Document:

Exhibit 4.1

 

EXECUTION VERSION

 

HERTZ VEHICLE INTERIM FINANCING LLC,

as Issuer

 

and

 

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

as Trustee and as Securities Intermediary

 

 

 

BASE INDENTURE

 

Dated as of November 25, 2020

 

 

 

Rental Car Asset Backed Notes

(Issuable in Series)

 

     

     

    

 

Table of Contents

 

	 	Page

 

	Article I DEFINITIONS AND INCORPORATION BY REFERENCE	1

 

	Section 1.1.	Definitions	1
	Section 1.2.	Cross-References	1
	Section 1.3.	Accounting and Financial Determinations; No Duplication	1
	Section 1.4.	Rules of Construction	2

 

	Article II THE HVIF NOTES	2

 

	Section 2.1.	Designation and Terms of HVIF Notes	2
	Section 2.2.	HVIF Notes Issuable in Series	3
	Section 2.3.	HVIF Series Supplement for each Series of HVIF Notes	5
	Section 2.4.	Execution and Authentication	6
	Section 2.5.	Registrar and Paying Agent	6
	Section 2.6.	Paying Agent to Hold Money in Trust	7
	Section 2.7.	Noteholder List	8
	Section 2.8.	Transfer and Exchange	9
	Section 2.9.	Persons Deemed Owners	10
	Section 2.10.	Replacement Notes	10
	Section 2.11.	Treasury Notes	11
	Section 2.12.	Book-Entry Notes	11
	Section 2.13.	Definitive Notes	12
	Section 2.14.	Cancellation	13
	Section 2.15.	Principal and Interest	13
	Section 2.16.	Tax Treatment	14

 

	Article III SECURITY	14

 

	Section 3.1.	Grant of Security Interest	14
	Section 3.2.	Certain Rights and Obligations of HVIF Unaffected	15
	Section 3.3.	Performance of Related Documents	16
	Section 3.4.	Release of HVIF Indenture Collateral	17
	Section 3.5.	Opinion of Counsel and Officer’s Certificates	17
	Section 3.6.	Stamp, Other Similar Taxes and Filing Fees	17
	Section 3.7.	Duty of the Trustee	18

 

	Article IV REPORTS	18

 

	Section 4.1.	Reports and Instructions to Trustee	18
	Section 4.2.	Reports to HVIF Noteholders	19
	Section 4.3.	Rule 144A Information	20
	Section 4.4.	HVIF Administrator	20
	Section 4.5.	Termination of Article IV	20

 

	Article V ALLOCATION AND APPLICATION OF HVIF COLLECTIONS	20

 

	Section 5.1.	HVIF Collection Account	20
	Section 5.2.	Trustee as Securities Intermediary	21
	Section 5.3.	HVIF Collections and Allocations	23
	Section 5.4.	Determination of Monthly Interest	24
	Section 5.5.	Determination of Monthly Principal	24

 

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Table of Contents

(Continued)

 

	 	Page 

 

	Article VI DISTRIBUTIONS	25

 

	Section 6.1.	Distributions in General	25
	Section 6.2.	Optional Repurchase of Notes	25

 

	Article VII REPRESENTATIONS AND WARRANTIES	26

 

	Section 7.1.	Existence and Power	26
	Section 7.2.	Limited Liability Company and Governmental Authorization	26
	Section 7.3.	No Consent	26
	Section 7.4.	Binding Effect	26
	Section 7.5.	Litigation	27
	Section 7.6.	No ERISA Plan	27
	Section 7.7.	Tax Filings and Expenses	27
	Section 7.8.	Disclosure	27
	Section 7.9.	Solvency	27
	Section 7.10.	Investment Company Act	28
	Section 7.11.	Regulations T, U and X	28
	Section 7.12.	Ownership of Limited Liability Company Interests; Subsidiary	28
	Section 7.13.	Security Interests	28
	Section 7.14.	Related Documents	30
	Section 7.15.	Non-Existence of Other Agreements	30
	Section 7.16.	Compliance with Contractual Obligations and Laws	30
	Section 7.17.	Other Representations	30

 

	Article VIII COVENANTS	31

 

	Section 8.1.	Payment of Notes	31
	Section 8.2.	Maintenance of Office or Agency	31
	Section 8.3.	Payment of Obligations	31
	Section 8.4.	Conduct of Business and Maintenance of Existence	31
	Section 8.5.	Compliance with Laws	32
	Section 8.6.	Inspection of Property, Books and Records	32
	Section 8.7.	Actions under the Related Documents	32
	Section 8.8.	Notice of Defaults	33
	Section 8.9.	Notice of Material Proceedings	33
	Section 8.10.	Further Requests	33
	Section 8.11.	Further Assurances	33
	Section 8.12.	Liens	34
	Section 8.13.	Other Indebtedness	34
	Section 8.14.	No ERISA Plan	34
	Section 8.15.	Mergers	34
	Section 8.16.	Sales of Assets	35
	Section 8.17.	Acquisition of Assets	35
	Section 8.18.	Dividends, Officers’ Compensation, etc	35
	Section 8.19.	Legal Name; Location Under Section 9-307	36
	Section 8.20.	Organizational Documents	36
	Section 8.21.	Investments	36
	Section 8.22.	No Other Agreements	36
	Section 8.23.	Other Business	36
	Section 8.24.	Maintenance of Separate Existence	37
	Section 8.25.	Manufacturer Programs	37
	Section 8.26.	Disposition of HVIF Vehicles	38
	Section 8.27.	Insurance	38
	Section 8.28.	Purchase and Sale of Assets	38
	Section 8.29.	Payment of Taxes and Governmental Obligations	39
	Section 8.30.	Tax Matters	39

 

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Table of Contents

(Continued)

 

	 	Page

 

	Article IX AMORTIZATION EVENTS AND REMEDIES	39

 

	Section 9.1.	Amortization Events	39
	Section 9.2.	Rights of the Trustee upon Amortization Event or Certain Other Events of Default.	40
	Section 9.3.	Other Remedies	43
	Section 9.4.	Waiver of Past Events	44
	Section 9.5.	Control by Requisite HVIF Investors	44
	Section 9.6.	Limitation on Suits	44
	Section 9.7.	Right of HVIF Noteholders to Bring Suit	45
	Section 9.8.	Collection Suit by the Trustee	45
	Section 9.9.	The Trustee May File Proofs of Claim	44
	Section 9.10.	Priorities	46
	Section 9.11.	Rights and Remedies Cumulative	46
	Section 9.12.	Delay or Omission Not Waiver	46
	Section 9.13.	Reassignment of Surplus	46

 

	Article X THE TRUSTEE	46

 

	Section 10.1.	Duties of the Trustee	46
	Section 10.2.	Rights of the Trustee	48
	Section 10.3.	Individual Rights of the Trustee	50
	Section 10.4.	Notice of Amortization Events and Potential Amortization Events	50
	Section 10.5.	Compensation	50
	Section 10.6.	Replacement of the Trustee	51
	Section 10.7.	Successor Trustee by Merger, etc.	52
	Section 10.8.	Eligibility Disqualification	52
	Section 10.9.	Appointment of Co-Trustee or Separate Trustee	52
	Section 10.10.	Representations and Warranties of Trustee	53
	Section 10.11.	Foreign Account Tax Compliance Act (FATCA)	53

 

	Article XI DISCHARGE OF INDENTURE	53

 

	Section 11.1.	Termination of HVIF’s Obligations	53
	Section 11.2.	Application of Trust Money	54
	Section 11.3.	Repayment to HVIF	54

 

	Article XII AMENDMENTS	54

 

	Section 12.1.	Without Consent of the HVIF Noteholders	54
	Section 12.2.	With Consent of the HVIF Noteholders	55
	Section 12.3.	Supplements and Amendments	57
	Section 12.4.	Revocation and Effect of Consents	57
	Section 12.5.	Notation on or Exchange of Notes	57
	Section 12.6.	The Trustee to Sign Amendments, etc.	57

 

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Table of Contents

(Continued)

 

	 	Page

 

	Article XIII MISCELLANEOUS	58

 

	Section 13.1.	Notices	58
	Section 13.2.	Certificate as to Conditions Precedent	59
	Section 13.3.	Statements Required in Certificate and Opinion of Counsel	59
	Section 13.4.	Rules by the Trustee	59
	Section 13.5.	Duplicate Originals	60
	Section 13.6.	Third-Party Beneficiaries	60
	Section 13.7.	Payment on Business Day	60
	Section 13.8.	Governing Law	60
	Section 13.9.	Successors	60
	Section 13.10.	Severability	60
	Section 13.11.	Execution in Counterparts; Electronic Execution	60
	Section 13.12.	Table of Contents, Headings, etc.	61
	Section 13.13.	Termination; Collateral	61
	Section 13.14.	No Bankruptcy Petition Against HVIF	61
	Section 13.15.	No Recourse	62
	Section 13.16.	Waiver of Jury Trial	62
	Section 13.17.	Submission to Jurisdiction	62

 

Schedules

 

	Schedule I	 Definitions List

 

Exhibits

 

	Exhibit A	Form of Monthly Servicing Certificate
	 
	Exhibit B	 Form of Officer’s Certificate

 

    iv

     

    

 

 

BASE INDENTURE, dated
as of November 25, 2020, between HERTZ VEHICLE INTERIM FINANCING LLC, a special purpose limited liability company established under
the laws of Delaware, as issuer (“HVIF” or the “Issuer”), and THE BANK OF NEW YORK MELLON
TRUST COMPANY, N.A., a national banking association, as trustee (in such capacity, the “Trustee”).

 

W I T N E S S E T H:

 

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

 

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

 

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

 

Article
I

 

DEFINITIONS AND INCORPORATION BY REFERENCE

 

Section 1.1.            
Definitions.

 

Capitalized terms used
herein (including the preamble and the recitals hereto) shall have the meanings assigned to such terms in the Definitions List
attached hereto as Schedule I (the “Definitions List”), as such Definitions List may be amended, restated,
modified or supplemented from time to time in accordance with the provisions hereof, and all capitalized terms not otherwise defined
herein shall have the meanings assigned thereto in the HVIF Lease, as amended, modified, restated or supplemented from time to
time in accordance with the terms of the HVIF Lease.

 

Section 1.2.            
Cross-References.

 

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

 

Section 1.3.            
Accounting and Financial Determinations; No Duplication.

 

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

 

    1

     

    

 

Section 1.4.            
Rules of Construction.

 

In this Base Indenture,
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 Base Indenture, 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; and

 

(i)                 the language used in this Base Indenture 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.

 

Article
II

 

THE HVIF NOTES

 

Section 2.1.            
Designation and Terms of HVIF Notes.

 

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

 

    2

     

    

 

Section 2.2.            
HVIF Notes Issuable in Series.

 

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

 

(b)               
HVIF Notes of a new Series of HVIF Notes may from time to time be executed by HVIF and delivered to the Trustee for authentication
and thereupon the same shall be authenticated and delivered by the Trustee upon the receipt by the Trustee of a Company Request
and upon delivery by HVIF to the Trustee, and receipt by the Trustee, of the following:

 

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

 

(ii)            
an HVIF Series Supplement satisfying the criteria set forth in Section 2.3 of this Base Indenture executed by HVIF,
the Trustee and any other parties thereto and specifying the Principal Terms of such new Series of HVIF Notes;

 

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

 

(iv)           
an Officer’s Certificate of HVIF to the effect that the Rating Agency Condition with respect to each Series of HVIF
Notes Outstanding (other than any such Series of HVIF Notes (A) with respect to which an Amortization Event or Potential Amortization
Event is continuing as of the date of the issuance of the new Series of HVIF Notes or will occur as a result of the issuance of
the new Series of HVIF Notes or (B) that is being repaid in full with the proceeds of the HVIF Notes issued pursuant to such HVIF
Series Supplement) shall have been satisfied with respect to such issuance;

 

(v)            
an Officer’s Certificate of HVIF dated as of the applicable Series Closing Date to the effect that (A) no Limited
Liquidation Event of Default or Enhancement Deficiency with respect to any Series of HVIF Notes Outstanding is continuing or will
occur as a result of the issuance of a new Series of HVIF Notes, (B) no Liquidation Event of Default, Aggregate Asset Amount Deficiency,
HVIF Operating Lease Event of Default or HVIF Potential Operating Lease Event of Default is continuing or will occur as a result
of the issuance of a new Series of HVIF Notes, (C) consent has been obtained from a Controlling Party or the Required Noteholders
of each Series of HVIF Notes with respect to which an Amortization Event or Potential Amortization Event is continuing as of the
date of the issuance of the new Series of HVIF Notes or will occur as a result of the issuance of the new Series of HVIF Notes,
if, in any such case, such existing Series of HVIF Notes will not be refinanced with the proceeds of the issuance of such new Series
of HVIF Notes, (D) all conditions precedent set forth in this Base Indenture and the related HVIF Series Supplement with respect
to the authentication and delivery of the new Series of HVIF Notes have been satisfied and (E) all conditions precedent set forth
in this Base Indenture with respect to the execution of the related HVIF Series Supplement have been complied with in all material
respects;

 

(vi)           
a Tax Opinion;

 

(vii)           with
respect to each Series Related Document (other than the HVIF Series Supplement or the HVIF LLC Agreement), evidence (in the
form of an Officer’s Certificate of HVIF) that each party to such Series Related Document has covenanted and agreed in
such Series Related Document that, prior to the date that is one (1) year and one (1) day after the payment in full of the
latest maturing HVIF Note, it will not institute against, or join with any other Person in instituting, against HVIF any
bankruptcy, reorganization, arrangement, insolvency or liquidation proceedings, or other proceedings, under any federal or
state bankruptcy or similar law;

 

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

 

		(A)	all conditions precedent provided for in Section 2.2 of this Base Indenture and in any conditions
precedent section of the related HVIF Series Supplement with respect to the authentication and delivery of the new Series of HVIF
Notes have been complied with in all material respects, and all conditions precedent set forth in Section 2.2 and Article
XII of this Base Indenture and in any conditions precedent section of the related HVIF Series Supplement with respect to the
execution of the related HVIF Series Supplement have been complied with in all material respects; provided no such Opinion
of Counsel shall be required on the Initial HVIF Closing Date;

 

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

 

		(C)	the new Series of HVIF Notes has been duly authorized and executed and, when paid for and authenticated
and delivered in accordance with the provisions of this Base Indenture and the related HVIF Series Supplement, and when paid for,
will constitute valid, binding and enforceable obligations of HVIF entitled to the benefits of this Base Indenture and the related
HVIF Series Supplement, 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;

 

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

 

		(E)	the Trustee has a valid and perfected security interest in the HVIF Indenture Collateral;

 

		(F)	any consents that any existing HVIF Series Supplement requires for the issuance of any new Series
of HVIF Notes have been obtained; and

 

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

 

    4

     

    

 

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

 

Section 2.3.             
HVIF Series Supplement for each Series of HVIF Notes.

 

In conjunction with the
issuance of a new Series of HVIF Notes, the parties hereto shall execute an HVIF Series Supplement, which shall specify the relevant
terms with respect to such new Series of HVIF Notes, which shall include:

 

(i)            
its name or designation;

 

(ii)           
its Initial Principal Amount or the method of calculating its Initial Principal Amount;

 

(iii)          
its HVIF Note Rate;

 

(iv)          
its Series Closing Date;

 

(v)           
each Rating Agency rating such Series of HVIF Notes, if any;

 

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

 

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

 

(viii)        
the method of allocating HVIF Collections to such Series of HVIF Notes;

 

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

 

(x)            
the method by which the principal amount of the HVIF Notes of such Series of HVIF Notes shall amortize or accrete, if any;

 

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

 

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

 

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

 

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

 

(xv)         
its Legal Final Payment Date;

 

(xvi)        
terms with respect to any Series-Specific Collateral providing:

 

		(A)	for the definition of such Series-Specific Collateral;

 

		(B)	that such Series-Specific Collateral shall secure only those HVIF Notes issued pursuant to such
HVIF Series Supplement;

 

		(C)	that no other Series of HVIF Notes shall be entitled to the benefit of such Series-Specific Collateral;
and

 

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		(D)	that if it is determined that the HVIF Noteholders of such Series of HVIF Notes have any right,
title or interest in, to or under the Series-Specific Collateral with respect to any other Series of HVIF Notes (the “Other
Series Collateral”), then such HVIF Noteholders agree that their right, title and interest in, to or under such Other
Series Collateral shall be subordinate in all respects to the claims or rights of the HVIF Noteholders with respect to such Other
Series Collateral and in such case, such HVIF Series Supplement shall constitute a subordination agreement for purposes of Section
510(a) of the Bankruptcy Code; and

 

(xvii)       
any other relevant terms of such Series of HVIF Notes that do not change the terms of any Series of HVIF Notes Outstanding
(all such terms, the “Principal Terms” of such Series of HVIF Notes).

 

Section 2.4.            
Execution and Authentication.

 

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

 

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

 

(c)               
No HVIF Note shall be entitled to any benefit under this Base Indenture or be valid for any purpose unless there appears
on such HVIF Note a certificate of authentication substantially in the form provided for herein, duly authenticated by the Trustee
by the manual, facsimile, portable document format (PDF) or electronic signature of a Trust Officer. Such signatures on such certificate
shall be conclusive evidence, and the only evidence, that the HVIF Note has been duly authenticated under this Base Indenture.
The Trustee may appoint an authenticating agent acceptable to HVIF to authenticate HVIF Notes. Unless limited by the term of such
appointment, an authenticating agent may authenticate HVIF Notes whenever the Trustee may do so. Each reference in this Base Indenture
to authentication by the Trustee includes authentication by such agent. The Trustee’s certificate of authentication shall
be in substantially the following form:

 

	 	This is one
of the HVIF Notes of a Series of HVIF Notes issued under the within mentioned Indenture.
	 	 
	 	THE BANK OF NEW YORK MELLON
    TRUST COMPANY, N.A., as Trustee
	 	 
	 	By:	 
	 	 	Authorized Signatory

 

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

 

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

 

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

 

Section 2.5.            
Registrar and Paying Agent.

 

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

 

Section 2.6.            
Paying Agent to Hold Money in Trust.

 

(a)               
HVIF shall cause each Paying Agent other than the Trustee to execute and deliver to the Trustee an instrument in which such
Paying Agent shall agree with the Trustee (and if the Trustee acts as Paying Agent, it hereby so agrees), subject to the provisions
of this Section 2.6, that such Paying Agent shall:

 

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

 

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

 

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

 

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

 

(v)          
comply with all requirements of the Code with respect to the withholding from any payments made by it on any HVIF Notes
of any applicable withholding

 

(vi)          
taxes imposed thereon and with respect to any applicable reporting requirements in connection therewith.

 

    7

     

    

 

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

 

(c)               
Subject to applicable laws with respect to escheat of funds, any money held by the Trustee or any Paying Agent in trust
for the payment of any amount due with respect to any HVIF Note and remaining unclaimed for two (2) years after such amount has
become due and payable shall be discharged from such trust and be paid to HVIF on Company Request; and the HVIF Noteholder of such
HVIF Note shall thereafter, as an unsecured general creditor, look only to HVIF for payment thereof (but only to the extent of
the amounts so paid to HVIF), and all liability of the Trustee or such Paying Agent with respect to such trust money shall thereupon
cease; provided, however, that the Trustee or such Paying Agent, before being required to make any such repayment,
at the expense of HVIF, may cause to be published once, in a newspaper published in the English language, customarily published
on each Business Day and of general circulation in New York City, and in a newspaper customarily published on each Business Day
and of general circulation in London and Luxembourg (if the related Series of HVIF Notes has been listed on the Luxembourg Stock
Exchange), if applicable, notice that such money remains unclaimed and that, after a date specified therein, which shall not be
less than thirty (30) days from the date of such publication, any unclaimed balance of such money then remaining will be repaid
to HVIF. The Trustee may also adopt and employ, at the expense of HVIF, any other reasonable means of notification of such repayment.

 

Section 2.7.            
Noteholder List.

 

The Trustee shall furnish
or cause to be furnished by the Registrar to HVIF or the Paying Agent, within five (5) Business Days after receipt by the Trustee
of a request therefor from HVIF or the Paying Agent, respectively, in writing, a list in such form as HVIF or the Paying Agent
may reasonably require, of the names and addresses of the HVIF Noteholders of each Series of HVIF Notes as of the most recent Record
Date for payments to such HVIF Noteholders. Unless otherwise provided in the applicable HVIF Series Supplement, any Controlling
Party or holders of HVIF Notes of any Series of HVIF Notes having an aggregate Principal Amount of not less than 25% of the aggregate
Principal Amount of such Series of HVIF Notes (the “Applicants”) may apply in writing to the Trustee, and if
such application states that the Applicants desire to communicate with other HVIF Noteholders of any Series of HVIF Notes with
respect to their rights under this Base Indenture or under the HVIF Notes and is accompanied by a copy of the communication that
such Applicants propose to transmit, then the Trustee, after having been adequately indemnified by such Applicants for its costs
and expenses and thereafter promptly after the receipt of such application (but in no event later than five (5) Business Days after
having been so indemnified following such receipt), shall afford or shall cause the Registrar to afford such Applicants access
during normal business hours to the most recent list of HVIF Noteholders held by the Trustee and shall give HVIF notice that such
request has been made. Such list shall be as of a date no more than forty-five (45) days prior to the date of receipt of such Applicants’
request. Every HVIF Noteholder, by receiving and holding an HVIF Note, agrees with the Trustee that none of the Trustee, the Registrar,
or any of their respective agents shall be held accountable by reason of the disclosure of any such information as to the names
and addresses of the HVIF Noteholders hereunder, regardless of the source from which such information was obtained.

 

The Trustee shall
preserve in as current a form as is reasonably practicable the most recent list available to it of the names and addresses of
HVIF Noteholders of each Series of HVIF Notes. If the Trustee is not the Registrar, HVIF shall furnish to the Trustee at
least seven (7) Business Days before each Payment Date and at such other time as the Trustee may request in writing, a list
in such form and as of such date as the Trustee may reasonably require of the names and addresses of the HVIF Noteholders of
each Series of HVIF Notes.

 

    8

     

    

 

Section 2.8.            
Transfer and Exchange.

 

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

 

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

 

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

 

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

 

(e)               
Unless otherwise provided in the applicable HVIF Series Supplement, no service charge shall be payable for any registration
of transfer or exchange of HVIF Notes, but HVIF or the Registrar may require payment by the HVIF Noteholder of a sum sufficient
to cover any tax or governmental charge that may be imposed in connection with any transfer or exchange of HVIF Notes.

 

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

 

    9

     

    

 

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

 

(h)               
The Trustee shall have no obligation or duty to monitor, determine or inquire as to compliance with any restrictions on
transfer imposed under this Base Indenture or under applicable law with respect to any transfer of any interest in any HVIF Note
(including any transfers between or among Clearing Agency Participants or beneficial owners of interests in any global HVIF Note)
other than to require delivery of such certificates and other documentation or evidence as are expressly required by, and to do
so if and when expressly required by the terms of, this Base Indenture, and to examine the same to determine substantial compliance
as to form with the express requirements hereof.

 

(i)                
Neither the Trustee nor any Agent shall have any responsibility for any actions taken or not taken by the Clearing Agency.

 

Section 2.9.            
Persons Deemed Owners.

 

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

 

Section 2.10.          
Replacement Notes.

 

(a)                
If (i) any mutilated HVIF Note is surrendered to the Trustee, or the Trustee receives evidence to its satisfaction of the
destruction, loss or theft of any HVIF Note, and (ii) there is delivered to the Trustee such security or indemnity as may be required
by it to hold HVIF and the Trustee harmless then, provided that the requirements of Section 8-405 of the UCC are met, HVIF shall
execute and upon its request the Trustee shall authenticate and deliver, in exchange for or in lieu of any such mutilated, destroyed,
lost or stolen HVIF Note, a replacement HVIF Note; provided, however, that if any such destroyed, lost or stolen
HVIF Note, but not a mutilated HVIF Note, shall have become or within seven (7) days shall be due and payable, instead of issuing
a replacement HVIF Note, HVIF may pay such destroyed, lost or stolen HVIF Note when so due or payable without surrender thereof.
If, after the delivery of such replacement HVIF Note or payment of a destroyed, lost or stolen HVIF Note pursuant to the proviso
to the preceding sentence, a protected purchaser (within the meaning of Section 8-303 of the UCC) of the original HVIF Note in
lieu of which such replacement HVIF Note was issued presents for payment such original HVIF Note, HVIF and the Trustee shall be
entitled to recover such replacement HVIF Note (or such payment) from the Person to whom it was delivered or any Person taking
such replacement HVIF Note from such Person to whom such replacement HVIF Note was delivered or any assignee of such Person, except
a protected purchaser, and shall be entitled to recover upon the security or indemnity provided therefor to the extent of any loss,
damage, cost or expense incurred by HVIF or the Trustee in connection therewith.

 

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

 

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

 

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

 

Section 2.11.         
Treasury Notes.

 

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

 

Section 2.12.         
Book-Entry Notes.

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

(b)               
Whenever notice or other communication to any HVIF Noteholder is required under this Base Indenture, unless and until Definitive
Notes shall have been issued to the Note Owner with respect thereto pursuant to Section 2.13 of this Base Indenture, the
Trustee and HVIF shall give all such notices and communications specified herein to be given to such HVIF Noteholder to the applicable
Clearing Agency for distribution to such Note Owner.

 

Section 2.13.         
Definitive Notes.

 

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

 

(b)               
With respect to the HVIF Notes of any Series of HVIF Notes issued in the form of typewritten HVIF Notes representing the
Book-Entry Notes, if:

 

(i)            
both (A) HVIF advises the Trustee in writing that the Clearing Agency with respect to any Series of HVIF Notes is no longer
willing or able to discharge properly its responsibilities under the applicable Depository Agreement and (B) the Trustee or HVIF
is unable to locate a qualified successor;

 

(ii)           
HVIF, at its option, advises the Trustee in writing that it elects to terminate the book-entry system through the Clearing
Agency with respect to any Series of HVIF Notes Outstanding; or

 

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

 

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Section 2.14.         
Cancellation.

 

HVIF may at any time
deliver to the Trustee for cancellation any HVIF Notes previously authenticated and delivered hereunder which HVIF may have acquired
in any manner whatsoever, and all HVIF Notes so delivered shall be promptly cancelled by the Trustee. The Registrar and Paying
Agent shall forward to the Trustee any HVIF Notes surrendered to them for registration of transfer, exchange or payment. The Trustee
shall cancel all HVIF Notes surrendered for registration of transfer, exchange, payment, replacement or cancellation and the principal
of and all accrued interest on all such cancelled HVIF Notes shall be deemed to have been paid in full (and such payment of principal
and interest shall be deemed to have been made to the relevant HVIF Noteholders) and such cancelled HVIF Notes shall be deemed
no longer to be outstanding for all purposes hereunder. HVIF may not issue new HVIF Notes to replace HVIF Notes that it has redeemed
or paid or that have been delivered to the Trustee for cancellation. All cancelled HVIF Notes held by the Trustee shall be disposed
of in accordance with the Trustee’s standard disposition procedures unless HVIF shall direct that cancelled HVIF Notes be
returned to it pursuant to a Company Order.

 

Section 2.15.         
Principal and Interest.

 

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

 

(b)               
Each Series of HVIF Notes shall accrue interest as provided in the applicable HVIF Series Supplement and such interest shall
be payable at the times and in the amount set forth in the applicable HVIF Series Supplement.

 

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

 

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

 

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Section 2.16.         
Tax Treatment.

 

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

 

Article
III

SECURITY

 

Section 3.1.            
Grant of Security Interest.

 

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

 

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

 

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

 

(iii)          
the HVIF Collection Account, all monies on deposit from time to time in the HVIF Collection Account and all proceeds thereof;

 

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(iv)          
 all additional property that may from time to time hereafter (pursuant to the terms of this Base Indenture or otherwise)
be subjected to the grant and pledge hereof by HVIF or by anyone on its behalf, including any Incentive Rebate Receivables; and

 

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

 

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

 

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

 

(d)               
The HVIF Collateral has been pledged to the Trustee to secure each Series of HVIF Notes. For all purposes hereunder and
for the avoidance of doubt, the HVIF Indenture Collateral will be held by the Trustee solely for the benefit of the HVIF Noteholders
and the Trustee.

 

Section 3.2.            
Certain Rights and Obligations of HVIF Unaffected.

 

(a)               
Actions With Respect to Related Documents. Without derogating from the absolute nature of the assignment granted
to the Trustee under this Base Indenture or the rights of the Trustee hereunder, unless an Amortization Event, Liquidation Event
of Default or Limited Liquidation Event of Default has occurred and is continuing, subject to the provisions of Section 3.3
herein and except to the extent prohibited by Section 8.7, HVIF shall be permitted (subject to the Trustee’s right
(acting at the direction of a Controlling Party, the Required Noteholders or the Requisite HVIF Investors, as applicable) to revoke
such permission in the event of an Amortization Event, Liquidation Event of Default or Limited Liquidation Event of Default) to
give all requests, notices, directions or approvals, if any, that are required to be given in the normal course of business (which,
for the avoidance of doubt, does not include waivers of defaults under, or consent to amendments or modifications of, any of the
Related Documents) to any Person in accordance with the terms of the Related Documents. For the avoidance of doubt, without limiting
the rights of the Trustee or the Lessor under the HVIF Lease, so long as no Servicer Default, Amortization Event, Liquidation Event
of Default or Limited Liquidation Event of Default has occurred and is continuing, HVIF shall not be required to take any action
or exercise any rights, remedies, powers or privileges with respect to any Manufacturer to the extent the Servicer determines that
such inaction or failure to exercise is in accordance with the Servicing Standard.

 

(b)                Assignment
of HVIF Collateral to Trustee. The assignment of the HVIF Collateral to the Trustee on behalf of the HVIF Noteholders and
the Trustee shall not (i) relieve HVIF from the performance of any term, covenant, condition or agreement on HVIF’s
part to be performed or observed under or in connection with any of the Lease Related Agreements or any of the Manufacturer
Programs or from any liability to any Person thereunder or (ii) impose any obligation on the Trustee or any such HVIF
Noteholders to perform or observe any such term, covenant, condition or agreement on HVIF’s part to be so performed or
observed or impose any liability on the Trustee or any of the HVIF Noteholders for any act or omission on the part of HVIF or
from any breach of any representation or warranty on the part of HVIF.

 

    15

     

    

 

(c)                
Indemnification of Trustee. HVIF shall indemnify the Trustee against any and all loss, liability or expense (including
the reasonable fees and expenses of counsel) incurred by it in connection with enforcing this Base Indenture or any Related Document
or preserving any of its rights to, or realizing upon, any of the HVIF Collateral; provided, however, the foregoing
indemnification shall not extend to any action by the Trustee that constitutes negligence or willful misconduct by the Trustee
or any other indemnified person hereunder. The indemnification provided for in this Section 3.2(c) shall survive the removal
of, or a resignation by, such Person as Trustee as well as the termination of this Base Indenture or any HVIF Series Supplement.

 

Section 3.3.            
Performance of Related Documents.

 

Upon the occurrence of
an Amortization Event, Liquidation Event of Default, Limited Liquidation Event of Default or a default or breach by any Person
party to any Related Document or a Manufacturer Program, promptly following a request from the Trustee or the Collateral Agent
(in each case, acting at the direction of a Controlling Party, the Required Noteholders or the Requisite HVIF Investors, as applicable)
or a Controlling Party to do so and at HVIF’s expense, HVIF agrees to take all such lawful action HVIF determines to be reasonably
necessary to compel or secure the performance and observance by: (i) Hertz Vehicles LLC, HGI, the HVIF Administrator, the Servicer,
the Lessee, or any other party to any of the Related Documents of its obligations to HVIF, solely to the extent that such obligations
relate to or otherwise affect the HVIF Collateral or the HVIF Note Obligations, and (ii) a Manufacturer under a Manufacturer Program
of its obligations to HVIF, solely to the extent that such obligations relate to or otherwise affect the HVIF Collateral, including,
without limitation, any obligations of such Manufacturer to HGI or Hertz, as applicable, that have been assigned to HVIF and constitute
a part of the HVIF Collateral, in each case in accordance with the applicable terms thereof, and to exercise any and all rights,
remedies, powers and privileges relating to the HVIF Collateral as are lawfully available to HVIF to the extent and in the manner
directed by the Trustee or the Collateral Agent (in each case, acting at the direction of a Controlling Party, the Required Noteholders
or the Requisite HVIF Investors, as applicable), including, without limitation, the transmission of notices of default and the
institution of legal or administrative actions or proceedings to compel or secure performance by Hertz Vehicles LLC, HGI, the HVIF
Administrator, the Servicer, the Lessee, or such other party to any of the Related Documents or by a Manufacturer under a Manufacturer
Program, of their respective obligations thereunder. If (i) HVIF shall have failed, within thirty (30) days of receiving such direction
of the Trustee or the Collateral Agent, as applicable, to take commercially reasonable action to accomplish such directions of
the Trustee or the Collateral Agent, as applicable, (ii) HVIF refuses to take any such action, (iii) a Controlling Party, the Required
Noteholders or the Requisite HVIF Investors, as applicable, reasonably determines that such action must be taken immediately or
(iv) an Amortization Event with respect to any Series of HVIF Notes, any Limited Liquidation Event of Default or any Liquidation
Event of Default has occurred and is continuing, in any such case a Controlling Party may, but shall not be obligated to, direct
the Trustee or the Collateral Agent (as applicable) to take, at the expense of HVIF, such previously directed action and any related
action permitted under this Base Indenture, provided such action relates to the HVIF Collateral or the HVIF Note Obligations,
which a Controlling Party, the Required Noteholders or the Requisite HVIF Investors, as applicable thereafter determines is appropriate
(without the need under this provision or any other provision under this Base Indenture to direct HVIF to take such action), on
behalf of HVIF and the HVIF Noteholders. Notwithstanding anything herein to the contrary, commencing on the first date on which
no Series of HVIF Notes is Outstanding, the obligations, covenants and agreements set forth in this Sections 3.3 shall terminate
in full.

 

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Section 3.4.            
Release of HVIF Indenture Collateral.

 

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

 

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

 

(c)               
The Trustee shall, at such time when (a) there are no HVIF Notes Outstanding, (b) all HVIF Note Obligations due shall have
been fully paid and satisfied, (c) the obligations of each Enhancement Provider under any Enhancement and Related Documents have
terminated, and (d) any Enhancement shall have terminated, release any remaining portion of the HVIF Collateral from the lien of
this Base Indenture and release to HVIF any amounts then on deposit in or credited to the HVIF Collection Account. The Trustee
shall release property from the lien of this Base Indenture pursuant to this Section 3.4(c) only upon receipt of a Company
Order accompanied by an Officer’s Certificate and an Opinion of Counsel meeting the applicable requirements of Sections
3.5 and 13.13 of this Base Indenture.

 

Section 3.5.            
Opinion of Counsel and Officer’s Certificates.

 

The Trustee shall receive
at least seven (7) days’ notice when requested by HVIF to take any action pursuant to Section 3.4 of this Base Indenture,
accompanied by copies of any instruments involved, an Opinion of Counsel as described in Section 3.4(c) of this Base Indenture
and an Officer’s Certificate in form and substance reasonably satisfactory to the Trustee, concluding that all such action
will not materially and adversely impair the security for the HVIF Notes or the rights of the HVIF Noteholders in a manner not
permitted under the Related Documents.

 

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

 

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

 

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Section 3.7.            
Duty of the Trustee.

 

Except for actions expressly
authorized by this Base Indenture, the Trustee shall take no action reasonably likely to impair the security interests created
hereunder in any of the HVIF Collateral now existing or hereafter created or to impair the value of any of the HVIF Collateral
now existing or hereafter created.

 

Article
IV

REPORTS

 

Section 4.1.            
Reports and Instructions to Trustee.

 

(a)               
Daily Collection Reports. On each Business Day commencing on the Initial HVIF Closing Date, HVIF shall prepare and
maintain, or cause to be prepared and maintained, a record (each, a “Daily Collection Report”) setting forth
the aggregate of the amounts deposited in the HVIF Collection Account which shall consist of: (A) the aggregate amount of payments
received from Manufacturers and/or auction dealers under Manufacturer Programs related to Program Vehicles and in each case deposited
in the HVIF Collection Account, plus (B) the aggregate amount of proceeds received from third parties (other than Manufacturers
and auction dealers) with respect to the sale of HVIF Vehicles and in each case deposited in the HVIF Collection Account, plus
(C) the aggregate amount of (1) Incentive Rebate Receivables and (2) other HVIF Collections deposited in the HVIF Collection
Account. HVIF shall deliver a copy of the Daily Collection Report for each Business Day to the Trustee.

 

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

 

(c)               
Monthly Servicing Certificate. On or before the fourth (4th) Business Day prior to each Payment Date (unless otherwise
agreed by the Trustee), HVIF shall furnish to the Trustee and the Paying Agent a certificate substantially in the form of Exhibit
A (each a “Monthly Servicing Certificate”).

 

(d)               
Monthly HVIF Noteholders’ Statement and Payment Date Directions. On or before the fourth (4th) Business Day
prior to each Payment Date (unless otherwise agreed by the Trustee), HVIF shall furnish to the Trustee a Monthly HVIF Noteholders’
Statement (substantially in the form provided in the applicable HVIF Series Supplement) and Payment Date Directions, in each case,
with respect to each Series of HVIF Notes.

 

(e)               
Monthly Collateral Certificate. On or before each Payment Date, HVIF shall furnish to the Trustee and the Collateral
Agent an Officer’s Certificate of HVIF to the effect that, except as stated therein, (i) the HVIF Vehicles and all other
HVIF Collateral is free and clear of all Liens, other than Permitted Liens, and (ii) the aggregate amount of all vicarious liability
claims outstanding against HVIF as of the immediately preceding Determination Date is less than $5,000,000. If the aggregate amount
of vicarious liability claims outstanding against HVIF exceeds $5,000,000, the Officer’s Certificate delivered pursuant to
this Section 4.1(e) shall also contain a schedule describing all of the vicarious liability claims then outstanding against
HVIF.

 

(f)                
Quarterly Compliance Certificates. On the Payment Date in each of March, June, September and December, commencing
in December 2020, HVIF shall deliver to the Trustee an Officer’s Certificate of HVIF to the effect that, except as provided
in a notice delivered pursuant to Section 8.8 of this Base Indenture, no Amortization Event or Potential Amortization Event
with respect to any Series of HVIF Notes Outstanding has occurred or is continuing and no HVIF Operating Lease Event of Default
or HVIF Potential Operating Lease Event of Default has occurred or is continuing.

 

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(g)               
 Non-Program Vehicle Report. On the Payment Date in May of each year, commencing in May 2021, HVIF shall cause a
nationally recognized firm of independent certified public accountants to furnish a report to the Trustee and the Rating Agencies
to the effect that they have performed certain agreed upon procedures with respect to the calculations of (i) the Disposition Proceeds
received by HVIF from the sale or other disposition of all Non-Program Vehicles (other than Casualties) sold or otherwise disposed
of during the Related Month, (ii) the respective Net Book Values of such Non-Program Vehicles and (iii) the Market Values of such
Non-Program Vehicles on the date of such sale or other disposition.

 

(h)               
Verification of Title. On or prior to May 30 of each year, commencing May 30, 2021, HVIF shall cause a nationally
recognized firm of independent certified public accountants to furnish a report to the Trustee and the Rating Agencies to the effect
that they have performed certain agreed upon procedures on a statistical sample of the Certificates of Title of the HVIF Vehicles
designed to provide a ninety-five percent (95%) confidence level confirming that the HVIF Vehicles are titled in the name of Hertz
Vehicles LLC and the Certificates of Title show a first lien in the name of the Collateral Agent, except for such exceptions as
shall be set forth in such report.

 

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

 

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

 

Section 4.2.            
Reports to HVIF Noteholders.

 

(a)               
On each Payment Date, the Paying Agent shall forward to each HVIF Noteholder of record as of the immediately preceding Record
Date of each Series of HVIF Notes Outstanding the Monthly HVIF Noteholders’ Statement with respect to such Series of HVIF
Notes, with a copy to the Rating Agencies and any Enhancement Provider with respect to such Series of HVIF Notes, which delivery
may be satisfied by the Paying Agent posting, or causing to be posted, such Monthly HVIF Noteholders’ Statement to a password-protected
website made available to such HVIF Noteholders, the Rating Agencies and such Enhancement Providers or by any other reasonable
means of electronic transmission (including, without limitation, e-mail, file transfer protocol or otherwise). HVIF shall provide
the e-mail address for any Rating Agency or Enhancement Provider in writing to the Paying Agent at least four (4) Business Days
prior to each Payment Date (if not previously provided to the Paying Agent).

 

(b)                Annual
HVIF Noteholders’ Tax Statement. Unless otherwise specified in the applicable HVIF Series Supplement, on or before
January 31 of each calendar year, beginning with calendar year 2021, the Paying Agent shall furnish to each Person who at any
time during the preceding calendar year was an HVIF Noteholder or a Controlling Party a statement prepared by HVIF containing
the information which is required to be contained in the Monthly HVIF Noteholders’ Statements with respect to such
Series of HVIF Notes aggregated for such calendar year or the applicable portion thereof during which such Person was an HVIF
Noteholder, together with such other customary information (consistent with the treatment of the HVIF Notes as debt) as HVIF
deems necessary or desirable to enable the HVIF Noteholders to prepare their tax returns (each such statement, an
 “Annual HVIF Noteholders’ Tax Statement”). Such obligations of HVIF to prepare and the Paying Agent
to distribute the Annual HVIF Noteholders’ Tax Statement shall be deemed to have been satisfied to the extent that
substantially comparable information shall be provided by the Paying Agent pursuant to any requirements of the Code as from
time to time in effect.

 

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Section 4.3.            
Rule 144A Information.

 

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

 

Section 4.4.            
HVIF Administrator.

 

Pursuant to the HVIF
Administration Agreement, the HVIF Administrator has agreed to provide certain services to HVIF and to take certain actions on
behalf of HVIF, including performing or otherwise satisfying any action, determination, calculation, direction, instruction, notice,
delivery or other performance obligation, in each case, permitted or required by HVIF pursuant to this Base Indenture. Each HVIF
Noteholder by its acceptance of an HVIF Note and each of the parties hereto by its execution hereof, hereby consents to the provision
of such services and the taking of such action by the HVIF Administrator in lieu of HVIF and hereby agrees that HVIF’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 HVIF Administrator and to the extent so performed or taken by the HVIF Administrator shall be deemed for all purposes hereunder
to have been so performed or taken by HVIF; provided that, for the avoidance of doubt, none of the foregoing shall create
any payment obligation of the HVIF Administrator or relieve HVIF of any payment obligation hereunder.

 

Section 4.5.            
Termination of Article IV.

 

Notwithstanding anything
herein to the contrary, commencing on the first date on which no Series of HVIF Notes is Outstanding, the obligations, covenants
and agreements set forth in Sections 4.1 through 4.4 of this Base Indenture shall terminate in full.

 

Article
V

ALLOCATION AND APPLICATION OF HVIF COLLECTIONS

 

Section 5.1.            
HVIF Collection Account.

 

(a)               
Establishment of HVIF Collection Account. On or prior to the Initial HVIF Closing Date, HVIF, the Securities Intermediary
and the Trustee shall have established a securities account no. 781332 (such account, or if succeeded or replaced by another account
then such successor or replacement account, the “HVIF Collection Account”) in the name of, and under the control
of, the Trustee that shall be maintained for the benefit of the HVIF Noteholders. If at any time a Trust Officer obtains actual
knowledge or receives written notice that the HVIF Collection Account is no longer an Eligible Account, the Trustee, within ten
(10) Business Days of obtaining such knowledge, shall cause the HVIF Collection Account to be moved to a Qualified Institution
or a Qualified Trust Institution and cause the depositary maintaining the new HVIF Collection Account to assume the obligations
of the existing Securities Intermediary hereunder.

 

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(b)                Administration
of the HVIF Collection Account. HVIF may instruct (by standing instructions or otherwise) the institution maintaining the
HVIF Collection Account to invest funds on deposit in such HVIF Collection Account from time to time in Permitted
Investments; provided, however, that any such investment in the HVIF Collection 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 HVIF Collection Account). Investments of funds on deposit
in administrative sub-accounts of the HVIF Collection Account established in respect of particular HVIF Notes shall be
required to mature on or before the dates specified in the applicable HVIF Series Supplement. In the absence of written
investment instructions hereunder, funds on deposit in the HVIF Collection Account shall remain uninvested. HVIF shall not
direct the disposal of any Permitted Investments prior to the maturity thereof to the extent such disposal would result in a
loss of the initial purchase price of such Permitted Investment. The Trustee shall have no liability for any losses incurred
as a result of investments made at the direction of HVIF, and the Trustee shall have no responsibility to monitor the
investment rating or other eligibility requirements of any Permitted Investment.

 

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

 

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

 

Section 5.2.            
Trustee as Securities Intermediary.

 

(a)               
With respect to the HVIF Collection Account, the Trustee or other Person maintaining such HVIF Collection 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 the HVIF Collection Account. If the Securities Intermediary is not the Trustee, HVIF shall obtain the express agreement
of such Person to the obligations of the Securities Intermediary set forth in this Section 5.2.

 

(b)               
The Securities Intermediary agrees that:

 

(i)                
The HVIF Collection Account is an account to which Financial Assets will be credited;

 

(ii)              
All securities or other property underlying any Financial Assets credited to the HVIF Collection Account shall be registered
in the name of the Securities Intermediary, endorsed 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 the HVIF Collection
Account be registered in the name of HVIF, payable to the order of HVIF or specially endorsed to HVIF;

 

(iii)            
All property delivered to the Securities Intermediary pursuant to this Base Indenture and all Permitted Investments thereof
will be promptly credited to the HVIF Collection Account;

 

(iv)             
Each item of property (whether investment property, security, instrument or cash) credited to the HVIF Collection Account
shall be treated as a Financial Asset;

 

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(v)               
If at any time the Securities Intermediary shall receive any order or instruction from the Trustee directing transfer or
redemption of any Financial Asset relating to the HVIF Collection Account or any instruction with respect to the disposition of
funds therein, the Securities Intermediary shall comply with such entitlement order on instruction without further consent by HVIF
or the HVIF Administrator;

 

(vi)             
 The HVIF Collection Account 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 8-110 of the New York UCC and the HVIF Collection Account
(as well as the Security 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 Base Indenture, will not enter into, any
agreement with any other Person relating to the HVIF Collection Account 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 Base Indenture will
not enter into, any agreement with HVIF 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 5.2(b)(v)
of this Base Indenture; and

 

(viii)         
Except for the claims and interest of the Trustee and HVIF in the HVIF Collection Account, the Securities Intermediary knows
of no claim to, or interest in, the HVIF Collection Account 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 the HVIF Collection Account or in any Financial Asset carried
therein, the Securities Intermediary will promptly notify the Trustee, the HVIF Administrator and HVIF thereof.

 

(c)               
The Trustee shall possess all right, title and interest in all funds on deposit from time to time in the HVIF Collection
Account and in all Proceeds thereof, and shall be the only person authorized to originate Entitlement Orders in respect of the
HVIF Collection Account.

 

(d)               
The Securities Intermediary will promptly send copies of all statements for the HVIF Collection Account, which statements
shall reflect any Financial Assets credited thereto simultaneously to each of HVIF, the HVIF Administrator, and the Trustee at
the addresses set forth in Section 13.1 of this Base Indenture.

 

(e)               
In the event that the Securities Intermediary has or subsequently obtains by agreement, operation of law or otherwise a
security interest in the HVIF Collection Account or any security entitlement credited thereto, the Securities Intermediary hereby
agrees that such security interest shall be subordinate to the security interest of the Trustee for the benefit of the HVIF Noteholders
and the Trustee. The Financial Assets and other items deposited to the HVIF Collection Account will not be subject to deduction,
set-off, banker’s lien, or any other right in favor of any Person other than the Trustee for the benefit of the HVIF Noteholders
and the Trustee.

 

(f)                
Notwithstanding anything in Section 5.1 of this Base Indenture or this Section 5.2 to the contrary, the parties
hereto agree that as permitted by Section 8-504(c)(1) of the New York UCC, with respect to the HVIF Collection Account, the Securities
Intermediary may satisfy the duty in Section 8-504(a) of the New York UCC with respect to any cash to be credited to the HVIF Collection
Account by crediting to such HVIF Collection Account a general unsecured claim against the Securities Intermediary, as a bank,
payable on demand, for the amount of such cash.

 

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(g)                Notwithstanding
anything in Section 5.1 of this Base Indenture or this Section 5.2 to the contrary, with respect to the HVIF
Collection 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 the HVIF Collection Account is deemed
not to constitute a securities account.

 

(h)               
As permitted by Article 4 of the Hague Convention on the Law Applicable to Certain Rights in Respect of Securities Held
with an Intermediary (the “Hague Convention”), the parties hereto agree that the law of the State of New York
shall govern the issues specified in Article 2 of the Hague Convention. The provisions of the immediately preceding sentence shall
be construed as an amendment to any other account agreement governing the Series 2020-1 Accounts.

 

Section 5.3.            
HVIF Collections and Allocations.

 

(a)               
HVIF Collections in General. Until this Base Indenture is terminated pursuant to Section 11.1 of this Base
Indenture, HVIF shall, and the Trustee is authorized (upon written instructions) to, cause all HVIF Collections due and to become
due to HVIF or the Trustee, as the case may be, to be deposited to the HVIF Collection Account at such times as such amounts are
due in the following manner:

 

(i)                
all Incentive Rebate Receivables and all amounts due under or in connection with the HVIF Vehicle Collateral, including,
without limitation, amounts due from Manufacturers and their related auctions dealers under their Manufacturer Programs with respect
to the HVIF Vehicles, other than HVIF Excluded Payments and Permitted Check Payments, shall be deposited directly into a Collateral
Account by the Manufacturers and the related auction dealers and shall be withdrawn from such Collateral Account and deposited
either into the HVIF Collection Account within seven (7) Business Days of the deposit thereof into such Collateral Account;

 

(ii)              
all amounts representing the proceeds from sales of HVIF Vehicles to third parties, other than the Manufacturers or their
auction dealers, and all amounts received by the Servicer in the form of Permitted Check Payments shall be deposited into a Collateral
Account within two (2) Business Days of receipt by the Servicer and shall be withdrawn from a Collateral Account and either deposited
into the HVIF Collection Account within seven (7) Business Days of the deposit thereof into a Collateral Account;

 

(iii)            
all insurance proceeds and warranty payments in respect of the HVIF Vehicles, other than HVIF Excluded Payments, shall be
deposited into a Collateral Account within two (2) Business Days of receipt by the Servicer and shall be withdrawn from a Collateral
Account and deposited into the HVIF Collection Account within seven (7) Business Days of the deposit thereof into a Collateral
Account;

 

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

 

(v)               
all amounts payable by the Nominee pursuant to Section 10.1 of the Nominee Agreement shall be deposited directly into a
Collateral Account by the Nominee and shall be withdrawn from a Collateral Account and deposited into the HVIF Collection
Account within seven (7) Business Days of the deposit thereof into a Collateral Account; and

 

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(vi)             
all HVIF Collections from any other source shall be either paid directly into the HVIF Collection Account at such times
as such amounts are due or deposited by the Servicer into the HVIF Collection Account within seven (7) Business Days after deposit
thereof into a Collateral Account.

 

Notwithstanding the
foregoing, unless an Amortization Event with respect to any Series of HVIF Notes has occurred and is continuing, insurance
proceeds and warranty payments with respect to the HVIF Vehicles shall not be required to be deposited in a Collateral
Account or the HVIF Collection Account, and may be held by HVIF or paid to Hertz. HVIF agrees that if any HVIF Collections
shall be received by HVIF in an account other than a Collateral Account or the HVIF Collection Account or in any other
manner, such monies, instruments, cash and other proceeds will not be commingled by HVIF with any of its other funds or
property, if any, but will be held separate and apart therefrom and shall be held in trust by HVIF for, and immediately (but
in any event within two (2) Business Days from receipt) paid over to the Trustee or the Collateral
Agent, as applicable, with any necessary endorsement. All HVIF Collections deposited into a Collateral Account shall be
allocated and distributed to the Trustee as provided in the Collateral Agency Agreement. Subject to Section 9.11 of
this Base Indenture, all monies, instruments, cash and other proceeds received by the Trustee pursuant to this Base Indenture
(including amounts received from the Collateral Agent) shall be immediately deposited in the HVIF Collection Account and
shall be applied as provided in this Article V.

 

(b)               
Allocations for HVIF Noteholders. On each day on which HVIF Collections are deposited into the HVIF Collection Account,
HVIF shall allocate HVIF Collections deposited into the HVIF Collection Account in accordance with this Article V and shall
instruct the Trustee in writing to withdraw the required amounts from the HVIF Collection Account and make the required deposits
in any Series Account in accordance with this Article V, as modified by each HVIF Series Supplement. HVIF shall make such
deposits or payments on the date indicated therein in immediately available funds or as otherwise provided in the applicable HVIF
Series Supplement for any Series of HVIF Notes.

 

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

 

(d)               
Unallocated Principal Collections. If, after giving effect to Section 5.3(c) of this Base Indenture, Principal
Collections allocated to any Series of HVIF Notes on any Payment Date are in excess of the amount required to be paid in respect
of such Series of HVIF Notes on such Payment Date, then any such excess Principal Collections shall be allocated to HVIF or such
other party as may be entitled thereto as set forth in any HVIF Series Supplement.

 

Section 5.4.            
Determination of Monthly Interest.

 

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

 

Section 5.5.            
Determination of Monthly Principal.

 

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

 

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Article
VI

DISTRIBUTIONS

 

Section 6.1.            
Distributions in General.

 

(a)                Unless
otherwise specified in the applicable HVIF Series Supplement, on each Payment Date, the Paying Agent shall pay to the HVIF
Noteholders of each Series of HVIF Notes of record on the preceding Record Date the amounts payable thereto hereunder by wire
transfer to such HVIF Noteholder in accordance with the instructions for such HVIF Noteholder appearing in the Note Register
except that with respect to HVIF Notes registered in the name of a Clearing Agency or its nominee, such amounts shall be
payable by wire transfer of immediately available funds released by the Paying Agent from the applicable Series Account on
the Payment Date for credit to the account designated by such Clearing Agency or its nominee, as applicable; provided, however,
that, the final principal payment due on an HVIF Note shall only be paid to the HVIF Noteholder of a Definitive Note on due
presentment of such Definitive Note for cancellation in accordance with the provisions of the HVIF Note.

 

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

 

(c)               
Notwithstanding anything herein or in any HVF Series Supplement, neither the Paying Agent nor the Trustee shall be obligated
to pay or distribute any amounts on any Business Day unless the full amount of all relevant funds is received in the applicable
Series Account prior to 2:00 p.m., New York City time, on such Business Day. The Paying Agent
or the Trustee, as applicable, shall use reasonably commercial business efforts to pay or distribute any such amounts received
after 2:00 p.m., New York City time, on such Business Day as soon as reasonable practicable following
receipt in full thereof.

 

Section 6.2.            
Optional Repurchase of Notes.

 

Unless otherwise specified
in the related HVIF Series Supplement, on or after the date (if any) set forth in the HVIF Series Supplement related to a Series
of HVIF Notes, HVIF shall have the option to purchase all Outstanding HVIF Notes of such Series, or class of such Series, at a
purchase price set forth in such HVIF Series Supplement. Unless otherwise specified in the related HVIF Series Supplement, HVIF
shall give the Trustee at least thirty (30) days’ prior written notice of the date on which HVIF intends to exercise such
option to purchase. Unless otherwise specified in the related HVIF Series Supplement, not later than 12:00 noon, New York City
time, on the date set for purchase, an amount equal to the purchase price for the HVIF Notes of such Series will be deposited into
the HVIF Collection Account for such Series in immediately available funds. Unless otherwise specified in the related HVIF Series
Supplement, the funds deposited into the HVIF Collection Account or distributed to the Trustee or the Paying Agent will be passed
through in full to the HVIF Noteholders of such Series on such date.

 

     25

     

    

 

Article
VII

REPRESENTATIONS AND WARRANTIES

 

HVIF hereby represents
and warrants, for the benefit of the Trustee and the HVIF Noteholders, as follows as of the Initial HVIF Closing Date and each
Series Closing Date with respect to any Series of HVIF Notes:

 

Section 7.1.            
Existence and Power.

 

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

 

Section 7.2.            
Limited Liability Company and Governmental Authorization.

 

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

 

Section 7.3.            
No Consent.

 

No consent, action by
or in respect of, approval or other authorization of, or registration, declaration or filing with, any Governmental Authority or
other Person is required for the valid execution and delivery by HVIF of this Base Indenture, any HVIF Series Supplement or any
other Related Documents or for the performance of any of HVIF’s obligations hereunder or thereunder other than such consents,
approvals, authorizations, registrations, declarations or filings as shall have been previously obtained by HVIF and except to
the extent that the failure to so obtain any such consent, approval or authorization, take any such action or effect any such registration,
declaration or filing is not reasonably likely to result in a Material Adverse Effect.

 

Section 7.4.            
Binding Effect.

 

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

 

     26

     

    

 

Section 7.5.            
Litigation.

 

There is no action, suit
or proceeding pending against or, to the knowledge of HVIF, threatened against or affecting HVIF before any court or arbitrator
or any Governmental Authority with respect to which there is a reasonable possibility of an adverse decision that would be reasonably
likely to result in a Material Adverse Effect.

 

Section 7.6.            
No ERISA Plan.

 

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

 

Section 7.7.            
Tax Filings and Expenses.

 

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

 

(b)               
Since formation, HVIF has for U.S. federal tax purposes been classified as a disregarded entity wholly owned by a “United
States person” within the meaning of Section 7701(a)(30) of the Code.

 

Section 7.8.            
Disclosure.

 

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

 

Section 7.9.            
Solvency.

 

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

 

     27

     

    

 

Section 7.10.         
Investment Company Act.

 

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

 

Section 7.11.         
Regulations T, U and X.

 

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

 

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

 

All of the issued and
outstanding limited liability company interests of HVIF are owned by Hertz, all of which limited liability company interests have
been validly issued, are fully paid and non-assessable and are owned of record by Hertz, free and clear of all Liens other than
Permitted Liens; provided, however, that such limited liability company interests in HVIF (the “SPV Issuer
Equity”) may be pledged for the benefit of one or more Pledged Equity Secured Parties pursuant to any Pledged Equity
Security Agreement as long as such Pledged Equity Security Agreement contains the Required Standstill Provisions. HVIF has no subsidiaries
and owns no capital stock of, or other equity interest in, any other Person.

 

Section 7.13.         
Security Interests.

 

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

 

(b)               
HVIF has received all consents and approvals required by the terms of the HVIF Collateral to the pledge of the HVIF Collateral
to the Trustee or the Collateral Agent, as the case may be.

 

     28

     

    

 

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

 

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

 

(e)               
Except for a change made pursuant to Section 8.19 of this Base Indenture, (i) HVIF’s sole place of business
and chief executive office shall be at 8501 Williams Road, Estero, Florida 33928, and the place where its records concerning the
HVIF Collateral are kept is at: 8501 Williams Road, Estero, Florida 33928 and (ii) HVIF’s jurisdiction of organization is
Delaware. HVIF does not transact, and has not transacted, business under any other name.

 

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

 

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

 

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

 

(i)                
HVIF has caused or shall have caused, within ten (10) days, the filing of all appropriate financing statements in the proper
filing office in the appropriate jurisdictions under applicable law in order to perfect the security interest in the HVIF General
Intangibles Collateral granted to the Trustee in favor of the HVIF Noteholders hereunder.

 

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

 

     29

     

    

 

(k)               
HVIF is a Registered Organization.

 

Section 7.14.         
Related Documents.

 

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

 

Section 7.15.         
Non-Existence of Other Agreements.

 

As of the date of the
issuance of the first Series of HVIF Notes, other than as permitted by Section 8.22 of this Base Indenture, (i) HVIF is
not a party to any contract or agreement of any kind or nature and (ii) HVIF is not subject to any material obligations or liabilities
of any kind or nature in favor of any third party, including Contingent Obligations. As of the date of the issuance of the first
Series of HVIF Notes, HVIF has not engaged in any activities since its formation (other than those incidental to its formation,
the authorization and the issue of HVIF Notes, the execution of the Related Documents to which it is a party and the performance
of the activities referred to in or contemplated by such agreements) and has not engaged in any business or enterprise or entered
into any transaction, other than, in each case, as permitted by Section 8.23 of this Base Indenture.

 

Section 7.16.         
Compliance with Contractual Obligations and Laws.

 

HVIF is not (i) in violation
of the HVIF LLC Agreement, (ii) in violation of any Requirement of Law with respect to HVIF, except to the extent any such violation
is not reasonably likely to result in a Material Adverse Effect or (iii) in violation of any Contractual Obligation with respect
to HVIF, except to the extent any such violation is not reasonably likely to result in a Material Adverse Effect.

 

Section 7.17.         
Other Representations.

 

All representations and
warranties of HVIF made in each Related Document to which it is a party are true and correct (in all material respects to the extent
any such representations and warranties do not incorporate a materiality limitation in their terms) as of such date (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 are repeated herein as though fully set forth herein.

 

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Article
VIII

 

COVENANTS

 

Section 8.1.            
Payment of Notes.

 

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

 

Section 8.2.            
Maintenance of Office or Agency.

 

HVIF shall maintain an
office or agency (which may be an office of the Trustee, the Registrar or co-registrar) where HVIF Notes may be surrendered for
registration of transfer or exchange, where notices and demands to or upon HVIF in respect of the HVIF Notes and this Base Indenture
may be served, and where, at any time when HVIF is obligated to make a payment of principal of, and premium, if any, upon, the
HVIF Notes, the HVIF Notes may be surrendered for payment.

 

HVIF shall give prompt
written notice to the Trustee of the location, and any change in the location, of such office or agency. If at any time HVIF shall
fail to maintain any such required office or agency or shall fail to furnish the Trustee with the address thereof, such presentations,
surrenders, notices and demands may be made or served at the Corporate Trust Office, and HVIF hereby appoints the Trustee as its
agent to receive all surrenders, notices and demands.

 

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

 

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

 

Section 8.3.            
Payment of Obligations.

 

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

 

Section 8.4.            
Conduct of Business and Maintenance of Existence.

 

HVIF shall maintain its
existence as a limited liability company validly existing, and in good standing under the laws of the State of Delaware and shall
obtain and preserve its qualification to do business in each jurisdiction in which the failure to so qualify would be reasonably
likely to result in a Material Adverse Effect.

 

     31

     

    

 

Section 8.5.            
Compliance with Laws.

 

HVIF shall comply in
all respects with all Requirements of Law with respect to HVIF, except where the necessity of compliance therewith is being contested
in good faith by appropriate proceedings and where such noncompliance is not reasonably likely to result in a Material Adverse
Effect and will not result in a Lien (other than a Permitted Lien) on any of the HVIF Collateral.

 

Section 8.6.            
Inspection of Property, Books and Records.

 

HVIF shall keep proper
books of record and account in which full, true and correct entries shall be made of all its dealings, transactions in relation
to the HVIF Collateral and its business activities sufficient to prepare financial statements in accordance with GAAP, and shall
permit the Trustee to visit and inspect any of its properties, to examine and make abstracts from any of its books and records
and to discuss its affairs, finances and accounts with its officers and directors, all at such reasonable times upon reasonable
notice and as often as may reasonably be requested.

 

Section 8.7.            
Actions under the Related Documents.

 

(a)               
HVIF shall cause the Servicer to comply, in accordance with the Servicing Standard, with respect to all of HVIF’s
obligations under the Manufacturer Programs and shall not take or permit the Servicer to take any actions that would invalidate
such Manufacturer Programs with respect to any Program Vehicle.

 

(b)               
HVIF shall comply in all material respects with all of its obligations under the Manufacturer Programs. HVIF shall not take
any action that would permit Hertz, Hertz Vehicles LLC, HGI, or any other Person to have the right to refuse to perform any of
its respective obligations under any of the Related Documents, the Manufacturer Programs or any other instrument or agreement included
in the HVIF Collateral or that would result in the amendment, hypothecation, subordination, termination or discharge of, or impair
the validity or effectiveness of, any Related Document, the Manufacturer Program or any such instrument or agreement, in each case
solely to the extent relating to or otherwise affecting the HVIF Collateral or the HVIF Note Obligations.

 

(c)               
Except as permitted in Section 3.2(a) of this Base Indenture, HVIF agrees that it shall not, without the prior written
consent of the Trustee, acting at the direction of the Requisite HVIF Investors, exercise any right, remedy, power or privilege
available to it with respect to any obligor under a Related Document or under any instrument or agreement included in the HVIF
Collateral, take any action to compel or secure performance or observance by any such obligor of its obligations to HVIF or give
any consent, request, notice, direction, approval, extension or waiver with respect to any such obligor. Subject to Section
12.2 of this Base Indenture, HVIF agrees that it shall not, without the prior written consent of the Trustee, acting at the
direction of the Requisite HVIF Investors, amend, modify, waive, supplement, terminate or surrender, or agree to any amendment,
modification, supplement, termination, waiver or surrender of, the terms of any of the Related Documents or consent to the assignment
of any of the Related Documents by any other party thereto (collectively, the “Related Document Actions”); provided,
that, if any such Related Document Action does not materially adversely affect the HVIF Noteholders of one or more, but not all,
Series of HVIF Notes, as evidenced by an Officer’s Certificate of HVIF, any such Series of HVIF Notes that is not materially
adversely affected by such Related Document Action shall be deemed not to be Outstanding for purposes of such obtaining such consent
(and the related calculation of Requisite HVIF Investors shall be modified accordingly); provided, further that,
if any such Related Document Action does not materially adversely affect the HVIF Noteholders, as evidenced by an Officer’s
Certificate of HVIF, HVIF shall be entitled to effect such Related Document Action without the prior written consent of the Trustee.
For the avoidance of doubt, and notwithstanding anything herein or in any Related Document to the contrary, any amendment, modification,
waiver, supplement, termination or surrender of any Related Document relating solely to a particular Series of HVIF Notes shall
be deemed not to materially adversely affect the HVIF Noteholders of any other Series of HVIF Notes.

 

     32

     

    

 

(d)                Upon
the occurrence of a Servicer Default, HVIF shall not, without the prior written consent of the Trustee acting at the written
direction of the Requisite HVIF Investors, terminate the Servicer or appoint a successor Servicer in accordance with the HVIF
Lease and the Collateral Agency Agreement, and HVIF shall terminate the Servicer and appoint a successor servicer in
accordance with the HVIF Lease and the Collateral Agency Agreement if and when so directed by the Trustee acting at the
written direction of the Requisite HVIF Investors. For the avoidance of doubt, HVIF shall not at any time terminate the
Servicer or appoint a successor Servicer in accordance with the HVIF Lease or the Collateral Agency Agreement, in any such
case, if a Servicer Default is not continuing at such time.

 

Section 8.8.            
Notice of Defaults.

 

Within five (5) Business
Days of any Authorized Officer of HVIF obtaining actual knowledge of (i) any Potential Amortization Event or Amortization Event
with respect to any Series of HVIF Notes Outstanding, any HVIF Potential Operating Lease Event of Default, any HVIF Operating Lease
Event of Default or any Servicer Default or (ii) any default under any other Lease Related Agreement, any Related Documents or
under any Manufacturer Program, HVIF shall give the Trustee and the Rating Agencies with respect to each Series of HVIF Notes Outstanding
notice thereof, together with an Officer’s Certificate of HVIF setting forth the details thereof and any action with respect
thereto taken or contemplated to be taken by HVIF.

 

Section 8.9.            
Notice of Material Proceedings.

 

Within five (5) Business
Days of any Authorized Officer of HVIF obtaining actual knowledge thereof, HVIF shall give the Trustee and the Rating Agencies
written notice of the commencement or existence of any proceeding by or before any Governmental Authority against or affecting
HVIF that is reasonably likely to have a Material Adverse Effect.

 

Section 8.10.         
Further Requests.

 

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

 

Section 8.11.         
Further Assurances.

 

(a)                HVIF
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 HVIF Indenture
Collateral on behalf of the HVIF Noteholders and of the Collateral Agent in the HVIF Vehicle Collateral as a perfected
security interest subject to no prior Liens (other than Permitted Liens), to carry into effect the purposes of this Base
Indenture or the other Related Documents or to better assure and confirm unto the Trustee or the HVIF Noteholders their
rights, powers and remedies hereunder including, without limitation, the filing of any financing or continuation statements
under the UCC in effect in any jurisdiction with respect to the liens and security interests granted hereby or pursuant to
the Collateral Agency Agreement. Without limiting the generality of the foregoing provisions of this Section 8.11(a),
HVIF shall take all actions that are required to maintain the security interest of the Trustee in the HVIF Indenture
Collateral and of the Collateral Agent in the HVIF Vehicle Collateral as a perfected security interest subject to no prior
Liens (other than Permitted Liens), including, without limitation (i) filing all UCC financing statements, continuation
statements and amendments thereto necessary to achieve the foregoing, (ii) causing the Lien of the Collateral Agent to be
noted on all Certificates of Title relating to HVIF Vehicle Collateral and (iii) causing the Servicer, as agent for the
Collateral Agent, to maintain possession of such Certificates of Title for the benefit of the Collateral Agent pursuant to
Section 2.6(a) of the Collateral Agency Agreement. If HVIF fails to perform any of its agreements
or obligations under this Section 8.11(a), the Trustee shall, at the direction of a Controlling Party or the Required
Noteholders of any Series of HVIF Notes, itself perform such agreement or obligation, and the expenses of the Trustee
incurred in connection therewith shall be payable by HVIF 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 HVIF Indenture Collateral; provided, however,
that the Trustee shall not be obligated to prepare or file financing statements, continuation statements or other instruments
hereunder, or to determine the necessity for the filing of any financing statement, continuation statement or other
instrument with respect to the perfection of the Trustee’s security interest hereunder, and the foregoing authorization
shall not be construed to be an obligation.

 

     33

     

    

 

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

 

(c)               
HVIF shall warrant and defend the Trustee’s right, title and interest in and to the HVIF Indenture Collateral and
the income, distributions and proceeds thereof, for the benefit of the Trustee on behalf of the HVIF 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, HVIF 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 Base Indenture, any HVIF Series Supplements and any indentures supplemental hereto or thereto
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 Base Indenture,
any HVIF Series Supplement or the Collateral Agency Agreement in the HVIF 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 Base Indenture, any HVIF Series
Supplements and any indentures supplemental hereto or thereto 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 Base Indenture and any HVIF Series Supplement in the HVIF
Collateral until March 31 in the following calendar year.

 

Section 8.12.         
Liens.

 

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

 

Section 8.13.         
Other Indebtedness.

 

HVIF shall not create,
assume, incur, suffer to exist or otherwise become or remain liable in respect of any Indebtedness other than under any Related
Document.

 

Section 8.14.         
No ERISA Plan.

 

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

 

Section 8.15.         
Mergers.

 

HVIF shall not be a party
to any merger or consolidation, other than a merger or consolidation of HVIF into or with another Person if:

 

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(a)               
the Person formed by such consolidation or into or with which HVIF is merged shall be a Person organized and existing under
the laws of the United States or any state or the District of Columbia, and if HVIF is not the surviving entity, shall expressly
assume, by an indenture supplemental hereto executed and delivered to the Trustee, the performance of every covenant and obligation
of HVIF hereunder and under all other Related Documents to which HVIF is a party;

 

(b)               
HVIF has delivered to the Trustee an Officer’s Certificate and an Opinion of Counsel, each stating that such consolidation
or merger and such supplemental agreement comply with this Section 8.15;

 

(c)               
the Rating Agency Condition with respect to each Series of HVIF Notes Outstanding shall have been satisfied with respect
to such merger or consolidation; and

 

(d)               
HVIF has delivered to the Trustee an Opinion of Counsel stating that HVIF would not be substantively consolidated with any
immediate and direct parent of such Person as a result of an Event of Bankruptcy with respect to any such parent.

 

Section 8.16.         
Sales of Assets.

