the Trustee’s agents and counsel.

 

The Company shall indemnify each of the Trustee
and any predecessor Trustee (including for the cost of defending itself) against any cost, damages, losses, expense or liability, including
taxes (other than taxes based upon, measured by or determined by the income of the Trustee) incurred by it except as set forth in the
next paragraph in the performance of its duties under this Indenture or in connection with its acceptance of its obligations hereunder,
as Trustee or Agent. The Trustee shall notify the Company promptly of any claim for which it may seek indemnity. Failure by the Trustee
to so notify the Company shall not relieve the Company of its obligations hereunder, unless and to the extent that the Company is materially
prejudiced thereby. The Company shall defend the claim and the Trustee shall cooperate in the defense. The Trustee may have separate counsel
and the Company shall pay the reasonable fees and expenses of such counsel. The Company need not pay for any settlement made without its
consent, which consent will not be unreasonably withheld. This indemnification shall apply to officers, directors, employees, shareholders
and agents of the Trustee.

 

The Company need not reimburse any expense or
indemnify against any loss or liability incurred by the Trustee or by any officer, director, employee, shareholder or agent of the Trustee
through willful misconduct or negligence, as finally adjudicated by a court of competent jurisdiction.

 

To secure the Company’s payment obligations
in this Section, the Trustee shall have a lien prior to the Securities of any Series on all money or property held or collected by
the Trustee, except that held in trust to pay principal of and interest on particular Securities of that Series.

 

    	 	-30-	 

     

    

 

When the Trustee incurs expenses or renders services
after an Event of Default specified in Section 6.1(d) or (e) occurs, the expenses and the compensation for the services
are intended to constitute expenses of administration under any Bankruptcy Law.

 

The provisions of this Section shall survive
the termination of this Indenture or the resignation or removal of the Trustee.

 

Section
7.8     Replacement of Trustee.

 

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.

 

The Trustee may resign with respect to the Securities
of one or more Series by so notifying the Company at least 30 days prior to the date of the proposed resignation. The Holders of
a majority in principal amount of the Securities of any Series may remove the Trustee with respect to that Series by so notifying
the Trustee and the Company in writing at least 30 days prior to such removal. The Company may remove the Trustee with respect to Securities
of one or more Series with at least 30 days written notice if:

 

(a)            the
Trustee fails to comply with Section 7.10;

 

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

 

(c)            a
Custodian or public officer takes charge of the Trustee or its property; or

 

(d)            the
Trustee becomes incapable of acting.

 

If the Trustee resigns or is removed or if a vacancy
exists in the office of Trustee for any reason, the Company shall promptly appoint a successor Trustee. Within one year after the successor
Trustee takes office, the Holders of a majority in principal amount of the then-outstanding Securities may appoint a successor Trustee
to replace the successor Trustee appointed by the Company.

 

If a successor Trustee with respect to the Securities
of any one or more Series does not take office within 60 days after the retiring Trustee resigns or is removed, the retiring Trustee,
the Company or the Holders of at least a majority in principal amount of the Securities of the applicable Series may petition any
court of competent jurisdiction for the appointment of a successor Trustee.

 

A successor Trustee shall deliver a written acceptance
of its appointment to the retiring Trustee and to the Company. Promptly after that, the retiring Trustee shall transfer all property held
by it as Trustee to the successor Trustee subject to the lien provided for in Section 7.7, 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 with respect to
each Series of Securities for which it is acting as Trustee under this Indenture. A successor Trustee shall send a notice of its
succession to each Securityholder of each such Series. Notwithstanding replacement of the Trustee pursuant to this Section 7.8, the
Company’s obligations under Section 7.7 hereof shall continue for the benefit of the retiring Trustee with respect to expenses
and liabilities incurred by it for actions taken or omitted to be taken in accordance with its rights, powers and duties under this Indenture
prior to such replacement.

 

    	 	-31-	 

     

    

 

Section 7.9     Successor
Trustee by Merger, Etc.

 

If the Trustee consolidates with, merges or converts
into, or transfers all or substantially all of its corporate trust business to, another corporation, or national banking association,
the successor corporation or national banking association without any further act shall be the successor Trustee, subject to Section 7.10.

 

Section 7.10     Eligibility;
Disqualification.

 

This Indenture shall always have a Trustee who
satisfies the requirements of TIA § 310(a)(1), (2) and (5). The Trustee shall always have a combined capital and surplus of
at least $50,000,000 as set forth in its most recent published annual report of condition. The Trustee shall comply with TIA § 310(b).

 

Section 7.11     Preferential
Collection of Claims Against Company.

 

The Trustee is subject to TIA § 311(a), excluding
any creditor relationship listed in TIA § 311(b). A Trustee who has resigned or been removed shall be subject to TIA § 311(a) to
the extent indicated.

 

ARTICLE VIII

SATISFACTION AND DISCHARGE; DEFEASANCE

 

Section 8.1     Satisfaction
and Discharge of Indenture.

 

This Indenture shall upon Company Order be discharged
with respect to the Securities of any Series and cease to be of further effect as to all Securities of such Series (except as
hereinafter provided in this Section 8.1), and the Trustee, at the expense of the Company, shall execute instruments acknowledging
satisfaction and discharge of this Indenture, when

 

(a)            either

 

(i)            all
Securities of such Series theretofore authenticated and delivered (other than Securities that have been destroyed, lost or stolen
and that have been replaced or paid) have been delivered to the Trustee for cancellation; or

 

(ii)            all
such Securities of such Series not theretofore delivered to the Trustee for cancellation

 

(1)            have
become due and payable by reason of sending a notice of redemption or otherwise, or

 

    	 	-32-	 

     

    

 

(2)            will
become due and payable at their Stated Maturity within one year, or

 

(3)            have
been called for redemption or are to be called for redemption within one year under arrangements satisfactory to the Trustee for the giving
of notice of redemption by the Trustee in the name, and at the expense, of the Company, or

 

(4)            are
deemed paid and discharged pursuant to Section 8.3, as applicable;

 

and the Company, in the case of (1), (2) or (3) above, shall
have irrevocably deposited or caused to be deposited with the Trustee as trust funds in trust an amount of money or U.S. Government Obligations,
which amount shall be sufficient (as determined by the Company) for the purpose of paying and discharging each installment of principal
(including mandatory sinking fund or analogous payments) of and interest on all the Securities of such Series on the dates such installments
of principal or interest are due;

 

(b)            the
Company has paid or caused to be paid all other sums payable hereunder by the Company; and

 

(c)            the
Company shall have delivered to the Trustee an Officer’s Certificate and an Opinion of Counsel, each stating that all conditions
precedent provided for relating to the satisfaction and discharge contemplated by this Section have been complied with.

 

Notwithstanding the satisfaction and discharge
of this Indenture, the obligations of the Company to the Trustee under Section 7.7, and, if money shall have been deposited with
the Trustee pursuant to clause (a) of this Section, the provisions of Sections 2.4, 2.7, 2.8, 8.2 and 8.5 shall survive.

 

Section 8.2     Application
of Trust Funds; Indemnification.

 

(a)            Subject
to the provisions of Section 8.5, all money and U.S. Government Obligations or Foreign Government Obligations deposited with the
Trustee pursuant to Section 8.1, 8.3 or 8.4 and all money received by the Trustee in respect of U.S. Government Obligations or Foreign
Government Obligations deposited with the Trustee pursuant to Section 8.1, 8.3 or 8.4, shall be held in trust and applied by it,
in accordance with the provisions of the Securities and this Indenture, to the payment, either directly or through any Paying Agent (including
the Company acting as its own Paying Agent) as the Trustee may determine, to the persons entitled thereto, of the principal and interest
for whose payment such money has been deposited with or received by the Trustee or to make mandatory sinking fund payments or analogous
payments as contemplated by Sections 8.1, 8.3 or 8.4.

 

(b)            The
Company shall pay and shall indemnify the Trustee against any tax, fee or other charge imposed on or assessed against U.S. Government
Obligations or Foreign Government Obligations deposited pursuant to Sections 8.1, 8.3 or 8.4 or the interest and principal received in
respect of such obligations other than any payable by or on behalf of Holders.

 

    	 	-33-	 

     

    

 

(c)            The
Trustee shall deliver or pay to the Company from time to time upon Company Order any U.S. Government Obligations or Foreign Government
Obligations or money held by it as provided in Sections 8.3 or 8.4 which, in the opinion of a nationally recognized firm of independent
certified public accountants or investment bank expressed in a written certification thereof delivered to the Trustee, are then in excess
of the amount thereof which then would have been required to be deposited for the purpose for which such U.S. Government Obligations
or Foreign Government Obligations or money were deposited or received. This provision shall not authorize the sale by the Trustee of
any U.S. Government Obligations or Foreign Government Obligations held under this Indenture.

 

Section 8.3     Legal
Defeasance of Securities of any Series.

 

Unless this Section 8.3 is otherwise specified,
pursuant to Section 2.2, to be inapplicable to Securities of any Series, the Company shall be deemed to have paid and discharged
the entire indebtedness on all the outstanding Securities of any Series on the 91st day after the date of the deposit referred to
in subparagraph (d) hereof, and the provisions of this Indenture, as it relates to such outstanding Securities of such Series, shall
no longer be in effect (and the Trustee, at the expense of the Company, shall, upon receipt of a Company Order, execute instruments acknowledging
the same), except as to:

 

(a)            the
rights of Holders of Securities of such Series to receive, from the trust funds described in subparagraph (d) hereof, (i) payment
of the principal of and each installment of principal of and interest on the outstanding Securities of such Series on the Maturity
of such principal or installment of principal or interest and (ii) the benefit of any mandatory sinking fund payments applicable
to the Securities of such Series on the day on which such payments are due and payable in accordance with the terms of this Indenture
and the Securities of such Series;

 

(b)            the
provisions of Sections 2.4, 2.5, 2.7, 2.8, 7.7, 8.2, 8.3, 8.5 and 8.6; and

 

(c)            the
rights, powers, trusts and immunities of the Trustee hereunder and the Company’s obligations in connection therewith;

 

provided that, the following conditions shall have been satisfied:

 

(d)            the
Company shall have irrevocably deposited or caused to be deposited (except as provided in Section 8.2(c)) with the Trustee as trust
funds specifically pledged as security for and dedicated solely to the benefit of the Holders of such Securities (i) in the case
of Securities of such Series denominated in Dollars, cash in Dollars and/or U.S. Government Obligations, or (ii) in the case
of Securities of such Series denominated in a Foreign Currency (other than a composite currency), money and/or Foreign Government
Obligations, which through the payment of interest and principal in respect thereof in accordance with their terms, will provide (and
without reinvestment and assuming no tax liability will be imposed on such Trustee), not later than one day before the due date of any
payment of money, an amount in cash, sufficient, in the opinion of a nationally recognized firm of independent public accountants or investment
bank expressed in a written certification thereof delivered to the Trustee, to pay and discharge each installment of principal of and
interest, on and any mandatory sinking fund payments in respect of all the Securities of such Series on the dates such installments
of principal or interest and such sinking fund payments are due;

 

    	 	-34-	 

     

    

 

(e)            such
deposit will not result in a breach or violation of, or constitute a default under, this Indenture or any other agreement or instrument
to which the Company is a party or by which it is bound;

 

(f)            no
Default or Event of Default with respect to the Securities of such Series shall have occurred and be continuing on the date of such
deposit or during the period ending on the 91st day after such date;

 

(g)            the
Company shall have delivered to the Trustee an Officer’s Certificate and an Opinion of Counsel to the effect that (i) the Company
has received from, or there has been published by, the Internal Revenue Service a ruling, or (ii) since the date of execution of
this Indenture, there has been a change in the applicable Federal income tax law, in either case to the effect that, and based thereon
such Opinion of Counsel shall confirm that, the Holders of the Securities of such Series will not recognize income, gain or loss
for Federal income tax purposes as a result of such deposit, defeasance and discharge and will be subject to Federal income tax on the
same amount and in the same manner and at the same times as would have been the case if such deposit, defeasance and discharge had not
occurred;

 

(h)            the
Company shall have delivered to the Trustee an Officer’s Certificate stating that the deposit was not made by the Company with the
intent of defeating, hindering, delaying or defrauding any other creditors of the Company; and

 

(i)            the
Company shall have delivered to the Trustee an Officer’s Certificate and an Opinion of Counsel, each stating that all conditions
precedent provided for relating to the defeasance contemplated by this Section have been complied with.

 

Section 8.4     Covenant
Defeasance.

 

Unless this Section 8.4 is otherwise specified
pursuant to Section 2.2 to be inapplicable to Securities of any Series, the Company may omit to comply with respect to the Securities
of any Series with any term, provision or condition set forth under Sections 4.2, 4.3, 4.4 and 5.1 and, unless otherwise specified
therein, any additional covenants specified in a supplemental indenture for such Series of Securities or a Board Resolution or an
Officer’s Certificate delivered pursuant to Section 2.2 (and the failure to comply with any such covenants shall not constitute
a Default or Event of Default with respect to such Series under Section 6.1) and the occurrence of any event specified in a
supplemental indenture for such Series of Securities or a Board Resolution or an Officer’s Certificate delivered pursuant to
Section 2.2.18 and designated as an Event of Default shall not constitute a Default or Event of Default hereunder, with respect to
the Securities of such Series, but, except as specified above, the remainder of this Indenture and such Securities will be unaffected
thereby; provided that the following conditions shall have been satisfied:

 

(a)            with
reference to this Section 8.4, the Company has irrevocably deposited or caused to be irrevocably deposited (except as provided in
Section 8.2(c)) with the Trustee as trust funds in trust for the purpose of making the following payments specifically pledged as
security for, and dedicated solely to, the benefit of the Holders of such Securities (i) in the case of Securities of such Series denominated
in Dollars, cash in Dollars and/or U.S. Government Obligations, or (ii) in the case of Securities of such Series denominated
in a Foreign Currency (other than a composite currency), money and/or Foreign Government Obligations, which through the payment of interest
and principal in respect thereof in accordance with their terms, will provide (and without reinvestment and assuming no tax liability
will be imposed on such Trustee), not later than one day before the due date of any payment of money, an amount in cash, sufficient, in
the opinion of a nationally recognized firm of independent certified public accountants or investment bank expressed in a written certification
thereof delivered to the Trustee, to pay and discharge each installment of principal (including mandatory sinking fund or analogous payments)
of and interest on all the Securities of such Series on the dates such installments of principal or interest are due;

 

    	 	-35-	 

     

    

 

(b)            such
deposit will not result in a breach or violation of, or constitute a default under, this Indenture or any other agreement or instrument
to which the Company is a party or by which it is bound;

 

(c)            no
Default or Event of Default with respect to the Securities of such Series shall have occurred and be continuing on the date of such
deposit;

 

(d)            the
Company shall have delivered to the Trustee an Officers’ Certificate and an Opinion of Counsel to the effect that (i) the Company
has received from, or there has been published by, the Internal Revenue Service a ruling, or (ii) since the date of execution of
this Indenture, there has been a change in the applicable Federal income tax law, in either case to the effect that, and based thereon
such Opinion of Counsel shall confirm, subject to customary exclusions, that the Holders of the Securities of such Series will not
recognize income, gain or loss for Federal income tax purposes as a result of such deposit, covenant defeasance and discharge and will
be subject to Federal income tax on the same amount and in the same manner and at the same times as would have been the case if such deposit,
covenant defeasance and discharge had not occurred;

 

(e)            The
Company shall have delivered to the Trustee an Officer’s Certificate stating the deposit was not made by the Company with the intent
of defeating, hindering, delaying or defrauding any other creditors of the Company; and

 

(f)            The
Company shall have delivered to the Trustee an Officer’s Certificate and an Opinion of Counsel, each stating that all conditions
precedent herein provided for relating to the covenant defeasance contemplated by this Section have been complied with.

 

Section 8.5     Repayment
to Company.

 

Subject to applicable abandoned property law,
the Trustee and the Paying Agent shall pay to the Company upon request any money held by them for the payment of principal and interest
that remains unclaimed for two years. After that, Securityholders entitled to the money must look to the Company for payment as general
creditors unless an applicable abandoned property law designates another person, and the Trustee shall have no further liability with
respect to such money.

 

    	 	-36-	 

     

    

 

 

Section 8.6          Reinstatement.

 

If the Trustee or the Paying Agent is unable to
apply any money deposited with respect to Securities of any Series in accordance with Section 8.1 by reason of any legal proceeding
or by reason of any order or judgment of any court or governmental authority enjoining, restraining or otherwise prohibiting such application,
the obligations of the Company under this Indenture with respect to the Securities of such Series and under the Securities of such
Series shall be revived and reinstated as though no deposit had occurred pursuant to Section 8.1 until such time as the Trustee
or the Paying Agent is permitted to apply all such money in accordance with Section 8.1; provided, however, that if
the Company has made any payment of principal of or interest on or any Additional Amounts with respect to any Securities because of the
reinstatement of its obligations, the Company shall be subrogated to the rights of the Holders of such Securities to receive such payment
from the money or U.S. Government Obligations held by the Trustee or Paying Agent after payment in full to the Holders.

 

ARTICLE IX

AMENDMENTS AND WAIVERS

 

Section 9.1          Without
Consent of Holders.

 

The Company and the Trustee may amend or supplement
this Indenture or the Securities of one or more Series without the consent of any Securityholder:

 

(a)         to
cure any ambiguity, defect or inconsistency as evidenced by an Officer Certificate;

 

(b)         to
comply with Article V;

 

(c)         to
provide for uncertificated Securities in addition to or in place of certificated Securities;

 

(d)         to
add guarantees with respect to Securities of any Series or secure Securities of any Series;

 

(e)         to
surrender any of the Company’s rights or powers under this Indenture;

 

(f)          to
add covenants or events of default for the benefit of the holders of Securities of any Series;

 

(g)         to
comply with the applicable procedures of the applicable depositary;

 

(h)         to
make any change that does not adversely affect the rights of any Securityholder;

 

(i)          to
provide for the issuance of and establish the form and terms and conditions of Securities of any Series as permitted by this Indenture;

 

    	 	-37-	 

     

    

 

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

 

(k)         to
comply with requirements of the SEC in order to effect or maintain the qualification of this Indenture under the TIA;

 

(l)          to
add to, change or eliminate any provision of this Indenture or the Securities of such Series in accordance with the TIA, or to comply
with the provisions of DTC, Euroclear or Clearstream or the Trustee with respect to provisions of this Indenture or the Securities of
such Series relating to transfers or exchanges of the Securities of such Series or beneficial interests in the Securities of
such Series; or

 

(m)         to
conform any provision of this Indenture, in so far as it relates to the Securities of such Series, to the description of the Securities
of such Series in the prospectus supplement relation to the offering of the Securities of such Series.

 

Section 9.2          With
Consent of Holders.

 

The Company and the Trustee may enter into a supplemental
indenture with the written consent of the Holders of at least a majority in aggregate principal amount of the outstanding Securities of
each Series affected by such supplemental indenture (including consents obtained in connection with a tender offer or exchange offer
for the Securities of such Series), for the purpose of adding any provisions to or changing in any manner or eliminating any of the provisions
of this Indenture or of any supplemental indenture or of modifying in any manner the rights of the Securityholders of each such Series.
Except as provided in Section 6.13, the Holders of at least a majority in aggregate principal amount of the outstanding Securities
of any Series by notice to the Trustee (including consents obtained in connection with a tender offer or exchange offer for the Securities
of such Series) may waive compliance by the Company with any provision of this Indenture or the Securities with respect to such Series.

 

It shall not be necessary for the consent of the
Holders of Securities under this Section 9.2 to approve the particular form of any proposed supplemental indenture or waiver, but
it shall be sufficient if such consent approves the substance thereof. After a supplemental indenture or waiver under this section becomes
effective, the Company shall send to the Holders of Securities affected thereby, a notice briefly describing the supplemental indenture
or waiver. Any failure by the Company to send such notice, or any defect therein, shall not, however, in any way impair or affect the
validity of any such supplemental indenture or waiver.

 

Section 9.3          Limitations.

 

Without the consent of each Securityholder affected,
an amendment or waiver may not:

 

(a)         reduce
the principal amount of Securities whose Holders must consent to an amendment, supplement or waiver;

 

    	 	-38-	 

     

    

 

(b)         reduce
the rate of or extend the time for payment of interest (including default interest) on any Security;

 

(c)         reduce
the principal or change the Stated Maturity of any Security or reduce the amount of, or postpone the date fixed for, the payment of any
sinking fund or analogous obligation;

 

(d)         reduce
the principal amount of Discount Securities payable upon acceleration of the maturity thereof;

 

(e)         waive
a Default or Event of Default in the payment of the principal of or interest, if any, on any Security (except a rescission of acceleration
of the Securities of any Series by the Holders of at least a majority in principal amount of the outstanding Securities of such Series and
a waiver of the payment default that resulted from such acceleration);

 

(f)          make
the principal of or interest, if any, on any Security payable in any currency other than that stated in the Security;

 

(g)         make
any change in Sections 6.8, 6.13 or 9.3 (this sentence); or

 

(h)         waive
a redemption payment with respect to any Security, provided that such redemption is made at the Company’s option.

 

Section 9.4          Compliance
with Trust Indenture Act.

 

Every amendment to this Indenture or the Securities
of one or more Series shall be set forth in a supplemental indenture hereto that complies with the TIA as then in effect.

 

Section 9.5          Revocation
and Effect of Consents.

 

Until an amendment is set forth in a supplemental
indenture or a waiver becomes effective, a consent to it by a Holder of a Security is a continuing consent by the Holder and every subsequent
Holder of a Security or portion of a Security that evidences the same debt as the consenting Holder’s Security, even if notation
of the consent is not made on any Security. However, any such Holder or subsequent Holder may revoke the consent as to his Security or
portion of a Security if the Trustee receives the notice of revocation before the date of the supplemental indenture or the date the waiver
becomes effective.

 

Any amendment or waiver once effective shall bind
every Securityholder of each Series affected by such amendment or waiver unless it is of the type described in any of clauses (a) through
(h) of Section 9.3. In that case, the amendment or waiver shall bind each Holder of a Security who has consented to it and every
subsequent Holder of a Security or portion of a Security that evidences the same debt as the consenting Holder’s Security.

 

The Company may, but shall not be obligated to,
fix a record date for the purpose of determining the Holders entitled to give their consent or take any other action described above or
required or permitted to be taken pursuant to this Indenture. If a record date is fixed, then notwithstanding the second immediately preceding
paragraph, those Persons who were Holders at such record date (or their duly designated proxies), and only those persons, shall be entitled
to give such consent or to revoke any consent previously given or take any such action, whether or not such Persons continue to be Holders
after such record date. No such consent shall be valid or effective for more than 120 days after such record date.

 

    	 	-39-	 

     

    

 

Section 9.6          Notation
on or Exchange of Securities.

 

The Company or the Trustee may place an appropriate
notation about an amendment or waiver on any Security of any Series thereafter authenticated. The Company in exchange for Securities
of that Series may issue and the Trustee shall authenticate upon receipt of a Company Order in accordance with Section 2.3 new
Securities of that Series that reflect the amendment or waiver.

 

Section 9.7          Trustee
Protected.

 

In executing, or accepting the additional trusts
created by, any supplemental indenture permitted by this Article or the modifications thereby of the trusts created by this Indenture,
the Trustee shall be entitled to receive, and (subject to Section 7.1) shall be fully protected in relying upon, an Officer’s
Certificate or an Opinion of Counsel or both complying with Section 10.4 and stating that the supplemental indenture is authorized
or permitted by this Indenture and constitutes a legal valid and binding obligation of the Company, enforceable against it in accordance
with its terms. The Trustee shall sign all supplemental indentures upon delivery of such an Officer’s Certificate or Opinion of
Counsel or both, except that the Trustee need not sign any supplemental indenture that adversely affects its rights, duties, liabilities
or immunities under this Indenture.

 

ARTICLE X

MISCELLANEOUS

 

Section 10.1         Trust
Indenture Act Controls.

 

If any provision of this Indenture limits, qualifies,
or conflicts with another provision which is required or deemed to be included in this Indenture by the TIA, such required or deemed provision
shall control.

 

Section 10.2         Notices.

 

Any notice or communication by the Company or
the Trustee to the other, or by a Holder to the Company or the Trustee, is duly given if in writing and delivered in person or mailed
by first-class mail (registered or certified, return receipt requested), facsimile transmission, email or overnight air courier guaranteeing
next day delivery, to the others’ address:

 

if to the Company:

 

Edgewise Therapeutics, Inc.

3415 Colorado Ave

Boulder, Colorado 80303

Attention: General Counsel

 

    	 	-40-	 

     

    

 

with a copy to:

 

Wilson Sonsini Goodrich & Rosati, Professional Corporation

650 Page Mill Road

Palo Alto, CA 94304

Attention: Tony Jeffries

 

if to the Trustee:

 

[__________]

[__________]

Attention: [__________]

 

The Company or the Trustee by notice to the other
may designate additional or different addresses for subsequent notices or communications. Any notice or communication delivered to the
Trustee shall be deemed effective upon actual receipt thereof.

 

Any notice or communication to a Securityholder
shall be sent electronically or by first-class mail to his address shown on the register kept by the Registrar, in accordance with the
procedures of the Depositary. Failure to send a notice or communication to a Securityholder of any Series or any defect in it shall
not affect its sufficiency with respect to other Securityholders of that or any other Series.

 

If a notice or communication is sent or published
in the manner provided above, within the time prescribed, it is duly given, whether or not the Securityholder receives it.

 

If the Company sends a notice or communication
to Securityholders, it shall send a copy to the Trustee and each Agent at the same time.

 

Notwithstanding any other provision of this Indenture
or any Security, where this Indenture or any Security provides for notice of any event (including any notice of redemption) to a Holder
of a Global Security (whether by mail or otherwise), such notice shall be sufficiently given to the Depositary for such Security (or its
designee) pursuant to the customary procedures of such Depositary.

 

Section 10.3        Communication
by Holders with Other Holders.

 

Securityholders of any Series may communicate
pursuant to TIA § 312(b) with other Securityholders of that Series or any other Series with respect to their rights
under this Indenture or the Securities of that Series or all Series. The Company, the Trustee, the Registrar and anyone else shall
have the protection of TIA § 312(c).

 

    	 	-41-	 

     

    

 

Section 10.4        Certificate
and Opinion as to Conditions Precedent.

  

Upon any request or application by the Company
to the Trustee to take any action under this Indenture, the Company shall furnish to the Trustee:

 

(a)          an
Officer’s Certificate stating that, in the opinion of the signers, all conditions precedent, if any, provided for in this Indenture
relating to the proposed action have been complied with; and

 

(b)          an
Opinion of Counsel stating that, in the opinion of such counsel, all such conditions precedent have been complied with.

 

Section 10.5        Statements
Required in Certificate or Opinion.

 

Each certificate or opinion with respect to compliance
with a condition or covenant provided for in this Indenture (other than a certificate provided pursuant to TIA § 314(a)(4)) shall
comply with the provisions of TIA § 314(e) and shall include:

 

(a)         a
statement that the person making such certificate or opinion 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 or opinions contained in such
certificate or opinion 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 10.6        Rules by
Trustee and Agents.

 

The Trustee may make reasonable rules for
action by or a meeting of Securityholders of one or more Series. Any Agent may make reasonable rules and set reasonable requirements
for its functions.

 

Section 10.7        Legal
Holidays.

 

A “Legal Holiday” is any day
that is not a Business Day. If a payment date is a Legal Holiday at a place of payment, payment may be made at that place on the next
succeeding day that is not a Legal Holiday, and no interest shall accrue for the intervening period.

 

Section 10.8        No
Recourse Against Others.

 

A director, officer, employee or stockholder (past
or present), as such, of the Company shall not have any liability for any obligations of the Company under the Securities or the Indenture
or for any claim based on, in respect of or by reason of such obligations or their creation. Each Securityholder by accepting a Security
waives and releases all such liability. The waiver and release are part of the consideration for the issue of the Securities.

 

    	 	-42-	 

     

    

 

Section 10.9        Counterparts.

 

This Indenture may be executed in any number of
counterparts and by the parties hereto in separate counterparts, each of which when so executed shall be deemed to be an original and
all of which taken together shall constitute one and the same agreement. The exchange of copies of this Indenture and of signature pages by
facsimile or PDF transmission shall constitute effective execution and delivery of this Indenture as to the parties hereto and may be
used in lieu of the original Indenture for all purposes. Signatures of the parties hereto transmitted by facsimile or PDF shall be deemed
to be their original signatures for all purposes.

 

Section 10.10       Governing
Law; Waiver of Jury Trial; Consent to Jurisdiction.

 

THIS INDENTURE AND THE SECURITIES, INCLUDING
ANY CLAIM OR CONTROVERSY ARISING OUT OF OR RELATING TO THE INDENTURE OR THE SECURITIES, SHALL BE GOVERNED BY THE LAWS OF THE STATE OF
NEW YORK. THE COMPANY, THE TRUSTEE AND THE HOLDERS (BY THEIR ACCEPTANCE OF THE SECURITIES) EACH HEREBY IRREVOCABLY WAIVE, 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 SECURITIES OR THE TRANSACTIONS CONTEMPLATED HEREBY OR THEREBY.

 

Any legal suit, action or proceeding arising out
of or based upon this Indenture or the transactions contemplated hereby may be instituted in the federal courts of the United States of
America located in the City of New York or the courts of the State of New York in each case located in the City of New York (collectively,
the “Specified Courts”), and each party irrevocably submits to the nonexclusive jurisdiction of such courts in any
such suit, action or proceeding. Service of any process, summons, notice or document by mail (to the extent allowed under any applicable
statute or rule of court) to such party’s address set forth above shall be effective service of process for any suit, action
or other proceeding brought in any such court. The Company, the Trustee and the Holders (by their acceptance of the Securities) each hereby
irrevocably and unconditionally waive any objection to the laying of venue of any suit, action or other proceeding in the Specified Courts
and irrevocably and unconditionally waive and agree not to plead or claim any such suit, action or other proceeding has been brought in
an inconvenient forum.

 

Section 10.11      No
Adverse Interpretation of Other Agreements.

 

This Indenture may not be used to interpret another
indenture, loan or debt agreement of the Company or a Subsidiary of the Company. Any such indenture, loan or debt agreement may not be
used to interpret this Indenture.

 

    	 	-43-	 

     

    

 

Section 10.12      Successors.

  

All agreements of the Company in this Indenture
and the Securities shall bind its successor. All agreements of the Trustee in this Indenture shall bind its successor.

 

Section 10.13      Severability.

 

In case any provision in this Indenture or in
the Securities 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 10.14      Table
of Contents, Headings, Etc.

 

The Table of Contents, Cross Reference Table,
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 10.15      Securities
in a Foreign Currency.

 

Unless otherwise specified in a Board Resolution,
a supplemental indenture hereto or an Officer’s Certificate delivered pursuant to Section 2.2 of this Indenture with respect
to a particular Series of Securities, whenever for purposes of this Indenture any action may be taken by the Holders of a specified
percentage in aggregate principal amount of Securities of all Series or all Series affected by a particular action at the time
outstanding and, at such time, there are outstanding Securities of any Series which are denominated in more than one currency, then
the principal amount of Securities of such Series which shall be deemed to be outstanding for the purpose of taking such action shall
be determined by converting any such other currency into a currency that is designated upon issuance of any particular Series of
Securities. Unless otherwise specified in a Board Resolution, a supplemental indenture hereto or an Officer’s Certificate delivered
pursuant to Section 2.2 of this Indenture with respect to a particular Series of Securities, such conversion shall be at the
spot rate for the purchase of the designated currency as published in The Financial Times in the “Currency Rates” section
(or, if The Financial Times is no longer published, or if such information is no longer available in The Financial Times, such source
as may be selected in good faith by the Company) on any date of determination. The provisions of this paragraph shall apply in determining
the equivalent principal amount in respect of Securities of a Series denominated in currency other than Dollars in connection with
any action taken by Holders of Securities pursuant to the terms of this Indenture.

 

All decisions and determinations provided for
in the preceding paragraph shall, in the absence of manifest error, to the extent permitted by law, be conclusive for all purposes and
irrevocably binding upon the Trustee and all Holders.

 

    	 	-44-	 

     

    

 

Section 10.16      Judgment
Currency.

