Document:

Exhibit 10.4

 

Execution Version

 

WAIVER AND CONSENT

 

WAIVER AND CONSENT under the Credit Agreement referred to below, dated as of May 16, 2014 (this “Consent”), among THE HERTZ CORPORATION, a Delaware corporation (together with its successors and assigns, the “Parent Borrower”), HERTZ EQUIPMENT RENTAL CORPORATION (“HERC”), the Canadian Borrowers (as defined in the Credit Agreement) parties hereto, the several banks and financial institutions parties hereto as Lenders and the Administrative Agent (as defined below).

 

RECITALS

 

WHEREAS, each of the Parent Borrower and HERC is party to that certain Credit Agreement, dated as of March 11, 2011 (as amended, amended and restated, supplemented or otherwise modified from time to time, the “Credit Agreement”), among the Parent Borrower, HERC, the Canadian Borrowers, the several banks and other financial institutions from time to time parties thereto (the “Lenders”), DEUTSCHE BANK AG NEW YORK BRANCH, as administrative agent and collateral agent for the Lenders, DEUTSCHE BANK AG CANADA BRANCH, as Canadian agent and Canadian collateral agent for the Lenders, WELLS FARGO BANK, NATIONAL ASSOCIATION, as co-collateral agent for the Lenders and the other parties thereto;

 

WHEREAS, the Parent Borrower has requested that the Lenders consent to extend the date for delivery of the March 2014 Quarterly Financial Statements (as defined below) and certain other information required pursuant to Sections 7.1 and 7.2 of the Credit Agreement;

 

WHEREAS, the Parent Borrower has requested that the Lenders waive any Default, Specified Default or Event of Default that may arise directly or indirectly from or in connection with the failure to deliver the March 2014 Quarterly Financial Statements (and any certificates and other information required to be delivered concurrently therewith) on or prior to the Extended Delivery Date (as defined below) to the Lenders or in accordance with any agreement or condition relating to other Indebtedness of the Parent Borrower and its Subsidiaries;

 

WHEREAS, pursuant to Section 7.1 of the Credit Agreement the Parent Borrower delivered annual and quarterly financial statements of the Parent Borrower and its consolidated Subsidiaries from time to time on or prior to the date hereof (collectively, the “Previous THC Financial Statements”);

 

WHEREAS, as part of the process of completing the March 2014 Quarterly Financial Statements, the Parent Borrower is reviewing the Previous THC Financial Statements;

 

WHEREAS, the Parent Borrower does not currently know what action, if any, will be required to be taken as a result of such review, which has not yet been completed; however, it is possible that the Parent Borrower may restate one or more of the Previous THC Financial Statements and one or more financial statements or other financial information relating to any Subsidiary of the Parent Borrower (such a restatement, if it were to occur, the “Restatement”);

 

WHEREAS, the Parent Borrower has requested that the Lenders waive any Default,

 

 

Specified Default or Event of Default (as such terms are defined in the Credit Agreement) that may arise as a result of or in connection with the Restatement, if any, or any action taken or any failure to take action while any such Default, Specified Default or Event of Default was continuing to the extent such action or failure to take action would have been permitted but for the existence of such Default, Specified Default or Event of Default;

 

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

 

Section 1.                                           Defined Terms.  Capitalized terms used but not defined herein shall have the meanings assigned to such terms in the Credit Agreement.

 

Section 2.                                           Waiver and Consent.

 

(a)                                 The Lenders hereby agree that, notwithstanding anything to the contrary in the Loan Documents, the quarterly financial statements required to be delivered under Section 7.1(b) for the Parent Borrower’s fiscal quarter ended March 31, 2014 (the “March 2014 Quarterly Financial Statements”) and the certificates and other information required by Sections 7.1 and 7.2 to be delivered concurrently therewith need not be delivered on or prior to June 15, 2014 (such date, the “Extended Delivery Date”).

 

(b)                                 So long as the March 2014 Quarterly Financial Statements and the certificates and other information required to be delivered in connection therewith to the Lenders under the Credit Agreement are delivered on or prior to the Extended Delivery Date, the Lenders hereby waive any existing or future Default, Specified Default or Event of Default that may arise directly or indirectly (i) as a result of or in connection with the failure to deliver any of the March 2014 Quarterly Financial Statements, such certificates or other information, or (ii) under Section 9(e) of the Credit Agreement in connection with any failure to file or deliver quarterly reports pursuant to Section 13(a) or Section 15(d) of the Exchange Act, the March 2014 Quarterly Financial Statements, or any financial statements or other financial information of the Parent Borrower or any of its Subsidiaries, in each case for the fiscal quarter ended March 31, 2014 (and any certificates and other information concurrently therewith) in accordance with any agreement or condition relating to any other Indebtedness.

 

(c)                                  The Lenders hereby waive, from the Consent Effective Date until the Extended Delivery Date, any Default, Specified Default or Event of Default that may arise, directly or indirectly, as a result of or in connection with the Restatement, if any, or any action taken or any failure to take action while any such Default, Specified Default or Event of Default was continuing to the extent such action or failure to take action would have been permitted but for the existence of such Default, Specified Default or Event of Default, including without limitation any Default, Specified Default or Event of Default that may arise directly or indirectly (i) from any breach of the representations and warranties contained in Section 5.7 of the Credit Agreement or of any other representations and warranties contained in the Loan Documents, (ii) from any request for any Extension or Credit under the Credit Agreement after the occurrence and during the continuance of any such Default, Specified Default or Event of Default, (iii) from any failure to comply with any covenant or other obligation under Sections 7.1 and 7.2 of the

 

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Credit Agreement or with any other covenants and conditions in the Loan Documents and (iv) under Section 9(e) of the Credit Agreement or otherwise under Section 9 of the Credit Agreement, in each case as a result of or in connection with the Restatement, if any.  Notwithstanding the foregoing, the waiver in this Section 2(c) is a limited waiver for the period ending on the Extended Delivery Date and for the avoidance of doubt, after the Extended Delivery Date, unless otherwise waived, no such Default, Specified Default or Event of Default that arises directly or indirectly from the Restatement shall be deemed waived pursuant to this Section 2(c).