 

(a)               
HVIF shall not sell, lease, transfer, liquidate or otherwise dispose of any of its property except as contemplated by the
Related Documents.

 

(b)               
HVIF shall not sell any Eligible Vehicle to any Affiliate of HVIF on any date for less than the Net Book Value of such Eligible
Vehicle as of such date.

 

Section 8.17.         
Acquisition of Assets.

 

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

 

Section 8.18.         
Dividends, Officers’ Compensation, etc.

 

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

 

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Section 8.19.         
Legal Name; Location Under Section 9-307.

 

HVIF shall neither
change its location (within the meaning of Section 9-307 of the applicable UCC) or its legal name without at least thirty
(30) days’ prior written notice to the Trustee and the Collateral Agent. In the event that HVIF desires to so change
its location or change its legal name, HVIF shall make any required filings and prior to actually changing its location or
its legal name HVIF shall deliver to the Trustee and the Collateral Agent (i) an Officer’s Certificate of HVIF and an
Opinion of Counsel confirming that all required filings have been made to continue the perfected interest of the Trustee on
behalf of the HVIF Noteholders in the HVIF Indenture Collateral and the perfected interest of the Collateral Agent in the
HVIF Vehicle Collateral in respect of the new location or new legal name of HVIF and (ii) copies of all such required filings
with the filing information duly noted thereon by the office in which such filings were made.

 

Section 8.20.         
Organizational Documents.

 

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

 

Section 8.21.         
Investments.

 

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

 

Section 8.22.         
No Other Agreements.

 

HVIF shall not enter
into or be a party to any agreement or instrument other than any Related Document, as the same may be amended, modified or supplemented
from time to time, any documents related to any Enhancement, any document to effect a merger or consolidation permitted pursuant
to Section 8.15 of this Base Indenture or any documents and agreements incidental or related to any of the foregoing.

 

Section 8.23.         
Other Business.

 

HVIF shall not engage
in any business or enterprise or enter into any transaction other than the financing, leasing and disposition of the HVIF Vehicles
pursuant to the Related Documents, the acquisition and funding of HVIF Collateral, the related exercise of its rights under HVIF
Collateral and the Related Documents, the incurrence and payment of ordinary course operating expenses, the issuing and selling
of the HVIF Notes and other activities related to or incidental to any of the foregoing.

 

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Section 8.24.         
Maintenance of Separate Existence.

 

HVIF shall:

 

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

 

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

 

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

 

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

 

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

 

(f)               
maintain separate financial statements in accordance with GAAP, or, if financial statements are prepared on a consolidated
basis with Hertz or any Affiliate thereof, such financial statements shall contain notes clearly (i) disclosing the separate legal
existence of HVIF and (ii) stating that the assets of HVIF are owned by HVIF and are not available to satisfy obligations of Hertz
or such Affiliate and identifying the amounts of the assets so owned; and

 

(g)               
maintain at least two (2) Independent Managers on its Board of Managers.

 

Section 8.25.         
Manufacturer Programs.

 

(a)               
Prior to the leasing of any Program Vehicles under the HVIF Lease for any model year commencing with the 2021 model year,
HVIF shall cause the Lessee to deliver to the Trustee and the Lessor an Officer’s Certificate of the Lessee substantially
in the form of Exhibit B.

 

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(b)               
No later than six (6) months following the leasing of any Program Vehicles under the HVIF Lease for any model year commencing
with the 2021 model year, HVIF shall (x) deliver to the Trustee an executed copy of the Manufacturer Program for such model year
and (y) have received an executed Assignment Agreement with respect to such Manufacturer Program for such model year.

 

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

 

Section 8.26.         
Disposition of HVIF Vehicles.

 

(a)               
HVIF shall turn in, or cause to be turned in, each Program Vehicle to the relevant Manufacturer within the Repurchase Period
therefor in accordance with the applicable Manufacturer Program unless, prior to the end of such Repurchase Period, the Lessee
has re-designated such Program Vehicle as a Non-Program Vehicle in accordance with Section 2.5(a) or Section 2.5(b) of the HVIF
Lease.

 

(b)               
If a Non-Program Vehicle is returned to HVIF pursuant to Section 2.4(a) of the HVIF Lease, HVIF shall use commercially reasonable
efforts to arrange for the prompt sale of such Non-Program Vehicle and to maximize the sale price thereof.

 

Section 8.27.         
Insurance.

 

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

 

Section 8.28.         
Purchase and Sale of Assets.

 

HVIF shall not acquire
or dispose of assets for the primary purpose of recognizing gains or decreasing losses resulting from market value changes. HVIF
shall not purchase or otherwise acquire any asset that is not an “eligible asset” within the meaning of Rule 3a-7 promulgated
under the Investment Company Act; provided, however, that HVIF may purchase or otherwise acquire an asset that is
not an “eligible asset” to the extent that the purchase or acquisition of such asset is considered an activity that
is related or incidental to the business of purchasing or otherwise acquiring “eligible assets” under Rule 3a-7.

 

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Section 8.29.         
Payment of Taxes and Governmental Obligations.

 

HVIF shall pay and discharge,
at or before maturity, its tax liabilities and other governmental obligations, except where the same may be contested in good faith
by appropriate proceedings, and shall maintain, in accordance with GAAP, reserves as appropriate for the accrual of any of the
same.

 

Section 8.30.         
Tax Matters.

 

Neither HVIF nor Hertz
shall take (or, to the extent within the control of HVIF or Hertz, permit any other Person to take) any action that could reasonably
be expected to cause HVIF to be classified as any entity other than a disregarded entity within the meaning of U.S. Treasury Regulation
 § 301.7701-3 that is wholly owned by a United States person within the meaning of Section 7701(a)(30) of the Code.

 

Article
IX

AMORTIZATION EVENTS AND REMEDIES

 

Section 9.1.            
Amortization Events.

 

If any one of the following
events shall occur during the Revolving Period or the Controlled Amortization Period, if any, with respect to any Series of HVIF
Notes:

 

(a)               
(i) the occurrence of an Event of Bankruptcy with respect to Hertz Vehicles LLC, HGI or HVIF and (ii) after the Emergence
Date, the occurrence of an Event of Bankruptcy with respect to Hertz;

 

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

 

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

 

(d)               
any Lease Payment Default shall have occurred;

 

(e)               
any Aggregate Asset Amount Deficiency exists and continues for a period of three (3) consecutive Business Days;

 

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

 

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(g)               
 any Servicer Default or any HVIF Administrator Default shall have occurred;

 

(h)               
HVIF at any time receives a final determination that it will be treated as an association taxable as a corporation for U.S.
federal tax purposes; or

 

(i)                
any other event shall occur that may be specified in any HVIF Series Supplement as an “Amortization Event” with
respect to the related Series of HVIF Notes;

 

then, (i) in the case
of any event described in clauses (a), (b), (c), (d) or (h) above, an “Amortization
Event” with respect to all Series of HVIF Notes then outstanding shall immediately occur without any notice or other
action on the part of the Trustee or any HVIF Noteholder, and (ii) in the case of any event described in clauses (e), (f),
(g) or (i) above, an “Amortization Event” with respect to such Series of HVIF Notes shall occur
in accordance with, and subject to the conditions (including, without limitation, any conditions with respect to notice, other
action, the continuation of such event, grace or cure periods, or otherwise) specified in, the HVIF Series Supplement with respect
to such Series of HVIF Notes.

 

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

 

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

 

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(b)                Liquidation
Event of Default; Limited Liquidation Event of Default. If a Liquidation Event of Default or a Limited Liquidation Event
of Default shall have occurred and be continuing, the Trustee, at the written direction of the Requisite HVIF Investors (in
the case of a Liquidation Event of Default) or the Required Noteholders of the applicable Series of HVIF Notes (in the case
of a Limited Liquidation Event of Default), shall direct HVIF and the Collateral Agent to exercise (and HVIF agrees to
exercise) all rights, remedies, powers, privileges and claims of HVIF relating to the HVIF Collateral against any party to
any Related Documents arising as a result of the occurrence of such Liquidation Event of Default or Limited Liquidation Event
of Default, as the case may be, or otherwise, including the right or power to take any action to compel performance or
observance by any such party of its obligations to HVIF as such obligations relate to the HVIF Collateral and the right to
terminate all or a portion of the HVIF Lease and to take possession of HVIF Vehicles (or, in the case of the Collateral
Agent, if no Back-Up Disposition Agent has been appointed, to retain an agent to take possession of the HVIF Vehicles) and to
give any consent, request, notice, direction, approval, extension or waiver in respect of such HVIF Lease, and any right of
HVIF to take such action independent of such direction shall be suspended. If and whenever a Liquidation Event of Default or
a Limited Liquidation Event of Default with respect to any Series of HVIF Notes Outstanding shall have occurred and be
continuing, the Trustee may and, at the written direction of the Requisite HVIF Investors (in the case of a Liquidation Event
of Default) or the Required Noteholders of the applicable Series of HVIF Notes (in the case of a Limited Liquidation Event of
Default), shall direct HVIF to terminate (a) the Nominee Power of Attorney granted to Hertz and direct the Nominee to grant a
Nominee Power of Attorney to HVIF, the Collateral Agent, the Trustee or if no Back-Up Disposition Agent has been appointed,
an agent of the Collateral Agent or Trustee, as specified by the Trustee, pursuant to Section 2.5 of the Nominee Agreement
and/or (b) the Power of Attorney granted to Hertz pursuant to Section 2.6(b) of the Collateral Agency Agreement, in each case
solely to the extent such powers of attorney relate to the HVIF Collateral.

 

(c)               
Manufacturer Programs and HVIF Vehicles. (i) Upon the occurrence of a Liquidation Event of Default, the Trustee,
at the written direction of the Requisite HVIF Investors, shall promptly (and in any event within any reasonably practicable period
specified in such written direction) instruct the Collateral Agent to return or cause HVIF to return the Program Vehicles to the
related Manufacturers (after the minimum holding period specified in the Manufacturer’s Manufacturer Program and, unless
otherwise directed by the Requisite HVIF Investors, so long as a Manufacturer Event of Default has not occurred and is continuing
with respect to the related Manufacturer) and then, to the extent any Manufacturer fails to accept any such Program Vehicles under
the terms of the applicable Manufacturer Program (or, unless otherwise directed by the Requisite HVIF Investors, if a Manufacturer
Event of Default has occurred and is continuing with respect to any Manufacturer), to direct the Collateral Agent to liquidate
or cause HVIF to liquidate such Program Vehicles in accordance with the rights of HVIF under the Related Documents and to otherwise
sell or cause to be sold to third parties all Non-Program Vehicles; provided that the Collateral Agent may liquidate through
any Back-Up Disposition Agent or, if no Back-Up Disposition Agent has been appointed, through an agent that has been appointed
by the Collateral Agent with the consent of the Controlling Party; provided, further, that in the event any such
agent is required for a liquidation, the Controlling Party may direct the Collateral Agent to retain an agent that is mutually
acceptable to the Controlling Party and the Collateral Agent. Upon the occurrence of a Limited Liquidation Event of Default with
respect to any Series of HVIF Notes, the Trustee, acting at the written direction of the Required Noteholders of the applicable
Series of HVIF Notes, shall promptly (and in any event within any reasonably practicable period specified in such written direction)
instruct the Collateral Agent to return or cause HVIF to return Program Vehicles to the related Manufacturers (after the minimum
holding period specified in the Manufacturer’s Manufacturer Program and, unless otherwise directed by such Required Noteholders,
so long as a Manufacturer Event of Default has not occurred and is continuing with respect to the related Manufacturer) and then,
to the extent any Manufacturer fails to accept any such Program Vehicles under the terms of the applicable Manufacturer Program
(or, unless otherwise directed by such Required Noteholders, if a Manufacturer Event of Default has occurred and is continuing
with respect to any Manufacturer), to direct the Collateral Agent to liquidate or cause HVIF to liquidate such Program Vehicles
in accordance with the rights of HVIF under the Related Documents and to sell Non-Program Vehicles or cause Non-Program Vehicles
to be sold to third parties in an amount sufficient to pay all interest and principal on such Series of HVIF Notes; provided,
however, that the Trustee and the Collateral Agent (in each case, acting at the direction of a Controlling Party) and HVIF
shall select the Program Vehicles to be returned to the related Manufacturers and the Non-Program Vehicles to be sold to third
parties in a manner that does not adversely affect in any material respect the interests of the HVIF Noteholders of any Series
of HVIF Notes Outstanding or any Enhancement Provider; provided, further, that the Collateral Agent may liquidate
through any Back-Up Disposition Agent or, if no Back-Up Disposition Agent has been appointed, through an agent that has been appointed
by the Collateral Agent with the consent of the Controlling Party; provided, further, that in the event any such
agent is required for a liquidation, the Controlling Party may direct the Collateral Agent to retain an agent that is mutually
acceptable to the Controlling Party and the Collateral Agent.

 

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(ii)              
 In addition to, and not in limitation of, the remedies and duties of the Trustee set forth in subsection (i) above
or (iii) below, if a Liquidation Event of Default or a Limited Liquidation Event of Default shall have occurred and be continuing,
the Trustee may, and at the written direction of the Requisite HVIF Investors (in the case of a Liquidation Event of Default) or
at the direction of the Required Noteholders of the applicable Series of HVIF Notes (in the case of a Limited Liquidation Event
of Default) shall direct the Collateral Agent to exercise (either by itself or acting through the Back-Up Disposition Agent), or
cause HVIF to exercise, to the extent necessary, all rights, remedies, powers, privileges and claims of HVIF or the Collateral
Agent, to the extent such rights, remedies, powers, privileges and claims relate to the HVIF Collateral, against the Manufacturers
under or in connection with the Manufacturer Programs; provided, that the Collateral Agent may liquidate through any Back-Up
Disposition Agent or, if no Back-Up Disposition Agent has been appointed, through an agent that has been appointed by the Collateral
Agent with the consent of the Controlling Party; provided, further, that in the event any such agent is required
for a liquidation, the Controlling Party may direct the Collateral Agent to retain an agent that is mutually acceptable to the
Controlling Party and the Collateral Agent.

 

(iii)            
In the event that either (A) an Event of Bankruptcy with respect to any Manufacturer of Program Vehicles shall have occurred
and is continuing and such Manufacturer shall fail to repurchase any Program Vehicles in accordance with the terms of the related
Manufacturer Program and a Trust Officer has actual knowledge thereof or (B) if there has occurred and is continuing any other
Manufacturer Event of Default and a Trust Officer has knowledge thereof, the Trustee (at the written direction of a Controlling
Party, the Required Noteholders or the Requisite HVIF Investors, as applicable) shall direct the Collateral Agent to sell, or cause
HVIF to sell, any and all Program Vehicles covered by the related Manufacturer Program of such Manufacturer for the highest purchase
price offered and, promptly upon receipt, to deposit the proceeds of such sale into the HVIF Collection Account for allocation
hereunder; provided, however, that if any event described in clause (A) or (B) above occurs, HVIF shall
have three (3) Business Days from such occurrence to re-designate such Program Vehicles as Non-Program Vehicles in accordance with,
and subject to the terms and conditions of, Section 2.5 of the HVIF Lease before the Trustee may direct the Collateral Agent to
sell any such Program Vehicles; provided, further, that the Collateral Agent may liquidate through any Back-Up Disposition
Agent or, if no Back-Up Disposition Agent has been appointed, through an agent that has been appointed by the Collateral Agent
with the consent of the Controlling Party; provided, further, that in the event any such agent is required for a
liquidation, the Controlling Party may direct the Collateral Agent to retain an agent that is mutually acceptable to the Controlling
Party and the Collateral Agent.

 

(d)               
Sale of Collateral. Upon any sale of any of the HVIF Collateral (in accordance with the written direction of a Controlling
Party, the Required Noteholders or the Requisite HVIF Investors, as applicable) by the Trustee, or by the Collateral Agent at the
direction of the Trustee, whether made under the power of sale given under this Section 9.2 or under judgment, order or
decree in any judicial proceeding for the foreclosure or involving the enforcement of this Base Indenture:

 

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

 

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

 

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

 

    42

     

    

 

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

 

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

 

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

 

(f)                
Amortization Event.

 

(i)               
Upon the occurrence of an Amortization Event with respect to one or more, but not all, Outstanding Series of HVIF Notes,
the Trustee (in accordance with written direction of a Controlling Party, the Required Noteholders or the Requisite HVIF Investors,
as applicable) shall exercise all remedies hereunder to the extent necessary to pay all interest on and principal of the related
Series of HVIF Notes up to the Principal Amount of each such Series of HVIF Notes; provided that, any such actions
shall not adversely affect in any material respect the interests of the HVIF Noteholders of any Series of HVIF Notes Outstanding
with respect to which no Amortization Event shall have occurred.

 

(ii)              
Any amounts relating to the HVIF Collateral or the HVIF Note Obligations obtained by the Trustee on account of or as a result
of the exercise by the Trustee of any rights or remedies specified in this Article IX shall be held by the Trustee as additional
collateral for the repayment of HVIF Note Obligations with respect to each Series of HVIF Notes with respect to which such rights
or remedies were exercised and shall be applied as provided in Article V. If so specified in the applicable HVIF Series
Supplement, the Trustee may agree not to exercise any rights or remedies available to it as a result of the occurrence of an Amortization
Event with respect to a Series of HVIF Notes to the extent set forth therein.

 

Section 9.3.              
Other Remedies.

 

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

 

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

 

Section 9.4.              
Waiver of Past Events.

 

With respect to any existing
Potential Amortization Event or Amortization Event described in clauses (e), (f), (g) or (i) of Section
9.1 of this Base Indenture, any such Potential Amortization Event or Amortization Event (and, in any such case, any consequences
thereof) with respect to such Series of HVIF Notes may be waived as set forth in the related HVIF Series Supplement. Upon any such
waiver, such Potential Amortization Event shall cease to exist with respect to such Series of HVIF Notes, and any Amortization
Event with respect to such Series of HVIF Notes arising therefrom shall be deemed to have been cured for every purpose of this
Base Indenture and related HVIF Series Supplement, but no such waiver shall extend to any subsequent or other Potential Amortization
Event or Amortization Event or impair any right consequent thereon. With respect to any existing Potential Amortization Event or
Amortization Event described in clauses (a), (b), (c), (d) or (h) of Section 9.1 of this
Base Indenture, any such Potential Amortization Event or Amortization Event (and, in any such case, the consequences thereof) with
respect to the HVIF Notes shall only be waived with the written consent of each HVIF Noteholder (with respect to any Series of
HVIF Notes other than any Controlling Party Series) and each Controlling Party (with respect to any Controlling Party Series).
Upon any such waiver, such Potential Amortization Event shall cease to exist with respect to each Series of HVIF Notes, and any
Amortization Event with respect to each Series of HVIF Notes arising therefrom shall be deemed to have been cured for every purpose
of this Base Indenture and each HVIF Series Supplement, but no such waiver shall extend to any subsequent or other Potential Amortization
Event or Amortization Event or impair any right consequent thereon. The Trustee shall provide notice to each Rating Agency of any
waiver by the HVIF Noteholders of any Series of HVIF Notes pursuant to this Section 9.4.

 

Section 9.5.              
Control by Requisite HVIF Investors.

 

Subject to the Trustee’s
right to be indemnified prior to acting (including, without limitation, pursuant to Section 10.2(e) of this Base Indenture),
the Requisite HVIF Investors (or, where such remedy relates only to one or more particular Series of HVIF Notes, the Controlling
Party or the Required Noteholders, as the case may be, of any such Series of HVIF Notes) may direct the time, method and place
of conducting any proceeding for any remedy available to the Trustee on behalf of such HVIF Noteholders or exercising any trust
or power conferred on the Trustee. Subject to Section 10.1 of this Base Indenture, the Trustee may, however, refuse to follow
any direction that conflicts with law or this Base Indenture, that the Trustee determines may be unduly prejudicial to the rights
of other HVIF Noteholders, or that may involve the Trustee in personal liability.

 

Section 9.6.              
Limitation on Suits.

 

Any other provision of
this Base Indenture to the contrary notwithstanding, no HVIF Noteholder of any Series of HVIF Notes shall have any right to institute
a proceeding, judicial or otherwise, (x) with respect to this Base Indenture or (y) for any other remedy with respect to this Base
Indenture or such Series of HVIF Notes unless:

 

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

 

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(b)               
 the HVIF Noteholders of at least 25% of the aggregate Principal Amount of all such Series of HVIF Notes (other than any
Controlling Party Series) and the Controlling Party of each Controlling Party Series make a written request to the Trustee to pursue
the remedy;

 

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

 

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

 

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

 

(f)                
An HVIF Noteholder may not use the HVIF Indenture to prejudice the rights of another HVIF Noteholder or to obtain a preference
or priority over another HVIF Noteholder.

 

Section 9.7.              
Right of HVIF Noteholders to Bring Suit.

 

Subject to Section
9.6 and Section 13.16 of this Base Indenture, the right of any HVIF Noteholder to receive payment of principal of and
interest on, or to bring suit for the enforcement of any payment of principal of or interest on, any HVIF Note, in each case, on
or after the respective due dates therefor expressed in such HVIF Note, is absolute and unconditional and shall not be impaired
or affected without the consent of such HVIF Noteholder.

 

Section 9.8.              
Collection Suit by the Trustee.

 

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

 

Section 9.9.              
The Trustee May File Proofs of Claim.

 

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

 

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Section 9.10.            
Priorities.

 

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

 

Section 9.11.            
Rights and Remedies Cumulative.

 

No right or remedy herein
conferred upon or reserved to the Trustee or to the holders of HVIF Notes is intended to be exclusive of any other right or remedy,
and every right or remedy shall, to the extent permitted by law, be cumulative and in addition to every other right and remedy
given under this Base Indenture or now or hereafter existing at law or in equity or otherwise. The assertion or employment of any
right or remedy under this Base Indenture, or otherwise, shall not prevent the concurrent assertion or employment of any other
valid right or remedy.

 

Section 9.12.            
Delay or Omission Not Waiver.

 

No delay or omission
of the Trustee or of any HVIF Noteholder to exercise any right or remedy accruing upon any Amortization Event shall impair any
such right or remedy or constitute a waiver of any such Amortization Event or acquiescence thereto (other than any such right or
remedy that by its terms requires such Amortization Event to be continuing at the time of exercising such right or remedy). Every
right and remedy given by this Article IX or by law to the Trustee, to any Controlling Party or to each HVIF Noteholder
may be exercised from time to time, and as often as may be deemed expedient, by the Trustee, such Controlling Party or such HVIF
Noteholder, as the case may be. For the avoidance of doubt, this Section 9.12 shall be subject to and qualified in its entirety
by Section 12.2(c) of this Base Indenture.

 

Section 9.13.            
Reassignment of Surplus.

 

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

 

Article
X

THE TRUSTEE

 

Section 10.1.            
Duties of the Trustee.

 

(a)               
If an Amortization Event has occurred and is continuing, the Trustee shall exercise such of the rights and powers vested
in it by this Base Indenture, and use the same degree of care and skill in their exercise, as a prudent man would exercise or use
under the circumstances in the conduct of his own affairs; provided, however, that the Trustee shall have no liability
in connection with any action or inaction taken, or not taken, by it upon the deemed occurrence of an Amortization Event of which
a Trust Officer has not received written notice as provided in Section 10.2(o) of this Base Indenture. The preceding sentence
shall not have the effect of insulating the Trustee from liability arising out of the Trustee’s negligence or willful misconduct.

 

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

 

(i)               
The Trustee undertakes to perform only those duties that are specifically set forth in this Base Indenture and the Related
Documents to which it is a party and no others, and no implied covenants or obligations shall be read into this Base Indenture
or such Related Documents against the Trustee; and

 

(ii)              
In the absence of negligence, bad faith or willful misconduct on its part, the Trustee may conclusively rely, as to the
truth of the statements and the correctness of the opinions expressed therein, upon certificates or opinions furnished to the Trustee
and conforming to the requirements of this Base Indenture or any applicable Related Document; however, in the case of any such
certificates or opinions which by any provision hereof are specifically required to be furnished to the Trustee, the Trustee shall
be under a duty to examine such certificates or opinions to determine whether or not they conform to the requirements of this Base
Indenture or such Related Document (but need not confirm or investigate the accuracy of mathematical calculations or other facts
stated therein). Except as otherwise provided, the delivery of reports, information and documents to the Trustee is for informational
purposes only and the Trustee’s receipt of such shall not constitute constructive notice of any information contained therein
or determinable from information contained therein, including HVIF’s compliance with any of its covenants hereunder or thereunder,
as the case may be (as to which the Trustee is entitled to rely exclusively on Officer’s Certificates).

 

(c)               
Subject to Section 10.1(a) of this Base Indenture, no provision of this Base Indenture shall be construed to relieve
the Trustee from liability for its own negligent action, its own negligent failure to act or willful misconduct, provided,
however, that:

 

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

 

(ii)              
The Trustee shall not be liable for any error of judgment made in good faith by a Trust Officer, unless it is proved that
the Trustee was negligent in ascertaining the pertinent facts nor shall the Trustee be liable with respect to any action it takes
or omits to take in good faith in accordance with this Base Indenture.

 

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

 

(iv)             
Prior to occurrence of an Amortization Event with respect to any Series of HVIF Notes, and after curing all such Amortization
Events which may have occurred, the duties and obligations of the Trustee shall be determined solely by the express provisions
of this Base Indenture, the Trustee shall be obligated to perform only such duties and obligations as are specifically set forth
in this Base Indenture and no implied covenants or obligations shall be read into this Base Indenture against the Trustee.

 

(v)               
The Trustee shall not be required to expend or risk its own funds or otherwise incur financial liability in the performance
of any of its duties hereunder, or in the exercise of any of its rights or powers, if there is reasonable ground for believing
that the repayment of such funds or adequate indemnity against such risk or liability is not reasonably assured to it, and none
of the provisions contained in this Base Indenture shall in any event require the Trustee to perform, or be responsible for the
manner of performance of, any of the obligations of any Person under any of the Related Documents.

 

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

 

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

 

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

 

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

 

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

 

Section 10.2.             
Rights of the Trustee.

 

Except as otherwise provided
by Section 10.1 of this Base Indenture:

 

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

 

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

 

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

 

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(d)               
The Trustee shall not be liable for any action it takes or omits to take in good faith that it believes to be authorized
or within its rights or powers conferred upon it by this Base Indenture; provided that, the Trustee’s conduct does
not constitute willful misconduct, negligence or bad faith.

 

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

 

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

 

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

 

(h)               
The Trustee shall not have any duty or obligation to determine (i) the valuation of the HVIF Collateral or (ii) the allocation
of the HVIF Vehicles.

 

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

 

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

 

(k)               
The rights, privileges, protections, immunities and benefits given to the Trustee, including, without limitation, its right
to be indemnified, are extended to, and shall be enforceable by, The Bank of New York Mellon Trust Company, N.A. in each of its
capacities (including, without limitation, as Trustee and as Collateral Agent) hereunder and under any other Related Documents,
and each agent, custodian and other person employed to act hereunder and under any other Related Document.

 

(l)                 The
Trustee may request that HVIF deliver an incumbency certificate setting forth the names of individuals and/or titles of
officers authorized at such time to take specified actions pursuant to this Base Indenture, which incumbency certificate may
be signed by any person authorized to sign an Officer’s Certificate, including any person specified as so authorized in
any such certificate previously delivered and not superseded.

 

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(m)               
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 or hardware) services, pandemics or epidemics; it being
understood that the Trustee shall use reasonable efforts that are consistent with accepted practices in the banking industry to
resume performance as soon as practicable under the circumstances.

 

(n)               
In no event shall the Trustee be responsible or liable for special, punitive, indirect, or consequential loss or damage
of any kind whatsoever (including, but not limited to, loss of profit) irrespective of whether the Trustee has been advised of
the likelihood of such loss or damage and regardless of the form of action.

 

(o)               
The Trustee shall not be deemed to have notice of any Potential Amortization Event or Amortization Event unless a Trust
Officer 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 HVIF Notes or this Base Indenture.

 

Section 10.3.            
Individual Rights of the Trustee.

 

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

 

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

 

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

 

Section 10.5.            
Compensation.

 

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

 

(b)                HVIF
shall indemnify and hold harmless the Trustee or any predecessor Trustee and their respective directors, officers, agents and
employees from and against any loss, liability, claim, expense (including taxes, other than taxes based upon, measured by or
determined by the income of the Trustee or such predecessor Trustee), damage or injury suffered or sustained by reason of any
acts, omissions or alleged acts or omissions arising out of or in connection with the activities of the Trustee or such
predecessor Trustee pursuant to this Base Indenture or any other Related Document, including but not limited to any judgment,
award, settlement, reasonable attorneys’ fees and other costs or expenses reasonably incurred in connection with the
defense of any actual or threatened action, proceeding, claim (whether asserted by HVIF, any HVIF Noteholder or any other
Person) or liability in connection with the exercise or performance of any of its powers or duties hereunder, or in
connection with enforcing the provisions of this Section 10.5(b); provided, however, that, HVIF
shall not indemnify the Trustee, any predecessor Trustee or their respective directors, officers, employees or agents if such
acts, omissions or alleged acts or omissions constitute bad faith or negligence by the Trustee or such predecessor Trustee,
as the case may be. The indemnity provided herein shall survive the termination of this Base Indenture and the resignation
and removal of the Trustee.

 

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

 

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

 

Section 10.6.            
Replacement of the Trustee.

 

(a)               
The Trustee may, after giving forty-five (45) days prior written notice to HVIF, each HVIF Noteholder, each Controlling
Party and each Rating Agency, resign at any time and be discharged from the trust hereby created; provided, however,
that no such resignation of the Trustee shall be effective until a successor trustee has assumed the obligations of the Trustee
hereunder. The Requisite HVIF Investors, acting together, may remove the Trustee with respect to the trust hereby created at any
time, upon thirty (30) days’ written notice to the Trustee and HVIF. So long as no Amortization Event has occurred and is
continuing with respect to any Series of HVIF Notes Outstanding, HVIF may remove the Trustee at any time. HVIF shall remove the
Trustee if:

 

(i)               
the Trustee fails to comply with Section 10.8 of this Base Indenture;

 

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

 

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

 

(iv)             
the Trustee becomes incapable of acting.

 

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

 

(c)               
If a successor Trustee does not take office within forty-five (45) days after the retiring Trustee gives notice of its intent
to resign or is removed, the retiring Trustee or any HVIF Noteholder, at the expense of HVIF, may petition any court of competent
jurisdiction for the appointment of a successor Trustee.

 

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

 

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

 

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(f)                
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 Section 10.6(e) of this Base Indenture and the assumption of obligations
of the Trustee hereunder by such successor trustee.

 

Section 10.7.            
Successor Trustee by Merger, etc.

 

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

 

Section 10.8.            
Eligibility Disqualification.

 

(a)               
There shall at all times be a Trustee hereunder which shall (i) be a corporation organized and doing business under the
laws of the United States or of any state thereof that is authorized under such laws to exercise corporate trustee power, (ii)
be subject to supervision or examination by federal or state authority and shall have a combined capital and surplus of at least
$50,000,000 as set forth in its most recent published annual report of condition and (iii) satisfy the requirements for a trustee
set forth in paragraph (a)(4)(i) of Rule 3a-7 under the Investment Company Act.

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

Section 10.10.          
Representations and Warranties of Trustee.

 

(a)               
The Trustee represents and warrants to HVIF and the HVIF Noteholders that:

 

(i)              
The Trustee is a national banking association, organized, existing and in good standing under the laws of the United States;

 

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

 

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

 

(iv)             The Trustee meets the requirements of eligibility as a trustee hereunder set forth in Section 10.8 of this Base Indenture;
and

 

(v)              The Trustee shall remain primarily liable for the actions of any co-trustees.

 

Section 10.11.     
Foreign Account Tax Compliance Act (FATCA).

 

In order to comply with
applicable tax laws, rules and regulations (inclusive of directives, guidelines and interpretations promulgated by competent authorities)
in effect from time to time (“Applicable Law”), the Issuer agrees (i) to provide to The Bank of New York Mellon
Trust Company, N.A., upon request, information about the transaction (including any modification to the terms of such transaction)
the Issuer has in its possession, so The Bank of New York Mellon Trust Company, N.A. can determine whether it has tax related obligations
under Applicable Law, and (ii) that The Bank of New York Mellon Trust Company, N.A. shall be entitled to make any withholding or
deduction from payments under the Indenture to the extent necessary to comply with Applicable Law for which The Bank of New York
Mellon Trust Company, N.A. shall not have any liability. The terms of this section shall survive the termination of this Base Indenture
and the resignation and removal of the Trustee.

 

Article
XI

DISCHARGE OF INDENTURE

 

Section 11.1.            
Termination of HVIF’s Obligations.

 

(a)               
This Base Indenture shall cease to be of further effect (except that (i) HVIF’s obligations under Section 10.5
and Section 10.11 of this Base Indenture, (ii) the Trustee’s and Paying Agent’s obligations under Section
11.3 of this Base Indenture and (iii) the HVIF Noteholders’ and the Trustee’s obligations under Section 13.14
of this Base Indenture shall survive) when all Outstanding HVIF Notes theretofore authenticated and issued (other than destroyed,
lost or stolen HVIF Notes which have been replaced or paid) have been delivered to the Trustee for cancellation and HVIF has paid
all sums payable hereunder.

 

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

 

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

 

(ii)              HVIF delivers to the Trustee an Officer’s Certificate signed by an Authorized Officer of HVIF stating that all conditions
precedent to satisfaction and discharge of this Base Indenture have been complied with;

 

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

 

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

 

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

 

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

 

In order to have money
available on a payment date to pay principal or interest on the HVIF Notes, the U.S. Government Obligations shall be payable as
to principal or interest at least one (1) Business Day before such payment date in such amounts as will provide the necessary money.
U.S. Government Obligations shall not be callable at the issuer’s option.

 

Section 11.2.            
Application of Trust Money.

 

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

 

Section 11.3.            
Repayment to HVIF.

 

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

 

Subject to Section
2.6(c) of this Base Indenture, the Trustee and the Paying Agent shall pay to HVIF upon written request any money held by them
for the payment of principal or interest that remains unclaimed for two (2) years after the date upon which such payment shall
have become due.

 

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

 

Article
XII

AMENDMENTS

 

Section 12.1.            
Without Consent of the HVIF Noteholders.

 

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

 

(i)                
to create a new Series of HVIF Notes;

 

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

 

    54

     

    

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

(b)               
HVIF Series Supplements. Upon the request of HVIF and receipt by the Trustee of the documents described in Section
2.2 (if applicable) and Section 12.6 of this Base Indenture, the Trustee shall join with HVIF in the execution of any
HVIF Series Supplement authorized or permitted by the terms of this Base Indenture and shall make any further appropriate agreements
and stipulations that may be therein contained, but the Trustee shall not be obligated to enter into such HVIF Series Supplement
that affects its own rights, duties or immunities under this Base Indenture or otherwise. Any HVIF Series Supplement that satisfies
the conditions precedent set forth in Section 2.2 of this Base Indenture shall not be required to satisfy any other conditions
set forth herein.

 

Section 12.2.            
With Consent of the HVIF Noteholders.

 

(a)               
Except as provided in Section 12.1 of this Base Indenture, the provisions of this Base Indenture 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 HVIF, the Trustee and the Requisite HVIF Investors, provided that, with respect to any such amendment, modification or
waiver that does not adversely affect in any material respect one or more Series of HVIF Notes, as evidenced by an Officer’s
Certificate of HVIF, each such Series of HVIF Notes will be deemed not Outstanding for purposes of the foregoing consent (and the
calculation of the Requisite HVIF Investors (including the Aggregate HVIF Principal Amount) will be modified accordingly) and (ii)
the Rating Agency Condition with respect to each Series of HVIF Notes Outstanding is satisfied with respect to such amendment,
modification, or waiver;

 

    55

     

    

 

provided that, HVIF shall be permitted
to issue any Subordinated Series of HVIF Notes and effect any amendments hereto reasonably necessary to effect such issuance without
the consent of any HVIF Noteholder (other than the Controlling Party or the Required Noteholders, as the case may be, of each such
previously issued Subordinated Series of HVIF Notes); provided further that, the Rating Agency Condition with respect to
each Series of HVIF Notes Outstanding shall have been satisfied with respect to such issuance of such Subordinated Series of HVIF
Notes and that each Subordinated Series of HVIF Notes shall be deemed to be subordinated in all material respects to each Series
of HVIF Notes.

 

(b)               
Notwithstanding the foregoing (but subject, in each case, to satisfaction of the Rating Agency Condition with respect to
each Series of HVIF Notes Outstanding):

 

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

 

(ii)              
any amendment, waiver or other modification to this Base Indenture or any HVIF Series Supplement that would (A) extend the
due date for, or reduce the interest rate or principal amount of any HVIF Note, or the amount of any scheduled repayment or prepayment
of interest on any HVIF Note (or reduce the principal amount of or rate of interest on any HVIF Note) shall require the consent
of each holder of such HVIF Note materially adversely affected thereby; (B) affect adversely in any material respect the interests,
rights or obligations of any HVIF Noteholder individually in comparison to any other HVIF Noteholder shall require the consent
of such HVIF Noteholder; or (C) amend or otherwise modify any Amortization Event shall require the consent of each HVIF Noteholder
to which such Amortization Event applies that would be materially adversely affected thereby;

 

(iii)            
any amendment, waiver or other modification that would (A) approve the assignment or transfer by HVIF of any of its rights
or obligations hereunder or under any other Related Documents to which it is a party, except pursuant to the express terms hereof
or thereof; or (B) release any obligor under any Related Documents to which it is a party, except pursuant to the express terms
hereof or of such Related Document, shall require in each case the consent of the Controlling Party of each Controlling Party Series;
provided, however, that any such amendment, waiver, or other modification relating to a Related Document that relates
solely to a single Series of HVIF Notes (as evidenced by an Officer’s Certificate of HVIF) shall require only the consent
of the Controlling Party of each such Controlling Party Series; provided, further that with respect to any such amendment,
waiver or other modification relating to a Related Document or portion thereof that does not adversely affect in any material respect
a Series of HVIF Notes, as evidenced by an Officer’s Certificate of HVIF, then such Series of HVIF Notes shall be deemed
not to be outstanding for purposes of the foregoing consent (and the calculation of Aggregate HVIF Principal Amount shall be modified
accordingly); and

 

(iv)             
any amendment, waiver or other modification that would amend or otherwise modify any Servicer Default shall require the
consent of the Controlling Party of each Controlling Party Series.

 

(c)                No
failure or delay on the part of any HVIF Noteholder or the Trustee in exercising any power or right under this Base Indenture
or any other Related Document shall operate as a waiver thereof, nor shall any single or partial exercise of any such power
or right preclude any other or further exercise thereof or the exercise of any other power or right; provided that,
for the avoidance of doubt, any exercise of any such right or power shall remain subject to each condition expressly
specified in any Related Document with respect to such exercise.

 

    56

     

    

 

(d)               
It shall not be necessary for the consent of any Person pursuant to this Section 12.2 for such Person to approve
the particular form of any proposed amendment, but it shall be sufficient if such Person consents to the substance thereof.

 

Section 12.3.            
Supplements and Amendments.

 

Each amendment or other
modification to this Base Indenture shall be set forth in a Supplemental Indenture. The initial effectiveness of each Supplemental
Indenture to this Base Indenture shall be subject to satisfaction of the conditions set forth therein and the delivery to the Trustee
of an Officer’s Certificate and an Opinion of Counsel that such Supplemental Indenture is authorized or permitted by Article
XII of this Base Indenture.

 

Section 12.4.            
Revocation and Effect of Consents.

 

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

 

Section 12.5.            
Notation on or Exchange of Notes.

 

The Trustee may place
an appropriate notation about an amendment or waiver on any HVIF Note thereafter authenticated. HVIF, in exchange for all HVIF
Notes, may issue and the Trustee shall authenticate new HVIF Notes that reflect the amendment or waiver. Failure to make the appropriate
notation or issue a new HVIF Note shall not affect the validity and effect of such amendment or waiver.

 

Section 12.6.            
The Trustee to Sign Amendments, etc.

 

The Trustee shall sign
any Supplemental Indenture authorized pursuant to this Article XII if the Supplemental Indenture does not adversely affect
the rights, duties, liabilities or immunities of the Trustee. If it does, the Trustee may, but need not, sign it. In signing any
amendment hereto or Supplemental Indenture, the Trustee shall be entitled to receive, if requested, an indemnity reasonably satisfactory
to it and to receive and, subject to Section 10.2 of this Base Indenture, shall be fully protected in relying upon, an Officer’s
Certificate of HVIF and an Opinion of Counsel as conclusive evidence that such Supplemental Indenture is authorized or permitted
by this Base Indenture and that all conditions precedent specified in this Article XII of this Base Indenture and the amendment
provisions of any applicable Series Supplement have been satisfied, and that it will be valid and binding upon HVIF in accordance
with its terms.

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Article
XIII

 

MISCELLANEOUS

 

Section 13.1.            
Notices.

 

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

 

If to HVIF:

 

HERTZ VEHICLE INTERIM
FINANCING LLC

		c/o	The Hertz Corporation

8501 Williams Road

Estero, Florida 33928

 

	 	Attn:	Treasury Department
	 	Phone:	(239) 301-7000
	 	Fax:	(239) 301-6906

 

If to the Trustee:

 

2 North LaSalle Street,
Suite 700

Chicago, Illinois 60602

	 	Attn:	Corporate Trust Administrator – Structured Finance
	 	Phone:	(312) 827-8680
	 	Fax:	(732) 487-2683

With a copy to: diane.moser@bnymellon.com

 

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

 

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

 

Any notice (i) given
in person shall be deemed delivered on the date of delivery of such notice, (ii) given by first class mail shall be deemed given
five (5) days after the date that such notice is mailed, (iii) delivered by telex or telecopier shall be deemed given on the date
of delivery of such notice, and (iv) delivered by overnight air courier shall be deemed delivered one (1) Business Day after the
date that such notice is delivered to such overnight courier.

 

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

 

If HVIF delivers a notice
or communication to the HVIF Noteholders, it shall deliver a copy to the Trustee at the same time.

 

In addition to the
foregoing, the Trustee agrees to accept and act upon notice, instructions or directions pursuant to this Base Indenture sent
by unsecured e-mail, facsimile transmission or other similar unsecured electronic methods. If the party elects to give the
Trustee e-mail or facsimile instructions (or instructions by a similar electronic method) and the Trustee in its discretion
elects to act upon such instructions, the Trustee’s understanding of such instructions shall be deemed controlling. The
Trustee shall not be liable for any losses, costs or expenses arising directly or indirectly from the Trustee’s
reliance upon and compliance with such instructions notwithstanding such instructions conflict or are inconsistent with a
subsequent written instruction. The party providing electronic instructions agrees to assume all risks arising out of the use
of such electronic methods to submit instructions and directions to the Trustee, including without limitation the risk of the
Trustee acting on unauthorized instructions, and the risk or interception and misuse by third parties.

 

    58

     

    

 

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

 

In the case by reason
of the suspension of regular mail service or by reason of any other cause it shall be impracticable to give such notice by mail,
then such notification as shall be made that is satisfactory to the Trustee shall constitute a sufficient notification for every
purpose hereunder.

 

Section 13.2.            
Certificate as to Conditions Precedent.

 

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

 

Section 13.3.            
Statements Required in Certificate and Opinion of Counsel.

 

Each Officer’s
Certificate and Opinion of Counsel with respect to compliance with a condition or covenant provided for in this Base Indenture
shall include:

 

(a)               
a statement that the Person giving such Officer’s Certificate or Opinion of Counsel has read such covenant or condition;

 

(b)               
a brief statement as to the nature and scope of the examination or investigation upon which the statements contained in
such Officer’s Certificate or Opinion of Counsel are based;

 

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

 

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

 

Section 13.4.         
Rules by the Trustee.

 

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

 

Section 13.5.            
Duplicate Originals.

 

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

 

Section 13.6.            
Third-Party Beneficiaries.

 

The Controlling Party
is an express third party beneficiary of this Base Indenture and has the right to enforce any rights expressly conferred upon it
herein. This Base Indenture will not confer any rights or remedies upon any Person other than the parties hereto, the Controlling
Party and their respective successors and permitted assigns and the HVIF Noteholders, any benefit or any legal or equitable right,
remedy or claim under this Base Indenture.

 

Section 13.7.            
Payment on Business Day.

 

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

 

Section 13.8.            
Governing Law.

 

THIS BASE INDENTURE
AND EACH HVIF SERIES SUPPLEMENT, AND ALL MATTERS ARISING OUT OF OR RELATING TO THIS BASE INDENTURE OR ANY HVIF SERIES 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.

 

Section 13.9.            
Successors.

 

All agreements of HVIF
in this Base Indenture and the HVIF Notes shall bind its successor; provided, however, except as provided in Section
12.2(b)(iii) of this Base Indenture, HVIF may not assign its obligations or rights under this Base Indenture or any Related
Document. All agreements of the Trustee in this Base Indenture shall bind its successor.

 

Section 13.10.           
Severability.

 

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

 

Section 13.11.          
Execution in Counterparts; Electronic Execution.

 

This Base Indenture
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 Base
Indenture by facsimile or any such electronic transmission shall be effective as delivery of a manually executed counterpart
of this Base Indenture 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.

 

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Section 13.12.          
Table of Contents, Headings, etc.

 

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

 

Section 13.13.          
Termination; Collateral.

 

This
Base Indenture, and any grants, pledges and assignments hereunder, shall become effective concurrently with the issuance of the
first Series of HVIF Notes and shall terminate when (a) no HVIF Notes remain Outstanding, (b) all
HVIF Note Obligations due shall have been fully paid and satisfied, (c) the obligations of each Enhancement Provider under any
Enhancement and Related Documents have terminated, and (d) any Enhancement shall have terminated, at which time the Trustee, at
the request of HVIF and upon receipt of an Officer’s Certificate of HVIF to the effect that the conditions in clauses
(a), (b), (c) and (d) above have been complied with and upon receipt of a certificate from the
Trustee and each Enhancement Provider to the effect that the conditions in clauses (a), (b), (c) and (d)
above have been complied with, shall reassign (without recourse upon, or any warranty whatsoever by, the Trustee) and deliver all
HVIF Indenture Collateral and documents then in the custody or possession of the Trustee promptly to HVIF.

 

HVIF and the HVIF Noteholders
hereby agree that, if any funds remain on deposit in the HVIF Collection Account on any date on which no Series of HVIF Notes is
Outstanding or each HVIF Series Supplement related to a Series of HVIF Notes has been terminated, such amounts shall be released
by the Trustee following payment in full of any other outstanding HVIF Note Obligation and paid to HVIF.

 

Section 13.14.          
No Bankruptcy Petition Against HVIF.

 

Each of the HVIF Noteholders
and the Trustee hereby covenants and agrees that, prior to the date which is one year and one (1) day after the payment in full
of the latest maturing HVIF Note, it will not institute against, or join with, encourage or cooperate with any other Person in
instituting, against HVIF, Hertz Vehicles LLC or HGI any bankruptcy, reorganization, arrangement, insolvency or liquidation proceedings,
or other proceedings, under any federal or state bankruptcy or similar law; provided, however, that nothing in this
Section 13.14 shall constitute a waiver of any right to indemnification, reimbursement or other payment from HVIF pursuant
to this Base Indenture. In the event that any such HVIF Noteholder or the Trustee takes action in violation of this Section
13.14, HVIF, Hertz Vehicles LLC or HGI as the case may be, shall file or cause to be filed an answer with the bankruptcy court
or otherwise properly contesting the filing of such a petition by any such HVIF Noteholder or the Trustee against HVIF, Hertz Vehicles
LLC or HGI, as the case may be, or the commencement of such action and raising the defense that such HVIF Noteholder or the Trustee
has agreed in writing not to take such action and should be estopped and precluded therefrom and such other defenses, if any, as
its counsel advises that it may assert. The provisions of this Section 13.14 shall survive the termination of this Base
Indenture, and the resignation or removal of the Trustee. Nothing contained herein shall preclude participation by any HVIF Noteholder
or the Trustee in the assertion or defense of its claims in any such proceeding involving HVIF, Hertz Vehicles LLC or HGI.

 

    61

     

    

 

Section 13.15.          
No Recourse.

 

The obligations of HVIF
under this Base Indenture and any HVIF Series Supplement are solely the obligations of HVIF. No recourse shall be had for the payment
of any amount owing in respect of any fee hereunder or any other obligation or claim arising out of or based upon this Base Indenture
or any HVIF Series Supplement against any member, employee, officer or director of HVIF. Fees, expenses, costs or other obligations
payable by HVIF hereunder shall be payable by HVIF to the extent and only to the extent that HVIF is reimbursed therefor pursuant
to any of the Related Documents, or funds are then available or thereafter become available for such purpose pursuant to the Related
Documents. In the event that HVIF is not reimbursed for such fees, expenses, costs or other obligations or that sufficient funds
are not available for their payment pursuant to the Related Documents, the excess unpaid amount of such fees, expenses, costs or
other obligations shall in no event constitute a claim (as defined in Section 101 of the Bankruptcy Code) against, or corporate
obligation of, HVIF. Nothing in this Section 13.15 shall be construed to limit the Trustee from exercising its rights hereunder
with respect to the HVIF Collateral.

 

Section 13.16.           
Waiver of Jury Trial.

 

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

 

Section 13.17.          
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 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 this Base Indenture or any HVIF Series Supplement,
the HVIF Notes or the transactions contemplated hereby, or for recognition or enforcement of any judgment arising out of or relating
to this Base Indenture or any HVIF Series Supplement, the HVIF 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 13.1 of this Base Indenture (provided that, nothing in this Base Indenture
shall affect the right of any such party to serve process in any other manner permitted by law).

 

    62

     

    

 

 

 

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

 

	 	HERTZ VEHICLE INTERIM FINANCING
    LLC, as Issuer
	 	 
	 	By: 	/S/ M David Galainena
	 	 	Name:   M David Galainena
	 	 	Title:     Vice President, General Counsel and Secretary

 

Signature Page
to HVIF Base Indenture

 

     

     

    

 

	 	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 HVIF Base
Indenture

 

     

     

    

 

Schedule
I

TO THE

BASE INDENTURE

 

DEFINITIONS LIST

 

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

 

“Adjusted Asset
Coverage Threshold Amount” means, with respect to any Series of HVIF Notes, the amount specified in the applicable HVIF
Series Supplement.

 

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

 

“Affiliate Issuer”
means any special purpose entity that is an Affiliate of Hertz that has entered into financing arrangements secured by one or more
Series of HVIF Notes and has assigned all of its voting, consent and control rights associated with such HVIF Notes ultimately
to Persons that are not Affiliates of Hertz.

 

“Agent”
means any Registrar or Paying Agent.

 

“Aggregate Asset
Amount” means, as of any date of determination, the amount equal to the following:

 

(i)          the
aggregate Net Book Value of all Eligible Vehicles as of such date; plus

 

(ii)         the
aggregate amount of all Manufacturer Receivables as of such date; plus

 

(iii)        the
aggregate amount of all Incentive Rebate Receivables as of such date; plus

 

(iv)        if
such date is during the period from and including a Determination Date to but excluding the next Payment Date, accrued and unpaid
Rent (excluding any Monthly Variable Rent due under Section 4.5(a) or 4.5(b) of the HVIF Lease) payable on the next Payment Date
with respect to all Eligible Vehicles; minus

 

(v)         any
Ineligible Asset Amount on such date.

 

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

 

“Aggregate Asset
Coverage Threshold Amount” means, on any date of determination, the sum of the Adjusted Asset Coverage Threshold Amounts
with respect to each Series of HVIF Notes then Outstanding on such date.

 

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

 

“Amortization
Event” has the meaning specified in Section 9.1 of this Base Indenture.

 

    Schedule I - 1

     

    

 

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

 

“Applicable
Law” has the meaning specified in Section 10.11 of this Base Indenture.

 

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

 

“Assignment
Agreement” means the agreement with respect to each Manufacturer and its Manufacturer Program, entered into or to be
entered into among Hertz, HGI, HVIF and the Collateral Agent and acknowledged by such Manufacturer, (a) assigning to HGI certain
of Hertz’s rights, title and interest in and to such Manufacturer’s Manufacturer Program as such rights, title and
interest relate to passenger automobiles and light-duty trucks purchased and to be purchased by HGI from such Manufacturer under
such Manufacturer Program, (b) assigning to the Collateral Agent, on behalf of the Trustee for the benefit of the HVIF Noteholders,
HVIF’s rights, title and interest therein and (c) assigning to the Collateral Agent on behalf of Hertz or HGI’s rights,
title and interest therein.

 

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

 

“Authorized
Officer” means, as to Hertz or any of its Affiliates, any of (i) the President, (ii) the Chief Financial Officer, (iii)
the Treasurer, (iv) any Assistant Treasurer, or (v) any Vice President in the tax, legal or treasury department, in each case of
Hertz or such Affiliate, as applicable.

 

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

 

“Base Indenture”
means the Base Indenture, dated as of November 25, 2020, between HVIF and the Trustee, as amended, modified or supplemented from
time to time, exclusive of HVIF Series Supplements.

 

“Beneficiary”
has the meaning specified in the Collateral Agency Agreement.

 

“Board of Directors”
means the Board of Directors of the Lessee or any authorized committee of the Board of Directors.

 

“Board of Managers”
means the Board of Managers of HVIF or any authorized committee of the Board of Managers.

 

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

 

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

 

“Capitalized
Cost” has the meaning specified in the HVIF Lease.

 

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

 

    Schedule I - 2

     

    

 

“Casualty”
has the meaning specified in the HVIF Lease.

 

“Casualty Payment
Amount” has the meaning specified in the HVIF Lease.

 

“Certificate
of Title” means, with respect to any HVIF Vehicle, the certificate of title or similar evidence of ownership applicable
to such HVIF Vehicle duly issued in accordance with the certificate of title, act or other applicable statute of the jurisdiction
applicable to such HVIF Vehicle as determined by the Servicer, the Nominee-Servicer or the Collateral Servicer (as defined in the
Collateral Agency Agreement), as applicable.

 

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

 

“Chrysler”
means Chrysler Group LLC, a Delaware limited liability company, and its successors.

 

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

 

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

 

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

 

“Clearstream”
means Clearstream Banking, societe anonyme.

 

“Closing Date”
means the Initial HVIF Closing Date and each Series Closing Date after the Initial HVIF Closing Date, as applicable.

 

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

 

“Collateral
Account” means a “Collateral Account” (as such term is defined in Section 2.5(a) of the Collateral Agency
Agreement) into which amounts relating to HVIF Vehicle Collateral are deposited pursuant to the terms of the Collateral Agency
Agreement.

 

“Collateral
Agency Agreement” means the Fourth Amended and Restated Collateral Agency Agreement, dated as of November 25, 2013,
by and among HVF, as grantor, HGI, as grantor, DTG Operations, Inc., as grantor, Hertz, as grantor and collateral servicer,
the Collateral Agent, as secured party, and those various “Additional Grantors”, “Financing Sources”
and “Beneficiaries” (each as defined therein) from time to time party thereto, as amended, restated, modified or
supplemented from time to time in accordance with its terms.

 

    Schedule I - 3

     

    

 

“Collateral
Agent” means The Bank of New York Mellon Trust Company, N.A., in its capacity as collateral agent under the Collateral
Agency Agreement, and any successor thereto or permitted assign in such capacity thereunder.

 

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

 

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

 

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

 

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

 

“Contribution
Agreement” means the Contribution Agreement, dated as of November 24, 2020, between Hertz and HVIF.

 

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

 

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

 

“Controlling
Party” has the meaning specified, with respect to any Series of HVIF Notes, in the applicable HVIF Series Supplement.

 

“Controlling
Party Series” means any Series of HVIF Notes with respect to which the applicable HVIF Series Supplement designated a
Controlling Party.

 

    Schedule I - 4

     

    

 

“Corporate Trust
Office” shall mean the principal office of the Trustee at which at any particular time its corporate trust business shall
be administered which office at the date of the execution of this Base Indenture is located at 2 North LaSalle Street, Suite 700,
Chicago, Illinois 60602, Attention: Corporate Trust Administration—Structured Finance, or at any other time at such other
address as the Trustee may designate from time to time by notice to the HVIF Noteholders and HVIF.

 

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

 

“Definitions
List” means this Schedule I to this Base Indenture, as amended or modified from time to time.

 

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

 

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

 

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

 

“Depreciation
Charge” has the meaning specified in the HVIF Lease.

 

“Depreciation
Schedule” means the initial schedule of estimated daily depreciation prepared by HVIF with respect to each type of Non-Program
Vehicle, as revised from time to time by HVIF, subject to Section 4.1 of the HVIF Lease.

 

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

 

“Disposition
Date” has the meaning specified in the HVIF Lease.

 

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

 

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

 

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

 

“DTC”
means The Depository Trust Company.

 

“Due Date”
has the meaning specified in the HVIF Lease.

 

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

 

“Eligible Vehicle”
means an “HVIF Eligible Vehicle” as such term is defined in the HVIF Lease.

 

“Emergence Date”
means the effective date of any Chapter 11 Plan than is confirmed pursuant to an order of the Bankruptcy Court.

 

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

 

    Schedule I - 5

     

    

 

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

 

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

 

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

 

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

 

“Entitlement
Order” means “entitlement order” within the meaning of Section 8-102(a)(8) of the New York UCC.

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

“FDIC”
means the Federal Deposit Insurance Corporation.

 

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

 

    Schedule I - 6

     

    

 

“Financial Asset”
means “financial asset” within the meaning of Section 8-102(a)(9) of the New York UCC.

 

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

 

“Financing Source
and Beneficiary Supplement” has the meaning specified in the Collateral Agency Agreement.

 

“Fitch”
means Fitch Ratings, Inc.

 

“Fleet Report”
means the “Collateral Agent Report” as defined in the Collateral Agency Agreement.

 

“GAAP”
means generally accepted accounting principles in the United States as in effect from time to time set forth in the Accounting
Codification Standards issued by the Financial Accounting Standards Board, or in such other statements by such other entity as
may be in general use by significant segments of the accounting profession, that are applicable to the circumstances as of the
date of determination.

 

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

 

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

 

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

 

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

 

“Hague Convention”
has the meaning specified in Section 5.2(h) of this Base Indenture.

 

“Hertz”
means The Hertz Corporation, a Delaware corporation.

 

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

 

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

 

“HVIF”
means Hertz Vehicle Interim Financing LLC, a Delaware limited liability company.

 

“HVIF Administration
Agreement” means the HVIF Administration Agreement, dated as of the November 25, 2020, by and among the HVIF Administrator,
HVIF and the Trustee, as amended, modified or supplemented from time to time in accordance with its terms.

 

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

 

    Schedule I - 7

     

    

 

“HVIF Administrator
Default” means any of the events described in Section 9(c) of the HVIF Administration Agreement.

 

“HVIF Back-Up
Administrator” means Lord Securities Corporation or such other Person reasonably satisfactory to a Controlling Party
and HVIF, in either case, in its capacity as back-up administrator under the HVIF Back-Up Administration Agreement.

 

“HVIF Back-Up
Administration Agreement” means the HVIF Back-Up Administration Agreement, to be entered into on or before the day that
is sixty (60) days following the date hereof, by and among the HVIF Administrator, the Issuer, the Trustee and the HVIF Back-Up
Administrator, in form and substance consistent with similar agreements entered into by Hertz and reasonably satisfactory to a
Controlling Party.

 

“HVIF Back-Up
Disposition Agent” means defi AUTO, LLC or such other Person reasonably satisfactory to a Controlling Party and HVIF,
in either case, in its capacity as back-up disposition agent pursuant to the HVIF Back-Up Disposition Agent Agreement.

 

“HVIF Back-Up
Disposition Agent Agreement” means the HVIF Back-Up Disposition Agent Agreement, to be entered into on or before the
day that is sixty (60) days following the date hereof, by and among the HVIF Back-Up Disposition Agent, Hertz, as Servicer and
the Trustee, in form and substance consistent with similar agreements entered into by Hertz and reasonably satisfactory to a Controlling
Party.

 

“HVIF Collateral”
means, collectively, the HVIF Indenture Collateral and the HVIF Vehicle Collateral.

 

“HVIF Collection
Account” has the meaning specified in Section 5.1(a) of this Base Indenture.

 

“HVIF Collections”
means, without duplication, (a) all payments on the HVIF Collateral, including, without limitation, (i) all payments by or on behalf
of the Lessee under the HVIF Lease, (ii) all indemnification payments by Hertz to HVIF under the Related Documents, (iii) all proceeds
of the HVIF Vehicles, including (A) all payments received in respect of Incentive Rebate Receivables and all payments otherwise
made by or on behalf of any Manufacturer or auction dealer, under the related Manufacturer Program with respect to the HVIF Vehicles,
but excluding HVIF Excluded Payments, (B) all payments by or on behalf of any other Person as proceeds from the sale of HVIF Vehicles
and (C) all insurance proceeds and warranty payments in respect of the HVIF Vehicles, but excluding HVIF Excluded Payments, whether
such payments are in the form of cash, checks, wire transfers or other forms of payment and whether in respect of principal, interest,
repurchase price, fees, expenses or otherwise, (iv) all Swap Payments relating to Series of HVIF Notes, (v) all payments made from
a Collateral Account to the HVIF Collection Account and (vi) all amounts earned on Permitted Investments of funds in the HVIF Collection
Account and, to the extent so specified in an HVIF Series Supplement, in a Series Account.

 

“HVIF Excess
Damage Charges” has the meaning specified in the HVIF Lease.

 

“HVIF Excess
Mileage Charges” has the meaning specified in the HVIF Lease.

 

“HVIF Excluded
Payments” has the meaning specified in the HVIF Lease.

 

“HVIF Financing
Source and Beneficiary Supplement” means the Financing Source and Beneficiary Supplement to the Collateral Agency Agreement,
dated as of November 25, 2020, by and among HVIF, HGI, DTG Operations, Inc., the Trustee and the Collateral Agent.

 

    Schedule I - 8

     

    

 

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

 

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

 

“HVIF Lease”
means the Master Motor Vehicle Operating Lease and Servicing Agreement (HVIF), dated as of November 25, 2020, between HVIF, as
lessor thereunder, Hertz, as a lessee, servicer and guarantor, DTG Operations, Inc., as a lessee, and those permitted lessees from
time to time becoming lessees pursuant to the terms thereof, as the same may be amended, restated, modified or supplemented from
time to time in accordance with its terms.

 

“HVIF LLC Agreement”
means the Amended and Restated Limited Liability Company Agreement of HVIF, dated as of November 25, 2020, as amended, modified
or supplemented from time to time in accordance with its terms.

 

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

 

“HVIF Noteholder”
means the Person in whose name an HVIF Note is registered in the Note Register.

 

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

 

“HVIF Note Obligations”
means all principal and interest, at any time and from time to time, owing by HVIF on the HVIF Notes, all costs, fees and expenses
payable by, or obligations of, HVIF under this Base Indenture and each other Related Documents and any amounts asserted as due
from HVIF under this Base Indenture and each other Related Document.

 

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

 

“HVIF Operating
Lease Event of Default” has the meaning specified in the HVIF Lease.

 

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

 

“HVIF Series
Supplement” means, a supplement to this Base Indenture complying (to the extent applicable) with the terms of Section
2.3 of this Base Indenture.

 

“HVIF Supplemental
Documents” has the meaning specified in Schedule I to the HVIF Lease.

 

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

 

“HVIF Vehicle
Collateral” means the Related Master Collateral with respect to the Trustee, as a Beneficiary pursuant to the HVIF Financing
Source and Beneficiary Supplement, under the Collateral Agency Agreement.

 

    Schedule I - 9

     

    

 

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

 

“Incentive Rebate
Receivable Letter Agreement” means the HVIF Incentive Rebate Receivable Letter Agreement, dated as of November 25, 2020,
among Hertz, HGI and HVIF.

 

“Incentive Rebate
Receivables” means an amount required to be paid (although such payment may be contingent upon achieving certain fleet
purchase volumes and mix requirements) by a Manufacturer as an incentive or rebate (including, for the avoidance of doubt, any
accompanying purchase letter or similar agreement with such Manufacturer for all purposes relating to any such incentive or rebate)
relating to the purchase of a new HVIF Vehicle that is not netted from the purchase price paid for such HVIF Vehicle at the time
of purchase, which amount required to be paid has been properly assigned to the Issuer and in which the Collateral Agent has a
first priority perfected security interest and would properly be recorded as a receivable in accordance with GAAP.

 

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

 

“Independent
Manager” has the meaning specified in the HVIF LLC Agreement.

 

“Ineligible
Asset Amount” means, as of any date of determination, an amount equal to the sum (without duplication) of the following
amounts to the extent that such amounts are included in clauses (i) through (iv) of the definition of Aggregate Asset
Amount for such date:  (a) the aggregate amount of all Manufacturer Receivables as of such date payable to HVIF by a Manufacturer
with respect to which a Manufacturer Event of Default specified in clause (i) or (ii) of the definition thereof is
continuing, plus (b) the aggregate amount of all Manufacturer Receivables as of such date payable to HVIF by a Manufacturer
which are unpaid more than sixty (60) days past the applicable Due Date, plus (c) the aggregate amount of Ineligible Incentive
Rebate Receivables as of such date.

 

“Ineligible
Incentive Rebate Receivable” means each Incentive Rebate Receivable due from any Manufacturer (A) that asserts a right
to net amounts owing to it under a Manufacturer Program against amounts owing to the Issuer pursuant to a Manufacturer Program,
(B) that owes HVIF any Incentive Rebate Receivable that remains unpaid on the date that is the earlier of (I) 60 days past the
date on which it was contractually payable by the related Manufacturer under the Manufacturer Program or (II) 180 days past the
date on which the Issuer paid for the related HVIF Vehicle from such Manufacturer, (C) that disputes or otherwise repudiates its
obligation to pay any incentives or rebates that meet the definition of Incentive Rebate Receivable or (D) that has a right to
recover previously paid Incentive Rebate Receivables for any reason, and seeks such recovery, or in any way asserts any right of
recovery, in each case, from the Issuer.

 

“Ineligible
Vehicle” means, as of any date of determination, an HVIF Vehicle that is not an Eligible Vehicle as of such date.

 

    Schedule I - 10

     

    

 

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

 

“Initial HVIF
Closing Date” means the date on which the initial Series of HVIF Notes are issued under this Base Indenture.

 

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

 

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

 

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

 

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

 

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

 

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

 

“Lease Payment
Default” means the occurrence of any event described in Section 9.1.1 of the HVIF Lease.

 

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

 

“Lease Related
Agreements” means the HVIF Lease, the HVIF Supplemental Documents, the Assignment Agreements, the Purchase and Sale Agreement,
the Contribution Agreement, the Nominee LLC Agreement, the HVIF Administration Agreement and the Nominee Agreement.

 

“Legal Final
Payment Date” has the meaning specified, with respect to each Series of HVIF Notes, in the HVIF Series Supplement with
respect to such Series of HVIF Notes.

 

“Lessee”
means each of Hertz and each Additional Lessee (as defined in the HVIF Lease), in each case, in its capacity as a lessee under
the HVIF Lease.

 

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

 

“Lien”
means, when used with respect to any Person, any interest in any real or personal property, asset or other right held, owned
or being purchased or acquired by such Person that secures payment or performance of any obligation, and shall include any
mortgage, lien, pledge, encumbrance, charge, retained security title of a conditional vendor or lessor, or other security
interest of any kind, whether arising under a security agreement, mortgage, lease, deed of trust, chattel mortgage,
assignment, pledge, retention or security title, financing or similar statement, or notice or arising as a matter of law,
judicial process or otherwise; provided that, the foregoing shall not include, as of any date of determination, any
interest in or right with respect to any passenger automobile, van or light-duty truck that is being rented (as of such date)
to any third-party customer of Hertz or any Affiliate thereof, which interest or right secures payment or performance of any
obligation of such third-party customer.

 

    Schedule I - 11

     

    

 

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

 

“Liquidation
Event of Default” means, so long as such event or condition continues, any of the following: (a) any Lease Payment Default
or (b) an Event of Bankruptcy with respect to Hertz Vehicles LLC, HGI or HVIF and (y) after the Emergence Date, an Event of Bankruptcy
with respect to Hertz.

 

“Luxembourg
Agent” has the meaning specified in Section 2.8(g) of this Base Indenture.

 

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

 

“Manufacturer
Event of Default” has the meaning specified in the HVIF Lease.

 

“Manufacturer
Program” means at any time any Repurchase Program or Guaranteed Depreciation Program that is in full force and effect
with a Manufacturer (i) pursuant to which the repurchase price or guaranteed auction sale price is at least equal to the Capitalized
Cost of each HVIF Vehicle, minus all Depreciation Charges accrued with respect to such HVIF Vehicle prior to the date that
the HVIF Vehicle is submitted for repurchase, minus HVIF Excess Mileage Charges, minus HVIF Excess Damage Charges,
(ii) that cannot be amended or terminated with respect to any HVIF Vehicle after the purchase of that HVIF Vehicle, and (iii) the
assignment of the benefits of which to HVIF and the Collateral Agent has been acknowledged in writing by the related Manufacturer
in the form of an Assignment Agreement.

 

“Manufacturer
Receivable” means an amount due from a Manufacturer, other than any Incentive Rebate Receivable or any Excluded Payment,
or an auction dealer under a Manufacturer Program in respect of or in connection with a Program Vehicle disposed of in accordance
with such Manufacturer Program.

 

“Market Value”
has the meaning specified in the HVIF Lease.

 

“Material Adverse
Effect” means, with respect to any occurrence, event or condition, applicable to any party to any of the Related Documents
after the date hereof:

 

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

 

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

 

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

 

4.                an adverse effect on (i) the validity or enforceability of any Related Documents or (ii) on the validity, status, perfection
or priority of the Lien of the Trustee in the HVIF Indenture Collateral or of the Collateral Agent in the HVIF Vehicle Collateral.

 

“Maximum
Lease Termination Date” means, with respect to any HVIF Vehicle, the earlier of (x) the last Business Day of the
month that is 48 months after the month in which the Vehicle Operating Lease Commencement Date occurs with respect to such
HVIF Vehicle and (y) the last Business Day of the month that is 54 months after the date of original invoice for such HVIF
Vehicle.

 

    Schedule I - 12

     

    

 

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

 

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

 

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

 

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

 

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

 

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

 

“Monthly Servicing
Fee” has the meaning specified in the HVIF Lease.

 

“Monthly Variable
Rent” has the meaning specified in the HVIF Lease.

 

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

 

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

 

“Net Book Value”
has the meaning specified in the HVIF Lease.

 

“New York UCC”
means the UCC in effect in the State of New York.

 

“Nominee”
means the party named as such in the Nominee Agreement.

 

“Nominee Agreement”
means the Fourth Amended and Restated Vehicle Title Nominee Agreement, dated as of December 3, 2015, by and among Hertz Vehicles
LLC, HGI, HVF, Hertz, RCFC, the RCFC Collateral Agent, the Collateral Agent and those various “Nominating Parties”
from time to time party thereto, as amended, modified or supplemented from time to time in accordance with its terms.

 

“Nominee LLC
Agreement” means the Third Amended and Restated Limited Liability Company Agreement of Hertz Vehicles LLC, dated as of
November 25, 2013, as amended, modified or supplemented from time to time in accordance with its terms.

 

“Nominee-Servicer”
has the meaning specified in the Nominee Agreement.

 

“Non-Program
Vehicle” means, as of any date of determination, an Eligible Vehicle that is not a Program Vehicle as of such date.

 

    Schedule I - 13

     

    

 

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

 

“Note Register”
has the meaning specified in Section 2.5 of this Base Indenture.

 

“Officer’s
Certificate” means, with respect to any Person, a certificate signed by an Authorized Officer of such Person.

 

“Operating Lease
Commencement Date” has the meaning specified in the HVIF Lease.

 

“Operating Lease
Expiration Date” has the meaning specified in the HVIF Lease.

 

“Opinion of
Counsel” means a written opinion addressing questions of law from legal counsel who is acceptable to the Trustee. The
counsel may be an employee of or counsel to Hertz or any of its Affiliates, as the case may be. For the avoidance of doubt, the
term “Opinion of Counsel” shall not include any opinion not bearing a handwritten signature.