 

The Company agrees, to the fullest extent that
it may effectively do so under applicable law, that (a) if for the purpose of obtaining judgment in any court it is necessary to
convert the sum due in respect of the principal of or interest or other amount on the Securities of any Series (the “Required
Currency”) into a currency in which a judgment will be rendered (the “Judgment Currency”), the rate of exchange
used shall be the rate at which in accordance with normal banking procedures the Trustee could purchase in The City of New York the Required
Currency with the Judgment Currency on the day on which final unappealable judgment is entered, unless such day is not a New York Banking
Day, then the rate of exchange used shall be the rate at which in accordance with normal banking procedures the Trustee could purchase
in The City of New York the Required Currency with the Judgment Currency on the New York Banking Day preceding the day on which final
unappealable judgment is entered and (b) its obligations under this Indenture to make payments in the Required Currency (i) shall
not be discharged or satisfied by any tender, any recovery pursuant to any judgment (whether or not entered in accordance with subsection
(a)), in any currency other than the Required Currency, except to the extent that such tender or recovery shall result in the actual receipt,
by the payee, of the full amount of the Required Currency expressed to be payable in respect of such payments, (ii) shall be enforceable
as an alternative or additional cause of action for the purpose of recovering in the Required Currency the amount, if any, by which such
actual receipt shall fall short of the full amount of the Required Currency so expressed to be payable, and (iii) shall not be affected
by judgment being obtained for any other sum due under this Indenture. For purposes of the foregoing, “New York Banking Day”
means any day except a Saturday, Sunday or a Legal Holiday in The City of New York on which banking institutions are authorized or required
by law, regulation or executive order to close.

 

Section 10.17      Force
Majeure.

 

In no event shall the Trustee be responsible or
liable for any failure or delay in the performance of its obligations hereunder arising out of or caused by, directly or indirectly, forces
beyond its control, including, without limitation, strikes, work stoppages, accidents, acts of war or terrorism, civil or military disturbances,
nuclear or natural catastrophes or acts of God, and interruptions, loss or malfunctions of utilities, communications or computer (software
and hardware) services, it being understood that the Trustee shall use reasonable best efforts which are consistent with accepted practices
in the banking industry to resume performance as soon as practicable under the circumstances.

 

Section 10.18      U.S.A.
Patriot Act.

 

The parties hereto acknowledge that in accordance
with Section 326 of the U.S.A. Patriot Act, the Trustee is required to obtain, verify, and record information that identifies each
person or legal entity that establishes a relationship or opens an account with the Trustee. The parties to this Indenture agree that
they will provide the Trustee with such information as it may request in order for the Trustee to satisfy the requirements of the U.S.A.
Patriot Act.

 

ARTICLE XI

SINKING FUNDS

 

Section 11.1        Applicability
of Article.

 

The provisions of this Article shall be applicable
to any sinking fund for the retirement of the Securities of a Series if so provided by the terms of such Securities pursuant to Section 2.2
and except as otherwise permitted or required by any form of Security of such Series issued pursuant to this Indenture.

 

    	 	-45-	 

     

    

 

The minimum amount of any sinking fund payment
provided for by the terms of the Securities of any Series is herein referred to as a “mandatory sinking fund payment”
and any other amount provided for by the terms of Securities of such Series is herein referred to as an “optional sinking
fund payment.” If provided for by the terms of Securities of any Series, the cash amount of any sinking fund payment may
be subject to reduction as provided in Section 11.2. Each sinking fund payment shall be applied to the redemption of Securities of
any Series as provided for by the terms of the Securities of such Series.

 

Section 11.2        Satisfaction
of Sinking Fund Payments with Securities.

 

The Company may, in satisfaction of all or any
part of any sinking fund payment with respect to the Securities of any Series to be made pursuant to the terms of such Securities
(1) deliver outstanding Securities of such Series to which such sinking fund payment is applicable (other than any of such Securities
previously called for mandatory sinking fund redemption) and (2) apply as credit Securities of such Series to which such sinking
fund payment is applicable and which have been repurchased by the Company or redeemed either at the election of the Company pursuant to
the terms of such Series of Securities (except pursuant to any mandatory sinking fund) or through the application of permitted optional
sinking fund payments or other optional redemptions pursuant to the terms of such Securities, provided that such Securities have not been
previously so credited. Such Securities shall be received by the Trustee, together with an Officer’s Certificate with respect thereto,
not later than 15 days prior to the date on which the Trustee begins the process of selecting Securities for redemption, and shall be
credited for such purpose by the Trustee at the price specified in such Securities for redemption through operation of the sinking fund
and the amount of such sinking fund payment shall be reduced accordingly. If as a result of the delivery or credit of Securities in lieu
of cash payments pursuant to this Section 11.2, the principal amount of Securities of such Series to be redeemed in order to
exhaust the aforesaid cash payment shall be less than $100,000, the Trustee need not call Securities of such Series for redemption,
except upon receipt of a Company Order that such action be taken, and such cash payment shall be held by the Trustee or a Paying Agent
and applied to the next succeeding sinking fund payment, provided, however, that the Trustee or such Paying Agent shall
from time to time upon receipt of a Company Order pay over and deliver to the Company any cash payment so being held by the Trustee or
such Paying Agent upon delivery by the Company to the Trustee of Securities of that Series purchased by the Company having an unpaid
principal amount equal to the cash payment required to be released to the Company.

 

Section 11.3        Redemption
of Securities for Sinking Fund.

 

Not less than 45 days (unless otherwise indicated
in the Board Resolution, supplemental indenture hereto or Officer’s Certificate in respect of a particular Series of Securities)
prior to each sinking fund payment date for any Series of Securities, the Company will deliver to the Trustee an Officer’s
Certificate specifying the amount of the next ensuing mandatory sinking fund payment for that Series pursuant to the terms of that
Series, the portion thereof, if any, which is to be satisfied by payment of cash and the portion thereof, if any, which is to be satisfied
by delivering and crediting of Securities of that Series pursuant to Section 11.2, and the optional amount, if any, to be added
in cash to the next ensuing mandatory sinking fund payment, and the Company shall thereupon be obligated to pay the amount therein specified.
Not less than 30 days (unless otherwise indicated in the Board Resolution, Officer’s Certificate or supplemental indenture in respect
of a particular Series of Securities) before each such sinking fund payment date the Securities to be redeemed upon such sinking
fund payment date will be selected in the manner specified in Section 3.2 and the Company shall send or cause to be sent a notice
of the redemption thereof to be given in the name of and at the expense of the Company in the manner provided in and in accordance with
Section 3.3. Such notice having been duly given, the redemption of such Securities shall be made upon the terms and in the manner
stated in Sections 3.4, 3.5 and 3.6.

 

    	 	-46-	 

     

    

 

IN WITNESS WHEREOF, the parties hereto have caused
this Indenture to be duly executed as of the day and year first above written.

  

	 	EDGEWISE THERAPEUTICS, INC.
	 	 
	 	By:	               
	 	 	Name:
	 	 	Its:
	 	 
	 	[__________],
	 	as Trustee
	 	 
	 	By:	                    
	 	 	Name:
	 	 	Its:Exhibit 10.1

 

HERTZ VEHICLE FINANCING III LLC,

 

as Issuer,

 

THE HERTZ CORPORATION,

 

as Administrator,

 

and

 

THE BANK OF NEW YORK MELLON TRUST COMPANY, N.A.,

as Trustee and Securities Intermediary

 

 

 

SERIES 2022-3 SUPPLEMENT

 

dated as of March 30, 2022

 

to

 

BASE
INDENTURE

dated as of June 29, 2021

 

 

 

$258,620,000
Series 2022-3 3.37% Rental Car Asset Backed Notes, Class A

$40,230,000
Series 2022-3 3.86% Rental Car Asset Backed Notes, Class B

$34,483,000 Series 2022-3 4.35% Rental Car Asset Backed Notes, Class C

$49,808,000 Series 2022-3 6.31% Rental Car Asset Backed Notes, Class D

 

     

     

    

 

TABLE
OF CONTENTS

 

Page

	 	 	 
	Article I
    DEFINITIONS AND CONSTRUCTION	2
	Section 1.1	Defined
    Terms and References	2
	Section 1.2	Rules of
    Construction	2
	 	 	 
	Article II
    INITIAL ISSUANCE OF Series 2022-3 NOTES; FORM OF Series 2022-3 NOTES	3
	Section 2.1	Initial
    Issuance	3
	Section 2.2	Transfer
    Restrictions for Global Notes	4
	Section 2.3	Definitive
    Notes	11
	Section 2.4	Legal
    Final Payment Date	11
	Section 2.5	Required
    Series Noteholders	11
	Section 2.6	FATCA	11
	 	 	 
	Article III
    INTEREST AND INTEREST RATES	11
	Section 3.1	Interest	11
	 	 	 
	Article IV
    SERIES-SPECIFIC COLLATERAL	12
	Section 4.1	Granting
    Clause	12
	Section 4.2	Series 2022-3
    Accounts	12
	Section 4.3	Trustee
    as Securities Intermediary	14
	Section 4.4	Demand
    Notes	15
	Section 4.5	Subordination	16
	Section 4.6	Duty
    of the Trustee	16
	Section 4.7	Representations
    of the Trustee	16
	 	 	 
	Article V
    PRIORITY OF PAYMENTS	16
	Section 5.1	[Reserved].	16
	Section 5.2	Collections
    Allocation.	16
	Section 5.3	Application
    of Funds in the Series 2022-3 Interest Collection Account	17
	Section 5.4	Application
    of Funds in the Series 2022-3 Principal Collection Account	18
	Section 5.5	Class A/B/C/D
    Reserve Account Withdrawals	19
	Section 5.6	Class A/B/C/D
    Letters of Credit and Class A/B/C/D Demand Notes	20
	Section 5.7	Past
    Due Rental Payments	22
	Section 5.8	Class A/B/C/D
    Letters of Credit and Class A/B/C/D L/C Cash Collateral Account	23
	Section 5.9	Certain
    Instructions to the Trustee	26
	Section 5.10	HVF
    III’s Failure to Instruct the Trustee to Make a Deposit or Payment	26
	 	 	 
	Article VI
    REPRESENTATIONS AND WARRANTIES; COVENANTS; CLOSING CONDITIONS	26
	Section 6.1	Representations
    and Warranties	26
	Section 6.2	Covenants	27
	Section 6.3	Closing
    Conditions	28
	Section 6.4	Further
    Assurances	28
	 	 	 
	Article VII
    AMORTIZATION EVENTS	29
	Section 7.1	Amortization
    Events	29
	 	 	 
	Article VIII
    SUBORDINATION OF NOTES	31
	Section 8.1	Subordination
    of Class B Notes	31
	Section 8.2	Subordination
    of Class C Notes	32
	Section 8.3	Subordination
    of Class D Notes	32
	Section 8.4	Subordination
    of Class E Notes	32
	Section 8.5	When
    Distribution Must be Paid Over	32

 

    i 

     

    

 

TABLE
OF CONTENTS

(continued)

 

	 	Page
	Article IX
    GENERAL	33
	Section 9.1	Optional
    Redemption of the Series 2022-3 Notes	33
	Section 9.2	Information	33
	Section 9.3	Confidentiality	34
	Section 9.4	Ratification
    of Base Indenture	34
	Section 9.5	Notice
    to the Rating Agencies	34
	Section 9.6	Third
    Party Beneficiary	34
	Section 9.7	Execution
    in Counterparts; Electronic Execution	34
	Section 9.8	Governing
    Law	34
	Section 9.9	Amendments	35
	Section 9.10	Administrator
    to Act on Behalf of HVF III	37
	Section 9.11	Successors	37
	Section 9.12	Termination
    of Series Supplement	37
	Section 9.13	Electronic
    Execution	37
	Section 9.14	Additional
    UCC Representations	37
	Section 9.15	Notices	38
	Section 9.16	Submission
    to Jurisdiction	39
	Section 9.17	Waiver
    of Jury Trial	39
	Section 9.18	Issuance
    of Class E Notes	39
	Section 9.19	Trustee
    Obligations under the Retention Requirements	41
	Section 9.20	Certain
    Provisions Applicable to the Related Documents.	41

 

	Schedule I TO THE
SERIES 2022-3 SUPPLEMENT	46
	Schedule II TO
THE SERIES 2022-3 SUPPLEMENT	79

 

    (ii) 

     

    

 

TABLE
OF CONTENTS

(continued)

 

Page

 

EXHIBITS AND SCHEDULES

 

	Schedule I 

Schedule II	List of Defined Terms 

Monthly Noteholders’ Statement Information
	 	 
	Exhibit A-1-1

 Exhibit A-1-2 

Exhibit A-2-1 

Exhibit A-2-2 

Exhibit A-3-1 

Exhibit A-3-2

 Exhibit A-4 

Exhibit B-1 

Exhibit B-2

 Exhibit C

 Exhibit D 

Exhibit E-1

 Exhibit E-2

 Exhibit E-3 

Exhibit F  	Form of Series 2022-3 144A Global Class A Note

 Form of Series 2022-3 Regulation S Global Class A Note

 Form of Series 2022-3 144A Global Class B Note

 Form of Series 2022-3 Regulation S Global Class B Note 

Form of Series 2022-3 144A Global Class C Note 

Form of Series 2022-3 Regulation S Global Class C Note 

Form of Series 2022-3 144A Global Class D Note 

Form of Demand Notice 

Form of Class A/B/C/D Demand Note

 Form of Reduction Notice Request Class A/B/C/D Letter of Credit

 Form of Lease Payment Deficit Notice 

Form of Transfer Certificate of 144A Global Class D Note

 Form of Transfer Certificate from 144A Global Note to Regulation S Global Note

 Form of Transfer Certificate from Regulation S Global Note to 144A Global Note 

Form of Class A/B/C/D Letter of Credit  

 

 

    (iii) 

     

    

 

SERIES
2022-3 SUPPLEMENT dated as of March 30, 2022 (“Series 2022-3 Supplement”) among HERTZ VEHICLE FINANCING III
LLC, a special purpose limited liability company established under the laws of Delaware (“HVF III”), THE HERTZ CORPORATION,
a Delaware corporation (“Hertz” or, in its capacity as administrator with respect to the Notes, the “Administrator”)
and THE BANK OF NEW YORK MELLON TRUST COMPANY, N.A., a national banking association, as trustee (together with its successors in trust
thereunder as provided in the Base Indenture referred to below, the “Trustee”), and as securities intermediary (in
such capacity, the “Securities Intermediary”), to the Base Indenture, dated as of June 29, 2021 (as amended,
modified or supplemented from time to time, exclusive of Series Supplements, the “Base Indenture”), each between
HVF III and the Trustee.

 

PRELIMINARY STATEMENT

 

WHEREAS, Section 2.3
(Series Supplement for each Series of Notes) of the Base Indenture provides, among other things, that HVF III and the
Trustee may at any time and from time to time enter into a Series Supplement for the purpose of authorizing the issuance of one or
more Series of Notes;

 

WHEREAS, Hertz, in its capacity
as Administrator, has joined in this Series 2022-3 Supplement to confirm certain representations, warranties and covenants made by
it in such capacity for the benefit of the Series 2022-3 Noteholders;

 

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

 

DESIGNATION

 

There is hereby created a Series of
Notes to be issued pursuant to the Base Indenture and this Series 2022-3 Supplement, and such Series of Notes is hereby designated
as Series 2022-3 Rental Car Asset Backed Notes.

 

On the Series 2022-3 Closing
Date, the following classes of Series 2022-3 Rental Car Asset Backed Notes shall be issued:

 

		(i)	the Series 2022-3 3.37%
Rental Car Asset Backed Notes, Class A (as referred to herein, the “Class A Notes”);

 

		(ii)	the Series 2022-3 3.86%
Rental Car Asset Backed Notes, Class B (as referred to herein, the “Class B Notes”);

 

		(iii)	the Series 2022-3 4.35%
Rental Car Asset Backed Notes, Class C (as referred to herein, the “Class C Notes”); and

 

		(iv)	the Series 2022-3 6.31%
Rental Car Asset Backed Notes, Class D (as referred to herein, the “Class D Notes”).

 

Subsequent to the Series 2022-3
Closing Date, HVF III may on any date during the Series 2022-3 Revolving Period offer and sell additional Series 2022-3 Notes
in a single Class (which may, but is not required to be comprised of one or more Subclasses and/or Tranches), subject to satisfaction
of the conditions set forth in Section 9.18 (Issuance of Class E Notes) of this Series 2022-3 Supplement,
which, if issued, shall be designated as the Series 2022-3 Fixed Rate Rental Car Asset Backed Notes, Class E, and referred to
herein as the “Class E Notes”.

 

The Class A Notes, the
Class B Notes, the Class C Notes, and the Class D Notes, and, if issued, the Class E Notes, are referred to herein
collectively as the “Series 2022-3 Notes”. The Class A Notes, the Class B Notes, the Class C Notes
and the Class D Notes are referred to herein collectively as the “Class A/B/C/D Notes”.

 

     

     

    

 

The Class A/B/C Notes shall
be issued in minimum denominations of $100,000 and integral multiples of $1,000 in excess thereof. The Class D Notes shall be issued
in minimum denominations of $10,000,000 and integral multiples of $1,000 in excess thereof.

 

Article I

 

DEFINITIONS
AND CONSTRUCTION

 

Section 1.1          Defined
Terms and References. Capitalized terms used herein shall have the meanings assigned to such terms in Schedule I hereto, and
if not defined therein, shall have the meanings assigned thereto in the Base Indenture. All Article, Section or Subsection references
herein (including, for the avoidance of doubt, in Schedule I hereto) shall refer to Articles, Sections or Subsections of this
Series 2022-3 Supplement, except as otherwise provided herein. Unless otherwise stated herein, as the context otherwise requires
or if such term is otherwise defined in the Base Indenture, each capitalized term used or defined herein shall relate only to the Series 2022-3
Notes and not to any other Series of Notes issued by HVF III. Unless otherwise stated herein, all references herein to the “Series 2022-3
Supplement” shall mean the Base Indenture, as supplemented hereby.

 

Section 1.2          Rules of
Construction. In this Series 2022-3 Supplement, including the preamble, recitals, attachments, schedules, annexes, exhibits
and joinders hereto unless the context otherwise requires:

 

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

 

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

 

(c)         reference
to any Person includes such Person’s successors and assigns but, if applicable, only if such successors and assigns are not prohibited
by this Series 2022-3 Supplement, and reference to any Person in a particular capacity only refers to such Person in such capacity;

 

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

 

(e)         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;

 

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

 

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

 

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

 

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

 

(j)          the
language used in this Series 2022-3 Supplement will be deemed to be the language chosen by the parties hereto to express their mutual
intent, and no rule of strict construction will be applied against any party.

 

    2

     

    

 

Article II

 

INITIAL
ISSUANCE OF Series 2022-3 NOTES; FORM OF Series 2022-3 NOTES

 

Section 2.1          Initial
Issuance.

 

(a)         Initial
Issuance. On the terms and conditions set forth in this Series 2022-3 Supplement, HVF III shall issue, and shall cause the Trustee
to authenticate, the initial Class A/B/C/D
Notes on the Series 2022-3 Closing Date. Such Class A/B/C/D Notes shall:

 

(i)          have,
with respect to each Class of Series 2022-3 Notes, the initial principal amount equal to the Class Initial Principal Amount
for such Class,

 

(ii)         have,
with respect to each Class of Series 2022-3 Notes, the interest rate set forth in the definition of Note Rate for such Class.

 

(iii)        be
dated the Series 2022-3 Closing Date,

 

(iv)        have,
with respect to each Class of Series 2022-3 Notes, the maturity date set forth in the definition of Legal Final Payment Date
for such Class.

 

(v)         be
rated, with respect to the Class A Notes, Class B Notes and Class C Notes, by Moody’s and Fitch and, with respect
to the Class D Notes, by Moody’s, and

 

(vi)        be
duly authenticated in accordance with the provisions of the Base Indenture and this Series 2022-3 Supplement.

 

(b)         Form of
the Class A/B/C/D Notes. The Class A/B/C Notes will be offered and sold by HVF III on the Series 2022-3 Closing Date
pursuant to the Class A/B/C Purchase Agreement and the Class D Notes will be sold by HVF III on the Series 2022-3 Closing
Date to the Initial Class D Note Purchaser pursuant to the Class D Purchase Agreement. The Class A/B/C Notes will be resold
initially only to (A) qualified institutional buyers (as defined in Rule 144A) (“QIBs”) in reliance on Rule 144A
and (B) Persons other than U.S. Persons (as defined in Regulation S) in reliance on Regulation S. The Class A/B/C Notes following
their initial resale may be transferred to (A) QIBs or (B) purchasers in reliance on Regulation S in accordance with the procedures
described herein. The Class A/B/C/D Notes will be Book-Entry Notes and DTC will act as the Depository for the Class A/B/C/D
Notes. The Class D Notes following their sale to the Initial Class D Note Purchaser may be transferred only to a Person that
is (A) a QIB and (B) a U.S. Person, and subject to the further restrictions set forth in Section 2.2(c) hereof.

 

(c)         Initial
Payment Date. Notwithstanding anything herein or in any Series 2022-3 Related Document to the contrary, the initial Payment
Date with respect to the Series 2022-3 Notes shall be April 25, 2022.

 

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

 

    3

     

    

 

 

(e)            Regulation
S Global Notes. Each Class of the Class A/B/C Notes offered and sold on the Series 2022-3 Closing Date in reliance
upon Regulation S will be issued in the form of one or more global notes in fully registered form, without coupons, substantially in
the forms set forth with respect to the Class A Notes in Exhibit A-1-2 to this Series 2022-3 Supplement, with respect
to the Class B Notes in Exhibit A-2-2 to this Series 2022-3 Supplement, and with respect to the Class C Notes
in Exhibit A-3-2 to this Series 2022-3 Supplement, in each case registered in the name of Cede & Co., as nominee
of DTC, and deposited with BNY, as custodian of DTC, for credit to the respective accounts at DTC of the designated agents holding on
behalf of Euroclear and Clearstream (collectively, the “Regulation S Global Notes”). The aggregate principal amount
of the Regulation S Global Notes may from time to time be increased or decreased by adjustments made on the records of BNY, as custodian
for DTC, in connection with a corresponding decrease or increase of aggregate principal amount of the corresponding 144A Global Notes,
as hereinafter provided. Each Regulation S Global Note shall represent such of the outstanding principal amount of the related Class of
Series 2022-3 Notes as shall be specified in the schedule attached thereto and each shall provide that it shall represent the aggregate
principal amount of such Class of Series 2022-3 Notes from time to time endorsed thereon and that the aggregate principal amount
of such Class of outstanding Series 2022-3 Notes represented thereby may from time to time be reduced or increased, as applicable,
to reflect exchanges and redemptions of such

Regulation S Global Note. Any endorsement of
a Regulation S Global Note to reflect the amount of any increase or decrease in the aggregate principal amount of the Class of outstanding
Series 2022-3 Notes represented thereby shall be made by the Trustee in accordance with instructions given by HVF III thereof as
required by Section 2.2 (Transfer Restrictions for Global Notes) hereof. For the avoidance of doubt, no interest in
a Class D Note shall be represented by or in the form of a Regulation S Global Note.

 

Section 2.2     Transfer
Restrictions for Global Notes.

 

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

 

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

 

    4

     

    

 

(c)            The
transfer by a Note Owner (other than the Initial Class D Note Purchaser) holding a beneficial interest in a Class D Global
Note to a Person who wishes to take delivery thereof in the form of a beneficial interest in such Class D Global Note shall be made
upon receipt by the Registrar, at the office of the Registrar, of a certificate in substantially the form set forth in Exhibit E-1
hereto containing the representations of such Person who wishes to take delivery of such beneficial interest in such Class D
Global Note. Any transfer that occurs without delivery of the certificate referred to in the immediately preceding sentence will be void
ab initio.

 

(d)            The
transfer by the Initial Class D Note Purchaser to a Person who wishes to take delivery thereof in the form of a beneficial interest
in a Class D Global Note shall be made upon receipt by the Registrar, at the office of the Registrar, of a certificate in substantially
the form set forth in Exhibit E-1 hereto containing the representations of such Person who wishes to take delivery of such
beneficial interest in the Class D Global Note. Any transfer that occurs without delivery of the certificate referred to in the
immediately preceding sentence will be void ab initio. The transfer by the Initial Class D Note Purchaser of beneficial interests
in the Class D Notes to any purchaser that is a Benefit Plan shall be prohibited. To the extent that any purchase of Class D
Notes will result in a Benefit Plan owning Class D Notes, such purchases will be void ab initio.

 

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

 

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

 

    5

     

    

 

(g)            The
provisions of the rules and procedures of DTC, the “Operating Procedures of the Euroclear System” and the “Terms
and Conditions Governing Use of Euroclear” and the “General Terms and Conditions of Clearstream Banking” and the “Customer
Handbook” of Clearstream (collectively, the “Applicable Procedures”) shall be applicable to transfers of beneficial
interests in the Class A Notes, the Class B Notes, the Class C Notes and the Class D Notes which are in the form
of Class A Global Notes, Class B Global Notes, Class C Global Notes or Class D Global Notes, respectively.

 

(h)            The
Class A/B/C Notes shall bear the following legends to the extent indicated:

 

(i)            The
Class A/B/C Notes represented by 144A Global Notes shall bear the following legend:

 

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

 

    6

     

    

 

(ii)            The
Class A/B/C Notes represented by Regulation S Global Notes shall bear the following legend:

  

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

 

(iii)            All
Class A/B/C Notes represented by Global Notes shall bear the following legend:

 

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

 

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

 

    7

     

    

 

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

 

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

 

THE HOLDER OF THIS
NOTE, BY ACCEPTANCE OF THIS NOTE, AND EACH OWNER OF A BENEFICIAL INTEREST HEREIN, AGREES TO TREAT THE NOTES AS INDEBTEDNESS FOR APPLICABLE
U.S. FEDERAL, STATE, AND LOCAL INCOME AND FRANCHISE TAX LAW AND FOR PURPOSES OF ANY OTHER TAX IMPOSED ON, OR MEASURED BY, INCOME.

 

(i)            The
Class D Notes shall bear the following legend:

 

THIS NOTE HAS NOT BEEN REGISTERED UNDER
THE UNITED STATES SECURITIES ACT OF 1933, AS AMENDED (THE “SECURITIES ACT”), OR WITH ANY STATE SECURITIES LAWS. THE
HOLDER OF THIS NOTE BY ITS ACCEPTANCE HEREOF AGREES TO OFFER, SELL OR OTHERWISE TRANSFER SUCH NOTE ONLY (A) TO HERTZ VEHICLE FINANCING
III LLC (“HVF III”) OR (B) FOR SO LONG AS THE NOTES ARE ELIGIBLE FOR RESALE PURSUANT TO RULE 144A UNDER THE SECURITIES
ACT (“RULE 144A”), TO A PERSON IT REASONABLY BELIEVES IS A “QUALIFIED INSTITUTIONAL BUYER” AS DEFINED
IN RULE 144A (A “QIB”) THAT PURCHASES FOR ITS OWN ACCOUNT OR FOR THE ACCOUNT OF A QIB TO WHOM NOTICE IS GIVEN THAT THE TRANSFER
IS BEING MADE IN RELIANCE ON RULE 144A.

 

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

 

    8

     

    

 

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

 

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

 

THE
HOLDER OF THIS NOTE, BY ACCEPTANCE OF THIS NOTE, AND EACH OWNER OF A BENEFICIAL INTEREST HEREIN, AGREES TO TREAT THE NOTES AS
INDEBTEDNESS FOR APPLICABLE U.S. FEDERAL, STATE, AND LOCAL INCOME AND FRANCHISE TAX LAW AND FOR PURPOSES OF ANY OTHER TAX IMPOSED ON,
OR MEASURED BY, INCOME.

 

THE HOLDER OF THIS NOTE AGREES ON ITS
OWN BEHALF AND ON BEHALF OF ANY OTHER PERSON’S ACCOUNT FOR WHICH IT HAS PURCHASED THIS NOTE THAT AT ANY TIME PRIOR TO THE TAX OPINION
AMENDMENT IMPLEMENTATION DATE (AS DEFINED IN THE OFFERING CIRCULAR FOR THE SERIES 2022-3 NOTES) (A) EITHER (I) THE BENEFICIAL
OWNER OF SUCH NOTE IS NOT AND WILL NOT BECOME FOR U.S. FEDERAL INCOME TAX PURPOSES A PARTNERSHIP, SUBCHAPTER S CORPORATION OR GRANTOR
TRUST (EACH SUCH ENTITY A “FLOW-THROUGH ENTITY”) OR (II) IF SUCH BENEFICIAL OWNER IS OR BECOMES A FLOW-THROUGH ENTITY,
THEN (X) NONE OF THE DIRECT OR INDIRECT BENEFICIAL OWNERS OF ANY OF THE INTERESTS IN SUCH BENEFICIAL OWNER OF THIS NOTE HAS OR EVER
WILL HAVE MORE THAN 50% OF THE VALUE OF ITS INTEREST IN SUCH BENEFICIAL OWNER ATTRIBUTABLE TO THE INTEREST OF SUCH BENEFICIAL OWNER IN
THE NOTE, OTHER INTEREST (DIRECT OR INDIRECT) IN HVF III, OR ANY INTEREST CREATED UNDER THE BASE INDENTURE DATED AS OF JUNE 29, 2021,
BY AND AMONG HVF III, THE HERTZ CORPORATION AND THE BANK OF NEW YORK MELLON TRUST COMPANY, N.A. OR THE SERIES 2022-3 SUPPLEMENT THERETO
AND (Y) IT IS NOT AND WILL NOT BE A PRINCIPAL PURPOSE OF THE ARRANGEMENT INVOLVING THE INVESTMENT OF SUCH BENEFICIAL OWNER IN THIS
NOTE TO PERMIT ANY PARTNERSHIP TO SATISFY THE 100 PARTNER LIMITATION OF SECTION 1.7704-1(H)(1)(II) OF THE U.S. TREASURY REGULATIONS
necessary for such partnership not to be classified as a publicly traded partnership under the
Internal Revenue Code, (B) such beneficial owner will not sell, assign, transfer, pledge or otherwise convey any partial interest
or participating interest in THIS Note, or purchase or enter into any financial instrument or contract the value of which is determined
by reference in whole or in part to THIS Note, (C) such beneficial owner is not acquiring and will not sell, transfer, assign, participate,
pledge or otherwise dispose OF THIS NOTE (or interest therein) or cause THIS NOTE (or interest therein) to be marketed on or through
an “established securities market” within the meaning of Section 7704(b) of the Internal Revenue Code, including,
without limitation, an interdealer quotation system that regularly disseminates firm buy or sell quotations AND (D) SUCH BENEFICIAL
oWNER WILL NOT SELL, TRANSFER, ASSIGN, PARTICIPATE, PLEDGE OR OTHERWISE DISPOSE OF THIS NOTE (OR INTEREST THEREIN) IF SUCH DISPOSITION
WOULD CAUSE THE COMBINED NUMBER OF HOLDERS OF CLASS D NOTES OF THE ISSUER, ANY OTHER DEBT OF THE ISSUER FOR WHICH THE ISSUER HAS
NOT RECEIVED AN OPINION THAT SUCH DEBT “WILL” BE TREATED AS DEBT FOR U.S. FEDERAL INCOME TAX PURPOSES AND ANY EQUITY INTERESTS
IN THE ISSUER TO EXCEED 90 PERSONS. ANY TRANSFER TO A PURCHASER IN VIOLATION OF THIS PARAGRAPH WILL BE VOID AB INITIO.

  

IN
ADDITION, THE HOLDER OF THIS NOTE AGREES ON ITS OWN BEHALF AND ON BEHALF OF ANY OTHER PERSON’S ACCOUNT FOR WHICH IT HAS PURCHASED
THIS NOTE THAT THE BENEFICIAL OWNER IS A “UNITED STATES PERSON” WITHIN THE MEANING OF SECTION 7701(1)(30) OF THE INTERNAL
REVENUE CODE. ANY TRANSFER TO A PURCHASER IN VIOLATION OF THIS PARAGRAPH WILL BE VOID AB INITIO.

 

    9

     

    

 

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

 

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

  

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

 

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

 

(n)            Each
transferee of any beneficial interest in any Class D Note that is represented by a Global Note will be deemed to have represented
and agreed that such transferee is a QIB and is acquiring such Class D Note for its own account or as a fiduciary or agent for others
(which others are also QIBs) for investment purposes and not for distribution in violation of the Securities Act, and it is able to bear
the economic risk of an investment in such Class D Note and has such knowledge and experience in financial and business matters
so as to be capable of evaluating the merits and risks of purchasing such Class D Note.

 

    10

     

    

 

Section 2.3     Definitive
Notes. No Note Owner will receive a Definitive Note representing such Note Owner’s interest in the Class A/B/C/D Notes
other than in accordance with Section 2.13 (Definitive Notes) of the Base Indenture. Definitive Notes shall have such insertions
and deletions as are necessary to give effect to the provisions of Section 2.13 (Definitive Notes) of the Base Indenture.