 

(d)                                 For the avoidance of doubt, until the Extended Delivery Date (i) each Lender shall continue to honor notices for Borrowing and L/C Requests delivered in compliance with the Credit Agreement notwithstanding the occurrence or continuation of the events described in this Section 2 and (ii) no Loan Party shall be required to deliver any notice pursuant to Section 7.7 of the Credit Agreement or otherwise in connection with the occurrence or continuation of the events described in this Section 2.

 

Section 3.                                           Conditions to Effectiveness of Consent.  This Consent shall become effective on the date (such date, if any, the “Consent Effective Date”) the Administrative Agent shall have received this Consent executed and delivered by a duly authorized officer of the Parent Borrower and the requisite Lenders set forth in Section 11.1 of the Credit Agreement.  The Administrative Agent shall give prompt notice in writing to the Parent Borrower of the occurrence of the Consent Effective Date.

 

Section 4.                                           Effects on Loan Documents; Acknowledgement.

 

(a)                                 Except as expressly set forth herein, this Consent (i) shall not by implication or otherwise limit, impair, constitute a waiver of or otherwise affect the rights and remedies of the Lenders, the Administrative Agent, the Collateral Agent or the Loan Parties under the Credit Agreement or any other Loan Document, and (ii) shall not alter, modify, amend or in any way affect any of the terms, conditions, obligations, covenants or agreements contained in the Credit Agreement or any other provision of the Credit Agreement or any other Loan Document.  Each and every term, condition, obligation, covenant and agreement contained in the Credit Agreement or any other Loan Document is hereby ratified and re-affirmed in all respects and shall continue in full force and effect as modified hereby and nothing herein can or may be construed as a novation thereof.  Each Loan Party reaffirms on the Consent Effective Date its obligations under the Loan Documents to which it is party and the validity, enforceability and perfection of the Liens granted by it pursuant to the Security Documents.  This Consent shall constitute a Loan Document for purposes of the Credit Agreement and from and after the Consent Effective Date, all references to the Credit Agreement in any Loan Document and all references in the Credit Agreement to “this Agreement”, “hereunder”, “hereof” or words of like import referring to the Credit Agreement, shall, unless expressly provided otherwise, refer to the Credit Agreement as modified by this Consent.

 

(b)                                 For the avoidance of doubt, this Consent does not constitute an acknowledgement by the Parent Borrower or its Subsidiaries that a Restatement, if any, would result in a Default, Specified Default or Event of Default under the Loan Documents and the Parent Borrower and its Subsidiaries reserve all of their respective rights under the Loan Documents in connection

 

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therewith.

 

Section 5.                                           Expenses.  The Parent Borrower agrees to pay or reimburse the Administrative Agent for (1) all of its reasonable out-of-pocket costs and expenses incurred in connection with this Consent, any other documents prepared in connection herewith and the transactions contemplated hereby, and (2) the reasonable fees, charges and disbursements of Latham & Watkins LLP, as counsel to the Administrative Agent.

 

Section 6.                                           Counterparts.  This Consent may be executed in any number of counterparts and by different parties hereto on separate counterparts, each of which when so executed and delivered shall be deemed to be an original, but all of which when taken together shall constitute a single instrument.  Delivery of an executed counterpart of a signature page of this Consent by facsimile or any other electronic transmission shall be effective as delivery of a manually executed counterpart hereof.

 

Section 7.                                           Applicable Law.  THIS CONSENT AND THE RIGHTS AND OBLIGATIONS OF THE PARTIES UNDER THIS CONSENT SHALL BE GOVERNED BY, AND CONSTRUED AND INTERPRETED IN ACCORDANCE WITH, THE LAWS OF THE STATE OF NEW YORK WITHOUT GIVING EFFECT TO THE PRINCIPLES OF CONFLICTS OF LAWS THEREOF, TO THE EXTENT THAT THE SAME ARE NOT MANDATORILY APPLICABLE BY STATUTE AND WOULD REQUIRE OR PERMIT THE APPLICATION OF THE LAW OF ANOTHER JURISDICTION.

 

Section 8.                                           Headings.  The headings of this Consent are for purposes of reference only and shall not limit or otherwise affect the meaning hereof.

 

[Remainder of page intentionally left blank.]

 

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IN WITNESS WHEREOF, the parties hereto have caused this Waiver and Consent to be executed and delivered by their respective duly authorized officers as of the date first above written.