 

“Other Series
Collateral” has the meaning specified in Section 2.3 of this Base Indenture.

 

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

 

“Past Due Amounts”
has the meaning specified in the HVIF Lease.

 

“Paying Agent”
has the meaning specified in Section 2.5 of this Base Indenture.

 

“Payment Date”
means, unless otherwise specified in any HVIF Series Supplement for the related Series of HVIF Notes, the 25th day of each calendar
month, or if such day is not a Business Day, the next succeeding Business Day, commencing on December 28, 2020.

 

“Payment Date
Directions” has the meaning specified, with respect to any Series of HVIF Notes, in the applicable HVIF Series Supplement.

 

“Permitted
Check Payments” means (i) payments of sales proceeds of HVIF Vehicles made by check by auction dealers under the Manufacturer
Program with Chrysler and (ii) payments made by check by GM, Hyundai and Subaru under their respective Manufacturer Programs.

 

“Permitted Investments”
has the meaning specified, with respect to any Series of HVIF Notes, in the applicable HVIF Series Supplement.

 

“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 this Base Indenture and Liens in favor of the Collateral Agent pursuant to the Collateral Agency
Agreement, and (iv) Liens in favor of an Enhancement Provider, provided, however, that such Liens referred to in
this clause (iv) are subordinate to the Liens in favor of the Trustee and the Collateral Agent and have been consented to
by each of the Trustee and the Collateral Agent.

 

    Schedule I - 14

     

    

 

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

 

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

 

“Plan”
means any “employee pension benefit plan”, as such term is defined in ERISA, that is subject to Title IV of ERISA (other
than a “multiemployer plan”, as defined in Section 4001 of ERISA) and to which any company in the Controlled Group
has liability, including any liability by reason of having been a substantial employer within the meaning of Section 4063 of ERISA
for any time within the preceding five (5) years or by reason of being deemed to be a contributing sponsor under Section 4069 of
ERISA.

 

“Pledged Equity
Collateral Agent” means any trustee or collateral agent acting on behalf of any Pledged Equity Secured Party with respect
to any of the SPV Issuer Equity.

 

“Pledged Equity
Lender” means any Person who is a lender with respect to indebtedness of Hertz or any of its Affiliates where such indebtedness
is secured by any of the SPV Issuer Equity.

 

“Pledged Equity
Secured Party” means any Person who is (i) a secured party under a Pledged Equity Security Agreement or (ii) a Pledged
Equity Lender.

 

“Pledged Equity
Security Agreement” means any security agreement or intercreditor agreement with respect to any indebtedness of Hertz
or any of its Affiliates where such indebtedness is secured by any of the SPV Issuer Equity.

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

“Program Vehicle”
means, as of any date of determination, an Eligible Vehicle that is (i) eligible under, and subject to, a Manufacturer Program
as of such date and (ii) not designated as a Non-Program Vehicle pursuant to the HVIF Lease as of such date.

 

    Schedule I - 15

     

    

 

“Purchase and
Sale Agreement” means the Master Purchase and Sale Agreement dated as of November 25, 2013, by and among HVF, as transferor,
HGI, as transferor, Hertz, as transferor, and the new transferors party thereto from time to time, as supplemented by the Affiliate
Joinder to the Master Purchase and Sale Agreement, dated as of November 25, 2020, delivered by HVIF, as joining party, to HVF,
as transferor, HGI, as transferor, Hertz, as transferor, and each previously joined permitted transferor party thereto, as may
be further amended, modified or supplemented from time to time in accordance with its terms.

 

“Qualified Institution”
means a depository 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 has the Required Rating and, in the case of any such
institution organized under the laws of the United States, whose deposits are insured by the FDIC.

 

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

 

“Qualified 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, “BBB-”
by Fitch.

 

“Rating Agency”
with respect to any Series of HVIF Notes, has the meaning specified in the applicable HVIF Series Supplement; provided,
that, if a Rating Agency ceases to rate the HVIF Notes of any Series of HVIF Notes, such Rating Agency shall be deemed to no longer
constitute a Rating Agency for all purposes with respect to such Series of HVIF Notes.

 

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

 

“RCFC”
means Rental Car Finance LLC (f/k/a Rental Car Finance Corp.), an Oklahoma corporation (for the avoidance of doubt, including its
successors by operation of a statutory conversion to a limited liability company).

 

“RCFC Collateral
Agent” means Deutsche Bank Trust Company Americas, in its capacity as collateral agent under the RCFC Collateral Agency
Agreement.

 

“RCFC Collateral
Agency Agreement” has the meaning specified in the Nominee Agreement.

 

“Reassignment
Claim” has the meaning specified in the Collateral Agency Agreement.

 

“Reassignment
Report” has the meaning specified in the Collateral Agency Agreement.

 

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

 

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

 

    Schedule I - 16

     

    

 

“Registrar”
has the meaning specified in Section 2.5 of this Base Indenture.

 

“Rejected Vehicle”
has the meaning specified in the HVIF Lease.

 

“Related Document
Actions” has the meaning specified in Section 8.7(b) of this Base Indenture.

 

“Related Documents”
means, collectively, this Base Indenture, any HVIF Series Supplements, the HVIF LLC Agreement, any HVIF Management Agreement, any
Enhancement Agreement, any Swap Agreement, the Depository Agreements, the Collateral Agency Agreement, the Incentive Rebate Receivable
Letter Agreement, the HVIF Back-Up Disposition Agent Agreement (after execution thereof), the HVIF Back-Up Administration Agreement
(after execution thereof) and the Lease Related Agreements.

 

“Related Master
Collateral” has the meaning specified in the Collateral Agency Agreement.

 

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

 

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

 

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

 

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

 

“Repurchase
Price” has the meaning specified in the HVIF Lease.

 

“Repurchase
Program” has the meaning specified in the HVIF Lease.

 

“Required Enhancement
Amount” means, with respect to any Series of HVIF Notes, the amount specified in the applicable HVIF Series Supplement.

 

“Required Noteholders”
has the meaning specified, with respect to any Series of HVIF Notes, in the applicable HVIF Series Supplement.

 

“Required Rating”
means (i) a short-term certificate of deposit rating from Moody’s of “P-1,” from S&P of at least “A-1+”
and, if rated by Fitch, from Fitch of at least “F-1+” and (ii) a long-term unsecured debt rating of not less than “Aa3”
by Moody’s, not less than “AA-” by S&P and, unless otherwise agreed to by Fitch, not less than “AA-”
by Fitch.

 

    Schedule I - 17

     

    

 

“Required Standstill
Provisions” means with respect to any Pledged Equity Security Agreement and with respect to any Pledged Equity Secured
Party and Pledged Equity Collateral Agent thereunder, terms pursuant to which such Pledged Equity Secured Party and Pledged Equity
Collateral Agent agree substantially to the effect that:

 

(a)               
prior to the date that is one year and one (1) day after the payment in full of all of the HVIF Note Obligations,

 

(i)                
 such Pledged Equity Collateral Agent and each Pledged Equity Secured Party shall not be entitled at any time to (A) institute
against, or join any other person in instituting against, HVIF any bankruptcy, reorganization, arrangement, insolvency or liquidation
proceeding or other similar proceeding under the laws of the United States or any State thereof or of any foreign jurisdiction,
(B) transfer and register any of the SPV Issuer Equity in the name of such Pledged Equity Collateral Agent or a Pledged Equity
Secured Party or any designee or nominee thereof, (C) foreclose such security interest regardless of the bankruptcy or insolvency
of Hertz or any of its Subsidiaries, (D) exercise any voting rights granted or appurtenant to such SPV Issuer Equity or (E) enforce
any right that the holder such SPV Issuer Equity might otherwise have to liquidate, consolidate, combine, collapse or disregard
the entity status of HVIF; and

 

(ii)              
each of such Pledged Equity Collateral Agent and each other Pledged Equity Secured Party waives and releases any right to
(A) require that HVIF be in any manner merged, combined, collapsed or consolidated with or into Hertz or any of its Subsidiaries,
including by way of substantive consolidation in a bankruptcy case or similar proceeding, (B) require that the status of HVIF as
a separate entity be in any respect disregarded, (C) contest or challenge, or join any other Person in contesting or challenging,
the transfers of any securitization assets from Hertz or any of its Subsidiaries to HVIF, whether on grounds that such transfers
were disguised financings, preferential transfers, fraudulent conveyances or otherwise or a transfer other than a “true sale”
or a “true contribution” or (D) contest or challenge, or join any other Person in contesting or challenging, any agreement
pursuant to which any assets are leased by HVIF to any Person as other than a “true lease”;

 

(b)               
upon the transfer by Hertz or any of its Subsidiaries (other than HVIF or any other special purpose subsidiary of Hertz)
of securitization assets to HVIF or any other such special purpose subsidiary in a securitization as permitted under such Pledged
Equity Security Agreement, any liens with respect to such securitization assets arising under the loan and security documentation
with respect to such Pledged Equity Security Agreement shall automatically be released (and the Pledged Equity Collateral Agent
is authorized to execute and enter into any such releases and other documents as Hertz may reasonably request in order to give
effect thereto);

 

(c)               
each of such Pledged Equity Collateral Agent and each Pledged Equity Secured Party shall take no action related to any SPV
Issuer Equity that would cause HVIF to breach any of its covenants in its certificate of formation or limited liability company
agreement (each in the case of HVIF) or in any other Related Document or to be unable to make any representation in any such document;

 

(d)               
each of such Pledged Equity Collateral Agent and each Pledged Equity Secured Party acknowledges that it has no interest
in, and will not assert any interest in, the assets owned by HVIF other than, following a transfer of any pledged SPV Issuer Equity
to the Pledged Equity Collateral Agent in connection with any exercise of remedies pursuant to such Pledged Equity Security Agreement,
the right to receive lawful dividends or other distributions when paid by HVIF from lawful sources and in accordance with the Related
Documents and the rights of a member of HVIF; and

 

(e)                each
such Pledged Equity Collateral Agent and each Pledged Equity Secured Party agree and acknowledge that: (i) each of the
Trustee, the Collateral Agent, each Enhancement Provider and any other agent and/or trustee acting on behalf of the HVIF
Noteholders is an express third party beneficiary with respect to the provisions set forth in clause (a) above and
(ii) each of the Trustee, the Collateral Agent, each Enhancement Provider and any other agent and/or trustee acting on behalf
of the HVIF Noteholders shall have the right to enforce compliance by the Pledged Equity Collateral Agent and each Pledged
Equity Secured Party with respect to any of the foregoing clauses (a) through (d).

 

    Schedule I - 18

     

    

 

“Requirement
of Law” means, with respect to any Person or any of its property, the certificate of incorporation or articles of association
and by-laws, limited liability company agreement, partnership agreement or other organizational or governing documents of such
Person or any of its property, and any law, treaty, rule or regulation, or determination of any arbitrator or Governmental Authority,
in each case applicable to or binding upon such Person or any of its property or to which such Person or any of its property is
subject, whether federal, state or local.

 

“Requisite HVIF
Investors” means (a) HVIF Noteholders holding in excess of 50% of the aggregate Principal Amounts with respect to all
Series of HVIF Notes then Outstanding (other than any Controlling Party Series); provided, however, that, upon the
occurrence and during the continuance of an Amortization Event with respect to any Series of HVIF Notes where the HVIF Noteholder(s)
have a commitment, the commitment of such HVIF Noteholder(s) shall be deemed to be zero, and (b) the Controlling Party with respect
to each Controlling Party Series.

 

“Responsible
Officer” means, with respect to the Collateral Agent, any officer within the corporate trust department of the Collateral
Agent, including any Vice President, Assistant Vice President or Assistant Treasurer of the Corporate Trust Office, or any trust
officer, or any officer customarily performing functions similar to those performed by the person who at the time shall be such
officers, or to whom any corporate trust matter is referred because of his knowledge of and familiarity with a particular subject,
or any successor thereto responsible for the administration of the Collateral Agency Agreement.

 

“Revised Article
8” means Article 8 of the New York UCC.

 

“Revised Article
9” means Article 9 of the New York UCC.

 

“Revolving Period”
has the meaning specified, with respect to each Series of HVIF Notes, in the HVIF Series Supplement with respect to such Series
of HVIF Notes.

 

“S&P”
means S&P Global, a division of The McGraw-Hill Companies, Inc.

 

“Securities
Act” means the Securities Act of 1933, as amended.

 

“Security Entitlement”
means “security entitlement” within the meaning of Section 8-102(a)(17) of the New York UCC.

 

“Series Account”
means any account or accounts established pursuant to an HVIF Series Supplement for the benefit of a Series of HVIF Notes.

 

“Series Closing
Date” means, with respect to any Series of HVIF Notes, the date specified as such in the applicable HVIF Series Supplement.

 

“Series of HVIF
Notes” or “Series” means, each Series of HVIF Notes issued and authenticated pursuant to this Base
Indenture and an HVIF Series Supplement.

 

“Series Permitted
Lien” shall have the meaning, with respect to any Series of HVIF Notes, set forth in the HVIF Series Supplement with
respect to such Series.

 

“Series Related
Documents” shall have the meaning, with respect to any Series of HVIF Notes, set forth in the HVIF Series Supplement
with respect to such Series.

 

    Schedule I - 19

     

    

 

 

“Series-Specific
Collateral” means collateral that is to be solely for the benefit of the noteholders of any Series of HVIF Notes as specified
in the related HVIF Series Supplement.

 

“Servicer”
means Hertz, in its capacity as servicer under the HVIF Lease and the Collateral Agency Agreement, as applicable.

 

“Servicer Default”
has the meaning specified in the HVIF Lease.

 

“Servicing Standard”
has the meaning specified in the HVIF Lease.

 

“Special Term”
has the meaning specified in the HVIF Lease.

 

“SPV Issuer
Equity” has the meaning specified in Section 7.12 of this Base Indenture.

 

“Subaru”
means Subaru of America, Inc., a New Jersey corporation, and its successors.

 

“Subsidiary”
means, with respect to any Person (herein referred to as the “parent”), any corporation, partnership, association or
other business entity (a) of which securities or other ownership interests representing more than 50% of the equity or more than
50% of the ordinary voting power or more than 50% of the general partnership interests are, at the time any determination is being
made, owned, controlled or held by such parent or (b) that is, at the time any determination is being made, otherwise controlled,
by such parent or one or more subsidiaries of such parent or by such parent and one or more subsidiaries of such parent.

 

“Subordinated
Series of HVIF Notes” means a subordinated Series of HVIF Notes (other than, for the avoidance of doubt, a subordinated
Class of HVIF Notes issued pursuant to an HVIF Series Supplement) which is fully subordinated to each Series of HVIF Notes Outstanding
(other than any other previously issued Subordinated Series of HVIF Notes).

 

“Supplemental
Indenture” means a supplement to this Base Indenture complying (to the extent applicable) with the terms of Article
XII of this Base Indenture.

 

“Swap Agreement”
means one or more interest rate swap contracts, interest rate cap agreements or similar contracts entered into by HVIF in connection
with the issuance of a Series of HVIF Notes, as specified, and designated, as a “Swap Agreement”, in the applicable
HVIF Series Supplement, providing limited protection against interest rate risks.

 

“Swap Payments”
means amounts payable to or receivable by HVIF pursuant to any Swap Agreement.

 

“Tax Opinion”
means an Opinion of Counsel to be delivered in connection with the issuance of a new Series of HVIF Notes to the effect that, for
United States federal income tax purposes, (i) such new Series of HVIF Notes will be treated as indebtedness (or, to the extent
that any portion of such Series of HVIF Notes is not expected to be investment grade, should be treated as indebtedness), (ii)
the issuance of such new Series of HVIF Notes will not affect adversely the United States federal income tax characterization of
any Series of HVIF Notes Outstanding or Class thereof that was (based upon an Opinion of Counsel) characterized as debt at the
time of their issuance and (iii) HVIF will not be classified as an association or as a publicly traded partnership taxable as a
corporation for United States federal income tax purposes.

 

     Schedule I - 20

     

    

 

“Term”
has the meaning specified in the HVIF Lease.

 

“Termination
Payment” means the collective reference to HVIF Excess Damage Charges, HVIF Excess Mileage Charges, early turnback surcharges
and any other similar charges and penalties charged under the Manufacturer Programs.

 

“Termination
Value” means, with respect to any HVIF Vehicle, as of any date, an amount equal to (i) the Capitalized Cost of such HVIF
Vehicle, minus (ii) all Depreciation Charges for such Vehicle accrued prior to such date under the applicable.

 

“Trust Officer”
means any officer within the corporate trust department of the Trustee, including any vice president, assistant secretary, associate,
senior associate, or any trust officer, or any officer customarily performing functions similar to those performed by the person
who at the time shall be such officers, or to whom any corporate trust matter is referred because of his knowledge of and familiarity
with a particular subject, or any successor thereto responsible for the administration of this Base Indenture.

 

“Trustee”
means The Bank of New York Mellon Trust Company, N.A., a national banking association, as trustee under this Base Indenture and
under each HVIF Series Supplement.

 

“Turnback Date”
has the meaning specified in the HVIF Lease.

 

“U.S. Government
Obligations” means direct obligations of the United States, or any agency or instrumentality thereof for the payment
of which the full faith and credit of the United States is pledged as to full and timely payment of such obligations.

 

“UCC”
means the Uniform Commercial Code as in effect from time to time in the specified jurisdiction.

 

“United States”
or “U.S.” means the United States of America, its fifty States and the District of Columbia.

 

“Vehicle Funding
Date” has the meaning specified in the HVIF Lease.

 

“Vehicle Operating
Lease Commencement Date” has the meaning specified in the HVIF Lease.

 

“Vehicle Operating
Lease Expiration Date” has the meaning specified in the HVIF Lease.

 

“Vehicle Term”
has the meaning specified in the HVIF Lease.

 

“VIN”
means vehicle identification number.

 

“written”
or “in writing” means any form of written communication, including, without limitation, by means of telex, telecopier
device, telegraph or cable.

 

     Schedule I - 21

     

    

 

Exhibit
A

TO BASE INDENTURE

 

FORM OF MONTHLY SERVICING CERTIFICATE

HERTZ VEHICLE FINANCING LLC

 

Pursuant to Section
4.1(c) of the Base Indenture dated as of November 25, 2020 for Rental Car Asset Backed Notes (Issuable in Series) by and between
Hertz Vehicle Interim Financing LLC, as Issuer, and The Bank of New York Mellon Trust Company, N.A., as Trustee (the “Base
Indenture”), the undersigned __________________, __________________ of Hertz Vehicle Interim Financing LLC, does hereby
certify to the best of his knowledge after due investigation that:

 

		(A)	Attached hereto is a true and correct copy of the Monthly HVIF Noteholders’ Statement hereby
delivered on or before the fourth (4th) Business Day prior to the upcoming Payment Date pursuant to Section 4.1(d) of the Base
Indenture.

 

The undersigned has
read the provisions of the Base Indenture relating to the foregoing, has made due investigation into the matters discussed herein,
which investigation has enabled him to express an informed opinion on the foregoing and, in the opinion of the undersigned, those
conditions or covenants contained in the Base Indenture which relate to the above matters have been complied with.

 

Capitalized terms used
herein shall have the meanings set forth in the Base Indenture and Schedule I (Definitions List) thereto.

 

IN WITNESS WHEREOF,
the undersigned has executed and delivered this Officer’s Certificate this ___ day of ________________, ___.

 

	 	________________________________
	 	Name:
	 	Title:

 

     Exhibit A - 1

     

    

 

Exhibit
B

TO BASE INDENTURE

 

FORM OF OFFICER’S CERTIFICATE

 

______________________

 

The undersigned, [                  ],
a [                  ] of Hertz Vehicle
Interim Financing LLC, a Delaware limited liability company (the “Company”), pursuant to Section 8.25(a) of
the Base Indenture dated as of November 25, 2020 (the “Base Indenture”), between the Company and The Bank of
New York Mellon Trust Company, N.A., as trustee (the “Trustee”), hereby certifies that (i) the Company is in
receipt of the preliminary Manufacturer Program (as defined in Schedule I to the Base Indenture) for [name of manufacturer] for
the [ ] model year, (ii) upon review of such Manufacturer Program, there are no changes to the terms and conditions of the Manufacturer
Program as compared to the Manufacturer Program for the previous model year that are likely to have a material adverse effect on
HVIF and (iii) the undersigned has no reason to believe that there will be any changes to the terms and conditions of the final
Manufacturer Program for the [ ] model year as compared to the Manufacturer Program for the previous model year that would be likely
to have a material adverse effect on HVIF.

 

IN WITNESS WHEREOF,
the undersigned has executed this certificate this _____day of _______________, 20___.

 

	 	________________________________
	 	[Name]
	 	[Title]

 

     Exhibit B - 1Exhibit 4.2

 

EXECUTION VERSION

 

HERTZ VEHICLE INTERIM
FINANCING LLC,

as Issuer,

 

THE HERTZ CORPORATION,

as HVIF Administrator,

 

DEUTSCHE BANK AG, NEW YORK BRANCH,

as Administrative Agent,

 

APOLLO CAPITAL MANAGEMENT, L.P.,

as Controlling Party

 

CERTAIN NOTEHOLDERS,

 

and

 

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

as Trustee and Securities Intermediary

 

 

 

SERIES 2020-1 SUPPLEMENT

 

dated as of November 25, 2020

 

to

 

BASE INDENTURE

 

dated as of November 25, 2020

 

 

 

    

     

    

 

TABLE OF CONTENTS

 

	 	Page
	 	 
	Article I DEFINITIONS AND CONSTRUCTION	1
	 	 
	Section 1.1.       Defined Terms and References	1
	Section 1.2.       Rules of Construction	1
	Section 1.3.       Special Right of Refusal Provisions	2
	Section 1.4.       Acknowledgement and Consent to Bail-In of Affected Financial Institutions	2
	 	 
	Article II INITIAL ISSUANCE; INCREASES AND DECREASES OF PRINCIPAL AMOUNT OF SERIES 2020-1 NOTES	3
	 	 
	Section 2.1.       Initial Purchase; Additional Series 2020-1 Notes	3
	Section 2.2.       Advances	4
	Section 2.3.       Legal Final Payment Date	10
	Section 2.4.       Procedure for Decreasing the Principal Amount	10
	Section 2.5.       Reduction of Maximum Principal Amount	11
	Section 2.6.       Commitment Terms and Extensions of Commitments	12
	Section 2.7.       Timing and Method of Payment	12
	 	 
	Article III INTEREST, FEES AND COSTS	12
	 	 
	Section 3.1.       Interest and Interest Rates	12
	Section 3.2.       Up-Front Fees	13
	Section 3.3.       Undrawn Fees	13
	Section 3.4.       Fee Discount	13
	Section 3.5.       Increased Capital Costs	13
	Section 3.6.       Taxes.	14
	Section 3.7.       Series 2020-1 Carrying Charges; Survival.	15
	Section 3.8.       Minimizing Costs and Expenses and Equivalent Treatment.	15
	Section 3.9.       Timing Threshold for Specified Cost Section.	15
	 	 
	Article IV SERIES-SPECIFIC COLLATERAL	16
	 	 
	Section 4.1.       Granting Clause	16
	Section 4.2.       Series 2020-1 Accounts	16
	Section 4.3.       Trustee as Securities Intermediary	18
	Section 4.4.       Demand Notes	20
	Section 4.5.       Subordination	20
	Section 4.6.       Duty of the Trustee	20
	 	 
	Article V PRIORITY OF PAYMENTS	20
	 	 
	Section 5.1.       HVIF Collections Allocation	20
	Section 5.2.       Application of Funds in the Series 2020-1 Principal Collection Account	21
	Section 5.3.       Application of Funds in the Series 2020-1 Interest Collection Account	23
	Section 5.4.       Series 2020-1 Reserve Account Withdrawals	24
	Section 5.5.       Series 2020-1 Letters of Credit and Series 2020-1 Demand Notes	24
	Section 5.6.       Past Due Rental Payments	27
	Section 5.7.       Series 2020-1 Letters of Credit and Series 2020-1 L/C Cash Collateral Account	28
	Section 5.8.       Payment by Wire Transfer	30
	Section 5.9.       Certain Instructions to the Trustee	30
	Section 5.10.     HVIF’s Failure to Instruct the Trustee to Make a Deposit or Payment	31

 

    i

     

    

 

TABLE OF CONTENTS

(continued)

 

	 	Page
	 	 
	Article VI REPRESENTATIONS AND WARRANTIES; COVENANTS; CLOSING CONDITIONS	31
	 	 
	Section 6.1.       Representations and Warranties	31
	Section 6.2.       Covenants	31
	Section 6.3.       Closing Conditions	31
	Section 6.4.       Post-Closing Date Conditions	31
	Section 6.5.       European Union Securitisation Risk Retention Representations and Undertaking	31
	Section 6.6.       Further Assurances	31
	 	 
	Article VII AMORTIZATION EVENTS	32
	 	 
	Section 7.1.       Amortization Events	32
	Section 7.2.       Effects of Amortization Events	35
	 	 
	Article VIII FORM OF SERIES 2020-1 NOTES	36
	 	 
	Article IX TRANSFERS, REPLACEMENTS AND ASSIGNMENTS	38
	 	 
	Section 9.1.       Transfer of Series 2020-1 Notes	38
	Section 9.2.       Assignments	39
	 	 
	Article X THE ADMINISTRATIVE AGENT	40
	 	 
	Section 10.1.     Authorization and Action of the Administrative Agent	40
	Section 10.2.     Delegation of Duties	40
	Section 10.3.     Exculpatory Provisions	40
	Section 10.4.     Reliance	41
	Section 10.5.     Non-Reliance on the Administrative Agent and Other Purchasers	41
	Section 10.6.     The Administrative Agent in its Individual Capacity	41
	Section 10.7.     Successor Administrative Agent	41

 

    ii

     

    

 

TABLE OF CONTENTS

(continued)

 

	 	Page
	 	 
	Article XI GENERAL	42
	 	 
	Section 11.1.     Optional Repurchase of the Series 2020-1 Notes	42
	Section 11.2.     Information	42
	Section 11.3.     Confidentiality	44
	Section 11.4.     Payment of Costs and Expenses; Indemnification	45
	Section 11.5.     Ratification of Base Indenture	47
	Section 11.6.     Notice to the Rating Agencies	47
	Section 11.7.     Third Party Beneficiary	47
	Section 11.8.     Execution in Counterparts	48
	Section 11.9.     Governing Law	48
	Section 11.10.   Amendments	48
	Section 11.11.   HVIF Administrator to Act on Behalf of HVIF	49
	Section 11.12.   Successors	49
	Section 11.13.   Termination of Series 2020-1 Supplement	49
	Section 11.14.   Required Standstill Provisions.	49
	Section 11.15.   Additional UCC Representations	49
	Section 11.16.   Notices	50
	Section 11.17.   Credit Risk Retention	50
	Section 11.18.   Submission to Jurisdiction	50
	Section 11.19.   Waiver of Jury Trial	51
	Section 11.20.   Special Provisions Applicable to Designated Series 2020-1 Noteholders	51
	Section 11.21.   Indemnity by Hertz.	51
	Section 11.22.   Controlling Party and Controlling Party Series.	52

 

    iii

     

    

 

TABLE OF CONTENTS

(continued)

 

	 	Page

 

EXHIBITS, SCHEDULES AND ANNEXES

 

	Schedule I	List of Defined Terms
	Schedule II	Class A Noteholders
	Schedule III	Class B Noteholders
	Schedule IV	[RESERVED]
	Schedule V	Post-Emergence Required Opinions
	 	 
	Exhibit A-1	Form of Series 2020-1 Delayed Draw Rental Car Asset Backed Note, Class A
	Exhibit A-2	Form of Series 2020-1 Delayed Draw Rental Car Asset Backed Note, Class B
	Exhibit B-1	Form of Demand Note
	Exhibit B-2	Form of Demand Notice
	Exhibit C	Form of Series 2020-1 Letter of Credit Reduction Notice
	Exhibit D	Form of Lease Payment Deficit Notice
	Exhibit E	Form of Purchaser’s Letter
	Exhibit F	[RESERVED]
	Exhibit G	Form of Assignment and Assumption Agreement
	Exhibit H	[RESERVED]
	Exhibit I	Form of Series 2020-1 Letter of Credit
	Exhibit J	Form of Class A/B Advance Request
	Exhibit K	Additional UCC Representations
	Exhibit L	Address Information
	Exhibit M	Form of Designation Agreement
	Exhibit N	Form of Transfer Certificate
	 	 
	Annex 1	Representations and Warranties
	Annex 2	Covenants
	Annex 3	Conditions Precedent
	Annex 4	Post-Closing Date Conditions
	Annex 5	Risk Retention Representations and Undertakings

 

    iv

     

    

 

 

SERIES 2020-1 SUPPLEMENT,
dated as of November 25, 2020 (“Series 2020-1 Supplement”), among HERTZ VEHICLE INTERIM FINANCING LLC, a special
purpose limited liability company established under the laws of Delaware (“HVIF”), THE HERTZ CORPORATION, a
Delaware corporation (“Hertz” or, in its capacity as administrator with respect to the HVIF Notes, the “HVIF
Administrator”), the several Class A noteholders set forth on Schedule II hereto (each a “Class A Noteholder”),
the several Class B noteholders set forth on Schedule III hereto (each a “Class B Noteholder”, and together
with the Class A Noteholder, the “Series 2020-1 Noteholders”), DEUTSCHE BANK AG, NEW YORK BRANCH, in its capacity
as administrative agent for the Series 2020-1 Noteholders (the “Administrative Agent”), APOLLO CAPITAL MANAGEMENT,
L.P., as controlling party (the “Controlling Party”), 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 November 25, 2020 (as amended, modified or supplemented from time to time, exclusive of HVIF
Series Supplements, the “Base Indenture”), between HVIF and the Trustee.

 

PRELIMINARY STATEMENT

 

WHEREAS, Sections 2.2
and 12.1 of the Base Indenture provide, among other things, that HVIF and the Trustee may at any time and from time to time enter
into a supplement to the Base Indenture for the purpose of authorizing the issuance of one or more Series of HVIF Notes;

 

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 HVIF Notes issued pursuant to the Base Indenture, and such Series of HVIF Notes is hereby designated as Series 2020-1
Delayed Draw Rental Car Asset Backed Notes. On and after the Effective Date, two classes of Series 2020-1 Delayed Draw Rental Car
Asset Backed Notes will be issued, one of which was referred to and shall continue to be referred to herein as the “Class
A Notes” and one of which was referred to and shall continue to be referred to herein as the “Class B Notes”.

 

The Class A Notes and
the Class B Notes are referred to herein as the “Series 2020-1 Notes”.

 

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 2020-1 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 2020-1 Notes and not to any other Series of HVIF Notes issued by HVIF.

 

Section 1.2.      
Rules of Construction. In this Series 2020-1 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 2020-1 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; and

 

(i)          
the language used in this Series 2020-1 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.

 

Section 1.3.      
Special Right of Refusal Provisions. The Controlling Party (on behalf of itself or any Apollo Entity) may, in its
sole discretion, elect to accept in any amount or reject any offer to be involved in any Rental Car Financing, and its acceptance
or rejection shall not alter whether the Right of First Refusal Condition is satisfied.

 

Section
1.4.       Acknowledgement and Consent to
Bail-In of Affected Financial Institutions. Notwithstanding anything to the contrary in any Series 2020-1 Related Document,
each party hereto acknowledges that any liability of any Designated Series 2020-1 Noteholder or Designating Series 2020-1 Noteholder
that is an Affected Financial Institution arising under any Series 2020-1 Related Document, to the extent such liability is unsecured
(all such liabilities, other than any Excluded Liability, the “Covered Liabilities”), may be subject to the
Write-Down and Conversion Powers and agrees and consents to, and acknowledges and agrees to be bound by:

 

(a)          
the application of any Write-Down and Conversion Powers to any such Covered Liability arising hereunder which may
be payable to it by any Designated Series 2020-1 Noteholder or Designating Series 2020-1 Noteholder that is an Affected Financial
Institution; and

 

(b)          
the effects of any Bail-In Action on any such Covered Liability, including, if applicable:

 

(i)                
a reduction in full or in part or cancellation of any such Covered Liability;

 

(ii)                a
conversion of all, or a portion of, such Covered Liability into shares or other instruments of ownership in such Affected
Financial Institution, its parent undertaking, or a bridge institution that may be issued to it or otherwise conferred on it,
and that such shares or other instruments of ownership will be accepted by it in lieu of any rights with respect to any such
Covered Liability under this Agreement or any other Series 2020-1 Related Document; or

 

    2

     

    

 

(iii)              
the variation of the terms of such Covered Liability in connection with the exercise of the Write-Down and Conversion
Powers.

 

Notwithstanding
anything to the contrary herein, nothing contained in this Section 1.4 shall modify or otherwise alter the rights or obligations
with respect to any liability that is not a Covered Liability. Upon the application of any Write-Down and Conversion Powers to
any Covered Liability, HVIF shall provide a written notice to the Series 2020-1 Noteholders as soon as practicable regarding such
Write-Down and Conversion Powers to any Covered Liability. HVIF shall also deliver a copy of such notice to the Trustee for information
purposes. The parties hereto waive, to the extent permitted by law, any and all claims against the Trustee for, and agree not to
initiate a suit against the Trustee in respect of, and agree that the Trustee shall not be liable for, any action that the Trustee
takes, or abstains from taking, in either case at the direction of HVIF or any other party as permitted by the Indenture in connection
with the application of any Write-Down and Conversion Powers to any Covered Liability.

 

Article
II

 

iNITIAL
ISSUANCE; INCREASES AND DECREASES OF PRINCIPAL AMOUNT OF SERIES 2020-1 NOTES

 

Section 2.1.      
Initial Purchase; Additional Series 2020-1 Notes.

 

(a)           Initial Purchase. On the terms and conditions set forth in this Series 2020-1 Supplement,
HVIF will issue and will cause the Trustee to authenticate the initial Class A Notes and the initial Class B Notes on or after
the Effective Date.

 

(b)           Effective
Date Series 2020-1 Notes.

 

(i)                
Class A Notes. On the terms and conditions set forth in this Series 2020-1 Supplement,
HVIF shall issue, and shall cause the Trustee to authenticate, a Class A Note on the Effective Date with respect to each Class
A Noteholder. Each such Class A Note for each such Class A Noteholder shall:

 

A.                
bear a face amount as of the Effective Date of up to the Class A Maximum Noteholder Principal
Amount with respect to such Class A Noteholder,

 

B.                 
be dated the Effective Date,

 

C.                
be registered in the name of the respective Class A Noteholder or its nominee, or in such
other name as the respective Class A Noteholder may request in writing,

 

D.                
be duly authenticated in accordance with the provisions of the Base Indenture and this Series
2020-1 Supplement, and

 

E.                
be delivered to or at the written direction of the respective Class A Noteholder no later
than the initial funding of the Class A Notes by such Class A Noteholder.

 

(ii)                Class
B Notes. On the terms and conditions set forth in this Series 2020-1 Supplement, HVIF shall issue, and shall cause the
Trustee to authenticate, a Class B Note on the Effective Date with respect to each Class B Noteholder. Each such Class
B Note for each such Class B Noteholder shall:

 

    3

     

    

 

A.                
bear a face amount as of the Effective Date of up to the Class B Maximum Noteholder Principal
Amount with respect to such Class B Noteholder,

 

B.                 
be dated the Effective Date,

 

C.                
be registered in the name of the respective Class B Noteholder or its nominee, or in such
other name as the respective Class B Noteholder may request in writing,

 

D.                
be duly authenticated in accordance with the provisions of the Base Indenture and this Series
2020-1 Supplement, and

 

E.                
be delivered to or at the written direction of the respective Class B Noteholder no later
than the initial funding of the Class B Notes by such Class B Noteholder.

 

(c)           Initial Advance. On or prior to the initial Advance hereunder, HVIF shall pay the
fees and expenses of counsel to the Controlling Party and the initial Series 2020-1 Noteholders as described in the Commitment
Letter and one (1) counsel to the Trustee.

 

Section 2.2.      
Advances.

 

(a)           Class A Advances.

 

(i)                
Class A Advance Requests. Subject to the terms of this Series 2020-1 Supplement,
including satisfaction of the Class A Funding Conditions, the aggregate outstanding principal amount of the Class A Notes may be
increased from time to time. On any Business Day during the Series 2020-1 Draw Period, HVIF, subject to this Section 2.2(a),
may increase the Class A Principal Amount (such increase is referred to as a “Class A Advance”), which increase
shall be allocated among the Class A Noteholders in accordance with Section 2.2(a)(iii); provided that (x) each Class
A Advance shall be an amount equal to or greater than $5,000,000 and (y) no more than one (1) Class A Advance shall be permitted
in any one (1) calendar week. Whenever HVIF wishes the Class A Noteholders to make a Class A Advance, HVIF shall notify the Administrative
Agent, the Trustee and the Class A Noteholders by providing written notice delivered to the Administrative Agent, the Trustee and
the Class A Noteholders no later than 11:30 a.m. (New York City time) on the seventh (7th) Business Day prior to the
proposed Class A Advance. Each such notice shall be irrevocable and shall in each case refer to this Series 2020-1 Supplement
and specify the aggregate amount of the requested Class A Advance to be made on such date; provided, however, if
HVIF receives a Class A Delayed Funding Notice in accordance with Section 2.2(a)(iv) by 6:00 p.m. (New York time) on the
second (2nd) Business Day prior to the date of any proposed Class A Advance, HVIF shall have the right to revoke the Class A/B
Advance Request with respect to the requested Class A Advance by providing the Administrative Agent and each Class A
Noteholder (with a copy to the Trustee) written notice, by telecopy or electronic mail, of such revocation no later than 10:00
a.m. (New York time) on the Business Day prior to the proposed date of such Class A Advance.

 

(ii)                Party
Obligated to Fund Class A Advances. Upon HVIF’s request in accordance with Section 2.2(a)(i) upon
satisfaction of the Class A Funding Conditions, each Class A Noteholder shall fund Class A Advances (whether as a
Class A Non-Delayed Amount or a Class A Delayed Amount) from time to time in accordance with Section
2.2(a)(v) below.

 

    4

     

    

 

(iii)               Class
A Advance Allocations. HVIF shall allocate the proposed Class A Advance among the Class A Noteholders ratably by their respective
Class A Noteholder Percentages.

 

(iv)              
Class A Delayed Funding Procedures.

 

A.                
A Class A Delayed Funding Purchaser, upon receipt of any notice of a Class A Advance pursuant to Section 2.2(a)(i),
promptly (but in no event later than 6:00 p.m. (New York time) on the second (2nd) Business Day
prior to the proposed date of such Class A Advance) may notify HVIF in writing (a “Class A Delayed Funding Notice”)
of its election to designate such Class A Advance as a delayed Class A Advance (such Class A Advance, a “Class A
Designated Delayed Advance”). If such Class A Delayed Funding Purchaser’s ratable portion of such Class A Advance
exceeds its Class A Required Non-Delayed Amount (such excess amount, the “Class A Permitted Delayed Amount”),
then the Class A Delayed Funding Purchaser also shall include in the Class A Delayed Funding Notice the portion of such Class A
Advance (such amount as specified in the Class A Delayed Funding Notice, not to exceed such Class A Delayed Funding Purchaser’s
Class A Permitted Delayed Amount, the “Class A Delayed Amount”) that the Class A Delayed Funding Purchaser has
elected to fund on a Business Day that is on or prior to the thirty-fifth (35th) day following the proposed date of such Class
A Advance (such date as specified in the Class A Delayed Funding Notice, the “Class A Delayed Funding Date”)
rather than on the date for such Class A Advance specified in the related Class A/B Advance Request.

 

B.                 
If (A) one or more Class A Delayed Funding Purchasers provide a Class A Delayed Funding Notice to HVIF specifying a
Class A Delayed Amount in respect of any Class A Advance and (B) HVIF shall not have revoked the notice of the Class A Advance
by 10:00 a.m. (New York time) on the Business Day preceding the proposed date of such Class A Advance, then HVIF, by no later than
11:30 a.m. (New York time) on the Business Day preceding the date of such proposed Class A Advance, may (but shall have no obligation
to) direct each Class A Available Delayed Amount Noteholder to fund an additional portion of such Class A Advance on the proposed
date of such Class A Advance equal to such Class A Available Delayed Amount Noteholder’s proportionate share (based upon
the relative Class A Noteholder Percentage of such Class A Available Delayed Amount Noteholders) of the aggregate Class A Delayed
Amount with respect to the proposed Class A Advance; provided that, (i) no Class A Available Delayed Amount Noteholder shall
be required to fund any portion of its proportionate share of such aggregate Class A Delayed Amount that would cause its Class
A Noteholder Principal Amount to exceed its Class A Maximum Noteholder Principal Amount and (ii) any Designated Series 2020-1 Noteholder,
if any, designated by such Class A Available Delayed Amount Noteholder may, in its sole discretion, agree to fund such proportionate
share of such aggregate Class A Delayed Amount.

 

C.                 Upon
receipt of any notice of a Class A Delayed Amount in respect of a Class A Advance pursuant to Section 2.2(a)(iv)(B), a
Class A Available Delayed Amount Noteholder, promptly (but in no event later than 6:00 p.m. (New York time) on the Business
Day prior to the proposed date of such Class A Advance) may notify HVIF in writing (a “Class A Second Delayed
Funding Notice”) of its election to decline to fund a portion of its proportionate share of such Class A Delayed
Amount (such portion, the “Class A Second Delayed Funding Notice Amount”); provided that, the Class
A Second Delayed Funding Notice Amount shall not exceed the excess, if any, of (A) such Class A Available Delayed Amount
Noteholder’s proportionate share of such Class A Delayed Amount over (B) such Class A Available Delayed Amount
Noteholder’s Class A Required Non-Delayed Amount (after giving effect to the funding of any amount in respect of such
Class A Advance to be made by such Class A Available Delayed Amount Noteholder) (such excess amount, the “Class A
Second Permitted Delayed Amount”), and upon any such election, such Class A Available Delayed Amount Noteholder
shall include in the Class A Second Delayed Funding Notice the Class A Second Delayed Funding Notice Amount.

 

    5

     

    

 

(v)               
Funding Class A Advances. 

 

A.                 Subject
to the other conditions set forth in this Section 2.2(a), on the date of each Class A Advance, each Class A Noteholder(s)
funding such Class A Advance shall make available to HVIF its portion of the amount of such Class A Advance (other than any Class A
Delayed Amount) by wire transfer in Dollars in same day funds to the Series 2020-1 Principal Collection Account no later than
2:00 p.m. (New York City time) on the date of such Class A Advance. Proceeds from any Class A Advance shall be deposited into
the Series 2020-1 Principal Collection Account.

 

B.                 A
Class A Delayed Funding Purchaser that delivered a Class A Delayed Funding Notice in respect of a Class A Delayed Amount shall
be obligated to fund such Class A Delayed Amount on the related Class A Delayed Funding Date in the manner set forth in the next
succeeding sentence, irrespective of whether (x) the Series 2020-1 Commitment Termination Date shall have occurred on or prior
to such Class A Delayed Funding Date or (y) HVIF would be able to satisfy the Class A Funding Conditions on such Class A Delayed
Funding Date. Such Class A Delayed Funding Purchaser shall (i) pay the sum of the Class A Second Delayed Funding Notice Amount
related to such Class A Delayed Amount, if any, to HVIF no later than 2:00 p.m. (New York time) on the related Class A Delayed
Funding Date by wire transfer in U.S. dollars in same day funds to the Series 2020-1 Principal Collection Account, and (ii) pay
the Class A Delayed Funding Reimbursement Amount related to such Class A Delayed Amount, if any, on such related Class A Delayed
Funding Date to each applicable Class A Noteholder in immediately available funds for the ratable benefit of the related Class
A Available Delayed Amount Purchasers that funded the Class A Delayed Amount on the date of the Advance related to such Class
A Delayed Amount in accordance with Section 2.2(a)(iv)(B), based on the relative amount of such Class A Delayed Amount
funded by such Class A Available Delayed Amount Purchaser on the date of such Class A Advance pursuant to Section 2.2(a)(iv)(B).

 

(b)           Class B Advances.

 

(i)                 Class
B Advance Requests. Subject to the terms of this Series 2020-1 Supplement, including satisfaction of the Class B Funding
Conditions, the aggregate outstanding principal amount of the Class B Notes may be increased from time to time. On any
Business Day during the Series 2020-1 Draw Period, HVIF, subject to this Section 2.2(b), may increase the Class B
Principal Amount (such increase is referred to as a “Class B Advance”), which increase shall be allocated
among the Class B Noteholders in accordance with Section 2.2(b)(iii); provided that no more than one (1) Class
B Advance shall be permitted in any one (1) calendar week. Whenever HVIF wishes the Class B Noteholders to make a Class B
Advance, HVIF shall notify the Administrative Agent, the Trustee and each Class B Noteholder by providing written notice
delivered to the Administrative Agent, the Trustee and such Class B Noteholders no later than 11:30 a.m. (New York
City time) on the seventh (7th) Business Day prior to the proposed Class B Advance. Each such notice shall be
irrevocable and shall in each case refer to this Series 2020-1 Supplement and specify the aggregate amount of the requested
Class B Advance to be made on such date; provided, however, if HVIF receives a
Class B Delayed Funding Notice in accordance with Section 2.2(b)(iv) by 6:00 p.m. (New York time) on the second (2nd)
Business Day prior to the date of any proposed Class B Advance, HVIF shall have the right to revoke the Class A/B Advance
Request with respect to the requested Class B Advance by providing the Administrative Agent and each Class B Noteholder (with
a copy to the Trustee) written notice, by telecopy or electronic mail, of such revocation no later than 10:00 a.m. (New York
time) on the Business Day prior to the proposed date of such Class B Advance.

 

    6

     

    

 

(ii)               
Party Obligated to Fund Class B Advances. Upon HVIF’s request in accordance
with Section 2.2(b)(i), upon satisfaction of the Class B Funding Conditions, each Class B Noteholder shall fund Class B
Advances (whether as a Class B Non-Delayed Amount or a Class B Delayed Amount) from time to time in accordance with Section
2.2(b)(v) below.

 

(iii)              
Class B Advance Allocations. HVIF shall allocate the proposed Class B Advance among
the Class B Noteholders ratably by their respective Class B Noteholder Percentages.

 

(iv)              
Class B Delayed Funding Procedures.

 

A.                
A Class B Delayed Funding Purchaser, upon receipt of any notice of a Class B Advance pursuant to Section 2.2(b)(i),
promptly (but in no event later than 6:00 p.m. (New York time) on the second (2nd) Business Day
prior to the proposed date of such Class B Advance) may notify HVIF in writing (a “Class B Delayed Funding Notice”)
of its election to designate such Class B Advance as a delayed Class B Advance (such Class B Advance, a “Class B Designated
Delayed Advance”). If such Class B Delayed Funding Purchaser’s ratable portion of such Class B Advance exceeds
its Class B Required Non-Delayed Amount (such excess amount, the “Class B Permitted Delayed Amount”), then the
Class B Delayed Funding Purchaser also shall include in the Class B Delayed Funding Notice the portion of such Class B Advance
(such amount as specified in the Class B Delayed Funding Notice, not to exceed such Class B Delayed Funding Purchaser’s Class
B Permitted Delayed Amount, the “Class B Delayed Amount”) that the Class B Delayed Funding Purchaser has elected
to fund on a Business Day that is on or prior to the thirty-fifth (35th) day following the proposed date of such Class B Advance
(such date as specified in the Class B Delayed Funding Notice, the “Class B Delayed Funding Date”) rather than
on the date for such Class B Advance specified in the related Class A/B Advance Request.

 

B.                  If
(A) one or more Class B Delayed Funding Purchasers provide a Class B Delayed Funding Notice to HVIF specifying a Class B
Delayed Amount in respect of any Class B Advance and (B) HVIF shall not have revoked the notice of the Class B Advance by
10:00 a.m. (New York time) on the Business Day preceding the proposed date of such Class B Advance, then HVIF, by no later
than 11:30 a.m. (New York time) on the Business Day preceding the date of such proposed Class B Advance, may (but shall have
no obligation to) direct each Class B Available Delayed Amount Noteholder to fund an additional portion of such Class B
Advance on the proposed date of such Class B Advance equal to such Class B Available Delayed Amount Noteholder’s
proportionate share (based upon the relative Class B Noteholder Percentage of such Class B Available Delayed Amount
Noteholders) of the aggregate Class B Delayed Amount with respect to the proposed Class B Advance; provided that, (i)
no Class B Available Delayed Amount Noteholder shall be required to fund any portion of its proportionate share of such
aggregate Class B Delayed Amount that would cause its Class B Noteholder Principal Amount to exceed its Class B Maximum
Noteholder Principal Amount and (ii) any Designated Series 2020-1 Noteholder, if any, designated by such Class B Available
Delayed Amount Noteholder may, in its sole discretion, agree to fund such proportionate share of such aggregate Class B
Delayed Amount.

 

    7

     

    

 

C.                 Upon
receipt of any notice of a Class B Delayed Amount in respect of a Class B Advance pursuant to Section 2.2(b)(iv)(B), a
Class B Available Delayed Amount Noteholder, promptly (but in no event later than 6:00 p.m. (New York time) on the Business Day
prior to the proposed date of such Class B Advance) may notify HVIF in writing (a “Class B Second Delayed Funding Notice”)
of its election to decline to fund a portion of its proportionate share of such Class B Delayed Amount (such portion, the “Class
B Second Delayed Funding Notice Amount”); provided that, the Class B Second Delayed Funding Notice Amount shall
not exceed the excess, if any, of (A) such Class B Available Delayed Amount Noteholder’s proportionate share of such Class
B Delayed Amount over (B) such Class B Available Delayed Amount Noteholder’s Class B Required Non-Delayed Amount (after
giving effect to the funding of any amount in respect of such Class B Advance to be made by such Class B Available Delayed Amount
Noteholder) (such excess amount, the “Class B Second Permitted Delayed Amount”), and upon any such election,
such Class B Available Delayed Amount Noteholder shall include in the Class B Second Delayed Funding Notice the Class B Second
Delayed Funding Notice Amount.

 

(v)               
Funding Class B Advances. 

 

A.                 Subject
to the other conditions set forth in this Section 2.2(b), on the date of each Class B Advance, each Class B Noteholder
funding such Class B Advance shall make available to HVIF its portion of the amount of such Class B Advance (other than any Class B
Delayed Amount) by wire transfer in Dollars in same day funds to the Series 2020-1 Principal Collection Account no later than
2:00 p.m. (New York City time) on the date of such Class B Advance. Proceeds from any Class B Advance shall be deposited into
the Series 2020-1 Principal Collection Account.

 

B.                  A
Class B Delayed Funding Purchaser that delivered a Class B Delayed Funding Notice in respect of a Class B Delayed Amount
shall be obligated to fund such Class B Delayed Amount on the related Class B Delayed Funding Date in the manner set forth in
the next succeeding sentence, irrespective of whether (x) the Series 2020-1 Commitment Termination Date shall have occurred
on or prior to such Class B Delayed Funding Date or (y) HVIF would be able to satisfy the Class B Funding Conditions on
such Class B Delayed Funding Date. Such Class B Delayed Funding Purchaser shall (i) pay the sum of the Class B Second Delayed
Funding Notice Amount related to such Class B Delayed Amount, if any, to HVIF no later than 2:00 p.m. (New York time) on the
related Class B Delayed Funding Date by wire transfer in U.S. dollars in same day funds to the Series 2020-1 Principal
Collection Account, and (ii) pay the Class B Delayed Funding Reimbursement Amount related to such Class B Delayed Amount, if
any, on such related Class B Delayed Funding Date to each applicable Class B Noteholder in immediately available funds for
the ratable benefit of the related Class B Available Delayed Amount Purchasers that funded the Class B Delayed Amount on the
date of the Advance related to such Class B Delayed Amount in accordance with Section 2.2(b)(iv)(B), based on the
relative amount of such Class B Delayed Amount funded by such Class B Available Delayed Amount Purchaser on the date of such
Class B Advance pursuant to Section 2.2(b)(iv)(B).

 

    8

     

    

 

(c)           Advances Pro Rata. Each Class A Advance pursuant to Section 2.2(a) and Class
B Advance pursuant to Section 2.2(b) may only be made if simultaneously HVIF effects a pro rata increase in each
of the Class A Principal Amount and Class B Principal Amount.

 

(d)           Designated Series 2020-1 Noteholders.

 

(i)                
For any Series 2020-1 Noteholder which is a Designating Series 2020-1 Noteholder, any Class A Advance or Class B Advance
to be made by such Series 2020-1 Noteholder may from time to time be made by its Designated Series 2020-1 Noteholder in such Designated
Series 2020-1 Noteholder’s sole discretion, and nothing herein shall constitute a commitment to make Class A Advances or
Class B Advances, as applicable, by such Designated Series 2020-1 Noteholder; provided that if any Designated Series 2020-1
Noteholder elects not to, or fails to, make any such Class A Advance or Class B Advance, as applicable, its Designating Series
2020-1 Noteholder hereby agrees that it shall make such Class A Advance or Class B Advance, as applicable, pursuant to the terms
hereof. Any Class A Advance or Class B Advance actually funded by a Designated Series 2020-1 Noteholder shall constitute a utilization
of the Class A Maximum Noteholder Principal Amount or Class B Maximum Noteholder Principal Amount, as applicable, of the Designating
Series 2020-1 Noteholder for all purposes hereunder.

 

(ii)                Any
Series 2020-1 Noteholder may at any time designate not more than one Designated Series 2020-1 Noteholder to fund Class A
Advances or Class B Advances, as applicable, on behalf of such Series 2020-1 Noteholder subject to the terms of this Section
2.2(d)(ii). No Series 2020-1 Noteholder may have more than one Designated Series 2020-1 Noteholder at any time. Such
designation may occur by execution by such parties of a Designation Agreement, delivered to the Administrative Agent and the
Issuer for their acceptance. Upon receipt of an appropriately completed Designation Agreement executed by a Designating
Series 2020-1 Noteholder and a designee representing that it is a Designated Series 2020-1 Noteholder and consented to by the
Issuer, the Administrative Agent will accept such Designation Agreement and will give prompt notice thereof to the Issuer and
the other Series 2020-1 Noteholders, whereupon, (i) the Issuer shall execute and deliver to the Designating Series 2020-1
Noteholder a Designated Series 2020-1 Note payable to the order of the Designated Series 2020-1 Noteholder, (ii) from and
after the effective date specified in the Designation Agreement, the Designated Series 2020-1 Noteholder shall become a party
to this Series 2020-1 Supplement with a right to make Class A Advances or Class B Advances, as applicable, on behalf of its
Designating Series 2020-1 Noteholder pursuant to Section 2.2(a) or (b), and (iii) the Designated Series 2020-1
Noteholder shall not be required to make payments with respect to any obligations in this Series 2020-1 Supplement except to
the extent of excess cash flow of such Designated Series 2020-1 Noteholder which is not otherwise required to repay
obligations of such Designated Series 2020-1 Noteholder which are then due and payable, provided, however, that
regardless of such designation and assumption by the Designated Series 2020-1 Noteholder, the Designating Series 2020-1
Noteholder shall be and remain obligated to the Issuer, the Administrative Agent and the Series 2020-1 Noteholders for each
and every of the obligations of the Designating Series 2020-1 Noteholder and its related Designated Series 2020-1 Noteholder
with respect to this Series 2020-1 Supplement and any sums otherwise payable to the Issuer by the Designated Series 2020-1
Noteholder. Each Designating Series 2020-1 Noteholder, or a specified branch or affiliate thereof, shall serve as the
administrative agent of its Designated Series 2020-1 Noteholder and shall on behalf of its Designated Series 2020-1
Noteholder: (i) receive any and all payments made for the benefit of such Designated Series 2020-1 Noteholder and (ii) give
and receive all communications and notices and take all actions hereunder, including, without limitation, votes, approvals,
waivers, consents and amendments under or relating to this Series 2020-1 Supplement and the other Related Documents. Any such
notice, communication, vote, approval, waiver, consent or amendment shall be signed by a Designating Series 2020-1
Noteholder, or specified branch or affiliate thereof, as administrative agent for its Designated Series 2020-1 Noteholder and
need not be signed by such Designated Series 2020-1 Noteholder on its own behalf. The Issuer, the Administrative Agent, the
Controlling Party and the Series 2020-1 Noteholders may rely thereon without any requirement that the Designated Series
2020-1 Noteholder sign or acknowledge the same. No Designated Series 2020-1 Noteholder may assign or transfer all or any
portion of its interest hereunder or under any other Related Document, other than via an assignment to its Designating Series
2020-1 Noteholder or otherwise in accordance with the provisions of this Section 2.2.

 

    9

     

    

 

(e)           Breakage.
If any Class A Advance or Class B Advance is rejected or canceled by the Issuer after a request has been made to the Series 2020-1
Noteholders, the Issuer shall reimburse each such Series 2020-1 Noteholder on the next succeeding Payment Date for any associated
Breakage Costs payable as a result of such request for such Class A Advance or Class B Advance.

 

(f)            Administrative Issues. Notwithstanding anything to the contrary herein:

 

(i)                
To the extent the information regarding the amounts to be funded by the applicable Class A Noteholder or Class B Noteholder
of any proposed Class A Advance or Class B Advance in the Class A/B Advance Request is no longer accurate, not later than 2:00
p.m. on the Business Day prior to the date of any proposed Class A Advance or Class B Advance, HVIF shall provide a written report
to the Trustee specifying each Series 2020-1 Noteholder who will be funding such Advance, and the amount such Series 2020-1 Noteholder
is due to pay; and

 

(ii)               
The date of any proposed Class A Advance or Class B Advance shall not be on a Payment Date or any of the three (3) Business
Days immediately preceding a Payment Date.

 

Section 2.3.       
Legal Final Payment Date. The Series 2020-1 Principal Amount shall be due and payable on the Legal Final Payment
Date.

 

Section 2.4.      
Procedure for Decreasing the Principal Amount.

 

(a)           Principal Decreases. Subject to the terms of this Series 2020-1 Supplement, the aggregate
principal amount of the Series 2020-1 Notes may be decreased only as provided in this Section 2.4. Once any amount is prepaid
on the Series 2020-1 Notes, the Maximum Principal Amount shall be reduced by any amount prepaid and such amount may not be reborrowed.

 

(b)           Mandatory Decrease.

 

(i)                
Obligation to Decrease the Series 2020-1 Notes.

 

A.                 Excess
Principal Event. If any Excess Principal Event shall have occurred and be continuing, then, within five (5) Business Days
following HVIF’s discovery of such Excess Principal Event, HVIF shall withdraw from the Series 2020-1 Principal
Collection Account an amount equal to the lesser of (x) the amount then on deposit in such account and available for
distribution to effect a reduction in the Principal Amount pursuant to Section 5.2(c), and (y) the amount necessary so
that no such Excess Principal Event shall exist, and distribute the lesser of such (x) and (y) to the Series 2020-1
Noteholders in respect of principal of the Series 2020-1 Notes to make a reduction in the Principal Amount in accordance with Section
5.2(c).

 

    10

     

    

 

B.                 
Disposition of HVIF Vehicles. Within two (2) Business Days’ of HVIF’s
receipt of Required Disposition Proceeds, HVIF shall withdraw from the Series 2020-1 Principal Collection Account an amount equal
to net proceeds of such sale or other disposition and distribute such amount to the Series 2020-1 Noteholders in respect of principal
of the Series 2020-1 Notes to make a reduction in the Principal Amount pursuant to, and in accordance with, Section 5.2(c).
HVIF shall only withdraw Excluded Disposition Proceeds from the Series 2020-1 Principal Collection
Account in amounts required to acquire new HVIF Vehicles as directed by the HVIF Administrator.

 

(ii)               
Notice of Mandatory Decrease. Upon discovery of any Excess Principal Event, HVIF,
within two (2) Business Days of such discovery, shall deliver written notice of any related Mandatory Decreases, any related Mandatory
Decrease Amount and the date of any such Mandatory Decrease to the Trustee and each Series 2020-1 Noteholder. 

 

(c)           Voluntary
Decrease.

 

(i)                
Procedures for a Voluntary Decrease. Subject to payment of any Prepayment Premium
described below, on any Business Day, upon at least seven (7) Business Days’ prior notice to each Series 2020-1 Noteholder
and the Trustee, HVIF may decrease the Principal Amount in whole or in part (each such reduction of the Principal Amount pursuant
to this Section 2.4(c)(i), a “Voluntary Decrease” and the date of any such reduction, a “Voluntary
Decrease Date”) by withdrawing from the Series 2020-1 Principal Collection Account an amount up to the sum of all amounts
then on deposit in such account and available for distribution to effect a Voluntary Decrease pursuant to Section 5.2, and
distributing the amount of such withdrawal (such amount, the “Voluntary Decrease Amount”) to the Series 2020-1
Noteholders as specified in Section 5.2. Each such notice shall set forth the Voluntary Decrease Date, the related Voluntary
Decrease Amount.

 

(d)           Voluntary
Prepayment Premium. Unless the Right of First Refusal Condition is satisfied, in connection with any Voluntary Decrease, HVIF
shall be required to pay the Prepayment Premium simultaneously with the payment of such Voluntary Decrease Amount.

 

(e)           Breakage. If any Mandatory Decrease or Voluntary Decrease is not made by the Issuer after notice of such Mandatory
Decrease or Voluntary Decrease has been made to the Series 2020-1 Noteholders, the Issuer shall reimburse each such Series 2020-1
Noteholder on the next succeeding Payment Date for any associated Breakage Costs payable as a result of such notice of Mandatory
Decrease or Voluntary Decrease.

 

Section 2.5.      
Reduction of Maximum Principal Amount.

 

(a)           Reduction
Conditions. HVIF, upon seven (7) Business Days’ notice to the Administrative Agent and each Series 2020-1
Noteholder, may effect a permanent reduction of the Maximum Principal Amount; provided that, any such reduction (i)
will be limited to the undrawn portion of the Maximum Principal Amount, (ii) must be in a minimum amount of $10,000,000,
(iii) shall be made ratably among the Series 2020-1 Noteholders on the basis of their respective Maximum Principal Amounts
and (iv) must be accompanied by the Commitment Reduction Fee; provided, further, that solely for the purposes
of this Section 2.5(a), such undrawn portion of the Maximum Principal Amount shall not include any then unfunded Class
A Delayed Amounts relating to any Class A Advance or Class B Delayed Amounts relating to any Class B Advance, in each case,
the notice with respect to which HVIF shall not have revoked as of the date of such reduction.

 

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(b)           Schedules
II and III Revisions. No later than one (1) Business Day following any reduction of the Maximum Principal Amount becoming
effective, the Administrative Agent shall revise Schedule II to reflect such reduction, which revision, for the avoidance
of doubt, shall not require the consent of the Trustee or any Series 2020-1 Noteholder.

 

Section 2.6.                
Commitment Terms and Extensions of Commitments.

 

(a)           Term.
The “Term” of the commitments hereunder shall be for a period commencing on the date hereof and ending on the
Series 2020-1 Commitment Termination Date.

 

(b)           Term Extension. Not later than two (2) Business Days prior to the Series 2020-1 Commitment
Termination Date, HVIF and each Series 2020-1 Noteholder may agree in writing to an extension of the Series 2020-1 Commitment Termination
Date by six months (such period, the “Extension Length”).

 

(c)           Procedures
for Extension Consents. Upon an extension described in clause (b) above, then the Series 2020-1 Commitment Termination
Date for each such Series 2020-1 Noteholder then in effect shall be extended to the date that is the last day of the Extension
Length (which shall begin running on the day after the then-current Series 2020-1 Commitment Termination Date).

 

Section 2.7.                
Calculations; Timing and Method of Payment.

 

(a)           Calculations. On or before the fourth (4th) Business Day prior to each Payment
Date (or such time thereafter as the Administrative Agent may agree), HVIF shall furnish a copy of the Payment Date Directions
to the Administrative Agent for purposes of confirming the Class A Monthly Interest Amount and the Class B Monthly Interest Amount
due to each Series 2020-1 Noteholder. The Administrative Agent shall notify HVIF and the HVIF Administrator at least one (1) Business
Day before the Payment Date if the Administrative Agent disagrees with HVIF’s calculation of the Class A Monthly Interest
Amount and the Class B Monthly Interest Amount due to each Series 2020-1 Noteholder.

 

(b)           Timing
and Method of Payment. All amounts payable to any Series 2020-1 Noteholder shall be made pursuant to Section 5.8.

 

Article
III

 

INTEREST, FEES AND COSTS

 

Section 3.1.      
Interest and Interest Rates.

 

(a)           Interest
Rate.

 

(i)                
Class A Note Rate. Each related Class A Advance funded or maintained by a Class A
Noteholder during the related Series 2020-1 Interest Period shall bear interest at 3.00% (the “Class A Note Rate”).

 

(ii)                Class
B Base Note Rate. Each related Class B Advance funded or maintained by a Class B Noteholder during the related Series
2020-1 Interest Period shall bear interest at a base rate of 3.75% (the “Class B Base Note Rate”). With
respect to each Series 2020-1 Interest Period, the Class B Supplemental Interest Amount shall also be payable with
respect to each Class B Note.

 

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(b)           Payment of Interest.

 

(i)                
Accrual and Payment. Interest shall accrue for each Series 2020-1 Interest Period
on the Series 2020-1 Notes from the date of the initial Advance hereunder using a fixed rate note convention of 12 months of 30
days. On each Payment Date, the Class A Monthly Interest Amount, the Class A Monthly Default Interest Amount, the Class B Monthly
Interest Amount and the Class B Monthly Default Interest Amount, in each case, with respect to such Payment Date, shall be due
and payable on such Payment Date in accordance with the provisions hereof.

 

(ii)                
Deficiencies. If the amounts described in Section 5.3 are insufficient to
pay the Class A Monthly Interest Amount or the Class A Monthly Default Interest Amount for any Payment Date, payments of such Class
A Monthly Interest Amount or Class A Monthly Default Interest Amount, as applicable and in each case, to the Class A Noteholders
will be reduced on a pro rata basis (determined on the basis of the portion of such Class A Monthly Interest Amount or Class
A Monthly Default Interest Amount, as applicable and in each case, payable to each such Class A Noteholder) by the amount of such
insufficiency (the aggregate amount, if any, of such insufficiency on any Payment Date, the “Class A Deficiency Amount”),
and interest shall accrue on any such Class A Deficiency Amount at the Series 2020-1 Note Rate. If the amounts described in Section
5.3 are insufficient to pay the Class B Monthly Interest Amount or the Class B Monthly Default Interest Amount for any Payment
Date, payments of such Class B Monthly Interest Amount or Class B Monthly Default Interest Amount, as applicable and in each case,
to the Class B Noteholders will be reduced on a pro rata basis (determined on the basis of the portion of such Class B Monthly
Interest Amount or Class B Monthly Default Interest Amount, as applicable and in each case, payable to each such Class B Noteholder)
by the amount of such insufficiency (the aggregate amount, if any, of such insufficiency on any Payment Date, the “Class
B Deficiency Amount”), and interest shall accrue on any such Class B Deficiency Amount at the Series 2020-1 Note Rate.

 

Section 3.2.          
Up-Front Fees. On the Effective Date, HVIF shall pay the Class A Up-Front Fee and
the Class B Up-Front Fee to each applicable Series 2020-1 Noteholder.

 

Section 3.3.          
Undrawn Fees. HVIF shall pay the Class A Undrawn Fee and the Class B Undrawn Fee
to each applicable Series 2020-1 Noteholder in connection with the Class A Monthly Interest Amount and the Class B Monthly Interest
Amount, respectively.

 

Section 3.4.          
Fee Discount. In connection with any Rental Car Financing, if the ROFR Option 1 Condition is satisfied, the applicable
Apollo Entity shall discount any up-front fees or structuring fees payable to such Apollo Entity in connection with such Rental
Car Financing by an amount equal to 0.3125% of the amount of any such up-front fees or structuring fees so payable to such Apollo
Entity (which fees shall be at the prevailing market rate for similar Rental Car Financing).

 

Section
3.5.           Increased
Capital Costs. If any Change in Law affects or would affect the amount of capital required or reasonably expected to be
maintained by any Affected Person or any Person controlling such Affected Person and such Affected Person reasonably
determines that the rate of return on its or such controlling Person’s capital as a consequence of its commitment or
the Class A Advances or Class B Advances, as the case may be, made by such Affected Person hereunder is reduced to a level
below that which such Affected Person or such controlling Person would have achieved but for the occurrence of any such
Change in Law, then, in any such case after notice from time to time by such Affected Person to any related Designated Series
2020-1 Noteholder and HVIF, HVIF shall pay to such Designated Series 2020-1 Noteholder and such Designated Series 2020-1
Noteholder shall pay to such Affected Person an incremental commitment fee, payable on each Payment Date, sufficient to
compensate such Affected Person or such controlling Person for such reduction in rate of return to the extent that the
increased costs for which such Affected Person is being compensated are allocable to the existence of such Affected
Person’s Class A Advances or Class B Advances, as applicable, or Class A Commitment or Class B Commitment, as
applicable, hereunder. A statement of such Affected Person as to any such additional amount or amounts (including
calculations thereof in reasonable detail), in the absence of manifest error, shall be conclusive and binding on HVIF;
provided that, the initial payment of such increased commitment fee shall include a payment for accrued amounts due under
this Section 3.5 prior to such initial payment.

 

    13

     

    

 

Section 3.6.           Taxes.

 

(a)           All payments by HVIF of principal of, and interest on, the Class A Advances and the Class B Advances and all other amounts
payable hereunder (including fees) shall be made free and clear of and without deduction for any present or future income, excise,
documentary, property, stamp or franchise taxes and other taxes, fees, duties, withholdings or other charges of any nature whatsoever
imposed by any taxing authority, but excluding in the case of any Affected Person (x) net income, franchise or similar taxes (including
branch profits taxes or alternative minimum tax) imposed or levied on the Affected Person as a result of a present or former connection
between the Affected Person and the jurisdiction of the Governmental Authority imposing such tax or any political subdivision or
taxing authority thereof or therein (other than any such connection arising from such Affected Person having executed, delivered
or performed its obligations or received a payment under, or enforced by, this Series 2020-1 Supplement), (y) with respect
to any Affected Person organized under the laws of the jurisdiction other than the United States (“Foreign Affected Person”),
any withholding tax that is imposed on amounts payable to the Foreign Affected Person at the time the Foreign Affected Person becomes
a party to (or acquires a participation in) this Series 2020-1 Supplement (or designates a new lending office), except to the extent
that such Foreign Affected Person (or its assignor, if any) was already entitled, at the time of the designation of the new lending
office (or assignment), to receive additional amounts from HVIF with respect to withholding tax and (z) United States federal withholding
taxes that would not have been imposed but for a failure by an Affected Person (or any financial institution through which any
payment is made to such Affected Person) to comply with the requirements of current Sections 1471-1474 of the Code, any current
or future regulations or official interpretations thereof, any agreements entered into pursuant to Section 1471(b)(1) of the Code,
any fiscal or regulatory legislation, rules or practices adopted pursuant to any intergovernmental agreement or treaty among Governmental
Authorities and published administrative guidance, in each case implementing such Sections of the Code (such non-excluded items
being called “Taxes”).

 

(b)           Moreover,
if any Taxes are directly asserted against any Affected Person with respect to any payment received by such Affected Person or
its agent from HVIF, such Affected Person or its agent may pay such Taxes and HVIF will promptly upon receipt of written notice
stating the amount of such Taxes pay such additional amounts (including any penalties, interest or expenses) as is necessary in
order that the net amount received by such person after the payment of such Taxes (including any Taxes on such additional amount)
shall equal the amount such person would have received had no such Taxes been asserted.