 

Section 2.4     Legal
Final Payment Date. The Principal Amount of the Series 2022-3 Notes shall be due and payable on the Legal Final Payment Date.

  

Section 2.5     Required
Series Noteholders. In accordance with Section 2.3 (Series Supplement for
each Series of Notes) of the Base Indenture, the Majority Series 2022-3 Noteholders shall be the “Required Series Noteholders”
with respect to the Series 2022-3 Notes.

 

Section 2.6     FATCA.
In the event that a Note Owner receives a Definitive Note representing such Note Owner’s interest in the Class A/B/C/D Notes
in accordance with Section 2.13 (Definitive Notes) of the Base Indenture:

 

(a)            Each
Series 2022-3 Noteholder (and any Note Owner of any Series 2022-3 Note) will be required to (i) provide HVF III, the Trustee
and their respective agents with any correct, complete and accurate information that may be required under applicable law (or reasonably
believed by HVF III to be required under applicable law) for such parties to comply with FATCA, (ii) take any other commercially
reasonable actions that HVF III, the Trustee or their respective agents deem necessary to comply with FATCA and (iii) update any
such information provided in the preceding clauses (i) or (ii) promptly upon learning that any such information previously
provided has become obsolete or incorrect or is otherwise required. Each such holder agrees, or by acquiring such Series 2022-3
Note or an interest in such Series 2022-3 Note will be deemed to agree, that HVF III may provide such information and any other
information regarding its investment in such Series 2022-3 Notes to the U.S. Internal Revenue Service or other relevant governmental
authority in accordance with applicable law. Each Series 2022-3 Noteholder and Note Owner of any Series 2022-3 Notes also acknowledges
that the failure to provide information requested in connection with FATCA may cause HVF III to withhold on payments to such Series 2022-3
Noteholder (or Note Owner of such Series 2022-3 Notes) in accordance with applicable law. Any amounts withheld in order to comply
with FATCA will not be grossed up and will be deemed to have been paid in respect of the relevant Series 2022-3 Notes.

 

(b)            HVF
III, the Trustee and any other Paying Agent are hereby authorized to retain from amounts otherwise distributable to any Series 2022-3
Noteholder sufficient funds for the payment of any such tax that, in their respective sole discretion, is legally owed or required to
be withheld by them, including in connection with FATCA (but such authorization shall not prevent HVF III from contesting any such tax
in appropriate legal proceedings and withholding payment of such tax, if permitted by law, pending the outcome of such legal proceedings),
and to timely remit such amounts to the appropriate taxing authority. If any Series 2022-3 Noteholder or Note Owner of a Series 2022-3
Note wishes to apply for a refund of any such withholding tax, HVF III, the Trustee or such other Paying Agent shall reasonably cooperate
with such Person in providing readily available information so long as such Person agrees to reimburse HVF III, the Trustee or such Paying
Agent for any out-of-pocket expenses incurred. Nothing herein shall impose an obligation, nor relieve any obligation imposed under applicable
law, on the part of HVF III, the Trustee or any other Paying Agent to determine the amount of any tax or withholding obligation on their
part or in respect of the Series 2022-3 Notes.

 

Article III

 

INTEREST
AND INTEREST RATES

 

Section 3.1     Interest.

 

(a)            Each
Class of Series 2022-3 Notes shall bear interest at the applicable Note Rate for such Class in accordance with the definition
of Class Interest Amount. On each Payment Date, the Class Interest Amount with respect to such Payment Date shall be paid in
accordance with the provisions hereof. If the amounts described in Section 5.3 (Application of Funds in the Series 2022-3
Interest Collection Account) are insufficient to pay the Class Interest Amount for any Class for any Payment Date, payments
of such Class Interest Amount to the Noteholders of such Class will be reduced by the amount of such insufficiency (the aggregate
amount, if any, of such insufficiency on such Payment Date, the “Class Deficiency Amount”), and interest shall
accrue on any such Class Deficiency Amount at the applicable Note Rate in accordance with the definition of Class Interest
Amount.

 

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Article IV

 

SERIES-SPECIFIC
COLLATERAL

 

Section 4.1     Granting
Clause. In order to secure and provide for the repayment and payment of the Note Obligations with respect to the Series 2022-3
Notes, HVF III hereby grants a security interest in and assigns, pledges, grants, transfers and sets over to the Trustee, for the benefit
of the Series 2022-3 Noteholders, all of HVF III’s right, title and interest in and to the following (whether now or hereafter
existing or acquired):

 

(a)            each
Series 2022-3 Account, including any security entitlement with respect to Financial Assets credited thereto, all funds, Financial
Assets or other assets on deposit in each Series 2022-3 Account from time to time;

 

(b)            all
certificates and instruments, if any, representing or evidencing any or all of each Series 2022-3 Account, the funds on deposit
therein or any security entitlement with respect to Financial Assets credited thereto from time to time;

 

(c)            all
Proceeds of any and all of the foregoing clauses (a) and (b), including cash (with respect to each Series 2022-3
Account, the items in the foregoing clauses (a) and (b) and this clause (c) with respect to such
Series 2022-3 Account are referred to, collectively, as the “Series 2022-3 Account Collateral”);

 

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

 

(e)            all
Proceeds of any of the foregoing.

 

Section 4.2     Series 2022-3
Accounts. With respect to the Series 2022-3 Notes only, the following shall apply:

 

(a)            Establishment
of Series 2022-3 Accounts.

 

(i)            HVF
III has established and maintained, and shall continue to maintain, in the name of, and under the control of, the Trustee for the benefit
of the Series 2022-3 Noteholders three securities accounts: the Series 2022-3 Principal Collection Account (such account, the
 “Series 2022-3 Principal Collection Account”), the Series 2022-3 Interest Collection Account (such account,
the “Series 2022-3 Interest Collection Account”) and the Class A/B/C/D Reserve Account (such account, the
 “Class A/B/C/D Reserve Account”).

 

(ii)            On
or prior to the date of any drawing under a Class A/B/C/D Letter of Credit pursuant to Section 5.6 (Class A/B/C/D
Letters of Credit and Class A/B/C/D Demand Notes) or Section 5.8 (Class A/B/C/D Letters of Credit and Class A/B/C/D
L/C Cash Collateral Account), HVF III shall establish and maintain in the name of, and under the control of, the Trustee for the
benefit of the Series 2022-3 Noteholders the Class A/B/C/D L/C Cash Collateral Account (the “Class A/B/C/D L/C
Cash Collateral Account”).

 

(iii)            HVF
III has established and maintained, and shall continue to maintain, in the name of, and under the control of, the Trustee for the benefit
of the Series 2022-3 Noteholders the Series 2022-3 Distribution Account (the “Series 2022-3 Distribution Account”,
and together with the Series 2022-3 Principal Collection Account, the Series 2022-3 Interest Collection Account, the Class A/B/C/D
Reserve Account and the Class A/B/C/D L/C Cash Collateral Account, the “Series 2022-3 Accounts”).

 

    12

     

    

 

(b)            Series 2022-3
Account Criteria.

 

(i)            Each
Series 2022-3 Account shall bear a designation clearly indicating that the funds deposited therein are held for the benefit of the
Series 2022-3 Noteholders.

 

(ii)            Each
Series 2022-3 Account shall be an Eligible Account. If any Series 2022-3 Account is at any time no longer an Eligible Account,
HVF III shall, within ten (10) Business Days of an Authorized Officer of HVF III obtaining actual knowledge that such Series 2022-3
Account is no longer an Eligible Account, establish a new Series 2022-3 Account for such non-qualifying Series 2022-3 Account
that is an Eligible Account, and if a new Series 2022-3 Account is so established, HVF III shall instruct the Trustee in writing
to transfer all cash and investments from such non-qualifying Series 2022-3 Account into such new Series 2022-3 Account. Initially,
each of the Series 2022-3 Accounts will be established with The Bank of New York Mellon.

 

(c)            Administration
of the Series 2022-3 Accounts.

 

(i)            HVF
III may instruct (by standing instructions or otherwise) any institution maintaining any Series 2022-3 Account (other than the Series 2022-3
Distribution Account) to invest funds on deposit in such Series 2022-3 Account from time to time in Permitted Investments in the
name of the Trustee or the Securities Intermediary and Permitted Investments shall be credited to the applicable Series 2022-3 Account;
provided, however, that:

 

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

 

B.            any
such investment in the Series 2022-3 Principal Collection Account, the Series 2022-3 Interest Collection Account or the Class A/B/C/D
L/C Cash Collateral Account shall mature not later than the Business Day prior to the first Payment Date following the date on which
such investment was made, unless in any such case any such Permitted Investment is held with the Trustee, then such investment may mature
on such Payment Date so long as such funds shall be available for withdrawal on such Payment Date.

 

(ii)            HVF
III shall not direct the Trustee to dispose of (or permit 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.

 

(iii)            In
the absence of written investment instructions hereunder, funds on deposit in the Series 2022-3 Accounts shall remain uninvested.

 

(d)            Earnings
from Series 2022-3 Accounts. With respect to each Series 2022-3 Account, all interest and earnings (net of losses and investment
expenses) paid on funds on deposit in or on any security entitlement with respect to Financial Assets credited to such Series 2022-3
Account shall be deemed to be on deposit therein and available for distribution unless previously distributed pursuant to the terms hereof.

 

    13

     

    

 

(e)            Termination
of Series 2022-3 Accounts.

  

(i)            On
or after the date on which the Series 2022-3 Notes are fully paid, the Trustee, acting in accordance with the written instructions
of HVF III, shall withdraw from each Series 2022-3 Account (other than the Class A/B/C/D L/C Cash Collateral Account) all remaining
amounts on deposit therein and pay such amounts to HVF III.

 

(ii)            Upon
the termination of this Series 2022-3 Supplement in accordance with its terms, the Trustee, acting in accordance with the written
instructions of HVF III, after the prior payment of all amounts due and owing to the Series 2022-3 Noteholders and payable from
the Class A/B/C/D L/C Cash Collateral Account as provided herein, shall withdraw from the Class A/B/C/D L/C Cash Collateral
Account all amounts on deposit therein and shall pay such amounts:

 

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

 

B.            second,
to HVF III any remaining amounts.

 

Section 4.3     Trustee
as Securities Intermediary.

 

(a)            With
respect to each Series 2022-3 Account, the Trustee or other Person maintaining such Series 2022-3 Account shall be the “securities
intermediary” (as defined in Section 8-102(a)(14) of the New York UCC and a “bank” (as defined in Section 9-102(a)(8) of
the New York UCC), in such capacities, the “Securities Intermediary”) with respect to such Series 2022-3 Account.
If the Securities Intermediary in respect of any Series 2022-3 Account is not the Trustee, HVF III shall obtain the express agreement
of such Person to the obligations of the Securities Intermediary set forth in this Section 4.3 (Trustee as Securities
Intermediary).

 

(b)            The
Securities Intermediary agrees that:

 

(i)            The
Series 2022-3 Accounts are accounts to which Financial Assets will be credited;

 

(ii)            All
securities or other property underlying any Financial Assets credited to any Series 2022-3 Account shall be registered in the name
of the Securities Intermediary, indorsed to the Securities Intermediary or in blank or credited to another securities account maintained
in the name of the Securities Intermediary and in no case will any Financial Asset credited to any Series 2022-3 Account be registered
in the name of HVF III, payable to the order of HVF III or specially endorsed to HVF III;

 

(iii)            All
property delivered to the Securities Intermediary pursuant to this Series 2022-3 Supplement and all Permitted Investments thereof
will be promptly credited to the appropriate Series 2022-3 Account;

 

(iv)            Each
item of property (whether investment property, security, instrument or cash) credited to a Series 2022-3 Account shall be treated
as a Financial Asset;

 

(v)            If
at any time the Securities Intermediary shall receive any order or instructions from the Trustee directing transfer or redemption of
any Financial Asset relating to the Series 2022-3 Accounts or any instruction with respect to the disposition of funds therein,
the Securities Intermediary shall comply with such entitlement order or instruction without further consent by HVF III or Administrator;

 

    14

     

    

 

(vi)            The
Series 2022-3 Accounts shall be governed by the laws of the State of New York, regardless of any provision of any other agreement.
For purposes of the New York UCC, New York shall be deemed to be the Securities Intermediary’s jurisdiction (within the meaning
of Section 9-304 and Section 8110 of the New York UCC) and the Series 2022-3 Accounts (as well as the securities entitlements
related thereto) shall be governed by the laws of the State of New York;

  

(vii)            The
Securities Intermediary has not entered into, and until termination of this Series 2022-3 Supplement, will not enter into, any agreement
with any other Person relating to the Series 2022-3 Accounts and/or any Financial Assets credited thereto pursuant to which it has
agreed to comply with Entitlement Orders or instructions (within the meaning of Section 9-104 of the New York UCC) of such other
Person and the Securities Intermediary has not entered into, and until the termination of this Series 2022-3 Supplement will not
enter into, any agreement with HVF III purporting to limit or condition the obligation of the Securities Intermediary to comply with
Entitlement Orders or instructions (within the meaning of Section 9-104 of the New York UCC) as set forth in Section 4.3(b)(v) (Trustee
as Securities Intermediary); and

 

(viii)            Except
for the claims and interest of the Trustee and HVF III in the Series 2022-3 Accounts, the Securities Intermediary knows of no claim
to, or interest in, the Series 2022-3 Accounts or in any Financial Asset credited thereto. If the Securities Intermediary has actual
knowledge of the assertion by any other person of any lien, encumbrance, or adverse claim (including any writ, garnishment, judgment,
warrant of attachment, execution or similar process) against any Series 2022-3 Account or in any Financial Asset carried therein,
the Securities Intermediary will promptly notify the Trustee, the Administrator and HVF III thereof.

 

(c)            The
Trustee shall possess all right, title and interest in all funds on deposit from time to time in the Series 2022-3 Accounts and
in all Proceeds thereof, and shall be the only person authorized to originate Entitlement Orders (within the meaning of Section 9-304
and Section 8110 of the New York UCC) in respect of the Series 2022-3 Accounts.

 

(d)            Notwithstanding
anything in Section 4.1 (Granting Clause), Section 4.2 (Series 2022-3 Accounts) or this Section 4.3
(Trustee as Securities Intermediary) to the contrary, the parties hereto agree that as permitted by Section 8-504(c)(1) of
the New York UCC, with respect to any Series 2022-3 Account, the Securities Intermediary may satisfy the duty in Section 8-504(a) of
the New York UCC with respect to any cash credited to such Series 2022-3 Account by crediting such Series 2022-3 Account a
general unsecured claim against the Securities Intermediary, as a bank, payable on demand, for the amount of such cash.

 

(e)            Notwithstanding
anything in Section 4.1 (Granting Clause), Section 4.2 (Series 2022-3 Accounts) or this Section 4.3
(Trustee as Securities Intermediary) to the contrary, with respect to any Series 2022-3 Account and any credit balances
not constituting Financial Assets credited thereto, the Securities Intermediary shall be acting as a bank (as defined in Section 9-102(a)(8) of
the New York UCC) if such Series 2022-3 Account is deemed not to constitute a securities account.

 

Section 4.4     Demand
Notes.

 

(a)            Trustee
Authorized to Make Demands. The Trustee, for the benefit of the Series 2022-3 Noteholders, shall be the only Person authorized
to make a demand for payment on any Class A/B/C/D Demand Note.

 

(b)            Modification
of Demand Note. Other than pursuant to a payment made upon a demand thereon by the Trustee pursuant to Section 5.6(c) (Class A/B/C/D
Letters of Credit and Class A/B/C/D Demand Notes), HVF III shall not reduce the amount of any Class A/B/C/D Demand Note
or forgive amounts payable thereunder so that the aggregate undrawn principal amount of the Class A/B/C/D Demand Notes after such
forgiveness or reduction is less than the greater of (i) the Class A/B/C/D Letter of Credit Liquidity Amount as of the date
of such reduction or forgiveness and (ii) an amount equal to 0.50% of the Class A/B/C/D Principal Amount as of the date of
such reduction or forgiveness. Other than in connection with a reduction or forgiveness in accordance with the first sentence of this
Section 4.4(b) (Modification of Demand Notes) or an increase in the stated amount of any Class A/B/C/D Demand
Note, HVF III shall not agree to any amendment of any Class A/B/C/D Demand Note without first obtaining the prior written consent
of the Majority Series 2022-3 Controlling Class.

 

    15

     

    

 

 

Section 4.5            Subordination.
The Series-Specific 2022-3 Collateral has been pledged to the Trustee to secure the Series 2022-3 Notes. For all purposes hereunder
and for the avoidance of doubt, the Series-Specific 2022-3 Collateral and each Class A/B/C/D Letter of Credit will be held by the
Trustee solely for the benefit of the Noteholders of the Series 2022-3 Notes, and no Noteholder of any Series of Notes other
than the Series 2022-3 Notes will have any right, title or interest in, to or under the Series-Specific 2022-3 Collateral or any
Class A/B/C/D Letter of Credit. For the avoidance of doubt, if it is determined that the Series 2022-3 Noteholders have any
right, title or interest in, to or under the Series-Specific Collateral with respect to any Series of Notes other than Series 2022-3
Notes, then the Series 2022-3 Noteholders agree that their right, title and interest in, to or under such Series-Specific Collateral
shall be subordinate in all respects to the claims or rights of the Noteholders with respect to such other Series of Notes, and in
such case, this Series 2022-3 Supplement shall constitute a subordination agreement for purposes of Section 510(a) of the
Bankruptcy Code.

 

Section 4.6            Duty
of the Trustee. Except for actions expressly authorized by the Base Indenture or this Series 2022-3 Supplement, the Trustee shall
take no action reasonably likely to impair the security interests created hereunder in any of the Series-Specific 2022-3 Collateral now
existing or hereafter created or to impair the value of any of the Series-Specific 2022-3 Collateral now existing or hereafter created.

 

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

 

Article V

 

PRIORITY
OF PAYMENTS

 

Section 5.1              [Reserved].

 

Section 5.2             Collections
Allocation. Subject to the Past Due Rental Payments Priorities, on each Series 2022-3 Deposit Date, HVF III shall direct the
Trustee in writing to apply, and, on such Series 2022-3 Deposit Date, the Trustee shall apply, all amounts deposited into the Collection
Account on such date as follows:

 

(a)            first,
withdraw the Series 2022-3 Daily Interest Allocation, if any, for such date from the Collection Account and deposit such amount in
the Series 2022-3 Interest Collection Account; and

 

(b)            second,
withdraw the Series 2022-3 Daily Principal Allocation, if any, for such date from the Collection Account and deposit such amount
into the Series 2022-3 Principal Collection Account.

 

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Section 5.3            Application
of Funds in the Series 2022-3 Interest Collection Account. Subject to the Past Due Rental Payments Priorities, on each Payment
Date, HVF III shall direct the Trustee in writing to apply, and, on such Payment Date, the Trustee shall apply, all amounts then on deposit
in the Series 2022-3 Interest Collection Account (after giving effect to all deposits thereto pursuant to Sections 5.4 (Application
of Funds in the Series 2022-3 Principal Collection Account), 5.5 (Class A/B/C/D Reserve Account Withdrawals)
and 5.6 (Class A/B/C/D Letters of Credit and Class A/B/C/D Demand Notes)) as follows (and in each case only to
the extent of funds available in the Series 2022-3 Interest Collection Account):

 

(a)            first,
to the Series 2022-3 Distribution Account to pay to the Administrator the Series 2022-3 Capped Administrator Fee Amount with
respect to such Payment Date;

 

(b)            second,
to the Series 2022-3 Distribution Account to pay the Trustee the Series 2022-3 Capped Trustee Fee Amount with respect to such
Payment Date; provided, that following the occurrence and during the continuation of an Amortization Event, at the direction of
the Majority Series 2022-3 Noteholders, the Series 2022-3 Trustee Fee Amount shall not be subject to a cap or may be subject
to an increased cap as determined by the Majority Series 2022-3 Noteholders and the Trustee;

 

(c)            third,
to the Series 2022-3 Distribution Account to pay the Persons to whom the Series 2022-3 Capped Operating Expense Amount with
respect to such Payment Date are owing, on a pro rata basis (based on the amount owed to each such Person), such Series 2022-3
Capped Operating Expense Amounts owing to such Persons on such Payment Date;

 

(d)            fourth,
to the Series 2022-3 Distribution Account to pay the Class A Noteholders on a pro rata basis (based on the amount owed
to each such Class A Noteholder), the Class A Monthly Interest Amount with respect to such Payment Date;

 

(e)            fifth,
to the Series 2022-3 Distribution Account to pay the Class B Noteholders on a pro rata basis (based on the amount owed
to each such Class B Noteholder), the Class B Monthly Interest Amount with respect to such Payment Date;

 

(f)            sixth,
to the Series 2022-3 Distribution Account to pay the Class C Noteholders on a pro rata basis (based on the amount owed
to each such Class C Noteholder), the Class C Monthly Interest Amount with respect to such Payment Date;

 

(g)          seventh,
to the Series 2022-3 Distribution Account to pay the Class D Noteholders on a pro rata basis (based on the amount owed to each
such Class D Noteholder), the Class D Monthly Interest Amount with respect to such Payment Date;

 

(h)            eighth,
if the Class E Notes have been issued as of such date, then to the Series 2022-3 Distribution Account to pay the Class E
Noteholders on a pro rata basis (based on the amount owed to each such Class E Noteholder), the Class E Monthly Interest Amount
with respect to such Payment Date;

 

(i)            ninth,
during the Series 2022-3 Revolving Period, other than on any such Payment Date on which a withdrawal has been made pursuant to Section 5.5(a) (Class A/B/C/D
Reserve Account Withdrawals), for deposit to the Class A/B/C/D Reserve Account in an amount equal to the Class A/B/C/D Reserve
Account Deficiency Amount, if any, and second, for deposit to the Class E Notes reserve account (if any) in an amount equal to the
Class E Notes reserve account deficiency amount, if any, in each case for such date (calculated after giving effect to any withdrawals
from the Class A/B/C/D Reserve Account pursuant to Section 5.5 (Class A/B/C/D Reserve Account Withdrawals));

 

(j)            tenth,
to the Series 2022-3 Distribution Account to pay to the Administrator the Series 2022-3 Excess Administrator Fee Amount with
respect to such Payment Date;

 

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(k)            eleventh,
to the Series 2022-3 Distribution Account to pay to the Trustee the Series 2022-3 Excess Trustee Fee Amount with respect to
such Payment Date;

 

(l)            twelfth,
to the Series 2022-3 Distribution Account to pay the Persons to whom the Series 2022-3 Excess Operating Expense Amount with
respect to such Payment Date are owing, on a pro rata basis (based on the amount owed to each such Person), such Series 2022-3
Excess Operating Expense Amounts owing to such Persons on such Payment Date;

 

(m)            thirteenth,
during the Series 2022-3 Rapid Amortization Period, for deposit into the Series 2022-3 Principal Collection Account up to the
amount necessary to pay the Series 2022-3 Notes in full; and

 

(n)              fourteenth,
for deposit into the Series 2022-3 Principal Collection Account any remaining amount.

 

Section 5.4            Application
of Funds in the Series 2022-3 Principal Collection Account. Subject to the Past Due Rental Payments Priorities, on any Business
Day, HVF III may direct the Trustee in writing to apply, and, on each Payment Date, HVF III shall direct the Trustee in writing to apply,
and on each such date the Trustee shall apply, all amounts then on deposit in the Series 2022-3 Principal Collection Account on such
date (after giving effect to all deposits thereto pursuant to Sections 5.5 (Class A/B/C/D Reserve Account Withdrawals)
and 5.6 (Class A/B/C/D Letters of Credit and Class A/B/C/D Demand Notes)) as follows (and in each case only to
the extent of funds available in the Series 2022-3 Principal Collection Account on such date):

 

(a)            first,
if such date is a Payment Date, then for deposit into the Series 2022-3 Interest Collection Account an amount equal to the Senior
Interest Waterfall Shortfall Amount, if any, with respect to such Payment Date;

 

(b)           second,
during the Series 2022-3 Revolving Period, for deposit into the Class A/B/C/D Reserve Account an amount equal to the Class A/B/C/D
Reserve Account Deficiency Amount, if any, for such date (calculated after giving effect to any withdrawals from the Class A/B/C/D
Reserve Account pursuant to Section 5.5 (Class A/B/C/D Reserve Account Withdrawals) and deposits to the Class A/B/C/D
Reserve Account on such date pursuant to Section 5.3 (Application of Funds in the Series 2022-3 Interest Collection
Account));

 

(c)          third,
if such date is a Redemption Date with respect to any Class of Series 2022-3 Notes, then for deposit into the Series 2022-3
Distribution Account to be paid on such date, pro rata, to all Noteholders of such Class to the extent necessary to pay the
Principal Amount of such Class, all accrued Class Interest Amount for such Class through the Redemption Date and any Make-Whole
Premium with respect to such Class, in each case as of such Redemption Date;

 

(d)            fourth,
if such date is a Payment Date during the Series 2022-3 Controlled Amortization Period, then for deposit into the Series 2022-3
Distribution Account to be paid on such date (i) first, pro rata, to all Class A Noteholders to the extent necessary
to pay the Class Controlled Distribution Amount with respect to the Class A Notes on such Payment Date, (ii) second,
pro rata, to all Class B Noteholders to the extent necessary to pay the Class Controlled Distribution Amount with respect
to the Class B Notes on such Payment Date, (iii) third, pro rata, to all Class C Noteholders to the extent
necessary to pay the Class Controlled Distribution Amount with respect to the Class C Notes on such Payment Date, (iv) fourth,
pro rata, to all Class D Noteholders to the extent necessary to pay the Class Controlled Distribution Amount with respect
to the Class D Notes on such Payment Date and (v) fifth, if the Class E Notes have been issued, then, pro rata,
to all Class E Noteholders to the extent necessary to pay the Class Controlled Distribution Amount with respect to the Class E
Notes on such Payment Date;

 

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(e)            fifth,
during the Series 2022-3 Rapid Amortization Period, (i) if such date is after a Payment Date and on or prior to the Determination
Date immediately succeeding such Payment Date, then for deposit into the Series 2022-3 Distribution Account to be paid on the Payment
Date immediately succeeding such deposit date (a) first, pro rata, to all Class A Noteholders to the extent necessary
to pay the Class A Principal Amount with respect to such date, (b) second, pro rata, to all Class B Noteholders
to the extent necessary to pay the Class B Principal Amount with respect to such date, (c) third, pro rata, to
all Class C Noteholders to the extent necessary to pay the Class C Principal Amount with respect to such date, (d) fourth,
pro rata, to all Class D Noteholders to the extent necessary to pay the Class D Principal Amount with respect to such
date and (e) fifth, if the Class E Notes have been issued as of such date, then, pro rata, to all Class E
Noteholders to the extent necessary to pay the Class E Principal Amount with respect to such date, and (ii) if such date is
after a Determination Date and on or prior to the Payment Date immediately succeeding such Determination Date, then for deposit into the
Series 2022-3 Distribution Account to be paid on the second Payment Date immediately succeeding such deposit date (a) first,
pro rata, to all Class A Noteholders to the extent necessary to pay the Class A Principal Amount with respect to such
date, (b) second, pro rata, to all Class B Noteholders to the extent necessary to pay the Class B Principal
Amount with respect to such date, (c) third, pro rata, to all Class C Noteholders to the extent necessary to pay
the Class C Principal Amount with respect to such date, (d) fourth, pro rata, to all Class D Noteholders
to the extent necessary to pay the Class D Principal Amount with respect to such date and (e) fifth, if the Class E
Notes have been issued as of such date, then, pro rata, to all Class E Noteholders to the extent necessary to pay the Class E
Principal Amount with respect to such date;

 

(f)            sixth,
used to pay, first, the principal amount of other Series of Notes that are then required to be paid and, second, at the option of
HVF III, to pay the principal amount of other Series of Notes that may be paid under the Base Indenture, in each case to the extent
that no Potential Amortization Event with respect to the Series 2022-3 Notes exists as of such date or would occur as a result of
such application; and

 

(g)            seventh,
the balance, if any, will be released to or at the direction of HVF III or, if ineligible for release to HVF III, will remain on deposit
in the Series 2022-3 Principal Collection Account.

 

Section 5.5           Class A/B/C/D
Reserve Account Withdrawals. On each Payment Date, HVF III shall direct the Trustee in writing, prior to 12:00 noon (New York City
time) on such Payment Date, to apply, and the Trustee shall apply on such date, all amounts then on deposit (without giving effect to
any deposits thereto pursuant to Sections 5.3 (Application of Funds in the Series 2022-3 Interest Collection Account)
and 5.4 (Application of Funds in the Series 2022-3 Principal Collection Account)) in the Class A/B/C/D Reserve
Account as follows (and in each case only to the extent of funds available in the Class A/B/C/D Reserve Account):

 

(a)            first,
to the Series 2022-3 Interest Collection Account an amount equal to the excess, if any, of the Series 2022-3 Payment Date Interest
Amount for such Payment Date over the Series 2022-3 Payment Date Available Interest Amount for such Payment Date (with respect to
such Payment Date, the excess, if any, of such excess over the Class A/B/C/D Available Reserve Account Amount on such Payment Date,
the “Class A/B/C/D Reserve Account Interest Withdrawal Shortfall”);

 

(b)          second,
if the Class A/B/C/D Principal Deficit Amount is greater than zero on such Payment Date, then to the Series 2022-3 Principal
Collection Account an amount equal to such Class A/B/C/D Principal Deficit Amount; and

 

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(c)            third,
if on the Legal Final Payment Date the amount to be distributed, if any, from the Series 2022-3 Distribution Account (prior to giving
effect to any withdrawals from the Class A/B/C/D Reserve Account pursuant to this clause) on such Legal Final Payment Date is insufficient
to pay the Class A/B/C/D Principal Amount in full on such Legal Final Payment Date, then to the Series 2022-3 Principal Collection
Account, an amount equal to such insufficiency;

 

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

 

Section 5.6            Class A/B/C/D
Letters of Credit and Class A/B/C/D Demand Notes.

 

(a)            Interest
Deficit and Lease Interest Payment Deficit Events — Draws on Class A/B/C/D Letters of Credit. If HVF III determines on
any Payment Date that there exists a Class A/B/C/D Reserve Account Interest Withdrawal Shortfall with respect to such Payment Date,
then HVF III shall instruct the Trustee in writing to draw on the Class A/B/C/D Letters of Credit, if any, and, upon receipt of such
notice by the Trustee on or prior to 10:30 a.m. (New York City time) on such Payment Date, the Trustee, by 12:00 noon (New York City
time) on such Payment Date, shall draw an amount, as set forth in such notice, equal to the least of (i) such Class A/B/C/D
Reserve Account Interest Withdrawal Shortfall, (ii) the Class A/B/C/D Letter of Credit Liquidity Amount as of such Payment Date
and (iii) the Series 2022-3 Lease Interest Payment Deficit for such Payment Date, by presenting to each Class A/B/C/D Letter
of Credit Provider a draft accompanied by a Class A/B/C/D Certificate of Credit Demand on the Class A/B/C/D Letters of Credit;
provided, that if the Class A/B/C/D L/C Cash Collateral Account has been established and funded, then the Trustee shall withdraw
from the Class A/B/C/D L/C Cash Collateral Account and deposit into the Series 2022-3 Interest Collection Account an amount
as set forth in such notice equal to the lesser of (1) the Class A/B/C/D L/C Cash Collateral Percentage on such Payment Date
of the least of the amounts described in clauses (i), (ii) and (iii) above and (2) the Class A/B/C/D Available L/C
Cash Collateral Account Amount on such Payment Date and draw an amount equal to the remainder of such amount on the Class A/B/C/D
Letters of Credit. The Trustee shall deposit, or cause the deposit of, the proceeds of any such draw on the Class A/B/C/D Letters
of Credit and the proceeds of any such withdrawal from the Class A/B/C/D L/C Cash Collateral Account into the Series 2022-3
Interest Collection Account on such Payment Date.