 

 

	
 
    	
THE HERTZ   CORPORATION
    
	
 
    	
 
    	
 
    	
 
    
	
 
    	
 
    	
 
    	
 
    
	
 
    	
By:
    	
/s/ R. Scott   Massengill
    
	
 
    	
 
    	
Name:
    	
R. Scott   Massengill
    
	
 
    	
 
    	
Title:
    	
Senior Vice   President and Treasurer
    
	
 
    	
 
    	
 
    	
 
    
	
 
    	
 
    	
 
    	
 
    
	
 
    	
HERTZ EQUIPMENT   RENTAL CORPORATION
    
	
 
    	
 
    	
 
    	
 
    
	
 
    	
 
    	
 
    	
 
    
	
 
    	
By:
    	
/s/ R. Scott   Massengill
    
	
 
    	
 
    	
Name:
    	
R. Scott   Massengill
    
	
 
    	
 
    	
Title:
    	
Treasurer
    
	
 
    	
 
    	
 
    	
 
    
	
 
    	
 
    	
 
    	
 
    
	
 
    	
MATTHEWS   EQUIPMENT LIMITED
    
	
 
    	
 
    	
 
    	
 
    
	
 
    	
 
    	
 
    	
 
    
	
 
    	
By:
    	
/s/ R. Scott   Massengill
    
	
 
    	
 
    	
Name:
    	
R. Scott   Massengill
    
	
 
    	
 
    	
Title:
    	
Treasurer
    
	
 
    	
 
    	
 
    	
 
    
	
 
    	
 
    	
 
    	
 
    
	
 
    	
WESTERN   SHUT-DOWN (1995) LIMITED
    
	
 
    	
 
    	
 
    	
 
    
	
 
    	
 
    	
 
    	
 
    
	
 
    	
By:
    	
/s/ R. Scott   Massengill
    
	
 
    	
 
    	
Name:
    	
R. Scott   Massengill
    
	
 
    	
 
    	
Title:
    	
Treasurer
    
	
 
    	
 
    	
 
    	
 
    
	
 
    	
 
    	
 
    	
 
    
	
 
    	
HERTZ CANADA   EQUIPMENT RENTAL
   PARTNERSHIP, BY ITS MANAGING PARTNER,
   MATTHEWS EQUIPMENT LIMITED
    
	
 
    	
 
    	
 
    	
 
    
	
 
    	
 
    	
 
    	
 
    
	
 
    	
By:
    	
/s/ R. Scott Massengill
    
	
 
    	
 
    	
Name:
    	
R. Scott   Massengill
    
	
 
    	
 
    	
Title:
    	
Treasurer
    

 

 

	
 
    	
Acknowledged and   Agreed:
    
	
 
    	
 
    
	
 
    	
 
    
	
 
    	
HERTZ   INVESTORS, INC.
    
	
 
    	
 
    
	
 
    	
 
    
	
 
    	
By:
    	
/s/ Kelly Shyroc
    
	
 
    	
 
    	
Name:
    	
Kelly Shyroc
    
	
 
    	
 
    	
Title:
    	
Assistant   Treasurer
    
	
 
    	
 
    	
 
    	
 
    
	
 
    	
 
    	
 
    	
 
    
	
 
    	
HERTZ CAR SALES   LLC
    
	
 
    	
HERTZ CLAIM   MANAGEMENT CORPORATION
    
	
 
    	
HCM MARKETING   CORPORATION
    
	
 
    	
HERTZ LOCAL   EDITION CORP.
    
	
 
    	
HERTZ LOCAL   EDITION TRANSPORTING, INC.
    
	
 
    	
HERTZ GLOBAL   SERVICES CORPORATION
    
	
 
    	
HERTZ   SYSTEM, INC.
    
	
 
    	
HERTZ   TECHNOLOGIES, INC.
    
	
 
    	
HERTZ   TRANSPORTING, INC.
    
	
 
    	
HERTZ   ENTERTAINMENT SERVICES CORPORATION
    
	
 
    	
SMARTZ VEHICLE   RENTAL CORPORATION
    
	
 
    	
CINELEASE   HOLDINGS, INC.
    
	
 
    	
CINELEASE, INC.
    
	
 
    	
CINELEASE, LLC
    
	
 
    	
DONLEN   CORPORATION
    
	
 
    	
DOLLAR THRIFTY   AUTOMOTIVE GROUP, INC.
    
	
 
    	
DOLLAR RENT A   CAR, INC.
    
	
 
    	
DTG   OPERATIONS, INC.
    
	
 
    	
DTG   SUPPLY, INC.
    
	
 
    	
THRIFTY, INC.
    
	
 
    	
THRIFTY CAR   SALES, INC.
    
	
 
    	
THRIFTY   INSURANCE AGENCY, INC.
    
	
 
    	
TRAC ASIA   PACIFIC, INC.
    
	
 
    	
THRIFTY   RENT-A-CAR SYSTEM, INC.
    
	
 
    	
FIREFLY RENT   A CAR LLC
    
	
 
    	
 
    
	
 
    	
 
    
	
 
    	
By:
    	
/s/ R. Scott   Massengill
    
	
 
    	
 
    	
Name:
    	
R. Scott   Massengill
    
	
 
    	
 
    	
Title:
    	
Treasurer
    
	
 
    	
 
    	
 
    	
 
    
	
 
    	
 
    	
 
    	
 
    
	
 
    	
DONLEN   CORPORATION
    
	
 
    	
 
    
	
 
    	
By:
    	
/s/ R. Scott   Massengill
    
	
 
    	
 
    	
Name:
    	
R. Scott   Massengill
    
	
 
    	
 
    	
Title:
    	
Assistant   Treasurer
    

 

 

	
 
    	
DEUTSCHE BANK AG   NEW YORK BRANCH,
    
	
 
    	
as   Administrative Agent, Collateral Agent and a Lender
    
	
 
    	
 
    	
 
    	
 
    
	
 
    	
 
    	
 
    	
 
    
	
 
    	
By:
    	
/s/ Peter   Cucchiara
    
	
 
    	
 
    	
Name:
    	
Peter   Cucchiara
    
	
 
    	
 
    	
Title:
    	
Vice   President
    
	
 
    	
 
    	
 
    	
 
    
	
 
    	
 
    	
 
    	
 
    
	
 
    	
By:
    	
/s/ Kirk   L. Tashjian
    
	
 
    	
 
    	
Name:
    	
Kirk L.   Tashjian
    
	
 