 

(c)           Each
Foreign Affected Person shall execute and deliver to HVIF, prior to the initial due date of any payments hereunder and to the
extent permissible under then current law, and on or about the first scheduled payment date in each calendar year thereafter,
one or more (as HVIF may reasonably request) United States Internal Revenue Service Forms W-8BEN, Forms W-8BEN-E, Forms W-8ECI
or Forms W-9, or successor applicable forms, or such other forms or documents (or successor forms or documents), appropriately
completed, as may be applicable to establish the extent, if any, to which a payment to such Affected Person is exempt from withholding
or deduction of Taxes. HVIF shall not, however, be required to pay any increased amount under this Section 3.6 to any Affected
Person that is organized under the laws of a jurisdiction other than the United States if such Affected Person fails to comply
with the requirements set forth in this paragraph.

 

    14

     

    

 

(d)           If
the Affected Person determines, in its sole discretion, that it has received a refund of any Taxes as to which it has been indemnified
pursuant to this Section 3.6, it shall pay over such refund to HVIF (but only to the extent of amounts paid under this
Section 3.6 with respect to the Taxes giving rise to such refund), net of all out-of-pocket expenses of the Affected Person
and without interest (other than any interest paid by the relevant governmental authority with respect to such refund), provided
that HVIF, upon the request of the Affected Person, agrees to repay the amount paid over to HVIF (plus any penalties, interest
or other charges imposed by the relevant Governmental Authority) to the Affected Person in the event the Affected Person is required
to repay such refund to such governmental authority. This Section 3.6 shall not be construed to require the Affected Person
to make available its tax returns (or any other information relating to its taxes that it deems confidential) to HVIF or any other
Person.

 

Section 3.7.           Series
2020-1 Carrying Charges; Survival. Any amounts payable by HVIF under the Specified Cost Sections shall constitute Series 2020-1
Carrying Charges. The agreements in the Specified Cost Sections and Section 3.8 shall survive the termination of this Series
2020-1 Supplement and the HVIF Base Indenture and the payment of all amounts payable hereunder and thereunder.

 

Section 3.8.           Minimizing Costs and Expenses and Equivalent Treatment.

 

(a)           Each
Affected Person shall be deemed to have agreed that it shall, as promptly as practicable after it becomes aware of any circumstance
referred to in any Specified Cost Section, use commercially reasonable efforts (to the extent not inconsistent with its internal
policies of general application) to minimize the costs, expenses, taxes or other liabilities incurred by it and payable to it
by HVIF pursuant to such Specified Cost Section.

 

(b)           In determining any amounts payable to it by HVIF pursuant to any Specified Cost Section, each Affected Person shall treat
HVIF the same as or better than all similarly situated Persons (as determined by such Affected Person in its reasonable discretion)
and such Affected Person may use any method of averaging and attribution that it (in its reasonable discretion) shall deem applicable
so long as it applies such method to other similar transactions, such that HVIF is treated the same as, or better than, all such
other similarly situated Persons with respect to such other similar transactions.

 

Section 3.9.          
Timing Threshold for Specified Cost Section. Notwithstanding anything in this Series 2020-1 Supplement to the contrary,
HVIF shall not be under any obligation to compensate any Affected Person pursuant to any Specified Cost Section in respect of any
amount otherwise owing pursuant to any Specified Cost Section that arose during any period prior to the date that is 180 days prior
to such Affected Person’s obtaining knowledge thereof, except that the foregoing limitation shall not apply to any increased
costs arising out of the retroactive application of any Change in Law within such 180-day period. If, after the payment of any
amounts by HVIF pursuant to any Specified Cost Section, any applicable law, rule or regulation in respect of which a payment was
made is thereafter determined to be invalid or inapplicable to such Affected Person, then such Affected Person, within sixty (60)
days after such determination, shall repay any amounts paid to it by HVIF hereunder in respect of such Change in Law.

 

    15

     

    

 

Article
IV

 

SERIES-SPECIFIC COLLATERAL

 

Section 4.1.         
Granting Clause. In order to secure and provide for the repayment and payment of the HVIF Note Obligations with respect
to the Series 2020-1 Notes, HVIF hereby grants a security interest in and assigns, pledges, grants, transfers and sets over to
the Trustee, for the benefit of the Series 2020-1 Noteholders, all of HVIF’s right, title and interest in and to the following
(whether now or hereafter existing or acquired):

 

(a)          
each Series 2020-1 Account, including any security entitlement with respect to Financial
Assets credited thereto;

 

(b)          
all funds, Financial Assets or other assets on deposit in or credited to each Series 2020-1
Account from time to time;

 

(c)          
all certificates and instruments, if any, representing or evidencing any or all of each
Series 2020-1 Account, the funds on deposit therein or any security entitlement with respect to Financial Assets credited thereto
from time to time;

 

(d)         
all investments made at any time and from time to time with monies in each Series 2020-1
Account, whether constituting securities, instruments, general intangibles, investment property, Financial Assets or other property;

 

(e)          
all interest, dividends, cash, instruments and other property from time to time received,
receivable or otherwise distributed in respect of or in exchange for each Series 2020-1 Account, the funds on deposit therein from
time to time or the investments made with such funds;

 

(f)          
all Proceeds of any and all of the foregoing clauses (a) through (e), including
cash (with respect to each Series 2020-1 Account, the items in the foregoing clauses (a) through (e) and this clause
(f) with respect to such Series 2020-1 Account are referred to, collectively, as the “Series 2020-1 Account Collateral”);

 

(g)          
each Series 2020-1 Demand Note (if any);

 

(h)          
all certificates and instruments, if any, representing or evidencing each Series 2020-1
Demand Note (if any); 

 

(i)           
each Series 2020-1 Letter of Credit (if any); and

 

(j)           
all Proceeds of any and all of the foregoing.

 

Section 4.2.          
Series 2020-1 Accounts. With respect to the Series 2020-1 Notes only, the following shall apply:

 

(a)           Establishment
of Series 2020-1 Accounts.

 

(i)                
The Trustee shall establish and maintain, and shall continue to maintain, in the name of,
and under the control of, the Trustee for the benefit of the Series 2020-1 Noteholders three securities accounts: the Series 2020-1
Principal Collection Account (such account, the “Series 2020-1 Principal Collection Account”), the Series 2020-1
Interest Collection Account (such account, the “Series 2020-1 Interest Collection Account”) and the Series 2020-1
Reserve Account (such account, the “Series 2020-1 Reserve Account”).

 

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(ii)                On or prior to the date of any drawing under a Series 2020-1 Letter of Credit pursuant
to Section 5.5 or Section 5.7, the Trustee shall establish and maintain in the name of, and under the control of,
the Trustee for the benefit of the Series 2020-1 Noteholders the Series 2020-1 L/C Cash Collateral Account (the “Series
2020-1 L/C Cash Collateral Account”).

 

(iii)              
The Trustee shall establish and maintain, and shall continue to maintain, in the name of,
and under the control of, the Trustee for the benefit of the Series 2020-1 Noteholders the Series 2020-1 Distribution Account (the
 “Series 2020-1 Distribution Account”, and together with the Series 2020-1 Principal Collection Account, the
Series 2020-1 Interest Collection Account, the Series 2020-1 Reserve Account and the Series 2020-1 L/C Cash Collateral Account,
the “Series 2020-1 Accounts”).

 

(b)           Series
2020-1 Account Criteria.

 

(i)                
Each Series 2020-1 Account shall bear a designation clearly indicating that the funds deposited
therein are held for the benefit of the Series 2020-1 Noteholders.

 

(ii)               
Each Series 2020-1 Account shall be an Eligible Account. If any Series 2020-1 Account is
at any time no longer an Eligible Account, HVIF shall, within ten (10) Business Days of an Authorized Officer of HVIF obtaining
actual knowledge that such Series 2020-1 Account is no longer an Eligible Account, establish a new Series 2020-1 Account for such
non-qualifying Series 2020-1 Account that is an Eligible Account, and if a new Series 2020-1 Account is so established, HVIF shall
instruct the Trustee in writing to transfer all cash and investments from such non-qualifying Series 2020-1 Account into such new
Series 2020-1 Account. Initially, each of the Series 2020-1 Accounts will be established with The Bank of New York Mellon Trust
Company, National Association.

 

(c)           Administration
of the Series 2020-1 Accounts.

 

(i)                
HVIF may instruct (by standing instructions or otherwise) any institution maintaining any
Series 2020-1 Accounts to invest funds on deposit in such Series 2020-1 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 2020-1
Account; provided, however, that:

 

A.                 any
such investment in the Series 2020-1 Reserve Account or the Series 2020-1 Distribution Account shall mature not later than the
first (1st) Payment Date following the date on which such investment was made; and

 

B.                 
any such investment in the Series 2020-1 Principal Collection Account, the Series 2020-1
Interest Collection Account or the Series 2020-1 L/C Cash Collateral Account shall mature not later than the Business Day prior
to the first (1st) 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)                
HVIF 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 2020-1 Accounts shall remain uninvested.

 

    17

     

    

 

(d)           Earnings from Series 2020-1 Accounts. With respect to each Series 2020-1 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 2020-1 Account shall be deemed to be on deposit therein and available for
distribution unless previously distributed pursuant to the terms hereof.

 

(e)           Termination
of Series 2020-1 Accounts.

 

(i)                
On or after the date on which the Series 2020-1 Notes are fully paid, the Trustee, acting
in accordance with the written instructions of HVIF, shall withdraw from each Series 2020-1 Account (other than the Series 2020-1
L/C Cash Collateral Account) all remaining amounts on deposit therein and pay such amounts to HVIF.

 

(ii)               
Upon the termination of this Series 2020-1 Supplement in accordance with its terms, the
Trustee, acting in accordance with the written instructions of HVIF, after the prior payment of all amounts due and owing to the
Series 2020-1 Noteholders and payable from the Series 2020-1 L/C Cash Collateral Account as provided herein, shall withdraw from
the Series 2020-1 L/C Cash Collateral Account all amounts on deposit therein and shall pay such amounts:

 

first, pro rata to the Series
2020-1 Letter of Credit Providers, to the extent that there are unreimbursed Series 2020-1 Disbursements due and owing to such
Series 2020-1 Letter of Credit Providers, for application in accordance with the provisions of the respective Series 2020-1 Letters
of Credit, and

 

second, to HVIF any remaining amounts.

 

Section 4.3.      
Trustee as Securities Intermediary.

 

(a)           With respect to each Series 2020-1 Account, the Trustee or other Person maintaining such
Series 2020-1 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) with respect to such Series 2020-1 Account. If
the Securities Intermediary in respect of any Series 2020-1 Account is not the Trustee, HVIF shall obtain the express agreement
of such Person to the obligations of the Securities Intermediary set forth in this Section 4.3.

 

(b)           The Securities Intermediary agrees that:

 

(i)                
The Series 2020-1 Accounts are accounts to which Financial Assets will be credited;

 

(ii)               
All securities or other property underlying any Financial Assets credited to any Series
2020-1 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 2020-1 Account be registered in the name of HVIF, payable to the order of HVIF or specially endorsed
to HVIF;

 

(iii)             
All property delivered to the Securities Intermediary pursuant to this Series 2020-1 Supplement
and all Permitted Investments thereof will be promptly credited to the appropriate Series 2020-1 Account;

 

(iv)              
Each item of property (whether investment property, security, instrument or cash) credited
to a Series 2020-1 Account shall be treated as a Financial Asset;

 

    18

     

    

 

(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 2020-1 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 HVIF or the HVIF Administrator;

 

(vi)              
The Series 2020-1 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 8-110 of the New York UCC) and the Series 2020-1 Accounts (as well
as the “securities entitlements” (as defined in Section 8-102(a)(17) of the NY UCC and in the applicable federal book-entry
regulations) 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 2020-1
Supplement, will not enter into, any agreement with any other Person relating to the Series 2020-1 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 2020-1 Supplement will not enter into, any agreement with HVIF 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); and

 

(viii)            
Except for the claims and interest of the Trustee and HVIF in the Series 2020-1 Accounts,
the Securities Intermediary knows of no claim to, or interest in, the Series 2020-1 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
2020-1 Account or in any Financial Asset carried therein, the Securities Intermediary will promptly notify the Trustee, the HVIF
Administrator and HVIF thereof.

 

(c)           The Trustee shall possess all right, title and interest in all funds on deposit from time
to time in the Series 2020-1 Accounts and in all Proceeds thereof, and shall be the only person authorized to originate Entitlement
Orders in respect of the Series 2020-1 Accounts.

 

(d)           Notwithstanding anything in Section 4.1, Section 4.2 or this Section 4.3
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
2020-1 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 2020-1 Account by crediting such Series 2020-1 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, Section 4.2 or this Section 4.3 to the contrary, with respect to any Series 2020-1
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 2020-1 Account is deemed not to constitute a
securities account.

 

(f)           As
permitted by Article 4 of the Hague Convention on the Law Applicable to Certain Rights in Respect of Securities Held with an
Intermediary (the “Hague Convention”), the parties hereto agree that the law of the State of New
York shall govern the issues specified in Article 2 of the Hague Convention. The provisions of the immediately preceding
sentence shall be construed as an amendment to any other account agreement governing the Series 2020-1 Accounts.

 

    19

     

    

 

Section 4.4.      
Demand Notes.

 

(a)           Trustee Authorized to Make Demands. The Trustee, for the benefit of the Series 2020-1
Noteholders, shall be the only Person authorized to make a demand for payment on any Series 2020-1 Demand Note.

 

(b)           Modification
of Demand Note. Other than pursuant to a payment made upon a demand thereon by the Trustee pursuant to Section 5.5(c),
HVIF shall not reduce the amount of any Series 2020-1 Demand Note or forgive amounts payable thereunder so that the aggregate
undrawn principal amount of the Series 2020-1 Demand Notes after such forgiveness or reduction is less than the greater of (i)
the Series 2020-1 Letter of Credit Liquidity Amount as of the date of such reduction or forgiveness and (ii) an amount equal to
0.50% of the Series 2020-1 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) or an increase in the stated amount of any
Series 2020-1 Demand Note, HVIF shall not agree to any amendment of any Series 2020-1 Demand Note without first obtaining the
prior written consent of the Series 2020-1 Required Noteholders.

 

Section 4.5.      Subordination.
The Series-Specific 2020-1 Collateral has been pledged to the Trustee to secure the Series 2020-1 Notes. For all purposes hereunder
and for the avoidance of doubt, the Series-Specific 2020-1 Collateral and each Series 2020-1 Letter of Credit will be held by
the Trustee solely for the benefit of the Series 2020-1 Noteholders, and no HVIF Noteholder of any Series of HVIF Notes other
than the Series 2020-1 Notes will have any right, title or interest in, to or under the Series-Specific 2020-1 Collateral or any
Series 2020-1 Letter of Credit. For the avoidance of doubt, if it is determined that the Series 2020-1 Noteholders have any right,
title or interest in, to or under the HVIF Collateral with respect to any Series of HVIF Notes other than Series 2020-1 Notes,
then the Series 2020-1 Noteholders agree that their right, title and interest in, to or under such HVIF Collateral shall be subordinate
in all respects to the claims or rights of the HVIF Noteholders with respect to such other Series of HVIF Notes, and in such case,
this Series 2020-1 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 2020-1 Supplement, the Trustee
shall take no action reasonably likely to impair the security interests created hereunder in any of the Series-Specific 2020-1
Collateral now existing or hereafter created or to impair the value of any of the Series-Specific 2020-1 Collateral now existing
or hereafter created.

 

Article
V

 

PRIORITY OF PAYMENTS

 

Section 5.1.           HVIF Collections Allocation. Subject to the Past Due Rental Payments Priorities, on each Series 2020-1 Deposit Date,
HVIF shall direct the Trustee in writing to apply, and the Trustee shall apply, all amounts deposited into the HVIF Collection
Account on such date as follows:

 

(a)           first, withdraw the Series 2020-1 Daily Principal Allocation, if any, for such date
from the HVIF Collection Account and deposit such amount into the Series 2020-1 Principal Collection Account; and

 

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(b)               
 second, withdraw the Series 2020-1 Daily Interest Allocation, if any, for such date
from the HVIF Collection Account and deposit such amount in the Series 2020-1 Interest Collection Account.

 

Section 5.2.            
Application of Funds in the Series 2020-1 Principal Collection Account. Subject to the Past Due Rental Payments Priorities,
(i) on any Business Day, HVIF may direct the Trustee in writing to apply, and (ii) on each Payment Date and each date identified
by HVIF for a Decrease pursuant to Section 2.4, HVIF shall direct the Trustee in writing to apply (including pursuant
to the Payment Date Directions), and in each case the Trustee shall apply, all amounts then on deposit in the Series 2020-1 Principal
Collection Account on such date (after giving effect to all deposits thereto pursuant to Sections 5.3, 5.4 and 5.5)
as follows (and in each case only to the extent of funds available in the Series 2020-1 Principal Collection Account on such date):

 

(a)                
first, if such date is a Payment Date, then for deposit into the Series 2020-1 Interest
Collection Account an amount equal to the Senior Interest Waterfall Shortfall Amount, if any, with respect to such Payment Date;

 

(b)               
second, on any such date during the Series 2020-1 Draw Period, for deposit into the
Series 2020-1 Reserve Account an amount equal to the Series 2020-1 Reserve Account Deficiency Amount, if any, for such date (calculated
after giving effect to any withdrawals from the Series 2020-1 Reserve Account pursuant to Section 5.4 and deposits to the
Series 2020-1 Reserve Account on such date pursuant to Section 5.3);

 

(c)                
third, (i) first, for deposit into the Series 2020-1 Distribution Account to make
(i) first, on any such date during the Series 2020-1 Draw Period, a Mandatory Decrease with respect to the Class A Notes and
the Class B Notes, if applicable on such day, in accordance with Section 2.4(b)(i), for payment of the related Mandatory
Decrease Amount on such date to the Class A Noteholders and the Class B Noteholders, on a pro rata basis both as between
the Class A Noteholders and the Class B Noteholders (based on the Class A Principal Amount and the Class B Principal Amount as
of such date) and as among each of the Class A Noteholders (based on the Class A Noteholder Principal Amount as of such date for
each such Class A Noteholder) and the Class B Noteholders (based on the Class B Noteholder Principal Amount as of such date for
each such Class B Noteholder), in each case as a payment of principal of the Class A Notes or Class B Notes, as applicable, and
(ii) second, on any such date during the Series 2020-1 Rapid Amortization Period, (A) first, a Mandatory Decrease with respect
to the Class A Notes, if applicable on such day, in accordance with Section 2.4(b)(i), for payment of the related Mandatory
Decrease Amount on such date to the Class A Noteholders, on a pro rata basis (based on the Class A Noteholder Principal
Amount as of such date for each such Class A Noteholder) as payment of principal of the Class A Notes until the Class A Noteholders
have been paid such amount in full, and (ii) second, for deposit into the Series 2020-1 Distribution Account to make a Mandatory
Decrease with respect to the Class B Notes, if applicable on such day, in accordance with Section 2.4(b)(i), for payment
of the related Mandatory Decrease Amount on such date to the Class B Noteholders, on a pro rata basis (based on the Class
B Noteholder Principal Amount as of such date for each such Class B Noteholders) as payment of principal of the Class B Notes until
the Class B Noteholders have been paid such amount in full;

 

(d)                
fourth, on any such date during the Series 2020-1 Rapid Amortization Period, for
deposit into the Series 2020-1 Distribution Account, for payment on such date to (i) first, the Class A Noteholders, on a pro
rata basis (based on the Class A Noteholder Principal Amount as of such date for each such Class A Noteholder) as payment of
principal of the Class A Notes until the Class A Noteholders have been paid the Class A Principal Amount in full, and (ii) second,
the Class B Noteholders, on a pro rata basis (based on the Class B Noteholder Principal Amount as of such date for each
such Class B Noteholder) as payment of principal of the Class B Notes until the Class B Noteholders have been paid the Class B
Principal Amount in full;

 

    21

     

    

 

(e)               
 fifth, if such date is a Payment Date, for deposit into the Series 2020-1 Distribution
Account to pay (i) first, the Class A Noteholders on a pro rata basis (based on the amount owed to each such Class A Noteholder),
any remaining amounts owing on such Payment Date to such Class A Noteholders as Series 2020-1 Carrying
Charges (after giving effect to the payments in Sections 5.3(a) through 5.3(k) below), and (ii) second, the Class
B Noteholders on a pro rata basis (based on the amount owed to each such Class B Noteholder), any remaining amounts owing
on such Payment Date to such Class B Noteholders as Series 2020-1 Carrying Charges (after giving effect to the payments in Sections
5.3(a) through 5.3(k) below);

 

(f)                 
sixth, if such date is a Payment Date, for deposit into the Series 2020-1 Distribution
Account to pay (i) first, the Class A Noteholders on a pro rata basis (based on the amount owed to each such Class A Noteholder),
the Class A Monthly Default Interest Amounts, if any, owing to each such Class A Noteholder on such Payment Date (after giving
effect to the payments in Sections 5.3(a) through 5.3(m) below), and (ii) second, the Class B Noteholders on a pro
rata basis (based on the amount owed to each such Class B Noteholder), the Class B Monthly Default Interest Amounts, if any,
owing to each such Class B Noteholder on such Payment Date (after giving effect to the payments in Sections 5.3(a)
through 5.3(m) below);

 

(g)               
seventh, at the option of HVIF, for deposit into the Series 2020-1 Distribution Account
to make (i) first, on any such date during the Series 2020-1 Draw Period, a Voluntary Decrease with respect to the Class A Notes
and the Class B Notes, if applicable on such day, for payment of the related Voluntary Decrease Amount on such date to the Class
A Noteholders and the Class B Noteholders on a pro rata basis both as between the Class A Noteholders and the Class B Noteholders
(based on the Class A Principal Amount and the Class B Principal Amount as of such date) and as among each of the Class A Noteholders
(based on the Class A Noteholder Principal Amount as of such date for each such Class A Noteholder) and the Class B Noteholders
(based on the Class B Noteholder Principal Amount as of such date for each such Class B Noteholder), in each case as a payment
of principal of the Class A Notes or Class B Notes, as applicable, and (ii) second, on any such date during the Series 2020-1 Rapid
Amortization Period, (A) first, a Voluntary Decrease with respect to the Class A Notes, if applicable on such day, for payment
of the related Voluntary Decrease Amount on such date to the Class A Noteholders on a pro rata basis (based on the Class
A Noteholder Principal Amount as of such date for each such Class A Noteholder), in each case as a payment of principal of the
Class A Notes until the applicable Class A Noteholders have been paid the applicable amount in full, and (B) second, a Voluntary
Decrease with respect to the Class B Notes, if applicable on such day, for payment of the related Voluntary Decrease Amount on
such date to the Class B Noteholders on a pro rata basis (based on the Class B Noteholder Principal Amount as of such date
for each such Class B Noteholder), in each case as a payment of principal of the Class B Notes until the applicable Class B Noteholders
have been paid the applicable amount in full; and

 

(h)               
eighth, the balance, if any, shall be released, subject to satisfaction of the Dividend
Condition, to or at the direction of HVIF, including for re-deposit to the Series 2020-1 Principal Collection Account, or, if ineligible
for release to HVIF either because of the failure to satisfy the Dividend Condition or otherwise, shall remain on deposit in the
Series 2020-1 Principal Collection Account;

 

provided that, (i) the application
of such funds pursuant to Section 5.2(a) may not be made if a Principal Deficit Amount would exist as a result of such application
and (ii) the application of such funds pursuant to Sections 5.2(a) and (h) may be made only to the extent that
no Amortization Event or Potential Amortization Event with respect to the Series 2020-1 Notes exists as of such date or would occur
as a result of such application or distribution of funds.

 

    22

     

    

 

Section
5.3.       Application
of Funds in the Series 2020-1 Interest Collection Account. Subject to the Past Due Rental Payments Priorities, on each
Payment Date, HVIF shall direct the Trustee pursuant to the Payment Date Directions to apply, and the Trustee shall apply,
all amounts then on deposit in the Series 2020-1 Interest Collection Account (after giving effect to all deposits thereto
pursuant to Sections 5.2, 5.4, 5.5 and 5.6) on such day as follows (and in each case only to the
extent of funds available in the Series 2020-1 Interest Collection Account):

 

(a)               
first, to the Series 2020-1 Distribution Account to pay to the HVIF Administrator
the Series 2020-1 Capped HVIF Administrator Fee Amount with respect to such Payment Date;

 

(b)              
second, to the Series 2020-1 Distribution Account to pay the Trustee the Series 2020-1
Capped HVIF Trustee Fee Amount with respect to such Payment Date;

 

(c)               
third, to the Servicer, in an amount equal to the Monthly Servicing Fee with respect
to such Payment Date;

 

(d)               
fourth, to the Series 2020-1 Distribution Account to pay the Persons to whom the
Series 2020-1 Capped HVIF 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 2020-1 Capped HVIF Operating Expense Amounts owing to such Persons on such
Payment Date;

 

(e)               
fifth, to the Series 2020-1 Distribution Account to pay (i) first, 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 Series 2020-1 Interest Period ending on the day immediately preceding such Payment Date, and (ii) second, 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 2020-1 Distribution Account to pay the Administrative Agent
the Administrative Agent Fee with respect to such Payment Date;

 

(g)              
seventh, on any such Payment Date during the Series 2020-1 Draw Period, other than
on any such Payment Date on which a withdrawal has been made pursuant to Section 5.4(a), for deposit to the Series 2020-1
Reserve Account in an amount equal to the Series 2020-1 Reserve Account Deficiency Amount, if any, for such date (calculated after
giving effect to any withdrawals from the Series 2020-1 Reserve Account pursuant to Section 5.4);

 

(h)              
eighth, to the Series 2020-1 Distribution Account to pay to the Trustee the Series
2020-1 HVIF Excess Trustee Fee Amount with respect to such Payment Date;

 

(i)                
ninth, to the Series 2020-1 Distribution Account to pay the Persons to whom the Series
2020-1 Excess HVIF 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 2020-1 Excess HVIF Operating Expense Amounts owing to such Persons on such Payment
Date;

 

(j)                
tenth, on any such Payment Date during the Series 2020-1 Rapid Amortization Period,
for deposit into the Series 2020-1 Principal Collection Account any remaining amount;

 

(k)               
eleventh, to the Series 2020-1 Distribution Account to pay (i) first, the Class A
Noteholders on a pro rata basis (based on the amount owed to each such Class A Noteholder), any remaining amounts owing
on such Payment Date to such Class A Noteholders as Series 2020-1 Carrying Charges (after giving effect to the payments in Sections
5.3(a) through 5.3(j) above), and (ii) second, the Class B Noteholders on a pro rata basis (based on the amount
owed to each such Class B Noteholder), any remaining amounts owing on such Payment Date to such Class B Noteholders as Series 2020-1
Carrying Charges (after giving effect to the payments in Sections 5.3(a) through 5.3(j) above);

 

    23

     

    

 

(l)                
twelfth, to the Series 2020-1 Distribution Account to pay (i) first, the Class A
Noteholders on a pro rata basis (based on the amount owed to each such Class A Noteholder), the Class A Monthly Default
Interest Amounts, if any, owing to each such Class A Noteholder on such Payment Date (after giving effect to the payments in Sections
5.3(a) through 5.3(k) above), and (ii) second, the Class B Noteholders on a pro rata basis (based on the amount
owed to each such Class B Noteholder), the Class B Monthly Default Interest Amounts, if any, owing to each such Class B
Noteholder on such Payment Date (after giving effect to the payments in Sections 5.3(a) through 5.3(k) above); 

 

(m)              
thirteenth, to the Series 2020-1 Distribution Account to pay to the HVIF Administrator the
Series 2020-1 Excess HVIF Administrator Fee Amount with respect to such Payment Date; and

 

(n)               
fourteenth, for deposit into the Series 2020-1 Principal
Collection Account any remaining amount.

 

Section 5.4.      
Series 2020-1 Reserve Account Withdrawals. For each Payment Date, HVIF shall direct the Trustee in writing (including
pursuant to the Payment Date Directions), prior to 12:00 noon (New York City time) on such Payment Date, to apply, and the Trustee
shall apply on such Payment Date, all amounts then on deposit (without giving effect to any deposits thereto pursuant to Sections
5.2 and 5.3) in the Series 2020-1 Reserve Account as follows (and in each case only to the extent of funds available
in the Series 2020-1 Reserve Account):

 

(a)               
first, to the Series 2020-1 Interest Collection Account an amount equal to the excess,
if any, of the Series 2020-1 Payment Date Interest Amount for such Payment Date over the Series 2020-1 Payment Date Available Interest
Amount for such Payment Date (with respect to such Payment Date, the excess, if any, of such excess over the Series 2020-1 Available
Reserve Account Amount on such Payment Date, the “Series 2020-1 Reserve Account Interest Withdrawal Shortfall”);

 

(b)              
second, if the Principal Deficit Amount is greater than zero on such Payment Date,
then to the Series 2020-1 Principal Collection Account an amount equal to such Principal Deficit Amount; and

 

(c)               
third, if on the Legal Final Payment Date the amount to be distributed, if any, from
the Series 2020-1 Distribution Account in accordance with Section 5.2 (prior to giving effect to any withdrawals from the
Series 2020-1 Reserve Account pursuant to this clause (c)) on such Legal Final Payment Date is insufficient to pay the Series
2020-1 Principal Amount in full on such Legal Final Payment Date, then to the Series 2020-1 Principal Collection Account, an amount
equal to such insufficiency;

 

provided that, if no amounts are
required to be applied pursuant to this Section 5.4 on such date, then HVIF shall have no obligation to provide the Trustee
such written direction on such date.

 

Section 5.5.      
Series 2020-1 Letters of Credit and Series 2020-1 Demand Notes.

 

(a)               
Interest Deficit and Lease Interest Payment Deficit Events – Draws on Series 2020-1
Letters of Credit. If HVIF determines on any Payment Date that there exists a Series 2020-1 Reserve Account Interest Withdrawal
Shortfall with respect to such Payment Date, then HVIF shall instruct the Trustee in writing to draw on the Series 2020-1 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 p.m. (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 Series 2020-1 Reserve Account Interest Withdrawal Shortfall, (ii) the Series 2020-1 Letter of Credit
Liquidity Amount as of such Payment Date and (iii) the Series 2020-1 Lease Interest Payment Deficit for such Payment Date, by presenting
to each Series 2020-1 Letter of Credit Provider a draft accompanied by a Series 2020-1 Certificate of Credit Demand on the Series
2020-1 Letters of Credit;

 

    24

     

    

 

provided that, if the Series 2020-1
L/C Cash Collateral Account has been established and funded, then the Trustee shall withdraw from the Series 2020-1 L/C Cash Collateral
Account and deposit into the Series 2020-1 Interest Collection Account an amount equal to the lesser of (1) the Series 2020-1 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 Series 2020-1 Available L/C Cash Collateral Account Amount on such Payment Date and draw an amount equal to the
remainder of such amount on the Series 2020-1 Letters of Credit. The Trustee shall deposit, or cause the deposit of, the proceeds
of any such draw on the Series 2020-1 Letters of Credit and the proceeds of any such withdrawal from the Series 2020-1 L/C Cash
Collateral Account into the Series 2020-1 Interest Collection Account on such Payment Date.

 

(b)               
Principal Deficit and Lease Principal Payment Deficit Events – Initial Draws on
Series 2020-1 Letters of Credit. If HVIF determines on any Payment Date that there exists a Series 2020-1 Lease Principal Payment
Deficit that exceeds the amount, if any, withdrawn from the Series 2020-1 Reserve Account pursuant to Section 5.4(b), then
HVIF shall instruct the Trustee in writing to draw on the Series 2020-1 Letters of Credit, if any, in an amount equal to the least
of:

 

(i)              
such excess;

 

(ii)             
the Series 2020-1 Letter of Credit Liquidity Amount (after giving effect to any drawings
on the Series 2020-1 Letters of Credit on such Payment Date pursuant to Section 5.5(a)); and

 

(iii)            
on any such Payment Date other than the Legal Final Payment Date occurring during the period
commencing on and including the date of the filing by any Lessee of a petition for relief under Chapter 11 of the Bankruptcy Code
to but excluding the date on which such Lessee shall have resumed making all payments of Monthly Variable Rent required to be made
under each HVIF Lease to which such Lessee is a party, the excess, if any, of the Principal Deficit Amount over the amount, if
any, withdrawn from the Series 2020-1 Reserve Account pursuant to Section 5.4(b) and (y) on the Legal Final Payment Date,
the excess, if any, of the Series 2020-1 Principal Amount over the amount to be deposited into the Series 2020-1 Distribution Account
(other than as a result of this Section 5.5(b) and Section 5.5(c)) on the Legal Final Payment Date for payment of
principal of the Series 2020-1 Notes.

 

Upon receipt of a notice
by the Trustee from HVIF in respect of a Series 2020-1 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 p.m. (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 Series 2020-1 Letters of Credit by presenting to each Series
2020-1 Letter of Credit Provider a draft accompanied by a Series 2020-1 Certificate of Credit Demand; provided, however,
that if the Series 2020-1 L/C Cash Collateral Account has been established and funded, the Trustee shall withdraw from the Series
2020-1 L/C Cash Collateral Account an amount equal to the lesser of (x) the Series 2020-1 L/C Cash Collateral Percentage on such
Payment Date of the amount set forth in the notice provided to the Trustee by HVIF and (y) the Series 2020-1 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 5.5(a)), and the Trustee shall draw an amount equal to the remainder of such amount on the Series 2020-1 Letters
of Credit. The Trustee shall deposit, or cause the deposit of, the proceeds of any such draw on the Series 2020-1 Letters of Credit
and the proceeds of any such withdrawal from the Series 2020-1 L/C Cash Collateral Account into the Series 2020-1 Principal Collection
Account on such Payment Date.

 

(c)                Principal
Deficit Amount – Draws on Series 2020-1 Demand Note. If (A) on any Determination Date, HVIF determines that the
Principal Deficit Amount on the next succeeding Payment Date (after giving effect to any draws on the Series 2020-1 Letters
of Credit on such Payment Date pursuant to Section 5.5(b)) will be greater than zero or (B) on the Determination Date
related to the Legal Final Payment Date, HVIF determines that the Series 2020-1 Principal Amount exceeds the amount to be
deposited into the Series 2020-1 Distribution Account (other than as a result of this Section 5.5(c)) on the Legal
Final Payment Date for payment of principal of the Series 2020-1 Notes, then, prior to 10:00 a.m. (New York City time) on the
second (2nd) Business Day prior to such Payment Date, HVIF 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 (each a
 “Demand Notice”) on Hertz for payment under the Series 2020-1 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, the Principal
Deficit Amount less the amount to be deposited into the Series 2020-1 Principal Collection Account in accordance with Sections
5.4(b) and Section 5.5(b) and (y) on the Determination Date related to the Legal Final Payment Date, the excess,
if any, of the Series 2020-1 Principal Amount over the amount to be deposited into the Series 2020-1 Distribution Account
(together with any amounts to be deposited therein pursuant to the terms of this Series 2020-1 Supplement (other than this Section
5.5(c))) on the Legal Final Payment Date for payment of principal of the Series 2020-1 Notes, and (ii) the principal
amount of the Series 2020-1 Demand Note. The Trustee shall, prior to 12:00 noon (New York City time) on the second (2nd)
Business Day preceding such Payment Date, deliver such Demand Notice to Hertz; provided, however, that if an
Event of Bankruptcy (except for the Chapter 11 Cases) (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
and be continuing, the Trustee shall not be required to deliver such Demand Notice to Hertz. The Trustee shall cause the
proceeds of any demand on the Series 2020-1 Demand Note to be deposited into the Series 2020-1 Principal Collection
Account.

 

    25

     

    

 

(d)               
Principal Deficit Amount – Draws on Series 2020-1 Letters of Credit. If the
Trustee shall have delivered a Demand Notice as provided in Section 5.5(c) and Hertz shall have failed to pay to the Trustee
or deposit into the Series 2020-1 Distribution Account the amount specified in such Demand Notice in whole or in part by 12:00
noon (New York City time) on the Business Day following the making of the Demand Notice, (ii) except for the Chapter 11 Cases,
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 Demand Notice to Hertz, or (iii) there is a Preference Amount, then the Trustee shall draw on the Series 2020-1 Letters of
Credit, if any, by 12:00 p.m. (New York City time) on such Business Day in an amount equal to the lesser of:

 

(1)               
the amount that Hertz failed to pay under the Series 2020-1 Demand Note, or the amount that the Trustee failed to demand
for payment thereunder, or the Preference Amount, as the case may be, and

 

(2)               
the Series 2020-1 Letter of Credit Amount on such Business Day,

 

in each case by presenting to each
Series 2020-1 Letter of Credit Provider a draft accompanied by a Series 2020-1 Certificate of Unpaid Demand Note Demand or,
in the case of a Preference Amount, a Series 2020-1 Certificate of Preference Payment Demand; provided, however,
that if the Series 2020-1 L/C Cash Collateral Account has been established and funded, the Trustee shall withdraw from the
Series 2020-1 L/C Cash Collateral Account an amount equal to the lesser of (x) the Series 2020-1 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 Series 2020-1 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 5.5(a) and Section 5.5(b)), and the Trustee
shall draw an amount equal to the remainder of such amount on the Series 2020-1 Letters of Credit. The Trustee shall deposit,
or cause the deposit of, the proceeds of any such draw on the Series 2020-1 Letters of Credit and the proceeds of any such
withdrawal from the Series 2020-1 L/C Cash Collateral Account into the Series 2020-1 Principal Collection Account on such
date.

 

    26

     

    

 

(e)               
Draws on the Series 2020-1 Letters of Credit. If there is more than one Series 2020-1
Letter of Credit on the date of any draw on the Series 2020-1 Letters of Credit pursuant to the terms of this Series 2020-1 Supplement
(other than pursuant to Section 5.7(b)), then HVIF shall instruct the Trustee, in writing, to draw on each Series 2020-1
Letter of Credit an amount equal to the Pro Rata Share for such Series 2020-1 Letter of Credit of such draw on such Series 2020-1
Letter of Credit.

 

Section 5.6.      
Past Due Rental Payments. On each Series 2020-1 Deposit Date, HVIF 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 HVIF Collection Account all HVIF Collections
then on deposit representing Series 2020-1 Past Due Rent Payments and deposit such amount into the Series 2020-1 Interest Collection
Account, and immediately thereafter, the Trustee shall withdraw such amount from the Series 2020-1 Interest Collection Account
and apply the Series 2020-1 Past Due Rent Payment in the following order:

 

(i)               
if the occurrence of the related Series 2020-1 Lease Payment Deficit resulted in one or
more Series 2020-1 L/C Credit Disbursements being made under any Series 2020-1 Letters of Credit, then pay to or at the direction
of Hertz for reimbursement to each Series 2020-1 Letter of Credit Provider who made such a Series 2020-1 L/C Credit Disbursement
an amount equal to the lesser of (x) the unreimbursed amount of such Series 2020-1 Letter of Credit Provider’s Series 2020-1
L/C Credit Disbursement and (y) such Series 2020-1 Letter of Credit Provider’s pro rata portion, calculated on the
basis of the unreimbursed amount of each such Series 2020-1 Letter of Credit Provider’s Series 2020-1 L/C Credit Disbursement,
of the amount of the Series 2020-1 Past Due Rent Payment;

 

(ii)              
if the occurrence of such Series 2020-1 Lease Payment Deficit resulted in a withdrawal being
made from the Series 2020-1 L/C Cash Collateral Account, then deposit in the Series 2020-1 L/C Cash Collateral Account an amount
equal to the lesser of (x) the amount of the Series 2020-1 Past Due Rent Payment remaining after any payments pursuant to clause
(i) above and (y) the amount withdrawn from the Series 2020-1 L/C Cash Collateral Account on account of such Series 2020-1
Lease Payment Deficit;

 

(iii)             
if the occurrence of such Series 2020-1 Lease Payment Deficit resulted in a withdrawal being
made from the Series 2020-1 Reserve Account pursuant to Section 5.4(a), then deposit in the Series 2020-1 Reserve Account
an amount equal to the lesser of (x) the amount of the Series 2020-1 Past Due Rent Payment remaining after any payments pursuant
to clauses (i) and (ii) above and (y) the Series 2020-1 Reserve Account Deficiency Amount, if any, as of such
day; and

 

(iv)             
any remainder to be deposited into the Series 2020-1 Principal Collection Account.

 

    27

     

    

 

Section 5.7.      
Series 2020-1 Letters of Credit and Series 2020-1 L/C Cash Collateral Account.

 

(a)               
Series 2020-1 Letter of Credit Expiration Date – Deficiencies. If as of the
date that is sixteen (16) Business Days prior to the then scheduled Series 2020-1 Letter of Credit Expiration Date with respect
to any Series 2020-1 Letter of Credit, excluding such Series 2020-1 Letter of Credit from each calculation in clauses (i)
through (iii) immediately below but taking into account any substitute Series 2020-1 Letter of Credit that has been obtained
from a Series 2020-1 Eligible Letter of Credit Provider and is in full force and effect on such date:

 

(i)               
the Series 2020-1 Asset Amount would be less than
the Series 2020-1 Adjusted Asset Coverage Threshold Amount, in each case as of such date (after giving effect to all deposits to,
and withdrawals from, the Series 2020-1 Reserve Account and the Series 2020-1 L/C
Cash Collateral Account on such date);

 

(ii)             
the Series 2020-1 Adjusted Liquid Enhancement Amount would be less than the Series 2020-1
Required Liquid Enhancement Amount, in each case as of such date (after giving effect to all deposits to, and withdrawals from,
the Series 2020-1 Reserve Account and the Series 2020-1 L/C Cash Collateral Account on such date); or

 

(iii)            
the Series 2020-1 Letter of Credit Liquidity Amount would be less than the Series 2020-1
Demand Note Payment Amount, in each case as of such date (after giving effect to all deposits to, and withdrawals from, the Series
2020-1 L/C Cash Collateral Account on such date);

 

then HVIF shall notify the Trustee and
the Administrative Agent in writing no later than fifteen (15) Business Days prior to such Series 2020-1 Letter of Credit Expiration
Date of:

 

A.                
the greatest of:

 

(i)               
the excess, if any, of the Series 2020-1 Adjusted Asset Coverage Threshold Amount over the
Series 2020-1 Asset Amount, in each case as of such date (after giving effect to all deposits to, and withdrawals from, the Series
2020-1 Reserve Account and the Series 2020-1 L/C Cash Collateral Account on such date);

 

(ii)              
the excess, if any, of the Series 2020-1 Required Liquid Enhancement Amount over the Series
2020-1 Adjusted Liquid Enhancement Amount, in each case as of such date (after giving effect to all deposits to, and withdrawals
from, the Series 2020-1 Reserve Account and the Series 2020-1 L/C Cash Collateral Account on such date); and

 

(iii)             
the excess, if any, of the Series 2020-1 Demand Note Payment Amount over the Series 2020-1
Letter of Credit Liquidity Amount, in each case as of such date (after giving effect to all deposits to, and withdrawals from,
the Series 2020-1 L/C Cash Collateral Account on such date);

 

provided that the calculations in
each of clause (A)(i) through (A)(iii) above shall be made on such date, excluding from such calculation of each
amount contained therein such Series 2020-1 Letter of Credit but taking into account each substitute Series 2020-1 Letter of Credit
that has been obtained from a Series 2020-1 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 Series 2020-1 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 p.m. (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 p.m. (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 Series 2020-1 Letter of Credit by presenting a draft accompanied by a Series 2020-1
Certificate of Termination Demand and shall cause the Series 2020-1 L/C Termination Disbursements to be deposited into the
Series 2020-1 L/C Cash Collateral Account. If the Trustee does not receive either notice from HVIF described above on or
prior to the date that is fifteen (15) Business Days prior to each Series 2020-1 Letter of Credit Expiration Date, then the
Trustee, by 12:00 p.m. (New York City time) on such Business Day, shall draw the full amount of such Series 2020-1 Letter of
Credit by presenting a draft accompanied by a Series 2020-1 Certificate of Termination Demand and shall cause the Series
2020-1 L/C Termination Disbursements to be deposited into the applicable Series 2020-1 L/C Cash Collateral Account.

 

    28

     

    

 

(b)               
Series 2020-1 Letter of Credit Provider Downgrades. HVIF shall notify the Trustee
and the Administrative Agent in writing within one (1) Business Day of an Authorized Officer of HVIF obtaining actual knowledge
that (i) the long-term debt credit rating of any Series 2020-1 Letter of Credit Provider rated by DBRS has fallen below “BBB”
as determined by DBRS or (ii) the long-term debt credit rating of any Series 2020-1 Letter of Credit Provider not rated by DBRS
is not at least “Baa2” by Moody’s or “BBB” by S&P (such (i) or (ii) with respect to any Series
2020-1 Letter of Credit Provider, a “Series 2020-1 Downgrade Event”). On the thirtieth (30th) day after the
occurrence of any Series 2020-1 Downgrade Event with respect to any Series 2020-1 Letter of Credit Provider, HVIF shall notify
the Trustee and the Administrative Agent in writing on such date of (i) the greatest of (A) the excess, if any, of the Series 2020-1
Adjusted Asset Coverage Threshold Amount over the Series 2020-1 Asset Amount, (B) the excess, if any, of the Series 2020-1 Required
Liquid Enhancement Amount over the Series 2020-1 Adjusted Liquid Enhancement Amount, and (C) the excess, if any, of the Series
2020-1 Demand Note Payment Amount over the Series 2020-1 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 Series
2020-1 Letter of Credit but taking into account each substitute Series 2020-1 Letter of
Credit that has been obtained from a Series 2020-1 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 Series 2020-1 Letter of Credit on such date (the lesser of such (i) and (ii),
the “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 notice of any Series 2020-1 Downgrade Event with respect to any Series 2020-1 Letter of Credit Provider,
the Trustee, by 12:00 p.m. (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 p.m. (New York City time) on the next following Business Day), shall draw on the Series
2020-1 Letters of Credit issued by such Series 2020-1 Letter of Credit Provider in an amount (in the aggregate) equal to the Downgrade
Withdrawal Amount specified in such notice by presenting a draft accompanied by a Series 2020-1 Certificate of Termination Demand
and shall cause the Series 2020-1 L/C Termination Disbursement to be deposited into a Series 2020-1 L/C Cash Collateral Account.

 

(c)               
Reductions in Stated Amounts of the Series 2020-1 Letters of Credit. If the Trustee
receives a written notice from the HVIF Administrator, substantially in the form of Exhibit C hereto, requesting a reduction
in the stated amount of any Series 2020-1 Letter of Credit, then the Trustee shall within two (2) Business Days of the receipt
of such notice deliver to the Series 2020-1 Letter of Credit Provider who issued such Series 2020-1 Letter of Credit a Series 2020-1
Notice of Reduction requesting a reduction in the stated amount of such Series 2020-1 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 Series 2020-1 Letter of Credit, (i) the Series 2020-1 Adjusted
Liquid Enhancement Amount will equal or exceed the Series 2020-1 Required Liquid Enhancement Amount, (ii) the Series 2020-1 Letter
of Credit Liquidity Amount will equal or exceed the Series 2020-1 Demand Note Payment Amount and (iii) no Aggregate Asset Amount
Deficiency will exist immediately after giving effect to such reduction.

 

(d)               
Series 2020-1 L/C Cash Collateral Account Surpluses and Series 2020-1 Reserve Account
Surpluses.

 

(i)                On
each Payment Date, HVIF may direct the Trustee to, and the Trustee, acting in accordance with the written instructions of
HVIF (with a copy to the Administrative Agent), shall, withdraw from the Series 2020-1 Reserve Account an amount equal to the
Series 2020-1 Reserve Account Surplus, if any, and pay such Series 2020-1 Reserve Account Surplus to HVIF.

 

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(ii)              
On each Payment Date on which there is a Series 2020-1 L/C Cash Collateral Account Surplus,
HVIF may direct the Trustee to, and the Trustee, acting in accordance with the written instructions of HVIF (with a copy to the
Administrative Agent), shall, subject to the limitations set forth in this Section 5.7(d), withdraw the amount specified
by HVIF from the Series 2020-1 L/C Cash Collateral Account specified by HVIF and apply such amount in accordance with the terms
of this Section 5.7(d). The amount of any such withdrawal from the Series 2020-1 L/C Cash Collateral Account shall be limited
to the least of (a) the Series 2020-1 Available L/C Cash Collateral Account Amount on such Payment Date, (b) the Series 2020-1
L/C Cash Collateral Account Surplus on such Payment Date and (c) the excess, if any, of the Series 2020-1 Letter of Credit Liquidity
Amount on such Payment Date over the Series 2020-1 Demand Note Payment Amount on such Payment Date. Any amounts withdrawn from
the Series 2020-1 L/C Cash Collateral Account pursuant to this Section 5.7(d) shall be paid:

 

first,
to the Series 2020-1 Letter of Credit Providers, to the extent that there are unreimbursed Series 2020-1 Disbursements due and
owing to such Series 2020-1 Letter of Credit Providers in respect of the Series 2020-1 Letters of Credit, for application in accordance
with the provisions of the respective Series 2020-1 Letters of Credit, and

 

second,
to HVIF any remaining amounts.

 

Section 5.8.      
Payment by Wire Transfer. On each Payment Date, pursuant to Section 6.1 of the Base Indenture, the Trustee shall
cause the amounts (to the extent received by the Trustee by the required time) set forth in Sections 5.2, 5.3, 5.4,
5.5 and 5.6, in each case if any and in accordance with such Sections, to be paid by wire transfer of immediately
available funds released from the Series 2020-1 Distribution Account no later than 4:30 p.m. (New York City time) for credit to
the accounts designated by the Series 2020-1 Noteholders; provided, however, that if the Trustee does not receive
all relevant amounts on such Payment Date by the time required herein, the Trustee shall cause such amounts to be so paid as soon
as reasonably practicable following receipt of all such amounts.

 

Section 5.9.      
Certain Instructions to the Trustee.

 

(a)                                 
If on any date the Principal Deficit Amount is greater than zero or HVIF determines that
there exists a Series 2020-1 Lease Principal Payment Deficit, then HVIF shall promptly provide written notice thereof to the Administrative
Agent and the Trustee.

 

(b)                                 
On or before 10:00 a.m. (New York City time) on each Payment Date on which any Series 2020-1
Lease Payment Deficit exists, the HVIF Administrator shall notify the Trustee of the amount of such Series 2020-1 Lease Payment
Deficit, such notification to be in the form of Exhibit D hereto (each a “Lease Payment Deficit Notice”).

 

    30

     

    

 

Section 5.10.    HVIF’s
Failure to Instruct the Trustee to Make a Deposit or Payment. On or before 2:00 p.m. (New York City time) on the first
(1st) Business Day following each Determination Date (or such other time before the Payment Date as agreed to by the
Trustee), the HVIF Administrator shall provide the written instructions required for each Payment Date to the Trustee (with a
copy to the Administrative Agent and the Controlling Party). If HVIF fails to give notice or instructions to make any payment
from or deposit into the HVIF Collection Account or any Series 2020-1 Account required to be given by HVIF, at the time
specified herein or in any other Series 2020-1 Related Document (including applicable grace periods), the Trustee may make
such payment or deposit into or from the HVIF Collection Account or such Series 2020-1 Account pursuant to the Payment Date
Directions; provided that the Trustee, the Controlling Party or the Administrative Agent receives (including based
upon an instruction from the Controlling Party) 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 2020-1 Related Document is required to be made by
the Trustee at or prior to a specified time, HVIF shall deliver any applicable written instructions with respect thereto
reasonably in advance of such specified time. If HVIF fails to give instructions to draw on any Series 2020-1 Letters of
Credit or withdraw funds from the Series 2020-1 Reserve Account required to be given by HVIF, at the time specified in this
Series 2020-1 Supplement, upon receipt of an instruction from the Controlling Party the Trustee shall draw on such Series
2020-1 Letters of Credit or withdraw such funds from the Series 2020-1 Reserve Account without such instruction from HVIF; provided
that, HVIF, upon such instruction from the Controlling Party, provides the Trustee with all information necessary to allow
the Trustee to draw on each such Series 2020-1 Letter of Credit. The parties hereto agree that the Controlling Party shall
have no obligation to give any such instruction and shall not be liable for any action that the Controlling Party takes, or
abstains from taking, in connection with this Section 5.10.

 

Article
VI

 

REPRESENTATIONS AND WARRANTIES; COVENANTS; CLOSING CONDITIONS

 

Section 6.1.      
Representations and Warranties. Each of HVIF, the HVIF Administrator and each Noteholder hereby makes the representations
and warranties applicable to it set forth in Annex 1 hereto.

 

Section 6.2.      
Covenants. Each of HVIF and the HVIF Administrator hereby agrees to perform and observe the covenants applicable
to it set forth in Annex 2 hereto.

 

Section 6.3.      
Closing Conditions. The effectiveness of this Series 2020-1 Supplement is subject to the satisfaction of the conditions
precedent set forth in Annex 3 hereto.

 

Section 6.4.      
Post-Closing Date Conditions. Each of HVIF and the HVIF Administrator hereby agrees to satisfy the conditions subsequent
set forth in Annex 4 hereto.

 

Section 6.5.      
European Union Securitisation Risk Retention Representations and Undertaking. The HVIF Administrator hereby makes
the representations and warranties set forth in Annex 5 hereto and agrees to perform and observe the covenants set forth
in Annex 5 hereto.

 

Section 6.6.      
Further Assurances.

 

(a)               
HVIF 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 2020-1 Collateral on behalf of the Series 2020-1 Noteholders as a perfected security interest
subject to no prior Liens (other than Series 2020-1 Permitted Liens) and to carry into effect the purposes of this Series 2020-1
Supplement or the other Series 2020-1 Related Documents or to better assure and confirm unto the Trustee or the Series 2020-1 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 HVIF fails to perform any of its agreements or obligations under
this Section 6.6(a), the Trustee shall, at the direction of the Series 2020-1 Required Noteholders, itself perform such
agreement or obligation, and the expenses of the Trustee incurred in connection therewith shall be payable by HVIF 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
2020-1 Collateral.

 

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(b)              
 Unless otherwise specified in this Series 2020-1 Supplement, if any amount payable under
or in connection with any of the Series-Specific 2020-1 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)               
HVIF shall warrant and defend the Trustee’s right, title and interest in and to the
Series-Specific 2020-1 Collateral and the income, distributions and proceeds thereof, for the benefit of the Trustee on behalf
of the Series 2020-1 Noteholders, against the claims and demands of all Persons whomsoever.

 

(d)               
On or before March 31 of each calendar year, commencing with March 31, 2022, HVIF
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 2020-1 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 2020-1 Supplement in the Series-Specific 2020-1 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 2020-1 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 2020-1 Supplement in the Series-Specific 2020-1 Collateral until March 31 in the following calendar year.

 

Article
VII

 

AMORTIZATION EVENTS

 

Section 7.1.      
Amortization Events. In addition to the Amortization Events set forth in Sections 9.1(a), (b), (c), (d), (e), (f)
and (g) of the Base Indenture, the following shall be Amortization Events with respect to the Series 2020-1 Notes and shall constitute
the Amortization Events set forth in Section 9.1(i) of the Base Indenture with respect to the Series 2020-1 Notes:

 

(a)               
HVIF defaults in the payment of any interest on, or other amount payable in respect of,
the Series 2020-1 Notes or fails to disburse available amounts pursuant to this Series 2020-1 Supplement (other than any payments
described in Section 7.1(b)), in each case, when the same becomes due and payable and such default or failure, as applicable,
continues for a period of three (3) consecutive Business Days;

 

(b)               
all principal and interest on the Series 2020-1 Notes is not paid in full on or before the
Expected Final Payment Date;

 

(c)               
a Series 2020-1 Liquid Enhancement Deficiency exists and continues to exist for at least
three (3) consecutive Business Days;

 

(d)                there
shall have been filed against HVIF, HGI or the Nominee (i) a notice of a federal tax lien from the Internal Revenue Service,
(ii) a notice of a Lien from the Pension Benefit Guaranty Corporation under Section 430(k) of the Code or Section 303(k) of
ERISA for a failure to make a required installment or other payment to a Pension Plan or under Section 4068 of ERISA with
respect to a Pension Plan that would reasonably be expected to result in a Material Adverse Effect, or
(iii) a notice of any other Lien (other than a Series 2020-1 Permitted Lien) that could reasonably be expected to attach to
the assets of HVIF or the Nominee and, in each case, thirty (30) consecutive days shall have elapsed without such notice
having been effectively withdrawn or such Lien having been released or discharged;

 

    32

     

    

 

(e)               
any of the Series 2020-1 Related Documents or any material portion thereof ceases, 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 2020-1 Related Documents) or Hertz, HGI, the Nominee or HVIF so asserts any of
the foregoing in writing;

 

(f)                
the HVIF Collection Account, any Collateral Account in which HVIF Collections are on deposit
as of such date or any Series 2020-1 Account (other than the Series 2020-1 Reserve Account and the Series 2020-1 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 2020-1 Permitted Lien) and thirty (30) consecutive days shall have elapsed without such Lien having been
released or discharged;

 

(g)               
(A) the Series 2020-1 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 2020-1 Permitted Lien) for a period
of at least three (3) consecutive Business Days or (B) other than any Lien described in clause (iii) of the definition of
Series 2020-1 Permitted Lien, the Trustee ceases to have a valid and perfected first priority security interest in the Series 2020-1
Reserve Account Collateral (or any of HVIF or any Affiliate thereof so asserts in writing) and, in each case, an Aggregate Asset
Amount Deficiency or a Series 2020-1 Liquid Enhancement Deficiency (each as calculated without including the Series 2020-1 Available
Reserve Account Amount) occurs as a result;

 

(h)               
from and after the funding of the Series 2020-1 L/C Cash Collateral Account, (A) the Series
2020-1 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 2020-1 Permitted Lien) for a period of at least three (3) consecutive Business
Days or (B) other than any Lien described in clause (iii) of the definition of Series 2020-1 Permitted Lien, the Trustee
ceases to have a valid and perfected first priority security interest in the Series 2020-1 L/C Cash Collateral Account Collateral
(or HVIF or any Affiliate thereof so asserts in writing) and, in each case, an Aggregate Asset Amount Deficiency or a Series 2020-1
Liquid Enhancement Deficiency (each as calculated without including the Series 2020-1 Available L/C Cash Collateral Account Amount)
occurs as a result;

 

(i)                
(i) on and after the Series 2020-1 Closing Date, the occurrence of a Change of Control
with respect to either HVIF or the Nominee and (ii) on and after the Emergence Date, the occurrence of a “Change of
Control” (as such term is defined in the Post-Emergence Senior Credit Facilities) with respect to Hertz;

 

(j)                
other than as a result of a Series 2020-1 Permitted Lien, the Trustee for any reason ceases
to have a valid and perfected first priority security interest in the Series 2020-1 Collateral (other than the Series 2020-1 Reserve
Account Collateral, the Series 2020-1 L/C Cash Collateral Account Collateral or any Series 2020-1 Letter of Credit) or HVIF or
any Affiliate thereof so asserts in writing;

 

(k)               
on and after the Emergence Date, the occurrence of a Hertz Senior Credit Facility Default;

 

(l)                 either
of HVIF or the HVIF Administrator fails to comply with any of its other agreements or covenants in the Series 2020-1 Notes or
any Series 2020-1 Related Document and the failure to so comply materially and adversely affects the interests of the Series
2020-1 Noteholders and continues to materially and adversely affect the interests of the Series 2020-1 Noteholders for a
period of thirty (30) days after the earlier of (i) the date on which an Authorized Officer of HVIF 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
HVIF by the Trustee or to HVIF and the Trustee by the Controlling Party;

 

    33

     

    

 

(m)             
(i) any representation made by HVIF in any Series 2020-1 Related Document is false or (ii)(A)
any representation made by the HVIF Administrator herein or (B) any schedule, certificate, financial statement, report, notice,
or other writing furnished by or on behalf of the HVIF Administrator to the Administrative Agent and the Controlling Party pursuant
to Section 28 of Annex 2 hereto, in the case of either the preceding clause (A) or (B), is false or
misleading on the date as of which the facts therein set forth are stated or certified, and, in the case of either the preceding
clauses (i) or (ii), such falsity materially and adversely affects the interests of the Series 2020-1 Noteholders
and such falsity is not cured for a period of thirty (30) consecutive days after the earlier of (x) the date on which an Authorized
Officer of HVIF or the HVIF Administrator, as the case may be, obtains actual knowledge thereof or (y) the date that written notice
thereof is given to HVIF or the HVIF Administrator, as the case may be, by the Trustee or to HVIF or the HVIF Administrator, as
the case may be, and to the Trustee by the Controlling Party;

 

(n)               
on and after the Series 2020-1 Closing Date to but excluding the Emergence Date, (1) an
order is entered converting any of the Chapter 11 Cases to a case under Chapter 7 of the Bankruptcy Code or (2) an order is
entered dismissing any of the Chapter 11 Cases (other than any dismissal after the Emergence Date), in either such case
of the foregoing clause (1) or (2), without the consent of the Controlling Party;

 

(o)               
on and after the Series 2020-1 Closing Date to but excluding the Emergence Date, a trustee
or examiner having expanded powers (beyond those set forth in Sections 1106(a)(3) and 1106(a)(4) of the Bankruptcy Code) under
Section 1104 of the Bankruptcy Code (other than a fee examiner) is appointed in any of the Chapter 11 Cases;

 

(p)               
 on and after the Series 2020-1 Closing Date to but excluding the Emergence Date, the
failure to achieve any Chapter 11 Milestone; provided that if the lenders party to the DIP Credit Agreement forbear from
remedies on, or waive or amend, the applicable Chapter 11 Milestone(s), any such Chapter 11 Milestone hereunder shall be automatically
waived or so amended without any further action required by the parties hereto;

 

(q)               
on and after the Series 2020-1 Closing Date to but excluding the Emergence Date, the
entry of an order reversing, vacating or otherwise modifying the ABS DIP Facility Order without the consent of the Controlling
Party;

 

(r)                
on and after the Series 2020-1 Closing Date to but excluding the Emergence Date, the
entry of an order granting any party in interest in the Chapter 11 Cases (other than the Trustee, the Collateral Agent or any Apollo
Entity as a Series 2020-1 Noteholder) relief from the automatic stay in the Chapter 11 Cases in a manner that would be adverse
in any material respect to the interests of the Trustee, the Collateral Agent, the Controlling Party or any Series 2020-1 Noteholder
(solely in its capacity as a Series 2020-1 Noteholder) without the written consent of the Controlling Party;

 

(s)                 on
and after the Series 2020-1 Closing Date to but excluding the Emergence Date, either the filing of (i) any
Chapter 11 Plan by a Debtor (or by any other Person that has not been opposed, contested or objected to by one or more of the
Debtors within thirty (30) days of the filing thereof) with respect to any of the Chapter 11 Cases (or seeking approval of a
disclosure statement related to any such Chapter 11 Plan) or (ii) any motion seeking approval of a sale of all or
substantially all of the assets of the Debtors’, any plan support agreement or any other asset purchase agreement or
similar agreement, in each case under clauses (i) and (ii), that (A) eliminates or modifies the Debtors’
obligations or respective ability to perform its obligations under any Series 2020-1 Related Document in a manner adverse in
any material respect to the Trustee, the Collateral Agent, the Controlling Party or any Series 2020-1 Noteholder (solely in
its capacity as a Series 2020-1 Noteholder), (B) adversely impacts the Series 2020-1 Collateral or the security interest of
the Trustee therein, (C) has a Material Adverse Effect on either HVIF’s right, title and interest in the HVIF Vehicles
or HVIF’s ability to grant a security interest in any assets, property and interests in property acquired after the
Series 2020-1 Closing Date that would constitute Series 2020-1 Collateral, or (D) has a Material Adverse Effect on the
validity or enforceability of any Series 2020-1 Related Documents;

 

    34

     

    

 

(t)                
on and after the Series 2020-1 Closing Date to but excluding the Emergence Date, the
exercise by any creditor of the Debtors (other than the Trustee, the Collateral Agent, the Controlling Party or any Apollo Entity
as a Series 2020-1 Noteholder, in accordance with the Series 2020-1 Related Documents) of any rights and remedies against (i) the
Series 2020-1 Collateral or (ii) HVIF or any debtor in the Chapter 11 Cases in any manner that is materially adverse to the interests
of the Trustee, the Collateral Agent or any such Apollo Entity as a Series 2020-1 Noteholder;

 

(u)               
(i) the Servicer fails to comply with its obligations under the HVIF Back-Up Disposition Agent Agreement and the failure
to so comply materially and adversely affects the interests of the Series 2020-1 Noteholders or (ii) the HVIF Back-Up Disposition
Agent Agreement or any material portion thereof ceases, 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 2020-1 Related
Documents), in either case of the foregoing clause (i) or (ii), for a period of thirty (30) consecutive days after
the earlier of (x) the date on which HVIF obtains actual knowledge thereof or (y) the date of written notice of such
failure, requiring the same to be remedied, shall have been given to HVIF by the Trustee (at the direction of the Required Controlling
Class Series 2020-1 Noteholders) or to HVIF and the Trustee by the Controlling Party; or

 

(v)               
(i) either of HVIF or the HVIF Administrator fails to comply with its respective obligations under the HVIF Back-Up Administration
Agreement and the failure to so comply materially adversely affects the interests of the Series 2020-1 Noteholders or (ii) the
HVIF Back-Up Administration Agreement or any material portion thereof ceases, 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 2020-1 Related Documents), in either such case of the foregoing clause (i) or (ii),
for a period of thirty (30) consecutive days after the earlier of (x) the date on which HVIF or the HVIF Administrator, as applicable,
obtains actual knowledge thereof or (y) the date of written notice of such failure, requiring the same to be remedied, shall
have been given to HVIF by the Trustee (at the direction of the Required Controlling Class Series 2020-1 Noteholders) or to HVIF
and the Trustee by the Controlling Party.

 

Section 7.2.      
Effects of Amortization Events.

 

(a)               
Declaration. In the case of any event described in Section 7.1 of this
Series 2020-1 Supplement, so long as such event is continuing, the Required Controlling Class Series 2020-1 Noteholders may, by
written notice to HVIF and the Trustee, declare that an Amortization Event with respect to the Series 2020-1 Notes has occurred
as of the date of the notice.

 

(b)               
Specific Provisions

 

(i)              
An Amortization Event with respect to the Series 2020-1 Notes described in Sections 7.1(a) through (d) and
(n) through (t) of this Series 2020-1 Supplement or described in Sections 9.1(e), (f) and (g) of the Base Indenture
may be waived solely with the written consent of the Controlling Party.

 

(ii)               An
Amortization Event with respect to the Series 2020-1 Notes described in Section 7.1(e), Section 7.1(l) (solely
with respect to any agreement, covenant or provision in the Series 2020-1 Notes or any other Series 2020-1 Related Document
the amendment or modification of which requires the consent of Series 2020-1 Noteholders holding more than 662⁄3% of the
Series 2020-1 Principal Amount or that otherwise prohibits HVIF from taking any action without the consent of Series 2020-1
Noteholders holding more than 662⁄3% of the Series 2020-1 Principal Amount) or Section 7.1(u) (solely with respect
to any agreement, covenant or provision in the HVIF Back-Up Disposition Agent Agreement the amendment or modification of
which requires the consent of Series 2020-1 Noteholders holding more than 662⁄3% of the Series 2020-1 Principal Amount or
that otherwise prohibits HVIF from taking any action without the consent of Series 2020-1 Noteholders holding more than
662⁄3% of the Series 2020-1 Principal Amount) may be waived solely with the written consent of the Required Unanimous
Controlling Class Series 2020-1 Noteholders.

 

    35

     

    

 

(iii)            
An Amortization Event with respect to the Series 2020-1 Notes described in Sections 7.1(f)
through (k), (m) and (v), Section 7.1(l) (other than with respect to any agreement, covenant or provision
in the Series 2020-1 Notes or any other Series 2020-1 Related Document the amendment or modification of which requires the consent
of Series 2020-1 Noteholders holding more than 662⁄3% of the Series 2020-1 Principal Amount or that otherwise prohibits HVIF
from taking any action without the consent of Series 2020-1 Noteholders holding more than 662⁄3 of the Series 2020-1 Principal
Amount) or Section 7.1(u) (other than with respect to any agreement, covenant or provision in the HVIF Back-Up Disposition
Agent Agreement the amendment or modification of which requires the consent of Series 2020-1 Noteholders holding more than 662⁄3%
of the Series 2020-1 Principal Amount or that otherwise prohibits HVIF from taking any action without the consent of Series 2020-1
Noteholders holding more than 662⁄3% of the Series 2020-1 Principal Amount) may be waived solely with the written consent of
the Required Supermajority Controlling Class Series 2020-1 Noteholders.

 

Notwithstanding anything herein to the
contrary, and for the avoidance of doubt, an Amortization Event with respect to the Series 2020-1 Notes described in any of Section
7.1 (f), (g), (h), or (j) above shall be curable at any time.

 

Article
VIII

 

FORM OF SERIES 2020-1 NOTES

 

The Class A Notes will
be issued in the form of definitive notes in fully registered form without interest coupons, substantially in the form set forth
in Exhibit A-1 hereto, and will be sold to the Class A Noteholders pursuant to and in accordance with the terms hereof and
shall be duly executed by HVIF and authenticated by the Trustee in the manner set forth in Section 2.4 of the Base Indenture. The
Class B Notes will be issued in the form of definitive notes in fully registered form without interest coupons, substantially in
the form set forth in Exhibit A-2 hereto, and will be sold to the Class B Noteholders pursuant to and in accordance with
the terms hereof and shall be duly executed by HVIF and authenticated by the Trustee in the manner set forth in Section 2.4 of
the Base Indenture.

 

The Trustee shall,
or shall cause the Registrar to, record all Class A Advances and Decreases with respect to Class A Notes such that the principal
amount of the Class A Notes that are outstanding accurately reflects all such Class A Advances and Decreases with respect to Class
A Notes. The Trustee shall, or shall cause the Registrar to, record all Class B Advances and Decreases with respect to Class B
Notes such that the principal amount of the Class B Notes that are outstanding accurately reflects all such Class B Advances and
Decreases with respect to Class B Notes.

 

    36

     

    

 

(a)               
 Each Series 2020-1 Note shall bear the following legend:

 

THIS
SERIES 2020-1 NOTE HAS NOT BEEN REGISTERED UNDER THE SECURITIES ACT OF 1933, AS AMENDED (THE “SECURITIES ACT”), OR
WITH ANY STATE SECURITIES OR “BLUE SKY” LAWS. THE HOLDER HEREOF, BY ITS ACCEPTANCE HEREOF, AGREES FOR THE BENEFIT OF
HERTZ VEHICLE INTERIM FINANCING LLC, A SPECIAL PURPOSE LIMITED LIABILITY COMPANY ESTABLISHED UNDER THE LAWS OF DELAWARE (“HVIF”
OR THE “COMPANY”), THAT SUCH SERIES 2020-1 NOTE IS BEING ACQUIRED FOR ITS OWN ACCOUNT AND NOT WITH A VIEW TO DISTRIBUTION
AND TO OFFER, SELL OR OTHERWISE TRANSFER SUCH NOTE ONLY (A) TO HVIF, (B) PURSUANT TO A REGISTRATION STATEMENT THAT HAS BEEN DECLARED
EFFECTIVE UNDER THE SECURITIES ACT, (C) TO AN INSTITUTIONAL ACCREDITED INVESTOR WITHIN THE MEANING OF RULE 501(A)(1), (2), (3)
OR (7) UNDER THE SECURITIES ACT OR (D) PURSUANT TO AN APPLICABLE EXEMPTION FROM THE REGISTRATION REQUIREMENTS OF THE SECURITIES
ACT AND, IN EACH SUCH CASE, IN COMPLIANCE WITH THE BASE INDENTURE, THE SERIES 2020-1 SUPPLEMENT AND ALL APPLICABLE SECURITIES LAWS
OF ANY STATE OF THE UNITED STATES OR ANY OTHER JURISDICTION, SUBJECT TO THE RIGHT OF HVIF, PRIOR TO ANY TRANSFER PURSUANT TO CLAUSE
(C), TO REQUIRE THE DELIVERY TO IT OF A PURCHASER’S LETTER IN THE FORM OF EXHIBIT E TO THE SERIES 2020-1 SUPPLEMENT
CERTIFYING, AMONG OTHER THINGS, THAT SUCH PURCHASER IS AN INSTITUTIONAL “ACCREDITED INVESTOR” WITHIN THE MEANING OF
RULE 501(A)(1), (2), (3) OR (7) UNDER THE SECURITIES ACT AND SUBJECT TO THE RIGHT OF HVIF, PRIOR TO ANY TRANSFER PURSUANT TO CLAUSE
(D), TO REQUIRE THE DELIVERY OF AN OPINION OF COUNSEL, CERTIFICATION AND/OR OTHER INFORMATION SATISFACTORY TO IT.