 

(b)            Class A/B/C/D
Principal Deficit and Lease Principal Payment Deficit Events — Initial Draws on Class A/B/C/D Letters of Credit. If HVF
III determines on any Payment Date that there exists a Series 2022-3 Lease Principal Payment Deficit that exceeds the amount, if
any, withdrawn from the Class A/B/C/D Reserve Account pursuant to Section 5.5(b) (Class A/B/C/D Reserve
Account Withdrawals), then HVF III shall instruct the Trustee in writing to draw on the Class A/B/C/D Letters of Credit, if any,
in an amount as set forth in such notice equal to the least of:

 

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(i)             such
excess;

 

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

 

(iii)            (x) on
any such Payment Date other than the Legal Final Payment Date, the excess, if any, of the Class A/B/C/D Principal Deficit Amount
over the amount, if any, withdrawn from the Class A/B/C/D Reserve Account pursuant to Section 5.5(b) (Class A/B/C/D
Reserve Account Withdrawals) and (y) on the Legal Final Payment Date, the excess, if any, of (i) the Class A/B/C/D
Principal Amount over (ii) the amount to be deposited into the Series 2022-3 Distribution Account (together with any amounts
to be deposited therein pursuant to the terms of this Series 2022-3 Supplement (other than this Section 5.6(b) (Class A/B/C/D
Letters of Credit and Class A/B/C/D Demand Notes) and Section 5.6(c) (Class A/B/C/D Letters of Credit
and Class A/B/C/D Demand Notes))) on the Legal Final Payment Date for payment of principal of the Class A/B/C/D Notes.

 

Upon receipt of a notice by
the Trustee from HVF III in respect of a Series 2022-3 Lease Principal Payment Deficit on or prior to 10:30 a.m. (New York City
time) on a Payment Date, the Trustee shall, by 12:00 noon (New York City time) on such Payment Date draw an amount as set forth in such
notice equal to the applicable amount set forth above on the Class A/B/C/D Letters of Credit by presenting to each Class A/B/C/D
Letter of Credit Provider a draft accompanied by a Class A/B/C/D Certificate of Credit Demand; provided however, that if the
Class A/B/C/D L/C Cash Collateral Account has been established and funded, the Trustee shall withdraw from the Class A/B/C/D
L/C Cash Collateral Account an amount equal to the lesser of (x) the Class A/B/C/D L/C Cash Collateral Percentage on such Payment
Date of the amount set forth in the notice provided to the Trustee by HVF III and (y) the Class A/B/C/D Available L/C Cash Collateral
Account Amount on such Payment Date (after giving effect to any withdrawals therefrom on such Payment Date pursuant to Section 5.6(a) (Class A/B/C/D
Letters of Credit and Class A/B/C/D Demand Notes)), and the Trustee shall draw an amount equal to the remainder of such amount
on the Class A/B/C/D Letters of Credit. The Trustee shall deposit, or cause the deposit of, the proceeds of any such draw on the
Class A/B/C/D Letters of Credit and the proceeds of any such withdrawal from the Class A/B/C/D L/C Cash Collateral Account into
the Series 2022-3 Principal Collection Account on such Payment Date.

 

(c)            Class A/B/C/D
Principal Deficit Amount — Draws on Class A/B/C/D Demand Note. If (A) on any Determination Date, HVF III determines
that the Class A/B/C/D Principal Deficit Amount on the next succeeding Payment Date (after giving effect to any withdrawals from
the Class A/B/C/D Reserve Account on such Payment Date pursuant to Section 5.5(b) (Class A/B/C/D Reserve
Account Withdrawals) and any draws on the Class A/B/C/D Letters of Credit on such Payment Date pursuant to Section 5.6(b) (Class A/B/C/D
Letters of Credit and Class A/B/C/D Demand Notes)) will be greater than zero or (B) on the Determination Date related to
the Legal Final Payment Date, HVF III determines that the Class A/B/C/D Principal Amount exceeds the amount to be deposited into
the Series 2022-3 Distribution Account (together with all amounts to be deposited therein pursuant to the terms of this Series 2022-3
Supplement (other than this Section 5.6(c) (Class A/B/C/D Letters of Credit and Class A/B/C/D Demand Notes)))
on the Legal Final Payment Date for payment of principal of the Class A/B/C/D Notes, then, prior to 10:00 a.m. (New York City
time) on the second Business Day prior to such Payment Date, HVF III shall instruct the Trustee in writing (and provide the requisite
information to the Trustee) to deliver a demand notice substantially in the form of Exhibit B-2 hereto (each a “Class A/B/C/D
Demand Notice”) on Hertz for payment under the Class A/B/C/D Demand Note in an amount equal to the lesser of (i) (x) on
any such Determination Date related to a Payment Date other than the Legal Final Payment Date, then the excess, if any, of such Class A/B/C/D
Principal Deficit Amount over the amount to be deposited into the Series 2022-3 Principal Collection Account in accordance with Section 5.5(b) (Class A/B/C/D
Reserve Account Withdrawals) and Section 5.6(b) (Class A/B/C/D Letters of Credit and Class A/B/C/D Demand
Notes) and (y) on the Determination Date related to the Legal Final Payment Date, the excess, if any, of (i) the Class A/B/C/D
Principal Amount over (ii) the amount to be deposited into the Series 2022-3 Distribution Account (together with any amounts
to be deposited therein pursuant to the terms of this Series 2022-3 Supplement (other than this Section 5.6(c) (Class A/B/C/D
Letters of Credit and Class A/B/C/D Demand Notes))) on the Legal Final Payment Date for payment of principal of the Class A/B/C/D
Notes, and (ii) the principal amount of the Class A/B/C/D Demand Note. The Trustee shall, prior to 12:00 noon (New York City
time) on the second Business Day preceding such Payment Date, deliver such Class A/B/C/D Demand Notice to Hertz; provided however,
that if an Event of Bankruptcy (or the occurrence of an event described in clause (a) of the definition thereto, without the lapse
of a period of sixty (60) consecutive days) with respect to Hertz shall have occurred and be continuing, the Trustee shall not be required
to deliver such Class A/B/C/D Demand Notice to Hertz. The Trustee shall cause the proceeds of any demand on the Class A/B/C/D
Demand Note to be deposited into the Series 2022-3 Principal Collection Account.

 

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(d)            Class A/B/C/D
Principal Deficit Amount — Draws on Class A/B/C/D Letters of Credit. If (i) the Trustee shall have delivered a Class A/B/C/D
Demand Notice as provided in Section 5.6(c) (Class A/B/C/D Letters of Credit and Class A/B/C/D Demand Notes)
and Hertz shall have failed to pay to the Trustee or deposit into the Series 2022-3 Distribution Account the amount specified in
such Class A/B/C/D Demand Notice in whole or in part by 12:00 noon (New York City time) on the Business Day following the making
of the Class A/B/C/D Demand Notice, (ii) due to the occurrence of an Event of Bankruptcy (or the occurrence of an event described
in clause (a) of the definition thereof, without the lapse of a period of sixty (60) consecutive days) with respect to Hertz, the
Trustee shall not have delivered such Class A/B/C/D Demand Notice to Hertz, or (iii) there is a Preference Amount, then the
Trustee shall draw on the Class A/B/C/D Letters of Credit, if any, by 12:00 noon (New York City time) on such Business Day in an
amount equal to the lesser of:

 

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

 

(ii)           the
Class A/B/C/D Letter of Credit Amount on such Business Day, in each case by presenting to each Class A/B/C/D Letter of
Credit Provider a draft accompanied by a Class A/B/C/D Certificate of Unpaid Demand Note Demand or, in the case of a Preference
Amount, a Class A/B/C/D Certificate of Preference Payment Demand; provided however, that if the Class A/B/C/D L/C
Cash Collateral Account has been established and funded, the Trustee shall withdraw from the Class A/B/C/D L/C Cash Collateral
Account an amount equal to the lesser of (x) the Class A/B/C/D L/C Cash Collateral Percentage on such Business Day of the
lesser of the amounts set forth in clauses (i) and (ii) immediately above and (y) the Class A/B/C/D
Available L/C Cash Collateral Account Amount on such Business Day (after giving effect to any withdrawals therefrom on such Payment
Date pursuant to Section 5.6(a) (Class A/B/C/D Letters of Credit and Class A/B/C/D Demand Notes)
and Section 5.6(b) (Class A/B/C/D Letters of Credit and Class A/B/C/D Demand Notes)), and the
Trustee shall draw an amount equal to the remainder of such amount on the Class A/B/C/D Letters of Credit. The Trustee shall
deposit, or cause the deposit of, the proceeds of any such draw on the Class A/B/C/D Letters of Credit and the proceeds of any
such withdrawal from the Class A/B/C/D L/C Cash Collateral Account into the Series 2022-3 Principal Collection Account on
such date.

 

(e)            Draws on the Class A/B/C/D Letters of Credit. If there is more than one
Class A/B/C/D Letter of Credit on the date of any draw on the Class A/B/C/D Letters of Credit pursuant to the terms of
this Series 2022-3 Supplement (other than pursuant to Section 5.8(b) (Class A/B/C/D Letters of Credit
and Class A/B/C/D L/C Cash Collateral Account)), then HVF III shall instruct the Trustee, in writing, to draw on each
Class A/B/C/D Letter of Credit an amount equal to the Pro Rata Share for such Class A/B/C/D Letter of Credit of such draw
on such Class A/B/C/D Letter of Credit.

 

Section 5.7            Past
Due Rental Payments. On each Series 2022-3 Deposit Date, HVF III will direct the Trustee in writing, prior to 1:00 p.m. (New
York City time) on such date, to, and the Trustee shall, withdraw from the Collection Account all Collections then on deposit representing
Series 2022-3 Past Due Rent Payments and deposit such amount into the Series 2022-3 Interest Collection Account, and immediately
thereafter, the Trustee shall withdraw such amount from the Series 2022-3 Interest Collection Account and apply the Series 2022-3
Past Due Rent Payment in the following order:

 

(i)          if
the occurrence of the related Series 2022-3 Lease Payment Deficit resulted in one or more Class A/B/C/D L/C Credit Disbursements
being made under any Class A/B/C/D Letters of Credit, then pay to or at the direction of Hertz for reimbursement to each Class A/B/C/D
Letter of Credit Provider who made such a Class A/B/C/D L/C Credit Disbursement an amount equal to the lesser of (x) the unreimbursed
amount of such Class A/B/C/D Letter of Credit Provider’s Class A/B/C/D L/C Credit Disbursement and (y) such Class A/B/C/D
Letter of Credit Provider’s pro rata portion, calculated on the basis of the unreimbursed amount of each such Class A/B/C/D
Letter of Credit Provider’s Class A/B/C/D L/C Credit Disbursement, of the amount of the Series 2022-3 Past Due Rent Payment;

 

    22

     

    

 

(ii)            if
the occurrence of such Series 2022-3 Lease Payment Deficit resulted in a withdrawal being made from the Class A/B/C/D L/C Cash
Collateral Account, then deposit in the Class A/B/C/D L/C Cash Collateral Account an amount equal to the lesser of (x) the amount
of the Series 2022-3 Past Due Rent Payment remaining after any payments pursuant to clause (i) above and (y) the
amount withdrawn from the Class A/B/C/D L/C Cash Collateral Account on account of such Series 2022-3 Lease Payment Deficit;

 

(iii)            if
the occurrence of such Series 2022-3 Lease Payment Deficit resulted in a withdrawal being made from the Class A/B/C/D Reserve
Account pursuant to Section 5.5(b) (Class A/B/C/D Reserve Account Withdrawals), then deposit in the Class A/B/C/D
Reserve Account an amount equal to the lesser of (x) the amount of the Series 2022-3 Past Due Rent Payment remaining after any
payments pursuant to clauses (i) and (ii) above and (y) the Class A/B/C/D Reserve Account Deficiency Amount,
if any, as of such day; and

 

(iv)            any
remainder to be deposited into the Series 2022-3 Principal Collection Account.

 

Section 5.8             Class A/B/C/D
Letters of Credit and Class A/B/C/D L/C Cash Collateral Account.

 

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

 

(i)            the
Series 2022-3 Asset Amount would be less than the Series 2022-3 Adjusted Asset Coverage Threshold Amount, in each case as of
such date (after giving effect to all deposits to, and withdrawals from, the Class A/B/C/D Reserve Account and the Class A/B/C/D
L/C Cash Collateral Account on such date);

 

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

 

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

 

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

 

A.            the
greatest of:

 

(A)            the
excess, if any, of the Series 2022-3 Adjusted Asset Coverage Threshold Amount over the Series 2022-3 Asset Amount, in each case
as of such date (after giving effect to all deposits to, and withdrawals from, the Class A/B/C/D Reserve Account and the Class A/B/C/D
L/C Cash Collateral Account on such date);

 

    23

     

    

 

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

 

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

 

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

 

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

 

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

 

(b)            Class A/B/C/D
Letter of Credit Provider Downgrades. HVF III shall notify the Trustee in writing within one (1) Business Day of an Authorized
Officer of HVF III obtaining actual knowledge that any credit rating of any Class A/B/C/D Letter of Credit Provider has been downgraded
such that such Class A/B/C/D Letter of Credit Provider would fail to qualify as a Class A/B/C/D Eligible Letter of Credit Provider
were such Class A/B/C/D Letter of Credit Provider to issue a Class A/B/C/D Letter of Credit immediately following such downgrade
(with respect to any Class A/B/C/D Letter of Credit Provider, a “Class A/B/C/D Downgrade Event”). On the
thirtieth (30th) day after the occurrence of any Class A/B/C/D Downgrade Event with respect to any Class A/B/C/D Letter of Credit
Provider, or, if such date is not a Business Day, the next succeeding Business Day, HVF III shall notify the Trustee in writing (the “Class A/B/C/D
Downgrade Withdrawal Amount Notice”) on such date of (i) the greatest of (A) the excess, if any, of the Series 2022-3
Adjusted Asset Coverage Threshold Amount over the Series 2022-3 Asset Amount, (B) the excess, if any, of the Class A/B/C/D
Required Liquid Enhancement Amount over the Class A/B/C/D Adjusted Liquid Enhancement Amount, and (C) the excess, if any, of
the Class A/B/C/D Demand Note Payment Amount over the Class A/B/C/D Letter of Credit Liquidity Amount, in the case of each of
clauses (A) through (C) above, as of such date and excluding from the calculation of each amount referenced in
such clauses such Class A/B/C/D Letter of Credit but taking into account each substitute Class A/B/C/D Letter of Credit that
has been obtained from a Class A/B/C/D Eligible Letter of Credit Provider and is in full force and effect on such date, and (ii) the
amount available to be drawn on such Class A/B/C/D Letter of Credit on such date (the lesser of such (i) and (ii), the “Class A/B/C/D
Downgrade Withdrawal Amount”). Upon receipt by the Trustee on or prior to 10:30 a.m. (New York City time) on any Business
Day of a Class A/B/C/D Downgrade Withdrawal Amount Notice, the Trustee, by 12:00 noon (New York City time) on such Business Day (or,
in the case of any notice given to the Trustee after 10:30 a.m. (New York City time), by 12:00 noon (New York City time) on the next
following Business Day), shall draw on the Class A/B/C/D Letters of Credit issued by such Class A/B/C/D Letter of Credit Provider
in an amount (in the aggregate) equal to the Class A/B/C/D Downgrade Withdrawal Amount specified in such notice by presenting a draft
accompanied by a Class A/B/C/D Certificate of Termination Demand and shall cause the Class A/B/C/D L/C Termination Disbursement
to be deposited into a Class A/B/C/D L/C Cash Collateral Account.

 

    24

     

    

 

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

 

(d)            Class A/B/C/D
L/C Cash Collateral Account Surpluses and Class A/B/C/D Reserve Account Surpluses.

 

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

 

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

 

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

 

second,
to HVF III, any remaining amounts.

 

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Section 5.9             Certain
Instructions to the Trustee.

 

(a)            If
on any date the Class A/B/C/D Principal Deficit Amount is greater than zero or HVF III determines that there exists a Series 2022-3
Lease Principal Payment Deficit, then HVF III shall promptly provide written notice thereof to the Trustee.

 

(b)            On
or before 10:00 a.m. (New York City time) on each Payment Date, HVF III shall notify the Trustee of the amount of any Series 2022-3
Lease Payment Deficit, such notification to be in the form of Exhibit D hereto (each a “Lease Payment Deficit Notice”).

 

Section 5.10           HVF
III’s Failure to Instruct the Trustee to Make a Deposit or Payment. If HVF III fails to give notice or instructions to make
any payment from or deposit into the Collection Account or any Series 2022-3 Account required to be given by HVF III, at the time
specified herein or in any other Series 2022-3 Related Document (including applicable grace periods), the Trustee shall make such
payment or deposit into or from the Collection Account or such Series 2022-3 Account without such notice or instruction from HVF
III; provided, that HVF III, upon request of the Trustee, promptly provides the Trustee with all information necessary to allow
the Trustee to make such a payment or deposit. When any payment or deposit hereunder or under any other Series 2022-3 Related Document
is required to be made by the Trustee at or prior to a specified time, HVF III shall deliver any applicable written instructions with
respect thereto reasonably in advance of such specified time. If HVF III fails to give instructions to draw on any Class A/B/C/D
Letters of Credit with respect to a Class of Series 2022-3 Notes required to be given by HVF III, at the time specified in this
Series 2022-3 Supplement, the Trustee shall draw on such Class A/B/C/D Letters of Credit with respect to such Class of
Series 2022-3 Notes without such instruction from HVF III; provided, that HVF III, upon request of the Trustee, promptly provides
the Trustee with all information necessary to allow the Trustee to draw on each such Class A/B/C/D Letter of Credit.

 

Article VI

 

REPRESENTATIONS
AND WARRANTIES; COVENANTS; CLOSING

CONDITIONS

 

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

 

(a)            HVF
III. HVF III represents and warrants that each of its representations and warranties in the Series 2022-3 Related Documents is
true and correct as of the date hereof (unless stated to relate solely to an earlier date, in which case such representations and warranties
shall be true and correct as of such earlier date) and further represents and warrants, in each case for the benefit of the Trustee and
the Series 2022-3 Noteholders, that:

 

(i)            no
Amortization Event or Potential Amortization Event, in each case with respect to the Series 2022-3 Notes, is continuing; and

 

(ii)            on
the Series 2022-3 Closing Date, HVF III has furnished to the Trustee copies of all Series 2022-3 Related Documents to which
it is a party as of the Series 2022-3 Closing Date, all of which are in full force and effect as of the Series 2022-3 Closing
Date.

 

(b)            Administrator.
The Administrator represents and warrants that each representation and warranty made by it in each Series 2022-3 Related Document,
is true and correct in all material respects as of the date hereof (unless stated to relate solely to an earlier date, in which case such
representations and warranties shall be true and correct as of such earlier date).

 

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Section 6.2             Covenants.
Each of HVF III and the Administrator each severally covenants and agrees that, until the Series 2022-3 Notes have been paid in full,
it will:

 

(a)            Performance
of Obligations. Duly and timely perform all of its covenants (both affirmative and negative) and obligations under each Series 2022-3
Related Document to which it is a party.

 

(b)            Margin
Stock. Not permit any (i) part of the proceeds of the sale of the Series 2022-3 Notes to be (x) 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) or (y) loaned to others for the purpose of purchasing or carrying any margin stock or (ii) amounts
owed with respect to the Series 2022-3 Notes to be secured, directly or indirectly, by any margin stock.

 

(c)            Series 2022-3
Third-Party Market Value Procedures. Comply with the Series 2022-3 Third-Party Market Value Procedures in all material respects.

 

(d)            [Reserved].

 

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

 

(f)            Financial
Statements and Other Reporting. Solely with respect to HVF III, furnish or cause to be furnished to each Series 2022-3 Noteholder:

 

(i)            commencing
on the Series 2022-3 Closing Date, within 120 days after the end of each of Hertz’s fiscal years, copies of the Annual Report
on Form 10-K filed by Hertz with the SEC or, if Hertz is not a reporting company, information equivalent to that which would be required
to be included in the financial statements contained in such an Annual Report if Hertz were a reporting company, including consolidated
financial statements consisting of a balance sheet of Hertz and its consolidated subsidiaries as at the end of such fiscal year and statements
of income, stockholders’ equity and cash flows of Hertz and its consolidated subsidiaries for such fiscal year, setting forth in
comparative form the corresponding figures for the preceding fiscal year (if applicable), certified by and containing an opinion, unqualified
as to scope, of a firm of independent certified public accountants of nationally recognized standing selected by Hertz; and

 

(ii)            commencing
on the Series 2022-3 Closing Date, within sixty (60) days after the end of each of the first three quarters of each of Hertz’s
fiscal years, copies of the Quarterly Report on Form 10-Q filed by Hertz with the SEC or, if Hertz is not a reporting company, information
equivalent to that which would be required to be included in the financial statements contained in such a Quarterly Report if Hertz were
a reporting company, including (x) financial statements consisting of consolidated balance sheets of Hertz and its consolidated subsidiaries
as at the end of such quarter and statements of income, stockholders’ equity and cash flows of Hertz and its consolidated subsidiaries
for each such quarter, setting forth in comparative form the corresponding figures for the corresponding periods of the preceding fiscal
year (if applicable), all in reasonable detail and certified (subject to normal year-end audit adjustments) by a senior financial officer
of Hertz as having been prepared in accordance with GAAP.

 

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The financial data that shall
be delivered to the Series 2022-3 Noteholders pursuant to the foregoing paragraphs (i) and (ii) shall be prepared in conformity
with GAAP.

 

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

 

Notwithstanding
the foregoing provisions of this Article VI (Representations and Warranties; Covenants; Closing Conditions),
HVF III’s obligations to furnish or cause to be furnished any documents, reports, notices or other information pursuant to this
Article VI (Representations and Warranties; Covenants; Closing Conditions) shall be deemed satisfied with respect to
such documents, reports, notices or other information upon (i) the same (or hyperlinks to the same) having been posted on Hertz’s
website (or such other website address as HVF III may specify by written notice to the Trustee from time to time) or (ii) the same
(or hyperlinks to same) having been posted on Hertz’s behalf on an internet or intranet website to which the Series 2022-3
Noteholders have access (whether a commercial, government (including, without limitation, EDGAR) or third-party website or whether sponsored
by or on behalf of the Series 2022-3 Noteholders). With respect to any documents, reports, notices or other information electronically
furnished in accordance with the preceding sentence, such documents, reports, notices or other information shall be deemed furnished on
the date posted in accordance with clause (i) or (ii), as the case may be, of the preceding sentence.

 

Section 6.3            Closing
Conditions. The effectiveness of this Series 2022-3 Supplement is subject to the conditions precedent set forth in Section 2.3
(Series Supplement for each Series of Notes) of the Base Indenture.

 

Section 6.4            Further
Assurances.

 

(a)            HVF
III 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 Series-Specific 2022-3 Collateral on
behalf of the Series 2022-3 Noteholders as a perfected security interest subject to no prior Liens (other than Series 2022-3
Permitted Liens) and to carry into effect the purposes of this Series 2022-3 Supplement or the other Series 2022-3 Related Documents
or to better assure and confirm unto the Trustee or the Series 2022-3 Noteholders their rights, powers and remedies hereunder, including,
without limitation filing all UCC financing statements, continuation statements and amendments thereto necessary to achieve the foregoing.
If HVF III fails to perform any of its agreements or obligations under this Section 6.4(a) (Further Assurances),
the Trustee shall, at the direction of the Majority Series 2022-3 Noteholders, itself perform such agreement or obligation, and the
expenses of the Trustee incurred in connection therewith shall be payable by HVF III 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 Series-Specific 2022-3 Collateral.

 

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(b)            Unless
otherwise specified in this Series 2022-3 Supplement, if any amount payable under or in connection with any of the Series-Specific
2022-3 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 indorsed in a manner satisfactory to the
Trustee and delivered to the Trustee promptly.

  

(c)            HVF
III shall warrant and defend the Trustee’s right, title and interest in and to the Series-Specific 2022-3 Collateral and the income,
distributions and proceeds thereof, for the benefit of the Trustee on behalf of the Series 2022-3 Noteholders, against the claims
and demands of all Persons whomsoever.

 

(d)            On
or before March 31 of each calendar year, commencing with March 31, 2023, HVF III 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 Series 2022-3 Supplement, any indentures supplemental hereto and any other requisite documents and with respect
to the execution and filing of any financing statements, continuation statements and amendments thereto as are necessary to maintain
the perfection of the lien and security interest created by this Series 2022-3 Supplement in the Series-Specific 2022-3 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
Series 2022-3 Supplement, any indentures supplemental hereto and any other requisite documents and the execution and filing of any
financing statements, continuation statements and amendments thereto that will, in the opinion of such counsel, be required to maintain
the perfection of the lien and security interest of this Series 2022-3 Supplement in the Series-Specific 2022-3 Collateral until
March 31 in the following calendar year.

 

Article VII

 

AMORTIZATION
EVENTS

 

Section 7.1           Amortization
Events. If any one of the following events shall occur:

 

(a)            all
principal of and interest on the Series 2022-3 Notes is not paid in full on or prior to the Expected Final Payment Date;

 

(b)            HVF
III defaults in the payment of any interest on, or other amount (for the avoidance of doubt, other than principal) payable in respect
of, the Series 2022-3 Notes when due and payable and such default continues for a period of five (5) consecutive Business Days;

 

(c)            a
Class A/B/C/D Liquid Enhancement Deficiency exists and continues to exist for at least five (5) consecutive Business Days;

 

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

 

(e)            the
Collection Account, any Collateral Account in which Collections are on deposit as of such date or any Series 2022-3 Account (other
than the Class A/B/C/D Reserve Account and the Class A/B/C/D L/C Cash Collateral Account) shall be subject to any injunction,
estoppel or other stay or a Lien (other than any Lien described in clause (iii) of the definition of Series 2022-3 Permitted
Lien) and thirty (30) consecutive days elapse without such Lien having been released or discharged;

  

(f)            (i) the
Class A/B/C/D Reserve Account is subject to an injunction, estoppel or other stay or a Lien (other than any Lien described in clause
(iii) of the definition of Series 2022-3 Permitted Liens) or (ii) other than as a result of a Series 2022-3 Permitted
Lien, the Trustee fails to have a valid and perfected first priority security interest in the Class A/B/C/D Reserve Account Collateral
(or HVF III or any Affiliate thereof so asserts in writing), in each case, for a period of thirty (30) days and during such period the
Class A/B/C/D Adjusted Liquid Enhancement Amount (excluding the Class A/B/C/D Available Reserve Account Amount) would be less
than the Class A/B/C/D Required Liquid Enhancement Amount;

 

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(g)            after
the funding of the Class A/B/C/D L/C Cash Collateral Account, (i) the Class A/B/C/D L/C Cash Collateral Account is subject
to an injunction, estoppel or other stay or a Lien (other than any Lien described in clause (iii) of the definition of Series 2022-3
Permitted Liens) or (ii) other than as a result of a Series 2022-3 Permitted Lien, the Trustee fails to have a valid and perfected
first priority security interest in the Class A/B/C/D L/C Cash Collateral Account Collateral (or HVF III or any Affiliate thereof
so asserts in writing), in each case, for a period of thirty (30) days and during such period the Class A/B/C/D Adjusted Liquid
Enhancement Amount, excluding therefrom the Class A/B/C/D Available L/C Cash Collateral Account Amount, would be less than the Class A/B/C/D
Required Liquid Enhancement Amount;

 

(h)            other
than as a result of a Series 2022-3 Permitted Lien, the Trustee shall for any reason cease to have a valid and perfected first priority
security interest in the Series 2022-3 Collateral (other than the Class A/B/C/D Reserve Account Collateral, the Class A/B/C/D
L/C Cash Collateral Account Collateral or any Class A/B/C/D Letter of Credit) or HVF III or any Affiliate thereof so asserts in
writing, and in any such case such cessation shall continue for thirty (30) consecutive days or such assertion shall not have been rescinded
within thirty (30) consecutive days;

 

(i)            there
shall have been filed against HVF III a notice of (i) a U.S. federal tax lien from the Internal Revenue Service, (ii) a Lien
from the Pension Benefit Guaranty Corporation under the Code or Section 303(k) of ERISA for failure to make a required installment
or other payment to a plan to which such section applies, or (iii) any other Lien (other than a Series 2022-3 Permitted Lien)
that could reasonably be expected to attach to the assets of HVF III and, in each case, thirty (30) consecutive days elapse without such
notice having been effectively withdrawn or such Lien been released or discharged;

 

(j)            any
Administrator Default shall have occurred;

 

(k)            any
of the Series 2022-3 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 (other than in accordance with the terms thereof or as otherwise expressly permitted in the
Series 2022-3 Related Documents) or Hertz, any Lessee or HVF III shall so assert any of the foregoing in writing and such written
assertion shall not have been rescinded within ten (10) consecutive Business Days following the date of such written assertion,
in each case, other than any such cessation (i) resulting from the application of the Bankruptcy Code (other than as a result of
an Event of Bankruptcy with respect to HVF III, any Lessee, or Hertz in any capacity) or (ii) as a result of any waiver, supplement,
modification, amendment or other action not prohibited by the Series 2022-3 Related Documents;

 

(l)            HVF
III fails to comply with any of its other agreements or covenants in any Series 2022-3 Related Document and the failure to so comply
materially and adversely affects the interests of the Series 2022-3 Noteholders and continues to materially and adversely affect
the interests of the Series 2022-3 Noteholders for a period of thirty (30) consecutive days after the earlier of (i) the date
on which an Authorized Officer of HVF III obtains actual knowledge thereof or (ii) the date on which written notice of such failure,
requiring the same to be remedied, shall have been given to HVF III by the Trustee or to HVF III and the Trustee by the Majority Series 2022-3
Controlling Class; or

 

(m)            any
representation made by HVF III in any Series 2022-3 Related Document is false and such false representation materially and adversely
affects the interests of the Series 2022-3 Noteholders and the event or condition that caused such representation to be false is
not cured for a period of thirty (30) consecutive days after the earlier of (i) the date on which an Authorized Officer of HVF III
obtains actual knowledge thereof or (ii) the date that written notice thereof is given to HVF III by the Trustee or to HVF III and
the Trustee by the Majority Series 2022-3 Controlling Class.

 

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Then,
in the case of:

 

(i)            any
event described in Sections 7.1(a) through (d) (Amortization Events), an “Amortization Event”
with respect to the Series 2022-3 Notes will immediately occur without any notice or other action on the part of the Trustee or
any Series 2022-3 Noteholder, and

 

(ii)            any
event described in Sections 7.1(e) through (m) (Amortization Events), so long as such event is continuing,
either the Trustee may, by written notice to HVF III, or the Majority Series 2022-3 Controlling Class may, by written notice
to HVF III and the Trustee, declare that an “Amortization Event” with respect to the Series 2022-3 Notes has
occurred as of the date of the notice.

 

An
Amortization Event, as well as any Potential Amortization Event related thereto, with respect to the Series 2022-3 Notes described
in Sections 7.1(c) through (m) (Amortization Events) above may be waived with the written consent of the
Majority Series 2022-3 Controlling Class. An Amortization Event, as well as any Potential Amortization Event related thereto, with
respect to the Series 2022-3 Notes described in Sections 7.1(a) and (b) (Amortization Events) above
may be waived with the written consent of the Class A Noteholders holding more than 50% of the Class A Principal Amount, the
Class B Noteholders holding more than 50% of the Class B Principal Amount, the Class C Noteholders holding more than 50%
of the Class C Principal Amount, the Class D Noteholders holding more than 50% of the Class D Principal Amount and the
Class E Noteholders holding more than 50% of the Class E Principal Amount, if any, at the time of such Amortization Event or
Potential Amortization Event.

 

For
the avoidance of doubt, with respect to any Potential Amortization Event with respect to the Series 2022-3 Notes, if the event or
condition giving rise (directly or indirectly) to such Potential Amortization Event ceases to be continuing (through cure, waiver or
otherwise), then such Potential Amortization Event will cease to exist and will be deemed to have been cured for every purpose under
the Series 2022-3 Related Documents.

 

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

 

Article VIII

 

SUBORDINATION
OF NOTES

 

Section 8.1          Subordination
of Class B Notes. Subject to Sections 5.3 (Application of Funds in the Series 2022-3 Interest Collection Account)
and 5.4 (Application of Funds in the Series 2022-3 Principal Collection Account), no payments on account of interest
with respect to the Class B Notes shall be made on any Payment Date until all payments of interest then due and payable with respect
to the Class A Notes on such Payment Date (including, without limitation, all accrued interest, all Class A Deficiency Amounts
and all interest accrued on such Class A Deficiency Amounts) have been paid in full, and during the Series 2022-3 Controlled
Amortization Period no payments of principal of Class B Notes shall be made unless and until the Class Controlled Distribution
Amounts payable to the Class A Notes has been paid in full and during the Series 2022-3 Rapid Amortization Period, no payments
of principal of the Class B Notes will be made unless and until the aggregate outstanding principal amount of the Class A Notes
has been paid in full.