    	
 
    	
Title:
    	
Vice   President
    

 

 

	
 
    	
DEUTSCHE BANK   AG, CANADA BRANCH,
    
	
 
    	
as Canadian   Agent and a Lender
    
	
 
    	
 
    	
 
    	
 
    
	
 
    	
 
    	
 
    	
 
    
	
 
    	
By:
    	
/s/ Paul   Uffelmann
    
	
 
    	
 
    	
Name:
    	
Paul   Uffelmann
    
	
 
    	
 
    	
Title:
    	
Vice President
    
	
 
    	
 
    	
 
    	
 
    
	
 
    	
 
    	
 
    	
 
    
	
 
    	
By:
    	
/s/ David   Gynn
    
	
 
    	
 
    	
Name:
    	
David   Gynn
    
	
 
    	
 
    	
Title:
    	
Chief   Financial OfficerExhibit 10.5

 

Execution Version

 

EXTENSION OF WAIVER AND CONSENT

 

EXTENSION OF WAIVER AND CONSENT under the Credit Agreement referred to below, dated as of June 12, 2014 (this “Consent Extension”), among THE HERTZ CORPORATION, a Delaware corporation (together with its successors and assigns, the “Parent Borrower”), HERTZ EQUIPMENT RENTAL CORPORATION (“HERC”), the Canadian Borrowers (as defined in the Credit Agreement) parties hereto, the several banks and financial institutions parties hereto as Lenders, the Administrative Agent (as defined below) and the Canadian Agent (as defined below).

 

RECITALS

 

WHEREAS, each of the Parent Borrower, HERC and the Canadian Borrowers is party to that certain Credit Agreement, dated as of March 11, 2011 (as amended, amended and restated, supplemented or otherwise modified (including pursuant to the Waiver and Consent referred to below) from time to time, the “Credit Agreement”), among the Parent Borrower, HERC, the Canadian Borrowers, the several banks and other financial institutions from time to time parties thereto (the “Lenders”), DEUTSCHE BANK AG NEW YORK BRANCH, as administrative agent and collateral agent for the Lenders (in such capacity, the “Administrative Agent”), DEUTSCHE BANK AG CANADA BRANCH, as Canadian agent and Canadian collateral agent for the Lenders (in such capacity, the “Canadian Agent”), WELLS FARGO BANK, NATIONAL ASSOCIATION, as co-collateral agent for the Lenders and the other parties thereto;

 

WHEREAS, each of the Parent Borrower, HERC, the Canadian Borrowers, the Administrative Agent and the Canadian Agent is party to that certain Waiver and Consent, dated as of May 16, 2014 (the “Waiver and Consent”) pursuant to which the Lenders consented to extend the date for delivery of the March 2014 Quarterly Financial Statements (as defined therein) and certain other information to the Extended Delivery Date (as defined therein) and granted the waivers specified therein until the Extended Delivery Date;

 

WHEREAS, the Parent Borrower has requested that the Lenders consent to extend the Extended Delivery Date specified in the Waiver and Consent, including for delivery of financial and other information for the second fiscal quarter of 2014;

 

WHEREAS, the Parent Borrower has concluded that the financial statements of the Parent Borrower and its consolidated subsidiaries for the fiscal year 2011 must be restated;

 

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

 

Section 1.                                           Defined Terms.  Capitalized terms used but not defined herein shall have the meanings assigned to such terms in the Waiver and Consent or in the Credit Agreement, as applicable.

 

 

Section 2.                                           Extension of Waiver and Consent.

 

(a)                                 The Lenders hereby (i) agree to amend the Waiver and Consent by deleting the phrase “June 15, 2014” in Section 2(a) of the Waiver and Consent and substituting therefor the phrase “November 14, 2014” and (ii) agree that each reference to the “Extended Delivery Date” in the Waiver and Consent and in this Section 2 shall be construed to be a reference to the date November 14, 2014, including without limitation for purposes of the waivers set forth in Sections 2(b) and 2(c) of the Waiver and Consent, and the agreement and acknowledgement set forth in Section 2(d) of the Waiver and Consent.

 

(b)                                 The Lenders hereby agree to amend the Waiver and Consent by:

 

(i)             deleting the phrase “fiscal quarter ended March 31, 2014” in Section 2(a) of the Waiver and Consent and substituting therefor the phrase “fiscal quarters ended March 31, 2014 and June 30, 2014”,

 

(ii)          deleting the phrase “March 2014” each time such phrase appears in Sections 2(a) and 2(b) and in the recitals of the Waiver and Consent,

 

(iii)       deleting the phrase “for the fiscal quarter ended March 31, 2014” and substituting therefor the phrase “for the fiscal quarters ended March 31, 2014 and June 30, 2014” in subclause (ii) of Section 2(b) of the Waiver and Consent,

 

(iv)      inserting the phrase “, provided that this subclause (ii) shall not be applicable with respect to Indebtedness (x) in respect of which a Default Notice has been given to commence a grace period that will lapse prior to the Extended Delivery Date or to declare an occurrence of an event of default before notice of Acceleration may be delivered or (y) that has become due prior to its stated maturity,” after the phrase “any other Indebtedness” at the end of subclause (ii) of Section 2(b) of the Waiver and Consent,

 

(v)         deleting the phrase “until the Extended Delivery Date” in the first sentence of Section 2(c) of the Waiver and Consent and substituting therefor the phrase “until the earlier of the Extended Delivery Date and the 15th day following the first date on which all Quarterly Financial Statements have been delivered (such earlier date, the “Extension Date”)”,

 

(vi)      deleting the phrase “Extended Delivery Date” each time such phrase appears in the second sentence of Section 2(c) of the Waiver and Consent and substituting therefor the phrase “Extension Date”,