 

(b)               
Each Class B Note shall bear the following legend:

 

EACH HOLDER OF
THIS SERIES 2020-1 NOTE (OR ANY INTEREST HEREIN) WILL BE DEEMED TO REPRESENT, WARRANT AND AGREE THAT (1) IT IS NOT, AND IS
NOT ACTING ON BEHALF OF (AND FOR SO LONG AS IT HOLDS THIS NOTE OR INTEREST HEREIN WILL NOT BE, AND WILL NOT BE ACTING ON
BEHALF OF), A BENEFIT PLAN INVESTOR, UNLESS SUCH HOLDER OBTAINS THE WRITTEN CONSENT OF THE ISSUER, AND (2) IF IT IS A
GOVERNMENTAL, CHURCH, NON-U.S. OR OTHER PLAN, (I) IT IS NOT, AND FOR SO LONG AS IT HOLDS THIS NOTE OR INTEREST HEREIN IT WILL
NOT BE, SUBJECT TO ANY FEDERAL, STATE, LOCAL, NON-U.S. OR OTHER LAW OR REGULATION THAT COULD CAUSE THE UNDERLYING ASSETS OF
THE ISSUER TO BE TREATED AS ASSETS OF THE INVESTOR IN ANY NOTE (OR INTEREST THEREIN) BY VIRTUE OF ITS INTEREST AND THEREBY
SUBJECT THE ISSUER TO LAWS OR REGULATIONS THAT ARE SUBSTANTIALLY SIMILAR TO THE PROHIBITED TRANSACTION PROVISIONS OF SECTION
406 OF THE UNITED STATES EMPLOYEE RETIREMENT INCOME SECURITY ACT OF 1974, AS AMENDED (“ERISA”) AND/OR SECTION
4975 OF THE UNITED STATES INTERNAL REVENUE CODE OF 1986, AS AMENDED (THE “CODE”) (“SIMILAR LAW”), AND
(II) ITS ACQUISITION, HOLDING AND DISPOSITION OF THIS NOTE (OR INTEREST HEREIN) WILL NOT CONSTITUTE OR RESULT IN A VIOLATION
OF ANY FEDERAL, STATE, LOCAL OR NON-U.S. LAW OR REGULATION THAT IS SUBSTANTIALLY SIMILAR TO THE PROHIBITED TRANSACTION
PROVISIONS OF SECTION 406 OF ERISA AND/OR SECTION 4975 OF THE CODE (“OTHER PLAN LAW”). “BENEFIT PLAN
INVESTOR” MEANS A BENEFIT PLAN INVESTOR, AS DEFINED IN SECTION 3(42) OF ERISA, AND INCLUDES (A) AN EMPLOYEE BENEFIT
PLAN (AS DEFINED IN SECTION 3(3) OF ERISA) THAT IS SUBJECT TO THE PROVISIONS OF PART 4 OF SUBTITLE B OF TITLE I OF ERISA, (B)
A PLAN TO WHICH SECTION 4975 OF THE CODE APPLIES, OR (C) ANY ENTITY WHOSE UNDERLYING ASSETS INCLUDE “PLAN ASSETS”
BY REASON OF ANY SUCH AN EMPLOYEE BENEFIT PLAN OR PLAN’S INVESTMENT IN SUCH ENTITY. ANY PURPORTED TRANSFER OF THIS NOTE
IN VIOLATION OF THE REQUIREMENTS SET FORTH IN THIS PARAGRAPH SHALL BE NULL AND VOID AB INITIO.

 

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The required legends set forth above shall
not be removed from the Series 2020-1 Notes except as provided herein.

 

The Series 2020-1 Notes
may have such letters, numbers or other marks of identification and such legends or endorsements placed thereon as may be required
to comply with the rules of any securities exchange or as may, consistently herewith, be determined by the officers executing such
Series 2020-1 Notes, as evidenced by their execution of the Series 2020-1 Notes. The Series 2020-1 Notes may be produced in any
manner, all as determined by the officers executing such Series 2020-1 Notes, as evidenced by their execution of such Series 2020-1
Notes.

 

Article
IX

 

TRANSFERS, REPLACEMENTS AND ASSIGNMENTS

 

Section 9.1.      
Transfer of Series 2020-1 Notes.

 

(a)               
Other than in accordance with this Article IX, the Series 2020-1 Notes will not be
permitted to be transferred, assigned, exchanged or otherwise pledged or conveyed by the Series 2020-1 Noteholders.

 

(b)                Subject
to the terms and restrictions set forth in the Base Indenture and this Series 2020-1 Supplement (including, without
limitation, Section 9.2), the holder of any Series 2020-1 Note may transfer the same in whole or in part, in an amount
equivalent to an authorized denomination, by surrendering such Series 2020-1 Note at the office maintained by the Registrar
for such purpose pursuant to Section 2.5 of the Base Indenture, with the form of transfer endorsed on it duly completed and
executed by, or accompanied by a written instrument of transfer in form satisfactory to HVIF and the Registrar by, the holder
thereof and accompanied by a certificate substantially in the form of Exhibit E hereto; provided that if the
holder of any Series 2020-1 Note transfers, in whole or in part, its interest in any Series 2020-1 Note pursuant to an
Assignment and Assumption Agreement substantially in the form of Exhibit G hereto, then such Series 2020-1 Noteholder
will not be required to submit a certificate substantially in the form of Exhibit E hereto upon transfer of its
interest in such Series 2020-1 Note; provided further that, notwithstanding anything to the contrary contained in this
Series 2020-1 Supplement, no Series 2020-1 Note shall be transferrable to any Disqualified Party without the prior written
consent of an Authorized Officer of HVIF, which consent may be withheld for any reason in HVIF’s sole and absolute
discretion. In exchange for any Series 2020-1 Note properly presented for transfer, HVIF shall execute and the Trustee shall
promptly authenticate and deliver or cause to be authenticated and delivered in compliance with applicable law, to the
transferee at such office, or send by mail (at the risk of the transferee) to such address as the transferee may request,
Series 2020-1 Notes for the same aggregate principal amount as was transferred. In the case of the transfer of any Series
2020-1 Note in part, HVIF shall execute and the Trustee shall promptly authenticate and deliver or cause to be authenticated
and delivered to the transferor at such office, or send by mail (at the risk of the transferor) to such address as the
transferor may request, Series 2020-1 Notes for the aggregate principal amount that was not transferred. No transfer of any
Series 2020-1 Note shall be made unless the request for such transfer is made by the Series 2020-1 Noteholder at such office.
Neither HVIF nor the Trustee shall be liable for any delay in delivery of transfer instructions and each may conclusively
rely on, and shall be protected in relying on, such instructions. Upon the issuance of transferred Series 2020-1 Notes, the
Trustee shall recognize the Holders of such Series 2020-1 Note as Series 2020-1 Noteholders.

 

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(c)               
The transfer by a Series 2020-1 Noteholder holding a beneficial interest in a Class B Note to a Person who wishes to
take delivery thereof in the form of a beneficial interest in such Class B 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 N hereto containing the representations
of such Person who wishes to take delivery of such beneficial interest in such Class B Note. Any transfer that occurs without delivery
of the certificate referred to in the immediately preceding sentence will be void ab initio.

 

Section 9.2.      
Assignments.

 

(a)               
Assignments. Any Series 2020-1 Noteholder may at any time sell all or any part of
its rights and obligations under this Series 2020-1 Supplement and the Series 2020-1 Notes, with the prior written consent of HVIF,
which consent shall not be unreasonably withheld, to one or more financial institutions (a “Acquiring Noteholder”)
pursuant to an assignment and assumption agreement, substantially in the form of Exhibit G (the “Assignment and
Assumption Agreement”), executed by such Acquiring Noteholder, such assigning Series 2020-1 Noteholder and HVIF and delivered
to the Administrative Agent; provided that, the consent of HVIF to any such assignment shall not be required (A) after the
occurrence of an Amortization Event with respect to the Series 2020-1 Notes or (B) if such Acquiring Noteholder is either (x) an
Affiliate of such assigning Series 2020-1 Noteholder or (y) in the case of an Apollo Holder, either (I) an Affiliate of Apollo
Global Management, Inc. or (II) an entity owned, controlled, managed and/or advised by Apollo Global Management, Inc. or an
Affiliate of Apollo Global Management, Inc.; provided further, that HVIF may withhold its consent in its sole and absolute
discretion (and such withholding shall be deemed reasonable) to an assignment to a potential Acquiring Noteholder that is a Disqualified
Party. 

 

(b)               
Participations. Any Series 2020-1 Noteholder may, in the ordinary course of its business
and in accordance with applicable law, at any time sell to one or more financial institutions or other entities (“Participants”)
participations in its respective Class A Noteholder Percentage or Class B Noteholder Percentage, as applicable, of its Maximum
Principal Amount, its Series 2020-1 Note and its rights hereunder (or, in each case, a portion thereof) pursuant to documentation
in form and substance satisfactory to such Series 2020-1 Noteholder and the Participant; provided, however, that
(i) in the event of any such sale by a Series 2020-1 Noteholder to a Participant, (A) such Series 2020-1 Noteholder’s obligations
under this Series 2020-1 Supplement shall remain unchanged, (B) such Series 2020-1 Noteholder shall remain solely responsible for
the performance thereof and (C) HVIF, the Controlling Party and the Administrative Agent shall continue to deal solely and directly
with such Series 2020-1 Noteholder in connection with its rights and obligations under this Series 2020-1 Supplement, (ii) no Series
2020-1 Noteholder shall sell any participating interest under which the Participant shall have any right to approve, veto, consent,
waive or otherwise influence any approval, consent or waiver of such Series 2020-1 Noteholder with respect to any amendment, consent
or waiver with respect to this Series 2020-1 Supplement or any other Series 2020-1 Related Document, except to the extent that
the approval of such amendment, consent or waiver otherwise would require the unanimous consent of all Series 2020-1 Noteholders
hereunder, and (iii) no Series 2020-1 Noteholder shall sell any participating interest to any Disqualified Party. 

 

(c)                Disclosures. HVIF
authorizes each Series 2020-1 Noteholder to disclose to any Participant or Acquiring Noteholder (each, a
 “Transferee”) and any prospective Transferee any and all financial information in such Series 2020-1
Noteholder’s possession concerning HVIF, the Series 2020-1 Collateral, the HVIF Administrator and the Series 2020-1
Related Documents that has been delivered to such Series 2020-1 Noteholder by HVIF in connection with such Series 2020-1
Noteholder’s credit evaluation of HVIF, the Series 2020-1 Collateral and the HVIF Administrator. For the avoidance of
doubt, no Series 2020-1 Noteholder may disclose any of the foregoing information to any Transferee who is a Disqualified
Party without the prior written consent of an Authorized Officer of HVIF, which consent may be withheld for any reason in
HVIF’s sole and absolute discretion.

 

    39

     

    

 

(d)               
Regulatory Assignments. Notwithstanding any other provisions set forth in this Series 2020-1 Supplement, each Series
2020-1 Noteholder may at any time create a security interest in all or any portion of its rights under this Series 2020-1 Supplement,
its Series 2020-1 Note and the Series 2020-1 Related Document in favor of any Federal Reserve Bank in accordance with Regulation
A of the Board of Governors of the Federal Reserve System or any similar foreign entity.

 

Article
X

 

THE ADMINISTRATIVE AGENT

 

Section 10.1.   
Authorization and Action of the Administrative Agent. Each of the Series 2020-1 Noteholder has designated and appointed
Deutsche Bank AG, New York Branch as the Administrative Agent under this Series 2020-1 Supplement and affirms such designation
and appointment hereunder, and hereby authorizes the Administrative Agent to take such actions as agent on their behalf and to
exercise such powers as are delegated to the Administrative Agent by the terms of this Series 2020-1 Supplement together with such
powers as are reasonably incidental thereto. The Administrative Agent shall not have any duties or responsibilities, except those
expressly set forth herein, or any fiduciary relationship with any Series 2020-1 Noteholder, and no implied covenants, functions,
responsibilities, duties, obligations or liabilities on the part of the Administrative Agent shall be read into this Series 2020-1
Supplement or otherwise exist for the Administrative Agent. In performing its functions and duties hereunder, the Administrative
Agent shall act solely as agent for the Series 2020-1 Noteholders and does not assume nor shall it be deemed to have assumed any
obligation or relationship of trust or agency with or for HVIF or any of its successors or assigns. The Administrative Agent shall
not be required to take any action that exposes the Administrative Agent to personal liability or that is contrary to this Series
2020-1 Supplement or applicable law. The appointment and authority of the Administrative Agent hereunder shall terminate upon the
indefeasible payment in full of the Series 2020-1 Notes and all other amounts owed by HVIF hereunder to the Series 2020-1 Noteholders
(the “Aggregate Unpaids”).

 

Section 10.2.   
Delegation of Duties. The Administrative Agent may execute any of its duties under this Series 2020-1 Supplement
by or through agents or attorneys-in-fact and shall be entitled to advice of counsel concerning all matters pertaining to such
duties. The Administrative Agent shall not be responsible for the negligence or misconduct of any agents or attorneys-in-fact selected
by it with reasonable care.

 

Section 10.3.    Exculpatory
Provisions. Neither the Administrative Agent nor any of its directors, officers, agents or employees shall be (a) liable
for any action lawfully taken or omitted to be taken by it or them under or in connection with this Series 2020-1 Supplement
(except for its, their or such Person’s own gross negligence or willful misconduct), or (b) responsible in any manner
to any Series 2020-1 Noteholder for any recitals, statements, representations or warranties made by HVIF contained in this
Series 2020-1 Supplement or in any certificate, report, statement or other document referred to or provided for in, or
received under or in connection with, this Series 2020-1 Supplement for the due execution, legality, value, validity,
effectiveness, genuineness, enforceability or sufficiency of this Series 2020-1 Supplement or any other document furnished in
connection herewith, or for any failure of HVIF to perform its obligations hereunder, or for the satisfaction of any
condition specified in Article II. The Administrative Agent shall not be under any obligation to any Series 2020-1
Noteholder to ascertain or to inquire as to the observance or performance of any of the agreements or covenants contained in,
or conditions of, this Series 2020-1 Supplement, or to inspect the properties, books or records of HVIF. The Administrative
Agent shall not be deemed to have knowledge of any Amortization Event, Potential Amortization Event or Series 2020-1
Liquidation Event unless the Administrative Agent has received notice from HVIF, the Controlling Party or any Series 2020-1
Noteholder.

 

    40

     

    

 

 

Section 10.4.   
Reliance. The Administrative Agent shall in all cases be entitled to rely, and shall be fully protected in relying,
upon any document or conversation believed by it to be genuine and correct and to have been signed, sent or made by the proper
Person or Persons and upon advice and statements of legal counsel, independent accountants and other experts selected by the Administrative
Agent. The Administrative Agent shall in all cases be fully justified in failing or refusing to take any action under this Series
2020-1 Supplement or any other document furnished in connection herewith unless it shall first receive such advice or concurrence
of the Controlling Party or it shall first be indemnified to its satisfaction by the Controlling Party, provided that, unless
and until the Administrative Agent shall have received such advice, the Administrative Agent may take or refrain from taking any
action, as the Administrative Agent shall deem advisable and in the best interests of the Series 2020-1 Noteholders. The Administrative
Agent shall in all cases be fully protected in acting, or in refraining from acting, in accordance with a request of the Series
2020-1 Required Noteholders and such request and any action taken or failure to act pursuant thereto shall be binding upon the
Series 2020-1 Noteholders.

 

Section 10.5.   
Non-Reliance on the Administrative Agent and Other Purchasers. Each Series 2020-1 Noteholder expressly acknowledge
that neither the Administrative Agent nor any of its officers, directors, employees, agents, attorneys-in-fact or affiliates has
made any representations or warranties to it and that no act by the Administrative Agent hereafter taken, including any review
of the affairs of HVIF, shall be deemed to constitute any representation or warranty by the Administrative Agent. Each Series 2020-1
Noteholder represents and warrants to the Administrative Agent that they have and will, independently and without reliance upon
the Administrative Agent and based on such documents and information as they have deemed appropriate, made their own appraisal
of and investigation into the business, operations, property, prospects, financial and other conditions and creditworthiness of
HVIF and made its own decision to enter into this Series 2020-1 Supplement.

 

Section 10.6.   
The Administrative Agent in its Individual Capacity. The Administrative Agent and any of its Affiliates may purchase,
hold and transfer, as the case may be, Series 2020-1 Notes, and may otherwise make loans to, accept deposits from, and generally
engage in any kind of business with HVIF or any Affiliate of HVIF as though the Administrative Agent were not the Administrative
Agent hereunder.

 

Section 10.7.   
Successor Administrative Agent. The Administrative Agent may, upon thirty (30) days’ notice to HVIF, the Controlling
Party and each of the Series 2020-1 Noteholders, and the Administrative Agent will, upon the direction of the Controlling Party,
resign as Administrative Agent. If the Administrative Agent shall resign, then the Controlling Party, during such 30-day period,
shall appoint one of its Affiliates or an Affiliate of a Series 2020-1 Noteholder as a successor agent. If for any reason no successor
Administrative Agent is appointed by the Controlling Party during such 30-day period, then effective upon the expiration of such
30-day period, HVIF for all purposes shall deal directly with the Controlling Party and the Series 2020-1 Noteholders or appoint
a successor Administrative Agent. After any retiring Administrative Agent’s resignation hereunder as Administrative Agent,
the provisions of Section 11.4 and this Article X shall inure to its benefit as to any actions taken or omitted to
be taken by it while it was the Administrative Agent under this Series 2020-1 Supplement.

 

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Article
XI

 

GENERAL

 

Section 11.1.   
Optional Repurchase of the Series 2020-1 Notes. The Series 2020-1 Notes shall be subject to repurchase (in whole)
by HVIF at its option, upon five (5) Business Days’ prior written notice to the Trustee at any time. The repurchase price
for any Series 2020-1 Note (in each case, the “Note Repurchase Amount”) shall equal the sum of:

 

(a)                     
the Principal Amount of such Series 2020-1 Notes repurchased (determined after giving effect to any payments of principal
and interest on the Payment Date immediately preceding the date of purchase pursuant to this Section 11.1(a)), plus

 

(b)                     
all accrued and unpaid interest on such Series 2020-1 Notes repurchased through such date of repurchase under this Section
11.1; plus

 

(c)                      
all associated Breakage Costs payable as a result of such repurchase; and

 

(d)                     
any other amounts then due and payable to the holders of such Series 2020-1 Notes pursuant hereto.

 

Section 11.2.   
Information.

 

On or before the fourth
(4th) Business Day prior to each Payment Date (unless otherwise agreed to by the Trustee), HVIF shall furnish to the Trustee a
Monthly HVIF Noteholders’ Statement with respect to the Series 2020-1 Notes setting forth the following information (including
reasonable detail of the materially constituent terms thereof, as determined by HVIF) in any reasonable format:

 

		·	Aggregate Asset Amount

 

		·	Aggregate Asset Amount Deficiency

 

		·	Aggregate HVIF Principal Amount

 

		·	Aggregate Asset Coverage Threshold Amount

 

		·	Class A Monthly Interest Amount

 

		·	Class A Principal Amount

 

		·	Class B Monthly Interest Amount

 

		·	Class B Principal Amount

 

		·	Series 2020-1 Available L/C Cash Collateral Account Amount

 

		·	Series 2020-1 Available Reserve Account Amount

 

		·	Series 2020-1 Letter of Credit Amount

 

		·	Series 2020-1 Letter of Credit Liquidity Amount

 

		·	Series 2020-1 Liquid Enhancement Amount

 

		·	Series 2020-1 Principal Amount

 

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		·	Series 2020-1 Required Liquid Enhancement Amount

 

		·	Series 2020-1 Required Reserve Account Amount

 

		·	Series 2020-1 Reserve Account Deficiency Amount

 

		·	Determination Date

 

		·	Series 2020-1 Carrying Charges

 

		·	HVIF Collections

 

		·	HVIF Interest Collections

 

		·	HVIF Principal Collections

 

		·	Ineligible Asset Amount

 

		·	Payment Date

 

		·	Series 2020-1 Accrued Amounts

 

		·	Series 2020-1 Adjusted Asset Coverage Threshold Amount

 

		·	Series 2020-1 Asset Amount

 

		·	Series 2020-1 Asset Coverage Threshold Amount

 

		·	Series 2020-1 Adjusted Principal Amount

 

		·	Series 2020-1 Capped HVIF Administrator Fee Amount

 

		·	Series 2020-1 Capped HVIF Operating Expense Amount

 

		·	Series 2020-1 Capped HVIF Trustee Fee Amount

 

		·	Class A/B Adjusted Advance Rate

 

		·	Class A/B Concentration Adjusted Advance Rate

 

		·	Class A/B Concentration Excess Advance Rate Adjustment

 

		·	Class A/B MTM/DT Advance Rate Adjustment

 

		·	Series 2020-1 Concentration Excess Amount

 

		·	Series 2020-1 Manufacturer Concentration Excess Amount

 

		·	Series 2020-1 Non-Liened Vehicle Concentration Excess Amount

 

		·	Series 2020-1 Excess HVIF Administrator Fee Amount

 

		·	Series 2020-1 Excess HVIF Operating Expense Amount

 

		·	Series 2020-1 Excess HVIF Trustee Fee Amount

 

		·	Series 2020-1 Failure Percentage

 

    43

     

    

 

		·	Series 2020-1 Floating Allocation Percentage

 

		·	Series 2020-1 HVIF Administrator Fee Amount

 

		·	Series 2020-1 HVIF Trustee Fee Amount

 

		·	Series 2020-1 Interest Period

 

		·	Series 2020-1 Invested Percentage

 

		·	Series 2020-1 Market Value Average

 

		·	Series 2020-1 Non-Liened Vehicle Amount

 

		·	Series 2020-1 Non-Program Fleet Market Value

 

		·	Series 2020-1 Non-Program Vehicle Disposition Proceeds Percentage Average

 

		·	Series 2020-1 Percentage

 

		·	Series 2020-1 Principal Amount

 

		·	Series 2020-1 Principal Collection Account Amount

 

		·	Series 2020-1 Rapid Amortization Period

 

		·	Amount of cash and Permitted Investments on deposit in the HVIF Collection Account

 

		·	Amount of Incentive Rebate Receivables received in the Related Month

 

		·	Ineligible Incentive Rebate Receivables

 

		·	Incentive Rebate Receivables

 

The Trustee shall provide
to the Series 2020-1 Noteholders, or their designated agent, copies of each Monthly HVIF Noteholders’ Statement.

 

Section
11.3.        Confidentiality.
Each Series 2020-1 Noteholder and the Administrative Agent agrees that it shall not disclose any Confidential Information to
any Person without the prior written consent of HVIF, which such consent must be evident in a writing signed by an Authorized
Officer of HVIF, other than (a) to their Affiliates and their officers, directors, employees, agents and advisors (including
legal counsel and accountants) and to actual or prospective assignees and participants, and then only on a confidential basis
and excluding any Affiliate, its officers, directors, employees, agents and advisors (including legal counsel and
accountants), any prospective assignee and any participant, in each case that is a Disqualified Party, (b) as required by a
court or administrative order or decree, or required by any governmental or regulatory authority or self-regulatory
organization or required by any statute, law, rule or regulation or judicial process (including any subpoena or similar legal
process), (c) to any Rating Agency providing a rating for the Series 2020-1 Notes or any other nationally-recognized rating
agency that requires access to information to effect compliance with any disclosure obligations under applicable laws or
regulations, (d) in the course of litigation with HVIF, the HVIF Administrator or Hertz, (e) to any Series 2020-1
Noteholder, the Controlling Party or the Administrative Agent, (f) to any Person acting as a structuring agent, placement
agent or dealer with respect to any commercial paper (provided that any Confidential Information provided to any such
structuring agent, placement agent or dealer does not reveal the identity of HVIF or any of its Affiliates), or (g) to any
Person to the extent such Series 2020-1 Noteholder, the Controlling Party or the Administrative Agent reasonably determines
such disclosure is necessary in connection with the enforcement or for the defense of the rights and remedies under the
Series 2020-1 Notes or the Series 2020-1 Related Documents.

 

    44

     

    

 

Section 11.4.        
Payment of Costs and Expenses; Indemnification.

 

(a)                          
Payment of Costs and Expenses. Upon written demand from the Administrative Agent,
the Controlling Party or any Series 2020-1 Noteholder, HVIF agrees to pay on the Payment Date immediately
following HVIF’s receipt of such written demand all reasonable documented costs and expenses of the Administrative Agent,
the Controlling Party and/or Series 2020-1 Noteholder, as applicable (including, without limitation,
the reasonable fees and expenses of counsel to each Series 2020-1 Noteholder, if any, costs and expenses with respect to any due
diligence audit (including per diem expenses), any consultant, search, recording and filing fees, in each case, with respect to
the Series 2020-1 Notes, solely after the occurrence of an Amortization Event, reasonable fees and expenses of any third-party
accounts, advisors or other professional service providers to the Administrative Agent, the Controlling Party and/or
such Series 2020-1 Noteholder) in connection with:

 

(i)           
the negotiation, preparation, execution, delivery and administration of this Series 2020-1
Supplement and of each other Series 2020-1 Related Document, including schedules and exhibits, and any amendments, waivers, consents,
supplements or other modifications to this Series 2020-1 Supplement and each other Series 2020-1 Related Document, as may from
time to time hereafter be proposed, whether or not the transactions contemplated hereby or thereby are consummated, and

 

(ii)          
the consummation of the transactions contemplated by this Series 2020-1 Supplement and each
other Series 2020-1 Related Document.

 

Upon written demand, HVIF further agrees
to pay on the Payment Date immediately following such written demand, and to save the Administrative Agent, the Controlling Party
and each Series 2020-1 Noteholder harmless from all liability for (i) any breach by HVIF of its obligations under this Series 2020-1
Supplement and (ii) all reasonable and documented costs incurred by the Administrative Agent, the Controlling Party or such Series
2020-1 Noteholder (including, the reasonable fees and expenses of counsel to the Administrative Agent, the Controlling Party and
such Series 2020-1 Noteholder, if any, costs and expenses with respect to any due diligence audit (including per diem expenses)
and any consultant, search, recording and filing fees, in each case, with respect to the Series 2020-1 Notes and solely after the
occurrence of an Amortization Event, reasonable fees and expenses of any third-party accounts, advisors or other professional service
providers to the Administrative Agent, the Controlling Party and/or such Series 2020-1 Noteholder) in enforcing this Series 2020-1
Supplement. HVIF also agrees to reimburse the Administrative Agent, the Controlling Party and each Series 2020-1 Noteholder upon
demand for all reasonable and documented out-of-pocket expenses incurred by the Administrative Agent, the Controlling Party or
such Series 2020-1 Noteholder (including, without limitation, the reasonable fees and expenses of counsel to the Administrative
Agent, the Controlling Party and such Series 2020-1 Noteholder, if any and the reasonable fees and expenses of any third-party
servicers and disposition agents, costs and expenses with respect to any due diligence audit (including per diem expenses) and
any consultant, search, recording and filing fees, in each case, with respect to the Series 2020-1 Notes and solely after the occurrence
of an Amortization Event, reasonable fees and expenses of any third-party accounts, advisors or other professional service providers
to the Administrative Agent, the Controlling Party and such Series 2020-1 Noteholder) in connection with (x) the negotiation of
any restructuring or “work-out”, whether or not consummated, of the Series 2020-1 Related Documents and (y) the enforcement
of, or any waiver or amendment requested under or with respect to, this Series 2020-1 Supplement or any other of the Series 2020-1
Related Documents.

 

Notwithstanding
the foregoing, HVIF shall have no obligation to reimburse any Series 2020-1 Noteholder for any of the fees and/or expenses
incurred by such Series 2020-1 Noteholder with respect to its sale or assignment of all or any part of its respective rights
and obligations under this Series 2020-1 Supplement and the Series 2020-1 Notes pursuant to Section 9.2.

 

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(b)          
Indemnification. In consideration of the execution and delivery of this Series 2020-1
Supplement by the Series 2020-1 Noteholders, HVIF hereby indemnifies and holds each Series 2020-1 Noteholders and each of their
officers, directors, employees and agents (collectively, the “Indemnified Parties”) harmless from and against
any and all actions, causes of action, suits, losses, costs, liabilities and damages, and reasonable expenses incurred in connection
therewith (irrespective of whether any such Indemnified Party is a party to the action for which indemnification hereunder is sought
and including, any liability in connection with the offering and sale of the Series 2020-1 Notes), including reasonable attorneys’
fees and disbursements (collectively, the “Indemnified Liabilities”), incurred by the Indemnified Parties or
any of them (whether in prosecuting or defending against such actions, suits or claims) to the extent resulting from, or arising
out of, or relating to

 

(i)            
any transaction financed or to be financed in whole or in part, directly or indirectly,
with the proceeds of any Advance; or

 

(ii)          
the entering into and performance of this Series 2020-1 Supplement and any other Series
2020-1 Related Document by any of the Indemnified Parties,

 

except for any such Indemnified Liabilities
arising for the account of a particular Indemnified Party by reason of the relevant Indemnified Party’s gross negligence
or willful misconduct. If and to the extent that the foregoing undertaking may be unenforceable for any reason, HVIF hereby agrees
to make the maximum contribution to the payment and satisfaction of each of the Indemnified Liabilities which is permissible under
applicable law. The indemnity set forth in this Section 11.4(b) shall in no event include indemnification for any taxes.
HVIF shall give notice to the Rating Agencies of any claim for Indemnified Liabilities made under this Section 11.4(b).

 

(c)          
Indemnification of the Administrative Agent.

 

(i)           
In consideration of the execution and delivery of this Series 2020-1 Supplement by the Administrative
Agent, HVIF hereby indemnifies and holds the Administrative Agent and each of its officers, directors, employees and agents (collectively,
the “Agent Indemnified Parties”) harmless from and against any and all actions, causes of action, suits, losses,
costs, liabilities and damages, and reasonable expenses incurred in connection therewith (irrespective of whether any such Agent
Indemnified Party is a party to the action for which indemnification hereunder is sought and including, any liability in connection
with the offering and sale of the Series 2020-1 Notes), including reasonable attorneys’ fees and disbursements (collectively,
the “Agent Indemnified Liabilities”), incurred by the Agent Indemnified Parties or any of them (whether in prosecuting
or defending against such actions, suits or claims) to the extent resulting from, or arising out of, or relating to the entering
into and performance of this Series 2020-1 Supplement and any other Series 2020-1 Related Document by any of the Agent Indemnified
Parties, except for any such Agent Indemnified Liabilities arising for the account of a particular Agent Indemnified Party by reason
of the relevant Agent Indemnified Party’s gross negligence or willful misconduct. If and to the extent that the foregoing
undertaking may be unenforceable for any reason, HVIF hereby agrees to make the maximum contribution to the payment and satisfaction
of each of the Agent Indemnified Liabilities which is permissible under applicable law. The indemnity set forth in this Section
11.4(c)(i) shall in no event include indemnification for any taxes. HVIF shall give notice to the Rating Agencies of any claim
for Agent Indemnified Liabilities made under this Section 11.4(c)(i).

 

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(ii)         
 In consideration of the execution and delivery of this Series 2020-1 Supplement by the
Administrative Agent, each Series 2020-1 Noteholder, ratably according to its respective commitment, hereby indemnifies and holds
the Administrative Agent and each of its officers, directors, employees and agents (collectively, the “Administrative
Agent Indemnified Parties”) harmless from and against any and all actions, causes of action, suits, losses, costs, liabilities
and damages, and reasonable expenses incurred in connection therewith (solely to the extent not reimbursed by or on behalf of HVIF)
(irrespective of whether any such Administrative Agent Indemnified Party is a party to the action for which indemnification hereunder
is sought and including, any liability in connection with the offering and sale of the Series 2020-1 Notes), including reasonable
attorneys’ fees and disbursements (collectively, the “Administrative Agent Indemnified Liabilities”),
incurred by the Administrative Agent Indemnified Parties or any of them (whether in prosecuting or defending against such actions,
suits or claims) to the extent resulting from, or arising out of, or relating to the entering into and performance of this Series
2020-1 Supplement and any other Series 2020-1 Related Document by any of the Administrative Agent Indemnified Parties, except for
any such Administrative Agent Indemnified Liabilities arising for the account of a particular Administrative Agent Indemnified
Party by reason of the relevant Administrative Agent Indemnified Party’s gross negligence or willful misconduct. If and to
the extent that the foregoing undertaking may be unenforceable for any reason, each Series 2020-1 Noteholder hereby agrees to make
the maximum contribution to the payment and satisfaction of each of the Administrative Agent Indemnified Liabilities which is permissible
under applicable law. The indemnity set forth in this Section 11.4(c)(ii) shall in no event include indemnification for
any taxes. Each Series 2020-1 Noteholder shall give notice to the Rating Agencies of any claim for Administrative Agent Indemnified
Liabilities made under this Section 11.4(c)(ii).

 

(d)          
Priority. All amounts payable by HVIF pursuant to this Section 11.4 shall
be paid in accordance with and subject to Section 5.3 or, at the option of HVIF paid from any other source available to
it.

 

Section 11.5.        
Ratification of Base Indenture. As supplemented by this Series 2020-1 Supplement, the Base Indenture is in all respects
ratified and confirmed and the Base Indenture as so supplemented by this Series 2020-1 Supplement shall be read, taken, and construed
as one and the same instrument (except as otherwise specified herein).

 

Section 11.6.        
Notice to the Rating Agencies. The Trustee shall provide to each Rating Agency a copy of each notice to the Series
2020-1 Noteholders pursuant to this Series 2020-1 Supplement or any other HVIF Related Document. The Trustee shall provide notice
to each Rating Agency of any consent by the Series 2020-1 Noteholders to the waiver of the occurrence of any Amortization Event
with respect to the Series 2020-1 Notes. HVIF shall provide to each Rating Agency (i) notice of any extension of the Series 2020-1
Commitment Termination Date pursuant to Section 2.6(b), which notice shall be provided at least two (2) Business Days prior to
any such extension, (ii) notice of any amendment to this Series 2020-1 Supplement at least five (5) Business Days (or such
lesser time as is reasonably practicable) prior to the effective date of any such amendment, and (iii) upon written request by
any such Rating Agency, a copy of any operative Manufacturer Program. Upon written notice to the HVIF Administrator from the Controlling
Party, the HVIF Administrator shall deliver or cause to be delivered to each Rating Agency any notice required to be delivered
under any Series 2020-1 Related Document contemporaneously with delivery of such notice in accordance with such Series 2020-1 Related
Document.

 

Section 11.7.          Third
Party Beneficiary. Nothing in this Series 2020-1 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 2020-1 Supplement.

 

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Section 11.8.       
Execution in Counterparts; Electronic Execution. This Series 2020-1 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 2020-1 Supplement by facsimile or any such electronic transmission
shall be effective as delivery of a manually executed counterpart of this Series 2020-1 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 11.9.        
Governing Law. THIS SERIES 2020-1 SUPPLEMENT, AND ALL MATTERS ARISING OUT OF OR RELATING TO THIS SERIES 2020-1 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.

 

Section 11.10.       
Amendments.

 

(a)          
This Series 2020-1 Supplement or any provision herein may be (i) amended in writing from
time to time by HVIF and the Trustee, solely with the consent of the Series 2020-1 Required Noteholders or (ii) waived in writing
from time to time with the consent of the Series 2020-1 Required Noteholders, unless otherwise expressly set forth herein; provided,
however, that notwithstanding the foregoing, without the consent of each Series 2020-1 Noteholder, no amendment or waiver
shall:

 

(i)           
extend the due date for, or directly reduce the amount of any, scheduled repayment or prepayment of principal of or interest
on any Series 2020-1 Note (or reduce the principal amount of or rate of interest on any Series 2020-1 Note or otherwise change
the manner in which interest is calculated); or

 

(ii)          
extend the due date for, or reduce the amount of, any Class A Undrawn Fee or Class B Undrawn Fee payable hereunder.

 

(b)         
Any amendment hereof can be effected without the Administrative Agent being party thereto;
provided, however, that no such amendment, modification or waiver of this Series 2020-1 Supplement that affects the
rights or duties of the Administrative Agent shall be effective unless the Administrative Agent shall have given its prior written
consent thereto.

 

(c)          
Each amendment or other modification to this Series 2020-1 Supplement shall be set forth
in a Series 2020-1 Supplemental Indenture. 

 

(d)           The
Trustee shall sign any Series 2020-1 Supplemental Indenture authorized or permitted pursuant to this Section 11.10 if
the Series 2020-1 Supplemental Indenture does not adversely affect the rights, duties, liabilities or immunities of the
Trustee. If it does, the Trustee may, but need not, sign it. In signing such Series 2020-1 Supplemental Indenture, the
Trustee shall be entitled to receive, if requested, and, subject to Section 10.2 of the Base Indenture, shall be fully
protected in relying upon, an Officer’s Certificate of HVIF and an Opinion of Counsel (which may be based on an
Officer’s Certificate) as conclusive evidence that such Series 2020-1 Supplemental Indenture is authorized or permitted
by this Series 2020-1 Supplement and that all conditions precedent have been satisfied, and that it will be valid and
binding upon HVIF in accordance with its terms.

 

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(e)          
Within two (2) Business Days of execution of any amendment or modification to this Series 2020-1 Supplement, HVIF shall
cause such amendment or other modification to this Series 2020-1 Supplement to be posted by the Trustee to a password-protected
website made available to the Series 2020-1 Noteholders or by any other reasonable means of electronic transmission (including,
without limitation, e-mail, file transfer protocol or otherwise).

 

Section 11.11.       
HVIF Administrator to Act on Behalf of HVIF. Pursuant to the HVIF Administration Agreement, the HVIF Administrator
has agreed to provide certain services to HVIF and to take certain actions on behalf of HVIF, including performing or otherwise
satisfying any action, determination, calculation, direction, instruction, notice, delivery or other performance obligation, in
each case, permitted or required by HVIF pursuant to this Series 2020-1 Supplement. Each HVIF Noteholder by its acceptance of a
HVIF Note and each of the parties hereto by its execution hereof, hereby consents to the provision of such services and the taking
of such action by the HVIF Administrator in lieu of HVIF and hereby agrees that HVIF’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 HVIF Administrator
and to the extent so performed or taken by the HVIF Administrator shall be deemed for all purposes hereunder to have been so performed
or taken by HVIF; provided that, for the avoidance of doubt, none of the foregoing shall create any payment obligation of
the HVIF Administrator or relieve HVIF of any payment obligation hereunder.

 

Section 11.12.      
Successors. All agreements of HVIF in this Series 2020-1 Supplement and the Series 2020-1 Notes shall bind its successor;
provided, however, except as provided in Section 11.10, HVIF may not assign its obligations or rights under
this Series 2020-1 Supplement or any Series 2020-1 Note. All agreements of the Trustee in this Series 2020-1 Supplement shall bind
its successor.

 

Section 11.13.       
Termination of Series 2020-1 Supplement.

 

(a)         
This Series 2020-1 Supplement shall cease to be of further effect when (i) all Outstanding
Series 2020-1 Notes theretofore authenticated and issued have been delivered (other than destroyed, lost, or stolen Series 2020-1
Notes that have been replaced or paid) to the Trustee for cancellation, (ii) HVIF has paid all sums payable hereunder and (iii)
the Series 2020-1 Demand Note Payment Amount is equal to zero or the Series 2020-1 Letter of Credit Liquidity Amount is equal to
zero.

 

(b)         
The representations and warranties set forth in Section 6.1 of this Series 2020-1
Supplement shall survive for so long as any Series 2020-1 Note is Outstanding.

 

Section 11.14.      
Required Standstill Provisions. Hertz hereby covenants that it will not pledge its limited liability company interests
in HVIF (the “SPV Issuer Equity”) for the benefit of one or more Pledged Equity Secured Parties pursuant to
any Pledged Equity Security Agreement unless such Pledged Equity Security Agreement contains the Required Standstill Provisions.

 

Section 11.15.      
Additional UCC Representations. Without limiting any other representation or warranty given by HVIF in the Base Indenture,
HVIF hereby makes the representations and warranties set forth in Exhibit K hereto for the benefit of the Trustee and the
Series 2020-1 Noteholders, in each case, as of the date hereof.

 

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Section 11.16.       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 HVIF and the Trustee, in the manner set forth in Section 13.1 of the Base
Indenture, (ii) in the case of the Administrative Agent, the Controlling Party and the Series 2020-1 Noteholders, in writing,
and, unless otherwise expressly provided herein, delivered by hand, mail (postage prepaid), facsimile notice or overnight air
courier, in each case to or at the address set forth for such Person on Exhibit L hereto or in the Assignment and
Assumption Agreement pursuant to which such Person became a party to this Series 2020-1 Supplement, or to such other address
as may be hereafter notified by the respective parties hereto, (iii) in the case of the HVIF Administrator, unless otherwise
specified by the HVIF Administrator by notice to the respective parties hereto, to:

 

The Hertz Corporation

8501 Williams Road

Estero, FL 33928

Attention: Treasury
Department

 

and (iv) in the case
of the Rating Agencies, unless otherwise specified by any of the Rating Agencies by notice to the requisite parties hereto, to:

 

DBRS Inc.

140 Broadway, 43th
Floor

New York, NY 10005

Attention: ABS_Surveillance@dbrsmorningstar.com

 

Kroll Bond Rating Agency,
LLC

805 Third Avenue, 29th
Floor

New York, NY 10022

Attention: ABS Surveillance

Email: abssurveillance@kbra.com

 

Moody’s Investors
Service, Inc.

7 World Trade Center
at 250 Greenwich Street

New York, NY 10007

Attention: ABSSurveillance@moodys.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 facsimile or email shall be deemed given on the date of delivery of such
notice, 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.

 

Section 11.17.           
Credit Risk Retention. 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 2020-1 Noteholder or any other
party for violation of such rules now or hereafter in effect.

 

Section 11.18.            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 2020-1 Supplement, the Series 2020-1 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 2020-1 Supplement, the Series 2020-1 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 11.16 (provided that nothing in
this Series 2020-1 Supplement shall affect the right of any such party to serve process in any other manner permitted by
law).

 

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Section 11.19.           
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 2020-1
SUPPLEMENT, THE SERIES 2020-1 NOTES OR THE TRANSACTIONS CONTEMPLATED HEREBY.

 

Section 11.20.           
Special Provisions Applicable to Designated Series 2020-1 Noteholders. Each of the parties hereto (other than the
Designated Series 2020-1 Noteholders) covenants and agrees that, notwithstanding any provisions contained in this Series 2020-1
Supplement to the contrary, no Designated Series 2020-1 Noteholder shall, or shall be obligated to, fund or pay any Class A Advance
or Class B Advance, as applicable, under this Series 2020-1 Supplement unless such Designated Series 2020-1 Noteholder has received
funds which may be used to make such funding or other payment and which funds are not required to repay commercial paper notes
issued by such Designated Series 2020-1 Noteholder (or a related party) when due, and after giving effect to such payment, either
(i) such Designated Series 2020-1 Noteholder (or a related party) could issue commercial paper notes to refinance all of such Designated
Series 2020-1 Noteholder’s (or such related party’s) outstanding commercial paper notes (assuming such outstanding
commercial paper notes matured at such time) in accordance with the program documents governing its commercial paper notes program
or (ii) all of the commercial paper notes are paid in full. Any amount which such Designated Series 2020-1 Noteholder does not
advance pursuant to the operation of this paragraph shall not constitute a claim (as defined in Section 101 of the Bankruptcy Code)
against or obligation of such Designated Series 2020-1 Noteholder for any such insufficiency. This Section 11.20 shall survive
the termination of this Series 2020-1 Supplement.

 

Section 11.21.             
Indemnity by Hertz.

 

(a)         
Hertz agrees to indemnify and hold harmless HGI, HVIF, the Nominee and the Trustee, and their respective directors, officers,
stockholders, agents and employees (collectively, the “Indemnified Persons”) against any and all claims, demands,
losses, damages and liabilities of whatsoever nature and all costs and expenses relating to or in any way arising out of, including
reasonable costs of investigation and attorney’s fees and expenses (collectively, “Losses”):

 

(i)          
the ordering, delivery, acquisition, title on acquisition, rejection, installation, possession, titling, retitling, registration,
re-registration, custody by the Servicer of title and registration documents, use, non-use, misuse, operation, deficiency, defect,
transportation, repair, maintenance, control or disposition of any Vehicle leased under the Leases. The foregoing shall include,
without limitation, any liability (or any alleged liability) of any Lessor or any other Indemnified Person to any third party arising
out of any of the foregoing, including, without limitation, all reasonable legal fees, costs and disbursements arising out of such
liability (or alleged liability);

 

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(ii)           all
federal, state, county, municipal, foreign or other fees, taxes and assessments of whatsoever nature including but not
limited to (A) license, qualification, registration, franchise, sales, use, gross receipts, ad valorem, business, property
(real or personal), excise, motor vehicle, and occupation fees and taxes, and penalties and interest thereon, whether
assessed, levied against or payable by any Lessor, any other Indemnified Party or otherwise, with respect to any Vehicle or
the acquisition, purchase, sale, lease, rental, use, operation, control, ownership or disposition of any Vehicle or measured
in any way by the value thereof or by the business of, investment in, or ownership by any Lessor or any other Indemnified
Party with respect thereto, (B) documentary, stamp, filing, recording, mortgage or other taxes, if any, which may be payable
by any Lessor or any other Indemnified Person in connection with the execution, delivery, recording or filing of the Leases
or the other Related Documents or the leasing of any Vehicles under the Leases and any penalties or interest with respect
thereto and (C) federal, state, local and foreign income taxes and penalties and interest thereon, whether assessed, levied
against or payable by any Lessor or otherwise as a result of its being a member of any group of corporations including Hertz
that files any tax returns on a consolidated or combined basis, excluding, however, any franchise tax or tax on, based on,
with respect, or measured by, the net income of such Lessor (including federal alternative minimum tax) other than any taxes
or other charges which may be imposed on such Lessor as a result of any determination by a taxing authority that such Lessor
is not the owner for tax purposes of the Vehicles leased under the Lease to which it is a party or that such Lease is not a
 “true lease” for tax purposes or that depreciation deductions that would be available to the owner of such
Vehicles are disallowed, or that such Lessor is not entitled to include the full purchase price for any Vehicle in basis;

 

(iii)         
any violation by Hertz of the Leases, of this Agreement or of any Related Documents to which Hertz is a party or by which
it is bound or any laws, rules, regulations, orders, writs, injunctions, decrees, consents, approvals, exemptions, authorizations,
licenses and withholdings of objections of any governmental or public body or authority and all other requirements having the force
of law applicable at any time to any Vehicle or any action or transaction by Hertz with respect thereto or pursuant to the Leases;
and

 

(iv)         
the Vehicles, whether due to HVIF’s or the Nominee’s, as applicable, holding legal title to any such Vehicle,
HVIF’s or the Nominee’s, as applicable, appointment as nominee titleholder of the Vehicles pursuant to the Nominee
Agreement or HVIF’s or the Nominee’s, as applicable, performance under the Nominee Agreement, including, without limitation,
Losses arising out of or related to HVIF’s or the Nominee’s, as applicable, grant of a power of attorney to HVIF or
Hertz pursuant to the Nominee Agreement.

 

(b)          
Hertz agrees to pay all out of pocket costs of the Lessors (including reasonable fees and out of pocket expenses of counsel
for the Lessors) in connection with the execution, delivery and performance of the Leases, this Agreement and the other Related
Documents;

 

(c)          
Hertz agrees to pay all out of pocket costs and expenses (including reasonable attorneys’ fees and legal expenses)
incurred by the Lessors or the Trustee in connection with the administration, enforcement, waiver or amendment of the Leases, this
Agreement and any other Related Documents and all indemnification obligations of the Lessors under the Related Documents; and

 

(d)          
Hertz agrees to pay all costs, fees, expenses, damages and liabilities (including, without limitation, reasonable fees and
out of pocket expenses of counsel) in connection with, or arising out of, any claim made by any third party against the Lessors
for any reason (including, without limitation, in connection with any audit or investigation conducted by a Manufacturer under
its Manufacturer Program).

 

Section 11.22.             
Controlling Party and Controlling Party Series.

 

(a)          
Controlling Party Consent. Consent of the Controlling Party shall be the sole consent required with respect to the
Series 2020-1 Notes in order to take any action by the Requisite HVIF Investors or the Required Noteholders pursuant to the Base
Indenture.

 

    52

     

    

 

(b)         
 Controlling Party Series. The Series 2020-1 Notes shall be a “Controlling Party Series” for purposes
of the Base Indenture.

 

(c)          
Series 2020-1 Noteholder Designation and Appointment.

 

(i)           
Each Series 2020-1 Noteholder has designated and appointed Apollo Capital Management, L.P. as the Controlling Party under
this Series 2020-1 Supplement and affirms such designation and appointment hereunder, and hereby authorizes the Controlling Party
to take such actions as agent on behalf of such Series 2020-1 Noteholder, including granting an irrevocable proxy in connection
with any voting or consent right hereunder with respect to the Required Controlling Class Series 2020-1 Noteholders, the Required
Noteholders, the Required Supermajority Controlling Class Series 2020-1 Noteholders, the Required Unanimous Controlling Class Series
2020-1 Noteholders, the Requisite HVIF Investors or the Series 2020-1 Required Noteholders, and to exercise such powers as are
delegated to the Controlling Party by the terms of this Series 2020-1 Supplement together with such powers as are reasonably incidental
thereto.

 

(ii)          
Apollo Capital Management, L.P. is hereby appointed by each Series 2020-1 Noteholder as the Controlling Party to provide
services to the extent set forth in this Series 2020-1 Supplement and in any other Series 2020-1 Related Document, and Apollo Capital
Management, L.P. hereby accepts such appointment and agrees to perform such services subject to and in accordance with the terms
of this Series 2020-1 Supplement and the other Series 2020-1 Related Documents.

 

(d)          
Successor Controlling Party.

 

(i)           
The Controlling Party may at any time resign as such by giving written notice to the Issuer, the HVIF Administrator, the
Administrative Agent, the Trustee and each of the Series 2020-1 Noteholders (any such resignation, a “Controlling Party
Resignation”). Within thirty (30) days after notice of a Controlling Party Resignation, the Trustee shall send to the
Series 2020-1 Noteholders a written notice announcing an election and soliciting nominations for a successor Controlling Party
(a “Controlling Party Election Notice”). Each Series 2020-1 Noteholder will be allowed to nominate itself as
a successor Controlling Party (and will not be permitted to nominate any other Person or) by submitting a nomination to the Trustee
(a “Controlling Party Nomination”). For any nomination to be valid, the Controlling Party Nomination shall be
delivered to the Trustee within thirty (30) calendar days of the date of the Controlling Party Election Notice (such period, the
 “Nomination Period”).

 

(ii)          
Based upon the Controlling Party Nominations that are received by the Trustee, within three (3) Business Days following
the end of the Nomination Period, (i) if no nomination has been received and there is no Controlling Party, the Trustee shall notify
the Issuer, the HVIF Administrator, the Administrative Agent and each of the Series 2020-1 Noteholders that no nominations have
been received and that no election will occur or (ii) if one or more nominations have been received, the Trustee shall prepare
and send to each Series 2020-1 Noteholder a ballot naming the top three candidates based upon the respective Maximum Principal
Amounts of such Series 2020-1 Noteholders. Each Series 2020-1 Noteholder may, in its sole discretion, indicate its vote for a successor
Controlling Party by returning a completed ballot directly to the Trustee.

 

    53

     

    

 

(iii)          If
a candidate receives votes from Series 2020-1 Noteholders holding interests in excess of 50% of the Maximum Principal Amount,
such candidate shall be appointed as the Controlling Party. Following the appointment of such successor Controlling
Party, the Trustee shall promptly provide the new Controlling Party’s identity and contact information to the Issuer,
the HVIF Administrator, the Administrative Agent and each of the Series 2020-1 Noteholders.

 

(iv)         
No resignation or removal of the Controlling Party shall be effective until a successor Controlling Party has been appointed
pursuant to this Section 11.22.

 

(e)          
Liabilities of the Controlling Party. The Controlling Party shall have no liability to the Series 2020-1 Noteholders
for any action taken, or for refraining from the taking of any action, in good faith pursuant to this Series 2010-1 Supplement
or any other Series 2020-1 Related Document or for errors in judgment. Each Series 2020-1 Noteholder acknowledges and agrees, by
its acceptance of its Series 2020-1 Notes or interests therein, that (i) the Controlling Party may have special relationships and
interests that conflict with those of Series 2020-1 Noteholders of one or more Classes of Notes, or that conflict with other Series
2020-1 Noteholders, (ii) the Controlling Party may act solely in the interests of the Controlling Party or in its own interest,
(iii) the Controlling Party does not have any duties to Series 2020-1 Noteholders, (iv) the Controlling Party may take actions
that favor the interests of the Controlling Party over the interests of Series 2020-1 Noteholders of one or more Classes of Notes,
(v) the Controlling Party shall have no liability whatsoever for having so acted pursuant to clauses (i) through (iv)
hereof, and no Series 2020-1 Noteholder may take any action whatsoever against the Controlling Party for having so acted or against
any director, officer, employee, agent or principal thereof for having so acted.

 

[Remainder of the page
left intentionally blank]

 

    54

     

    

 

 

IN
WITNESS WHEREOF, HVIF and the Trustee have caused this Series 2020-1 Supplement to be duly executed by their respective officers
hereunto duly authorized as of the day and year first above written.

 

	 	HERTZ VEHICLE INTERIM FINANCING
    LLC, as Issuer
	 	 
	 	By:	/S/
    M David Galainena
	 	 	Name:	 M David Galainena
	 	 	Title:	 Vice President, General Counsel and Secretary

 

	 	THE HERTZ CORPORATION, as HVIF
	 	Administrator and individually
    (solely with respect to Section 11.21),
	 	 
	 	By:	/S/
    M David Galainena
	 	 	Name:	 M David Galainena
	 	 	Title:	 Executive Vice President, General Counsel
    and Secretary

 

Signature
Page to Series 2020-1 Supplement (HVIF) 

 

     

     

    

 

	 	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 Series 2020-1 Supplement (HVIF) 

 

     

     

    

 

	 	DEUTSCHE BANK AG, NEW YORK
    BRANCH,
	 	as the Administrative Agent
	 	 
	 	By:	/S/
    Kevin Fagan
	 	 	Name:	 Kevin Fagan
	 	 	Title:	 Vice President

 

	 	By:	/S/
    Katherine Bologna
	 	 	Name:	 Katherine Bologna
	 	 	Title:	 MD

 

Signature
Page to Series 2020-1 Supplement (HVIF) 

 

     

     

    

 

	 	APOLLO CAPITAL MANAGEMENT,
    L.P.,
	 	as the Controlling Party
	 	 
	 	By: 	Apollo Capital Management GP, LLC, its general partner
	 	 
	 	By:	/S/ Joseph
    D. Glatt
	 	Name:	 Joseph D. Glatt
	 	Title:	 Vice President

 

Signature Page to
Series 2020-1 Supplement (HVIF) 

 

     

     

    

 

	 	ATHENE ANNUITY RE LTD., as
    a Class A
	 	Noteholder
	 	 
	 	By: 	Apollo Insurance Solutions Group LP, its investment adviser
	 	 
	 	By: 	AISG GP Ltd., its general partner
	 	 
	 	By:	/S/
    James R. Belardi
	 	Name:	James R. Belardi
	 	Title:	Chief Executive Officer

 

Signature Page to
Series 2020-1 Supplement (HVIF) 

 

     

     

    

 

 

	 	AMERICAN EQUITY INVESTMENT
    LIFE

    INSURANCE COMPANY, as a Class A
	 	Noteholder
	 	 
	 	By: Apollo Insurance Solutions
    Group LP, its 

    investment adviser
	 	 
	 	By: AISG GP Ltd., its general
    partner
	 	 
	 	 
	 	By:	/S/
    James R. Belardi
	 	Name: James R. Belardi
	 	Title: Chief Executive Officer

 

Signature Page to Series 2020-1 Supplement (HVIF)

 

     

     

    

 

	 	AMERICAN EQUITY INVESTMENT
    LIFE

    INSURANCE COMPANY, as a Class B
	 	Noteholder
	 	 
	 	By: Apollo Insurance Solutions
    Group LP, its 

    investment adviser
	 	 
	 	By: AISG GP Ltd., its general
    partner
	 	 
	 	 
	 	By:	/S/
    James R. Belardi
	 	Name: James R. Belardi
	 	Title: Chief Executive Officer

 

Signature Page to Series 2020-1 Supplement (HVIF)

 

     

     

    

 

	 	ATHENE CO-INVEST REINSURANCE
    AFFILIATE 

    1B LTD., as a Class A Noteholder
	 	 
	 	By: Apollo Insurance Solutions
    Group LP, its 

    investment adviser
	 	 
	 	By: AISG GP Ltd., its general
    partner
	 	 
	 	 
	 	By:	/S/
    James R. Belardi
	 	Name: James R. Belardi
	 	Title: Chief Executive Officer

 

Signature Page to Series 2020-1 Supplement (HVIF)

 

     

     

    

 

	 	ATHENE CO-INVEST REINSURANCE
    AFFILIATE 

    1B LTD., as a Class B Noteholder
	 	 
	 	By: Apollo Insurance Solutions
    Group LP, its

    investment adviser
	 	 
	 	By: AISG GP Ltd., its general
    partner
	 	 
	 	 
	 	By:	/S/
    James R. Belardi
	 	Name: James R. Belardi
	 	Title: Chief Executive Officer

 

Signature Page to Series 2020-1 Supplement (HVIF)

 

     

     

    

 

	 	ATHENE ANNUITY & LIFE ASSURANCE
    

    COMPANY, as a Class A Noteholder
	 	 
	 	By: Apollo Insurance Solutions
    Group LP, its 

    investment adviser
	 	 
	 	By: AISG GP Ltd., its general
    partner
	 	 
	 	 
	 	By:	/S/
    James R. Belardi
	 	Name: James R. Belardi
	 	Title: Chief Executive Officer

 

Signature Page
to Series 2020-1 Supplement (HVIF)

 

     

     

    

 

 

	 	ATHENE ANNUITY & LIFE ASSURANCE
    COMPANY, as a Class B Noteholder
	 	 
	 	By: Apollo Insurance Solutions
    Group LP, its investment adviser
	 	 
	 	By: AISG GP Ltd., its general
    partner
	 	 
	 	By:	/S/ James R. Belardi
	 	Name: James R. Belardi
	 	Title: Chief Executive Officer

 

Signature Page to Series 2020-1 Supplement (HVIF)

 

     

     

    

 

	 	ATHENE ANNUITY AND LIFE COMPANY,
    as a Class A Noteholder
	 	 
	 	By: Apollo Insurance Solutions
    Group LP, its investment adviser
	 	 
	 	By: AISG GP Ltd., its general
    partner
	 	 
	 	By:	/S/
    James R. Belardi
	 	Name: James R. Belardi
	 	Title: Chief Executive Officer

 

Signature Page to Series 2020-1 Supplement (HVIF)

 

     

     

    

 

	 	ATHENE ANNUITY AND LIFE COMPANY,
    as a Class B Noteholder
	 	 
	 	By: Apollo Insurance Solutions
    Group LP, its investment adviser
	 	 
	 	By: AISG GP Ltd., its general
    partner
	 	 
	 	By:	/S/
    James R. Belardi
	 	Name: James R. Belardi
	 	Title: Chief Executive Officer

 

Signature Page to Series 2020-1 Supplement (HVIF)

 

     

     

    

 

	 	JACKSON NATIONAL LIFE INSURANCE
    COMPANY, as a Class A Noteholder
	 	 
	 	By: Apollo Insurance Solutions
    Group LP, its investment adviser
	 	 
	 	By: AISG GP Ltd., its general
    partner
	 	 
	 	By: 	/S/ James R. Belardi
	 	Name: James R. Belardi
	 	Title: Chief Executive Officer

 

Signature Page to Series 2020-1 Supplement (HVIF)

 

     

     

    

 

	 	JACKSON NATIONAL LIFE INSURANCE
    COMPANY, as a Class B Noteholder
	 	 
	 	By: Apollo Insurance Solutions
    Group LP, its investment adviser
	 	 
	 	By: AISG GP Ltd., its general
    partner
	 	 
	 	By: 	/S/ James R. Belardi
	 	Name: James R. Belardi
	 	Title: Chief Executive Officer

 

Signature Page to Series 2020-1 Supplement (HVIF)

 

     

     

    

 

 

	 	THE
    LINCOLN NATIONAL LIFE INSURANCE COMPANY, as a Class A Noteholder
	 	 
	 	By:
    Apollo Insurance Solutions Group LP, its investment adviser
	 	 
	 	By:
    AISG GP Ltd., its general partner
	 	 
	 	By: 	/S/ James R. Belardi
	 	Name:  	James R. Belardi
	 	Title: 	Chief Executive Officer

 

Signature Page to Series 2020-1 Supplement (HVIF)

 

    

     

    

 

	 	MIDLAND
    NATIONAL LIFE INSURANCE COMPANY, as a Class A Noteholder
	 	 
	 	By:
    Apollo Insurance Solutions Group LP, its investment adviser
	 	 
	 	By:
    AISG GP Ltd., its general partner
	 	 
	 	By:	/S/
    James R. Belardi
	 	Name: 	James
    R. Belardi
	 	Title:	Chief
    Executive Officer

 

Signature Page to Series 2020-1 Supplement (HVIF)

 

    

     

    

 

	 	MASSACHUSETTS
    MUTUAL LIFE INSURANCE COMPANY, as a Class A Noteholder
	 	 
	 	By:
    Apollo Insurance Solutions Group LP, its investment adviser
	 	 
	 	By:
    AISG GP Ltd., its general partner
	 	 
	 	By:	 /S/ James R. Belardi
	 	Name:   	James R. Belardi
	 	Title: 	Chief Executive Officer

 

Signature Page to Series 2020-1 Supplement (HVIF)

 

    

     

    

 

	 	MASSACHUSETTS
    MUTUAL LIFE INSURANCE COMPANY, as a Class B Noteholder
	 	 
	 	By:
    Apollo Insurance Solutions Group LP, its investment adviser
	 	 
	 	By:
    AISG GP Ltd., its general partner
	 	 
	 	By:	 /S/ James R. Belardi
	 	Name:   	James R. Belardi  
	 	Title: 	Chief Executive Officer
	 	 

 

Signature
Page to Series 2020-1 Supplement (HVIF) 

 

    

     

    

 

	 	VENERABLE
    INSURANCE AND ANNUITY COMPANY, as a Class A Noteholder
	 	 
	 	By:
    Apollo Insurance Solutions Group LP, its investment adviser
	 	 
	 	By:
    AISG GP Ltd., its general partner
	 	 
	 	By:	 /S/ James R. Belardi
	 	Name: 	 James R. Belardi
	 	Title: 	Chief Executive Officer

 

Signature
Page to Series 2020-1 Supplement (HVIF) 

 

    

     

    

 

	 	 
	 	APOLLO STRUCTURED
    CREDIT RECOVERY
 MASTER FUND IV LP, as a Class B Noteholder
	 	 
	 	By: Apollo
    Structured Credit Recovery Advisors IV
 LLC, its general partner
	 	 
	 	By: 	/S/
    Joseph D. Glatt              
	 	Name: Joseph
    D. Glatt
	 	Title: Vice
    President

    Signature Page to Series 2020-1 Supplement (HVIF)
 

     

    

	 	 
	 	APOLLO CREDIT
    FUNDS ICAV, an Irish umbrella 
 collective asset vehicle, acting in respect of its sub-fund, 
 Apollo Developed Markets
    Long Dated IG Corporate
 Debt Fund, as a Class A Noteholder
	 	 
	 	By: ACF Europe
    Management, LLC, its portfolio manager
	 	 
	 	By:	/S/
    Joseph D. Glatt                     
	 	Name: Joseph
    D. Glatt
	 	Title: Vice
    President

    Signature Page to Series 2020-1 Supplement (HVIF)
 

     

    

	 	 
	 	APOLLO CREDIT
    FUNDS ICAV, an Irish umbrella
 collective asset vehicle, acting in respect of its sub-fund,
 Apollo Developed Markets
    Long Dated IG Corporate
 Debt Fund, as a Class B Noteholder
	 	 
	 	By: ACF Europe
    Management, LLC, its portfolio manager
	 	 
	 	By:	
    /S/ Joseph D. Glatt                
	 	Name: Joseph
    D. Glatt
	 	Title: Vice
    President

    Signature Page to Series 2020-1 Supplement (HVIF)
 

     

    

	 	 
	 	DEUTSCHE
    BANK AG, NEW YORK BRANCH, 
 as a Class A Noteholder
	 	 
	 	By:	/S/
    Kevin Fagan        

	 	Name: 	Kevin Fagan          
	 	Title: 	Vice President
	 	  

	 	By: 	/S/
    Katherine Bologna               

	 	Name: 	Katherine
    Bologna
	 	Title: 	MD

    Signature Page to Series 2020-1 Supplement (HVIF)
 

     

    

	 	 
	 	BARCLAYS
    BANK PLC, as a Class A Noteholder
	 	 
	 	By:	/S/
    John J. McCarthy
	 	Name: John
    J. McCarthy
	 	Title: Director

    Signature Page to Series 2020-1 Supplement (HVIF)
 

     

    

	 	 
	 	ROYAL BANK
    OF CANADA, as a Class A Noteholder
	 	 
	 	By: 	/S/
    Nur Khan             
	 	Name: Nur
    Khan
	 	Title: Authorized
    Signatory
	 	 
	 	By: 	/S/
    Susan Calder
	 	Name: Susan
    Calder
	 	Title: Authorized
    Signatory

    Signature Page to Series 2020-1 Supplement (HVIF)
 

     

    

 

 

Schedule
I

TO THE SERIES 2020-1 SUPPLEMENT

 

DEFINITIONS LIST

 

“ABS DIP Facility
Order” has the meeting specified in Section 6 of Annex 3.

 

“Additional
Permitted Investment” has the meaning specified in Section 18 of Annex 2.

 

“Administrative
Agent” has the meaning specified in the Preamble.

 

“Administrative
Agent Fee” has the meaning specified in the Administrative Agent Fee Letter.

 

“Administrative
Agent Fee Letter” means that certain fee letter, dated as of the Series 2020-1 Closing Date, between the Administrative
Agent and HVIF setting forth the definition of the Administrative Agent Fee.

 

“Administrative
Agent Indemnified Liabilities” has the meaning specified in Section 11.4(c)(ii).

 

“Administrative
Agent Indemnified Parties” has the meaning specified in Section 11.4(c)(ii).

 

“Advance”
means any Class A Advance or Class B Advance, as applicable.

 

“Affected
Financial Institution” means (a) any EEA Financial Institution or (b) any UK Financial Institution.

 

“Affected
Person” means any Series 2020-1 Noteholder that bears any additional loss or expense described in any Specified Cost
Section.

 

“Agent Indemnified
Liabilities” has the meaning specified in Section 11.4(c)(i).

 

“Agent Indemnified
Parties” has the meaning specified in Section 11.4(c)(i).

 

“Aggregate
Unpaids” has the meaning specified in Section 10.1.

 

“Anti-Corruption
Laws” means the Foreign Corrupt Practices Act of 1977, as amended, and all laws, rules and regulations of the European
Union and United Kingdom applicable to Hertz or its Subsidiaries from time to time concerning or relating to bribery or corruption.

 

“Apollo Entity”
means Apollo Capital Management, L.P. or an investment fund, separate account or other entity owned (in whole or in part), controlled,
managed and/or advised by Apollo Capital Management, L.P. or its Affiliates that is otherwise designated by Apollo Capital Management,
L.P.

 

“Apollo Holder”
means any Series 2020-1 Noteholder that is Athene USA Corporation, the Controlling Party or any Apollo Entity that is a Series
2020-1 Noteholder.

 

“Assignment
and Assumption Agreement” has the meaning specified in Section 9.2(a).

 

“Bail-In Action”
means the exercise of any Write-Down and Conversion Powers by the applicable Resolution Authority in respect of any liability of
an Affected Financial Institution.

 

“Bail-In
Legislation” means (a) with respect to any EEA Member Country implementing Article 55 of Directive 2014/59/EU of
the European Parliament and of the Council of the European Union, the implementing law, regulation rule or requirement for
such EEA Member Country from time to time which is described in the EU Bail-In Legislation Schedule and (b) with respect to
the United Kingdom, Part I of the United Kingdom Banking Act 2009 (as amended from time to time) and any other law,
regulation or rule applicable in the United Kingdom relating to the resolution of unsound or failing banks, investment firms
or other financial institutions or their affiliates (other than through liquidation, administration or other insolvency
proceedings).

 

    SI-1 

     

    

 

“Bankruptcy
Court” means the United States Bankruptcy Court for the District of Delaware or such other court as shall have jurisdiction
over the Chapter 11 Cases.

 

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

 

“Benefit Plan
Investor” means a benefit plan investor, as defined in Section 3(42) of ERISA, and includes (a) an employee benefit plan
that is subject to the provisions of Part 4 of Subtitle B of Title I of ERISA, (b) a plan to which Section 4975 of the Code applies
or (c) any entity whose underlying assets include “plan assets” by reason of such an employee benefit plan or plan’s
investment in such entity.

 

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

 

“Breakage
Costs” means, with respect to a rejected or canceled Class A Advance or Class B Advance pursuant to Section 2.2(e),
an unfulfilled Mandatory Decrease or Voluntary Decrease pursuant to Section 2.4(e) or an optional repurchase of Series 2020-1
Notes pursuant to Section 11.1, such amount as will (in the reasonable determination of the Affected Person) reimburse such
Affected Person for such loss or expense; provided that the maximum amount payable by HVIF to any Affected Person in respect
of any losses or expenses that result from any non-payment, repayment or prepayment described in Section 2.2 or Section
2.4, as applicable, shall be the amount HVIF would be obligated to pay pursuant to Section 2.2 or Section 2.4,
as applicable, if such payment, repayment or prepayment were scheduled to have been paid on the next succeeding Payment Date; provided
further that in no event shall any amount be payable by HVIF to any Affected Person as a result of any repayment or prepayment
unless (i) the amount of such non-payment, repayment or prepayment exceeds $100,000,000 with respect to such Affected Person and
(ii) such Affected Person shall have received less than five (5) Business Days’ written notice from HVIF of such non-payment,
repayment or prepayment, as the case may be.

 

“Capital Stock”
means any and all shares, interests, participations or other equivalents (however designated) of capital stock of a corporation,
any and all equivalent ownership interests (including membership and partnership interests) in a Person (other than a corporation)
and any and all warrants or options to purchase any of the foregoing.

 

“Cash AUP”
has the meaning in Section 5 of Annex 2.

 

“Change
in Law” means (a) any law, rule or regulation or any change therein or in the interpretation or application thereof
(whether or not having the force of law), in each case, adopted, issued or occurring after the Effective Date or (b) any
request, guideline or directive (whether or not having the force of law) from any government or political subdivision or
agency, authority, bureau, central bank, commission, department or instrumentality thereof, or any court, tribunal, grand
jury or arbitrator, or any accounting board or authority (whether or not part of government) that is responsible for the
establishment or interpretation of national or international accounting principles, in each case, whether foreign or domestic
(each an “Official Body”) charged with the administration, interpretation or application thereof, or the
compliance with any request or directive of any Official Body (whether or not having the force of law) made, issued or
occurring after the Effective Date; provided that, notwithstanding anything in the foregoing to the contrary, (x) the
Dodd-Frank Wall Street Reform and Consumer Protection Act and all requests, rules, regulations, guidelines, interpretations
or directives thereunder or issued in connection therewith and (y) all requests, rules, regulations, guidelines,
interpretations or directives promulgated by the Bank for International Settlements, the Basel Committee on Banking
Supervision (or any successor or similar authority) or any other United States or foreign regulatory authorities, in each
case, pursuant to Basel III, shall, in each case, be deemed to be a “Change in Law”, regardless of the date
enacted, adopted, issued or implemented.