 

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Section 8.2          Subordination
of Class C Notes. Subject to Sections 5.3 (Application of Funds in the Series 2022-3 Interest Collection Account)
and 5.4 (Application of Funds in the Series 2022-3 Principal Collection Account), no payments on account of interest
with respect to the Class C Notes shall be made on any Payment Date until all payments of interest then due and payable with respect
to the Class A Notes and the Class B Notes on such Payment Date (including, without limitation, all accrued interest, all Class A
Deficiency Amounts and all Class B Deficiency Amounts and all interest accrued on such Class A Deficiency Amounts and Class B
Deficiency Amounts) have been paid in full, and during the Series 2022-3 Controlled Amortization Period, no payments of principal
with respect to the Class C Notes shall be made unless and until the Class Controlled Distribution Amounts payable to the Class A
Notes and Class B Notes have been paid in full and during the Series 2022-3 Rapid Amortization Period, no payments of principal
of Class C Notes will be made unless and until the aggregate outstanding principal amount of the Class A Notes and the Class B
Notes has been paid in full.

  

Section 8.3         Subordination
of Class D Notes. Subject to Sections 5.3 (Application of Funds in the Series 2022-3 Interest Collection
Account) and 5.4 (Application of Funds in the Series 2022-3 Principal Collection Account), no payments on
account of interest with respect to the Class D Notes shall be made on any Payment Date until all payments of interest then due
and payable with respect to the Class A Notes, the Class B Notes and the Class C Notes on such Payment Date
(including, without limitation, all accrued interest, all Class A Deficiency Amounts, Class B Deficiency Amounts and all
Class C Deficiency Amounts and all interest accrued on such Class A Deficiency Amounts, Class B Deficiency Amounts
and Class C Deficiency Amounts) have been paid in full, and during the Series 2022-3 Controlled Amortization Period no
payments of principal of Class D Notes shall be made unless and until the Class Controlled Distribution Amounts payable to
the Class A Notes, Class B Notes and Class C Notes have been paid in full and during the Series 2022-3 Rapid
Amortization Period, no payments of principal of the Class D Notes will be made unless and until the aggregate outstanding
principal amount of the Class A Notes, Class B Notes and Class C Notes has been paid in full.

 

Section 8.4         Subordination
of Class E Notes. Subject to Sections 5.3 (Application of Funds in the Series 2022-3 Interest Collection Account)
and 5.4 (Application of Funds in the Series 2022-3 Principal Collection Account), no payments on account of interest
with respect to the Class E Notes shall be made on any Payment Date until all payments of interest then due and payable with respect
to the Class A Notes, the Class B Notes, the Class C Notes and the Class D Notes on such Payment Date (including,
without limitation, all accrued interest, all Class A Deficiency Amounts, all Class B Deficiency Amounts, all Class C
Deficiency Amounts and all Class D Deficiency Amounts and all interest accrued on such Class A Deficiency Amounts, Class B
Deficiency Amounts, Class C Deficiency Amounts and Class D Deficiency Amounts) have been paid in full; provided, that
if any irrevocable letters of credit and/or reserve accounts are issued and/or established solely for the benefit of the Class E
Noteholders, any amounts available thereunder or therein may be applied to pay interest on the Class E Notes on any Payment Date
notwithstanding that interest may not be paid in full on the Class A Notes, the Class B Notes, the Class C Notes and/or
the Class D Notes on such Payment Date, and no payments on account of principal with respect to the Class E Notes shall be
made on any Payment Date until all Class Controlled Distribution Amounts payable and all payments of principal then due and payable
with respect to the Class A Notes, the Class B Notes, the Class C Notes and the Class D Notes on such Payment Date
has been paid in full.

 

Section 8.5        When
Distribution Must be Paid Over. In the event that any Series 2022-3 Noteholder (or Series 2022-3 Note Owner) receives any
payment of any principal, interest or other amounts with respect to the Series 2022-3 Notes at a time when such Series 2022-3
Noteholder (or Series 2022-3 Note Owner, as the case may be) has actual knowledge that such payment is prohibited by the preceding
sections of this Article VIII (Subordination of Notes), such payment shall be held by such Series 2022-3 Noteholder
(or Series 2022-3 Note Owner, as the case may be) in trust for the benefit of, and shall be paid forthwith over and delivered to,
the Trustee for application consistent with the preceding sections of this Article VIII (Subordination of Notes).

 

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Article IX

 

GENERAL

 

Section 9.1          Optional
Redemption of the Series 2022-3 Notes.

 

(a)            On
any Business Day prior to the Expected Final Payment Date, HVF III may, at its option, redeem any Class of Class A/B/C/D Notes
(such date, with respect to such Class of Notes, the “Redemption Date”), in whole but not in part, at a redemption
price equal to 100% of the outstanding Principal Amount thereof plus any Make-Whole Premium (including accrued and unpaid Class Interest
Amount with respect to such Class through such Redemption Date based upon the number of days of unpaid interest divided by
360) due with respect to such Class as of such Redemption Date, each of which amounts shall be payable in accordance with Section 5.4
(Application of Funds in the Series 2022-3 Principal Collection Account); provided that no Class of Class A/B/C/D
Notes may be redeemed pursuant to the foregoing if any Senior Class of Series 2022-3 Notes with respect to such Class of
Series 2022-3 Notes would remain outstanding immediately after giving effect to such redemption; provided, however,
the foregoing restriction on redemption in order of priority shall not be deemed to limit any transaction that results in the exchange
or refinancing of a Class of Class A/B/C/D Notes.

 

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

 

Section 9.2          Information.

 

(a)            On
or before 12:00 p.m. eastern standard time of the fourth Business Day prior to each Payment Date (unless otherwise agreed to by
the Trustee), HVF III shall furnish to the Trustee a Monthly Noteholders’ Statement with respect to the Series 2022-3 Notes
setting forth the information set forth on Schedule II (Monthly Noteholders’ Statement Information) hereto (including
reasonable detail of the materially constituent terms thereof, as determined by HVF III) in any reasonable format.

 

(b)            Upon
any amendment to any of the Series 2022-3 Related Documents, HVF III shall, not more than five (5) Business Days thereafter,
provide the amended version of such Series 2022-3 Related Document to the Trustee, and the Trustee shall furnish a copy of such
amended Series 2022-3 Related Document no later than the second (2nd) succeeding Business Day following such receipt
by the Trustee, which obligation to furnish shall be deemed satisfied upon the Trustee’s posting, or causing to be posted, such
amended Series 2022-3 Related Document to the website specified in clause (a) above (or any successor or replacement
website, in accordance with such clause (a)).

 

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Section 9.3         Confidentiality.
The Trustee and each Series 2022-3 Note Owner agrees, by its acceptance and holding of a beneficial interest in a
Series 2022-3 Note, that it shall not disclose any Confidential Information to any Person without the prior written consent of
HVF III, which such consent must be evident in a writing signed by an Authorized Officer of HVF III, other than (a) such
person’s directors, trustees, officers, employees, agents, attorneys, independent or internal auditors and affiliates who
agree to hold confidential the Confidential Information; (b) such person’s financial advisors and other professional
advisors who agree to hold confidential the Confidential Information; (c) any other Series 2022-3 Note Owner; (d) any
person of the type that would be, to such person’s knowledge, permitted to acquire an interest in the Series 2022-3 Notes
in accordance with the requirements of this Series 2022-3 Supplement to which such person sells or offers to sell any such
interest in the Series 2022-3 Notes or any part thereof and that agrees to hold confidential the Confidential Information in
accordance with this Series 2022-3 Supplement; (e) any federal or state or other regulatory, governmental or judicial
authority having jurisdiction over such person; (f) the National Association of Insurance Commissioners or any similar
organization, or any nationally-recognized rating agency that requires access to information about the investment portfolio or such
person; (g) any reinsurers or liquidity or credit providers that agree to hold confidential the Confidential Information;
(h) any other person with the consent of HVF III; or (i) any other person to which such delivery or disclosure may be
necessary or appropriate (A) to effect compliance with any law, rule, regulation, statute or order applicable to such person,
(B) in response to any subpoena or other legal process upon prior notice to HVF III (unless prohibited by applicable law or
other requirement having the force of law), (C) in connection with any litigation to which such person is a party upon prior
notice to HVF III (unless prohibited by applicable law or other requirement having the force of law) or (D) if an Amortization
Event with respect to the Series 2022-3 Notes has occurred and is continuing, to the extent such person may reasonably
determine such delivery and disclosure to be necessary or appropriate in the enforcement or for the protection of the rights and
remedies under the Series 2022-3 Notes, this Series 2022-3 Supplement or any other document relating to the
Series 2022-3 Notes.

  

Section 9.4         Ratification
of Base Indenture. As supplemented by this Series 2022-3 Supplement, the Base Indenture is in all respects ratified and confirmed
and the Base Indenture as so supplemented by this Series 2022-3 Supplement shall be read, taken, and construed as one and the same
instrument (except as otherwise specified herein).

 

Section 9.5         Notice
to the Rating Agencies. The Trustee shall provide to each Rating Agency a copy of each notice to the Series 2022-3 Noteholders
delivered to the Trustee pursuant to this Series 2022-3 Supplement or any other Related Document. The Trustee shall provide notice
to each Rating Agency of any consent by the Series 2022-3 Noteholders to the waiver of the occurrence of any Amortization Event
with respect to the Series 2022-3 Notes. HVF III will provide each Rating Agency rating the Series 2022-3 Notes with a copy
of any operative Manufacturer Program upon written request by such Rating Agency.

 

Section 9.6         Third
Party Beneficiary. Nothing in this Series 2022-3 Supplement, expressed or implied, shall be construed to confer upon any Person
(other than the parties hereto and their successors and assigns expressly permitted herein) any legal or equitable right, remedy or claim
under or by reason of this Series 2022-3 Supplement.

 

Section 9.7         Execution
in Counterparts; Electronic Execution. This Series 2022-3 Supplement may be executed in any number of counterparts (including
by facsimile or electronic transmission (including .pdf file, .jpeg file, Adobe Sign, or DocuSign)), each of which so executed shall
be deemed to be an original, but all of such counterparts shall together constitute but one and the same instrument. Delivery of an executed
counterpart signature page of this Series 2022-3 Supplement by facsimile or any such electronic transmission shall be effective
as delivery of a manually executed counterpart of this Series 2022-3 Supplement and shall have the same legal validity and enforceability
as a manually executed signature to the fullest extent permitted by applicable law. Any electronically signed document delivered via
email from a person purporting to be an authorized officer shall be considered signed or executed by such authorized officer on behalf
of the applicable person and will be binding on all parties hereto to the same extent as if it were manually executed.

 

Section 9.8         Governing
Law. THIS SERIES 2022-3 SUPPLEMENT, AND ALL MATTERS ARISING OUT OF OR RELATING TO THIS SERIES 2022-3 SUPPLEMENT, SHALL BE GOVERNED
BY, AND CONSTRUED AND INTERPRETED IN ACCORDANCE WITH, THE INTERNAL LAW OF THE STATE OF NEW YORK, AND THE OBLIGATIONS, RIGHTS AND REMEDIES
OF THE PARTIES HERETO SHALL BE DETERMINED IN ACCORDANCE WITH SUCH LAW.

 

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Section 9.9         Amendments.
This Series 2022-3 Supplement may be amended or modified, and any provision may be waived, in accordance with the following paragraphs
of this Section 9.9 (Amendments):

  

(a)            Without
the Consent of the Series 2022-3 Noteholders. Without the consent of any Series 2022-3 Noteholder, HVF III and the Trustee,
at any time and from time to time, may enter into one or more amendments, modifications or waivers, in form satisfactory to the Trustee,
for any of the following purposes:

 

(i)            to
add to the covenants of HVF III for the benefit of any Series 2022-3 Noteholder or to surrender any right or power herein conferred
upon HVF III (provided, however, that HVF III shall not pursuant to this Section 9.9(a)(i) (Without
Consent of the Noteholders) surrender any right or power it has under any Related Document other than to the Trustee or the Series 2022-3
Noteholders);

 

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

 

(iii)           to
provide for uncertificated Series 2022-3 Notes in addition to certificated Series 2022-3 Notes;

 

(iv)          to
add to or change any of the provisions of this Series 2022-3 Supplement to such extent as shall be necessary to permit or facilitate
the issuance of Series 2022-3 Notes in bearer form, registrable or not registrable as to principal, and with or without interest
coupons;

 

(v)           to
conform this Series 2022-3 Supplement to the terms of the offering document(s) for the Series 2022-3 Notes;

 

(vi)          to
correct or supplement any provision in this Series 2022-3 Supplement which may be inconsistent with any other provision herein or
in the Base Indenture or to make any other provisions with respect to matters or questions arising under this Series 2022-3 Supplement
or in the Base Indenture;

 

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

 

(viii)        to
effect any other amendment that does not materially adversely affect the interests of the Series 2022-3 Noteholders;

 

provided, however,
that (i) as evidenced by an Officer’s Certificate of HVF III, such action shall not materially adversely affect the
interests of the Series 2022-3 Noteholders, (ii) any amendment or modification shall not be effective until the
Series 2022-3 Rating Agency Condition has been satisfied with respect to such amendment or modification (unless 100% of the
Series 2022-3 Noteholders have consented thereto) and (iii) HVF III shall provide each Rating Agency notice of such
amendment or modification promptly after its execution.

 

(b)            With
the Consent of the Majority Series 2022-3 Noteholders. Except as provided in Section 9.9(a) (Amendments)
or Section 9.9(c) (Amendments), this Series 2022-3 Supplement may from time to time be amended, modified
or waived, if (i) such amendment, modification or waiver is in writing and is consented to in writing by HVF III, the Trustee and
the Majority Series 2022-3 Noteholders, (ii) in the case of an amendment or modification, the Series 2022-3 Rating Agency
Condition is satisfied (unless otherwise consented to in writing by 100% of the Series 2022-3 Noteholders) with respect to such
amendment or modification and (iii) HVF III shall provide each Rating Agency notice of such amendment or modification promptly after
its execution; provided that, with respect to any such amendment, modification or waiver that does not adversely affect in any
material respect one or more Classes, Subclasses and/or Tranches of the Series 2022-3 Notes, as evidenced by an Officer’s
Certificate of HVF III, each such Class, Subclass and/or Tranche will be deemed not Outstanding for purposes of the consent required
pursuant to clause (i) of this Section 9.9(b) (Amendments) (and the calculation of the Majority Series 2022-3
Noteholders (including the Aggregate Principal Amount) will be modified accordingly); provided, further, that the consent
of any Series 2022-3 Noteholder shall not be required to provide for the issuance of any Class E Notes in accordance with Section 9.18
(Issuance of Class E Notes), subject to the satisfaction of the Series 2022-3 Rating Agency Condition with respect
to such amendment or modification;

 

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(c)          With
the Consent of 100% of the Series 2022-3 Noteholders. Notwithstanding the foregoing Sections 9.9(a) and (b) (Amendments),
without the consent of 100% of the Series 2022-3 Noteholders affected by such amendment, modification or waiver, no amendment, modification
or waiver (other than any waiver effected pursuant to Section 7.1 (Amortization Events) shall:

 

(i)           amend
or modify the definition of “Majority Series 2022-3 Noteholders” or Section 2.5 (Required Series Noteholders)
in this Series 2022-3 Supplement or otherwise reduce the percentage of Series 2022-3 Noteholders whose consent is required
to take any particular action hereunder;

 

(ii)          extend
the due date for, or reduce the amount of any scheduled repayment or prepayment of principal of or interest on any Series 2022-3
Note (or reduce the principal amount of or rate of interest on any Series 2022-3 Note or otherwise change the manner in which interest
is calculated); or

 

(iii)         amend
or modify Section 2.1(a) (Initial Issuance), Section 4.1 (Granting Clause), Section 5.3
(Application of Funds in the Series 2022-3 Interest Collection Account), Section 5.4 (Application of Funds
in the Series 2022-3 Principal Collection Account), Section 5.5 (Class A/B/C/D Reserve Account Withdrawals),
Section 7.1 (Amortization Events) (other than pursuant to any waiver effected pursuant to Section 7.1
(Amortization Events) of this Series 2022-3 Supplement), Section 9.9(a), (b) or (c) (Amendments)
or Section 9.19 (Trustee Obligations under the Retention Requirements), or otherwise amend or modify any provision
relating to the amendment or modification of this Series 2022-3 Supplement or that pursuant to the Series 2022-3 Related Documents
expressly requires the consent of 100% of the Series 2022-3 Noteholders or each Series 2022-3 Noteholder affected by such amendment
or modification;

 

(d)          Series 2022-3
Supplemental Indentures. Each amendment or other modification to this Series 2022-3 Supplement shall be set forth in a Series 2022-3
Supplemental Indenture. The initial effectiveness of each Series 2022-3 Supplemental Indenture shall be subject to the delivery
to the Trustee of an Opinion of Counsel (which may be based on an Officer’s Certificate) that such Series 2022-3 Supplemental
Indenture is authorized or permitted by this Series 2022-3 Supplement.

 

(e)          The
Trustee to Sign Amendments, etc. The Trustee shall sign any Series 2022-3 Supplemental Indenture authorized or permitted
pursuant to this Section 9.9 (Amendments) if such Series 2022-3 Supplemental Indenture does not adversely affect
the rights, duties, liabilities or immunities of the Trustee, and if such Series 2022-3 Supplemental Indenture does adversely affect
the rights, duties, liabilities or immunities of the Trustee, then the Trustee may, but need not, sign it. In signing such Series 2022-3
Supplemental Indenture, the Trustee shall be entitled to receive, if requested, and, subject to Section 7.2 (Limited Liability
Company and Governmental Authorization) of the Base Indenture, shall be fully protected in relying upon, an Officer’s Certificate
of HVF III and an Opinion of Counsel (which may be based on an Officer’s Certificate) as conclusive evidence that such Series 2022-3
Supplemental Indenture is authorized or permitted by this Section 9.9 (Amendments) and that all conditions precedent
specified in this Section 9.9 (Amendments) have been satisfied, and that it will be valid and binding upon HVF III
in accordance with its terms.

 

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

 

Section 9.10        Administrator
to Act on Behalf of HVF III. Pursuant to the Administration Agreement, the Administrator has agreed to provide certain services
to HVF III and to take certain actions on behalf of HVF III, including performing or otherwise satisfying any action, determination,
calculation, direction, instruction, notice, delivery or other performance obligation, in each case, permitted or required by HVF
III pursuant to this Series 2022-3 Supplement. Each Noteholder by its acceptance of a Note and the Trustee by its execution
hereof, hereby consents to the provision of such services and the taking of such action by the Administrator in lieu of HVF III and
hereby agrees that HVF III’s obligations hereunder with respect to any such services performed or action taken shall be deemed
satisfied to the extent performed or taken by the Administrator and to the extent so performed or taken by the Administrator shall
be deemed for all purposes hereunder to have been so performed or taken by HVF III; provided, that for the avoidance of
doubt, none of the foregoing shall create any payment obligation of the Administrator or relieve HVF III of any payment obligation
hereunder; provided, further, that if an Amortization Event with respect to the Series 2022-3 Notes has occurred
and is continuing or if a Limited Liquidation Event of Default has occurred and the Administrator has failed to take any action on
behalf of HVF III that HVF III is required to take pursuant to the this Series 2022-3 Supplement, all or any determinations,
calculations, directions, instructions, notices, deliveries or other actions required to be effected by HVF III or the Administrator
hereunder may be effected or directed by the Majority Series 2022-3 Noteholders or any appointed agent or representative
thereof, and HVF III shall, and shall cause the Administrator to, provide reasonable assistance in furtherance of the foregoing, and
the Trustee shall follow any such direction as if delivered by the Administrator or by the Administrator on behalf of HVF III, in
each case to the extent such direction is consistent with this Series 2022-3 Supplement and the Related Documents.

 

Section 9.11        Successors.
All agreements of HVF III in this Series 2022-3 Supplement and with respect to the Series 2022-3 Notes shall bind its successor;
provided, however, except as provided in Section 9.9 (Amendments), HVF III may not assign its obligations
or rights under this Series 2022-3 Supplement or any Series 2022-3 Note. All agreements of the Trustee in this Series 2022-3
Supplement shall bind its successor.

 

Section 9.12        Termination
of Series Supplement. This Series 2022-3 Supplement shall cease to be of further effect when (i) all Outstanding Series 2022-3
Notes theretofore authenticated and issued have been delivered (other than destroyed, lost, or stolen Series 2022-3 Notes that have
been replaced or paid) to the Trustee for cancellation, (ii) HVF III has paid all sums payable hereunder, and (iii) the Class A/B/C/D
Demand Note Payment Amount is equal to zero or the Class A/B/C/D Letter of Credit Liquidity Amount is equal to zero.

 

Section 9.13        Electronic
Execution. This Series 2022-3 Supplement may be transmitted and/or signed in accordance with Section 9.7 (Execution
in Counterparts, Electronic Execution) hereto.

 

Section 9.14        Additional
UCC Representations. Without limiting any other representation or warranty given by HVF III in the Base Indenture, HVF III hereby
makes the representations and warranties set forth below in this Section 9.14 (Additional UCC Representations) for
the benefit of the Trustee and the Series 2022-3 Noteholders, in each case, as of the date hereof.

 

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(a)          General.

 

(i)            The
Series 2022-3 Supplement creates a valid and continuing security interest (as defined in the applicable UCC) in the Class A/B/C/D
Demand Note and all of its proceeds (the “Series Collateral”) in favor of the Trustee for the benefit of the
Series 2022-3 Noteholders and in the case of each of clause (a) and (b) is prior to all other Liens on such
Indenture Collateral and Series Collateral, as applicable, except for Series 2022-3 Permitted Liens, respectively, and is enforceable
as such against creditors and purchasers from HVF III.

 

(ii)            HVF
III owns and has good and marketable title to the Indenture Collateral and the Series Collateral free and clear of any lien, claim,
or encumbrance of any Person, except for Series 2022-3 Permitted Liens, respectively.

 

(b)          Characterization.
The Class A/B/C/D Demand Note constitutes an “instrument” within the meaning of the applicable UCC and (b) all
Manufacturer Receivables constitute “accounts” or “general intangibles” within the meaning of the applicable
UCC.

 

(c)          Perfection
by Filing. HVF III has caused or will have caused, within ten (10) days after the Series 2022-3 Closing Date, 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 any accounts and general intangibles included in the Series Collateral granted to the Trustee.

 

(d)          Perfection
by Possession. All original copies of the Class A/B/C/D Demand Note that constitute or evidence the Class A/B/C/D Demand
Note have been delivered to the Trustee.

 

(e)          Priority.

 

(i)            Other
than the security interest granted to the Trustee pursuant to the Series 2022-3 Supplement, HVF III has not pledged, assigned, sold
or granted a security interest in, or otherwise conveyed, any of the Series Collateral. HVF III has not authorized the filing of
and is not aware of any financing statements against HVF III that include a description of collateral covering the Series Collateral,
other than any financing statement relating to the security interests granted to the Trustee, as secured party under the Series 2022-3
Supplement, respectively, or that has been terminated. HVF III is not aware of any judgment or tax lien filings against HVF III.

 

(ii)            The
Class A/B/C/D Demand Note does not contain any marks or notations indicating that it has been pledged, assigned or otherwise conveyed
to any Person other than the Trustee.

 

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

 

The
Hertz Corporation 

8501
Williams Road

Estero, Florida 33928 

Attention:
Treasury Department / General Counsel

Phone:    (239) 301-7000

Fax:         (239) 301-6906

E-mail:      hertzlawdepartment@hertz.com

 

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 e-mail or facsimile
shall be deemed given on the date of delivery of such notice if received before 12:00 noon ET or the next Business Day if received
at or after 12:00 noon ET, and (iv) delivered by overnight air courier shall be deemed delivered one (1) Business Day
after the date that such notice is delivered to such overnight courier.

 

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Section 9.16        Submission
to Jurisdiction. Each of the parties hereto hereby irrevocably and unconditionally (i) submits, for itself and its property,
to the nonexclusive jurisdiction of any New York State court in New York County or federal court of the United States of America for
the Southern District of New York, and any appellate court from any thereof, in any action or proceeding arising out of or relating to
the Base Indenture, this Series 2022-3 Supplement, the Series 2022-3 Notes or the transactions contemplated hereby, or for
recognition or enforcement of any judgment arising out of or relating to the Base Indenture, this Series 2022-3 Supplement, the
Series 2022-3 Notes or the transactions contemplated hereby; (ii) agrees that all claims in respect of any such action or proceeding
may be heard and determined in such New York State court or, to the extent permitted by law, federal court; (iii) agrees that a
final judgment in any such action or proceeding shall be conclusive and may be enforced in other jurisdictions by suit on the judgment
or in any other manner provided by law; (iv) consents that any such action or proceeding may be brought in such courts and waives
any objection it may now or hereafter have to the laying of venue of any such action or proceeding in any such court and any objection
it may now or hereafter have that such action or proceeding was brought in an inconvenient court, and agrees not to plead or claim the
same; and (v) consents to service of process in the manner provided for notices in Section 9.15 (Notices) (provided
that, nothing in this Series 2022-3 Supplement shall affect the right of any such party to serve process in any other manner permitted
by law).

 

Section 9.17       Waiver
of Jury Trial. EACH OF THE PARTIES HERETO 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 THE BASE INDENTURE, THIS SERIES 2022-3 SUPPLEMENT, THE SERIES
2022-3 NOTES OR THE TRANSACTIONS CONTEMPLATED HEREBY.

 

Section 9.18       Issuance
of Class E Notes. No Class E Notes shall be issued on the Series 2022-3 Closing Date. On any date during the Series 2022-3
Revolving Period, HVF III may issue Class E Notes, subject only to the satisfaction of the following conditions precedent:

 

(a)          HVF
III and the Trustee shall have entered into an amendment to this Series 2022-3 Supplement providing (a) that the Class E
Notes will bear a fixed rate of interest, determined on or prior to the Class E Notes Closing Date, (b) that the expected final
payment date for the Class E Notes will be the Expected Final Payment Date, (c) that the principal amount of the Class E
Notes will be due and payable on the Legal Final Payment Date, (d) Class Controlled Amortization Amount with respect to the
Class E Notes will be the Series 2022-3 Controlled Amortization Period and (e) payment mechanics with respect to the Class E
Notes substantially similar to those with respect to the Class A/B/C/D Notes (other than as set forth below) and such other provisions
with respect to the Class E Notes as may be required for such issuance;

 

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

 

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

 

    39

     

    

 

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

 

(i)            no
Amortization Event with respect to the Series 2022-3 Notes, Series 2022-3 Liquidation Event, Aggregate Asset Amount Deficiency,
or Class A/B/C/D Liquid Enhancement Deficiency is then continuing or will occur as a result of the issuance of such Proposed Class E
Notes;

 

(ii)            all
conditions precedent provided in this Series 2022-3 Supplement with respect to the authentication and delivery of such Proposed
Class E Notes have been complied with or waived; and

 

(iii)           the
issuance of such Proposed Class E Notes and any related amendments to this Series 2022-3 Supplement and any Series 2022-3
Related Documents will not reduce the availability of the Class A/B/C/D Liquid Enhancement Amount to support the payment of interest
on or principal of the Class A/B/C/D Notes;

 

(e)            No
amendments to this Series 2022-3 Supplement or any Series 2022-3 Related Documents in connection with the issuance of the Proposed
Class E Notes may provide for:

 

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

 

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

 

(iii)            during
the Series 2022-3 Rapid Amortization Period, payment of principal of the Class E Notes until the principal amount of the Class A/B/C/D
Notes has been paid in full, unless such payment is made with proceeds of incremental enhancement provided solely for the benefit of
the Class E Notes;

  

(iv)            any
incremental voting rights in respect of the Class E Notes, for so long as any Class A/B/C/D Notes remain outstanding, other
than (x) with respect to amendments to the Base Indenture or this Series 2022-3 Supplement that expressly require the consent
of each Noteholder or Series 2022-3 Noteholder, as the case may be, materially adversely affected thereby or (y) with respect
to amendments to this Series 2022-3 Supplement, any amendment that relates solely to the Class E Notes (as evidenced by an
Officer’s Certificate of HVF III); or

 

(v)            the
addition of any Amortization Event with respect to the Series 2022-3 Notes other than those related to payment defaults on the Class E
Notes similar to those in respect of the Class A/B/C/D Notes and credit enhancement or liquid enhancement deficiencies in respect
of the credit enhancement or liquid enhancement solely supporting the Class E Notes similar to those in respect of the Class A/B/C/D
Notes;

 

    40

     

    

 

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

  

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

 

(ii)            all
conditions precedent provided for in this Section 9.18 (Issuance of Class E Notes) of this Series 2022-3
Supplement with respect to the issuance of the Proposed Class E Notes have been complied with or waived; and

 

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

 

(g)            The
Series 2022-3 Rating Agency Condition shall have been satisfied with respect to the issuance of the Proposed Class E Notes
and the execution of any related amendments to this Series 2022-3 Supplement and/or any other Series 2022-3 Related Document.

 

Section 9.19        Trustee
Obligations under the Retention Requirements. In no event shall the Trustee have any responsibility to monitor compliance with or
enforce compliance with credit risk retention requirements for asset-backed securities or other rules or regulations relating to
risk retention. The Trustee shall not be charged with knowledge of such rules, nor shall it be liable to any Series 2022-3 Noteholder
or any other party for violation of such rules now or hereafter in effect.

 

Section 9.20        Certain
Provisions Applicable to the Related Documents.

 

(a)            Each
Series 2022-3 Noteholder, upon any acquisition of a Series 2022-3 Note, will be deemed to agree and consent to any amendment
or modification of:

 

(i)            the
Lease that, in substance, extends maximum term from the Lease Commencement Date in the definition of “Maximum Lease Termination
Date” from forty-eight (48) months to sixty (60) months;

 

(ii)            the
Lease to allow for modifications to the accumulated depreciation of vehicles manufactured by Tesla, which may include amendments to,
among other things, the definitions of “Capitalized Cost,” “Accumulated Depreciation,” “Depreciation Charge”
and/or “Net Book Value” so long as the following conditions are satisfied:

 

(A)            The
cumulative minimum accumulated depreciation for each vehicle manufactured by Tesla is not less than the accumulated depreciation required
for Non-Program Vehicles over the same time periods;

 

(B)            Satisfaction
of the Rating Agency Condition; and

 

(C)            Delivery
of an officer’s certificate that the conditions above are satisfied;

 

    41

     

    

 

 

(iii)            the
Base Indenture to modify the definition of “Tax Opinion” in relevant part to allow the Issuer to issue additional Series of
Notes upon receipt by the Trustee of an Opinion of Counsel to be delivered in connection with the issuance of such new Series of
Notes to the effect that, for United States federal income tax purposes, the Issuer either “should” or “will”
(rather than solely “will”) not be classified as an association or as a publicly traded partnership taxable as a corporation
for United States federal income tax purposes, and, in each case, the failure to adopt any of the amendments set forth therein will not
revoke the consent with respect to any other amendment;

 

(iv)            the
Base Indenture to modify the definition of “Eligible Account” to update such term to be in line with certain rating agency
criteria with respect to Fitch as follows:

 

““Eligible Account”
means (a) a segregated identifiable trust account (i) established in the trust department of a Qualified Trust Institution or
(ii) with respect to Fitch, established in the United States in accordance with Title 12 C.F.R. (statute symbol) 9.10(b), or substantively
identical regulations, with the account provider acting as a trustee or in any other fiduciary capacity or (b) a separately identifiable
deposit or securities account established with a “Qualified Trust Institution”; and

 

(v)            the
Base Indenture to modify the definition of “Qualified Trust Institution” to be in line with certain rating agency criteria
with respect to Fitch as follows:

 

““Qualified Trust Institution”
means an institution organized under the laws of the United States or any state thereof or incorporated under the laws of a foreign jurisdiction
with a branch or agency located in the United States 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, “A” by Fitch.”

 

(b)            The
Issuer and each Series 2022-3 Noteholder agree that, notwithstanding the definitions of “Eligible Account” and “Qualified
Trust Institution” set forth in the Base Indenture, the following definitions of “Eligible Account” and “Qualified
Trust Institution will be applied with respect to the Series 2022-3 Notes unless and until such definitions are amended after the
date hereof in accordance with the terms of the Base Indenture:

 

		●	““Eligible Account” means (a) a segregated identifiable trust account (i) established
in the trust department of a Qualified Trust Institution or (ii) with respect to Fitch, established in the United States in accordance
with Title 12 C.F.R. (statute symbol) 9.10(b), or substantively identical regulations, with the account provider acting as a trustee or
in any other fiduciary capacity or (b) a separately identifiable deposit or securities account established with a “Qualified
Trust Institution”; and

 

		●	““Qualified Trust Institution” means an institution organized under the laws of the
United States or any state thereof or incorporated under the laws of a foreign jurisdiction with a branch or agency located in the United
States 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, “A”
by Fitch.”