 

(vii)   inserting the phrase “(provided that this subclause (iv) shall not be applicable with respect to Indebtedness (x) in respect of which a Default Notice has been given to commence a grace period that will lapse prior to the Extension Date or to declare an occurrence of an event of default before notice of Acceleration may be delivered or (y) that has become due prior to its stated maturity,” after the phrase “Section 9(e) of Credit Agreement)” in subclause (iv) of Section 2(c) of the Waiver and Consent, and

 

(viii)                        by amending and restating Section 2(d) of the Waiver and Consent as

 

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follows:

 

“Until the Extension Date, each Lender shall continue to honor notices for Borrowing and L/C Requests delivered in compliance with the Credit Agreement notwithstanding the occurrence or continuation of the events described in this Section 2, except that until the earlier of the Extended Delivery Date and (i) on or prior to August 21, 2014, the date of delivery of the Quarterly Financial Statements for the fiscal quarter ended March 31, 2014 and (ii) after August 21, 2014, the date of delivery of both Quarterly Financial Statements for the fiscal quarter ended March 31, 2014 and the fiscal quarter ended June 30, 2014, no Borrower shall knowingly request, and no Lender shall be required to make, any Extension of Credit if, on the date such Extension of Credit is required to be made, a Liquidity Event has occurred and is continuing or would exist immediately after giving effect to the making of such Extension of Credit.  No Loan Party shall be required to deliver any notice pursuant to Section 7.7 of the Credit Agreement or otherwise in connection with the occurrence or continuation of the events described in this Section 2.”

 

Section 3.                                           Conditions to Effectiveness of Consent Extension. This Consent Extension shall become effective on the date (such date, if any, the “Consent Effective Date”) the Administrative Agent shall have received this Consent Extension executed and delivered by a duly authorized officer of the Parent Borrower and the requisite Lenders set forth in Section 11.1 of the Credit Agreement.  The Administrative Agent shall give prompt notice in writing to the Parent Borrower of the occurrence of the Consent Effective Date.

 

Section 4.                                           Effects on Loan Documents; Acknowledgement.

 

(a)                                 Except as expressly modified hereby, the Waiver and Consent shall continue in effect in accordance with its terms.  Except as expressly set forth herein and in the Waiver and Consent as modified hereby, this Consent Extension (i) shall not by implication or otherwise limit, impair, constitute a waiver of or otherwise affect the rights and remedies of the Lenders, the Administrative Agent, the Collateral Agent or the Loan Parties under the Credit Agreement or any other Loan Document, and (ii) shall not alter, modify, amend or in any way affect any of the terms, conditions, obligations, covenants or agreements contained in the Credit Agreement or any other provision of the Credit Agreement or any other Loan Document.  Each and every term, condition, obligation, covenant and agreement contained in the Credit Agreement or any other Loan Document is hereby ratified and re-affirmed in all respects and shall continue in full force and effect as modified by this Consent Extension and the Waiver and Consent and nothing herein can or may be construed as a novation thereof.  Each Loan Party reaffirms on the Consent Effective Date its obligations under the Loan Documents to which it is party and the validity, enforceability and perfection of the Liens granted by it pursuant to the Security Documents.  This Consent Extension shall constitute a Loan Document for purposes of the Credit Agreement and from and after the Consent Effective Date, all references to the Credit Agreement in any Loan Document and all references in the Credit Agreement to “this Agreement”, “hereunder”, “hereof” or words of like import referring to the Credit Agreement, shall, unless expressly provided otherwise, refer to the Credit Agreement as modified by this Consent Extension and the Waiver and Consent.

 

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(b)                                 For the avoidance of doubt, neither this Consent Extension nor the Waiver and Consent as modified hereby constitutes an acknowledgement by the Parent Borrower or its Subsidiaries that a Restatement would result in a Default, Specified Default or Event of Default under the Loan Documents and the Parent Borrower and its Subsidiaries reserve all of their respective rights under the Loan Documents in connection therewith.

 

Section 5.                                           Expenses.  The Parent Borrower agrees to pay or reimburse the Administrative Agent for (1) all of its reasonable out-of-pocket costs and expenses incurred in connection with this Consent Extension, any other documents prepared in connection herewith and the transactions contemplated hereby, and (2) the reasonable fees, charges and disbursements of Latham & Watkins LLP, as counsel to the Administrative Agent.

 

Section 6.                                           Counterparts.  This Consent Extension may be executed in any number of counterparts and by different parties hereto on separate counterparts, each of which when so executed and delivered shall be deemed to be an original, but all of which when taken together shall constitute a single instrument.  Delivery of an executed counterpart of a signature page of this Consent Extension by facsimile or any other electronic transmission shall be effective as delivery of a manually executed counterpart hereof.

 

Section 7.                                           Applicable Law.  THIS CONSENT EXTENSION AND THE RIGHTS AND OBLIGATIONS OF THE PARTIES UNDER THIS CONSENT EXTENSION SHALL BE GOVERNED BY, AND CONSTRUED AND INTERPRETED IN ACCORDANCE WITH, THE LAWS OF THE STATE OF NEW YORK WITHOUT GIVING EFFECT TO THE PRINCIPLES OF CONFLICTS OF LAWS THEREOF, TO THE EXTENT THAT THE SAME ARE NOT MANDATORILY APPLICABLE BY STATUTE AND WOULD REQUIRE OR PERMIT THE APPLICATION OF THE LAW OF ANOTHER JURISDICTION.

 

Section 8.                                           Headings.  The headings of this Consent Extension are for purposes of reference only and shall not limit or otherwise affect the meaning hereof.