 

    SI-2 

     

    

 

“Change of
Control” means (a) the occurrence of any of the following events after the Effective Date to but excluding the Emergence
Date: (i) any “person” (as such term is used in Sections 13(d) and 14(d) of the Exchange Act), other than one or more
Permitted Holders or a Parent, becomes the “beneficial owner” (as defined in Rules 13d-3 and 13d-5 under the Exchange
Act), directly or indirectly, of more than 50% of the total voting power of the Voting Stock of Hertz, provided that so
long as Hertz is a Subsidiary of any Parent, no “person” shall be deemed to be or become a “beneficial owner”
of more than 50% of the total voting power of the Voting Stock of Hertz unless such “person” shall be or become a “beneficial
owner” of more than 50% of the total voting power of the Voting Stock of such Parent; or (ii) Hertz sells or transfers (in
one or a series of related transactions) all or substantially all of the assets of Hertz and its Subsidiaries to another Person
(other than one or more Permitted Holders) and any “person” (as defined in clause (i) above), other than one
or more Permitted Holders or any Parent, is or becomes the “beneficial owner” (as so defined), directly or indirectly,
of more than 50% of the total voting power of the Voting Stock of the transferee Person in such sale or transfer of assets, as
the case may be, provided that so long as such transferee Person is a Subsidiary of a parent Person, no “person”
shall be deemed to be or become a “beneficial owner” of more than 50% of the total voting power of the Voting Stock
of such surviving or transferee Person unless such “person” shall be or become a “beneficial owner” of
more than 50% of the total voting power of the Voting Stock of such parent Person; or (iii) Hertz shall cease to own directly 100%
of the Capital Stock of HVIF; or (iv) Hertz shall cease to own directly or indirectly 100% of the Capital Stock of the Nominee
on any date on which the Certificate of Title for any Eligible Vehicle is in the name of the Nominee and (b) after the Emergence
Date, any “Change of Control” as defined in the Post-Emergence Senior Credit Facilities.

 

For the purpose of
this definition, the Reorganization Assets (whether individually or in the aggregate) shall not be deemed at any time to constitute
all or substantially all of the assets of Hertz and its Subsidiaries, and any sale or transfer of all or any part of the Reorganization
Assets (whether directly or indirectly, whether by sale or transfer of any such assets, or of any Capital Stock or other interest
in any Person holding such assets, or of any combination thereof, and whether in one or more transactions, or otherwise) shall
not be deemed at any time to constitute a sale or transfer of all or substantially all of the assets of Hertz and its Subsidiaries.

 

“Chapter 11
Cases” means the Chapter 11 cases of the Debtors, which are being jointly administered under case number 20-11218 (MFW)
in the Bankruptcy Court.

 

“Chapter 11
Milestone” means the filing of a Chapter 11 Plan by the Debtors with the Bankruptcy Court by no later than August 1,
2021.

 

“Chapter 11
Plan” means a plan of reorganization filed in any of the Chapter 11 Cases under Section 1121 of the Bankruptcy Code.

 

“Class
A Advance” has the meaning specified in Section 2.2(a)(i).

 

“Class A
Available Delayed Amount Noteholder” means, with respect to any Class A Advance, any Class A Noteholder that either
(i) has not delivered a Class A Delayed Funding Notice with respect to such Class A Advance or (ii) has delivered a Class A Delayed
Funding Notice with respect to such Class A Advance, but (x) has a Class A Delayed Amount with respect to such Class A Advance
equal to zero and (y) after giving effect to the funding of any amount in respect of such Class A Advance to be made by such Class
A Noteholder on the proposed date of such Class A Advance, has a Class A Required Non-Delayed Amount that is greater than zero.

 

    SI-3 

     

    

 

“Class A Available
Delayed Amount Purchaser” means, with respect to any Class A Advance, any Class A Available Delayed Amount Noteholder
that funds all or any portion of a Class A Second Delayed Funding Notice Amount with respect to such Class A Advance on the date
of such Class A Advance.

 

“Class A Commitment”
means, with respect to each Class A Noteholder, the obligation of such Class A Noteholder to fund Class A Advances pursuant to
Section 2.2(a) in an aggregate stated amount up to the Class A Maximum Noteholder Principal Amount for such Class A Noteholder.

 

“Class A Deficiency
Amount” has the meaning specified in Section 3.1(b)(ii).

 

“Class A Delayed
Amount” has the meaning specified in Section 2.2(a)(iv)(A).

 

“Class A Delayed
Funding Date” has the meaning specified in Section 2.2(a)(iv)(A).

 

“Class A Delayed
Funding Notice” has the meaning specified in Section 2.2(a)(iv)(A).

 

“Class A Delayed
Funding Purchaser” means, as of any date of determination, each Class A Noteholder party to this Series 2020-1 Supplement.

 

“Class A Delayed
Funding Reimbursement Amount” means, with respect to any Class A Delayed Funding Purchaser, with respect to the portion
of the Class A Delayed Amount of such Class A Delayed Funding Purchaser funded by the Class A Available Delayed Amount Purchaser(s)
on the date of the Class A Advance related to such Class A Delayed Amount, an amount equal to the excess, if any, of (a) such portion
of the Class A Delayed Amount funded by the Class A Available Delayed Amount Purchaser(s) on the date of the Class A Advance related
to such Class A Delayed Amount over (b) the amount, if any, by which the portion of any payment of principal (including any Decrease),
if any, made by HVIF to each such Class A Available Delayed Amount Purchaser on any date during the period from and including the
date of the Advance related to such Class A Delayed Amount to but excluding the Class A Delayed Funding Date for such Class A Delayed
Amount, was greater than what it would have been had such portion of the Class A Delayed Amount been funded by such Class A Delayed
Funding Purchaser on such Class A Advance Date.

 

“Class A Designated
Delayed Advance” has the meaning specified in Section 2.2(a)(iv)(A).

 

“Class A Drawn
Percentage” means, as of any date of determination, a fraction expressed as a percentage, the numerator of which is the
Class A Principal Amount and the denominator of which is the Class A Maximum Principal Amount, in each case as of such date.

 

“Class A Funding
Conditions” means, with respect to any Class A Advance requested by HVIF pursuant to Section 2.2, the following
shall be true and correct both immediately before and immediately after giving effect to such Class A Advance:

 

(a)         
the representations and warranties of HVIF set out in Article VII of the Base Indenture and the representations and warranties
of HVIF and the HVIF Administrator set out in Article VI of this Series 2020-1 Supplement, the representations and warranties
of the Nominee set out in Article XII of the Nominee Agreement and the representations and warranties of the Lessees set out in
Section 7 of the HVIF Lease, in each case, shall be true and accurate as of the date of such Class A Advance with the same effect
as though made on that date (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);

 

(b)          the
Administrative Agent shall have received (i) an executed Class A/B Advance Request certifying as to the current
Aggregate Asset Amount, delivered in accordance with the provisions of Section 2.2 and (ii) all information
reasonably requested by the Administrative Agent prior to the date of such Class A Advance, including the Monthly HVIF
Noteholders’ Statement for the related month immediately preceding the date of such Class A Advance (if any);

 

    SI-4 

     

    

 

(c)          
no Class A Excess Principal Event is continuing; provided that, solely for purposes of calculating whether a Class
A Excess Principal Event is continuing under this clause (c), the Class A Principal Amount shall be deemed to be increased
by (i) all Class A Advances, if any, that any Class A Noteholder is required to fund after the date of such requested Class
A Advance and that have not otherwise been funded on or prior to the date of such requested Class A Advance and (ii) all Class
A Delayed Amounts, if any, that any Class A Delayed Funding Purchaser is required to fund on a Class A Delayed Funding Date that
is scheduled to occur after the date of such requested Class A Advance that have not been funded on or prior to the date of such
requested Class A Advance;

 

(d)         
no Amortization Event or Potential Amortization Event, in each case with respect to the Series 2020-1 Notes, exists;

 

(e)          
the Rental Utilization Condition is satisfied;

 

(f)          
each Class A Noteholder shall have received its respective Class A Note substantially in the form of Exhibit A-1 hereto;
and

 

(g)         
the Series 2020-1 Draw Period is continuing.

 

“Class A Maximum
Noteholder Principal Amount” means, with respect to each Class A Noteholder as of any date of determination, the amount
specified as such for such Class A Noteholder on Schedule II hereto for such date of determination, as such amount may be
increased or decreased from time to time in accordance with the terms hereof; provided that on any day after the occurrence
and during the continuance of an Amortization Event with respect to the Series 2020-1 Notes, the Class A Maximum Principal Amount
with respect to each Class A Noteholder shall not exceed the Class A Noteholder Principal Amount for such Class A Noteholder.

 

“Class A Maximum
Principal Amount” means $3,500,000,000; provided that such amount may be reduced at any time and from time to
time by HVIF upon notice to each Series 2020-1 Noteholder and the Administrative Agent in accordance with the terms of this Series
2020-1 Supplement.

 

“Class A Monthly
Default Interest Amount” means, with respect to any Payment Date, an amount equal to the sum, for each day in the Series
2020-1 Interest Period, of (i) an amount equal to (A) the product of (x) 2.0% and (y) the Class A Principal Amount as of such day
(after giving effect to any increases or decreases to the Class A Principal Amount on such day) upon which an Amortization Event
with respect to the Series 2020-1 Notes has occurred and is continuing divided by (B) 360 plus (ii) all previously
due and unpaid amounts described in clause (i) with respect to prior Series 2020-1 Interest Periods (together with interest
on such unpaid amounts required to be paid in this clause (ii) at the rate specified in clause (i)).

 

“Class A
Monthly Interest Amount” means, for each Series 2020-1 Interest Period, an amount equal to the excess of (i) the
sum of (A) the product of (1) the Class A Note Rate, (2) the Class A Principal Amount as of the preceding Payment
Date (or zero in the case of the initial Series 2020-1 Interest Period) and (3) 1/12, (B) the Class A Undrawn Fee and (C) for
each Class A Advance during such Series 2020-1 Interest Period, the product of (1) the Class A Note Rate, (2) the
amount of such Class A Advance, (3) (x) the number of days such Class A Advance was outstanding during such Series
2020-1 Interest Period divided by (y) 30 and (4) 1/12 over (ii) for each Decrease during such Series 2020-1
Interest Period, the product of (1) the Class A Note Rate, (2) the amount of such Decrease applied to the Class A
Notes, (3) (x) 30 minus the number of days remaining in such Series 2020-1 Interest Period after the date of
such Decrease divided by (y) 30 and (4) 1/12.

 

    SI-5 

     

    

 

“Class A Non-Delayed
Amount” means, with respect to any Class A Delayed Funding Purchaser and a Class A Advance for which the Class A Delayed
Funding Purchaser delivered a Class A Delayed Funding Notice, an amount equal to the excess of such Class A Delayed Funding Purchaser’s
ratable portion of such Class A Advance over its Class A Delayed Amount in respect of such Class A Advance.

 

“Class A Note
Rate” has the meaning specified in Section 3.1(a)(i).

 

“Class A Noteholder”
has the meaning specified in the Preamble.

 

“Class A Noteholder
Percentage” means, with respect to any Class A Noteholder, the percentage set forth opposite the name of such Class A
Noteholder on Schedule II hereto.

 

“Class A Noteholder
Principal Amount” means, as of any date of determination with respect to any Class A Noteholder, the result of: (i) the
principal amount of the portion of all Class A Advances funded by such Class A Noteholder on or prior to such date, minus
(ii) the amount of principal payments (whether pursuant to a Decrease with respect to Class A Notes, a redemption or otherwise)
made to such Class A Noteholder pursuant to this Series 2020-1 Supplement on or prior to such date, plus (iii) the amount
of principal payments recovered from such Class A Noteholder by a trustee as a preference payment in a bankruptcy proceeding of
HVIF or otherwise on or prior to such date.

 

“Class A Notes”
means any one of the Series 2020-1 Delayed Draw Rental Car Asset Backed Notes, Class A, executed by HVIF and authenticated by or
on behalf of the Trustee, substantially in the form of Exhibit A-1 hereto.

 

“Class A Permitted
Delayed Amount” is defined in Section 2.2(a)(iv)(a).

 

“Class A Permitted
Required Non-Delayed Percentage” means, 20% or 40%.

 

“Class A Principal
Amount” means, when used with respect to any date, an amount equal to the sum of the Class A Noteholder Principal Amount
as of such date with respect to each Class A Noteholder as of such date; provided that, during the Series 2020-1 Draw Period,
for purposes of determining whether or not the Requisite HVIF Investors or Series 2020-1 Required Noteholders have given any consent,
waiver, direction or instruction, the Class A Principal Amount held by each Class A Noteholder shall be deemed to include, without
double counting, such Class A Noteholder’s undrawn portion of the “Class A Maximum Noteholder Principal Amount”
(i.e., the unutilized purchase commitments with respect to the Class A Notes under this Series 2020-1 Supplement) for such
Class A Noteholder’s Class A Noteholder.

 

“Class A Required
Non-Delayed Amount” means, with respect to a Class A Delayed Funding Purchaser and a proposed Class A Advance, the excess,
if any, of (a) the Class A Required Non-Delayed Percentage of such Class A Delayed Funding Purchaser’s Class A Maximum Noteholder
Principal Amount as of the date of such proposed Class A Advance over (b) with respect to each previously Class A Designated Delayed
Advance of such Class A Delayed Funding Purchaser with respect to which the related Class A Advance occurred during the thirty-five
(35) days preceding the date of such proposed Class A Advance, if any, the sum of, with respect to each such previously Class A
Designated Delayed Advance for which the related Class A Delayed Funding Date will not have occurred on or prior to the date of
such proposed Class A Advance, the Class A Non-Delayed Amount with respect to each such previously Class A Designated Delayed Advance.

 

“Class A
Required Non-Delayed Percentage” means, as of the Effective Date, 20%, and as of any date thereafter, the Class A
Permitted Required Non-Delayed Percentage most recently specified in a written notice delivered by HVIF to the Administrative
Agent and each Class A Noteholder at least 35 days prior to the effective date specified therein.

 

    SI-6 

     

    

 

“Class A Second
Delayed Funding Notice” is defined in Section 2.2(a)(iv)(C).

 

“Class A Second
Delayed Funding Notice Amount” has the meaning specified in Section 2.2(a)(iv)(C).

 

“Class A Second
Permitted Delayed Amount” is defined in Section 2.2(a)(iv)(C).

 

“Class A Undrawn
Fee” means:

 

(a)         
with respect to each Payment Date on or prior to the Series 2020-1 Commitment Termination Date and each Class A Noteholder,
an amount equal to the sum with respect to each day in the Series 2020-1 Interest Period of the product of:

 

(i)               
the Class A Undrawn Fee Rate for such Class A Noteholder for such day, and

 

(ii)              
the excess, if any, of (i) the Class A Maximum Noteholder Principal Amount for the related Class A Noteholder over (ii)
the Class A Noteholder Principal Amount for the related Class A Noteholder (after giving effect to all Class A Advances and Decreases
with respect to Class A Notes on such day), in each case for such day, and

 

(iii)            
1/360, and

 

(b)         
with respect to each Payment Date following the Series 2020-1 Commitment Termination Date, zero.

 

“Class A Undrawn
Fee Rate” means, for the Class A Drawn Percentage listed in the table below, the percentage set forth opposite such Class
A Drawn Percentage in such table.

 

	Class A Drawn Percentage	 	Undrawn Fee Rate	 
	Less than or equal to 25%	 	 	0.60	%
	Greater than 25%, but less than or equal to 50%	 	 	0.40	%
	Greater than 50%, but less than or equal to 75%	 	 	0.30	%
	Greater than 75%	 	 	0.15	%

 

“Class A Up-Front
Fee” means an up-front fee to be paid to each Class A Noteholder, on the Series 2020-1 Closing Date in an amount equal
to the product of (a) 0.50% and (b) the Class A Maximum Principal Amount as of the Series 2020-1 Closing Date.

 

“Class A/B
Adjusted Advance Rate” means, as of any date of determination, a percentage equal to the greater of (a) zero and (b)
an amount equal to:

 

i.            
the Class A/B Baseline Advance Rate, minus

 

ii.           
the Class A/B Concentration Excess Advance Rate Adjustment, minus 

 

iii.          
at any time (1) prior to the Emergence Date, zero and (2) thereafter, the Class A/B MTM/DT Advance Rate Adjustment.

 

    SI-7 

     

    

 

“Class A/B
Advance Request” means, with respect to any Class A Advance or Class B Advance requested by HVIF, an advance request
substantially in the form of Exhibit J hereto with respect to such Class A Advance or Class B Advance, as applicable.

 

“Class A/B
Baseline Advance Rate” means 80%.

 

“Class A/B
Concentration Adjusted Advance Rate” means as of any date of determination, the excess, if any, of the Class A/B Baseline
Advance Rate over the Class A/B Concentration Excess Advance Rate Adjustment.

 

“Class A/B
Concentration Excess Advance Rate Adjustment” means, 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 2020-1 Concentration
Excess Amount and (B) the Class A/B Baseline Advance Rate, and the denominator of which is (II) the Series 2020-1 Asset Amount,
in each case as of such date, and

 

(b)          the Class A/B Baseline Advance Rate;

 

“Class A/B
MTM/DT Advance Rate Adjustment” means, as of any date of determination after the Emergence Date, a percentage equal to
the product of (i) the Series 2020-1 Failure Percentage as of such date and (ii) the Class A/B Concentration Adjusted Advance Rate.

 

“Class B Advance”
has the meaning specified in Section 2.2(b)(i).

 

“Class B Available
Delayed Amount Noteholder” means, with respect to any Class B Advance, any Class B Noteholder that either (i) has not
delivered a Class B Delayed Funding Notice with respect to such Class B Advance or (ii) has delivered a Class B Delayed Funding
Notice with respect to such Class B Advance, but (x) has a Class B Delayed Amount with respect to such Class B Advance equal to
zero and (y) after giving effect to the funding of any amount in respect of such Class B Advance to be made by such Class B Noteholder
on the proposed date of such Class B Advance, has a Class B Required Non-Delayed Amount that is greater than zero.

 

“Class B Available
Delayed Amount Purchaser” means, with respect to any Class B Advance, any Class B Available Delayed Amount Noteholder
that funds all or any portion of a Class B Second Delayed Funding Notice Amount with respect to such Class B Advance on the date
of such Class B Advance.

 

“Class B Base
Monthly Interest Amount” means, for each Series 2020-1 Interest Period, an amount equal to the excess of (i) the sum
of (A) the product of (1) the Class B Base Note Rate, (2) the Class B Principal Amount as of the preceding Payment Date
(or zero in the case of the initial Series 2020-1 Interest Period) and (3) 1/12, (B) the Class B Undrawn Fee and (C) for each Class
B Advance during such Series 2020-1 Interest Period, the product of (1) the Class B Base Note Rate, (2) the amount of
such Class B Advance, (3) (x) the number of days such Class B Advance was outstanding during such Series 2020-1 Interest Period
divided by (y) 30 and (4) 1/12 over (ii) for each Decrease during such Series 2020-1 Interest Period, the product of
(1) the Class B Base Note Rate, (2) the amount of such Decrease applied to the Class B Notes, (3) (x) 30 minus
the number of days remaining in such Series 2020-1 Interest Period after the date of such Decrease divided by (y) 30 and
(4) 1/12.

 

“Class B Base
Note Rate” has the meaning specified in Section 3.1(a)(ii).

 

“Class B Commitment”
means, with respect to each Class B Noteholder, the obligation of such Class B Noteholder to fund Class B Advances pursuant to
Section 2.2(b) in an aggregate stated amount up to the Class B Maximum Noteholder Principal Amount for such Class B Noteholder.

 

    SI-8 

     

    

 

“Class B Deficiency
Amount” has the meaning specified in Section 3.1(b)(ii).

 

“Class B Delayed
Amount” has the meaning specified in Section 2.2(b)(iv)(A).

 

“Class B Delayed
Funding Date” has the meaning specified in Section 2.2(b)(iv)(A).

 

“Class B Delayed
Funding Notice” has the meaning specified in Section 2.2(b)(iv)(A).

 

“Class B Delayed
Funding Purchaser” means, as of any date of determination, each Class B Noteholder party to this Series 2020-1 Supplement.

 

“Class B Delayed
Funding Reimbursement Amount” means, with respect to any Class B Delayed Funding Purchaser, with respect to the portion
of the Class B Delayed Amount of such Class B Delayed Funding Purchaser funded by the Class B Available Delayed Amount Purchaser(s)
on the date of the Class B Advance related to such Class B Delayed Amount, an amount equal to the excess, if any, of (a) such portion
of the Class B Delayed Amount funded by the Class B Available Delayed Amount Purchaser(s) on the date of the Class B Advance related
to such Class B Delayed Amount over (b) the amount, if any, by which the portion of any payment of principal (including any Decrease),
if any, made by HVIF to each such Class B Available Delayed Amount Purchaser on any date during the period from and including the
date of the Advance related to such Class B Delayed Amount to but excluding the Class B Delayed Funding Date for such Class B Delayed
Amount, was greater than what it would have been had such portion of the Class B Delayed Amount been funded by such Class B Delayed
Funding Purchaser on such Class B Advance Date.

 

“Class B Designated
Delayed Advance” has the meaning specified in Section 2.2(b)(iv)(A).

 

“Class B Drawn
Percentage” means, as of any date of determination, a fraction expressed as a percentage, the numerator of which is the
Class B Principal Amount and the denominator of which is the Class B Maximum Principal Amount, in each case as of such date.

 

“Class B Excess
Principal Event” shall be deemed to have occurred if, on any date, the Class B Principal Amount as of such date exceeds
the Class B Maximum Principal Amount as of such date.

 

“Class B Funding
Conditions” means, with respect to any Class B Advance requested by HVIF pursuant to Section 2.2, the following
shall be true and correct both immediately before and immediately after giving effect to such Class B Advance:

 

(a)         
the representations and warranties of HVIF set out in Article VII of the Base Indenture and the representations and warranties
of HVIF and the HVIF Administrator set out in Article VI of this Series 2020-1 Supplement, the representations and warranties
of the Nominee set out in Article XII of the Nominee Agreement and the representations and warranties of the Lessees set out in
Section 7 of the HVIF Lease, in each case, shall be true and accurate as of the date of such Class B Advance with the same effect
as though made on that date (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);

 

(b)         
the Administrative Agent shall have received (i) an executed Class A/B Advance Request certifying as to the current
Aggregate Asset Amount, delivered in accordance with the provisions of Section 2.2 and (ii) all information reasonably requested
by the Administrative Agent prior to the date of such Class B Advance, including the Monthly HVIF Noteholders’ Statement
for the related month immediately preceding the date of such Class B Advance (if any);

 

(c)           no
Class B Excess Principal Event is continuing; provided that, solely for purposes of calculating whether a Class B
Excess Principal Event is continuing under this clause (c), the Class B Principal Amount shall be deemed to be
increased by (i) all Class B Advances, if any, that any Class B Noteholder is required to fund after the date of such
requested Class B Advance and that have not otherwise been funded on or prior to the date of such requested Class B Advance
and (ii) all Class B Delayed Amounts, if any, that any Class B Delayed Funding Purchaser is required to fund on a Class B
Delayed Funding Date that is scheduled to occur after the date of such requested Class B Advance that have not been funded on
or prior to the date of such requested Class B Advance;

 

    SI-9 

     

    

 

(d)         
no Amortization Event or Potential Amortization Event, in each case with respect to the Series 2020-1 Notes, exists;

 

(e)          
the Rental Utilization Condition is satisfied;

 

(f)          
each Class B Noteholder shall have received its respective Class B Note substantially in the form of Exhibit A-2 hereto;
and

 

(g)         
the Series 2020-1 Draw Period is continuing.

 

“Class B Maximum
Noteholder Principal Amount” means, with respect to each Class B Noteholder as of any date of determination, the amount
specified as such for such Class B Noteholder on Schedule II hereto for such date of determination, as such amount may be
increased or decreased from time to time in accordance with the terms hereof; provided that on any day after the occurrence
and during the continuance of an Amortization Event with respect to the Series 2020-1 Notes, the Class B Maximum Principal Amount
with respect to each Class B Noteholder shall not exceed the Class B Noteholder Principal Amount for such Class B Noteholder.

 

“Class B Maximum
Principal Amount” means $500,000,000; provided that such amount may be reduced at any time and from time to time
by HVIF upon notice to each Series 2020-1 Noteholder and the Administrative Agent in accordance with the terms of this Series 2020-1
Supplement.

 

“Class B Monthly
Default Interest Amount” means, with respect to any Payment Date, an amount equal to the sum, for each day in the Series
2020-1 Interest Period, of (i) an amount equal to (A) the product of (x) 2.0% and (y) the Class B Principal Amount as of such day
(after giving effect to any increases or decreases to the Class B Principal Amount on such day) upon which an Amortization Event
with respect to the Series 2020-1 Notes has occurred and is continuing divided by (B) 360 plus (ii) all previously
due and unpaid amounts described in clause (i) with respect to prior Series 2020-1 Interest Periods (together with interest
on such unpaid amounts required to be paid in this clause (ii) at the rate specified in clause (i)).

 

“Class B Monthly
Interest Amount” means, for each Series 2020-1 Interest Period, an amount equal to the sum of (x) the Class B Base Monthly
Interest Amount for such Series 2020-1 Interest Period and (y) the Class B Supplemental Interest Amount for such Series 2020-1
Interest Period.

 

“Class B Non-Delayed
Amount” means, with respect to any Class B Delayed Funding Purchaser and a Class B Advance for which the Class B Delayed
Funding Purchaser delivered a Class B Delayed Funding Notice, an amount equal to the excess of such Class B Delayed Funding Purchaser’s
ratable portion of such Class B Advance over its Class B Delayed Amount in respect of such Class B Advance.

 

“Class B Noteholder
Percentage” means, with respect to any Class B Noteholder, the percentage set forth opposite the name of such Class B
Noteholder on Schedule III hereto.

 

“Class B
Noteholder Principal Amount” means, as of any date of determination with respect to any Class B Noteholder, the
result of: (i) the principal amount of the portion of all Class B Advances funded by such Class B Noteholder on or prior to
such date, minus (ii) the amount of principal payments (whether pursuant to a Decrease with respect to Class B Notes,
a redemption or otherwise) made to such Class B Noteholder pursuant to this Series 2020-1 Supplement on or prior to such
date, plus (iii) the amount of principal payments recovered from such Class B Noteholder by a trustee as a preference
payment in a bankruptcy proceeding of HVIF or otherwise on or prior to such date.

 

    SI-10 

     

    

 

“Class B Noteholder”
has the meaning specified in the Preamble.

 

“Class B Notes”
means any one of the Series 2020-1 Delayed Draw Rental Car Asset Backed Notes, Class B, executed by HVIF and authenticated by or
on behalf of the Trustee, substantially in the form of Exhibit A-2 hereto.

 

“Class B Permitted
Delayed Amount” is defined in Section 2.2(b)(iv)(A).

 

“Class B Permitted
Required Non-Delayed Percentage” means, 20% or 40%.

 

“Class B Principal
Amount” means, when used with respect to any date, an amount equal to the sum of the Class B Noteholder Principal Amount
as of such date with respect to each Class B Noteholder as of such date; provided that, during the Series 2020-1 Draw Period,
for purposes of determining whether or not the Requisite HVIF Investors or Series 2020-1 Required Noteholders have given any consent,
waiver, direction or instruction, the Class B Principal Amount held by each Class B Noteholder shall be deemed to include, without
double counting, such Class B Noteholder’s undrawn portion of the “Class B Maximum Noteholder Principal Amount”
(i.e., the unutilized purchase commitments with respect to the Class B Notes under this Series 2020-1 Supplement) for such
Class B Noteholder’s Class B Noteholder.

 

“Class B Required
Non-Delayed Amount” means, with respect to a Class B Delayed Funding Purchaser and a proposed Class B Advance, the excess,
if any, of (a) the Class B Required Non-Delayed Percentage of such Class B Delayed Funding Purchaser’s Class B Maximum Noteholder
Principal Amount as of the date of such proposed Class B Advance over (b) with respect to each previously Class B Designated Delayed
Advance of such Class B Delayed Funding Purchaser with respect to which the related Class B Advance occurred during the thirty-five
(35) days preceding the date of such proposed Class B Advance, if any, the sum of, with respect to each such previously Class B
Designated Delayed Advance for which the related Class B Delayed Funding Date will not have occurred on or prior to the date of
such proposed Class B Advance, the Class B Non-Delayed Amount with respect to each such previously Class B Designated Delayed Advance.

 

“Class B Required
Non-Delayed Percentage” means, as of the Effective Date, 20%, and as of any date thereafter, the Class B Permitted Required
Non-Delayed Percentage most recently specified in a written notice delivered by HVIF to the Administrative Agent and each Class
B Noteholder at least 35 days prior to the effective date specified therein.

 

“Class B Second
Delayed Funding Notice” is defined in Section 2.2(b)(iv)(C).

 

“Class B Second
Delayed Funding Notice Amount” has the meaning specified in Section 2.2(b)(iv)(C).

 

“Class B Second
Permitted Delayed Amount” is defined in Section 2.2(b)(iv)(C).

 

“Class B Supplemental
Interest Amount” means, with respect to each Series 2020-1 Interest Period, the excess of (i) the Series 2020-1 Monthly
Interest Amount for such Series 2020-1 Interest Period over (ii) the sum of (x) the Class A Monthly Interest Amount for such
Series 2020-1 Interest Period and (y) the Class B Base Monthly Interest Amount for such Series 2020-1 Interest Period.

 

    SI-11 

     

    

 

“Class B Undrawn
Fee” means:

 

(a)         
with respect to each Payment Date on or prior to the Series 2020-1 Commitment Termination Date and each Class B Noteholder,
an amount equal to the sum with respect to each day in the Series 2020-1 Interest Period of the product of:

 

(i)               
the Class B Undrawn Fee Rate for such Class B Noteholder for such day, and

 

(ii)              
the excess, if any, of (i) the Class B Maximum Noteholder Principal Amount for the related Class B Noteholder over (ii)
the Class B Noteholder Principal Amount for the related Class B Noteholder (after giving effect to all Class B Advances and Decreases
with respect to Class B Notes on such day), in each case for such day, and

 

(iii)            
1/360, and

 

(b)         
with respect to each Payment Date following the Series 2020-1 Commitment Termination Date, zero.

 

“Class B Undrawn
Fee Rate” means, for the Class B Drawn Percentage listed in the table below, the percentage set forth opposite such Class
B Drawn Percentage in such table.

 

	Class B Drawn Percentage	 	Undrawn Fee Rate	 
	Less than or equal to 25%	 	 	0.60	%
	Greater than 25%, but less than or equal to 50%	 	 	0.40	%
	Greater than 50%, but less than or equal to 75%	 	 	0.30	%
	Greater than 75%	 	 	0.15	%

 

“Class B Up-Front
Fee” means an up-front fee to be paid to each Class B Noteholder, on the Series 2020-1 Closing Date in an amount equal
to the product of (a) 0.50% and (b) the Class B Maximum Principal Amount as of the Series 2020-1 Closing Date.

 

“Commitment
Letter” means the commitment letter, dated as of October 31, 2020, by and between Athene USA Corporation and Hertz.

 

“Commitment
Reduction Fee” means, with respect to any permanent reduction of the Maximum Commitment Amount as of any date of determination,
an amount calculated by the HVIF Administrator equal to the discounted present value determined monthly (determined as of a date
not earlier than the fifth (5th) Business Day prior to the date of such permanent reduction of the Maximum Principal Amount) of
the product of (i) the then-current Undrawn Fee Rate (before taking into account such reduction), (ii) the amount of such permanent
reduction of the Maximum Commitment Amount, (iii) 1/12 and (iv) the number of Monthly Payment Dates that will occur between such
date of determination and the Expected Final Payment Date; provided that, solely for the purposes of clause (i) of this
definition, the Undrawn Fee Rate associated with a Class A Drawn Percentage or Class B Drawn Percentage, in each case, of greater
than 75% shall be deemed to be 0.30%. The discounted present value shall be determined using a monthly period and a discount rate
equal to the yield to maturity (adjusted to a quarterly bond-equivalent basis) of the 91-day U.S. Treasury Bill.

 

“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 the Administrative Agent, 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 the Administrative Agent
or other Person to which a Noteholder or the Administrative Agent delivered such information, (ii) that was in the possession
of a Noteholder or the Administrative Agent prior to its being furnished to such Noteholder or the Administrative Agent 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 the Administrative Agent 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 the Administrative Agent 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 the
Administrative Agent to be otherwise prohibited from transmitting the information by a contractual, legal or fiduciary
obligation.

 

    SI-12 

     

    

 

“Controlling
Party” means Apollo Capital Management, L.P. or such other party designated as the “Controlling Party” hereunder.

 

“Controlling
Party Election Notice” has the meaning specified in Section 11.22(d)(i).

 

“Controlling
Party Nomination” has the meaning specified in Section 11.22(d)(i).

 

“Controlling
Party Resignation” has the meaning specified in Section 11.22(d)(i).

 

“Controlling
Person” means (i) any person that has discretionary authority or control with respect to the assets of the Issuer, (ii)
any person who provides investment advice for a fee (direct or indirect) with respect to such assets or (iii) any “affiliate”
of any of the foregoing.

 

“Corresponding
DBRS Rating” means, for each Equivalent Rating Agency Rating for any Person, the DBRS rating designation corresponding
to the row in which such Equivalent Rating Agency Rating appears in the table set forth below.

 

	Moody’s	S&P	Fitch	DBRS
	 	 	 	 
	Aaa	AAA	AAA	AAA
	Aa1	AA+	AA+	AA(H)
	Aa2	AA	AA	AA
	Aa3	AA-	AA-	AA(L)
	A1	A+	A+	A(H)
	A2	A	A	A
	A3	A-	A-	A(L)
	Baa1	BBB+	BBB+	BBB(H)
	Baa2	BBB	BBB	BBB
	Baa3	BBB-	BBB-	BBB(L)
	Ba1	BB+	BB+	BB(H)
	Ba2	BB	BB	BB
	Ba3	BB-	BB-	BB(L)
	B1	B+	B+	B-High
	B2	B	B	B
	B3	B-	B-	B(L)
	Caa1	CCC+	CCC	CCC(H)
	Caa2	CCC	CC	CCC
	Caa3	CCC-	C	CCC(L)

 

“Covered Liabilities”
has the meaning specified in Section 1.4.

 

    SI-13 

     

    

 

“DBRS”
means DBRS, Inc. dba DBRS Morningstar.

 

“DBRS Equivalent
Rating” means, with respect to any date and any Person with respect to whom DBRS does not maintain a public Relevant
DBRS Rating as of such date; (a) if such Person has an Equivalent Rating Agency Rating from three of the Equivalent Rating Agencies
as of such date, then the median of the Corresponding DBRS Ratings for such Person as of such date; (b) if such Person has Equivalent
Rating Agency Ratings from only two of the Equivalent Rating Agencies as of such date, then the lower Corresponding DBRS Rating
for such Person as of such date; and (c) if such Person has an Equivalent Rating Agency Rating from only one of the Equivalent
Rating Agencies as of such date, then the Corresponding DBRS Rating for such Person as of such date.

 

“Debtors”
has the meeting specified in Section 6 of Annex 3.

 

“Decrease”
means each Mandatory Decrease and each Voluntary Decrease and applies to the Class A Notes and the Class B Notes.

 

“Demand Notice”
has the meaning specified in Section 5.5(c).

 

“Designated
Series 2020-1 Note” means a Series 2020-1 Note evidencing the obligation of the Issuer to repay Class A Advances or Class
B Advances, as applicable, made by a Designated Series 2020-1 Noteholder.

 

“Designated
Series 2020-1 Noteholder” means a special purpose corporation that shall have become a party to this Series 2020-1 Supplement
by execution of a Designation Agreement and is not otherwise a Series 2020-1 Noteholder.

 

“Designating
Series 2020-1 Noteholder” shall mean each Series 2020-1 Noteholder that is identified as such that designates a Designated
Series 2020-1 Noteholder in accordance with a Designation Agreement.

 

“Designation
Agreement” means a designation agreement in the form of Exhibit M hereto, entered into by a Series 2020-1 Noteholder
and a Designated Series 2020-1 Noteholder and accepted by the Issuer and the Administrative Agent.

 

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

 

“DIP Credit
Agreement” means the Senior Secured Superpriority Debtor-in-Possession Credit Agreement, dated as of October 30, 2020,
by and among Hertz, as borrower, Barclays Bank PLC, as administrative agent and joint bookrunner, and the several lenders from
time to time party thereto.

 

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

 

“Disqualified
Party” means (i) any Person engaged in the business of renting, leasing, financing or disposing of motor vehicles or
equipment operating under the name “Advantage”, “Alamo”, “Amerco”, “AutoNation”,
 “Avis”, “Budget”, “CarMax”, “Courier Car Rentals”, “Edge Auto Rental”,
 “Enterprise”, “EuropCar”, “Fox”, “Midway Fleet Leasing”, “National”,
 “Payless”, “Red Dog Rental Services”, “Silvercar”, “Triangle”, “Vanguard”,
 “ZipCar”, “Angel Aerial”, “Studio Services”; “Sixt”, “Penske”, “Sunbelt
Rentals”, “United Rentals”, “ARI”, “LeasePlan”, “PHH”, “U-Haul”,
 “Virgin” or “Wheels” and (ii) any other Person that HVIF reasonably determines to be a competitor of HVIF
or any of its Affiliates, who has been identified in a written notice delivered to the Administrative Agent and each Noteholder
and (iii) any Affiliate of any of the foregoing.

 

    SI-14 

     

    

 

“Dividend
Condition” means, as of any date of determination after the Emergence Date, a condition that will be satisfied if (a)
the Class A/B MTM/DT Advance Rate Adjustment is reflected in the calculation of the Class A/B Adjusted Advance Rate, (b) no
Amortization Event or Potential Amortization Event, in each case with respect to the Series 2020-1 Notes has occurred, (iii) the
Series 2020-1 Market Value Average is at least 107% and (iv) the Series 2020-1 Non-Program Vehicle Disposition Proceeds Percentage
Average is at least 107%.

 

“Donlen”
means Donlen Corporation, an Illinois corporation.

 

“Downgrade
Withdrawal Amount” has the meaning specified in Section 5.7(b).

 

“EEA Financial
Institution” means (a) any credit institution or investment firm established in any EEA Member Country which is subject
to the supervision of an EEA Resolution Authority, (b) any entity established in an EEA Member Country which is a parent of an
institution described in clause (a) of this definition and is subject to the supervision of an EEA Resolution Authority, or (c)
any financial institution established in an EEA Member Country which is a Subsidiary of an institution described in clauses (a)
or (b) of this definition and is subject to consolidated supervision of an EEA Resolution Authority with its parent.

 

“EEA Member
Country” means any of the member states of the European Union, Iceland, Liechtenstein and Norway.

 

“EEA Resolution
Authority” means any public administrative authority or any person entrusted with public administrative authority of
any EEA Member Country (including any delegee) having responsibility for the resolution of any EEA Financial Institution.

 

“Effective
Date” means November 25, 2020.

 

“Emergence
Date” means the effective date of any Chapter 11 Plan that is confirmed pursuant to an order of the Bankruptcy Court.

 

“Employee
Benefit Plan” means any “employee benefit plan” as defined in Section 3(3) of ERISA (whether or not subject
to ERISA) which is sponsored, maintained or contributed to by, or required to be contributed by, HVIF, HGI or the Nominee.

 

“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
Event” means (i) a “reportable event” within the meaning of Section 4043(c) of ERISA and the
regulations issued thereunder with respect to any Pension Plan (excluding those for which the provision for 30-day notice to
the PBGC has been waived by regulation); (ii) the failure to meet the minimum funding standard of Sections 412 and 430
of the Code and Sections 302 and 303 of ERISA with respect to any Pension Plan (whether or not waived in accordance with
Section 412(c) of the Code and Section 302(c) of ERISA) or the failure to make by its due date a required
installment under Section 430(j) of the Code with respect to any Pension Plan or the failure to make any required
contribution to a Multiemployer Plan; (iii) the provision by the administrator of any Pension Plan pursuant to Section
4041(a)(2) of ERISA of a notice of intent to terminate such plan in a distress termination described in Section
4041(c) of ERISA; (iv) the withdrawal by HVIF, HGI or the Nominee or any of their respective ERISA Affiliates from
any Pension Plan with two or more contributing sponsors or the termination of any such Pension Plan resulting in liability to
HVIF, HGI or the Nominee or any of their respective ERISA Affiliates pursuant to Section 4063 or 4064 of ERISA; (v) the
institution by the PBGC of proceedings to terminate any Pension Plan, or the occurrence of any event or condition which
constitutes grounds under Section 4042 of ERISA for the termination of, or the appointment of a trustee to administer, any
Pension Plan; (vi) the imposition of liability on HVIF, HGI or the Nominee or any of their respective ERISA Affiliates
pursuant to Section 4062(e) or 4069 of ERISA or by reason of the application of Section 4212(c) of ERISA;
(vii) the withdrawal of HVIF, HGI or the Nominee or any of their respective ERISA Affiliates in a complete or partial
withdrawal (within the meaning of Sections 4203 and 4205 of ERISA) from any Multiemployer Plan if there is any potential
liability therefore, or the receipt by HVIF, HGI or the Nominee or any of their respective ERISA Affiliates of notice from
any Multiemployer Plan that it is insolvent pursuant to Section 4245 of ERISA, or that it intends to terminate or has
terminated under Section 4041A or 4042 of ERISA; (viii) receipt from the Internal Revenue Service of written notice of
the failure of any Pension Plan to qualify under Section 401(a) of the Code, or the failure of any trust forming part of
any Pension Plan to qualify for exemption from taxation under Section 501(a) of the Code; or (ix) the imposition of
a lien pursuant to Section 430(k) of the Code or Section 303(k) of ERISA or a violation of Section 436 of the Code.

 

    SI-15 

     

    

 

“ERISA Affiliate”
means, as applied to any Person, (i) any corporation which is a member of a controlled group of corporations within the meaning
of Section 414(b) of the Code of which that Person is a member; (ii) any trade or business (whether or not incorporated)
which is a member of a group of trades or businesses under common control within the meaning of Section 414(c) of the Code
of which that Person is a member; and (iii) any member of an affiliated service group within the meaning of Section 414(m)
or (o) of the Code of which that Person, any corporation described in clause (i) above or any trade or business described
in clause (ii) above is a member.

 

“EU Bail-In
Legislation Schedule” means the EU Bail-In Legislation Schedule published by the Loan Market Association (or any successor
person), as in effect from time to time.

 

“Excess Principal
Event” shall be deemed to have occurred if, on any date, the Series 20220-1 Principal Amount as of such date exceeds
the Maximum Principal Amount as of such date.

 

“Excluded
Disposition Proceeds” means, with respect to the sale of disposition of any HVIF Vehicle, Disposition Proceeds identified
by the Issuer to the Trustee that are (I) Casualty Payment Amounts under the HVIF Lease or (II) Disposition Proceeds of HVIF Vehicles
sold to unaffiliated third parties and, so long as the amount identified this under clause (II) does not exceed 10% of the
Maximum Principal Amount measured cumulatively from the Series 2020-1 Closing Date to such date of identification.

 

“Excluded
Liability” means any liability that is excluded under the Bail-In Legislation from the scope of any Bail-In Action including,
without limitation, any liability excluded pursuant to Article 44 of the Directive 2014/59/EU of the European Parliament and of
the Council of the European Union.

 

“Expected
Final Payment Date” means the Series 2020-1 Commitment Termination Date.

 

“Extension
Length” has the meaning specified in Section 2.6(b).

 

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

 

“Foreign Affected
Person” has the meaning specified in Section 3.6.

 

“Hertz Investors”
means Hertz Investors, Inc., and any successor in interest thereto.

 

“Hertz Senior
Credit Facility Default” means the occurrence of an event that (i) results in all amounts under each of Hertz’s
Post-Emergence Senior Credit Facilities becoming immediately due and payable and (ii) has not been waived by the lenders under
each of Hertz’s Post-Emergence Senior Credit Facilities.

 

    SI-16 

     

    

 

“Holdings”
means Hertz Global Holdings, Inc., and any successor in interest thereto.

 

“HVIF Equity”
has the meaning specified in Section 1 of Annex 5.

 

“Indemnified
Liabilities” has the meaning specified in Section 11.4(b).

 

“Indemnified
Parties” has the meaning specified in Section 11.4(b).

 

“Indemnified
Persons” has the meaning specified in Section 11.1(a).

 

“KBRA”
means Kroll Bond Rating Agency, LLC.

 

“Lease Payment
Deficit Notice” has the meaning specified in Section 5.9(b).

 

“Legal Final
Payment Date” means the one-year anniversary of the Expected Final Payment Date.

 

“Lien Holiday”
means, with respect to any HVIF Vehicle, either (x) the period of fourteen (14) days after payment has been made for such
HVIF Vehicle or (y) with respect to HVIF Vehicles that are of the vehicle type in the specified state in the table below,
the period specified in the column labeled “Extended Lien Holiday” in the table below for such vehicle type and state
after payment has been made for such HVIF Vehicle. For the avoidance of doubt, with respect to vehicles contributed to HVIF by
Hertz, the foregoing shall be measured from the date of purchase by Hertz.

 

	Vehicle Type	State	Extended Lien Holiday
	New	Alaska	45 days
	New or Used	Hawaii	45 days
	New or Used	Texas	45 days
	New or Used	California	45 days
	Used	Massachusetts	45 days
	Used	Maryland	45 days
	Used	Nevada	45 days
	Used	Oregon	45 days
	Used	Utah	45 days
	Used	Washington	45 days

 

“Losses”
has the meaning specified in Section 11.1(a).

 

“Management
Investors” means the collective reference to the officers, directors, employees and other members of the management of
any Parent, Hertz or any of their respective Subsidiaries, or family members or relatives thereof, or trusts, partnerships or limited
liability companies for the benefit of any of the foregoing, or any of their heirs, executors, successors and legal representatives,
who at any particular date shall beneficially own or have the right to acquire, directly or indirectly, Capital Stock of Hertz
or any Parent.

 

“Mandatory
Decrease Amount” means the amount of a Mandatory Decrease required to be paid by Section 2.4(b)(i).

 

    SI-17 

     

    

 

“Mandatory
Decrease” means a required payment of principal on the Series 2020-1 Notes made pursuant to Section 2.4(b)(i).

 

“Material
Adverse Effect” means a material adverse effect on (a) the business, operations, property or condition (financial
or otherwise) of Hertz and its Subsidiaries taken as a whole or (b) the validity or enforceability as to any of HVIF, the
Nominee or HGI of any Series 2020-1 Related Documents or the rights or remedies of the Administrative Agent, the Controlling Party,
the Collateral Agent, the Trustee or the Series 2020-1 Noteholders under the Series 2020-1 Related Documents or with respect to
the Series 2020-1 Collateral, in each case taken as a whole.

 

“Maximum Principal
Amount” means, as of any date of determination, the sum of the Class A Maximum Principal Amount and the Class B Maximum
Principal Amount.

 

“Monthly Blackbook
Mark” means, with respect to any HVIF Non-Program Vehicle, as of any date Blackbook obtains market values that it intends
to return to HVIF (or the HVIF Administrator on HVIF’s behalf), the market value of such HVIF Non-Program Vehicle for the
model class and model year of such HVIF Non-Program Vehicle based on the average equipment and the average mileage of each HVIF
Non-Program Vehicle of such model class and model year, as quoted in the Blackbook Guide most recently available as of such date.

 

“Monthly NADA
Mark” means, with respect to any HVIF Non-Program Vehicle, as of any date NADA obtains market values that it intends
to return to HVIF (or the HVIF Administrator on HVIF’s behalf), the market value of such HVIF Non-Program Vehicle for the
model class and model year of such HVIF Non-Program Vehicle based on the average equipment and the average mileage of each HVIF
Non-Program Vehicle of such model class and model year, as quoted in the NADA Guide most recently available as of such date.

 

“Monthly Servicing
Fee” has the meaning specified in the HVIF Lease.

 

“Multiemployer
Plan” means any Employee Benefit Plan which is sponsored, maintained or contributed to by, or required to be contributed
by, HVIF, HGI or the Nominee or any of their respective ERISA Affiliates that is a “multiemployer plan” as defined
in Section 3(37) of ERISA.

 

“Nomination
Period” has the meaning specified in Section 11.22(d)(i).

 

“Note Repurchase
Amount” has the meaning specified in Section 11.1.

 

“Noteholder
Statement AUP” has the meaning specified in Section 6 of Annex 2.

 

“Official
Body” has the meaning specified in the definition of “Change in Law”

 

“Other Plan
Law” means any federal, state, local or non-U.S. law or regulation that is substantially similar to the prohibited transaction
provisions of Section 406 of ERISA and/or Section 4975 of the Code.

 

“Outstanding”
means with respect to the Series 2020-1 Notes, all Series 2020-1 Notes theretofore authenticated and delivered under the Base Indenture,
except (a) Series 2020-1 Notes theretofore cancelled or delivered to the Registrar for cancellation, (b) Series 2020-1 Notes that
have not been presented for payment but funds for the payment of which are on deposit in the Series 2020-1 Distribution Account
and are available for payment in full of such Series 2020-1 Notes, and Series 2020-1 Notes that are considered paid pursuant to
Section 8.1 of the Base Indenture, and (c) Series 2020-1 Notes in exchange for or in lieu of other Series 2020-1 Notes that have
been authenticated and delivered pursuant to the Base Indenture unless proof satisfactory to the Trustee is presented that any
such Series 2020-1 Notes are held by a purchaser for value.

 

    SI-18 

     

    

 

“Parent”
means any of Holdings, Hertz Investors, and any Other Parent, and any other Person that is a Subsidiary of Holdings, Hertz Investors
or any Other Parent and of which Hertz is a Subsidiary. As used herein, “Other Parent” means a Person of which Hertz
becomes a Subsidiary after the Effective Date and that is designated by Hertz as an “Other Parent”; provided
that, either (x) immediately after Hertz first becomes a Subsidiary of such Person, more than 50% of the Voting Stock of such Person
shall be held by one or more Persons that held more than 50% of the Voting Stock of Hertz or a Parent of Hertz immediately prior
to Hertz first becoming such Subsidiary or (y) such Person shall be deemed not to be an Other Parent for the purpose of determining
whether a Change of Control shall have occurred by reason of Hertz first becoming a Subsidiary of such Person.

 

“Participants”
has the meaning specified in Section 9.2(b).

 

“Past Due
Rent Payment” means, with respect to any Series 2020-1 Lease Payment Deficit and any Lessee, any payment of Rent or other
amounts payable by such Lessee under any HVIF Lease with respect to which such Series 2020-1 Lease Payment Deficit applied, which
payment occurred on or prior to the fifth (5th) Business Day after the occurrence of such Series 2020-1 Lease Payment Deficit and
which payment is in satisfaction (in whole or in part) of such Series 2020-1 Lease Payment Deficit.

 

“Past Due
Rental Payments Priorities” means the priorities of payments set forth in Section 5.6.

 

“Payment Date
Directions” means written directions provided by HVIF to the Trustee for each Payment Date detailing the application
of funds in the Series 2020-1 Principal Collection Account, the application of funds in the Series 2020-1 Interest Collection Account,
any withdrawals from the Series 2020-1 Reserve Account or the Series 2020-1 L/C/ Cash Collateral Account and any demands to be
made pursuant to the Series 2020-1 Letters of Credit and the Series 2020-1 Demand Notes.

 

“PBGC”
means the Pension Benefit Guaranty Corporation established pursuant to Subtitle A of Title IV of ERISA (or any successor thereto).

 

“Pension Plan”
means any Employee Benefit Plan which is sponsored, maintained or contributed to by, or required to be contributed by, HVIF, HGI
or the Nominee or any of their ERISA Affiliates, other than a Multiemployer Plan, which is subject to Section 412 of the Code or
Section 302 of ERISA.

 

“Permitted
Holders” means any of the following: (i) any “person” (as such term is used in Sections 13(d) and 14(d) of
the Exchange Act) whose status as a “beneficial owner” (as defined in Rules 13d-3 and 13d-5 under the Exchange Act)
constitutes or results in a Change of Control that has been consented to by Series 2020-1 Noteholders holding more than 662⁄3%
of the Series 2020-1 Principal Amount, and any Affiliate thereof, (ii) the Management Investors, (iii) any “group”
(as such term is used in Sections 13(d) and 14(d) of the Exchange Act) of which any of the Persons specified in clause (i)
or (ii) above is a member (provided that (without giving effect to the existence of such “group” or any
other “group”) one or more of such Persons collectively have beneficial ownership, directly or indirectly, of more
than 50% of the total voting power of the Voting Stock of Hertz or any Parent held by such “group”), and any other
Person that is a member of such “group” and (iv) any Person acting in the capacity of an underwriter in connection
with a public or private offering of Capital Stock of any Parent or Hertz.

 

“Permitted
Investments” means negotiable instruments or securities, payable in Dollars, represented by instruments in bearer or
registered or 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;

 

    SI-19 

     

    

 

(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;

 

(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 the Rating Agencies confirm in writing that the investment in such instruments or
securities will not adversely affect the then-current ratings with respect to the Series 2020-1 Notes.

 

“Post-Emergence
Senior Credit Facilities” means Hertz’s first lien revolving credit and term loan facility or facilities entered
into on or after the Emergence Date.

 

“Preference
Amount” means any amount previously paid by Hertz pursuant to the Series 2020-1 Demand Note and distributed to the Series
2020-1 Noteholders in respect of amounts owing under the Series 2020-1 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.

 

“Prepayment
Premium” means, with respect to any Voluntary Decrease as of any date of determination, an amount calculated by the HVIF
Administrator equal to the discounted present value (determined as of a date not earlier than the fifth (5th) Business Day prior
to the Voluntary Decrease Date) of all future installments of interest that HVIF would otherwise be required to pay on the Voluntary
Decrease Amount from the Voluntary Decrease Date to and including the Expected Final Payment Date. The discounted present value
shall be determined using a monthly period and a discount rate equal to the yield to maturity (adjusted to a quarterly bond-equivalent
basis) of the 91-day U.S. Treasury Bill.

 

“Principal
Deficit Amount” means, on any date of determination, the excess, if any, of (a) the Series 2020-1 Adjusted
Principal Amount on such date over (b) the Series 2020-1 Asset Amount on such date; provided, however, the
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 HVIF Lease, shall mean the excess, if any, of (x) the Series 2020-1 Adjusted Principal Amount on such date over (y)
the sum of (1) the Series 2020-1 Asset Amount on such date and (2) the lesser of (a) the Series 2020-1 Liquid Enhancement
Amount on such date and (b) the Series 2020-1 Required Liquid Enhancement Amount on such date.

 

    SI-20

     

    

 

“Pro Rata
Share” means, with respect to each Series 2020-1 Letter of Credit issued by any Series 2020-1 Letter of Credit Provider,
as of any date, the fraction (expressed as a percentage) obtained by dividing (A) the available amount under such Series 2020-1
Letter of Credit as of such date by (B) an amount equal to the aggregate available amount under all Series 2020-1 Letters of Credit
as of such date; provided that solely for purposes of calculating the Pro Rata Share with respect to any Series 2020-1 Letter
of Credit Provider as of any date, if the related Series 2020-1 Letter of Credit Provider has not complied with its obligation
to pay the Trustee the amount of any draw under such Series 2020-1 Letter of Credit made prior to such date, the available amount
under such Series 2020-1 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 Series
2020-1 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 Series 2020-1 Letter of Credit Provider’s actual liability
in respect of any failure to pay any demand under any of its Series 2020-1 Letters of Credit).

 

“Rating Agencies”
means, with respect to the Series 2020-1 Notes, DBRS, Moody’s, KBRA and any other nationally recognized rating agency rating
the Series 2020-1 Notes at the request of HVIF or the Controlling Party.

 

“Rating Request”
means any request made by the Controlling Party to HVIF or the HVIF Administrator to obtain a rating of the Series 2020-1 Notes
by one or more Rating Agencies.

 

“Related Month”
means, with respect to any date of determination, the most recently ended calendar month as of such date.

 

“Relevant
DBRS Rating” means, with respect to any Person as of any date of determination: (a) if such Person has both a long term
issuer rating by DBRS and a senior unsecured rating by DBRS 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 issuer rating by DBRS and a senior unsecured rating by DBRS 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 DBRS Rating with respect to such Person as of such date.

 

“Relevant
Fitch Rating” means, with respect to any Person, (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, (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, the highest of: (a) if such
Person has a long term rating by Moody’s as of such date, then such rating as of such date, (b) if such Person has a senior
unsecured rating by Moody’s as of such date, then such rating as of such date and (c) if such Person has a long term corporate
family rating by Moody’s as of such date, then such rating 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.

 

    SI-21

     

    

 

“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.

 

“Rental Car
Financing” means in any U.S. rental car fleet financing of any kind with respect to Hertz or any of its Subsidiaries.

 

“Rental Utilization
Condition” means, as of any date of determination, a condition that will be satisfied if the rental fleet utilization
(determined in the same manner calculated in connection with the public company filings of Holdings) of the vehicles located in
the United States exceeds 55%, as calculated with respect to the preceding three (3) calendar months prior to such date of determination,
commencing on December 25, 2020.

 

“Reorganization
Assets” means (i) on and after the Series 2020-1 Closing Date to be excluding the Emergence Date, the meaning specified
in the Senior Credit Facilities and (ii) on and after the Emergence Date, the meaning specified in the Post-Emergence Senior Credit
Facilities.

 

“Required
Controlling Class Series 2020-1 Noteholders” means the Controlling Party. The Required Controlling Class Series 2020-1
Noteholders shall be the “Required Noteholders” with respect to the Series 2020-1 Notes.

 

“Required
Disposition Proceeds” means Disposition Proceeds received from any sale or other disposition of any HVIF Vehicle to a
third party (including Casualties and any purchase by a Lessee of such HVIF Vehicle pursuant to the HVIF Lease), in all cases that
are not Excluded Disposition Proceeds.

 

“Required
Supermajority Controlling Class Series 2020-1 Noteholders” means the Controlling Party.

 

“Required
Unanimous Controlling Class Series 2020-1 Noteholders” means the Controlling Party.

 

“Resolution
Authority” means an EEA Resolution Authority or, with respect to any UK Financial Institution, a UK Resolution Authority.

 

“Retention
Requirements” means (i) Article 5(1)(d) of the Securitisation Regulation as may be amended from to time and including
any guidance or any technical standards published in relation thereto, provided that any reference to Article 5(1)(d) of the Securitisation
Regulation shall be deemed to include any successor replacement provisions to Article 5(1)(d) of the Securitisation Regulation;
and (ii) to the extent informing the interpretation of clause (i) above, the guidelines and related documents previously published
in relation to the preceding risk retention legislation by the European Banking Authority (and/or its predecessor, the Committee
of European Banking Supervisors) which continues to apply to the provisions of Article 5(1)(d) and/or Article 6 of the Securitisation
Regulation.

 

“Right of
First Refusal Condition” means, in connection with any Voluntary Decrease resulting from Rental Car Financing, a condition
that will be satisfied if either (1) the ROFR Option 1 Condition is satisfied or (2) the ROFR Option 2 Condition is satisfied.

 

    SI-22

     

    

 

“ROFR Option
1 Condition” means, with respect to a Rental Car Financing, a condition that will be satisfied if the Controlling Party
or any other Apollo Entity is selected as a structuring agent for such Rental Car Financing.

 

“ROFR Option
2 Condition” means, with respect to a Rental Car Financing, a condition that will be satisfied if (A) the Controlling
Party (or one or more other Apollo Entities) shall be offered at least ten (10) calendar days before launch of such Rental Car
Financing up to 50% of each tranche of loans or notes (the “Offered Securities”) issued in such Rental Car Financing;
provided that this condition shall only be deemed satisfied once the Controlling Party (or any such other Apollo Entity)
has been offered Offered Securities aggregating in all Rental Car Financings of an amount that, together with the amount arranged
by the Controlling Party (or any such other Apollo Entity) under the ROFR Option 1 Condition equals the Maximum Principal Amount
and (B) a broker-dealer (either the Controlling Party or any other Apollo Entity) has been offered the role of bookrunner for such
Rental Car Financing for fees proportional to the amount of securities purchased and at a fee rate not to exceed the fee rate payable
to other non-lead bookrunners.

 

“Sanctioned
Country” has the meeting specified in Section 2 of Annex 1.

 

“Sanctioned
Party” has the meeting specified in Section 2 of Annex 1.

 

“Sanctions”
has the meeting specified in Section 2 of Annex 1.

 

“SEC”
means the U.S. Securities and Exchange Commission.

 

“Securities
Intermediary” has the meaning specified in the Preamble.

 

“Securitisation
Regulation” means Regulation (EU) No. 2017/2402 as may be amended from time to time and including any guidance or technical
standards published in relation thereto.

 

“Senior Credit
Facilities” means Hertz’s (a) senior secured asset based revolving loan and term loan facility, provided under
a credit agreement, dated as of June 30, 2016, among Hertz together with certain of Hertz’s subsidiaries, as borrower, the
several banks and financial institutions from time to time party thereto, as lenders, Barclays Bank PLC, as administrative agent
and collateral agent, Credit Agricole Corporate and Investment Bank, as syndication agent, and Bank of America, N.A., Bank of Montreal,
BNP Paribas, Citibank, N.A., Goldman Sachs Bank USA, JPMorgan Chase Bank, N.A. and Royal Bank of Canada, as co-documentation agents,
and the other financial institutions party thereto from time to time (as has been and may be amended, amended and restated, supplemented
or otherwise modified from time to time), and (b) any successor or replacement revolving credit or term loan facility or facilities
to the senior secured asset based revolving loan and term loan facility described in clause (a).

 

“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 (e) on such Payment
Date over (b) the sum of (i) the Series 2020-1 Payment Date Available Interest Amount with respect to the Series 2020-1 Interest
Period ending on such Payment Date and (ii) the aggregate amount of all deposits into the Series 2020-1 Interest Collection Account
with proceeds of the Series 2020-1 Reserve Account, each Series 2020-1 Demand Note, each Series 2020-1 Letter of Credit and each
Series 2020-1 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 2020-1 Principal Collection Account for deposit into the Series 2020-1 Interest Collection
Account on such Payment Date.

 

“Series 2020-1
Account Collateral” has the meaning specified in Section 4.1(f).

 

    SI-23

     

    

 

“Series 2020-1
Accounts” has the meaning specified in Section 4.2(a)(iii).

 

“Series 2020-1
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 (j), (l) and (m) that have accrued and remain unpaid
as of such date.

 

“Series 2020-1
Adjusted Asset Coverage Threshold Amount” means, as of any date of determination, the greater of (a) the excess, if any,
of (i) the Series 2020-1 Asset Coverage Threshold Amount over (ii) the Series 2020-1 Letter of Credit Amount and (b) the Series
2020-1 Adjusted Principal Amount, in each case, as of such date. The “Series 2020-1 Adjusted Asset Coverage Threshold Amount”
is the Adjusted Asset Coverage Threshold Amount with respect to the Series 2020-1 Notes.

 

“Series 2020-1
Adjusted Liquid Enhancement Amount” means, as of any date of determination, the Series 2020-1 Liquid Enhancement Amount,
as of such date, excluding from the calculation thereof the amount available to be drawn under any Series 2020-1 Defaulted Letter
of Credit, as of such date.

 

“Series 2020-1
Adjusted Principal Amount” means, as of any date of determination, the excess, if any, of (A) the Series 2020-1 Principal
Amount as of such date over (B) the sum of (x) Series 2020-1 Principal Collection Account Amount as of such date and (y) the Series
2020-1 Available Reserve Account Amount as of such date.

 

“Series 2020-1
Asset Amount” means, as of any date of determination, the product of (i) the Series 2020-1 Floating Allocation Percentage
as of such date and (ii) the Aggregate Asset Amount as of such date.

 

“Series 2020-1
Asset Coverage Threshold Amount” means, as of any date of determination, an amount equal to the Series 2020-1 Adjusted
Principal Amount divided by the Class A/B Adjusted Advance Rate, in each case, as of such date.

 

“Series 2020-1
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 Series 2020-1 L/C Cash Collateral Account as of such date.

 

“Series 2020-1
Available Reserve Account Amount” means, as of any date of determination, the amount of cash on deposit in and Permitted
Investments credited to the Series 2020-1 Reserve Account as of such date.

 

“Series 2020-1
Capped HVIF Administrator Fee Amount” means, with respect to any Payment Date, an amount equal to the lesser of (i) the
Series 2020-1 HVIF Administrator Fee Amount with respect to such Payment Date and (ii) $500,000.

 

“Series 2020-1
Capped HVIF Operating Expense Amount” means, with respect to any Payment Date the lesser of (i) the Series 2020-1 HVIF
Operating Expense Amount, with respect to such Payment Date and (ii) the excess, if any, of (x) $500,000 over (y) the sum of the
Series 2020-1 HVIF Administrator Fee Amount and the Series 2020-1 HVIF Trustee Fee Amount, in each case with respect to such Payment
Date.

 

“Series 2020-1
Capped HVIF Trustee Fee Amount” means, with respect to any Payment Date, an amount equal to the lesser of (i) the Series
2020-1 HVIF Trustee Fee Amount, with respect to such Payment Date and (ii) the excess, if any, of $500,000 over the Series 2020-1
HVIF Administrator Fee Amount with respect to such Payment Date.

 

    SI-24

     

    

 

“Series 2020-1
Carrying Charges” means, as of any day, the sum of:

 

(i)                
all fees or other costs, expenses and indemnity amounts, if any, payable by HVIF to:

 

(a)               
the Trustee (other than Series 2020-1 HVIF Trustee Fee Amounts),

 

(b)               
the HVIF Administrator (other than Series 2020-1 HVIF Administrator Fee Amounts),

 

(c)               
the Administrative Agent (other than Administrative Agent Fees), which together with the Administrative Agent Fees, shall
not exceed $250,000 per annum,

 

(d)               
the Series 2020-1 Noteholders (other than Class A Monthly Interest Amounts, Class A Monthly Default Interest Amounts, Class
B Monthly Interest Amounts or Class B Monthly Default Interest Amounts), or

 

(e)               
any other party to a Series 2020-1 Related Documents, in each case under and in accordance with such Series 2020-1 Related
Documents, plus

 

(ii)              
any other operating expenses of HVIF that have been invoiced as of such date and are then payable by HVIF relating the Series
2020-1 Notes (in each case, exclusive of any Carrying Charges).

 

“Series 2020-1
Certificate of Credit Demand” means a certificate substantially in the form of Annex A to a Series 2020-1 Letter of Credit.

 

“Series 2020-1
Certificate of Preference Payment Demand” means a certificate substantially in the form of Annex C to a Series 2020-1
Letter of Credit.

 

“Series 2020-1
Certificate of Termination Demand” means a certificate substantially in the form of Annex D to a Series 2020-1 Letter
of Credit.

 

“Series 2020-1
Certificate of Unpaid Demand Note Demand” means a certificate substantially in the form of Annex B to Series 2020-1 Letter
of Credit.

 

“Series 2020-1
Closing Date” means November 25, 2020. The Series 2020-1 Closing Date shall be the “Series Closing Date”
with respect to the Series 2020-1 Notes.

 

“Series 2020-1
Collateral” means the HVIF Indenture Collateral, each Series 2020-1 Letter of Credit, the Series 2020-1 Account Collateral
with respect to each Series 2020-1 Account, each Series 2020-1 Demand Note, any other documents related to the Base Indenture or
to this Series 2020-1 Supplement and the proceeds of each of the foregoing.

 

“Series 2020-1
Commitment Termination Date” means November 24, 2021 or such later date designated in accordance with Section 2.6.

 

“Series 2020-1
Concentration Excess Amount” means, as of any date of determination, the sum of (i) the Series 2020-1 Manufacturer Concentration
Excess Amount with respect to each Manufacturer as of such date, if any, (ii) the Series 2020-1 Non-Liened Vehicle Concentration
Excess Amount as of such date, if any, and (iii) the Series 2020-1 Used Vehicle Excess Amount as of such date, if any; provided
that, for purposes of calculating this definition as of any such date the Net Book Value of any Eligible Vehicle included in the
excess amounts of any one clause above shall not be included in the excess amounts of any other clause.

 

    SI-25

     

    

 

“Series 2020-1
Daily Interest Allocation” means, on each Series 2020-1 Deposit Date, an amount equal to the sum of the Series 2020-1
Invested Percentage (as of such date) of the aggregate amount of Interest Collections deposited into the HVIF Collection Account
on such date.

 

“Series 2020-1
Daily Principal Allocation” means, on each Series 2020-1 Deposit Date, an amount equal to the Series 2020-1 Invested
Percentage (as of such date) of the aggregate amount of Principal Collections deposited into the HVIF Collection Account on such
date.

 

“Series 2020-1
Defaulted Letter of Credit” means, as of any date of determination, each Series 2020-1 Letter of Credit that, as of such
date, an Authorized Officer of the HVIF Administrator has actual knowledge that:

 

(A)             
such Series 2020-1 Letter of Credit is not be in full force and effect (other than in accordance with its terms or otherwise
as expressly permitted in such Series 2020-1 Letter of Credit),

 

(B)             
an Event of Bankruptcy has occurred with respect to the Series 2020-1 Letter of Credit Provider of such Series 2020-1 Letter
of Credit and is continuing,

 

(C)             
such Series 2020-1 Letter of Credit Provider has repudiated such Series 2020-1 Letter of Credit or such Series 2020-1 Letter
of Credit Provider has failed to honor a draw thereon made in accordance with the terms thereof, or

 

(D)             
a Series 2020-1 Downgrade Event has occurred and is continuing for at least thirty (30) consecutive days with respect to
the Series 2020-1 Letter of Credit Provider of such Series 2020-1 Letter of Credit.

 

“Series 2020-1
Demand Note” means each demand note made by Hertz, substantially in the form of Exhibit B-1.

 

“Series 2020-1
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 Series 2020-1 Demand Note that were deposited into the Series 2020-1 Distribution Account and
paid to the Series 2020-1 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 HVIF (or any payee of HVIF) with the proceeds of any Series
2020-1 L/C Preference Payment Disbursement (or any withdrawal from any Series 2020-1 L/C Cash Collateral Account); provided,
however, that if an Event of Bankruptcy (except for the Chapter 11 Cases) (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 Series 2020-1 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 Series 2020-1 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.

 

“Series 2020-1
Deposit Date” means each Business Day on which any HVIF Collections are deposited into the HVIF Collection Account.

 

“Series 2020-1
Disbursement” shall mean any Series 2020-1 L/C Credit Disbursement, any Series 2020-1 L/C Preference Payment Disbursement,
any Series 2020-1 L/C Termination Disbursement or any Series 2020-1 L/C Unpaid Demand Note Disbursement under the Series 2020-1
Letters of Credit or any combination thereof, as the context may require.

 

    SI-26

     

    

 

“Series 2020-1
Disposed Vehicle Threshold Number” means 2,000 vehicles.

 

“Series 2020-1
Distribution Account” has the meaning specified in Section 4.2(a)(iii).

 

“Series 2020-1
Downgrade Event” has the meaning specified in Section 5.7(b).

 

“Series 2020-1
Draw Period” means the period from and including the Series 2020-1 Closing Date to the earlier of (i) the Series 2020-1
Commitment Termination Date and (ii) the commencement of the Series 2020-1 Rapid Amortization Period. The Series 2020-1 Draw Period
shall be the Revolving Period with respect to the Series 2020-1 Notes.