 

    42

     

    

 

(c)            Each
of the Issuer and the Administrator agree that, notwithstanding the definition of “Depreciation Charge” set forth in the Lease,
the following definition of “Depreciation Charge” will be used for all purposes under the Lease and other Related Documents
unless and until the definition of “Depreciation Charge” is amended in the Lease after the date hereof in accordance with
the terms of the Related Documents:

 

		●	““Depreciation Charge” means, as of any date of determination, with respect to
any Lease Vehicle that is a:

 

(a)            Non-Program
Vehicle (other than a medium-duty truck), as of such date, an amount determined in accordance with GAAP according to the type of such
Non-Program Vehicle; provided that the Depreciation Charge will not be less than (A) 1.67% for each Non-Program Vehicle at
any time the Market Value Average is less than 105%, (B) 1.00% for each Non-Program Vehicle at any time the Market Value Average
is equal to or greater than 105% and less than 110% and (C) 0.50% for each Non-Program Vehicle at any time the Market Value Average
is equal to or greater than 110%; provided, further, that no individual Non-Program Vehicle will be depreciated at a rate
lower than (A) 1.67% at any time the Market Value of such Non-Program Vehicle is less than 105% of the Net Book Value of such Non-Program
Vehicle or (B) 1.00% at any time the Market Value of such Non-Program Vehicle is less than 110% of the Net Book Value of such Non-Program
Vehicle;

 

(b)            Program
Vehicle and such date occurs during the Estimation Period for such Lease Vehicle, if any, the Initially Estimated Depreciation Charge
with respect to such Lease Vehicle, as of such date;

 

(c)            Program
Vehicle and such date does not occur during the Estimation Period, if any, for such Lease Vehicle, the depreciation charge (expressed
as a monthly dollar amount) set forth in the related Manufacturer Program for such Lease Vehicle for such date;

 

(d)            Non-Program
Vehicle that is a vehicle manufactured by Tesla, as of such date, for each such vehicle, the Depreciation Charge will be no less than
1.67%; and

 

(e)            Non-Program
Vehicle that is a medium-duty truck, as of such date, for each medium-duty truck, the percentage set forth in the table below:

 

	Age (in months)	 	 	Depreciation Charge	 
	 	0 - 12 months	 	 	 	2.75	%
	 	13 – 24 months	 	 	 	1.42	%
	 	>24 months	 	 	 	0.58	%

 

    43

     

    

 

IN WITNESS WHEREOF, HVF III,
the Trustee and the Administrator have caused this Series 2022-3 Supplement to be duly executed by their respective officers hereunto
duly authorized as of the day and year first above written.

 

	 	HERTZ VEHICLE FINANCING III LLC, as
    Issuer
	 	 
	 	By:	 /s/ M David Galainena 

	 	Name: 	M David Galainena 
	 	Title:	 Vice President, General Counsel and Secretary
	 	 

	 	THE HERTZ CORPORATION, as Administrator
	 	 
	 	By:	 /s/ M David Galainena 

	 	Name: 	M David Galainena 
	 	Title: 	Executive Vice President, General Counsel and Secretary

 

Signature Page to HVF
III Series 2022-3 Supplement

    

     

    

 

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

 

Signature Page to HVF
III Series 2022-3 Supplement

    

     

    

 

Schedule
I

TO THE SERIES 2022-3 SUPPLEMENT

 

DEFINITIONS LIST

 

“144A Global Notes”
has the meaning specified in Section 2.1(d) (Initial Issuance) of this Series 2022-3 Supplement.

 

“Applicable Procedures”
has the meaning specified in Section 2.2(g) (Transfer Restrictions for Global Notes) of this Series 2022-3
Supplement.

 

“Base Indenture”
has the meaning specified in the Preamble.

 

“Base Rent”
has the meaning specified in the Lease.

 

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

 

“Blackbook Guide”
has the meaning specified in the Lease.

 

“BNY” means
The Bank of New York Mellon Trust Company, N.A., a national banking association, and its successors and assigns.

 

“Class” means
a class of the Series 2022-3 Notes, which may be the Class A Notes, the Class B Notes, the Class C Notes, the Class D
Notes or, if issued, the Class E Notes.

 

“Class A Deficiency
Amount” means the Class Deficiency Amount for the Class A Notes.

 

“Class A Global
Note” means a Class A Note that is a Regulation S Global Note or a 144A Global Note.

 

“Class A
Monthly Interest Amount” means, with respect to any Series 2022-3 Interest Period, an amount equal to the Class Interest
Amount for the Class A Notes.

 

“Class A Noteholder”
means the Person in whose name a Class A Note is registered in the Note Register.

 

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

 

“Class A Principal
Amount” means, when used with respect to any date, an amount equal to the Class Principal Amount for the Class A Notes.

 

“Class A/B/C Notes”
means the Class A Notes, the Class B Notes, and the Class C Notes, collectively.

 

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

 

“Class A/B/C/D
Adjusted Principal Amount” means, as of any date of determination, the excess, if any, of (A) the Class A/B/C/D Principal
Amount as of such date over (B) the Series 2022-3 Principal Collection Account Amount as of such date.

 

    46

     

    

 

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

 

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

 

“Class A/B/C/D
Certificate of Credit Demand” means a certificate substantially in the form of Annex A to a Class A/B/C/D Letter of Credit.

 

“Class A/B/C/D
Certificate of Preference Payment Demand” means a certificate substantially in the form of Annex C to a Class A/B/C/D Letter
of Credit.

 

“Class A/B/C/D
Certificate of Termination Demand” means a certificate substantially in the form of Annex D to a Class A/B/C/D Letter of
Credit.

 

“Class A/B/C/D
Certificate of Unpaid Demand Note Demand” means a certificate substantially in the form of Annex B to Class A/B/C/D Letter
of Credit.

 

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

 

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

 

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

 

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

 

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

 

“Class A/B/C/D
Demand Note” means each demand note made by Hertz, substantially in the form of Exhibit B-2 to this Series 2022-3
Supplement.

 

“Class A/B/C/D
Demand Note Payment Amount” means, as of any date of determination, the excess, if any, of (a) the aggregate amount of
all proceeds of demands made on the Class A/B/C/D Demand Note that were deposited into the Series 2022-3 Distribution Account
and paid to the Series 2022-3 Noteholders during the one (1) year period ending on such date of determination over (b) the
amount of any Preference Amount relating to such proceeds that has been repaid to HVF III (or any payee of HVF III) with the proceeds
of any Class A/B/C/D L/C Preference Payment Disbursement (or any withdrawal from any Class A/B/C/D L/C Cash Collateral Account);
provided, however, that if an Event of Bankruptcy (or the occurrence of an event described in clause (a) of
the definition thereof, without the lapse of a period of sixty (60) consecutive days) with respect to Hertz shall have occurred on or
before such date of determination, the Class A/B/C/D Demand Note Payment Amount shall equal (i) on any date of determination
until the conclusion or dismissal of the proceedings giving rise to such Event of Bankruptcy without continuing jurisdiction by the court
in such proceedings (or on any earlier date upon which the statute of limitations in respect of avoidance actions in such proceedings
has run or when such actions otherwise become unavailable to the bankruptcy estate), the Class A/B/C/D Demand Note Payment Amount
as if it were calculated as of the date of the occurrence of such Event of Bankruptcy and (ii) on any date of determination thereafter,
$0.

 

    47

     

    

 

“Class A/B/C/D
Demand Notice” has the meaning specified in Section 5.6(c) (Class A/B/C/D Letters of Credit and Class A/B/C/D
Demand Notes) of this Series 2022-3 Supplement.

 

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

 

“Class A/B/C/D
Downgrade Event” has the meaning specified in Section 5.8(b) (Class A/B/C/D Letters of Credit and Class A/B/C/D
Demand Notes) of this Series 2022-3 Supplement.

 

“Class A/B/C/D
Downgrade Withdrawal Amount” has the meaning specified in Section 5.8(b) (Class A/B/C/D Letters of
Credit and Class A/B/C/D Demand Notes) of this Series 2022-3 Supplement.

 

“Class A/B/C/D
Downgrade Withdrawal Amount Notice” has the meaning specified in Section 5.8(b) (Class A/B/C/D Letters
of Credit and Class A/B/C/D Demand Notes) of this Series 2022-3 Supplement.

 

“Class A/B/C/D
Eligible Letter of Credit Provider” means a Person having, at the time of the issuance of the related Class A/B/C/D Letter
of Credit, (i) if such Person has a long-term senior unsecured debt rating (or the equivalent thereof) from Moody’s
and Moody’s is rating any Class of Series 2022-3 Notes at such time, then a long-term senior unsecured debt rating (or
the equivalent thereof) from Moody’s of at least “A1”, (ii) if such Person has a short-term senior unsecured debt
credit rating (or the equivalent thereof) from Moody’s and Moody’s is rating any Class of Series 2022-3 Notes at
such time, then a short-term senior unsecured debt credit rating (or the equivalent thereof) from Moody’s of at least “P-1”,
(iii) if such Person has a long-term issuer default rating from Fitch and Fitch is rating any Class of Series 2022-3 Notes
at such time, then a long-term issuer default rating from Fitch of at least “A” and (iv) if such Person has a short-term
issuer default rating from Fitch and Fitch is rating any Class of Series 2022-3 Notes at such time, then a short-term issuer
default rating from Fitch of at least “F1”.

 

“Class A/B/C/D
L/C Cash Collateral Account” has the meaning specified in Section 4.2(a)(ii) (Series 2022-3 Accounts)
of this Series 2022-3 Supplement.

 

“Class A/B/C/D
L/C Cash Collateral Account Collateral” means the Series 2022-3 Account Collateral with respect to the Class A/B/C/D
L/C Cash Collateral Account.

 

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

 

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

 

    48

     

    

 

“Class A/B/C/D
L/C Credit Disbursement” means an amount drawn under a Class A/B/C/D Letter of Credit pursuant to a Class A/B/C/D
Certificate of Credit Demand.

 

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

 

“Class A/B/C/D
L/C Termination Disbursement” means an amount drawn under a Class A/B/C/D Letter of Credit pursuant to a Class A/B/C/D
Certificate of Termination Demand.

 

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

 

“Class A/B/C/D
Letter of Credit” means an irrevocable letter of credit (i) substantially in the form of Exhibit F to this
Series 2022-3 Supplement and issued by a Class A/B/C/D Eligible Letter of Credit Provider in favor of the Trustee for the benefit
of the Series 2022-3 Noteholders or (ii) if issued after the Series 2022-3 Closing Date and not substantially in the form
of Exhibit F to this Series 2022-3 Supplement, that satisfies the Series 2022-3 Rating Agency Condition.

 

“Class A/B/C/D
Letter of Credit Amount” means, as of any date of determination, the lesser of (a) the sum of (i) the aggregate amount
available to be drawn as of such date under the Class A/B/C/D Letters of Credit, as specified therein, and (ii) if the Class A/B/C/D
L/C Cash Collateral Account has been established and funded pursuant to Section 4.2(a)(ii) (Series 2022-3 Accounts),
the Class A/B/C/D Available L/C Cash Collateral Account Amount as of such date and (b) the aggregate undrawn principal amount
of the Class A/B/C/D Demand Note as of such date.

 

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

 

“Class A/B/C/D
Letter of Credit Liquidity Amount” means, as of any date of determination, the sum of (a) the aggregate amount available
to be drawn as of such date under each Class A/B/C/D Letter of Credit, as specified therein, and (b) if a Class A/B/C/D
L/C Cash Collateral Account has been established pursuant to Section 4.2(a)(ii) (Series 2022-3 Accounts),
the Class A/B/C/D Available L/C Cash Collateral Account Amount as of such date.

 

“Class A/B/C/D
Letter of Credit Provider” means each issuer of a Class A/B/C/D Letter of Credit.

 

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

 

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

 

“Class A/B/C/D
Notes” means the Class A Notes, the Class B Notes, the Class C Notes, and the Class D Notes, collectively.

 

“Class A/B/C/D
Notice of Reduction” means a notice in the form of Annex E to a Class A/B/C/D Letter of Credit.

 

    49

     

    

 

“Class A/B/C/D
Principal Amount” means, as of any date of determination, the sum of the Class A Principal Amount, the Class B Principal
Amount, the Class C Principal Amount and the Class D Principal Amount, in each case, as of such date.

  

“Class A/B/C/D
Principal Deficit Amount” means, on any date of determination, the excess, if any, of (a) the Class A/B/C/D Adjusted
Principal Amount on such date over (b) the Series 2022-3 Asset Amount on such date; provided, however, the Class A/B/C/D
Principal Deficit Amount on any date that is prior to the Legal Final Payment Date occurring during the period commencing on and
including the date of the filing by Hertz of a petition for relief under Chapter 11 of the Bankruptcy Code to but excluding the date on
which Hertz shall have resumed making all payments of Monthly Variable Rent required to be made by it under the Leases, shall mean the
excess, if any, of (x) the Class A/B/C/D Adjusted Principal Amount on such date over (y) the sum of (1) the Series 2022-3
Asset Amount on such date and (2) the lesser of (a) the Class A/B/C/D Liquid Enhancement Amount on such date and (b) the
Class A/B/C/D Required Liquid Enhancement Amount on such date.

 

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

 

“Class A/B/C/D
Required Liquid Enhancement Amount” means, as of any date of determination, an amount equal to the product of (a) 2.50%
and (b) the Class A/B/C/D Adjusted Principal Amount as of such date.

 

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

 

(a)            the
excess, if any, of

 

(i)            the
Class A/B/C/D Required Liquid Enhancement Amount over

 

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

 

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

 

(b)            the
excess, if any, of:

 

(i)            the
Series 2022-3 Adjusted Asset Coverage Threshold Amount (excluding therefrom the Class A/B/C/D Available Reserve Account Amount)
over

 

(ii)            the
Series 2022-3 Asset Amount, in each case as of such date.

 

“Class A/B/C/D
Reserve Account” has the meaning specified in Section 4.2(a)(i) (Series 2022-3 Accounts) of this
Series 2022-3 Supplement.

 

“Class A/B/C/D
Reserve Account Collateral” means the Series 2022-3 Account Collateral with respect to the Class A/B/C/D Reserve Account.

 

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

 

    50

     

    

 

“Class A/B/C/D
Reserve Account Interest Withdrawal Shortfall” has the meaning specified in Section 5.5(a) (Class A/B/C/D
Reserve Account Withdrawals) of this Series 2022-3 Supplement.

 

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

 

“Class B Deficiency
Amount” means the Class Deficiency Amount for the Class B Notes.

 

“Class B Global
Note” means a Class B Note that is a Regulation S Global Note or a 144A Global Note.

 

“Class B Monthly
Interest Amount” means, with respect to any Series 2022-3 Interest Period, an amount equal to the Class Interest Amount
for the Class B Notes.

 

“Class B Noteholder”
means the Person in whose name a Class B Note is registered in the Note Register.

 

“Class B Notes”
means any one of the Series 2022-3 Fixed Rate Rental Car Asset Backed Notes, Class B, executed by HVF III and authenticated
by or on behalf of the Trustee, substantially in the form of Exhibit A-2-1 or Exhibit A-2-2 to this Series 2022-3
Supplement.

 

“Class B Principal
Amount” means, when used with respect to any date, an amount equal to the Class Principal Amount for the Class B Notes.

 

“Class C Deficiency
Amount” means the Class Deficiency Amount for the Class C Notes.

 

“Class C Global
Note” means a Class C Note that is a Regulation S Global Note or a 144A Global Note.

 

“Class C Monthly
Interest Amount” means, with respect to any Series 2022-3 Interest Period, an amount equal to the Class Interest Amount
for the Class C Notes.

 

“Class C Noteholder”
means the Person in whose name a Class C Note is registered in the Note Register.

 

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

 

“Class C Principal
Amount” means, when used with respect to any date, an amount equal to the Class Principal Amount of the Class C Notes.

 

“Class Carryover
Controlled Amortization Amount” means, with respect to any Payment Date during the Series 2022-3 Controlled Amortization
Period and any Class of Series 2022-3 Notes, the amount, if any, by which the amount paid to the Noteholders of such Class pursuant
to Section 5.4(c) (Application of Funds in the Series 2022-3 Principal Collection Account) on the previous
Payment Date was less than the Class Controlled Distribution Amount for the previous Payment Date for such Class.

 

“Class Controlled
Amortization Amount” means with respect to any Payment Date during the Series 2022-3 Controlled Amortization Period, for
each Class, one-sixth of the Class Initial Principal Amount of such Class.

 

    51

     

    

 

“Class Controlled
Distribution Amount” means, with respect to any Payment Date and any Class of Series 2022-3 Notes during the Series 2022-3
Controlled Amortization Period, an amount equal to the sum of the Class Controlled Amortization Amount for such Class and such
Payment Date and any Class Carryover Controlled Amortization Amount for such Class and such Payment Date.

 

“Class D Deficiency
Amount” means the Class Deficiency Amount for the Class D Notes.

 

“Class D Global
Note” means a Class D Note that is a 144A Global Note.

 

“Class D Monthly
Interest Amount” means, with respect to any Series 2022-3 Interest Period, an amount equal to the Class Interest Amount
for the Class D Notes.

 

“Class D Noteholder”
means the Person in whose name a Class D Note is registered in the Note Register.

 

“Class D Notes”
means any one of the Series 2022-3 Fixed Rate Rental Car Asset Backed Notes, Class D, executed by HVF III and authenticated
by or on behalf of the Trustee, substantially in the form of Exhibit A-4 to this Series 2022-3 Supplement.

 

“Class D Principal
Amount” means the Class Principal Amount of the Class D Notes.

 

“Class D Purchase
Agreement” means the Purchase Agreement in respect of the Class D Notes, dated March 25, 2022, by and between HVF
III and the Initial Class D Note Purchaser.

 

“Class Deficiency
Amount” has the meaning specified in Section 3.1 (Interest) of this Series 2022-3 Supplement.

 

“Class E Adjusted
Asset Coverage Threshold Amount” will have the meaning set forth in an amendment to this Series 2022-3 Supplement entered
into in accordance with Section 9.18 (Issuance of Class E Notes) of this Series 2022-3 Supplement.

 

“Class E
Initial Principal Amount” will have the meaning set forth in an amendment to this Series 2022-3 Supplement entered into
in accordance with Section 9.18 (Issuance of Class E Notes) of this Series 2022-3 Supplement.

 

“Class E Monthly
Interest Amount” will have the meaning set forth in an amendment to this Series 2022-3 Supplement entered into in accordance
with Section 9.18 (Issuance of Class E Notes) of this Series 2022-3 Supplement.

 

“Class E Note
Rate” will have the meaning set forth in an amendment to this Series 2022-3 Supplement entered into in accordance with
Section 9.18 (Issuance of Class E Notes) of this Series 2022-3 Supplement.

 

“Class E Noteholder”
means the Person in whose name a Class E Note is registered in the Note Register.

 

“Class E Notes”
has the meaning specified in the Preamble to this Series 2022-3 Supplement.

 

“Class E Notes
Closing Date” has the meaning specified in Section 9.18(b) (Issuance of Class E Notes) of this
Series 2022-3 Supplement.

 

“Class E
Principal Amount” will have the meaning set forth in an amendment to this Series 2022-3 Supplement entered into in accordance
with Section 9.18 (Issuance of Class E Notes) of this Series 2022-3 Supplement.

 

    52

     

    

 

 

“Class Initial
Principal Amount” means, for each Class of the Series 2022-3 Notes, the amount set forth in the following table:

 

	Class	 	Initial
    Principal Amount	 
	A	 	$	258,620,000	 
	B	 	$	40,230,000	 
	C	 	$	34,483,000	 
	D	 	$	49,808,000	 

 

“Class Interest
Amount” means, for each Class of Notes for any Series 2022-3 Interest Period (a) with respect to the initial
Series 2022-3 Interest Period, an amount equal to the product of (i) the applicable Note Rate for such Class, (ii) the
Class Initial Principal Amount for such Class, and (iii) 30/360, and (b) with respect to each Series 2022-3 Interest
Period thereafter, an amount equal to sum of (i) the product of (A) one-twelfth of the applicable Note Rate for such Class,
and (B) the Class Principal Amount for such Class as of the first day of such Series 2022-3 Interest Period,
after giving effect to any principal payments made on such date, plus (ii) the aggregate amount of any unpaid Class Deficiency
Amounts for such Class, after giving effect to all payments made on the preceding Payment Date (together with any accrued interest on
such Class Deficiency Amounts at the applicable Note Rate for such Class).

 

“Class Principal
Amount” means, when used with respect to Class and any date, an amount equal to (a) the Class Initial Principal
Amount with respect to such Class minus (b) the sum of the amount of principal payments made to the Noteholders of such
Class on or prior to such date minus (c) the principal amount of any Series 2022-3 Notes of such Class that
have been delivered to the Trustee for cancellation pursuant to the Base Indenture and for which no replacement Series 2022-3 Note
was issued on or prior to such date.

 

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

 

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

 

“Determination Date”
means the date five (5) Business Days prior to each Payment Date.

 

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

 

“Equivalent Rating
Agency” means each of Fitch, Moody’s and S&P.

 

“Equivalent Rating
Agency Rating” means, with respect to any Equivalent Rating Agency and any Person as of any date of determination, the Relevant
Rating by such Equivalent Rating Agency with respect to such Person as of such date.

 

“ERISA” means
the Employee Retirement Income Security Act of 1974, as amended.

 

“Expected Final Payment
Date” means, with respect to the Series 2022-3 Notes, the Payment Date in March 2024.

 

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

 

“Final Base Rent”
has the meaning specified in the Lease.

 

“Global Notes”
means, collectively, the Class A Global Notes, the Class B Global Notes, the Class C Global Notes and the Class D
Global Notes that are Regulation S Global Notes or 144A Global Notes.

 

“Initial Class D
Note Purchaser” means The Hertz Corporation, in its capacity as the initial purchaser of the Class D Notes pursuant to
the Class D Purchase Agreement.

 

“Lease Payment Deficit
Notice” has the meaning specified in Section 5.9(b) (Certain Instructions to the Trustee) of this Series 2022-3
Supplement.

 

“Legal Final Payment
Date” means, with respect to the Series 2022-3 Notes, the Payment Date in March 2025.

 

    54

     

    

 

“Majority Series 2022-3
Controlling Class” means (i) for so long as the Class A Notes are outstanding, Class A Noteholders holding more
than 50% of the principal amount of the Class A Notes, (ii) if no Class A Notes are outstanding, Class B Noteholders
holding more than 50% of the principal amount of the Class B Notes, (iii) if no Class A Notes or Class B Notes are
outstanding, Class C Noteholders holding more than 50% of the principal amount of the Class C Notes, (iv) if no Class A
Notes, Class B Notes or Class C Notes are outstanding, Class D Noteholders holding more than 50% of the principal amount
of the Class D Notes, and (v) if (x) no Class A Notes, Class B Notes, Class C Notes or Class D Notes
are outstanding and (y) Class E Notes have been issued and are outstanding, Class E Noteholders holding more than 50% of
the principal amount of the Class E Notes.

 

“Majority Series 2022-3
Noteholders” means Series 2022-3 Noteholders holding more than 50% of the Series 2022-3 Principal Amount (excluding
any other Series 2022-3 Notes held by HVF III or any Affiliate of HVF III (other than Series 2022-3 Notes held by an Affiliate
Issuer)). The Majority Series 2022-3 Noteholders shall be the “Required Series Noteholders” with respect to the
Series 2022-3 Notes.

 

“Make-Whole End Date”
means, with respect to the Series 2022-3 Notes, the date that is six months prior to the commencement of the Series 2022-3 Controlled
Amortization Period.

 

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

 

“Monthly Blackbook
Mark” has the meaning specified in the Lease.

 

“Monthly NADA Mark”
has the meaning specified in the Lease.

 

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

 

“Net Book Value”
has the meaning specified in the Lease.

 

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

 

    55

     

    

 

“Note Rate”
means, with respect to each Class of Series 2022-3 Notes issued on the Series 2022-3 Closing Date, the rate set forth in
the following table:

 

	Class	 	Note
    Rate	 
	A	 	 	3.37	%
	B	 	 	3.86	%
	C	 	 	4.35	%
	D	 	 	6.31	%

 

“Outstanding”
means with respect to the Series 2022-3 Notes (or any Class of Series 2022-3 Notes), all Series 2022-3 Notes (or Series 2022-3
Notes of a particular Class, as applicable) theretofore authenticated and delivered under the Base Indenture and this Series 2022-3
Supplement, except (a) Series 2022-3 Notes theretofore cancelled or delivered to the Registrar for cancellation, (b) Series 2022-3
Notes that have not been presented for payment but funds for the payment of which are on deposit in the Series 2022-3 Distribution
Account and are available for payment in full of such Series 2022-3 Notes, and Series 2022-3 Notes that are considered paid
pursuant to Section 8.1 (Payment of Notes) of the Base Indenture, and (c) Series 2022-3 Notes in exchange for or
in lieu of other Series 2022-3 Notes that have been authenticated and delivered pursuant to the Base Indenture unless proof satisfactory
to the Trustee is presented that any such Series 2022-3 Notes are held by a purchaser for value.

 

“Past Due Rent Payment”
means, with respect to any Series 2022-3 Lease Payment Deficit and any Lessee, any payment of Base Rent, Monthly Variable Rent or
other amounts payable by such Lessee under the Lease with respect to which such Series 2022-3 Lease Payment Deficit applied, which
payment occurred on or prior to the fifth Business Day after the occurrence of such Series 2022-3 Lease Payment Deficit and which
payment is in satisfaction (in whole or in part) of such Series 2022-3 Lease Payment Deficit.

 

“Past Due Rental Payments
Priorities” means the priorities of payments set forth in Section 5.7 (Past Due Rental Payments) of this
Series 2022-3 Supplement.

 

“Permitted Investments”
means negotiable instruments or securities, payable in Dollars, represented by instruments in bearer or registered in book-entry form
which evidence:

 

		(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 and “A-1+” by S&P 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+” and a
credit rating from Moody’s of “P-1” in the case of certificates of deposit or short-term deposits, or a rating from
S&P not lower than “AA” and a rating from Moody’s not lower than “Aa2” in the case of long-term unsecured
obligations;

 

    56

     

    

 

		(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+” and a rating from Moody’s of “P-1”;

 

		(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 and “Aaa-mf” by Moody’s,
or otherwise approved in writing by S&P or Moody’s, as applicable;

 

		(vi)	Eurodollar time deposits having a credit rating from S&P of “A-1+” and a credit rating
from Moody’s of “P-1”;

 

		(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 commercial paper or short-term certificate of deposit rating of “A-1+” by S&P and
 “P-1” by Moody’s; and

 

		(viii)	any other instruments or securities, if each Rating Agency then rating any outstanding Class of Series 2022-3
Notes at the request of HVF III will not have advised in writing that the investment in such instruments or securities will result in
the reduction or withdrawal of its then-current rating of such outstanding Class of Series 2022-3 Notes;

 

provided
that for so long as Fitch is rating any Class of Series 2022-3 Notes, (x) any investment in a money market fund rated by
Fitch will only be a Permitted Investment if such money market fund has a rating of “AAAmmf” from Fitch, (y) any investment
in commercial paper will only be a Permitted Investment if such commercial paper has (at the earlier of the time of the investment and
the time of the contractual commitment to invest therein) a rating of “F1” from Fitch, and (z) any other Permitted Investment
(other than those described clause (i) above) will only be a Permitted Investment if the institution issuing such Permitted Investment
has a long-term issuer default rating of at least “A” by Fitch and a short-term issuer default rating of “F1”
by Fitch.

 

“Plan Assets Regulation”
means United States Department of Labor Regulation Section 2510.3-101, as modified by Section 3(42) of ERISA.

 

“Preference Amount”
means any amount previously paid by Hertz pursuant to the Class A/B/C/D Demand Note and distributed to the Series 2022-3 Noteholders
in respect of amounts owing under the Series 2022-3 Notes that is recoverable or that has been recovered (and not subsequently repaid)
as a voidable preference by the trustee in a bankruptcy proceeding of Hertz pursuant to the Bankruptcy Code in accordance with a final
nonappealable order of a court having competent jurisdiction.

 

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

 

    57

     

    

 

“Proposed Class E
Notes” has the meaning specified in Section 9.18(b) (Issuance of Class E Notes) of this Series 2022-3
Supplement.

 

“QIB” has
the meaning specified in Section 2.1(b) (Initial Issuance) of this Series 2022-3 Supplement.

 

“Rating Agencies”
means (a) with respect to the Class A Notes, Class B Notes and the Class C Notes, Fitch and Moody’s, (b) with
respect to the Class D Notes, Moody’s, and (c) with respect to any Class of Series 2022-3 Notes, any other nationally
recognized rating agency rating the Series 2022-3 Notes at the request of HVF III; provided, that if at any time any nationally
recognized rating agency shall cease to rate any Class of Series 2022-3 Notes, such rating agency shall be deemed not to be
a Rating Agency with respect to such Class of Series 2022-3 Notes for so long as such rating agency continues not to rate such
Class of Series 2022-3 Notes.

 

“Record Date”
means, with respect to any Payment Date, the last day of the Related Month; provided that the Record Date with respect to the initial
Payment Date shall be the Series 2022-3 Closing Date.

 

“Redemption Date”
has the meaning specified in Section 9.1(a) (Optional Redemption of the Series 2022-3 Notes) of this Series 2022-3
Supplement.

 

“Regulation S”
means Regulation S promulgated under the Securities Act.

 

“Regulation S Global
Notes” has the meaning specified in Section 2.1(e) (Initial Issuance) of this Series 2022-3 Supplement.

 

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

 

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

 

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

 

    58

     

    

 

“Relevant Rating”
means, with respect to any Equivalent Rating Agency and any Person as of any date of determination, (a) with respect to Moody’s,
the Relevant Moody’s Rating with respect to such Person as of such date, (b) with respect to Fitch, the Relevant Fitch Rating
with respect to such Person as of such date and (c) with respect to S&P, the Relevant S&P Rating with respect to such Person
as of such date.

 

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

 

“Restricted
Notes” means the Global Notes and all other Series 2022-3 Notes evidencing the obligations, or any portion of the obligations,
initially evidenced by the Global Notes, other than certificates transferred or exchanged upon certification as provided in Article II
of this Series 2022-3 Supplement.

 

“Rule 144A”
means Rule 144A promulgated under the Securities Act.

 

“SEC” means
the U.S. Securities and Exchange Commission.

 

“Securities Intermediary”
has the meaning specified in Section 4.3(a) (Trustee as Securities Intermediary) of this Series 2022-3 Supplement.

 

“Senior Class of
Series 2022-3 Notes” means (a) with respect to the Class B Notes, the Class A Notes, (b) with respect
to the Class C Notes, the Class A Notes and the Class B Notes, (c) with respect to the Class D Notes, the Class A
Notes, the Class B Notes and the Class C Notes and (d) with respect to the Class E Notes (if issued), the Class A
Notes, the Class B Notes, the Class C Notes and the Class D Notes.

 

“Senior Interest Waterfall
Shortfall Amount” means, with respect to any Payment Date, the excess, if any, of (a) the sum of the amounts payable (without
taking into account availability of funds) pursuant to Sections 5.3(a) through (h) (Application of Funds in
the Series 2022-3 Interest Collection Account) on such Payment Date over (b) the sum of (i) the Series 2022-3
Payment Date Available Interest Amount with respect to the Series 2022-3 Interest Period ending on such Payment Date and (ii) the
aggregate amount of all deposits into the Series 2022-3 Interest Collection Account with proceeds of the Class A/B/C/D Reserve
Account, each Class A/B/C/D Demand Note, each Class A/B/C/D Letter of Credit and each Class A/B/C/D L/C Cash Collateral
Account, in each case made since the immediately preceding Payment Date; provided that the amount calculated pursuant to the preceding
clause (b)(ii) shall be calculated on a pro forma basis and prior to giving effect to any withdrawals from the Series 2022-3
Principal Collection Account for deposit into the Series 2022-3 Interest Collection Account on such Payment Date.

 

“Series 2022-3
Account Collateral” has the meaning specified in Section 4.1 (Granting Clause) of this Series 2022-3
Supplement.

 

“Series 2022-3
Accounts” has the meaning specified in Section 4.2(a)(iii) (Series 2022-3 Accounts) of this Series 2022-3
Supplement.