 

[Remainder of page intentionally left blank.]

 

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IN WITNESS WHEREOF, the parties hereto have caused this Consent Extension to be executed and delivered by their respective duly authorized officers as of the date first above written.

 

	
 
    	
THE HERTZ   CORPORATION
    
	
 
    	
 
    	
 
    
	
 
    	
 
    	
 
    
	
 
    	
By:
    	
/s/ R. Scott   Massengill
    
	
 
    	
 
    	
Name: R. Scott   Massengill
    
	
 
    	
 
    	
Title: Senior   Vice President and Treasurer
    
	
 
    	
 
    	
 
    
	
 
    	
 
    	
 
    
	
 
    	
HERTZ EQUIPMENT   RENTAL CORPORATION
    
	
 
    	
 
    	
 
    
	
 
    	
 
    	
 
    
	
 
    	
By:
    	
/s/ R. Scott   Massengill
    
	
 
    	
 
    	
Name: R. Scott   Massengill
    
	
 
    	
 
    	
Title: Treasurer
    
	
 
    	
 
    	
 
    
	
 
    	
 
    	
 
    
	
 
    	
MATTHEWS   EQUIPMENT LIMITED
    
	
 
    	
 
    	
 
    
	
 
    	
 
    	
 
    
	
 
    	
By:
    	
/s/ R. Scott   Massengill
    
	
 
    	
 
    	
Name: R. Scott   Massengill
    
	
 
    	
 
    	
Title: Treasurer
    
	
 
    	
 
    	
 
    
	
 
    	
 
    	
 
    
	
 
    	
WESTERN   SHUT-DOWN (1995) LIMITED
    
	
 
    	
 
    	
 
    
	
 
    	
 
    	
 
    
	
 
    	
By:
    	
/s/ R. Scott   Massengill
    
	
 
    	
 
    	
Name: R. Scott   Massengill
    
	
 
    	
 
    	
Title: Treasurer
    
	
 
    	
 
    	
 
    
	
 
    	
 
    	
 
    
	
 
    	
HERTZ CANADA   EQUIPMENT RENTAL PARTNERSHIP, BY ITS MANAGING PARTNER, MATTHEWS EQUIPMENT   LIMITED
    
	
 
    	
 
    	
 
    
	
 
    	
 
    	
 
    
	
 
    	
By:
    	
/s/ R. Scott   Massengill
    
	
 
    	
 
    	
Name: R. Scott   Massengill
    
	
 
    	
 
    	
Title: Treasurer
    

 

 

	
 
    	
 
    	
 
    
	
 
    	
Acknowledged and   Agreed:
    
	
 
    	
 
    
	
 
    	
HERTZ   INVESTORS, INC.
    
	
 
    	
 
    
	
 
    	
 
    
	
 
    	
By:
    	
/s/ Kelly Shryoc
    
	
 
    	
Name: Kelly   Shryoc
    
	
 
    	
Title: Assistant   Treasurer
    
	
 
    	
 
    
	
 
    	
HERTZ CAR SALES   LLC
    
	
 
    	
HERTZ CLAIM   MANAGEMENT CORPORATION
    
	
 
    	
HCM MARKETING   CORPORATION
    
	
 
    	
HERTZ LOCAL   EDITION CORP.
    
	
 
    	
HERTZ LOCAL   EDITION TRANSPORTING, INC.
    
	
 
    	
HERTZ GLOBAL   SERVICES CORPORATION
    
	
 
    	
HERTZ   SYSTEM, INC.
    
	
 
    	
HERTZ   TECHNOLOGIES, INC.
    
	
 
    	
HERTZ   TRANSPORTING, INC.
    
	
 
    	
HERTZ   ENTERTAINMENT SERVICES CORPORATION
    
	
 
    	
SMARTZ VEHICLE   RENTAL CORPORATION
    
	
 
    	
CINELEASE   HOLDINGS, INC.
    
	
 
    	
CINELEASE, INC.
    
	
 
    	
CINELEASE, LLC
    
	
 
    	
DONLEN   CORPORATION
    
	
 
    	
DOLLAR THRIFTY   AUTOMOTIVE GROUP, INC.
    
	
 
    	
DOLLAR RENT A   CAR, INC.
    
	
 
    	
DTG OPERATIONS, INC.
    
	
 
    	
DTG   SUPPLY, INC.
    
	
 
    	
THRIFTY, INC.
    
	
 
    	
THRIFTY CAR   SALES, INC.
    
	
 
    	
THRIFTY   INSURANCE AGENCY, INC.
    
	
 
    	
TRAC ASIA   PACIFIC, INC.
    
	
 
    	
THRIFTY   RENT-A-CAR SYSTEM, INC.
    
	
 
    	
FIREFLY RENT   A CAR LLC
    
	
 
    	
 
    
	
 
    	
 
    
	
 
    	
By:
    	
/s/ R. Scott   Massengill
    
	
 
    	
 
    	
Name: R. Scott   Massengill
    
	
 
    	
 
    	
Title: Treasurer
    
				

 

 

	
 
    	
 
    	
 
    
	
 
    	
DEUTSCHE BANK   AG, NEW YORK BRANCH,
    
	
 
    	
as   Administrative Agent, Collateral Agent and a Lender
    
	
 
    	
 
    	
 
    
	
 
    	
 
    	
 
    
	
 
    	
By:
    	
/s/ Peter   Cucchiara
    
	
 
    	
 
    	
Name:   Peter Cucchiara
    
	
 
    	
 
    	
Title:   Vice President
    
	
 
    	
 
    	
 
    
	
 
    	
 
    	
 
    
	
 
    	
By:
    	
/s/ Kirk   L. Tashjian
    
	
 