 

“Series 2020-1
Eligible Letter of Credit Provider” means a Person having, at the time of the issuance of the related Series 2020-1 Letter
of Credit and as of the date of any amendment or extension of the Series 2020-1 Commitment Termination Date, a long-term senior
unsecured debt rating (or the equivalent thereof) of at least “BBB” from DBRS (or if such Person is not rated by DBRS,
 “Baa2” by Moody’s or “BBB” by S&P); provided that no Person shall be considered a Series
2020-1 Eligible Letter of Credit Provider hereunder unless and until the Trustee agrees that the provisions for the drawing of
any Series 2020-1 Letter of Credit and any Series 2020-1 Demand Note have been amended in a manner reasonably satisfactory to the
Trustee.

 

“Series 2020-1
Excess HVIF Administrator Fee Amount” means, with respect to any Payment Date, an amount equal to the excess, if any,
of (i) the Series 2020-1 HVIF Administrator Fee Amount with respect to such Payment Date over (ii) the Series 2020-1 HVIF Administrator
Fee Amount with respect to such Payment Date.

 

“Series 2020-1
Excess HVIF Operating Expense Amount” means, with respect to any Payment Date the excess, if any, of (i) the Series 2020-1
HVIF Operating Expense Amount with respect to such Payment Date over (ii) the Series 2020-1 Capped HVIF Operating Expense Amount
with respect to such Payment Date.

 

“Series 2020-1
Excess HVIF Trustee Fee Amount” means, with respect to any Payment Date, an amount equal to the excess, if any, of (i)
the Series 2020-1 HVIF Trustee Fee Amount with respect to such Payment Date over (ii) the Series 2020-1 Capped HVIF Trustee Fee
Amount with respect to such Payment Date.

 

“Series 2020-1
Failure Percentage” means, as of any date of determination after the Emergence Date, a percentage equal to 100% minus
the lower of (x) the lowest Series 2020-1 Non-Program Vehicle Disposition Proceeds Percentage Average for any Determination Date
(including such date of determination) within the preceding twelve (12) calendar months and (y) the lowest Series 2020-1 Market
Value Average as of any Determination Date within the preceding twelve (12) calendar months.

 

“Series 2020-1
Floating Allocation Percentage” means, as of any date of determination, a fraction, expressed as a percentage, the numerator
of which is the Series 2020-1 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 2020-1
HVIF Administrator Fee Amount” means, with respect to any Payment Date, an amount equal to the Series 2020-1 Percentage
of fees payable to the HVIF Administrator pursuant to the HVIF Administration Agreement on such Payment Date.

 

“Series
2020-1 HVIF Operating Expense Amount” means, with respect to any Payment Date, the sum (without duplication) of (a)
the aggregate amount of Series 2020-1 Carrying Charges on such Payment Date (excluding any Series 2020-1 Carrying Charges
payable to the Series 2020-1 Noteholders) and (b) the Series 2020-1 Percentage of the Carrying Charges, if any, payable by
HVIF on such Payment Date (excluding any Carrying Charges payable to the Series 2020-1 Noteholders).

 

    SI-27

     

    

 

“Series 2020-1
HVIF Trustee Fee Amount” means, with respect to any Payment Date, an amount equal to the Series 2020-1 Percentage of
fees payable to the Trustee with respect to the HVIF Notes on such Payment Date.

 

“Series 2020-1
Interest Collection Account” has the meaning specified in Section 4.2(a)(i).

 

“Series 2020-1
Interest Period” means a period commencing on a Payment Date and ending on and including the day preceding the next succeeding
Payment Date; provided, however, that the initial Series 2020-1 Interest Period shall commence on and include date
of the Series 2020-1 Closing Date and end on and include the day preceding the first Payment Date thereafter.

 

“Series 2020-1
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 2020-1 Draw Period, the Series 2020-1 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 2020-1 Closing
Date, on the Series 2020-1 Closing Date),

 

(y)       during
the Series 2020-1 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 HVIF Notes, the Series 2020-1 Adjusted Asset Coverage Threshold Amount as
of the close of business on the last day of the Series 2020-1 Draw 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 HVIF Notes, the Series 2020-1 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 HVIF
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);

 

(b)               
when used with respect to Interest Collections, the percentage equivalent of a fraction, the numerator of which shall be
the Series 2020-1 Accrued Amounts on such date of determination, and the denominator of which shall be the aggregate Accrued Amounts
with respect to all Series of HVIF Notes on such date of determination.

 

“Series 2020-1
L/C Cash Collateral Account” has the meaning specified in Section 4.2(a).

 

“Series 2020-1
L/C Cash Collateral Account Collateral” means the Series 2020-1 Account Collateral with respect to the Series 2020-1
L/C Cash Collateral Account.

 

“Series
2020-1 L/C Cash Collateral Account Surplus” means, with respect to any Payment Date, the lesser of (a) the Series
2020-1 Available L/C Cash Collateral Account Amount and (b) the excess, if any, of the Series 2020-1 Adjusted Liquid
Enhancement Amount over the Series 2020-1 Required Liquid Enhancement Amount on such Payment Date.

 

    SI-28

     

    

 

“Series 2020-1
L/C Cash Collateral Percentage” means, as of any date of determination, the percentage equivalent of a fraction, the
numerator of which is the Series 2020-1 Available L/C Cash Collateral Account Amount as of such date and the denominator of which
is the Series 2020-1 Letter of Credit Liquidity Amount as of such date.

 

“Series 2020-1
L/C Credit Disbursement” means an amount drawn under a Series 2020-1 Letter of Credit pursuant to a Series 2020-1 Certificate
of Credit Demand.

 

“Series 2020-1
L/C Preference Payment Disbursement” means an amount drawn under a Series 2020-1 Letter of Credit pursuant to a Series
2020-1 Certificate of Preference Payment Demand.

 

“Series 2020-1
L/C Termination Disbursement” means an amount drawn under a Series 2020-1 Letter of Credit pursuant to a Series 2020-1
Certificate of Termination Demand.

 

“Series 2020-1
L/C Unpaid Demand Note Disbursement” means an amount drawn under a Series 2020-1 Letter of Credit pursuant to a Series
2020-1 Certificate of Unpaid Demand Note Demand.

 

“Series 2020-1
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 5.1 would have been deposited into the Series 2020-1 Interest Collection
Account if all payments of Monthly Variable Rent required to have been made under the HVIF 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 5.1(b) have been received for deposit into the Series 2020-1 Interest Collection Account from but excluding the
preceding Payment Date to and including such Payment Date.

 

“Series 2020-1
Lease Payment Deficit” means either a Series 2020-1 Lease Interest Payment Deficit or a Series 2020-1 Lease Principal
Payment Deficit.

 

“Series 2020-1
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 2020-1 Lease Principal Payment Deficit, if any, on the preceding Payment Date over
(y) all amounts deposited into the Series 2020-1 Principal Collection Account on or prior to such Payment Date on account of such
Series 2020-1 Lease Principal Payment Deficit.

 

“Series 2020-1
Lease Principal Payment Deficit” means on any Payment Date the sum of (a) the Series 2020-1 Monthly Lease Principal Payment
Deficit for such Payment Date and (b) the Series 2020-1 Lease Principal Payment Carryover Deficit for such Payment Date.

 

“Series 2020-1
Letter of Credit” means an irrevocable letter of credit, substantially in the form of Exhibit I to this Series
2020-1 Supplement issued by a Series 2020-1 Eligible Letter of Credit Provider in favor of the Trustee for the benefit of the Series
2020-1 Noteholders; provided that, any Series 2020-1 Letter of Credit issued after the Effective Date not substantially
in the form of Exhibit I to this Series 2020-1 Supplement shall be subject to the satisfaction of the Series 2020-1 Rating
Agency Condition and the written consent of the Required Controlling Class Series 2020-1 Noteholders.

 

“Series 2020-1
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 Series 2020-1 Letters of Credit, as specified therein, and (ii) if the Series 2020-1
L/C Cash Collateral Account has been established and funded pursuant to Section 4.2(a)(ii), the Series 2020-1 Available
L/C Cash Collateral Account Amount as of such date and (b) the aggregate undrawn principal amount of the Series 2020-1 Demand Note
as of such date.

 

    SI-29

     

    

 

“Series 2020-1
Letter of Credit Expiration Date” means, with respect to any Series 2020-1 Letter of Credit, the expiration date set
forth in such Series 2020-1 Letter of Credit, as such date may be extended in accordance with the terms of such Series 2020-1 Letter
of Credit.

 

“Series 2020-1
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 Series 2020-1 Letter of Credit, as specified therein, and (b) if a Series 2020-1 L/C Cash
Collateral Account has been established pursuant to Section 4.2(a)(ii), the Series 2020-1 Available L/C Cash Collateral
Account Amount as of such date.

 

“Series 2020-1
Letter of Credit Provider” means each issuer of a Series 2020-1 Letter of Credit. The Series 2020-1 Letter of Credit
Provider shall be the “Enhancement Provider” with respect to the Series 2020-1 Notes.

 

“Series 2020-1
Liquid Enhancement Amount” means, as of any date of determination, the sum of (a) the Series 2020-1 Letter of Credit
Liquidity Amount and (b) the Series 2020-1 Available Reserve Account Amount as of such date. The Series 2020-1 Liquid Enhancement
Amount shall be the “Enhancement Amount” with respect to the Series 2020-1 Notes.

 

“Series 2020-1
Liquid Enhancement Deficiency” means, as of any date of determination, the Series 2020-1 Adjusted Liquid Enhancement
Amount is less than the Series 2020-1 Required Liquid Enhancement Amount as of such date. The Series 2020-1 Liquid Enhancement
Deficiency shall be the “Enhancement Deficiency” with respect to the Series 2020-1 Notes.

 

“Series 2020-1
Liquidation Event” means, so long as such event or condition continues, (a) any Amortization Event with respect to the
Series 2020-1 Notes described in clauses (a), (b), (c), (d), (f), (g), (h), (j),
(k), (l), (n), (o), (p), (q), (r), (s) (t), (u) or (v) of
Section 7.1 of this Series 2020-1 Supplement or Sections 9.1(a), (b), (c), (d), (e), (f) or (g) of the Base Indenture ,
in each case subject to any cure period, if any, provided therein, after declaration thereof (whether by notice or automatic).
The Series 2020-1 Liquidation Event shall be the “Limited Liquidation Event of Default” with respect to the Series
2020-1 Notes.

 

“Series 2020-1
Manufacturer Amount” means, as of any date of determination and with respect to any Manufacturer, the sum of: the aggregate
Net Book Value of all Eligible Vehicles manufactured by such Manufacturer as of such date; and the aggregate amount of all Manufacturer
Receivables with respect to such Manufacturer.

 

“Series
2020-1 Manufacturer Concentration Excess Amount” means, with respect to any Manufacturer as of any date of
determination occurring on or after the six-month anniversary of the Series 2020-1 Closing Date, the excess, if any, of the
Series 2020-1 Manufacturer Amount with respect to such Manufacturer as of such date over the Series 2020-1 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 2020-1 Manufacturer Amount
for the Manufacturer of such Eligible Vehicle for purposes of calculating the Series 2020-1 Manufacturer Concentration Excess
Amount and designated by HVIF to constitute Series 2020-1 Manufacturer Concentration Excess Amounts, as of such date, shall
not be included in the Series 2020-1 Non-Liened Vehicle Amount for purposes of calculating the Series 2020-1 Non-Liened
Vehicle Concentration Excess Amount as of such date, (ii) the Net Book Value of any Eligible Vehicle included in the Series
2020-1 Non-Liened Vehicle Amount for purposes of calculating the Series 2020-1 Non-Liened Vehicle Concentration Excess Amount
and designated by HVIF to constitute Series 2020-1 Non-Liened Vehicle Concentration Excess Amounts as of such date, shall not
be included in the Series 2020-1 Manufacturer Amount for the Manufacturer of such Eligible Vehicle for purposes of
calculating the Series 2020-1 Manufacturer Concentration Excess Amount, as of such date, (iii) the determination of which
Eligible Vehicles (or the Net Book Value thereof) or Manufacturer Receivables are to be designated as constituting (A) Series
2020-1 Non-Liened Vehicle Concentration Excess Amounts, (B) Series 2020-1 Manufacturer Concentration Excess Amounts, in each
case as of such date shall be made iteratively by HVIF in its reasonable discretion and (iv) for the avoidance of doubt, at
any time prior to the six-month anniversary of the Series 2020-1 Closing Date, the Series 2020-1 Manufacturer Concentration
Excess Amount shall be zero.

 

    SI-30

     

    

 

“Series 2020-1
Manufacturer Percentage” means, for any Manufacturer listed in the table below, the percentage set forth opposite such
Manufacturer in such table.

 

	Manufacturer	Series 2020-1 Manufacturer

 Percentage
	Audi	12.50%
	BMW	12.50%
	Chrysler	55.00%
	Fiat	35.00%
	Ford	55.00%
	GM	55.00%
	Honda	55.00%
	Hyundai	55.00%
	Jaguar	12.50%
	Kia	35.00%
	Land Rover	12.50%
	Lexus	12.50%
	Mazda	35.00%
	Mercedes	12.50%
	Mini	12.50%
	Mitsubishi	12.50%
	Nissan	55.00%
	Smart	12.50%
	Subaru	12.50%
	Toyota	55.00%
	Volkswagen	55.00%
	Volvo	35.00%
	Any other individual Manufacturer	3.00%

 

    SI-31

     

    

 

“Series 2020-1
Market Value Average” means, as of any date of determination, the percentage equivalent (not to exceed 100%) of a fraction,
the numerator of which is the average of the Series 2020-1 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.

 

“Series 2020-1
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 2020-1 Manufacturer Percentage for such Manufacturer and (b) the Aggregate Asset Amount as of
such date.

 

“Series 2020-1
Maximum Non-Liened Vehicle Amount” means, as of any date of determination, an amount equal to the product of (a) 0.50%
and (b) the Aggregate Asset Amount; provided that the Series 2020-1 Maximum Non-Liened Vehicle Amount shall exclude from
the calculation thereof any Eligible Vehicle subject to a Lien Holiday as of such date of determination.

 

“Series 2020-1
Measurement Month” on any Determination Date on or after the Emergence 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 2020-1
Disposed Vehicle Threshold Number of vehicles were sold to unaffiliated third parties (provided that, HVIF, in its sole
discretion, may exclude salvage sales); provided, however, that no calendar month included in a single Series 2020-1
Measurement Month shall be included in any other Series 2020-1 Measurement Month.

 

“Series 2020-1
Monthly Interest Amount” means, for each Series 2020-1 Interest Period, an amount equal to the excess of (i) the sum
of (A) the product of (1) the Series 2020-1 Note Rate, (2) the Series 2020-1 Principal Amount as of the preceding Payment Date
(or zero in the case of the initial Series 2020-1 Interest Period) and (3) 1/12, and (B) for each Advance during such Series 2020-1
Interest Period, the product of (1) the Series 2020-1 Note Rate, (2) the amount of such Advance, (3) (x) the number of days such
Advance was outstanding during such Series 2020-1 Interest Period divided by (y) 30 and (4) 1/12 over (ii) for each Decrease during
such Series 2020-1 Interest Period, the product of (1) the Series 2020-1 Note Rate, (2) the amount of such Decrease, (3) (x) 30
minus the number of days remaining in such Series 2020-1 Interest Period after the date of such Decrease divided by (y) 30 and
(4) 1/12.

 

“Series 2020-1
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 5.1 would have been deposited into the Series 2020-1
Principal Collection Account if all payments required to have been made under the HVIF Lease 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 5.1 have been received for deposit into the Series 2020-1 Principal Collection Account from but excluding the
preceding Payment Date to and including such Payment Date.

 

“Series 2020-1
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); provided
that the Series 2020-1 Non-Liened Vehicle Amount shall exclude from the calculation thereof any Eligible Vehicle subject to
a Lien Holiday as of such date of determination.

 

    SI-32

     

    

 

“Series
2020-1 Non-Liened Vehicle Concentration Excess Amount” means, as of any date of determination, the excess, if any,
of the Series 2020-1 Non-Liened Vehicle Amount as of such date over the Series 2020-1 Maximum Non-Liened Vehicle 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 2020-1 Non-Liened Vehicle Amount for purposes of calculating the Series 2020-1
Non-Liened Vehicle Concentration Excess Amount and designated by HVIF to constitute Series 2020-1 Non-Liened Vehicle
Concentration Excess Amounts, as of such date, shall not be included in the Series 2020-1 Manufacturer Amount for the
Manufacturer of such Eligible Vehicle for purposes of calculating the Series 2020-1 Manufacturer Concentration Excess Amount,
as of such date, (ii) the Net Book Value of any Eligible Vehicle included in the Series 2020-1 Manufacturer Amount for the
Manufacturer of such Eligible Vehicle for purposes of calculating the Series 2020-1 Manufacturer Concentration Excess Amount
and designated by HVIF to constitute Series 2020-1 Manufacturer Concentration Excess Amounts, as of such date, shall not be
included in the Series 2020-1 Non-Liened Vehicle Amount for purposes of calculating the Series 2020-1 Non-Liened Vehicle
Concentration Excess Amount as of such date, and (iii) the determination of which Eligible Vehicles (or the Net Book Value
thereof) are to be designated as constituting (A) Series 2020-1 Non-Liened Vehicle Concentration Excess Amounts and (B)
Series 2020-1 Manufacturer Concentration Excess Amounts, in each case as of such date shall be made iteratively by HVIF in
its reasonable discretion.

 

“Series 2020-1
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 2020-1 Third-Party Market Values of each such Non-Program Vehicle as of such date.

 

“Series 2020-1
Non-Program Vehicle Disposition Proceeds Percentage Average” means, with respect to any Series 2020-1 Measurement Month
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 2020-1 Measurement Month and the two Series 2020-1 Measurement Months preceding such Series 2020-1 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 2020-1
Noteholder” has the meaning specified in the Preamble.

 

“Series 2020-1
Note Rate” means 3.75% per annum.

 

“Series 2020-1
Notes” means the Class A Notes and the Class B Notes, collectively.

 

“Series 2020-1
Notice of Reduction” means a notice in the form of Annex G to a Series 2020-1 Letter of Credit.

 

“Series 2020-1
Past Due Rent Payment” means, (a) with respect to any Past Due Rent Payment in respect of a Series 2020-1 Lease Principal
Payment Deficit, an amount equal to the Series 2020-1 Invested Percentage with respect to Principal Collections (as of the Payment
Date on which such Series 2020-1 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 2020-1 Lease Interest Payment Deficit, an amount equal to the Series 2020-1 Invested Percentage
with respect to Interest Collections (as of the Payment Date on which such Series 2020-1 Lease Payment Deficit occurred) of such
Past Due Rent Payment.

 

“Series 2020-1
Payment Date Available Interest Amount” means, with respect to each Series 2020-1 Interest Period, the sum of the Series
2020-1 Daily Interest Allocations for each Series 2020-1 Deposit Date in such Series 2020-1 Interest Period.

 

“Series 2020-1
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 (f).

 

“Series 2020-1
Percentage” means, as of any date of determination, a fraction, expressed as a percentage, the numerator of which is
the Series 2020-1 Principal Amount as of such date and the denominator of which is the aggregate Principal Amount as of such date.

 

    SI-33

     

    

 

“Series 2020-1
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
and (iii) Liens in favor of the Trustee pursuant to any Series 2020-1 Related Document and Liens in favor of the Collateral Agent
pursuant to the Collateral Agency Agreement.

 

“Series 2020-1
Principal Amount” means, as of any date of determination, the sum of the Class A Principal Amount and the Class B Principal
Amount, in each case as of such date.

 

“Series 2020-1
Principal Collection Account” has the meaning specified in Section 4.2(a) of this Series 2020-1 Supplement.

 

“Series 2020-1
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 2020-1 Principal Collection Account as of such date.

 

“Series 2020-1
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 is deemed to have occurred with respect to the Series 2020-1 Notes, and ending upon the
earlier to occur of (i) the date on which (A) the Series 2020-1 Notes are paid in full and (B) the termination of this Series 2020-1
Supplement. The Series 2020-1 Rapid Amortization Period shall be the “Controlled Amortization Period” with respect
to the Series 2020-1 Notes.

 

“Series 2020-1
Rating Agency Condition” means, with respect to a proposed action or event (i) as of any date on which any Class
of Series 2020-1 Notes is rated by any Rating Agency, (a) the notification in writing by each Rating Agency then rating any Class
of Series 2020-1 Notes that such proposed action or event 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 2020-1 Notes shall
have been given notice of such event at least ten (10) days prior to the occurrence of such proposed action or event (or, if ten
(10) days’ 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 proposed action or event that the occurrence of such proposed action
or event will itself cause such Rating Agency to downgrade, qualify, or withdraw its rating assigned to such Class, and (ii) as
of any date on which any Class of Series 2020-1 Notes is not rated by any Rating Agency, the Controlling Party has consented to
the proposed action or event in writing. The Series 2020-1 Rating Agency Condition shall be the “Rating Agency Condition”
with respect to the Series 2020-1 Notes.

 

“Series 2020-1
Related Documents” means the Related Documents, this Series 2020-1 Supplement, and each Series 2020-1 Demand Note.

 

“Series 2020-1
Required Liquid Enhancement Amount” means, as of any date of determination, an amount equal to the sum of (a) the product
of (i) the Series 2020-1 Note Rate, (ii) the Series 2020-1 Principal Amount as of such date of determination and (iii) 50%, (b)
the product of (i) the Monthly Servicing Fee calculated as of such date of determination and (ii) six, and (c) $3,000,000.
The Series 2020-1 Required Liquid Enhancement Amount shall be the “Required Enhancement Amount” with respect to the
Series 2020-1 Notes.

 

“Series 2020-1
Required Noteholders” means the Controlling Party.

 

    SI-34

     

    

 

“Series 2020-1
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 Series 2020-1 Required Liquid Enhancement Amount over (ii) the Series 2020-1 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 Series 2020-1 Defaulted Letter of Credit as of such date, and: (b) the excess, if any, of: (i) the Series 2020-1
Adjusted Asset Coverage Threshold Amount (excluding therefrom the Series 2020-1 Available Reserve Account Amount) over (ii)
the Series 2020-1 Asset Amount, in each case as of such date.

 

“Series 2020-1
Reserve Account” has the meaning specified in Section 4.2(a) of this Series 2020-1 Supplement.

 

“Series 2020-1
Reserve Account Collateral” means the Series 2020-1 Account Collateral with respect to the Series 2020-1 Reserve Account.

 

“Series 2020-1
Reserve Account Deficiency Amount” means, as of any date of determination, the excess, if any, of the Series 2020-1 Required
Reserve Account Amount for such date over the Series 2020-1 Available Reserve Account Amount for such date.

 

“Series 2020-1
Reserve Account Interest Withdrawal Shortfall” has the meaning specified in Section 5.4(a).

 

“Series 2020-1
Reserve Account Surplus” means, as of any date of determination, the excess, if any, of the Series 2020-1 Available Reserve
Account Amount (after giving effect to any deposits thereto and withdrawals and releases therefrom on such date) over the Series
2020-1 Required Reserve Account Amount, in each case, as of such date.

 

“Series 2020-1
Supplement” has the meaning specified in the Preamble.

 

“Series 2020-1
Supplemental Indenture” means a supplement to this Series 2020-1 Supplement complying (to the extent applicable) with
the terms of Section 11.10 of this Series 2020-1 Supplement.

 

“Series
2020-1 Third-Party Market Value” means, with respect to each Non-Program Vehicle, as of any date of determination
during a calendar month: if the Series 2020-1 Third-Party Market Value Procedures have been completed for such month, then
the Monthly NADA Mark, if any, for such Non-Program Vehicle obtained in such calendar month in accordance with such Series
2020-1 Third-Party Market Value Procedures; if, pursuant to the Series 2020-1 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 2020-1 Third-Party Market Value
Procedures; and if, pursuant to the Series 2020-1 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
2020-1 Third-Party Market Value Procedures or (B) such Non-Program Vehicle experienced its Vehicle Operating Lease
Commencement Date on or after the first (1st) day of such calendar month), then the HVIF Administrator’s reasonable
estimation of the fair market value of such Non-Program Vehicle as of such date of determination; and until the Series 2020-1
Third-Party Market Value Procedures have been completed for such calendar month: if such Non-Program Vehicle experienced its
Vehicle Operating Lease Commencement Date prior to the first (1st) day of such calendar month, the Series 2020-1 Third-Party
Market Value obtained in the immediately preceding calendar month, in accordance with the Series 2020-1 Third-Party Market
Value Procedures for such immediately preceding calendar month, and if such Non-Program Vehicle experienced its Vehicle
Operating Lease Commencement Date on or after the first (1st) day of such calendar month, then the HVIF Administrator’s
reasonable estimation of the fair market value of such Non-Program Vehicle as of such date of determination.

 

    SI-35

     

    

 

“Series 2020-1
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: HVIF shall make one attempt (or cause the HVIF 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 (1st) day of such calendar
month, and if no Monthly NADA Mark was obtained for any such Non-Program Vehicle described in clause (a) above upon such
attempt, then HVIF shall make one attempt (or cause the HVIF Administrator to make one attempt) to obtain a Monthly Blackbook Mark
for any such Non-Program Vehicle.

 

“Series 2020-1
Used Vehicle Excess Amount” means, as of any date of determination occurring on or after the six-month anniversary of
the Series 2020-1 Closing Date, the amount, if any, by which the Net Book Value of Eligible Vehicles that are acquired by the Issuer
as used vehicles exceeds 20.0% of the Aggregate Asset Amount as of such date; provided that, for the avoidance of doubt,
at any time prior to the six-month anniversary of the Series 2020-1 Closing Date, the Series 2020-1 Used Vehicle Excess Amount
shall be zero.

 

“Series-Specific
2020-1 Collateral” means HVIF’s right, title and interest in and to this Series 2020-1 Supplement each Series 2020-1
Letter of Credit, the Series 2020-1 Account Collateral with respect to each Series 2020-1 Account and each Series 2020-1 Demand
Note. The Series-Specific 2020-1 Collateral shall be the “Series-Specific Collateral” with respect to the Series 2020-1
Notes.

 

“Similar Law”
means any federal, state, local or non-U.S. or other law or regulation that could cause the underlying assets of the Issuer to
be treated as assets of the investor in any note (or any interest therein) by virtue of its interest and thereby subject the Issuer
(or other persons responsible for the investment and operation of the Issuer’s assets) to Other Plan Law.

 

“Specified
Bankruptcy Opinion Provisions” means the provisions contained in the legal opinions delivered in connection with this
Series 2020-1 Supplement or, if applicable, amendments to any Series 2020-1 Related Documents, in each case relating to the non-substantive
consolidation of Hertz and HGI on the one hand, and each of HVIF and Hertz Vehicles LLC, on the other hand.

 

“Specified
Cost Section” means Sections 3.5 and/or 3.6.

 

“SPV Issuer
Equity” has the meaning specified in Section 11.14.

 

“Subsidiary”
of any Person means any corporation, association, partnership or other business entity of which more than 50% of the total voting
power of shares of Capital Stock or other equity interests (including partnership interests) 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 (i) such Person or (ii) one or more Subsidiaries of such Person.

 

“Taxes”
has the meaning specified in Section 3.6(a).

 

“Term”
has the meaning specified in Section 2.6(a).

 

“Transferee”
has the meaning specified in Section 9.2(c).

 

“UK Financial
Institution” means any BRRD Undertaking (as such term is defined under the PRA Rulebook (as amended from time to time)
promulgated by the United Kingdom Prudential Regulation Authority) or any person falling within IFPRU 11.6 of the FCA Handbook
(as amended from time to time) promulgated by the United Kingdom Financial Conduct Authority, which includes certain credit institutions
and investment firms, and certain affiliates of such credit institutions or investment firms.

 

    SI-36

     

    

 

“UK
Resolution Authority” means the Bank of England or any other public administrative authority having responsibility for
the resolution of any UK Financial Institution.

 

“Vehicle Operating
Lease Commencement Date” has the meaning specified in Section 3.1(a) of the HVIF Lease.

 

“Volcker Rule”
means Section 13 of the U.S. Bank Holding Company Act of 1956, as amended, and the applicable rules and regulations thereunder.

 

“Voluntary
Decrease” has the meaning specified in Section 2.4(c)(i).

 

“Voluntary
Decrease Amount” has the meaning specified in Section 2.4(c)(i).

 

“Voluntary
Decrease Date” has the meaning specified in Section 2.4(c)(i).

 

“Voting Stock”
means, with respect to any Person, shares of Capital Stock entitled to vote generally in the election of directors to the board
of directors or equivalent governing body of such Person.

 

“Write-Down
and Conversion Powers” means, (a) with respect to any EEA Resolution Authority, the write-down and conversion powers
of such EEA Resolution Authority from time to time under the Bail-In Legislation for the applicable EEA Member Country, which write-down
and conversion powers are described in the EU Bail-In Legislation Schedule, and (b) with respect to the United Kingdom, any powers
of the applicable Resolution Authority under the Bail-in Legislation to cancel, reduce, modify or change the form of a liability
of any UK Financial Institution or any contract or instrument under which that liability arises, to convert all or part of that
liability into shares, securities or obligations of that person or any other person, to provide that any such contract or instrument
is to have effect as if a right had been exercised under it or to suspend any obligation in respect of that liability or any of
the powers under that Bail-In Legislation that are related to or ancillary to any of those powers.

 

    SI-37

     

    

 

SCHEDULE II

 

Barclays Bank PLC, as a Class A Noteholder

Class A Noteholder Percentage: 11.43%

Class A Maximum Noteholder Principal Amount:
$400,000,000.00

Barclays Bank PLC, as a Class A Noteholder

 

Deutsche Bank AG, New York Branch, as a
Class A Noteholder

Class A Noteholder Percentage: 14.29%

Class A Maximum Noteholder Principal Amount:
$500,000,000.00

Deutsche Bank AG, New York Branch, as
a Class A Noteholder

 

Royal Bank of Canada, as a Class A Noteholder

Class A Noteholder Percentage: 11.43%

Class A Maximum Noteholder Principal Amount:
$400,000,000.00

Royal Bank of Canada, as a Class A Noteholder

 

Athene Annuity Re Ltd., as a Class A Noteholder

Class A Noteholder Percentage: 1.43%

Class A Maximum Noteholder Principal Amount:
$50,000,000.00

Athene Annuity Re Ltd., as a Class A
Noteholder 

 

Athene Co-Invest Reinsurance Affiliate
1B Ltd., as a Class A Noteholder

Class A Noteholder Percentage: 4.66%

Class A Maximum Noteholder Principal Amount:
$163,167,300.00

Athene Co-Invest Reinsurance Affiliate
1B Ltd., as a Class A Noteholder 

 

American Equity Investment Life Insurance
Company, as a Class A Noteholder

Class A Noteholder Percentage: 1.00%

Class A Maximum Noteholder Principal Amount:
$35,000,000.00

American Equity Investment Life Insurance
Company, as a Class A Noteholder

 

Athene Annuity & Life Assurance Company,
as a Class A Noteholder

Class A Noteholder Percentage: 17.03%

Class A Maximum Noteholder Principal Amount:
$596,082,700.00

Athene Annuity & Life Assurance
Company, as a Class A Noteholder

 

Athene Annuity and Life Company, as a Class
A Noteholder

Class A Noteholder Percentage: 20.76%

Class A Maximum Noteholder Principal Amount:
$726,500,000.00

Athene Annuity and Life Company, as
a Class A Noteholder

 

    SII-1

     

    

 

Jackson National Life Insurance Company,
as a Class A Noteholder

Class A Noteholder Percentage: 5.79%

Class A Maximum Noteholder Principal Amount:
$202,500,000.00

Jackson National Life Insurance Company,
as a Class A Noteholder

 

The Lincoln National Life Insurance Company,
as a Class A Noteholder

Class A Noteholder Percentage: 3.23%

Class A Maximum Noteholder Principal Amount:
$113,000,000.00

The Lincoln National Life Insurance
Company, as a Class A Noteholder

 

Midland National Life Insurance Company,
as a Class A Noteholder

Class A Noteholder Percentage: 0.57%

Class A Maximum Noteholder Principal Amount:
$20,000,000.00

Midland National Life Insurance Company,
as a Class A Noteholder

 

Massachusetts Mutual Life Insurance Company,
as a Class A Noteholder

Class A Noteholder Percentage: 2.86%

Class A Maximum Noteholder Principal Amount:
$100,000,000.00

Massachusetts Mutual Life Insurance
Company, as a Class A Noteholder

 

Venerable Insurance and Annuity Company,
as a Class A Noteholder

Class A Noteholder Percentage: 4.29%

Class A Maximum Noteholder Principal Amount:
$150,000,000.00

Venerable Insurance and Annuity Company,
as a Class A Noteholder

 

Apollo Credit Funds ICAV, as a Class A Noteholder

Class A Noteholder Percentage: 1.25%

Class A Maximum Noteholder Principal Amount:
$43,750,000.00

Apollo Credit Funds ICAV, as a Class
A Noteholder

 

    SII-2

     

    

 

 

 

SCHEDULE III

 

Athene Co-Invest Reinsurance Affiliate
1B Ltd., as a Class B Noteholder

Class B Noteholder Percentage: 1.73%

Class B Maximum Noteholder Principal Amount:
$8,667,100.00

Athene Co-Invest Reinsurance Affiliate
1B Ltd., as a Class B Noteholder 

 

American Equity Investment Life Insurance
Company, as a Class B Noteholder

Class B Noteholder Percentage: 8.00%

Class B Maximum Noteholder Principal Amount:
$40,000,000.00

American Equity Investment Life Insurance
Company, as a Class B Noteholder

 

Athene Annuity & Life Assurance Company,
as a Class B Noteholder

Class B Noteholder Percentage: 23.82%

Class B Maximum Noteholder Principal Amount:
$119,082,900.00

Athene Annuity & Life Assurance
Company, as a Class B Noteholder

 

Athene Annuity and Life Company, as a Class
B Noteholder

Class B Noteholder Percentage: 25.70%

Class B Maximum Noteholder Principal Amount:
$128,500,000.00

Athene Annuity and Life Company, as
a Class B Noteholder

 

Jackson National Life Insurance Company,
as a Class B Noteholder

Class B Noteholder Percentage: 15.50%

Class B Maximum Noteholder Principal Amount:
$77,500,000.00

Jackson National Life Insurance Company,
as a Class B Noteholder

 

Massachusetts Mutual Life Insurance Company,
as a Class B Noteholder

Class B Noteholder Percentage: 8.00%

Class B Maximum Noteholder Principal Amount:
$40,000,000.00

Massachusetts Mutual Life Insurance
Company, as a Class B Noteholder

 

Apollo Structured Credit Recovery Fund
IV LP, as a Class B Noteholder

Class B Noteholder Percentage: 16.00%

Class B Maximum Noteholder Principal Amount:
$80,000,000.00

Apollo Structured Credit Recovery Fund
IV LP, as a Class B Noteholder

 

Apollo Credit Funds ICAV, as a Class B Noteholder

Class B Noteholder Percentage: 1.25%

Class B Maximum Noteholder Principal Amount:
$6,250,000.00

Apollo Credit Funds ICAV, as a Class
B Noteholder

 

    SIII-1

     

    

 

SCHEDULE IV

 

[RESERVED]

 

    SIV-1

     

    

 

SCHEDULE V

 

Post-Emergence
Required Opinions

 

		1.	An opinion regarding substantive non-consolidation of Hertz, on the one hand, and HVIF, on the
other hand.

 

		2.	An opinion regarding substantive non-consolidation of Hertz or HGI, on the one hand, and HVIF or
Hertz Vehicles LLC, on the other hand.

 

		3.	An opinion that the HVIF Lease is a “true lease” and regarding the “true lease”
of the HVIF Vehicles under the HVIF Lease.

 

		4.	An opinion that, in the event of a Hertz bankruptcy, lease payments made by Hertz during the one
year period preceding the commencement of its bankruptcy case would not be avoidable and recoverable as preferential transfers
pursuant to Sections 547(b) and 550 of the Bankruptcy Code.

 

		5.	An opinion regarding the “true sale” of the Incentive Rebate Receivables from Hertz
and HGI, on the one hand, to HVIF, on the other hand.

 

		6.	An opinion regarding any “true contribution” of vehicles from Hertz to HVIF after the
Emergence Date.

 

		7.	An opinion regarding general corporate matters with respect to Hertz and DTG Operations, Inc.,
including (i) valid existence, good standing, power and authority to execute, deliver, perform and consummate, (ii) due authorization,
execution and delivery, (iii) legal, valid and binding obligations, (iv) enforceability, (v) no conflict, breach, default or violation
of or with organizational documents, material agreements or instruments, New York law, federal law, and Delaware or Oklahoma law,
as applicable, and any judgment, writ, injunction, decree, order or ruling of any court or governmental authority, (vi) no imposition
of liens, (vii) no consent, waiver, license or authorization or other action by or filing with any New York or federal governmental
authority, and (viii) no action, suit, investigation, litigation or proceeding against, pending or threatened before any court,
governmental agency or arbitrator that challenges, or would reasonably be expected to have a material adverse effect on, the legality,
validity or enforceability of the subject documents.

 

    SV-1

     

    

 

Annex
1

 

REPRESENTATIONS AND WARRANTIES

 

		1.	HVIF. HVIF represents and warrants to each Series 2020-1 Noteholder that each of its representations
and warranties in the Series 2020-1 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 to such parties that:

 

		a.	no Amortization Event or Potential Amortization Event, in each case with respect to the Series
2020-1 Notes, is continuing;

 

		b.	assuming each Series 2020-1 Noteholder hereunder is not purchasing with a view toward further distribution
and there has been no general solicitation or general advertising within the meaning of the Securities Act, and further assuming
that the representations and warranties of each Series 2020-1 Noteholder set forth in Article VI are true and correct, the
offer and sale of the Series 2020-1 Notes in the manner contemplated by this Series 2020-1 Supplement is a transaction exempt from
the registration requirements of the Securities Act, and the Base Indenture is not required to be qualified under the Trust Indenture
Act;

 

		c.	on the Effective Date, HVIF has furnished to the Administrative Agent and the Controlling Party
true, accurate and complete copies of all Series 2020-1 Related Documents to which it is a party as of the Effective Date, all
of which are in full force and effect as of the Effective Date;

 

		d.	as of the Effective Date, none of the written information furnished by HVIF, Hertz or any of its
Affiliates, agents or representatives to the Series 2020-1 Noteholders, the Controlling Party or the Administrative Agent for purposes
of or in connection with this Series 2020-1 Supplement, including any information relating to the Series 2020-1 Collateral, taken
as a whole, is inaccurate in any material respect, or contains any material misstatement of fact, or omits to state a material
fact or any fact necessary to make the statements contained therein not misleading, in each case as of the date such information
was stated or certified unless such information has been superseded by subsequently delivered information;

 

		e.	HVIF is not, and is not controlled by, an “investment company” within the meaning of,
and is not required to register as an “investment company” under, the Investment Company Act. In reaching this conclusion,
although other statutory or regulatory exemptions under the Investment Company Act may be available, HVIF has relied on the exemption
from registration set forth in Rule 3a-7 under the Investment Company Act;

 

		f.	HVIF is not a “covered fund” for purposes of the Volcker Rule and the transactions
contemplated by the Related Documents and the Series 2020-1 Related Documents do not result in the Series 2020-1 Noteholders holding
an “ownership interest” in a “covered fund” for purposes of the Volcker Rule; and

 

		g.	except as would not reasonably be expected to have a Material Adverse Effect, (a) HVIF, HGI
and the Nominee are in compliance with all applicable provisions and requirements of all applicable laws, rules and regulations
with respect to each Employee Benefit Plan, and have
performed all their obligations under each Employee Benefit Plan; (b) no liability to the PBGC (other than required premium payments),
the Internal Revenue Service, any Employee Benefit Plan or any trust established under Title IV of ERISA has been or is expected
to be incurred by HVIF, HGI or the Nominee or any of their respective ERISA Affiliates; and (c) no ERISA Event has occurred
or is reasonably expected to occur.

 

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		2.	HVIF Administrator. The HVIF Administrator represents and warrants to each Series 2020-1
Noteholder that:

 

		a.	each representation and warranty made by it in each Series 2020-1 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);

 

		b.	to the extent applicable, except as would not reasonably be expected to have a Material Adverse
Effect, the HVIF Administrator and each of HVIF, the Nominee and HGI is, and to the knowledge of the HVIF Administrator its directors
are, in compliance with (i) the Uniting and Strengthening of America by Providing the Appropriate Tools Required to Intercept and
Obstruct Terrorism Act of 2001, (ii) the Trading with the Enemy Act, as amended, (iii) any U.S. sanctions administered by the Office
of Foreign Assets Control of the U.S. Treasury Department and any other enabling legislation or executive order relating thereto
as well as sanctions laws and regulations of the United Nations Security Council, the European Union or any member state thereof
and the United Kingdom (collectively, “Sanctions”) and (iv) Anti-Corruption Laws; and

 

		c.	none of the HVIF Administrator or any of HVIF, the Nominee or HGI or, to the knowledge of the HVIF
Administrator, any director or officer of the HVIF Administrator or any of HVIF, the Nominee or HGI, is the target of any Sanctions
(a “Sanctioned Party”). Except as would not reasonably be expected to have a Material Adverse Effect, none of
the HVIF Administrator, HVIF, the Nominee or HGI is organized or resident in a country or territory that is the target of a comprehensive
embargo under Sanctions (including as of the Effective Date, without limitation, Cuba, Iran, North Korea, Syria and the Crimea
Region of the Ukraine, each a “Sanctioned Country”). None of the HVIF Administrator, HVIF, the Nominee or HGI
will knowingly (directly or indirectly) use the proceeds of the Series 2020-1 Notes (i) in furtherance of an offer, payment, promise
to pay, or authorization of the payment or giving of money, or anything else of value, to any Person in material violation of Anti-Corruption
Laws or (ii) for the purpose of funding or financing any activities or business of or with any Person that at the time of such
funding or financing is a Sanctioned Party or organized or resident in a Sanctioned Country, except as otherwise permitted by applicable
law, regulation or license.

 

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		3.	Series 2020-1 Noteholders. Each of the Series 2020-1 Noteholders (including any Designated
Series 2020-1 Noteholder) represents and warrants to HVIF and the HVIF Administrator, as of the Effective Date (or, with respect
to each Series 2020-1 Noteholder or Designated Series 2020-1 Noteholder
that becomes a party hereto after the Effective Date, as of the date such Person becomes a party hereto), that:

 

		a.	it has had an opportunity to discuss HVIF’s and the HVIF Administrator’s business,
management and financial affairs, and the terms and conditions of the proposed purchase, with HVIF and the HVIF Administrator and
their respective representatives;

 

		b.	it is an “accredited investor” within the meaning of Rule 501(a)(1), (2), (3) or (7)
of Regulation D under the Securities Act and has sufficient knowledge and experience in financial and business matters to be capable
of evaluating the merits and risks of investing in, and is able and prepared to bear the economic risk of investing in, the Series
2020-1 Notes;

 

		c.	it purchased the Series 2020-1 Notes for its own account, or for the account of one or more “accredited
investors” within the meaning of Rule 501(a)(1), (2), (3) or (7) of Regulation D under the Securities Act that meet the criteria
described in subsection (b) and for which it is acting with complete investment discretion, for investment purposes only and not
with a view to distribution, subject, nevertheless, to the understanding that the disposition of its property shall at all times
be and remain within its control;

 

		d.	it understands that the Series 2020-1 Notes have not been and will not be registered or qualified
under the Securities Act or any applicable state securities laws or the securities laws of any other jurisdiction and is being
offered only in a transaction not involving any public offering within the meaning of the Securities Act and may not be resold
or otherwise transferred unless so registered or qualified or unless an exemption from registration or qualification is available,
that HVIF is not required to register the Series 2020-1 Notes, and that any transfer must comply with the provisions of the Base
Indenture and Article IX of this Series 2020-1 Supplement;

 

		e.	it understands that the Series 2020-1 Notes will bear the legend set out in the form of Series
2020-1 Notes attached as Exhibit A-1 (in the case of the Class A Notes) or Exhibit A-2 (in the case of the Class
B Notes) hereto and be subject to the restrictions on transfer described in such legend and in Section 9.1;

 

		f.	if it is a Class B Noteholder, (i) it is not, and is not acting on behalf of (and for so long as
it holds any such Class B Notes or interests therein will not be and will not be acting on behalf of), a Benefit Plan Investor
or Controlling Person or (ii) it has become a party to this Series 2020-1 Supplement after the Series 2020-1 Closing Date, it has
delivered an ERISA Certificate to the Issuer in accordance with Exhibit N hereto, and it has obtained the written consent of the
Issuer to be a Class B Noteholder;

 

		g.	it will comply with all applicable federal and state securities laws in connection with any subsequent
resale of the Series 2020-1 Notes;

 

		h.	it understands that the Series 2020-1 Notes may be offered, resold, pledged or otherwise transferred
only in accordance with Section 9.2 and only:

 

i.                   
to HVIF,

 

ii.                 
in a transaction meeting the requirements of Rule 144A under the Securities Act,

 

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iii.               
 outside the United States to a foreign person in a transaction meeting the requirements of Regulation S under the Securities
Act, or

 

iv.                
in a transaction complying with or exempt from registration requirements of the Securities Act and in accordance with any
applicable securities laws of any state of the United States or any other jurisdiction;

 

provided that, for the
avoidance of doubt, HVIF may, in its sole and absolute discretion, withhold its consent with respect to any offer, sale, pledge
or other transfer of any Series 2020-1 Note to any Person and any such withholding shall be deemed reasonable;

 

		i.	if it desires to offer, sell or otherwise transfer, pledge or hypothecate the Series 2020-1 Notes
as described in clause (ii) or (iv) of Section 3(h) of this Annex 1, the transferee of the Series 2020-1
Notes will be required to deliver a certificate that an exemption from the registration requirements of the Securities Act applies
to such offer, sale, transfer or hypothecation, and it understands that the registrar and transfer agent for the Series 2020-1
Notes will not be required to accept for registration of transfer the Series 2020-1 Notes acquired by it, except upon presentation
of an executed letter in the form described herein; and

 

		j.	it will obtain from any purchaser of the Series 2020-1 Notes substantially the same representations
and warranties contained in the foregoing paragraphs.

 

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Annex
2

 

COVENANTS

 

HVIF and the HVIF Administrator each severally
covenants and agrees that, until the Series 2020-1 Notes have been paid in full and the Term has expired, it will:

 

		1.	Performance of Obligations. Duly and timely perform all of its covenants (both affirmative
and negative) and obligations under each Series 2020-1 Related Document to which it is a party.

 

		2.	Amendments. Not amend, supplement, waive or otherwise modify, or consent to any amendment,
supplement, modification or waiver of:

 

		i.	any provision of the Series 2020-1 Related Documents (other than this Series 2020-1 Supplement)
if such amendment, supplement, modification, waiver or consent adversely affects the Series 2020-1 Noteholders without the consent
of the Series 2020-1 Required Noteholders;

 

provided
that, prior to entering into, granting or effecting any such amendment, supplement, waiver, modification or consent without the
consent of the Series 2020-1 Required Noteholders, HVIF shall deliver to the Trustee an Officer’s Certificate and Opinion
of Counsel (which may be based on an Officer’s Certificate) confirming, in each case, that such amendment, supplement, modification,
waiver or consent does not adversely affect the Series 2020-1 Noteholders;

 

provided
further that, this clause (i) shall not apply to:

 

		(I)	any amendment, supplement, modification or consent with respect to any Series 2020-1 Demand Note
permitted pursuant to Section 4.4 of this Series 2020-1 Supplement, or

 

		(II)	any amendment to modify the definition of “Chapter 11 Milestone” to conform to any
such comparable amendment in the DIP Credit Agreement (provided that HVIF or the Administrative Agent shall notify the Trustee
of any such proposed amendment at least three (3) Business Days prior to entering into such amendment), or

 

		ii.	any Series 2020-1 Letter of Credit so that it is not substantially in the form of Exhibit I
to this Series 2020-1 Supplement without written consent of the Required Controlling Class Series 2020-1 Noteholders;

 

		iii.	the defined terms “Series 2020-1 Adjusted Asset Coverage Threshold Amount”, “Series
2020-1 Asset Amount”, “Series 2020-1 Asset Coverage Threshold Amount”, “Series 2020-1 Commitment Termination
Date”, “Series 2020-1 Interest Period”, “Series 2020-1 Liquidation Event”, “Series 2020-1 Manufacturer
Concentration Excess Amount”, “Series 2020-1 Manufacturer Percentage”, “Series 2020-1 Maximum Manufacturer
Amount”, “Series 2020-1 Monthly Interest Amount”, “Series 2020-1 Non-Liened Vehicle Concentration Excess
Amount”, “Series 2020-1 Third-Party Market Value”, “Class A Up-Front Fee” or “Class B Up-Front
Fee”, in each case, appearing in this Series 2020-1 Supplement, in each case, without the written consent of the Controlling
Party;

 

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		iv.	any defined terms included in any of the defined terms listed in any of the preceding clause
(iii) if such amendment, supplement or modification materially adversely affects the Series 2020-1 Noteholders, without the
consent of the Controlling Party; provided that, prior to entering into, granting or effecting any such amendment, supplement
or modification without the consent of the Controlling Party, HVIF shall deliver to the Administrative Agent an Officer’s
Certificate confirming, in each case, that such amendment, supplement or modification does not materially adversely affect the
Series 2020-1 Noteholders; provided further that, for the avoidance of doubt, in any such case, the requirements of the
preceding clause (i) shall remain applicable to such amendment, supplement or modification of such defined term;

 

		v.	any of (I) the defined terms “Class A Funding Conditions”, “Class A Monthly Interest
Amount”, “Class A Noteholder Percentage”, “Class A Noteholder Principal Amount”, “Class A Maximum
Noteholder Principal Amount”, “Class A/B Adjusted Advance Rate”, “Class A/B Baseline Advance Rate”,
 “Class A/B Concentration Excess Advance Rate Adjustment”, “Class A/B MTM/DT Advance Rate Adjustment”, “Class
A Note Rate”, or “Class A Undrawn Fee”, in each case, appearing in this Series 2020-1 Supplement or (II) the
required amount of Enhancement with respect to the Class A Noteholders, in the case of either of the foregoing (I) or (II), without
the written consent of each Class A Noteholder;

 

		vi.	any defined terms included in any of the defined terms listed in the preceding clause (v)(I)
if such amendment, supplement or modification materially adversely affects the Class A Noteholders, without the consent of each
Class A Noteholder; provided that, prior to entering into, granting or effecting any such amendment, supplement or modification
without the consent of each Class A Noteholder, HVIF shall deliver to the Administrative Agent an Officer’s Certificate confirming,
in each case, that such amendment, supplement or modification does not materially adversely affect the Class A Noteholders; provided
further that, for the avoidance of doubt, in any such case, the requirements of the preceding clause (i) shall remain
applicable to such amendment, supplement or modification of such defined term;

 

		vii.	any of (I) the defined terms “Class B Base Monthly Interest Amount”, “Class B
Funding Conditions”, “Class B Monthly Interest Amount”, “Class B Noteholder Percentage”, “Class
B Noteholder Principal Amount”, “Class B Maximum Noteholder Principal Amount”, “Class A/B Adjusted Advance
Rate”, “Class A/B Baseline Advance Rate”, “Class A/B Concentration Excess Advance Rate Adjustment”,
 “Class A/B MTM/DT Advance Rate Adjustment”, “Class B Base Note Rate”, “Class B Supplemental Interest
Amount” or “Class B Undrawn Fee”, in each case, appearing in this Series 2020-1 Supplement or (II) the required
amount of Enhancement with respect to the Class B Noteholders, in the case of either of the foregoing (I) or (II), without the
written consent of each Class B Noteholder;

 

		viii.	any defined terms included in any of the defined terms listed in the preceding clause (vii)(I)
if such amendment, supplement or modification materially adversely affects the Class B Noteholders, without the consent of each
Class B Noteholder; provided that, prior to entering into, granting or effecting any such amendment, supplement or modification
without the consent of each Class B Noteholder, HVIF shall deliver to the Administrative Agent an Officer’s Certificate confirming,
in each case, that such amendment, supplement or modification does not materially adversely affect the Class B
Noteholders; provided further that, for the avoidance of doubt, in any such case, the requirements of the preceding clause
(i) shall remain applicable to such amendment, supplement or modification of such defined term;

 

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		ix.	Section 12.2(b)(i) or 12.2(b)(ii) of the Base Indenture, if such amendment, supplement, modification,
waiver or consent affects the Series 2020-1 Noteholders, without the consent of each Series 2020-1 Noteholder.

 

For the avoidance
of doubt, notwithstanding anything herein to the contrary, other than as set forth in this paragraph 2 of Annex 2,
in Section 2.6 or in Section 11.10 of this Series 2020-1 Supplement, the consent of the Controlling Party shall be
the sole consent required with respect to consenting to any amendment, granting any waiver, making any declaration or taking any
other action with respect to the Series 2020-1 Notes.

 

		3.	Delivery of Information. (i) At the same time any report, notice, certificate, statement,
Opinion of Counsel or other document is provided or caused to be provided to the Trustee or any Rating Agency by HVIF or the HVIF
Administrator under this Series 2020-1 Supplement or, to the extent such report, notice, certificate, statement, Opinion of Counsel
or other document relates to the Series 2020-1 Notes, Series 2020-1 Collateral or the Base Indenture, provide the Administrative
Agent (who shall provide a copy thereof to the Series 2020-1 Noteholders) with a copy of such report, notice, certificate, Opinion
of Counsel or other document, provided that, no Opinion of Counsel delivered in connection with the issuance of any Series
of HVIF Notes (other than the Series 2020-1 Notes) shall be required to be provided pursuant to this clause (i), (ii) at
the same time any report is provided or caused to be provided by HVIF to the Trustee pursuant to Sections 4.1(g) or (h) of the
Base Indenture, provide or cause to be provided to the Administrative Agent a copy of such report, (iii) at the same time any report,
notice, certificate, statement or other document is provided or caused to be provided to any Person by HVIF or the HVIF Administrator
pursuant to any Series 2020-1 Related Document, provide the Controlling Party with a copy of such report, notice, certificate,
statement or other document, and (iv) provide the Controlling Party and the Administrative Agent such other information with respect
to HVIF or the HVIF Administrator as the Controlling Party or the Administrative Agent, as applicable, may from time to time reasonably
request; provided, however, that neither HVIF nor the HVIF Administrator shall have any obligation under this Section
3 to deliver to the Controlling Party or the Administrative Agent copies of any information, reports, notices, certificates,
statements, Opinions of Counsel or other documents relating solely to any Series of HVIF Notes other than the Series 2020-1 Notes,
or any legal opinions or routine communications, including determinations relating to payments, payment requests, payment directions
or other similar calculations. For the avoidance of doubt, nothing in this Section 3 shall require any Opinion of Counsel
provided to any Person pursuant to this Section 3 to be addressed to such Person or to permit such Person any basis on which
to rely on such Opinion of Counsel.

 

		4.	Access to Collateral Information. At any time and from time to time, following reasonable
prior notice from the Administrative Agent, and during regular business hours, permit, and, if applicable, cause HVIF to permit,
the Administrative Agent, or their respective agents or representatives (including any independent public accounting firm, independent
consulting firm or other third party auditors) or permitted assigns, access to the offices of, the HVIF Administrator, Hertz, and
HVIF, as applicable,

 

(i)                 to
examine and make copies of and abstracts from all documentation relating to the Series 2020-1 Collateral on the same terms as
are provided to the Trustee under Section 8.6 of the Base Indenture (but excluding making copies of or abstracts from any
information that the HVIF Administrator or HVIF reasonably determines to be proprietary or confidential); and

 

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(ii)              
upon reasonable notice, to visit the offices and properties of, the HVIF Administrator, Hertz, and HVIF for the purpose
of examining such materials described in clause (i) above, and to discuss matters relating to the Series 2020-1 Collateral,
or the administration and performance of the Base Indenture, this Series 2020-1 Supplement and the other Series 2020-1 Related
Documents with any of the Authorized Officers or other nominees as such officers specify, of the HVIF Administrator, Hertz and/or
HVIF, as applicable, having knowledge of such matters, in each case as may reasonably be requested; provided that, (i) prior
to the occurrence of an Amortization Event or Potential Amortization Event, in each case, with respect to the Series 2020-1 Notes,
one such visit per annum, if requested, coordinated by the Administrative Agent shall be at HVIF’s sole cost and expense
and (ii) during the continuance of an Amortization Event or Potential Amortization Event, in each case, with respect to the Series
2020-1 Notes, each such visit shall be at HVIF’s sole cost and expense.

 

Each party
making a request pursuant to this Section 4 shall simultaneously send a copy of such request to the Administrative Agent,
so as to allow such other parties to participate in the requested visit.

 

		5.	Cash AUP. At any time and from time to time, following reasonable prior notice from the
Administrative Agent, cooperate with the Administrative Agent or its agents or representatives (including any independent public
accounting firm, independent consulting firm or other third party auditors) or permitted assigns in conducting a review of any
ten (10) Business Days selected by the Administrative Agent (or its representatives or agents), confirming (i) the information
contained in the Daily Collection Report for each such day and (ii) that the HVIF Collections described in each such Daily Collection
Report for each such day were applied correctly in accordance with Article V of this Series 2020-1 Supplement (a “Cash
AUP”); provided that, such Cash AUPs shall be at HVIF’s sole cost and expense (i) for no more than one such
Cash AUP per annum prior to the occurrence of an Amortization Event or Potential Amortization Event, in each case with respect
to the Series 2020-1 Notes, and (ii) for each such Cash AUP after the occurrence and during the continuance of an Amortization
Event or Potential Amortization Event, in each case with respect to the Series 2020-1 Notes.

 

		6.	Noteholder Statement AUP. On or prior to the Payment Date occurring in July of each year,
the HVIF Administrator shall cause a firm of independent certified public accountants or independent consultants (reasonably acceptable
to both the Controlling Party and the HVIF Administrator, which may be the HVIF Administrator’s accountants) to deliver to
the Administrative Agent, a report in a form reasonably acceptable to HVIF and the Administrative Agent (a “Noteholder
Statement AUP”); provided that, such Noteholder Statement AUPs shall be at HVIF’s sole cost and expense
(i) for no more than one such Noteholder Statement AUP per annum prior to the occurrence of an Amortization Event or Potential
Amortization Event, in each case with respect to the Series 2020-1 Notes and (ii) for each such Noteholder Statement AUP after
the occurrence and during the continuance of an Amortization Event or Potential Amortization Event, in each case with respect to
the Series 2020-1 Notes.

 

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		7.	Margin Stock. Not permit any (i) part of the proceeds of any Advance to be (x) used to purchase
or carry any “margin stock” (as defined or used in Regulation T, U or X of the Board of Governors of the Federal Reserve
System) or (y) loaned to others for the purpose of purchasing or carrying any margin stock or (ii) amounts owed with respect to
the Series 2020-1 Notes to be secured, directly or indirectly, by any margin stock.

 

		8.	Reallocation of Excess Collections. On or after the Expected Final Payment Date, use all
amounts allocated to and available for distribution from each principal collection account in respect of each Series of HVIF Notes
to decrease, pro rata (based on Principal Amount), the Series 2020-1 Principal Amount and the principal amount of any other
Series of HVIF Notes that is then required to be paid.

 

		9.	Financial Statements. Commencing on the Effective Date, deliver to the Administrative Agent
within 120 days after the end of each fiscal year of HVIF, the financial statements prepared pursuant to Section 8.6 of the Base
Indenture.

 

		10.	Fleet Report. In the case of the HVIF Administrator, for so long as a Limited Liquidation
Event of Default for any Series of HVIF Notes is continuing, furnish or cause the Servicer to furnish to the Administrative Agent
and each Series 2020-1 Noteholder, the Fleet Report prepared in accordance with Section 2.4 of the Collateral Agency Agreement;
provided that the Servicer may furnish or cause to be furnished to the Administrative Agent any such Fleet Report, by posting,
or causing to be posted, such Fleet Report to a password-protected website made available to the Administrative Agent or by any
other reasonable means of electronic transmission (including, without limitation, e-mail, file transfer protocol or otherwise).

 

		11.	Further Assurances. At any time and from time to time, upon the written request of the Administrative
Agent, and at its sole expense, promptly and duly execute and deliver any and all such further instruments and documents and take
such further action as the Administrative Agent may reasonably deem desirable in obtaining the full benefits of this Series 2020-1
Supplement and of the rights and powers herein granted, including the filing of any financing or continuation statements under
the UCC in effect in any jurisdiction with respect to the liens and security interests granted hereby.

 

		12.	HVIF Administrator Replacement. Not appoint or agree to the appointment of any successor
HVIF Administrator (other than the HVIF Back-Up Administrator) without the prior written consent of the Required Controlling Class
Series 2020-1 Noteholders.

 

		13.	HVIF Back-Up Disposition Agent Agreement Amendments. Not amend the HVIF Back-Up Disposition
Agent Agreement in a manner that materially adversely affects the Series 2020-1 Noteholders, as determined by the Controlling Party.

 

		14.	Dividend Restrictions. Not declare or pay any dividend or distribution on any of its limited
liability company interests; provided that so long as the Dividend Condition is satisfied and upon the sale of any HVIF
Vehicle, HVIF may declare a dividend or distribution payable to Hertz in an amount equal to the lesser of (x) the amount of
the Disposition Proceeds from such sale and (y) the excess (if any) of the Series 2020-1 Market Value Average for the current
Series 2020-1 Measurement Month over 107% of the aggregate Net Book Values of all Eligible Vehicles that are Non-Program Vehicles.
Subject to the this Section 14, to the extent HVIF declares or pays any dividend or distribution on any of its limited liability
company interests, the amount of any Mandatory Decrease required to be made with such Disposition Proceeds pursuant to Section
2.4(b)(i)(A) or 2.4(b)(i)(B) shall be reduced by an amount equal to the amount of such dividend or distribution.

 

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		15.	Independent Directors. (x) Not remove any Independent Director of HVIF, without (i) delivering
an Officer’s Certificate to the Controlling Party and the Administrative Agent certifying that the replacement Independent
Director of the applicable entity satisfies the definition of Independent Director and (ii) obtaining the prior written consent
of the Controlling Party (not to be unreasonably withheld or delayed), in each case, no later than ten (10) Business Days prior
to the effectiveness of such removal (or such shorter period as my be agreed to by the Controlling Party) and (y) not replace any
Independent Director of HVIF unless (i) it has obtained the prior written consent of the Controlling Party (not to be unreasonably
withheld or delayed) or (ii) such replacement Independent Director is an officer, director or employee of an entity that provides,
in the ordinary course of its business, advisory, management or placement services to issuers of securitization or structured finance
instruments, agreements or securities and otherwise meets the applicable definition of Independent Director; provided, that,
for the avoidance of doubt, in the event that an Independent Director of HVIF is removed in connection with any such replacement,
HVIF and the HVIF Administrator shall be required to effect such removal in accordance with clause (x) above.

 

		16.	Notation of Liens. Promptly after payment has been made with respect to any HVIF Vehicle,
use commercially reasonable best efforts to note the Collateral Agent as the first lienholder on the Certificate of Title with
respect to such HVIF Vehicle; provided that if HVIF and the HVIF Administrator have used commercially reasonable best efforts
to make such notation as promptly after such payment, any failure to have such lien noted during the applicable Lien Holiday for
such HVIF Vehicle shall not result in such HVIF Vehicle being deemed an Ineligible Vehicle for purposes of the definition of “Aggregate
Asset Amount.”.

 

		17.	Notice of Certain Amendments. Within five (5) Business Days of the execution of any amendment
or modification of any Series 2020-1 Related Document, the HVIF Administrator shall provide written notification of such amendment
or modification to each Designating Series 2020-1 Noteholder and each Designated Series 2020-1 Noteholder.

 

		18.	Limitation on Permitted Investments. For so long as any Designating Series 2020-1 Noteholder
or Designated Series 2020-1 Noteholder has notified HVIF in writing that funds on deposit in any Series 2020-1 Accounts may no
longer be invested in Permitted Investments that are Permitted Investments pursuant to clause (viii) of the definition thereof
(an “Additional Permitted Investment”), until such notice has been revoked by such Designating Series 2020-1
Noteholder or Designated Series 2020-1 Noteholder, neither the HVIF Administrator nor HVIF shall invest, or direct the investment
of, any funds on deposit in any Series 2020-1 Accounts, in any Additional Permitted Investment.

 

		19.	Maintenance of Separate Existence. Take or refrain from taking, as the case may be, all
other actions that are necessary to be taken or not to be taken in order to (x) ensure that the assumptions and factual recitations
set forth in the Specified Bankruptcy Opinion Provisions remain true and correct in all material respects with respect to HVIF
and (y) comply in all material respects with those procedures described in such provisions that are applicable to HVIF.

 

		20.	Merger.

 

		i.	Solely with respect to HVIF, not be a party to any merger or consolidation without the prior written
consent of the Required Controlling Class Series 2020-1 Noteholders.

 

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		ii.	Solely with respect to the HVIF Administrator, not permit or suffer HVIF to be a party to any merger
or consolidation without the prior written consent of the Required Controlling Class Series 2020-1 Noteholders.

 

		21.	Series 2020-1 Third-Party Market Value Procedures. Comply with the Series 2020-1 Third-Party
Market Value Procedures in all material respects.

 

		22.	Enhancement Provider Ratings. Solely with respect to the HVIF Administrator, at least once
every calendar month, determine whether any Series 2020-1 Letter of Credit Provider has been subject to a Series 2020-1 Downgrade
Event.

 

		23.	Ratings. After the Series 2020-1 Closing Date and in connection with any Rating Request,
cooperate and provide reasonable assistance (or in the case of any Lessee, cause to cooperate and provide reasonable assistance)
in a timely manner with the provision of data, business materials or any other information requested by the Controlling Party or
any Rating Agency, including, but not limited to, direct contact with the Rating Agencies and providing all information that any
Rating Agency may request in connection with such Rating Request, including, but not limited to, any information concerning the
business, financial condition, results of operation, projections or management of HVIF, the HVIF Administrator and each Lessee;
provided that any process or request by any Rating Agency in connection with such Rating Request or receipt of any rating
of the Series 2020-1 Notes, including any subsequent downgrade of such rating, shall not result in a reduction of the Maximum Principal
Amount available hereunder.

 

		24.	Refinancing Covenant. During the period from the Series 2020-1 Closing Date to and including
the six-month anniversary of the Series 2020-1 Commitment Termination Date, the HVIF Administrator and the Controlling Party (on
behalf of itself or any other Apollo Entity) shall negotiate in good faith and on a non-exclusive basis, the involvement of the
Controlling Party or any other Apollo Entity in any U.S. rental car fleet financing of any kind with respect to Hertz or any of
its Subsidiaries.

 

		25.	Purchase of Used Vehicles. HVIF shall not purchase any used Vehicle from an Affiliate without
the consent of the Controlling Party.

 

		26.	Future Issuances of Notes. Not issue any other Series of HVIF Notes without the prior written
consent of the Controlling Party.

 

		27.	ERISA. (a) Promptly upon becoming aware of the occurrence of any ERISA Event which would
reasonably be expected to have a Material Adverse Effect, provide a written notice to the Administrative Agent specifying the nature
thereof, what action HVIF, HGI, the Nominee or any of their respective ERISA Affiliates has taken, is taking or proposes to take
with respect thereto and, when known, any action taken or threatened in writing by the Internal Revenue Service, the Department
of Labor or the PBGC with respect thereto; and (b) except as would not reasonably be expected to have a Material Adverse Effect,
comply with all applicable provisions and requirements of all applicable laws, rules and regulations with respect to each Employee
Benefit Plan, and perform all their obligations under each Employee Benefit Plan.

 

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		28.	Financial Statements and Other Reporting. Solely with respect to the HVIF Administrator,
furnish or cause to be furnished to the Administrative Agent and the Controlling Party:

 

i.                    commencing
on the Effective Date, within the time required by the SEC rules, regulations and statements for reporting companies, 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;

 

ii.                 
commencing on the Effective Date, within the time required by the SEC rules, regulations and statements for reporting companies,
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;

 

iii.               
simultaneously with the delivery of the Annual Report on Form 10-K (or equivalent information) referred to in (i) above
and the Quarterly Report on Form 10-Q (or equivalent information) referred to in (ii) above, an Officer’s Certificate of
Hertz stating whether, to the knowledge of such officer, there exists on the date of the certificate any condition or event that
then constitutes, or that after notice or lapse of time or both would constitute, an HVIF Potential Operating Lease Event of Default
or HVIF Operating Lease Event of Default, and, if any such condition or event exists, specifying the nature and period of existence
thereof and the action Hertz is taking and proposes to take with respect thereto;

 

iv.                
promptly after obtaining actual knowledge thereof, notice of any Manufacturer Event of Default or termination of a Manufacturer
Program;

 

v.                  
promptly after any Authorized Officer of Hertz becomes aware of the occurrence of any Reportable Event (other than a reduction
in active Plan participants) with respect to any Plan of Hertz, a certificate signed by an Authorized Officer of Hertz setting
forth the details as to such Reportable Event and the action that such Lessee is taking and proposes to take with respect thereto,
together with a copy of the notice of such Reportable Event given to the Pension Benefit Guaranty Corporation;

 

vi.                
promptly after delivery thereof, each report, forecast, or similarly-styled document or information provided to the Series
2020-1 Noteholders or the lenders pursuant to either the Senior Credit Facilities or the Post-Emergence Senior Credit Facilities;
and

 

    A2-8

     

    

 

vii.              
 any other information reasonably requested by the Administrative Agent, the Controlling Party or any Series 2020-1 Noteholder.

 

The financial
data that shall be delivered to the Administrative Agent and the Controlling Party pursuant to the foregoing clauses (i)
and (ii) shall be prepared in conformity with GAAP.

 

Notwithstanding
the foregoing provisions of this Section 28, 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),
the HVIF Administrator may, in lieu of furnishing or causing to be furnished the information, documents and reports so required
to be furnished, 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 the HVIF Administrator 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 Section 28.

 

Documents,
reports, notices or other information required to be furnished or delivered pursuant to this Section 28 may be delivered
electronically and, if so delivered, shall be deemed to have been delivered on the date (i) on which Hertz posts such documents,
or provides a link thereto on Hertz’s or any Parent’s website (or such other website address as the HVIF Administrator
may specify by written notice to the Administrative Agent and the Controlling Party from time to time) or (ii) on which such documents
are posted on Hertz’s or any Parent’s behalf on an internet or intranet website to which the Administrative Agent and
the Controlling Party have access (whether a commercial, government or third-party website or whether sponsored by or on behalf
of the Administrative Agent and the Controlling Party).