 

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“Series 2022-3
Accrued Amounts” means, on any date of determination, the sum of the amounts payable (without taking into account availability
of funds) pursuant to Sections 5.3(a) through (l) (Application of Funds in the Series 2022-3 Interest
Collection Account) that have accrued and remain unpaid as of such date. The Series 2022-3 Accrued Amounts shall be the “Accrued
Amounts” with respect to the Series 2022-3 Notes.

 

“Series 2022-3
Adjusted Asset Coverage Threshold Amount” means, as of any date of determination, the greater of (x) the greater of (a) the
excess, if any, of (i) the Series 2022-3 Asset Coverage Threshold Amount over (ii) the sum of (A) the Class A/B/C/D
Letter of Credit Amount and (B) the Class A/B/C/D Available Reserve Account Amount and (b) the Class A/B/C/D
Adjusted Principal Amount, in each case, as of such date and (y) the Class E Adjusted Asset Coverage Threshold Amount as of
such date. The Series 2022-3 Adjusted Asset Coverage Threshold Amount shall be the “Asset Coverage Threshold Amount”
with respect to the Series 2022-3 Notes.

 

“Series 2022-3
Adjusted Principal Amount” means, as of any date of determination, the excess, if any, of (A) the Series 2022-3 Principal
Amount as of such date over (B) the Series 2022-3 Principal Collection Account Amount as of such date. The Series 2022-3
Adjusted Principal Amount shall be the “Series Adjusted Principal Amount” with respect to the Series 2022-3 Notes.

 

“Series 2022-3
Administrator Fee Amount” means, with respect to any Payment Date, an amount equal to the Series 2022-3 Percentage of fees
payable to the Administrator pursuant to the Administration Agreement on such Payment Date.

 

“Series 2022-3
Asset Amount” means, as of any date of determination, the product of (i) the Series 2022-3 Floating Allocation Percentage
as of such date and (ii) the Aggregate Asset Amount as of such date.

 

“Series 2022-3
Asset Coverage Threshold Amount” means, as of any date of determination, the Class A/B/C/D Adjusted Principal Amount divided
by the Series 2022-3 Blended Advance Rate, in each case as of such date.

 

“Series 2022-3
Blended Advance Rate” means as of any date of determination, the lesser of the Series 2022-3 Moody’s Blended Advance
Rate as of such date and 88.95%.

 

“Series 2022-3
Capped Administrator Fee Amount” means, with respect to any Payment Date, an amount equal to the lesser of (i) the Series 2022-3
Administrator Fee Amount with respect to such Payment Date and (ii) $600,000.

 

“Series 2022-3
Capped Operating Expense Amount” means, with respect to any Payment Date the lesser of (i) the Series 2022-3 Operating
Expense Amount, with respect to such Payment Date and (ii) the excess, if any, of (x) $600,000 over (y) the sum of the
Series 2022-3 Administrator Fee Amount and the Series 2022-3 Trustee Fee Amount, in each case with respect to such Payment Date.

 

“Series 2022-3
Capped Trustee Fee Amount” means, with respect to any Payment Date, an amount equal to the lesser of (i) the Series 2022-3
Trustee Fee Amount, with respect to such Payment Date and (ii) the excess, if any, of $600,000 over the Series 2022-3 Administrator
Fee Amount with respect to such Payment Date.

 

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“Series 2022-3
Carrying Charges” means, as of any day, the sum of (in each case, exclusive of any Carrying Charges):

 

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

 

(a)            the
Trustee (other than Series 2022-3 Trustee Fee Amounts),

 

(b)            the
Administrator (other than Series 2022-3 Administrator Fee Amounts),

 

(c)            the
Back-Up Disposition Agent, or

 

(c)            any
other party to a Series 2022-3 Related Document,

 

in each case under and in accordance with such
Series 2022-3 Related Document, plus

 

(ii)            any
other operating expenses of HVF III that have been invoiced as of such date and are then payable by HVF III relating the Series 2022-3
Notes.

 

“Series 2022-3
Closing Date” means March 30, 2022.

 

“Series 2022-3
Collateral” means the Indenture Collateral, each Class A/B/C/D Letter of Credit, the Series 2022-3 Account Collateral
with respect to each Series 2022-3 Account and each Class A/B/C/D Demand Note.

 

“Series 2022-3
Controlled Amortization Period” means the period commencing upon the close of business on September 25, 2023 (or, if such
day is not a Business Day, the Business Day immediately preceding such day), and, in each case, continuing to the earliest of (i) the
commencement of the Series 2022-3 Rapid Amortization Period, (ii) the date on which the Series 2022-3 Notes are fully paid
and (iii) the termination of this Series 2022-3 Supplement.

 

“Series 2022-3
Daily Interest Allocation” means, on each Series 2022-3 Deposit Date, the Series 2022-3 Invested Percentage (as of
such date) of the aggregate amount of Interest Collections deposited into the Collection Account on such date.

 

“Series 2022-3
Daily Principal Allocation” means, on each Series 2022-3 Deposit Date, an amount equal to the Series 2022-3 Invested
Percentage (as of such date) of the aggregate amount of Principal Collections deposited into the Collection Account on such date.

 

“Series 2022-3
Deposit Date” means each Business Day on which any Collections are deposited into the Collection Account.

 

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“Series 2022-3
Disposed Vehicle Threshold Number” means (a) for any Determination Date on which the sum of the Net Book Values for all
Eligible Vehicles as of the last day of the calendar month immediately preceding such Determination Date is greater than or equal to $6,000,000,000,
13,500 vehicles, (b) for any Determination Date on which the sum of the Net Book Values for all Eligible Vehicles as of the last
day of the calendar month immediately preceding such Determination Date is less than $6,000,000,000 and greater than or equal to $4,500,000,000,
10,000 vehicles and (c) for any Determination Date on which the sum of the Net Book Values for all Eligible Vehicles as of the last
day of the calendar month immediately preceding such Determination Date is less than $4,500,000,000, 6,500 vehicles.

 

“Series 2022-3
Distribution Account” has the meaning specified in Section 4.2(a)(iii) (Series 2022-3 Accounts)
of this Series 2022-3 Supplement.

 

“Series 2022-3
Excess Administrator Fee Amount” means, with respect to any Payment Date, an amount equal to the excess, if any, of (i) the
Series 2022-3 Administrator Fee Amount with respect to such Payment Date over (ii) the Series 2022-3 Capped Administrator
Fee Amount with respect to such Payment Date.

 

“Series 2022-3
Excess Operating Expense Amount” means, with respect to any Payment Date the excess, if any, of (i) the Series 2022-3
Operating Expense Amount with respect to such Payment Date over (ii) the Series 2022-3 Capped Operating Expense Amount with
respect to such Payment Date.

 

“Series 2022-3
Excess Trustee Fee Amount” means, with respect to any Payment Date, an amount equal to the excess, if any, of (i) the Series 2022-3
Trustee Fee Amount with respect to such Payment Date over (ii) the Series 2022-3 Capped Trustee Fee Amount with respect to such
Payment Date.

 

“Series 2022-3
Failure Percentage” means, as of any date of determination, a percentage equal to 100% minus the lower of (x) the
lowest Series 2022-3 Non-Program Vehicle Disposition Proceeds Percentage Average for any Determination Date (including such date
of determination) within the preceding twelve (12) calendar months (or such fewer number of months as have elapsed since the Series 2022-3
Closing Date) and (y) the lowest Series 2022-3 Market Value Average as of any Determination Date within the preceding twelve
(12) calendar months (or such fewer number of months as have elapsed since the Series 2022-3 Closing Date).

 

“Series 2022-3
Floating Allocation Percentage” means, as of any date of determination, a fraction, expressed as a percentage, the numerator
of which is the Series 2022-3 Adjusted Asset Coverage Threshold Amount as of such date and the denominator of which is the Aggregate
Asset Coverage Threshold Amount as of such date.

 

“Series 2022-3
Interest Collection Account” has the meaning specified in Section 4.2(a)(i) (Series 2022-3 Accounts)
of this Series 2022-3 Supplement.

 

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“Series 2022-3
Interest Period” means a period commencing on and including a Payment Date and ending on and including the day preceding the
next succeeding Payment Date; provided, however, that the initial Series 2022-3 Interest Period shall commence on and
include the Series 2022-3 Closing Date and end on and include April 25, 2022.

 

“Series 2022-3
Invested Percentage” means, on any date of determination:

 

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

 

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

 

(x)            during
the Series 2022-3 Revolving Period, the Series 2022-3 Adjusted Asset Coverage Threshold Amount as of the close of business on
the last day of the immediately preceding Related Month (or, until the end of the initial Related Month after the Series 2022-3 Closing
Date, on the Series 2022-3 Closing Date),

 

(y)            during
any Series 2022-3 Controlled Amortization Period and the Series 2022-3 Rapid Amortization Period, but prior to the first date
on which an Amortization Event has been declared or has automatically occurred with respect to all Series of Notes, the Series 2022-3
Adjusted Asset Coverage Threshold Amount as of the close of business on the last day of the Series 2022-3 Revolving Period, and

 

(z)            on
and after the first date on which an Amortization Event has been declared or automatically occurred with respect to all Series of
Notes, the Series 2022-3 Adjusted Asset Coverage Threshold Amount as of the close of business on the day immediately prior to such
first date on which an Amortization Event has been declared or automatically occurred with respect to all Series of Notes,
and

 

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

 

(b) when used
with respect to Interest Collections, the percentage equivalent of a fraction, the numerator of which shall be the Series 2022-3
Accrued Amounts on such date of determination, and the denominator of which shall be the aggregate Accrued Amounts with respect to all
Series of Notes on such date of determination.

 

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Notwithstanding the foregoing
and for the avoidance of doubt, on any date of determination after the date on which the Series 2022-3 Principal Amount shall have
been reduced to zero, the Series 2022-3 Invested Percentage shall equal zero.

 

“Series 2022-3
Lease Interest Payment Deficit” means on any Payment Date an amount equal to the excess, if any, of (a) the aggregate amount
of Interest Collections that pursuant to Section 5.2(a) (Collections Account) would have been deposited into the
Series 2022-3 Interest Collection Account if all payments of Monthly Variable Rent required to have been made under the Lease from
but excluding the preceding Payment Date to and including such Payment Date were made in full over (b) the aggregate amount of Interest
Collections that pursuant to Section 5.2(a) (Collections Account) have been received for deposit into the Series 2022-3
Interest Collection Account from but excluding the preceding Payment Date to and including such Payment Date.

 

“Series 2022-3
Lease Payment Deficit” means either a Series 2022-3 Lease Interest Payment Deficit or a Series 2022-3 Lease Principal
Payment Deficit.

 

“Series 2022-3
Lease Principal Payment Carryover Deficit” means (a) for the initial Payment Date, zero and (b) for any other Payment
Date, the excess, if any, of (x) the Series 2022-3 Lease Principal Payment Deficit, if any, on the preceding Payment Date over
(y) all amounts deposited into the Series 2022-3 Principal Collection Account on or prior to such Payment Date on account of
such Series 2022-3 Lease Principal Payment Deficit.

 

“Series 2022-3
Lease Principal Payment Deficit” means on any Payment Date the sum of (a) the Series 2022-3 Monthly Lease Principal
Payment Deficit for such Payment Date and (b) the Series 2022-3 Lease Principal Payment Carryover Deficit for such Payment Date.

 

“Series 2022-3
Liquidation Event” means, so long as such event or condition continues:

 

(a)            any
Amortization Event with respect to the Series 2022-3 Notes described in clauses (a) through (d) of Section 7.1
(Amortization Events) of this Series 2022-3 Supplement that continues for thirty (30) consecutive days (without double counting
the cure period, if any, provided therein);

 

(b)            any
Amortization Event with respect to the Series 2022-3 Notes described in clauses (e) through (g) of Section 7.1
(Amortization Events) of this Series 2022-3 Supplement that continues for thirty (30) consecutive days (without double counting
the cure period, if any, provided therein) after declaration thereof by the Majority Series 2022-3 Controlling Class; or

 

(c)            any
Amortization Event specified in clauses (a) or (b) of Article IX of the Base Indenture after declaration thereof by the
Majority Series 2022-3 Controlling Class.

 

Each Series 2022-3
Liquidation Event shall be a “Liquidation Event” with respect to the Series 2022-3 Notes.

 

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“Series 2022-3
Manufacturer Percentage” means, for any Manufacturer listed in the table below, the percentage set forth opposite such Manufacturer
in such table; provided that the Manufacturer Limit for Tesla may be increased to greater than 25.00% subject to satisfaction of
the Rating Agency Condition.

 

	Manufacturer	 	Manufacturer Limit	 
	Audi	 	 	12.50	%
	BMW	 	 	12.50	%
	Chrysler	 	 	55.00	%
	Fiat	 	 	12.50	%
	Ford	 	 	55.00	%
	GM	 	 	55.00	%
	Honda	 	 	55.00	%
	Hyundai	 	 	55.00	%
	Jaguar	 	 	12.50	%
	Kia	 	 	55.00	%
	Land Rover	 	 	12.50	%
	Lexus	 	 	12.50	%
	Mazda	 	 	35.00	%
	Mercedes	 	 	12.50	%
	Nissan	 	 	55.00	%
	Subaru	 	 	12.50	%
	Tesla	 	 	25.00	%
	Toyota	 	 	55.00	%
	Volkswagen	 	 	55.00	%
	Volvo	 	 	35.00	%
	Hyundai & Kia Combined	 	 	55.00	%
	Chrysler & Fiat Combined	 	 	55.00	%
	Volkswagen & Audi Combined	 	 	55.00	%
	Any other individual Manufacturer	 	 	10.00	%

 

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

 

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“Series 2022-3
Maximum Manufacturer Amount” means, as of any date of determination and with respect to any Manufacturer, an amount equal to
the product of (a) the Series 2022-3 Manufacturer Percentage for such Manufacturer and (b) the Aggregate Asset Amount as
of such date.

 

“Series 2022-3
Measurement Month” on any Determination Date, means each complete calendar month, or the smallest number of consecutive complete
calendar months preceding such Determination Date, in which at least the Series 2022-3 Disposed Vehicle Threshold Number of vehicles
were sold to unaffiliated third parties (provided that, HVF III, in its sole discretion, may exclude salvage sales); provided,
however, that no calendar month included in a single Series 2022-3 Measurement Month shall be included in any other Series 2022-3
Measurement Month.

 

“Series 2022-3
Medium-Duty Truck Amount” means, as of any date of determination, the sum of the Net Book Value as of such date of each Eligible
Vehicle that is a medium-duty truck for which the Disposition Date has not occurred as of such date.

 

“Series 2022-3
Monthly Lease Principal Payment Deficit” means on any Payment Date an amount equal to the excess, if any, of (a) the aggregate
amount of Principal Collections that pursuant to Section 5.2(b) (Collections Allocation) would have been
deposited into the Series 2022-3 Principal Collection Account if all payments required to have been made under the Leases from but
excluding the preceding Payment Date to and including such Payment Date were made in full over (b) the aggregate amount of Principal
Collections that pursuant to Section 5.2(b) (Collections Allocation) have been received for deposit into the Series 2022-3
Principal Collection Account from but excluding the preceding Payment Date to and including such Payment Date.

 

“Series 2022-3
Moody’s AAA Components” means each of:

 

(i)            the
Series 2022-3 Moody’s Eligible Investment Grade Program Vehicle Amount;

 

(ii)            the
Series 2022-3 Moody’s Eligible Investment Grade Program Receivable Amount;

 

(iii)            the
Series 2022-3 Moody’s Eligible Non-Investment Grade Program Vehicle Amount;

 

(iv)            the
Series 2022-3 Moody’s Eligible Non-Investment Grade (High) Program Receivable Amount;

 

(v)            the
Series 2022-3 Moody’s Eligible Non-Investment Grade (Low) Program Receivable Amount;

 

(vi)            the
Series 2022-3 Moody’s Eligible Investment Grade Non-Program Vehicle Amount;

 

(vii)            the
Series 2022-3 Moody’s Eligible Non-Investment Grade Non-Program Vehicle Amount;

 

(viii)            the
Cash Amount;

 

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

 

(x)            the
Series 2022-3 Moody’s Remainder AAA Amount.

 

“Series 2022-3
Moody’s AAA Select Component” means each Series 2022-3 Moody’s AAA Component other than the Due and Unpaid
Lease Payment Amount.

 

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“Series 2022-3
Moody’s Adjusted Advance Rate” means, as of any date of determination, with respect to any Series 2022-3 Moody’s
AAA Select Component, a percentage equal to the greater of:

 

(a)

 

(i)            the
Series 2022-3 Moody’s Baseline Advance Rate with respect to such Series 2022-3 Moody’s AAA Select Component as of
such date, minus

 

(ii)            the
Series 2022-3 Moody’s Concentration Excess Advance Rate Adjustment as of such date, if any, with respect to such Series 2022-3
Moody’s AAA Select Component, minus

 

(iii)            the
Series 2022-3 Moody’s MTM/DT Advance Rate Adjustment as of such date, if any, with respect to such Series 2022-3 Moody’s
AAA Select Component; and

 

(b)            zero.

 

“Series 2022-3
Moody’s Baseline Advance Rate” means, with respect to each Series 2022-3 Moody’s AAA Select Component, the
percentage set forth opposite such Series 2022-3 Moody’s AAA Select Component in the following table:

 

	Series 2022-3 Moody’s AAA Select Component	 	Series 2022-3 Moody’s 

Baseline Advance Rate	 
	Series 2022-3 Moody’s Eligible Investment Grade Program Vehicle Amount	 	 	95.00	%
	Series 2022-3 Moody’s Eligible Investment Grade Program Receivable Amount	 	 	95.00	%
	Series 2022-3 Moody’s Eligible Non-Investment Grade Program Vehicle Amount	 	 	92.00	%
	Series 2022-3 Moody’s Eligible Non-Investment Grade (High) Program Receivable Amount	 	 	92.00	%
	Series 2022-3 Moody’s Eligible Non-Investment Grade (Low) Program Receivable Amount	 	 	0.00	%
	Series 2022-3 Moody’s Eligible Investment Grade Non-Program Vehicle Amount	 	 	85.00	%
	Series 2022-3 Moody’s Eligible Non-Investment Grade Non-Program Vehicle Amount	 	 	85.00	%
	Series 2022-3 Medium-Duty Truck Amount	 	 	65.00	%
	Cash Amount	 	 	100.00	%
	Series 2022-3 Moody’s Remainder AAA Amount	 	 	0.00	%

 

“Series 2022-3
Moody’s Blended Advance Rate” means, as of any date of determination, the percentage equivalent of a fraction, the numerator
of which is the Series 2022-3 Moody’s Blended Advance Rate Weighting Numerator and the denominator of which is the Series 2022-3
Moody’s Blended Advance Rate Weighting Denominator, in each case as of such date.

 

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“Series 2022-3
Moody’s Blended Advance Rate Weighting Denominator” means, as of any date of determination, an amount equal to the sum
of each Series 2022-3 Moody’s AAA Select Component, in each case as of such date.

 

“Series 2022-3
Moody’s Blended Advance Rate Weighting Numerator” means, as of any date of determination, an amount equal to the sum of
an amount with respect to each Series 2022-3 Moody’s AAA Select Component equal to the product of such Series 2022-3 Moody’s
AAA Select Component and the Series 2022-3 Moody’s Adjusted Advance Rate with respect to such Series 2022-3 Moody’s
AAA Select Component, in each case as of such date.

 

“Series 2022-3
Moody’s Concentration Adjusted Advance Rate” means as of any date of determination,

 

(i)            with
respect to the Series 2022-3 Moody’s Eligible Investment Grade Non-Program Vehicle Amount, the excess, if any, of the Series 2022-3
Moody’s Baseline Advance Rate with respect to such Series 2022-3 Moody’s Eligible Investment Grade Non-Program Vehicle
Amount over the Series 2022-3 Moody’s Concentration Excess Advance Rate Adjustment with respect to such Series 2022-3
Moody’s Eligible Investment Grade Non-Program Vehicle Amount, in each case as of such date, and

 

(ii)            with
respect to the Series 2022-3 Moody’s Eligible Non-Investment Grade Non-Program Vehicle Amount, the excess, if any, of the Series 2022-3
Moody’s Baseline Advance Rate with respect to such Series 2022-3 Moody’s Eligible Non-Investment Grade Non-Program Vehicle
Amount over the Series 2022-3 Moody’s Concentration Excess Advance Rate Adjustment with respect to such Series 2022-3
Moody’s Eligible Non-Investment Grade Non-Program Vehicle Amount, in each case as of such date.

 

“Series 2022-3
Moody’s Concentration Excess Advance Rate Adjustment” means, with respect to any Series 2022-3 Moody’s AAA
Select Component as of any date of determination, the lesser of (a) the percentage equivalent of a fraction, the numerator of which
is (I) the product of (A) the portion of the Series 2022-3 Moody’s Concentration Excess Amount, if any, allocated
to such Series 2022-3 Moody’s AAA Select Component by HVF III and (B) the Series 2022-3 Moody’s Baseline Advance
Rate with respect to such Series 2022-3 Moody’s AAA Select Component, and the denominator of which is (II) such Series 2022-3
Moody’s AAA Select Component, in each case as of such date, and (b) the Series 2022-3 Moody’s Baseline Advance Rate
with respect to such Series 2022-3 Moody’s AAA Component; provided that, the portion of the Series 2022-3 Moody’s
Concentration Excess Amount allocated pursuant to the preceding clause (a)(I)(A) shall not exceed the portion of such Series 2022-3
Moody’s AAA Select Component that was included in determining whether such Series 2022-3 Moody’s Concentration
Excess Amount exists.

 

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“Series 2022-3
Moody’s Concentration Excess Amount” means, as of any date of determination, the sum of (i) the
Series 2022-3 Moody’s Manufacturer Concentration Excess Amount with respect to each Manufacturer as of such date, if any,
(ii) the Series 2022-3 Moody’s Non-Liened Vehicle Concentration Excess Amount as of such date, if any,
(iii) the Series 2022-3 Moody’s Medium-Duty Truck Concentration Excess Amount and (iv) the Series 2022-3
Moody’s Non-Investment Grade (High) Program Receivable Concentration Excess Amount as of such date, if any; provided
that, for purposes of calculating this definition as of any such date (i) the Net Book Value of any Eligible Vehicle and the
amount of Series 2022-3 Moody’s Eligible Manufacturer Receivables, in each case, included in the Series 2022-3
Moody’s Manufacturer Amount for the Manufacturer of such Eligible Vehicle for purposes of calculating the Series 2022-3
Moody’s Manufacturer Concentration Excess Amount and designated by HVF III to constitute Series 2022-3 Moody’s
Manufacturer Concentration Excess Amounts, as of such date, shall not be included in the Series 2022-3 Non-Liened Vehicle
Amount for purposes of calculating the Series 2022-3 Moody’s Non-Liened Vehicle Concentration Excess Amount as of such
date, the Series 2022-3 Medium-Duty Truck Amount for purposes of calculating the Series 2022-3 Moody’s Medium-Duty
Truck Concentration Excess Amount as of such date or the Series 2022-3 Moody’s Eligible Non-Investment Grade (High)
Program Receivable Amount for purposes of calculating the Series 2022-3 Moody’s Non-Investment Grade (High) Program
Receivable Concentration Excess Amount as of such date, (ii) the Net Book Value of any Eligible Vehicle included in the
Series 2022-3 Non-Liened Vehicle Amount for purposes of calculating the Series 2022-3 Moody’s Non-Liened Vehicle
Concentration Excess Amount and designated by HVF III to constitute Series 2022-3 Moody’s Non-Liened Vehicle
Concentration Excess Amounts as of such date, shall not be included in the Series 2022-3 Moody’s Manufacturer Amount for
the Manufacturer of such Eligible Vehicle for purposes of calculating the Series 2022-3 Moody’s Manufacturer
Concentration Excess Amount, as of such date or the Series 2022-3 Medium-Duty Truck Amount for purposes of calculating the
Series 2022-3 Moody’s Medium-Duty Truck Concentration Excess Amount as of such date, (iii) the Net Book Value of any
Eligible Vehicle that is a medium-duty truck included in the Series 2022-3 Medium-Duty Truck Amount for purposes of calculating
the Series 2022-3 Moody’s Medium-Duty Truck Concentration Excess Amount and designated by HVF III to constitute
Series 2022-3 Moody’s Medium-Duty Truck Concentration Excess Amounts as of such date, shall not be included in the
Series 2022-3 Moody’s Manufacturer Amount for the Manufacturer of such Eligible Vehicle for purposes of calculating the
Series 2022-3 Moody’s Manufacturer Concentration Excess Amount, as of such date or the Series 2022-3 Non-Liened
Vehicle Amount for purposes of calculating the Series 2022-3 Moody’s Non-Liened Vehicle Concentration Excess Amount as of
such date, (iv) the amount of any Series 2022-3 Moody’s Eligible Manufacturer Receivables included in the
Series 2022-3 Moody’s Eligible Non-Investment Grade (High) Program Receivable Amount for purposes of calculating the
Series 2022-3 Moody’s Non-Investment Grade (High) Program Receivable Concentration Excess Amount and designated by HVF
III to constitute Series 2022-3 Moody’s Non-Investment Grade (High) Program Receivable Concentration Excess Amounts as of
such date, shall not be included in the Series 2022-3 Moody’s Manufacturer Amount for the Manufacturer with respect to
such Series 2022-3 Moody’s Eligible Manufacturer Receivable for purposes of calculating the Series 2022-3
Moody’s Manufacturer Concentration Excess Amount, as of such date and (v) the determination of which Eligible Vehicles
(or the Net Book Value thereof) or Series 2022-3 Moody’s Eligible Manufacturer Receivables are designated as constituting
(A) Series 2022-3 Moody’s Non-Liened Vehicle Concentration Excess Amounts, (B) Series 2022-3 Moody’s
Medium-Duty Truck Concentration Excess Amounts, (C) Series 2022-3 Moody’s Manufacturer Concentration Excess Amounts
and (D) Series 2022-3 Moody’s Non-Investment Grade (High) Program Receivable Concentration Excess Amounts, in each
case, as of such date shall be made iteratively by HVF III in its reasonable discretion.

 

“Series 2022-3
Moody’s Eligible Investment Grade Non-Program Vehicle Amount” means, as of any date of determination, the sum of the Net
Book Value as of such date of each Series 2022-3 Moody’s Investment Grade Non-Program Vehicle for which the Disposition
Date has not occurred as of such date.

 

“Series 2022-3
Moody’s Eligible Investment Grade Program Receivable Amount” means, as of any date of determination, the sum of all Series 2022-3
Moody’s Eligible Manufacturer Receivables, in each case, as of such date by all Series 2022-3 Moody’s Investment Grade
Manufacturers.

 

“Series 2022-3
Moody’s Eligible Investment Grade Program Vehicle Amount” means, as of any date of determination, the sum of the Net Book
Value as of such date of each Series 2022-3 Moody’s Investment Grade Program Vehicle for which the Disposition Date has not
occurred as of such date.

 

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“Series 2022-3
Moody’s Eligible Manufacturer Receivable” means, as of any date of determination:

 

(i)            each
Manufacturer Receivable by any Manufacturer that has a Relevant Moody’s Rating as of such date of at least “A3” pursuant
to a Manufacturer Program that, as of such date, has not remained unpaid for more than 150 calendar days past the Disposition Date with
respect to the Eligible Vehicle giving rise to such Manufacturer Receivable;

 

(ii)            each
Manufacturer Receivable by any Manufacturer that (a) has a Relevant Moody’s Rating as of such date of (i) less than “A3”
and (ii) at least “Baa3”, pursuant to a Manufacturer Program that, as of such date, has not remained unpaid for more
than 120 calendar days past the Disposition Date with respect to the Eligible Vehicle giving rise to such Manufacturer Receivable; and

 

(iii)            each
Manufacturer Receivable by a Series 2022-3 Moody’s Non-Investment Grade (High) Manufacturer or a Series 2022-3 Moody’s
Non-Investment Grade (Low) Manufacturer, in any case, pursuant to a Manufacturer Program, that, as of such date, has not remained unpaid
for more than 90 calendar days past the Disposition Date with respect to the Eligible Vehicle giving rise to such Manufacturer Receivable.

 

“Series 2022-3
Moody’s Eligible Non-Investment Grade (High) Program Receivable Amount” means, as of any date of determination, the sum
of all Series 2022-3 Moody’s Eligible Manufacturer Receivables, in each case, as of such date by all Series 2022-3 Moody’s
Non-Investment Grade (High) Manufacturers.

 

“Series 2022-3
Moody’s Eligible Non-Investment Grade (Low) Program Receivable Amount” means, as of any date of determination, the sum
of all Series 2022-3 Moody’s Eligible Manufacturer Receivables, in each case, as of such date by all Series 2022-3
Moody’s Non-Investment Grade (Low) Manufacturers.

 

“Series 2022-3
Moody’s Eligible Non-Investment Grade Non-Program Vehicle Amount” means, as of any date of determination, the sum of the
Net Book Value of each Series 2022-3 Moody’s Non-Investment Grade Non-Program Vehicle for which the Disposition Date has not
occurred as of such date.

 

“Series 2022-3
Moody’s Eligible Non-Investment Grade Program Vehicle Amount” means, as of any date of determination, the sum of Net Book
Values as of such date of each Series 2022-3 Moody’s Non-Investment Grade (High) Program Vehicle and each Series 2022-3
Moody’s Non-Investment Grade (Low) Program Vehicle, in each case, for which the Disposition Date has not occurred as of such date.

 

“Series 2022-3
Moody’s Investment Grade Manufacturer” means, as of any date of determination, (a) any Manufacturer that has a
Relevant Moody’s Rating as of such date of at least “Baa3”, and (b) any Manufacturer that (i) does not
have a Relevant Moody’s Rating of at least “Baa3” as of such date, (ii) does not have a long-term corporate
family rating from Moody’s as of such date, and (iii) has a long-term senior unsecured debt rating from Moody’s of
at least “Ba1” as of such date; provided that, upon any withdrawal or downgrade of any rating of any Manufacturer
by Moody’s, such Manufacturer may, in HVF III’s sole discretion, be deemed to have the rating applicable thereto
immediately preceding such withdrawal or downgrade (as applicable) by Moody’s for a period of thirty (30) days following the
earlier of (x) the date on which an Authorized Officer of any of the Administrator, HVF III or the Servicer obtains actual
knowledge of such withdrawal or downgrade (as applicable) and (y) the date on which the Trustee notifies the Administrator in
writing of such withdrawal or downgrade (as applicable).

 

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“Series 2022-3
Moody’s Investment Grade Non-Program Vehicle” means, as of any date of determination, any Eligible Vehicle manufactured
by a Series 2022-3 Moody’s Investment Grade Manufacturer that is not a Series 2022-3 Moody’s Investment Grade Program
Vehicle as of such date.

 

“Series 2022-3
Moody’s Investment Grade Program Vehicle” means, as of any date of determination, any Program Vehicle manufactured by
a Series 2022-3 Moody’s Investment Grade Manufacturer that is subject to a Manufacturer Program on the Vehicle Operating Lease
Commencement Date for such Program Vehicle unless it has been redesignated (and as of such date remains so designated) as a Non-Program
Vehicle pursuant to Section 2.5 (Redesignation of Vehicles) of the Lease (or such other similar section of another Lease,
as applicable) as of such date.

 

“Series 2022-3
Moody’s Manufacturer Amount” means, as of any date of determination and with respect to any Manufacturer, the sum of:

 

(i)            the
aggregate Net Book Value of all Eligible Vehicles manufactured by such Manufacturer as of such date; and

 

(ii)            the
aggregate amount of all Series 2022-3 Moody’s Eligible Manufacturer Receivables with respect to such Manufacturer.