    	
 
    	
Name: Kirk   L. Tashjian
    
	
 
    	
 
    	
Title: Vice   President
    
	
 
    	
 
    	
 
    
	
 
    	
 
    	
 
    
	
 
    	
DEUTSCHE BANK   AG, CANADA BRANCH,
    
	
 
    	
as Canadian   Agent and a Lender
    
	
 
    	
 
    	
 
    
	
 
    	
 
    	
 
    
	
 
    	
By:
    	
/s/ Paul   Uffelmann
    
	
 
    	
 
    	
Name:   Paul Uffelmann
    
	
 
    	
 
    	
Title:   Vice President
    
	
 
    	
 
    	
 
    
	
 
    	
 
    	
 
    
	
 
    	
By:
    	
/s/ Leigh   Knowles
    
	
 
    	
 
    	
Name:   Leigh Knowles
    
	
 
    	
 
    	
Title:   Director
    
					

 

 

	
LENDERS:
    	
 
    
	
 
    	
By   signing below, you have indicated your agreement to this Consent.
    
	
 
    	
 
    
	
 
    	
Name of Institution:
    
	
 
    	
 
    
	
 
    	
Barclays Bank PLC
    
	
 
    	
 
    
	
 
    	
 
    
	
 
    	
By:
    	
/s/ Gregory Fishbein
    
	
 
    	
 
    	
Name: Gregory Fishbein
    
	
 
    	
 
    	
Title: Assistant Vice President
    

 

 

	
LENDERS:
    	
 
    
	
 
    	
By   signing below, you have indicated your agreement to this Consent.
    
	
 
    	
 
    
	
 
    	
Name   of Institution:
    
	
 
    	
 
    
	
 
    	
BANK   OF AMERICA, N.A.
    
	
 
    	
 
    
	
 
    	
 
    
	
 
    	
By:
    	
/s/   Matthew T. O’Keefe
    
	
 
    	
 
    	
Name:   Matthew T. O’Keefe
    
	
 
    	
 
    	
Title:   Senior Vice President
    

 

 

	
LENDERS:
    	
 
    
	
 
    	
By   signing below, you have indicated your agreement to this Consent.
    
	
 
    	
 
    
	
 
    	
Name   of Institution:
    
	
 
    	
 
    
	
 
    	
Bank   of America, N.A. (acting through its Canada Branch)
    
	
 
    	
 
    
	
 
    	
 
    
	
 
    	
By:
    	
/s/   Medina Sales de Andrade
    
	
 
    	
 
    	
Name:   Medina Sales de Andrade
    
	
 
    	
 
    	
Title:   Vice President
    

 

 

	
LENDERS:
    	
 
    
	
 
    	
By   signing below, you have indicated your agreement to this Consent.
    
	
 
    	
 
    
	
 
    	
Name   of Institution:
    
	
 
    	
 
    
	
 
    	
Bank   of Montreal, as US Facility Lender
    
	
 
    	
 
    
	
 
    	
 
    
	
 
    	
By:
    	
/s/   Jason Hoefler
    
	
 
    	
 
    	
Name:   Jason Hoefler
    
	
 
    	
 
    	
Title:   Director
    

 

 

	
LENDERS:
    	
 
    
	
 
    	
By   signing below, you have indicated your agreement to this Consent.
    
	
 
    	
 
    
	
 
    	
Name   of Institution:
    
	
 
    	
 
    
	
 
    	
Bank   of Montreal, as Canadian Facility Lender
    
	
 
    	
 
    
	
 
    	
 
    
	
 
    	
By:
    	
/s/   Sean P. Gallaway
    
	
 
    	
 
    	
Name:   Sean P. Gallaway
    
	
 
    	
 
    	
Title:   Vice President
    

 

 

	
LENDERS:
    	
 
    
	
 
    	
By   signing below, you have indicated your agreement to this Consent.
    
	
 
    	
 
    
	
 
    	
Name   of Institution:
    
	
 
    	
 
    
	
 
    	
BNP   Paribas
    
	
 
    	
 
    
	
 
    	
 
    
	
 
    	
By:
    	
/s/   Andy Strait
    
	
 
    	
 
    	
Name:   Andy Strait
    
	
 
    	
 
    	
Title:   Managing Director
    
	
 
    	
 
    
	
 
    	
 
    
	
 
    	
By:
    	
/s/   Govind Gupta
    
	
 
    	
 
    	
Name:   Govind Gupta
    
	
 
    	
 
    	
Title:   Vice President
    

 

 

	
LENDERS:
    	
 
    
	
 
    	
By   signing below, you have indicated your agreement to this Consent.
    
	
 
    	
 
    
	
 
    	
Name   of Institution:
    
	
 
    	
 
    
	
 
    	
CIT   Bank
    
	
 
    	
 
    
	
 
    	
 
    
	
 
    	
By:
    	
/s/   Renee M. Singer
    
	
 
    	
 
    	
Name:   Renee M. Singer
    
	
 
    	
 
    	
Title:   Managing Director
    

 

 

	
LENDERS:
    	
 
    
	
 
    	
By   signing below, you have indicated your agreement to this Consent.
    
	
 
    	
 
    
	
 
    	
Name   of Institution:
    
	
 
    	
 
    
	
 
    	
CREDIT   AGRICOLE CORPORATE AND INVESTMENT BANK
    
	
 
    	
 
    
	
 
    	
 
    
	
 
    	
By:
    	
/s/   Corey Billups
    
	
 
    	
 
    	
Name:   Corey Billups
    
	
 
    	
 
    	
Title:   Managing Director
    
	
 
    	
 
    
	
 
    	
 
    
	
 
    	
By:
    	
/s/   Glen Andrianov
    
	
 
    	
 
    	
Name:   Glen Andrianov
    
	
 
    	
 
    	
Title:   Vice President
    

 

 

	
LENDERS:
    	
 
    
	
 
    	
By   signing below, you have indicated your agreement to this Consent.
    