 

“Series 2022-3
Moody’s Manufacturer Concentration Excess Amount” means, with respect to any Manufacturer as of any date of determination,
the excess, if any, of the Series 2022-3 Moody’s Manufacturer Amount with respect to such Manufacturer as of such date over
the Series 2022-3 Maximum Manufacturer Amount with respect to such Manufacturer as of such date; provided that, for purposes
of calculating such excess as of any such date (i) the Net Book Value of any Eligible Vehicle included in the Series 2022-3
Moody’s Manufacturer Amount for the Manufacturer of such Eligible Vehicle for purposes of calculating the Series 2022-3 Moody’s
Manufacturer Concentration Excess Amount and designated by HVF III to constitute Series 2022-3 Moody’s Manufacturer Concentration
Excess Amounts, as of such date, shall not be included in either of (x) the Series 2022-3 Non-Liened Vehicle Amount for purposes
of calculating the Series 2022-3 Moody’s Non-Liened Vehicle Concentration Excess Amount as of such date or (y) the Series 2022-3
Medium-Duty Truck Amount for purposes of calculating the Series 2022-3 Moody’s Medium-Duty Truck Concentration Excess Amount
as of such date, (ii) the Net Book Value of any Eligible Vehicle included in the Series 2022-3 Non-Liened Vehicle Amount for
purposes of calculating the Series 2022-3 Moody’s Non-Liened Vehicle Concentration Excess Amount and designated by HVF III
to constitute Series 2022-3 Moody’s Non-Liened Vehicle Concentration Excess Amounts as of such date, shall not be included
in the Series 2022-3 Moody’s Manufacturer Amount for the Manufacturer of such Eligible Vehicle for purposes of calculating
the Series 2022-3 Moody’s Manufacturer Concentration Excess Amount, as of such date, (iii) the Net Book Value of
any Eligible Vehicle included in the Series 2022-3 Medium-Duty Truck Amount for purposes of calculating the Series 2022-3 Moody’s
Medium-Duty Truck Concentration Excess Amount and designated by HVF III to constitute Series 2022-3 Moody’s Medium-Duty Truck
Concentration Excess Amounts as of such date, shall not be included in the Series 2022-3 Moody’s Manufacturer Amount for the
Manufacturer of such Eligible Vehicle for purposes of calculating the Series 2022-3 Moody’s Manufacturer Concentration Excess
Amount, as of such date, (iv) the amount of any Series 2022-3 Moody’s Eligible Manufacturer Receivables included in the
Series 2022-3 Moody’s Eligible Non-Investment Grade (High) Program Receivable Amount for purposes of calculating the Series 2022-3
Moody’s Non-Investment Grade (High) Program Receivable Concentration Excess Amount and designated by HVF III to constitute Series 2022-3
Moody’s Non-Investment Grade (High) Program Receivable Concentration Excess Amounts as of such date, shall not be included in the
Series 2022-3 Moody’s Manufacturer Amount for the Manufacturer with respect to such Series 2022-3 Moody’s Eligible
Manufacturer Receivable for purposes of calculating the Series 2022-3 Moody’s Manufacturer Concentration Excess Amount, as
of such date, and (v) the determination of which Eligible Vehicles (or the Net Book Value thereof) or Series 2022-3 Moody’s
Eligible Manufacturer Receivables are to be designated as constituting (A) Series 2022-3 Moody’s Non-Liened Vehicle Concentration
Excess Amounts, (B) Series 2022-3 Moody’s Medium-Duty Truck Concentration Excess Amounts, (C) Series 2022-3
Moody’s Manufacturer Concentration Excess Amounts and (D) Series 2022-3 Moody’s Non-Investment Grade (High) Program
Receivable Concentration Excess Amounts, in each case as of such date shall be made iteratively by HVF III in its reasonable discretion.

 

    71

     

    

 

“Series 2022-3
Moody’s Medium-Duty Truck Concentration Excess Amount” means, as of any date of determination, the
excess, if any, of the Series 2022-3 Medium-Duty Truck Amount as of such date over 5.0% of the Aggregate Asset Amount as of
such date; provided that, for purposes of calculating such excess as of any such date (i) the Net Book Value of any
Eligible Vehicle included in the Series 2022-3 Medium-Duty Truck Amount for purposes of calculating the Series 2022-3
Moody’s Medium-Duty Truck Concentration Excess Amount and designated by HVF III to constitute Series 2022-3 Moody’s
Medium-Duty Truck Concentration Excess Amounts, as of such date, shall not be included in the Series 2022-3 Moody’s
Manufacturer Amount for the Manufacturer of such Eligible Vehicle for purposes of calculating the Series 2022-3 Moody’s
Manufacturer Concentration Excess Amount, as of such date, (ii) the Net Book Value of any Eligible Vehicle included in the
Series 2022-3 Medium-Duty Truck Amount for purposes of calculating the Series 2022-3 Moody’s Medium-Duty Truck
Concentration Excess Amount and designated by HVF III to constitute Series 2022-3 Moody’s Medium-Duty Truck Concentration
Excess Amounts, as of such date, shall not be included in the Series 2022-3 Non-Liened Vehicle Amount for purposes of
calculating the Series 2022-3 Moody’s Non-Liened Vehicle Concentration Excess Amount, as of such date,(iii) the Net
Book Value of any Eligible Vehicle included in the Series 2022-3 Moody’s Manufacturer Amount for the Manufacturer of such
Eligible Vehicle for purposes of calculating the Series 2022-3 Moody’s Manufacturer Concentration Excess Amount and
designated by HVF III to constitute Series 2022-3 Moody’s Manufacturer Concentration Excess Amounts, as of such date,
shall not be included in the Series 2022-3 Medium-Duty Truck Amount for purposes of calculating the Series 2022-3
Moody’s Medium-Duty Truck Concentration Excess Amount as of such date, and (iv) the determination of which Eligible
Vehicles (or the Net Book Value thereof) are to be designated as constituting (A) Series 2022-3 Moody’s Non-Liened
Vehicle Concentration Excess Amounts, (B) Series 2022-3 Moody’s Non-Liened Vehicle Concentration Excess Amount and
(C) Series 2022-3 Moody’s Manufacturer Concentration Excess Amounts, in each case as of such date shall be made
iteratively by HVF III in its reasonable discretion.

 

“Series 2022-3
Moody’s MTM/DT Advance Rate Adjustment” means, as of any date of determination,

 

(i)            with
respect to the Series 2022-3 Moody’s Eligible Investment Grade Non-Program Vehicle Amount, a percentage equal to the product
of (i) the Series 2022-3 Failure Percentage as of such date and (ii) the Series 2022-3 Moody’s Concentration
Adjusted Advance Rate with respect to the Series 2022-3 Moody’s Eligible Investment Grade Non-Program Vehicle Amount, in each
case as of such date;

 

(ii)            with
respect to the Series 2022-3 Moody’s Eligible Non-Investment Grade Non-Program Vehicle Amount, a percentage equal to the product
of (i) the Series 2022-3 Failure Percentage as of such date and (ii) the Series 2022-3 Moody’s Concentration
Adjusted Advance Rate with respect to the Series 2022-3 Moody’s Eligible Non-Investment Grade Non-Program Vehicle Amount, in
each case as of such date; and

 

(iii)            with
respect to any other Series 2022-3 Moody’s AAA Component, zero.

 

“Series 2022-3
Moody’s Non-Investment Grade (High) Manufacturer” means, as of any date of determination, any Manufacturer that (a) is
not a Series 2022-3 Moody’s Investment Grade Manufacturer as of such date and (b) has a Relevant Moody’s Rating
of at least “Ba3” as of such date; provided that, upon any withdrawal or downgrade of any rating of any Manufacturer
by Moody’s, such Manufacturer may, in HVF III’s sole discretion, be deemed to have the rating applicable thereto immediately
preceding such withdrawal or downgrade (as applicable) by Moody’s for a period of thirty (30) days following the earlier of (x) the
date on which an Authorized Officer of any of the Administrator, HVF III or the Servicer obtains actual knowledge of such withdrawal or
downgrade (as applicable) and (y) the date on which the Trustee notifies the Administrator in writing of such withdrawal or downgrade
(as applicable).

 

    72

     

    

 

“Series 2022-3
Moody’s Non-Investment Grade (High) Program Receivable Concentration Excess Amount” means, with respect to any Series 2022-3
Moody’s Non-Investment Grade (High) Manufacturer, as of any date of determination, the excess, if any, of the Series 2022-3
Moody’s Eligible Non-Investment Grade (High) Program Receivable Amount with respect to such Series 2022-3 Moody’s Non-Investment
Grade (High) Manufacturer as of such date over 7.5% of the Aggregate Asset Amount as of such date; provided that, for purposes
of calculating such excess as of any such date (i) the amount of any Series 2022-3 Moody’s Eligible Manufacturer Receivables
with respect to any Series 2022-3 Moody’s Non-Investment Grade (High) Manufacturer included in the Series 2022-3 Moody’s
Manufacturer Amount for purposes of calculating the Series 2022-3 Moody’s Manufacturer Concentration Excess Amount and designated
by HVF III to constitute Series 2022-3 Moody’s Manufacturer Concentration Excess Amounts as of such date, shall not be included
in the Series 2022-3 Moody’s Eligible Non-Investment Grade (High) Program Receivable Amount for purposes of calculating the
Series 2022-3 Moody’s Non-Investment Grade (High) Program Receivable Concentration Excess Amount, as of such date and (ii) the
determination of which receivables are to be designated as constituting (A) Series 2022-3 Moody’s Non-Investment Grade
(High) Program Receivable Concentration Excess Amounts and (B) Series 2022-3 Moody’s Manufacturer Concentration Excess
Amounts, in each case as of such date, shall be made iteratively by HVF III in its reasonable discretion.

 

“Series 2022-3
Moody’s Non-Investment Grade (High) Program Vehicle” means, as of any date of determination, any Program Vehicle manufactured
by a Series 2022-3 Moody’s Non-Investment Grade (High) Manufacturer that is or was subject to a Manufacturer Program on the
Vehicle Operating Lease Commencement Date for such Program Vehicle unless it has been redesignated (and as of such date remains so designated)
as a Non-Program Vehicle pursuant to Section 2.5 (Redesignation of Vehicles) of the Lease (or such other similar section of
another Lease, as applicable) as of such date.

 

“Series 2022-3
Moody’s Non-Investment Grade (Low) Manufacturer” means, as of any date of determination, any Manufacturer that has a Relevant
Moody’s Rating as of such date of less than “Ba3”; provided that, upon any withdrawal or downgrade of any rating
of any Manufacturer by Moody’s, such Manufacturer may, in HVF III’s sole discretion, be deemed to have the rating applicable
thereto immediately preceding such withdrawal or downgrade (as applicable) Moody’s for a period of thirty (30) days following the
earlier of (x) the date on which any of the Administrator, HVF III or the Servicer obtains actual knowledge of such withdrawal or
downgrade (as applicable) and (y) the date on which the Trustee notifies the Administrator in writing of such withdrawal or downgrade
(as applicable).

 

“Series 2022-3
Moody’s Non-Investment Grade (Low) Program Vehicle” means, as of any date of determination, any Program Vehicle manufactured
by a Series 2022-3 Moody’s Non-Investment Grade (Low) Manufacturer that is or was subject to a Manufacturer Program on the
Vehicle Operating Lease Commencement Date for such Program Vehicle unless it has been redesignated (and as of such date remains so designated)
as a Non-Program Vehicle pursuant to Section 2.5 (Redesignation of Vehicles) of the Lease (or such other similar section of
another Lease, as applicable) as of such date.

 

“Series 2022-3
Moody’s Non-Investment Grade Non-Program Vehicle” means, as of any date of determination, any Eligible Vehicle that (i) was
manufactured by a Series 2022-3 Moody’s Non-Investment Grade (High) Manufacturer or a Series 2022-3 Moody’s Non-Investment
Grade (Low) Manufacturer and (ii) is not a Series 2022-3 Moody’s Non-Investment Grade (High) Program Vehicle or a Series 2022-3
Moody’s Non-Investment Grade (Low) Program Vehicle, in each case as of such date.

 

    73

     

    

 

“Series 2022-3
Moody’s Non-Liened Vehicle Concentration Excess Amount” as of any date of determination, the excess, if any,
of the Series 2022-3 Non-Liened Vehicle Amount as of such date over (x) from the Series 2022-3 Closing Date until the
first anniversary of June 30, 2021 (the “Initial Closing Date”), 15.00% of the Aggregate Asset Amount as of
such date and (y) from the first anniversary of the Initial Closing Date and thereafter, the lesser of (1) $350 million or
(2) 10.0% of the Aggregate Asset Amount as of such date; provided that, for purposes of calculating such excess as of
any such date (i) the Net Book Value of any Eligible Vehicle included in the Series 2022-3 Non-Liened Vehicle Amount for
purposes of calculating the Series 2022-3 Moody’s Non-Liened Vehicle Concentration Excess Amount and designated by HVF
III to constitute Series 2022-3 Moody’s Non-Liened Vehicle Concentration Excess Amounts, as of such date, shall not be
included in the Series 2022-3 Moody’s Manufacturer Amount for the Manufacturer of such Eligible Vehicle for purposes of
calculating the Series 2022-3 Moody’s Manufacturer Concentration Excess Amount, as of such date, (ii) the Net Book
Value of any Eligible Vehicle included in the Series 2022-3 Non-Liened Vehicle Amount for purposes of calculating the
Series 2022-3 Moody’s Non-Liened Vehicle Concentration Excess Amount and designated by HVF III to constitute
Series 2022-3 Moody’s Non-Liened Vehicle Concentration Excess Amounts, as of such date, shall not be included in the
Series 2022-3 Medium-Duty Truck Amount for purposes of calculating the Series 2022-3 Moody’s Medium-Duty Truck
Concentration Excess Amount, as of such date, (iii) the Net Book Value of any Eligible Vehicle included in the
Series 2022-3 Moody’s Manufacturer Amount for the Manufacturer of such Eligible Vehicle for purposes of calculating the
Series 2022-3 Moody’s Manufacturer Concentration Excess Amount and designated by HVF III to constitute Series 2022-3
Moody’s Manufacturer Concentration Excess Amounts, as of such date, shall not be included in the Series 2022-3 Non-Liened
Vehicle Amount for purposes of calculating the Series 2022-3 Moody’s Non-Liened Vehicle Concentration Excess Amount as of
such date, and (iv) the determination of which Eligible Vehicles (or the Net Book Value thereof) are to be designated as
constituting (A) Series 2022-3 Moody’s Non-Liened Vehicle Concentration Excess Amounts, (B) Series 2022-3
Moody’s Medium-Duty Truck Concentration Excess Amount and (C) Series 2022-3 Moody’s Manufacturer Concentration
Excess Amounts, in each case as of such date shall be made iteratively by HVF III in its reasonable discretion.

 

“Series 2022-3
Moody’s Remainder AAA Amount” means, as of any date of determination, the excess, if any, of:

 

(a)            the
Aggregate Asset Amount as of such date over

 

(b)            the
sum of:

 

(i)            the
Series 2022-3 Moody’s Eligible Investment Grade Program Vehicle Amount as of such date,

 

(ii)            the
Series 2022-3 Moody’s Eligible Investment Grade Program Receivable Amount as of such date,

 

(iii)           the
Series 2022-3 Moody’s Eligible Non-Investment Grade Program Vehicle Amount as of such date,

 

(iv)           the
Series 2022-3 Moody’s Eligible Non-Investment Grade (High) Program Receivable Amount as of such date,

 

(v)            the
Series 2022-3 Moody’s Eligible Non-Investment Grade (Low) Program Receivable Amount as of such date,

 

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(vi)             the
Series 2022-3 Moody’s Eligible Investment Grade Non-Program Vehicle Amount as of such date,

 

(vii)            the
Series 2022-3 Moody’s Eligible Non-Investment Grade Non-Program Vehicle Amount as of such date,

 

(viii)           the
Cash Amount as of such date, and

 

(ix)              the
Due and Unpaid Lease Payment Amount as of such date.

 

“Series 2022-3
Non-Liened Vehicle Amount” means, as of any date of determination, the sum of the Net Book Value as of such date of each Eligible
Vehicle for which the Disposition Date has not occurred as of such date and with respect to which the Certificate of Title does not note
the Collateral Agent as the first lienholder (and, the Certificate of Title with respect to which has not been submitted to the appropriate
state authorities for such notation or the fees due in respect of such notation have not yet been paid).

 

“Series 2022-3
Non-Program Fleet Market Value” means, with respect to all Non-Program Vehicles as of any date of determination, the sum of
the respective Series 2022-3 Third-Party Market Values of each such Non-Program Vehicle as of such date.

 

“Series 2022-3
Non-Program Vehicle Disposition Proceeds Percentage Average” means, with respect to any Series 2022-3 Measurement Month,
commencing with the third Series 2022-3 Measurement Month following the Series 2022-3 Closing Date, the percentage equivalent
(not to exceed 100%) of a fraction, the numerator of which is the aggregate amount of Disposition Proceeds paid or payable in respect
of all Non-Program Vehicles that are sold to unaffiliated third parties (excluding salvage sales) during such Series 2022-3 Measurement
Month and the two Series 2022-3 Measurement Months preceding such Series 2022-3 Measurement Month and the denominator of which
is the excess, if any, of the aggregate Net Book Values of such Non-Program Vehicles on the dates of their respective sales over the aggregate
Final Base Rent with respect such Non-Program Vehicles.

 

“Series 2022-3
Noteholders” means the Class A Noteholders, the Class B Noteholders, the Class C Noteholders, the Class D
Noteholders and, if the Class E Notes have been issued, the Class E Noteholders, collectively.

 

“Series 2022-3
Notes” means the Class A Notes, the Class B Notes, the Class C Notes, the Class D Notes and, if the Class E
Notes have been issued, the Class E Notes, collectively.

 

“Series 2022-3
Operating Expense Amount” means, with respect to any Payment Date, the sum (without duplication) of (a) the aggregate amount
of Series 2022-3 Carrying Charges on such Payment Date (excluding any Series 2022-3 Carrying Charges payable to the Series 2022-3
Noteholders) and (b) the Series 2022-3 Percentage of the Carrying Charges, if any, payable by HVF III on such Payment Date (excluding
any Carrying Charges payable to the Series 2022-3 Noteholders).

 

“Series 2022-3
Past Due Rent Payment” means, (a) with respect to any Past Due Rent Payment in respect of a Series 2022-3 Lease Principal
Payment Deficit, an amount equal to the Series 2022-3 Invested Percentage with respect to Principal Collections (as of the Payment
Date on which such Series 2022-3 Lease Payment Deficit occurred) of such Past Due Rent Payment and (b) with respect to any Past
Due Rent Payment in respect of a Series 2022-3 Lease Interest Payment Deficit, an amount equal to the Series 2022-3 Invested
Percentage with respect to Interest Collections (as of the Payment Date on which such Series 2022-3 Lease Payment Deficit occurred)
of such Past Due Rent Payment.

 

    75

     

    

 

“Series 2022-3
Payment Date Available Interest Amount” means, with respect to each Series 2022-3 Interest Period, the sum of the Series 2022-3
Daily Interest Allocation for each Series 2022-3 Deposit Date in such Series 2022-3 Interest Period.

 

“Series 2022-3
Payment Date Interest Amount” means, with respect to each Payment Date, the sum (without duplication) of the amounts payable
pursuant to Sections 5.3(a) through (g) (Application of Funds in the Series 2022-3 Interest Collection
Account).

 

“Series 2022-3
Percentage” means, as of any date of determination, a fraction, expressed as a percentage, the numerator of which is the Series 2022-3
Principal Amount as of such date and the denominator of which is the Aggregate Principal Amount as of such date.

 

“Series 2022-3
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
that are not more than thirty (30) 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 any Series 2022-3 Related Document, Related Document or any other Series Related Document and Liens in favor
of the Collateral Agent pursuant to the Collateral Agency Agreement and (iv) any Lien on any Vehicle arising out of or in connection
with the sale of a Vehicle in the ordinary course. Series 2022-3 Permitted Liens shall be “Series Permitted Liens”
with respect to the Series 2022-3 Notes.

 

“Series 2022-3
Principal Amount” means, as of any date of determination, the sum of the Class A Principal Amount, the Class B Principal
Amount, the Class C Principal Amount, the Class D Principal Amount and, if the Class E Notes have been issued as of such
date, the Class E Principal Amount, in each case, as of such date. The Series 2022-3 Principal Amount shall be the “Principal
Amount” with respect to the Series 2022-3 Notes. For the avoidance of doubt, when “Principal Amount” is used in
connection with any Class of Series 2022-3 Notes it means the Class A Principal Amount, the Class B Principal Amount,
the Class C Principal Amount, the Class D Principal Amount or the Class E Principal Amount, as applicable.

 

“Series 2022-3
Principal Collection Account” has the meaning specified in Section 4.2(a)(i) (Series 2022-3 Accounts)
of this Series 2022-3 Supplement.

 

“Series 2022-3
Principal Collection Account Amount” means, as of any date of determination, the amount of cash on deposit in and Permitted
Investments credited to the Series 2022-3 Principal Collection Account as of such date.

 

“Series 2022-3
Rapid Amortization Period” means the period beginning on the earlier to occur of (i) the close of business on the Business
Day immediately preceding the Expected Final Payment Date and (ii) the close of business on the Business Day immediately preceding
the day on which an Amortization Event with respect to the Series 2022-3 Notes is deemed to have occurred with respect to the Series 2022-3
Notes, and ending upon the earlier to occur of (i) the date on which the Series 2022-3 Notes are paid in full and (ii) the
termination of this Series 2022-3 Supplement.

 

“Series 2022-3
Rating Agency Condition” means (a) the notification in writing by each Rating Agency then rating any Class of Series 2022-3
Notes at the request of HVF III that a proposed action will not result in a reduction or withdrawal by such Rating Agency of the rating
or credit risk assessment of such Class, or (b) each Rating Agency then rating any Class of Series 2022-3 Notes at the
request of HVF III shall have been given notice of such event at least ten (10) days prior to the occurrence of such event (or, if
ten (10) day’s advance notice is impracticable, as much advance notice as is practicable) and such Rating Agency shall not
have issued any written notice prior to the occurrence of such event that the occurrence of such event will itself cause such Rating Agency
to downgrade, qualify, or withdraw its rating assigned to such Class. The Series 2022-3 Rating Agency Condition shall be the “Rating
Agency Condition” with respect to the Series 2022-3 Notes.

 

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“Series 2022-3
Related Documents” means the Related Documents, this Series 2022-3 Supplement and each Class A/B/C/D Demand Note.

 

“Series 2022-3
Revolving Period” means the period from the Series 2022-3 Closing Date to the earlier of (i) the commencement of the
Series 2022-3 Controlled Amortization Period and (ii) the commencement of the Series 2022-3 Rapid Amortization Period.

 

“Series 2022-3
Supplement” has the meaning specified in the Preamble of this Series 2022-3 Supplement.

 

“Series 2022-3
Supplemental Indenture” means a supplement to this Series 2022-3 Supplement complying (to the extent applicable) with the
terms of Section 9.9 (Amendments) of this Series 2022-3 Supplement.

 

“Series 2022-3
Third-Party Market Value” means, with respect to each Non-Program Vehicle, as of any date of determination during a calendar
month:

 

(a)           if
the Series 2022-3 Third-Party Market Value Procedures have been completed for such month, then

 

(i)            the
Monthly NADA Mark, if any, for such Non-Program Vehicle obtained in such calendar month in accordance with such Series 2022-3 Third-Party
Market Value Procedures;

 

(ii)            if,
pursuant to the Series 2022-3 Third-Party Market Value Procedures, no Monthly NADA Mark for such Non-Program Vehicle was obtained
in such calendar month, then the Monthly Blackbook Mark, if any, for such Non-Program Vehicle obtained in such calendar month in accordance
with such Series 2022-3 Third-Party Market Value Procedures; and

 

(iii)            if,
pursuant to the Series 2022-3 Third-Party Market Value Procedures, neither a Monthly NADA Mark nor a Monthly Blackbook Mark for such
Non-Program Vehicle was obtained for such calendar month (regardless of whether such value was not obtained because (A) neither a
Monthly NADA Mark nor a Monthly Blackbook Mark was obtained in undertaking the Series 2022-3 Third-Party Market Value Procedures
or (B) such Non-Program Vehicle experienced its Vehicle Operating Lease Commencement Date on or after the first day of such calendar
month), then the Administrator’s reasonable estimation of the fair market value of such Non-Program Vehicle as of such date of determination;
and

 

(b)            until
the Series 2022-3 Third-Party Market Value Procedures have been completed for such calendar month:

 

(i)            if
such Non-Program Vehicle experienced its Vehicle Operating Lease Commencement Date prior to the first day of such calendar month, the
Series 2022-3 Third-Party Market Value obtained in the immediately preceding calendar month, in accordance with the Series 2022-3
Third-Party Market Value Procedures for such immediately preceding calendar month, and

 

    77

     

    

 

(ii)            if
such Non-Program Vehicle experienced its Vehicle Operating Lease Commencement Date on or after the first day of such calendar month, then
the Administrator’s reasonable estimation of the fair market value of such Non-Program Vehicle as of such date of determination.

 

“Series 2022-3
Third-Party Market Value Procedures” means, with respect to each calendar month and each Non-Program Vehicle, on or prior to
the Determination Date for such calendar month:

 

(a)            HVF
III shall make one attempt (or cause the Administrator to make one attempt) to obtain a Monthly NADA Mark for each Non-Program Vehicle
that was a Non-Program Vehicle as of the first day of such calendar month, and

 

(b)            if
no Monthly NADA Mark was obtained for any such Non-Program Vehicle described in clause (a) above upon such attempt, then HVF
III shall make one attempt (or cause the Administrator to make one attempt) to obtain a Monthly Blackbook Mark for any such Non-Program
Vehicle.

 

“Series 2022-3
Trustee Fee Amount” means, with respect to any Payment Date, an amount equal to the Series 2022-3 Percentage of fees payable
to the Trustee with respect to the Notes on such Payment Date.

 

“Series-Specific 2022-3
Collateral” means the Series 2022-3 Account Collateral with respect to each Series 2022-3 Account and each Class A/B/C/D
Demand Note. The Series-Specific 2022-3 Collateral shall be the “Series-Specific Collateral” with respect to the Series 2022-3
Notes.

 

“Similar Law”
has the meaning specified in Section 2.2(k) (Transfer Restrictions for Global Notes) of this Series 2022-3
Supplement.

 

“Tax Opinion Amendment
Implementation Date” means the first date following execution of documentation evidencing an amendment to the Base Indenture
to modify the definition of “Tax Opinion” in relevant part to allow the Issuer to issue additional Series of Notes upon
receipt by the Trustee of an Opinion of Counsel to be delivered in connection with the issuance of such new Series of Notes to the
effect that, for United States federal income tax purposes, the Issuer either “should” or “will” (rather than
solely “will”) not be classified as an association or as a publicly traded partnership taxable as a corporation for United
States federal income tax purposes.

 

“Treasury Rate”
means with respect a Redemption Date, the yield to maturity at the time of computation of United States Treasury securities with a constant
maturity (as compiled and published in the most recent Federal Reserve Statistical Release H.15(519) that has become publicly available
at least two (2) business days prior to such Redemption Date (or, if such statistical release is no longer published, any publicly
available source of similar market data)) most nearly equal to the period from such Redemption Date to the Expected Final Payment Date;
provided that, if the period from the Redemption Date to the Expected Final Payment Date is not equal to the constant maturity
of a United States Treasury security for which a weekly average yield is given, then the Treasury Rate will be obtained by linear interpolation
(calculated to the nearest one-twelfth of a year) from the weekly average yields of United States Treasury securities for which such yields
are given, except that if the period from such Redemption Date to the Expected Final Payment Date is less than one (1) year, then
the weekly average yield on actually traded United States Treasury securities adjusted to a constant maturity of one (1) year will
be used.

 

    78

     

    

 

Schedule
II

TO THE SERIES 2022-3 SUPPLEMENT

 

MONTHLY NOTEHOLDERS’ STATEMENT INFORMATION

 

		·	Aggregate Principal Amount

 

		·	Class A Monthly Interest Amount

 

		·	Class A Principal Amount

 

		·	Class A/B/C/D Adjusted Principal Amount

 

		·	Class A/B/C/D Available L/C Cash Collateral Account Amount

 

		·	Class A/B/C/D Available Reserve Account Amount

 

		·	Class A/B/C/D Letter of Credit Amount

 

		·	Class A/B/C/D Letter of Credit Liquidity Amount

 

		·	Class A/B/C/D Liquid Enhancement Amount

 

		·	Class A/B/C/D Principal Amount

 

		·	Class A/B/C/D Required Liquid Enhancement Amount

 

		·	Class A/B/C/D Required Reserve Account Amount

 

		·	Class A/B/C/D Reserve Account Deficiency Amount

 

		·	Class B Monthly Interest Amount

 

		·	Class B Principal Amount

 

		·	Class C Monthly Interest Amount

 

		·	Class C Principal Amount

 

		·	Class D Monthly Interest Amount

 

		·	Class D Principal Amount

 

		·	Class E Monthly Interest Amount (if applicable)

 

		·	Class E Principal Amount (if applicable)

 

		·	Determination Date

 

		·	Aggregate Asset Amount

 

		·	Aggregate Asset Amount Deficiency

 

		·	Aggregate Asset Coverage Threshold Amount

 

		·	Asset Coverage Threshold Amount

 

		·	Carrying Charges

 

		·	Cash Amount

 

		·	Collections

 

		·	Due and Unpaid Lease Payment Amount

 

    79

     

    

 

		·	Interest Collections

 

		·	Percentage

 

		·	Principal Collections

 

		·	Advance Rate

 

		·	Asset Coverage Threshold Amount

 

		·	Payment Date

 

		·	Series 2022-3 Accrued Amounts

 

		·	Series 2022-3 Adjusted Asset Coverage Threshold Amount

 

		·	Series 2022-3 Asset Amount

 

		·	Series 2022-3 Asset Coverage Threshold Amount

 

		·	Series 2022-3 Blended Advance Rate

 

		·	Series 2022-3 Capped Administrator Fee Amount

 

		·	Series 2022-3 Capped Operating Expense Amount

 

		·	Series 2022-3 Capped Trustee Fee Amount

 

		·	Series 2022-3 Excess Administrator Fee Amount

 

		·	Series 2022-3 Excess Operating Expense Amount

 

		·	Series 2022-3 Excess Trustee Fee Amount

 

		·	Series 2022-3 Failure Percentage

 

		·	Series 2022-3 Floating Allocation Percentage

 

		·	Series 2022-3 Administrator Fee Amount

 

		·	Series 2022-3 Trustee Fee Amount

 

		·	Series 2022-3 Interest Period

 

		·	Series 2022-3 Invested Percentage

 

		·	Series 2022-3 Market Value Average

 

		·	Series 2022-3 Medium-Duty Truck Amount

 

		·	Series 2022-3 Moody’s Adjusted Advance Rate

 

		·	Series 2022-3 Moody’s Blended Advance Rate

 

		·	Series 2022-3 Moody’s Concentration Adjusted Advance Rate

 

		·	Series 2022-3 Moody’s Concentration Excess Advance Rate Adjustment

 

		·	Series 2022-3 Moody’s Concentration Excess Amount

 

		·	Series 2022-3 Moody’s Eligible Investment Grade Non-Program Vehicle Amount

 

		·	Series 2022-3 Moody’s Eligible Investment Grade Program Receivable Amount

 

		·	Series 2022-3 Moody’s Eligible Investment Grade Program Vehicle Amount

 

    80

     

    

 

		·	Series 2022-3 Moody’s Eligible Non-Investment Grade (High) Program Receivable Amount

 

		·	Series 2022-3 Moody’s Eligible Non-Investment Grade (Low) Program Receivable Amount

 

		·	Series 2022-3 Moody’s Eligible Non-Investment Grade Non-Program Vehicle Amount

 

		·	Series 2022-3 Moody’s Eligible Non-Investment Grade Program Vehicle Amount

 

		·	Series 2022-3 Moody’s Manufacturer Concentration Excess Amount

 

		·	Series 2022-3 Moody’s Medium-Duty Truck Concentration Excess Amount

 

		·	Series 2022-3 Moody’s MTM/DT Advance Rate Adjustment

 

		·	Series 2022-3 Moody’s Non-Investment Grade (High) Program Receivable Concentration Excess Amount

 

		·	Series 2022-3 Moody’s Non-Liened Vehicle Concentration Excess Amount

 

		·	Series 2022-3 Moody’s Remainder AAA Amount

 

		·	Series 2022-3 Non-Liened Vehicle Amount

 

		·	Series 2022-3 Non-Program Fleet Market Value

 

		·	Series 2022-3 Non-Program Vehicle Disposition Proceeds Percentage Average

 

		·	Series 2022-3 Percentage

 

		·	Series 2022-3 Principal Amount

 

		·	Series 2022-3 Principal Collection Account Amount

 

		·	Series 2022-3 Rapid Amortization Period

 

On or before the second Business Day following
the Trustee’s receipt of a Monthly Noteholders’ Statement, the Trustee shall post, or cause to be posted, a copy of such Monthly
Noteholders’ Statement to https://gctinvestorreporting.bnymellon.com (or such other website maintained by the Trustee and available
to the Series 2022-3 Noteholders, as designated from time to time by the Trustee).

 

    81

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