	
 
    	
 
    
	
 
    	
Name   of Institution:
    
	
 
    	
 
    
	
 
    	
Goldman   Sachs Bank USA
    
	
 
    	
 
    
	
 
    	
 
    
	
 
    	
By:
    	
/s/   Michelle Latzoni
    
	
 
    	
 
    	
Name:   Michelle Latzoni
    
	
 
    	
 
    	
Title:   Authorized Signatory
    

 

 

	
LENDERS:
    	
 
    
	
 
    	
By   signing below, you have indicated your agreement to this Consent.
    
	
 
    	
 
    
	
 
    	
Name   of Institution:
    
	
 
    	
 
    
	
 
    	
PNC   Bank NA
    
	
 
    	
 
    
	
 
    	
 
    
	
 
    	
By:
    	
/s/   Joanne Fu
    
	
 
    	
 
    	
Name:   Joanne Fu
    
	
 
    	
 
    	
Title:   Bank Officer
    

 

 

	
LENDERS:
    	
 
    
	
 
    	
By   signing below, you have indicated your agreement to this Consent.
    
	
 
    	
 
    
	
 
    	
Name   of Institution:
    
	
 
    	
 
    
	
 
    	
The   Bank of Nova Scotia
    
	
 
    	
 
    
	
 
    	
 
    
	
 
    	
By:
    	
/s/   Kim Snyder
    
	
 
    	
 
    	
Name:   Kim Snyder
    
	
 
    	
 
    	
Title:   Director & Execution Head
    

 

 

	
LENDERS:
    	
 
    
	
 
    	
By   signing below, you have indicated your agreement to this Consent.
    
	
 
    	
 
    
	
 
    	
Name   of Institution:
    
	
 
    	
 
    
	
 
    	
WELLS   FARGO CAPITAL FINANCE CORPORATION CANADA
    
	
 
    	
 
    
	
 
    	
 
    
	
 
    	
By:
    	
/s/   Trevor Tysick
    
	
 
    	
 
    	
Name:   Trevor Tysick
    
	
 
    	
 
    	
Title:   Assistant Vice President
    

 

 

	
LENDERS:
    	
 
    
	
 
    	
By   signing below, you have indicated your agreement to this Consent.
    
	
 
    	
 
    
	
 
    	
Name   of Institution:
    
	
 
    	
 
    
	
 
    	
WELLS   FARGO BANK, NATIONAL ASSOCIATION
    
	
 
    	
 
    
	
 
    	
 
    
	
 
    	
By:
    	
/s/   Melissa Provost
    
	
 
    	
 
    	
Name:   Melissa Provost
    
	
 
    	
 
    	
Title:   Vice President
    

 

 

	
LENDERS:
    	
 
    
	
 
    	
By   signing below, you have indicated your agreement to this Consent.
    
	
 
    	
 
    
	
 
    	
Name   of Institution:
    
	
 
    	
 
    
	
 
    	
Lloyds   Bank plc
    
	
 
    	
 
    
	
 
    	
 
    
	
 
    	
By:
    	
/s/   Stephen Giacolone
    
	
 
    	
 
    	
Name:   Stephen Giacolone
    
	
 
    	
 
    	
Title:   Assistant Vice President G011
    
	
 
    	
 
    
	
 
    	
 
    
	
 
    	
By:
    	
/s/   Karen Weich
    
	
 
    	
 
    	
Name:   Karen Weich
    
	
 
    	
 
    	
Title:   Vice President W011
    

 

 

	
LENDERS:
    	
 
    
	
 
    	
By   signing below, you have indicated your agreement to this Consent.
    
	
 
    	
 
    
	
 
    	
Name   of Institution:
    
	
 
    	
 
    
	
 
    	
CREDIT   SUISSE AG, CAYMAN ISLANDS BRANCH
    
	
 
    	
 
    
	
 
    	
 
    
	
 
    	
By:
    	
/s/   Michael Spaight
    
	
 
    	
 
    	
Name:   Michael Spaight
    
	
 
    	
 
    	
Title:   Authorized Signatory
    
	
 
    	
 
    
	
 
    	
 
    
	
 
    	
By:
    	
/s/   Samuel Miller
    
	
 
    	
 
    	
Name:   Samuel Miller
    
	
 
    	
 
    	
Title:   Authorized Signatory
    

 

 

	
LENDERS:
    	
 
    
	
 
    	
By   signing below, you have indicated your agreement to this Consent.
    
	
 
    	
 
    
	
 
    	
Name   of Institution:
    
	
 
    	
 
    
	
 
    	
General   Electric Capital Corporation
    
	
 
    	
 
    
	
 
    	
 
    
	
 
    	
By:
    	
/s/   Nita Jain
    
	
 
    	
 
    	
Name:   Nita Jain
    
	
 
    	
 
    	
Title:   Duly Authorized Signatory
    

 

 

	
LENDERS:
    	
 
    
	
 
    	
By   signing below, you have indicated your agreement to this Consent.
    
	
 
    	
 
    
	
 
    	
Name   of Institution:
    
	
 
    	
 
    
	
 
    	
JPMORGAN   CHASE BANK, N.A.
    
	
 
    	
 
    
	
 
    	
 
    
	
 
    	
By:
    	
/s/   Robert P. Kellas
    
	
 
    	
 
    	
Name:   Robert P. Kellas
    
	
 
    	
 
    	
Title:   Executive Director

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