 

    A2-9

     

    

 

 

Annex
3

 

CONDITIONS PRECEDENT

 

The effectiveness of this Series 2020-1
Supplement is subject to the following, in each case as of the Effective Date:

 

		1.	the Base Indenture shall be in full force and effect;

 

		2.	the Administrative Agent and the Controlling Party shall have received copies of (i) the certificate
of incorporation and by-laws of Hertz and the certificate of formation and limited liability company agreement of HVIF, certified
by the Secretary of State of the state of incorporation or organization, as the case may be, (ii) resolutions of the board of directors
(or an authorized committee thereof) of HVIF and Hertz with respect to the transactions contemplated by this Series 2020-1 Supplement,
and (iii) an incumbency certificate of HVIF and Hertz, each certified by the secretary or assistant secretary of the related entity
in form and substance reasonably satisfactory to the Administrative Agent;

 

		3.	unless otherwise provided for by the ABS DIP Facility Order, each Series 2020-1 Noteholder shall
have received opinions of counsel (i) from White & Case LLP, or other counsel acceptable to the Series 2020-1 Noteholders,
with respect to such matters as any such Series 2020-1 Noteholder shall reasonably request (including regarding UCC security interest
matters) and (ii) from counsel to the Trustee acceptable to the Controlling Party with respect to such matters as the Controlling
Party shall reasonably request;

 

		4.	the Administrative Agent and the Controlling Party shall have received evidence satisfactory to
it of the completion of all UCC filings as may be necessary to perfect or evidence the assignment by HVIF to the Trustee of its
interests in the Series 2020-1 Collateral, the proceeds thereof and the security interests granted pursuant to this Series 2020-1
Supplement;

 

		5.	the Administrative Agent and the Controlling Party shall have received a written search report
listing all effective financing statements that name HVIF as debtor or assignor and that are filed in the State of Delaware and
in any other jurisdiction that the Administrative Agent determines is necessary or appropriate, together with copies of such financing
statements, and tax and judgment lien searches showing no such liens that are not permitted by the Series 2020-1 Related Documents;

 

		6.	the Bankruptcy Court shall have entered an order (the “ABS DIP Facility
                                                              Order”) in form and substance reasonably satisfactory to the Controlling Party providing, among other things, (a)
                                                              authorizing Hertz and their debtor subsidiaries and affiliates (collectively, the “Debtors”) to do all
                                                              things necessary to enter into and perform under the HVIF Lease, the Base Indenture, this Series 2020-1 Supplement, the HVIF
                                                              Administration Agreement, the Nominee Agreement, the Collateral Agency Agreement, any HVIF Back-Up Disposition Agent
                                                              Agreement, any HVIF Back-up Administration Agreement and each other agreement contemplated thereby, including, without
                                                              limitation, establishing HVIF and contributing at least $50,000,000 to HVIF before drawing on the Series 2020-1 Notes,
                                                              (b) specifying that the primary and guaranteed obligations of the Debtors shall constitute superpriority administrative
                                                              expense claims against each applicable Debtor for the benefit of the Administrative Agent, the Apollo Holders and the other
                                                              Series 2020-1 Noteholders under Section 364(c)(1) of the Bankruptcy Code subject to the Carve-Out (as defined in the DIP
                                                              Credit Agreement); provided that, any such superiority administrative expense claim shall be junior to each other
superpriority administrative expense claim (whether existing or hereafter awarded) against each applicable Debtor under Section
364(c)(1) of the Bankruptcy Code, (c) specifying certain findings with respect to matters related to true lease, true sale,
non-consolidation and nominee construct, which are consistent with opinions delivered in connection with prior transactions of
a similar nature issued by a subsidiary of Hertz, (d) granting relief from the automatic stay in the Chapter 11 Cases in favor
of the Administrative Agent, any Apollo Holder and the other Series 2020-1 Noteholders to exercise their respective rights and
remedies following an Amortization Event or any other default, and providing that such ABS DIP Facility Order shall not have been
stayed, reversed or otherwise modified, and (e) providing protection to the Administrative Agent and the Series 2020-1 Noteholders
under Section 364(e) of the Bankruptcy Code;

 

    A3-1

     

    

 

		7.	(a) each Class A Noteholder shall have received payment of the Class A Up-Front Fee owing to it,
and (b) each Class B Noteholder shall have received payment of the Class B Up-Front Fee owing to it;

 

		8.	no later than two (2) days prior to the Effective Date, the Administrative Agent and the Controlling
Party shall have received all documentation and other information about HVIF and the HVIF Administrator that the Administrative
Agent or the Controlling Party have reasonably determined is required by regulatory authorities under “know your customer”
and anti-money laundering rules and regulations, including, without limitation, the Uniting and Strengthening America by Providing
Appropriate Tools Required to Intercept and Obstruct Terrorism Act”, and that the Administrative Agent or the Controlling
Party has reasonably requested in writing at least five (5) days prior to the Effective Date;

 

		9.	each Series 2020-1 Noteholder shall have received a properly completed and executed Certification
Regarding Beneficial Owners of Legal Entity Customers, if requested a reasonable time prior to the Series 2020-1 Closing Date by
such Series 2020-1 Noteholder, dated as of or prior to the Series 2020-1 Closing Date, together with copies of additional documentation
necessary to comply with 31 CFR § 1010.230 and such additional supporting documentation as such Series 2020-1 Noteholder may
reasonably request in connection with the verification of the foregoing certification;

 

		10.	the Administrative Agent, the Controlling Party and each Series 2020-1 Noteholder shall have received
all necessary executed documents in form and substance satisfactory to the Controlling Party; and

 

		11.	all items reasonably requested by the Administrative Agent, the Controlling Party or any Series
2020-1 Noteholder shall have been delivered.

 

    A3-2

     

    

 

Annex
4

 

CONDITIONS SUBSEQUENT

 

Following the Series 2020-1 Closing Date
and the effectiveness of this Series 2020-1 Supplement, HVIF and the HVIF Administrator hereby agree to satisfy the following conditions:

 

		1.	on or before the day that is sixty (60) days after the Series 2020-1 Closing Date (or such later
date as may be agreed to by the Controlling Party in its sole discretion), the HVIF Administrator shall enter into the HVIF Back-Up
Administration Agreement with the HVIF Back-Up Administrator, in form and substance consistent with similar agreements entered
into by Hertz and reasonably satisfactory to the Controlling Party;

 

		2.	on or before the day that is sixty (60) days after the Series 2020-1 Closing Date (or such later
date as may be agreed to by the Controlling Party in its sole discretion), HVIF shall enter into the HVIF Back-Up Disposition Agent
Agreement with the HVIF Back-Up Disposition Agent, in form and substance consistent with similar agreements entered into by Hertz
and reasonably satisfactory to the Controlling Party; and

 

		3.	each Series 2020-1 Noteholder and the Trustee shall have received (a) on or before the Emergence
Date, each opinion listed on Schedule V hereto from White & Case LLP, or other counsel acceptable to the Controlling
Party and (b) any other Opinion of Counsel delivered in connection with a similar issuance of asset backed notes by Hertz
Vehicle Financing II L.P. as reasonably requested by the Controlling Party and HVIF within five (5) days after receipt of a Chapter
11 Plan.

 

    A4-1

     

    

 

Annex
5

 

EUROPEAN UNION SECURITISATION RISK RETENTION
REPRESENTATIONS AND UNDERTAKING

 

		1.	The HVIF Administrator represents and warrants to each Series 2020-1 Noteholder as of the Series
2020-1 Closing Date that:

 

		a.	it owns 100% of the issued and outstanding limited liability company interests in HVIF (the “HVIF
Equity”); and

 

		b.	the Class A/B Advance Rate does not exceed 95%.

 

		2.	The HVIF Administrator agrees for the benefit of each Series 2020-1 Noteholder that it shall, for
so long as any Series 2020-1 Notes are Outstanding:

 

		a.	not sell or transfer, or otherwise surrender all or part of the rights, benefits or obligations
of, the HVIF Equity (in whole or in part) or subject the HVIF Equity to any credit risk mitigation, any short positions or any
other hedge; provided that, the HVIF Equity may be pledged insofar as it is not otherwise prohibited from pledging the HVIF
Equity under this Series 2020-1 Supplement or the Base Indenture;

 

		b.	promptly provide notice to each Series 2020-1 Noteholder in the event that it fails to comply with
clause (a) above; and

 

		c.	provide any and all information reasonably requested by any Series 2020-1 Noteholder that is required
by any such Series 2020-1 Noteholder for purposes of complying with Article 5(1)(b), Article 5(1)(d) or Article 5(1)(e) of the
Securitisation Regulation or the due diligence assessment requirements of Article 5(3) of the Securitisation Regulation; provided
that, compliance by the HVIF Administrator with this clause (c) shall be at the expense of the requesting Series 2020-1
Noteholder, and provided further that, this clause (c) shall not apply to information that the HVIF Administrator
is not able to provide (whether because the HVIF Administrator has not been able to obtain the requested information after having
made all reasonable efforts to do so, by reason of any contractual, statutory or regulatory obligations binding on it, or because
it is otherwise legally prohibited from providing the requested information), and provided further that, for the avoidance
of doubt, any information provided pursuant to this Section 2(c) of this Annex 5 shall be subject to Section 11.3
of this Series 2020-1 Supplement.

 

		3.	The HVIF Administrator hereby represents and warrants to each Series 2020-1 Noteholder, as of the
Series 2020-1 Closing Date, as of the date of each Advance and as of the date of delivery of each Monthly HVIF Noteholders’
Statement that it continues to comply with Section 1 above of this Annex 5 as of such date.

 

		4.	Anything to the contrary in this Annex 5 notwithstanding, the HVIF Administrator shall not
be in breach of any undertaking, representation or warranty in this Annex 5 if it fails to comply due to events, actions
or circumstances beyond its control.

 

		5.	The HVIF Administrator:

 

    A5-1

     

    

 

		a.	confirms that it holds the HVIF Equity as “originator” for the purposes of the Retention
Requirements;

 

		b.	confirms its holding of such HVIF Equity will satisfy the requirements to retain on an ongoing
basis a minimum net economic interest of not less than 5% in the manner described in the Retention Requirements;

 

		c.	confirms that the modality provided for in point (d) of Article 6(3) of the Securitisation Regulation
has been applied to retain a material net economic interest;

  

		d.	confirms that it is not an entity that has been established or operates for the sole purpose of
securitizing exposures as more particularly described in its annual report on Form 10-K for the fiscal year end December 31, 2019;
and

 

		e.	confirms that it will hold the HVIF Equity for so long as the Series 2020-1 Notes remain Outstanding.

 

Notwithstanding anything to
the contrary in this Series 2020-1 Supplement, if (a) the HVIF Administrator does not constitute an “originator” or
holds any of the HVIF Equity in a capacity other than as “originator”, in each case for the purposes of the Retention
Requirements, (b) the HVIF Administrator's holding of any of the HVIF Equity fails to satisfy the requirements to hold a net economic
interest in the manner described in the Retention Requirements or any other requirement of the Securitisation Regulation, (c) the
modality provided for in point (d) of Article 6(3) of the Securitisation Regulation is not applied to retain a material net economic
interest, (d) the HVIF Administrator operates for the sole purpose of securitizing exposures as more particularly described in
its annual report on Form 10-K for the fiscal year end December 31, 2019, or (e) the HVIF Administrator does not hold the HVIF
Equity so long as the Series 2020-1 Notes remain Outstanding, then none of the events or conditions described in the preceding
clauses (a), (b), (c), (d) or (e) shall result in any Amortization Event, Potential Amortization Event, event of default, potential
event of default or similar consequence, however styled, defined or denominated; provided that the foregoing shall not relieve
the HVIF Administrator of its obligation to comply with paragraphs 1 through 4 above.

 

    A5-2

     

    

 

EXHIBIT A-1

TO

SERIES 2020-1 SUPPLEMENT

 

FORM OF SERIES 2020-1 DELAYED DRAW

 

RENTAL CAR ASSET BACKED
NOTE, CLASS A 

 

    A-1-3

     

    

 

SERIES 2020-1 DELAYED DRAW RENTAL CAR
ASSET BACKED NOTE, CLASS A

 

	REGISTERED	Up to $[  ]

 

No. R-[ ]

CUSIP:

ISIN:

 

SEE REVERSE FOR CERTAIN CONDITIONS

 

THIS SERIES 2020-1 NOTE
HAS NOT BEEN REGISTERED UNDER THE SECURITIES ACT OF 1933, AS AMENDED (THE “SECURITIES ACT”), OR WITH ANY STATE SECURITIES
OR “BLUE SKY” LAWS. THE HOLDER HEREOF, BY ITS ACCEPTANCE HEREOF, AGREES FOR THE BENEFIT OF HERTZ VEHICLE INTERIM FINANCING
LLC, A SPECIAL PURPOSE LIMITED LIABILITY COMPANY ESTABLISHED UNDER THE LAWS OF DELAWARE (“HVIF” OR THE “COMPANY”),
THAT SUCH SERIES 2020-1 NOTE IS BEING ACQUIRED FOR ITS OWN ACCOUNT AND NOT WITH A VIEW TO DISTRIBUTION AND TO OFFER, SELL OR OTHERWISE
TRANSFER SUCH NOTE ONLY (A) TO HVIF, (B) PURSUANT TO A REGISTRATION STATEMENT THAT HAS BEEN DECLARED EFFECTIVE UNDER THE SECURITIES
ACT, (C) TO AN INSTITUTIONAL ACCREDITED INVESTOR WITHIN THE MEANING OF RULE 501(A)(1), (2), (3) OR (7) UNDER THE SECURITIES ACT
OR (D) PURSUANT TO AN APPLICABLE EXEMPTION FROM THE REGISTRATION REQUIREMENTS OF THE SECURITIES ACT AND, IN EACH SUCH CASE, IN
COMPLIANCE WITH THE BASE INDENTURE. THE SERIES 2020-1 SUPPLEMENT AND ALL APPLICABLE SECURITIES LAWS OF ANY STATE OF THE UNITED
STATES OR ANY OTHER JURISDICTION, SUBJECT TO THE RIGHT OF HVIF, PRIOR TO ANY TRANSFER PURSUANT TO CLAUSE (C), TO REQUIRE
THE DELIVERY TO IT OF A PURCHASER’S LETTER IN THE APPLICABLE FORM OF EXHIBIT E TO THE SERIES 2020-1 SUPPLEMENT CERTIFYING,
AMONG OTHER THINGS, THAT SUCH PURCHASER IS AN INSTITUTIONAL “ACCREDITED INVESTOR” WITHIN THE MEANING OF RULE 501(A)(1),
(2), (3) OR (7) UNDER THE SECURITIES ACT AND SUBJECT TO THE RIGHT OF HVIF, PRIOR TO ANY TRANSFER PURSUANT TO CLAUSE (D),
TO REQUIRE THE DELIVERY OF AN OPINION OF COUNSEL, CERTIFICATION AND/OR OTHER INFORMATION SATISFACTORY TO IT.

 

    A-1-4

     

    

 

HERTZ VEHICLE INTERIM FINANCING LLC

 

SERIES 2020-1 DELAYED DRAW RENTAL CAR
ASSET BACKED NOTE,

CLASS A

 

Hertz Vehicle Interim
Financing LLC, a special purpose limited liability company established under the laws of Delaware, (herein referenced as the “Company”),
for value received, hereby promises to pay to [         ], as [Designated Series 2020-1
Noteholder for [ ], as] a Class A Noteholder (the “Class A Noteholder”), or its registered assigns, the aggregate
principal sum of up to [         ] DOLLARS AND [         ]
CENTS ($[   ]) (but in no event greater than the Class A Noteholder Principal Amount with respect to the Class A
Noteholder, as determined in accordance with the Series 2020-1 Supplement) or, if less, the aggregate unpaid principal amount shown
on the schedule attached hereto (and any continuation thereof), which amount in any case shall be payable in the amounts and at
the times set forth in the Base Indenture and the Series 2020-1 Supplement; provided that the entire unpaid principal amount
of this Class A Note shall be due on the Legal Final Payment Date. The Company will pay interest on this Class A Note at the Class
A Note Rate. Such interest shall be payable on each Payment Date until the principal of this Class A Note is paid or made available
for payment, to the extent funds are available from Interest Collections allocable to the Class A Note in accordance with the terms
of the Series 2020-1 Supplement, or as otherwise permitted by the Series 2020-1 Supplement. In addition, the Company will pay interest
on this Class A Note, to the extent funds are available from Interest Collections allocable to the Class A Note, on the dates set
forth in Section 5.3 of the Series 2020-1 Supplement, or as otherwise permitted by the Series 2020-1 Supplement. Pursuant
to Sections 2.2 and 2.4 of the Series 2020-1 Supplement, the principal amount of this Class A Note shall be subject
to Advances and Decreases on any Business Day during the Series 2020-1 Draw Period, and accordingly, such principal amount is subject
to prepayment in whole or in part at any time (such prepayment in accordance with Section 2.4 of the Series 2020-1 Supplement).
During the Series 2020-1 Draw Period, this Class A Note is subject to mandatory prepayment, to the extent funds have been allocated
to the Series 2020-1 Principal Collection Account and are available therefor, in accordance with Section 2.4(b) of the Series
2020-1 Supplement. Beginning on the first Payment Date following the occurrence of an Amortization Event, subject to cure in accordance
with the Series 2020-1 Supplement, the principal of this Class A Note shall be paid in installments on each subsequent Payment
Date to the extent of funds available for payment therefor pursuant to the Indenture. Such principal of and interest on this Class
A Note shall be paid in the manner specified on the reverse hereof.

 

The principal of and
interest on this Class A Note are payable in such coin or currency of the United States of America as at the time of payment is
legal tender for payment of public and private debts. Except as otherwise provided in the Indenture, payments made by the Company
with respect to this Class A Note shall be applied first to interest due and payable on this Class A Note as provided above and
then to the unpaid principal of this Class A Note. This Class A Note does not represent an interest in, or an obligation of, The
Hertz Corporation or any affiliate of The Hertz Corporation other than the Company.

 

Reference is made to
the further provisions of this Class A Note set forth on the reverse hereof, which shall have the same effect as though fully set
forth on the face of this Class A Note. Although a summary of certain provisions of the Indenture is set forth below and on the
reverse hereof and made a part hereof, this Class A Note does not purport to summarize the Indenture and reference is made to the
Indenture for information with respect to the interests, rights, benefits, obligations, proceeds and duties evidenced hereby and
the rights, duties and obligations of the Company and the Trustee. A copy of the Indenture may be requested from the Trustee by
writing to the Trustee at: The Bank of New York Mellon Trust Company, N.A., 2 North LaSalle Street, Suite 700, Chicago, Illinois
60602, Attention: Corporate Trust Administrator - Structured Finance.

 

    A-1-5

     

    

 

Unless the certificate
of authentication hereon has been executed by the Trustee whose name appears below by manual or electronic signature, this Class
A Note shall not be entitled to any benefit under the Indenture referred to on the reverse hereof, or be valid or obligatory for
any purpose.

 

IN WITNESS WHEREOF, the
Company has caused this instrument to be signed, manually or electronically, by its Authorized Officer.

 

Dated: [ ], 20[ ]

 

	 	HERTZ VEHICLE INTERIM FINANCING
    LLC
	 	 
	 	By:	 
	 	 	Name:
	 	 	Title:

 

TRUSTEE’S CERTIFICATE OF AUTHENTICATION

 

This is one of the Class
A Notes, of the Series 2020-1 Notes, a series issued under the within-mentioned Indenture.

 

Dated: [ ], 20[ ]

 

	 	THE BANK OF NEW YORK MELLON
	 	TRUST COMPANY, N.A.,
	 	as Trustee
	 	 
	 	By:	 
	 	 	Authorized Signatory

 

    A-1-6

     

    

 

REVERSE OF SERIES 2020-1 NOTE, CLASS A

 

This Series 2020-1 Note,
Class A is one of a duly authorized issue of Series 2020-1 Notes of the Company, designated as its Series 2020-1 Delayed Draw Rental
Car Asset Backed Notes, Class A (herein called the “Class A Note”), issued under (i) the Base Indenture, dated
as of November 25, 2020 (as amended, supplemented or modified, is herein referred to as the “Base Indenture”),
between the Company and The Bank of New York Mellon Trust Company, N.A., as trustee (the “Trustee”, which term
includes any successor Trustee under the Base Indenture), and (ii) the Series 2020-1 Supplement, dated as of November 25, 2020
(as amended, supplemented or modified from time to time, is herein referred to as the “Series 2020-1 Supplement”),
among the Company, The Hertz Corporation, as HVIF Administrator, the Administrative Agent, the Controlling Party, certain noteholders
party thereto and the Trustee. The Base Indenture and the Series 2020-1 Supplement are referred to herein together as the “Indenture”.
Except as set forth in the Series 2020-1 Supplement, the Class A Note is subject to all terms of the Base Indenture. All terms
used in this Class A Note that are defined in the Series 2020-1 Supplement shall have the meanings assigned to them in or pursuant
to the Base Indenture or the Series 2020-1 Supplement.

 

The Class A Note is and
will be secured as provided in the Indenture.

 

“Payment Date”
means the twenty-fifth (25th) day of each calendar month, or, if any such date is not a Business Day, the next succeeding Business
Day, commencing December 28, 2020.

 

As described above, the
entire unpaid principal amount of this Class A Note shall be due and payable on the Legal Final Payment Date, in accordance with
Section 2.3 of the Series 2020-1 Supplement. Notwithstanding the foregoing, if an Amortization Event with respect to the
Class A Notes shall have occurred and be continuing then, in certain circumstances, principal of the Class A Note may be paid earlier,
as described in the Indenture. All principal payments of the Class A Note shall be made to the Class A Noteholders.

 

Payments of interest
on this Class A Note are due and payable on each Payment Date or such other date as may be specified in the Series 2020-1 Supplement,
together with the installment of principal then due, if any, and any payments of principal made on any Business Day in respect
of any Decreases, to the extent not in full payment of this Class A Note, shall be made by wire transfer to the Holder of record
of this Class A Note (or one or more predecessor Class A Notes) on the Note Register as of the close of business on each Record
Date. Any reduction in the principal amount of this Class A Note (or one or more predecessor Class A Notes) effected by any payments
made on any Payment Date shall be binding upon all future Holders of this Class A Note and of any Class A Note issued upon the
registration of transfer hereof or in exchange hereof or in lieu hereof, whether or not noted thereon.

 

The Company shall pay
interest on overdue installments of interest at the Series 2020-1 Note Rate to the extent lawful.

 

Subject to the
terms of the Indenture, the holder of any Class A Note may transfer the same in whole or in part, in an amount equivalent to
an authorized denomination, by surrendering such Class A Note at the office maintained by the Registrar for such purpose
pursuant to Section 2.5 of the Base Indenture, with the form of transfer endorsed on it duly completed and executed by, or
accompanied by a written instrument of transfer in form satisfactory to the Company and the Registrar by, the holder thereof
and accompanied by a certificate substantially in the form of Exhibit E to the Series 2020-1 Supplement. In exchange
for any Class A Note properly presented for transfer, the Company shall execute and the Trustee shall promptly authenticate
and deliver or cause to be authenticated and delivered in compliance with applicable law, to the transferee at such office,
or send by mail (at the risk of the transferee) to such address as the transferee may request, Class A Notes for the same
aggregate principal amount as was transferred. In the case of the transfer of any Class A Note in part, the Company shall
execute and the Trustee shall promptly authenticate and deliver or cause to be authenticated and delivered to the transferor
at such office, or send by mail (at the risk of the transferor) to such address as the transferor may request, Class A Notes
for the aggregate principal amount that was not transferred. No transfer of any Class A Note shall be made unless the request
for such transfer is made by each Class A Noteholder at such office. Upon the issuance of transferred Class A Notes, the
Trustee shall recognize the Holders of such Class A Notes as Class A Noteholders.

 

    A-1-7

     

    

 

Each Class A Noteholder,
by acceptance of a Class A Note, covenants and agrees that no recourse may be taken, directly or indirectly, with respect to the
obligations of the Trustee or the Company on the Class A Note or under the Indenture or any certificate or other writing delivered
in connection therewith, against the Trustee in its individual capacity, or against any stockholder, member, employee, officer,
director or incorporator of the Company; provided, however, that nothing contained herein shall be taken to prevent
recourse to, and enforcement against, the assets of the Company constituting Series 2020-1 Collateral for any and all liabilities,
obligations and undertakings contained in the Indenture or in this Class A Note, to the extent provided for in the Indenture.

 

Each Class A Noteholder,
by acceptance of a Class A Note, covenants and agrees that by accepting the benefits of the Indenture that such Class A Noteholder
will not, for a period of one (1) year and one (1) day following payment in full of the Class A Notes and each other Series of
Notes issued under the Base Indenture, institute against the Company, or join with any other Person in instituting against the
Company, any bankruptcy, reorganization, arrangement, insolvency or liquidation proceedings, or other proceedings, under any United
States Federal or state bankruptcy or similar law in connection with any obligations relating to the Notes, the Indenture or the
Related Documents.

 

Prior to the due presentment
for registration of transfer of this Class A Note, the Company, the Trustee and any agent of the Company or the Trustee may treat
the Person in whose name this Class A Note (as of the day of determination or as of such other date as may be specified in the
Indenture) is registered as the owner hereof for all purposes, whether or not this Class A Note shall be overdue, and neither the
Company, the Trustee nor any such agent shall be affected by notice to the contrary.

 

It is the intent of the
Company and each Class A Noteholder that, for Federal, state and local income and franchise tax purposes and any other tax imposed
on or measured by income, the Class A Note will evidence indebtedness secured by the Series 2020-1 Collateral. Each Class A Noteholder,
by the acceptance of this Class A Note, agrees to treat this Class A Note for purposes of Federal, state and local income or franchise
taxes and any other tax imposed on or measured by income, as indebtedness.

 

The Indenture permits,
with certain exceptions as therein provided, the amendment thereof and the modification of the rights and obligations of the Company
and the rights of the Holder of the Class A Notes under the Indenture at any time by the Company with the consent of the applicable
Person(s) specified therein. The Indenture also contains provisions permitting the applicable Person(s) specified therein to waive
compliance by the Company with certain provisions of the Indenture and certain past defaults under the Indenture and their consequences
with respect to the Class A Notes. Any such consent or waiver by such Person(s) shall be conclusive and binding upon the Class
A Noteholders and upon all future Holders of this Class A Note and of any Class A Note issued upon the registration of transfer
hereof or in exchange hereof or in lieu hereof whether or not notation of such consent or waiver is made upon this Class A Note.
The Indenture also permits the Company and the Trustee to amend or waive certain terms and conditions set forth in the Indenture
without the consent of any other Person.

 

The term “Company”
as used in this Class A Note includes any successor to the Company under the Indenture.

 

The Class A Note is issuable
only in registered form in denominations as provided in the Indenture, subject to certain limitations set forth therein.

 

    A-1-8

     

    

 

This Class A Note and
the Indenture, and all matters arising out of or relating to this Class A Note or Indenture, 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.

 

No reference herein to
the Indenture and no provision of this Class A Note or of the Indenture shall alter or impair the obligation of the Company, which
is absolute and unconditional, to pay the principal of and interest on this Class A Note at the times, place and rate, and in the
coin or currency herein prescribed, subject to any duty of the Company to deduct or withhold any amounts as required by law, including
any applicable U.S. withholding taxes; provided that, notwithstanding anything to the contrary herein or in the Indenture,
the Class A Noteholders shall only have recourse to the Series 2020-1 Collateral.

 

    A-1-9

     

    

 

INCREASES AND DECREASES

 

	Date	Unpaid Principal Amount	Increase	Decrease	Total	Class A Note Rate	Interest

 Period (if 

applicable)	Notation Made By
	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 

 

    A-1-10

     

    

 

ASSIGNMENT

 

Social Security or taxpayer I.D. or other
identifying number of assignee

 

_______________________

 

FOR VALUE RECEIVED,
the undersigned hereby sells, assigns and transfers unto                                                                                                                                                                                                                            

(name and address of assignee)

 

the within Class A Note and all rights
thereunder, and hereby irrevocably constitutes and appoints_________________, attorney, to transfer said Class A Note on the books
kept for registration thereof, with full power of substitution in the premises.

 

Dated: ________________

 

	 	                        	1
	 	 
	 	Signature Guaranteed:
	 	 
	 	 
	 	Name:
	 	Title:

 

 

1
NOTE: The signature to this assignment must correspond with the name of the registered owner as it appears on the face of
the within Class A Note in every particular, without alteration, enlargement or any change whatsoever.

 

    A-1-11

     

    

 

EXHIBIT A-2

TO

SERIES 2020-1 SUPPLEMENT

 

FORM OF SERIES 2020-1 DELAYED DRAW

 

RENTAL CAR ASSET BACKED NOTE, CLASS
B 

 

    A-2-1

     

    

 

SERIES 2020-1 DELAYED DRAW RENTAL CAR
ASSET BACKED NOTE, CLASS B

 

	REGISTERED	Up to $[  ]

 

No. R-[ ]

CUSIP:

ISIN:

 

SEE REVERSE FOR CERTAIN CONDITIONS

 

THIS SERIES 2020-1 NOTE
HAS NOT BEEN REGISTERED UNDER THE SECURITIES ACT OF 1933, AS AMENDED (THE “SECURITIES ACT”), OR WITH ANY STATE SECURITIES
OR “BLUE SKY” LAWS. THE HOLDER HEREOF, BY ITS ACCEPTANCE HEREOF, AGREES FOR THE BENEFIT OF HERTZ VEHICLE INTERIM FINANCING
LLC, A SPECIAL PURPOSE LIMITED LIABILITY COMPANY ESTABLISHED UNDER THE LAWS OF DELAWARE (“HVIF” OR THE “COMPANY”)
THAT SUCH SERIES 2020-1 NOTE IS BEING ACQUIRED FOR ITS OWN ACCOUNT AND NOT WITH A VIEW TO DISTRIBUTION AND TO OFFER, SELL OR OTHERWISE
TRANSFER SUCH NOTE ONLY (A) TO HVIF, (B) PURSUANT TO A REGISTRATION STATEMENT THAT HAS BEEN DECLARED EFFECTIVE UNDER THE SECURITIES
ACT, (C) TO AN INSTITUTIONAL ACCREDITED INVESTOR WITHIN THE MEANING OF RULE 501(A)(1), (2), (3) OR (7) UNDER THE SECURITIES ACT
OR (D) PURSUANT TO AN APPLICABLE EXEMPTION FROM THE REGISTRATION REQUIREMENTS OF THE SECURITIES ACT AND, IN EACH SUCH CASE, IN
COMPLIANCE WITH THE BASE INDENTURE. THE SERIES 2020-1 SUPPLEMENT AND ALL APPLICABLE SECURITIES LAWS OF ANY STATE OF THE UNITED
STATES OR ANY OTHER JURISDICTION, SUBJECT TO THE RIGHT OF HVIF, PRIOR TO ANY TRANSFER PURSUANT TO CLAUSE (C), TO REQUIRE
THE DELIVERY TO IT OF A PURCHASER’S LETTER IN THE APPLICABLE FORM OF EXHIBIT E TO THE SERIES 2020-1 SUPPLEMENT CERTIFYING,
AMONG OTHER THINGS, THAT SUCH PURCHASER IS AN INSTITUTIONAL “ACCREDITED INVESTOR” WITHIN THE MEANING OF RULE 501(A)(1),
(2), (3) OR (7) UNDER THE SECURITIES ACT AND SUBJECT TO THE RIGHT OF HVIF, PRIOR TO ANY TRANSFER PURSUANT TO CLAUSE (D),
TO REQUIRE THE DELIVERY OF AN OPINION OF COUNSEL, CERTIFICATION AND/OR OTHER INFORMATION SATISFACTORY TO IT.

 

    A-2-2

     

    

 

EACH HOLDER OF THIS
SERIES 2020-1 NOTE (OR ANY INTEREST HEREIN) WILL BE DEEMED TO REPRESENT, WARRANT AND AGREE THAT (1) IT IS NOT, AND IS NOT
ACTING ON BEHALF OF (AND FOR SO LONG AS IT HOLDS THIS NOTE OR INTEREST HEREIN WILL NOT BE, AND WILL NOT BE ACTING ON BEHALF
OF), A BENEFIT PLAN INVESTOR, UNLESS SUCH HOLDER OBTAINS THE WRITTEN CONSENT OF THE ISSUER, AND (2) IF IT IS A GOVERNMENTAL,
CHURCH, NON-U.S. OR OTHER PLAN, (I) IT IS NOT, AND FOR SO LONG AS IT HOLDS THIS NOTE OR INTEREST HEREIN IT WILL NOT BE,
SUBJECT TO ANY FEDERAL, STATE, LOCAL, NON-U.S. OR OTHER LAW OR REGULATION THAT COULD CAUSE THE UNDERLYING ASSETS OF THE
ISSUER TO BE TREATED AS ASSETS OF THE INVESTOR IN ANY NOTE (OR INTEREST THEREIN) BY VIRTUE OF ITS INTEREST AND THEREBY
SUBJECT THE ISSUER TO LAWS OR REGULATIONS THAT ARE SUBSTANTIALLY SIMILAR TO THE PROHIBITED TRANSACTION PROVISIONS OF SECTION
406 OF THE UNITED STATES EMPLOYEE RETIREMENT INCOME SECURITY ACT OF 1974, AS AMENDED (“ERISA”) AND/OR SECTION
4975 OF THE UNITED STATES INTERNAL REVENUE CODE OF 1986, AS AMENDED (THE “CODE”) (“SIMILAR LAW”), AND
(II) ITS ACQUISITION, HOLDING AND DISPOSITION OF THIS NOTE (OR INTEREST HEREIN) WILL NOT CONSTITUTE OR RESULT IN A VIOLATION
OF ANY FEDERAL, STATE, LOCAL OR NON-U.S. LAW OR REGULATION THAT IS SUBSTANTIALLY SIMILAR TO THE PROHIBITED TRANSACTION
PROVISIONS OF SECTION 406 OF ERISA AND/OR SECTION 4975 OF THE CODE (“OTHER PLAN LAW”). “BENEFIT PLAN
INVESTOR” MEANS A BENEFIT PLAN INVESTOR, AS DEFINED IN SECTION 3(42) OF ERISA, AND INCLUDES (A) AN EMPLOYEE BENEFIT
PLAN (AS DEFINED IN SECTION 3(3) OF ERISA) THAT IS SUBJECT TO THE PROVISIONS OF PART 4 OF SUBTITLE B OF TITLE I OF ERISA, (B)
A PLAN TO WHICH SECTION 4975 OF THE CODE APPLIES, OR (C) ANY ENTITY WHOSE UNDERLYING ASSETS INCLUDE “PLAN ASSETS”
BY REASON OF ANY SUCH AN EMPLOYEE BENEFIT PLAN OR PLAN’S INVESTMENT IN SUCH ENTITY. ANY PURPORTED TRANSFER OF THIS NOTE
IN VIOLATION OF THE REQUIREMENTS SET FORTH IN THIS PARAGRAPH SHALL BE NULL AND VOID AB INITIO.

 

    A-2-3

     

    

 

HERTZ VEHICLE INTERIM FINANCING LLC

 

SERIES 2020-1 DELAYED DRAW RENTAL CAR
ASSET BACKED NOTE,

CLASS B

 

Hertz Vehicle Interim
Financing LLC, a special purpose limited liability company established under the laws of Delaware, (herein referenced as the “Company”),
for value received, hereby promises to pay to [         ], as [Designated Series 2020-1
Noteholder for [ ], as] a Class B Noteholder (the “Class B Noteholder”), or its registered assigns, the aggregate
principal sum of up to [         ] DOLLARS AND [         ]
CENTS ($[  ]) (but in no event greater than the Class B Noteholder Principal Amount with respect to the Class B Noteholder,
as determined in accordance with the Series 2020-1 Supplement) or, if less, the aggregate unpaid principal amount shown on the
schedule attached hereto (and any continuation thereof), which amount in any case shall be payable in the amounts and at the times
set forth in the Base Indenture and the Series 2020-1 Supplement; provided that the entire unpaid principal amount of this
Class B Note shall be due on the Legal Final Payment Date. The Company will pay interest on this Class B Note at the Class B Base
Note Rate. The Class B Supplemental Interest Amount will also be payable with respect to this Class B Note. Such interest shall
be payable on each Payment Date until the principal of this Class B Note is paid or made available for payment, to the extent funds
are available from Interest Collections allocable to the Class B Note in accordance with the terms of the Series 2020-1 Supplement,
or as otherwise permitted by the Series 2020-1 Supplement. In addition, the Company will pay interest on this Class B Note, to
the extent funds are available from Interest Collections allocable to the Class B Note, on the dates set forth in Section 5.3
of the Series 2020-1 Supplement, or as otherwise permitted by the Series 2020-1 Supplement. Pursuant to Sections 2.2 and
2.4 of the Series 2020-1 Supplement, the principal amount of this Class B Note shall be subject to Advances and Decreases
on any Business Day during the Series 2020-1 Draw Period, and accordingly, such principal amount is subject to prepayment in whole
or in part at any time (such prepayment in accordance with Section 2.4 of the Series 2020-1 Supplement). During the Series 2020-1
Draw Period, this Class B Note is subject to mandatory prepayment, to the extent funds have been allocated to the Series 2020-1
Principal Collection Account and are available therefor, in accordance with Section 2.4(b) of the Series 2020-1 Supplement.
Beginning on the first Payment Date following the occurrence of an Amortization Event, subject to cure in accordance with the Series
2020-1 Supplement, the principal of this Class B Note shall be paid in installments on each subsequent Payment Date to the extent
of funds available for payment therefor pursuant to the Indenture. Such principal of and interest on this Class B Note shall be
paid in the manner specified on the reverse hereof.

 

The principal of and
interest on this Class B Note are payable in such coin or currency of the United States of America as at the time of payment is
legal tender for payment of public and private debts. Except as otherwise provided in the Indenture, payments made by the Company
with respect to this Class B Note shall be applied first to interest due and payable on this Class B Note as provided above and
then to the unpaid principal of this Class B Note. This Class B Note does not represent an interest in, or an obligation of, The
Hertz Corporation or any affiliate of The Hertz Corporation other than the Company.

 

Reference is made to
the further provisions of this Class B Note set forth on the reverse hereof, which shall have the same effect as though fully set
forth on the face of this Class B Note. Although a summary of certain provisions of the Indenture is set forth below and on the
reverse hereof and made a part hereof, this Class B Note does not purport to summarize the Indenture and reference is made to the
Indenture for information with respect to the interests, rights, benefits, obligations, proceeds and duties evidenced hereby and
the rights, duties and obligations of the Company and the Trustee. A copy of the Indenture may be requested from the Trustee by
writing to the Trustee at: The Bank of New York Mellon Trust Company, N.A., 2 North LaSalle Street, Suite 700, Chicago, Illinois
60602, Attention: Corporate Trust Administrator - Structured Finance.

 

    A-2-4

     

    

 

Unless the certificate
of authentication hereon has been executed by the Trustee whose name appears below by manual or electronic signature, this Class
B Note shall not be entitled to any benefit under the Indenture referred to on the reverse hereof, or be valid or obligatory for
any purpose.

 

IN WITNESS WHEREOF, the
Company has caused this instrument to be signed, manually or electronically, by its Authorized Officer.

 

Dated: [  ], 20[  ]

 

	 	HERTZ VEHICLE INTERIM FINANCING
    LLC
	 	 
	 	By:	 
	 	 	Name:
	 	 	Title:

 

TRUSTEE’S CERTIFICATE OF AUTHENTICATION

 

This is one of the Class
B Notes, of the Series 2020-1 Notes, a series issued under the within-mentioned Indenture.

 

Dated: [ ], 20[ ]

 

	 	THE BANK OF NEW YORK MELLON
	 	TRUST COMPANY, N.A.,
	 	as Trustee
	 	 
	 	By:	 
	 	 	Authorized Signatory

 

    A-2-5

     

    

 

REVERSE OF SERIES 2020-1 NOTE, CLASS B

 

This Series 2020-1 Note,
Class B is one of a duly authorized issue of Series 2020-1 Notes of the Company, designated as its Series 2020-1 Delayed Draw Rental
Car Asset Backed Notes (herein called the “Class B Note”), issued under (i) the Base Indenture, dated as of
November 25, 2020 (as amended, supplemented or modified, is herein referred to as the “Base Indenture”), between
the Company and The Bank of New York Mellon Trust Company, N.A., as trustee (the “Trustee”, which term includes
any successor Trustee under the Base Indenture), and (ii) the Series 2020-1 Supplement, dated as of November 25, 2020 (as amended,
supplemented or modified from time to time, is herein referred to as the “Series 2020-1 Supplement”), among
the Company, The Hertz Corporation, as HVIF Administrator, the Administrative Agent, the Controlling Party, certain noteholders
party thereto and the Trustee. The Base Indenture and the Series 2020-1 Supplement are referred to herein together as the “Indenture”.
Except as set forth in the Series 2020-1 Supplement, the Class B Note is subject to all terms of the Base Indenture. All terms
used in this Class B Note that are defined in the Series 2020-1 Supplement shall have the meanings assigned to them in or pursuant
to the Base Indenture or the Series 2020-1 Supplement.

 

The Class B Note is and
will be secured as provided in the Indenture.

 

“Payment Date”
means the twenty-fifth (25th) day of each calendar month, or, if any such date is not a Business Day, the next succeeding Business
Day, commencing December 28, 2020.

 

As described above, the
entire unpaid principal amount of this Class B Note shall be due and payable on the Legal Final Payment Date, in accordance with
Section 2.3 of the Series 2020-1 Supplement. Notwithstanding the foregoing, if an Amortization Event with respect to the
Class B Notes shall have occurred and be continuing then, in certain circumstances, principal of the Class B Note may be paid earlier,
as described in the Indenture. All principal payments of the Class B Note shall be made to the Class B Noteholders.

 

Payments of interest
on this Class B Note are due and payable on each Payment Date or such other date as may be specified in the Series 2020-1 Supplement,
together with the installment of principal then due, if any, and any payments of principal made on any Business Day in respect
of any Decreases, to the extent not in full payment of this Class B Note, shall be made by wire transfer to the Holder of record
of this Class B Note (or one or more predecessor Class B Notes) on the Note Register as of the close of business on each Record
Date. Any reduction in the principal amount of this Class B Note (or one or more predecessor Class B Notes) effected by any payments
made on any Payment Date shall be binding upon all future Holders of this Class B Note and of any Class B Note issued upon the
registration of transfer hereof or in exchange hereof or in lieu hereof, whether or not noted thereon.

 

The Company shall pay
interest on overdue installments of interest at the Series 2020-1 Note Rate to the extent lawful.

 

Subject to the
terms of the Indenture, the holder of any Class B Note may transfer the same in whole or in part, in an amount equivalent to
an authorized denomination, by surrendering such Class B Note at the office maintained by the Registrar for such purpose
pursuant to Section 2.5 of the Base Indenture, with the form of transfer endorsed on it duly completed and executed by, or
accompanied by a written instrument of transfer in form satisfactory to the Company and the Registrar by, the holder thereof
and accompanied by a certificate substantially in the form of Exhibit E to the Series 2020-1 Supplement. In exchange
for any Class B Note properly presented for transfer, the Company shall execute and the Trustee shall promptly authenticate
and deliver or cause to be authenticated and delivered in compliance with applicable law, to the transferee at such office,
or send by mail (at the risk of the transferee) to such address as the transferee may request, Class B Notes for the same
aggregate principal amount as was transferred. In the case of the transfer of any Class B Note in part, the Company shall
execute and the Trustee shall promptly authenticate and deliver or cause to be authenticated and delivered to the transferor
at such office, or send by mail (at the risk of the transferor) to such address as the transferor may request, Class B Notes
for the aggregate principal amount that was not transferred. No transfer of any Class B Note shall be made unless the request
for such transfer is made by each Class B Noteholder at such office. Upon the issuance of transferred Class B Notes, the
Trustee shall recognize the Holders of such Class B Notes as Class B Noteholders.

 

    A-2-6

     

    

 

 

Each Class B Noteholder,
by acceptance of a Class B Note, covenants and agrees that no recourse may be taken, directly or indirectly, with respect to the
obligations of the Trustee or the Company on the Class B Note or under the Indenture or any certificate or other writing delivered
in connection therewith, against the Trustee in its individual capacity, or against any stockholder, member, employee, officer,
director or incorporator of the Company; provided, however, that nothing contained herein shall be taken to prevent
recourse to, and enforcement against, the assets of the Company constituting Series 2020-1 Collateral for any and all liabilities,
obligations and undertakings contained in the Indenture or in this Class B Note, to the extent provided for in the Indenture.

 

Each Class B Noteholder,
by acceptance of a Class B Note, covenants and agrees that by accepting the benefits of the Indenture that such Class B Noteholder
will not, for a period of one (1) year and one (1) day following payment in full of the Class B Notes and each other Series of
Notes issued under the Base Indenture, institute against the Company, or join with any other Person in instituting against the
Company, any bankruptcy, reorganization, arrangement, insolvency or liquidation proceedings, or other proceedings, under any United
States Federal or state bankruptcy or similar law in connection with any obligations relating to the Notes, the Indenture or the
Related Documents.

 

Prior to the due presentment
for registration of transfer of this Class B Note, the Company, the Trustee and any agent of the Company or the Trustee may treat
the Person in whose name this Class B Note (as of the day of determination or as of such other date as may be specified in the
Indenture) is registered as the owner hereof for all purposes, whether or not this Class B Note shall be overdue, and neither the
Company, the Trustee nor any such agent shall be affected by notice to the contrary.

 

It is the intent of the
Company and each Class B Noteholder that, for Federal, state and local income and franchise tax purposes and any other tax imposed
on or measured by income, the Class B Note will evidence indebtedness secured by the Series 2020-1 Collateral. Each Class B Noteholder,
by the acceptance of this Class B Note, agrees to treat this Class B Note for purposes of Federal, state and local income or franchise
taxes and any other tax imposed on or measured by income, as indebtedness.

 

The Indenture permits,
with certain exceptions as therein provided, the amendment thereof and the modification of the rights and obligations of the Company
and the rights of the Holder of the Class B Notes under the Indenture at any time by the Company with the consent of the applicable
Person(s) specified therein. The Indenture also contains provisions permitting the applicable Person(s) specified therein to waive
compliance by the Company with certain provisions of the Indenture and certain past defaults under the Indenture and their consequences
with respect to the Class B Notes. Any such consent or waiver by such Person(s) shall be conclusive and binding upon the Class
B Noteholders and upon all future Holders of this Class B Note and of any Class B Note issued upon the registration of transfer
hereof or in exchange hereof or in lieu hereof whether or not notation of such consent or waiver is made upon this Class B Note.
The Indenture also permits the Company and the Trustee to amend or waive certain terms and conditions set forth in the Indenture
without the consent of any other Person.

 

The term “Company”
as used in this Class B Note includes any successor to the Company under the Indenture.

 

The Class B Note is issuable
only in registered form in denominations as provided in the Indenture, subject to certain limitations set forth therein.

 

    A-2-7

     

    

 

This Class B Note and
the Indenture, and all matters arising out of or relating to this Class B Note or Indenture, 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.

 

No reference herein to
the Indenture and no provision of this Class B Note or of the Indenture shall alter or impair the obligation of the Company, which
is absolute and unconditional, to pay the principal of and interest on this Class B Note at the times, place and rate, and in the
coin or currency herein prescribed, subject to any duty of the Company to deduct or withhold any amounts as required by law, including
any applicable U.S. withholding taxes; provided that, notwithstanding anything to the contrary herein or in the Indenture,
the Class B Noteholders shall only have recourse to the Series 2020-1 Collateral.

 

    A-2-8

     

    

 

INCREASES AND DECREASES

 

	Date	Unpaid

 Principal

 Amount	Increase	Decrease	Total	Class B

 Base Note

 Rate	Interest

 Period (if

 applicable)	Notation 

Made By
	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 

 

    A-2-9

     

    

 

ASSIGNMENT

 

Social Security or taxpayer I.D. or other
identifying number of assignee

 

                                            

 

FOR VALUE RECEIVED, the undersigned
hereby sells, assigns and transfers unto                                                                                                                                                                                                                                                               

(name and address of assignee)

 

the within Class B Note and all rights
thereunder, and hereby irrevocably constitutes and appoints_________________, attorney, to transfer said Class B Note on the books
kept for registration thereof, with full power of substitution in the premises.

 

Dated: ________________

 

	 	 
	 	2
	 	Signature
    Guaranteed:
	 	 
	 	 
	 	Name:
	 	Title:

 

 

 

2
NOTE: The signature to this assignment must correspond with the name of the registered owner as it appears on the face of
the within Class B Note in every particular, without alteration, enlargement or any change whatsoever.

 

    A-2-10

     

    

 

EXHIBIT B-1

TO

SERIES 2020-1 SUPPLEMENT

 

FORM OF SERIES 2020-1 DEMAND NOTE

 

	$[  ]	New York, New York
	 	[_], 2020

 

FOR VALUE RECEIVED, the
undersigned, THE HERTZ CORPORATION, a Delaware corporation (“Hertz”), promises to pay to the order of HERTZ
VEHICLE INTERIM FINANCING LLC, a special purpose limited liability company established under the laws of Delaware (“HVIF”),
on any date of demand (the “Demand Date”) the principal sum of $[        ].

 

Definitions. Capitalized
terms used but not defined in this Demand Note shall have the respective meanings assigned to them in the Series 2020-1 Supplement
(as defined below). Reference is made to that certain Base Indenture, dated as of November 25, 2020 (as the same may be amended,
supplemented or otherwise modified from time to time in accordance with the terms thereof, the “Base Indenture”),
between HVIF and The Bank of New York Mellon Trust Company, N.A., a national banking association (in such capacity, the “Trustee”)
and the Series 2020-1 Supplement thereto, dated as of November 25, 2020 (as the same may be amended, supplemented or otherwise
modified from time to time in accordance with the terms thereof, the “Series 2020-1 Supplement”), among HVIF,
Hertz, as HVIF Administrator, Deutsche Bank AG, New York Branch, as the Administrative Agent, Apollo Capital Management, L.P.,
as Controlling Party, the certain noteholders party thereto and the Trustee.

 

Principal. The
outstanding principal balance (or any portion thereof) of this Demand Note shall be due and payable on each Demand Date to the
extent demand is made therefor by the Trustee.

 

Interest. Interest
shall be paid on each Payment Date on the weighted average principal balance outstanding during the Interest Period immediately
preceding such Payment Date at the Demand Note Rate. Interest hereon shall be calculated based on the actual number of days elapsed
in each Interest Period calculated on a 30-360 basis. The “Demand Note Rate” means the Federal Funds Rate. The
 “Federal Funds Rate” means for any period, fluctuating interest rate per annum equal for each day during such
period to the weighted average of the overnight federal funds rates as in Federal Reserve Board Statistical Release H.15(519) or
any successor or substitute publication selected by the Administrative Agent (or, if such day is not a Business Day, for the next
preceding Business Day), or, if, for any reason, such rate is not available on any day, the rate determined, in the sole opinion
of the Administrative Agent, to be the rate at which overnight federal funds are being offered in the national federal funds market
at 9:00 a.m. (New York City time). “Interest Period” means a period commencing on a Payment Date and ending
on and including the day preceding the next succeeding Payment Date; provided, however, that the initial Interest
Period shall commence on and include the date of the initial Advance under the Series 2020-1 Supplement and end on and include
the day preceding the first Payment Date thereafter. The maker and endorser waives presentment for payment, protest and notice
of dishonor and nonpayment of this Demand Note. The receipt of interest in advance or the extension of time shall not relinquish
or discharge any endorser of this Demand Note.

 

No Waiver,
Amendment. No failure or delay on the part of HVIF in exercising any power or right hereunder shall operate as a waiver
thereof, nor shall any single. or partial exercise of any such power or right preclude any other or further exercise thereof
or the exercise of any other power or right. No amendment, modification or waiver of, or consent with respect to, any
provision of this Demand Note shall in any event be effective unless (a) the same shall be in writing and signed and
delivered by each of Hertz, HVIF and the Trustee and (b) all consents, if any, required for such actions under any material
contracts or agreements of either Hertz or HVIF and the Series 2020-1 Supplement shall have been received by the appropriate
Persons.

 

    B-1-1

     

    

 

Payments. All
payments shall be made in lawful money of the United States of America by wire transfer in immediately available funds and shall
be applied first to fees and costs, including collection costs, if any, next to interest and then to principal. Payments shall
be made to the account designated in the written demand for payment.

 

Collection Costs.
Hertz agrees to pay all costs of collection of this Demand Note, including, without limitation, reasonable attorney’s fees,
paralegal’s fees and other legal costs (including court costs) incurred in connection with consultation, arbitration and
litigation (including trial, appellate, administrative and bankruptcy proceedings), regardless of whether or not suit is brought,
and all other costs and expenses incurred by HVIF or the Trustee in exercising its rights and remedies hereunder. Such costs of
collection shall bear interest at the Demand Note Rate until paid.

 

No Negotiation.
This Demand Note is not negotiable other than to the Trustee for the benefit of the Series 2020-1 Noteholders pursuant to the Series
2020-1 Supplement. The parties intend that this Demand Note will be pledged to the Trustee for the benefit of the secured parties
under the Series 2020-1 Supplement and the other Series 2020-1 Related Documents and payments hereunder shall be made only to said
Trustee.

 

Reduction of Principal.
The principal amount of this Demand Note may be modified from time to time, only in accordance with the provisions of the Series
2020-1 Supplement.

 

Governing Law.
THIS DEMAND NOTE, AND ALL MATTERS ARISING OUT OF OR RELATING TO THIS DEMAND NOTE, 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.

 

Captions. Paragraph
captions used in this Demand Note are provided solely for convenience of reference only and shall not affect the meaning or interpretation
of any provision this Demand Note.

 

	 	THE
    HERTZ CORPORATION
	 	 
	 	By:	 
	 	 	Name:
	 	 	Title:

 

    B-1-2

     

    

 

PAYMENT GRID

 

	Date	Principal

 Amount	Amount of

 Principal

 Payment	Outstanding

 Principal

 Balance	Notation Made

 By
	 	 	 	 	 
	 	 	 	 	 
	 	 	 	 	 
	 	 	 	 	 
	 	 	 	 	 
	 	 	 	 	 
	 	 	 	 	 
	 	 	 	 	 
	 	 	 	 	 
	 	 	 	 	 
	 	 	 	 	 
	 	 	 	 	 
	 	 	 	 	 
	 	 	 	 	 
	 	 	 	 	 
	 	 	 	 	 

 

    B-1-3

     

    

 

EXHIBIT B-2

TO

SERIES 2020-1 SUPPLEMENT

 

FORM OF DEMAND NOTICE

 

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

AS TRUSTEE

 

__________ ___, 20__

 

The Hertz Corporation

8501 Williams Road

Estero, FL 33928

Attn: Treasury Department

 

This Demand Notice
is being delivered to you pursuant to Section 5.5(c) of that certain Series 2020-1 Supplement, dated as of November 25,
2020 (as such agreement may be amended, supplemented, restated or otherwise modified from time to time in accordance with its terms,
the “Series 2020-1 Supplement”), by and among Hertz Vehicle Interim Financing LLC, a special purpose limited
liability company established under the laws of Delaware (“HVIF”), as Issuer, The Hertz Corporation, as the
HVIF Administrator, Deutsche Bank AG, New York Branch, as Administrative Agent, Apollo Capital Management, L.P., as Controlling
Party, certain noteholders party thereto and The Bank of New York Mellon Trust Company, N.A., as Trustee (the “Trustee”),
to the Base Indenture, dated as of November 25, 2020 (as such agreement may be amended, supplemented, amended and restated or otherwise
modified from time to time, the “Base Indenture”), by and between HVIF, as Issuer, and the Trustee. Capitalized
terms used but not defined in this Demand Notice shall have the respective meanings assigned to them in the Series 2020-1 Supplement.

 

Demand is hereby made
for payment on the Series 2020-1 Demand Note in the amount of $[                ]
in immediately available funds by wire transfer to the account set forth below:

 

Account bank: [                    ]

 

Account name: [                    ]

 

ABA routing number: [                    ]

 

Reference: [                    ]

 

    B-2-1

     

    

 

EXHIBIT C

TO

SERIES 2020-1 SUPPLEMENT

 

FORM OF REDUCTION NOTICE REQUEST

SERIES 2020-1 LETTER OF CREDIT

 

The Bank of New York Mellon Trust Company,
N.A.,

as Trustee under the

Series 2020-1 Supplement

referred to below

2 North LaSalle Street, Suite 700

Chicago, Illinois 60602

Attention: Corporate Trust Administrator—Structured
Finance

 

Request for reduction
of the stated amount of the Series 2020-1 Letter of Credit under the Series 2020-1 Letter of Credit Agreement, dated as of [  ],
[  ], (as amended, supplemented or otherwise modified from time to time in accordance with the terms thereof as of the
date hereof, the “Letter of Credit Agreement”), between The Hertz Corporation (“Hertz”) and
[             ], as the Issuing Bank.

 

The undersigned, a duly
authorized officer of Hertz, hereby certifies to The Bank of New York Mellon Trust Company, N.A., in its capacity as the Trustee
(the “Trustee”) under the Series 2020-1 Supplement referred to in the Letter of Credit Agreement (as may be
amended, supplemented, amended and restated or otherwise modified from time to time, the “Series 2020-1 Supplement”)
as follows:

 

The Series 2020-1 Letter
of Credit Amount and the Series 2020-1 Letter of Credit Liquidity Amount as of the date of this request prior to giving effect
to the reduction of the stated amount of the Series 2020-1 Letter of Credit requested in paragraph 4 of this request are $__________
and $____________, respectively.

 

The Trustee is hereby
requested pursuant to Section 5.7(c) of the Series 2020-1 Supplement to execute and deliver to the Series 2020-1 Letter
of Credit Provider a Series 2020-1 Notice of Reduction substantially in the form of Annex G to the Series 2020-1 Letter of Credit
(the “Notice of Reduction”) for a reduction (the “Reduction”) in the stated amount of the
Series 2020-1 Letter of Credit by an amount equal to $_________. The Trustee is requested to execute and deliver the Notice of
Reduction promptly following its receipt of this request, and in no event more than two (2) Business Days following the date of
its receipt of this request (as required pursuant to Section 5.7(c) of the Series 2020-1 Supplement), and to provide for
the reduction pursuant to the Notice of Reduction to be as of____________. The undersigned understands that the Trustee will be
relying on the contents hereof. The undersigned further understands that the Trustee shall not be liable to the undersigned for
any failure to transmit (or any delay in transmitting) the Notice of Reduction (including any fees and expenses attributable to
the stated amount of the Series 2020-1 Letter of Credit not being reduced in accordance with this paragraph) to the extent such
failure (or delay) does not result from the gross negligence or willful misconduct of the Trustee.

 

To the best of the knowledge
of the undersigned, the Series 2020-1 Letter of Credit Amount and the Series 2020-1 Letter of Credit Liquidity Amount will be $_________
and $__________, respectively, as of the date of the reduction (immediately after giving effect to such reduction) requested
in paragraph 4 of this request.

 

    C-1

     

    

 

The undersigned
acknowledges and agrees that each of (a) the execution and delivery of this request by the undersigned, (b) the execution and
delivery by the Trustee of a Notice of Reduction of the stated amount of the Series 2020-1 Letter of Credit, substantially in
the form of Annex G to the Series 2020-1 Letter of Credit, and (c) the Series 2020-1 Letter of Credit Provider’s
acknowledgment of such notice constitutes a representation and warranty to the Series 2020-1 Letter of Credit Provider and
the Trustee (i) by the undersigned, in its capacity as [_], that each of the statements set forth in the Series 2020-1 Letter
of Credit Agreement is true and correct and (ii) by the undersigned, in its capacity as HVIF Administrator under the Series
2020-1 Supplement, that (A) the Series 2020-1 Adjusted Liquid Enhancement Amount will equal or exceed the Series 2020-1
Required Liquid Enhancement Amount, (B) the Series 2020-1 Letter of Credit Liquidity Amount will equal or exceed the Series
2020-1 Demand Note Payment Amount and (C) no Aggregate Asset Amount Deficiency will exist immediately after giving effect to
such reduction.

 

The undersigned agrees
that if on or prior to the date as of which the stated amount of the Series 2020-1 Letter of Credit is reduced by the amount set
forth in paragraph 4 of this request the undersigned obtains knowledge that any of the statements set forth in this request is
not true and correct or will not be true and correct after giving effect to such reduction, the undersigned shall immediately so
notify the Series 2020-1 Letter of Credit Provider and the Trustee by telephone and in writing by telefacsimile in the manner provided
in the Letter of Credit Agreement and the request set forth herein to reduce the stated amount of the Series 2020-1 Letter of Credit
shall be deemed canceled upon receipt by the Series 2020-1 Letter of Credit Provider of such notice in writing.

 

Capitalized terms used
herein and not defined herein have the meanings set forth in the Series 2020-1 Supplement.

 

    C-2

     

    

 

IN WITNESS WHEREOF, The
Hertz Corporation, as the HVIF Administrator, has executed and delivered this request on this ___ day of __________, ___.

 

THE HERTZ CORPORATION, as the HVIF Administrator

 

 

	By:	 	 
	 	Name:	 
	 	Title:	 

 

    C-3

     

    

 

EXHIBIT D

TO

SERIES 2020-1 SUPPLEMENT

 

FORM OF LEASE PAYMENT

DEFICIT NOTICE

 

The Bank of New York Mellon Trust Company,
N.A., as Trustee

2 North LaSalle Street, Suite 700

Chicago, Illinois 60602

Attn: Corporate Trust Administrator—Structured
Finance

 

[ ]

 

Ladies and Gentlemen:

 

This Lease Payment Deficit
Notice is delivered to you pursuant to Section 5.9(b) of the Series 2020-1 Supplement, dated as of November 25, 2020 (as
may be amended, supplemented, amended and restated or otherwise modified from time to time the “Series 2020-1 Supplement”),
by and among Hertz Vehicle Interim Financing LLC (“HVIF”), as Issuer, The Bank of New York Mellon Trust Company,
N.A., as Trustee (the “Trustee”) and Securities Intermediary, The Hertz Corporation, as HVIF Administrator (the
 “HVIF Administrator”), Deutsche Bank AG, New York Branch, as Administrative Agent, Apollo Capital Management,
L.P., as Controlling Party and certain noteholders party thereto, to the Base Indenture, dated as of November 25, 2020 (as amended,
supplemented, amended and restated or otherwise modified from time to time, “Base Indenture”), by and between
HVIF and the Trustee. Terms used herein have the meanings provided in the Series 2020-1 Supplement.

 

Pursuant to Section
5.9(a) and (b) of the Series 2020-1 Supplement, The Hertz Corporation, in its capacity as HVIF Administrator under the
Series 2020-1 Related Documents, hereby provides notice of a Series 2020-1 Lease Payment Deficit in the amount of $___________
(consisting of a Series 2020-1 Lease Interest Payment Deficit in the amount of $___________ and a Series 2020-1 Lease Principal
Payment Deficit in the amount of $___________).

 

	 	THE
    HERTZ CORPORATION, as HVIF Administrator
	 	 
	 	By:	                                     
	 	Name:	 
	 	Title:	 

 

    D-1

     

    

 

EXHIBIT E

TO

SERIES 2020-1 SUPPLEMENT

 

FORM OF CLASS [A][B] PURCHASER’S
LETTER

 

The Bank of New York Mellon Trust Company,
N.A.,

as Registrar

2 North LaSalle Street, Suite 700

Chicago, Illinois 60602

Attention: Corporate Trust Administrator—Structured
Finance

 

Hertz Vehicle Interim Financing LLC

c/o The Hertz Corporation

8501 Williams Road

Estero, Florida 33928

 

Re:    Hertz Vehicle Interim Financing
LLC

Series 2020-1 Rental Car Asset
Backed Notes

 

Reference is made to
the Series 2020-1 Supplement, dated as of November 25, 2020 (as from time to time amended, supplemented or otherwise modified in
accordance with the terms thereof, the “Series 2020-1 Supplement”), by and among Hertz Vehicle Interim Financing
LLC, as Issuer (“HVIF”), The Bank of New York Mellon Trust Company, N.A., as Trustee (the “Trustee”)
and Securities Intermediary, The Hertz Corporation (“Hertz”), as HVIF Administrator, Deutsche Bank AG, New York
Branch, as Administrative Agent, Apollo Capital Management, L.P., as Controlling Party and certain noteholders party thereto, to
the Base Indenture, dated as of November 25, 2020 (as from time to time amended, supplemented or otherwise modified in accordance
with the terms thereof, the “Base Indenture”), by and between HVIF and the Trustee. Capitalized terms used herein
and not defined herein shall have the meanings given to them in the Series 2020-1 Supplement.

 

In connection with a
proposed purchase of certain Class [A][B] Notes (the “Notes”) from [                          ]
by the undersigned, the undersigned hereby represents and warrants that:

 

		1.	it has had an opportunity to discuss HVIF’s and the HVIF Administrator’s business,
management and financial affairs, and the terms and conditions of the proposed purchase, with HVIF and the HVIF Administrator and
their respective representatives;

 

		2.	it is an “accredited investor” within the meaning of Rule 501(a)(1), (2), (3) or (7)
of Regulation D under the Securities Act and has sufficient knowledge and experience in financial and business matters to be capable
of evaluating the merits and risks of investing in, and is able and prepared to bear the economic risk of investing in, the Notes;

 

		3.	it is purchasing the Notes for its own account, or for the account of one or more “accredited
investors” within the meaning of Rule 501(a)(1), (2), (3) or (7) of Regulation D under the Securities Act that meet the criteria
described in subsection (b) and for which it is acting with complete investment discretion, for investment purposes only
and not with a view to distribution, subject, nevertheless, to the understanding that the disposition of its property shall at
all times be and remain within its control;

 

		4.	it
                                         understands that the Notes have not been and will not be registered or qualified under
                                         the Securities Act or any applicable state securities laws or the securities laws of
                                         any other jurisdiction and is being offered only in a transaction not involving any public
                                         offering within the meaning of the Securities Act and may not be resold or otherwise
                                         transferred unless so registered or qualified or unless an exemption from registration
                                         or qualification is available, that HVIF is not required to register the Notes, and that
                                         any transfer must comply with provisions of Section 2.8 of the Base Indenture;

 

    E-1

     

    

 

		5.	it understands that the Notes will bear the legend set out in the form of Note attached as Exhibit
[A-1] 3[A-2]4
to the Series 2020-1 Supplement and be subject to the restrictions on transfer described in such legend;

 

		6.	it will comply with all applicable federal and state securities laws in connection with any subsequent
resale of the Notes;

 

		7.	it understands that the Notes may be offered, resold, pledged or otherwise transferred only with
HVIF’s prior written consent, which consent shall not be unreasonably withheld, and only (A) to HVIF, (B) in a transaction
meeting the requirements of Rule 144A under the Securities Act, (C) outside the United States to a foreign person in a transaction
meeting the requirements of Regulation S under the Securities Act, or (D) in a transaction complying with or exempt from the
registration requirements of the Securities Act and in accordance with any applicable securities laws of any state of the United
States or any other jurisdiction; notwithstanding the foregoing, it is hereby understood and agreed by HVIF that in the case of
each Class [A][B] Noteholder, the Notes, or interests therein, may be sold, transferred or pledged to any affiliate of such Noteholder;

 

		8.	[it has delivered to the Registrar a certificate substantially in the form of Exhibit N
to the Series 2020-1 Supplement;]5

 

		9.	if it desires to offer, sell or otherwise transfer, pledge or hypothecate the Notes as described
in Section 3(h)(ii) or Section 3(h)(iv) of Annex 1 to the Series 2020-1 Supplement, the transferee of the
Notes will be required to deliver a certificate, as described in Section 3(i) of Annex 1 to the Series 2020-1 Supplement,
that an exemption from the registration requirements of the Securities Act applies to such offer, sale, transfer or hypothecation.
Upon original issuance thereof, and until such time as the same may no longer be required under the applicable requirements of
the Securities Act, the certificate evidencing the Notes (and all securities issued in exchange therefor or substitution thereof)
shall bear a legend substantially in the form set forth in the Notes included as an exhibit to the Series 2020-1 Supplement. The
undersigned understands that the registrar and transfer agent for the Notes will not be required to accept for registration of
transfer the Notes acquired by it, except upon presentation of an executed letter in the form required by the Series 2020-1 Supplement;
and

 

		10.	it will obtain from any purchaser of the Notes substantially the same representations and warranties
contained in the foregoing paragraphs.

 

 

 

3
Insert in the case of Class A Notes.

 

4
Insert in the case of Class B Notes.

 

5
Insert in the case of Class B Notes.

 

    E-2

     

    

 

This certificate and
the statements contained herein are made for the benefit of the Registrar and HVIF.

 

    [                               ]

 

	 	 	 	By:	 
	 	 	 	 	Name:
	 	 	 	 	Title:
	 	 	 	 	 
	Dated: 	 	 	 	 

 

cc: Hertz Vehicle Interim Financing LLC

 

    E-3

     

    

 

EXHIBIT F

TO

SERIES 2020-1 SUPPLEMENT

 

[RESERVED]

 

    F-1

     

    

 

EXHIBIT G

TO

SERIES 2020-1 SUPPLEMENT

 

FORM OF CLASS [A][B] ASSIGNMENT AND
ASSUMPTION AGREEMENT

 

CLASS [A][B] ASSIGNMENT
AND ASSUMPTION AGREEMENT, dated as of [     ] (the “Agreement”), among [        ]
(the “Transferor”), each purchaser listed as a Class [A][B] Acquiring Noteholder on the signature pages hereof
(each, an “Acquiring Noteholder”) and Hertz Vehicle Interim Financing LLC, a special purpose limited liability
company established under the laws of Delaware (the “Company”).

 

W I T N E S S E T H:

 

WHEREAS, this Agreement
is being executed and delivered in accordance with Section 9.2(a) of the Series 2020-1 Supplement, dated as of November
25, 2020 (as from time to time amended, supplemented or otherwise modified in accordance with the terms thereof, the “Series
2020-1 Supplement”; terms defined therein being used herein as therein defined unless indicated otherwise), by and among
the Company, the certain noteholders party thereto, The Hertz Corporation, as HVIF Administrator, Deutsche Bank AG, New York Branch,
as Administrative Agent (in such capacity, the “Administrative Agent”), Apollo Capital Management, L.P., as
Controlling Party (in such capacity, the “Controlling Party”) and The Bank of New York Mellon Trust Company,
N.A., as trustee (“Trustee”) to the Base Indenture, dated as of November 25, 2020 (as from time to time amended,
supplemented or otherwise modified in accordance with the terms thereof, the “Base Indenture” and together with
the Series 2020-1 Supplement, the “Indenture”), by and between the Company and the Trustee;

 

WHEREAS, each Acquiring
Noteholder (if it is not already an existing Class [A][B] Noteholder) wishes to become a Class [A][B] Noteholder party to the Series
2020-1 Supplement; and

 

WHEREAS, the Transferor
is selling and assigning to each Acquiring Noteholder, the portion of its rights, obligations and commitments under the Series
2020-1 Supplement and the Class [A][B] Notes (the “Notes”) as set forth herein;

 

NOW, THEREFORE, the parties
hereto hereby agree as follows:

 

Upon the execution and
delivery of this Agreement by each Acquiring Noteholder, the Transferor and the Company (the date of such execution and delivery,
the “Transfer Issuance Date”), each Acquiring Noteholder shall become a Class [A][B] Noteholder party to the
Series 2020-1 Supplement for all purposes thereof.

 

The Transferor
acknowledges receipt from each Acquiring Noteholder of an amount equal to the purchase price, as agreed between the
Transferor and such Acquiring Noteholder (the “Purchase Price”), of the portion being purchased by such
Acquiring Noteholder (such Acquiring Noteholder’s “Purchased Percentage”) of the Transferor’s
Class [A][B] Commitment (“Commitment”) under the Series 2020-1 Supplement and the Transferor’s Class
[A][B] Noteholder Principal Amount (“Noteholder Principal Amount”). The Transferor hereby irrevocably
sells, assigns and transfers to each Acquiring Noteholder, without recourse, representation or warranty, and each Acquiring
Noteholder hereby irrevocably purchases, takes and assumes from the Transferor, such Acquiring Noteholder’s Purchased
Percentage of the Transferor’s Commitment under the Series 2020-1 Supplement and the Transferor’s Noteholder
Principal Amount.

 

    G-1

     

    

 

The Transferor has made
arrangements with each Acquiring Noteholder with respect to [(i)] the portion, if any, to be paid, and the date or dates for payment,
by the Transferor to such Acquiring Noteholder of any program fees, undrawn facility fee, structuring and commitment fees or other
fees (collectively, the “Fees”) [heretofore received] by the Transferor pursuant to Article III of the Series
2020-1 Supplement prior to the Transfer Issuance Date [and (ii) the portion, if any, to be paid, and the date or dates for payment,
by such Acquiring Noteholder to the Transferor of Fees received by such Acquiring Noteholder pursuant to the Series 2020-1 Supplement
from and after the Transfer Issuance Date].

 

From and after the Transfer
Issuance Date, amounts that would otherwise by payable to or for the account of the Transferor pursuant to the Series 2020-1 Supplement
shall, instead, be payable to or for the account of the Transferor and the Acquiring Noteholder[s], as the case may be, in accordance
with their respective interests as reflected in this Agreement, whether such amounts have accrued prior to the Transfer Issuance
Date or accrue subsequent to the Transfer Issuance Date.

 

Each of the parties to
this Agreement agrees that at any time and from time to time upon the written request of any other party, it will execute and deliver
such further documents and do such further acts and things as such other party may reasonably request in order to effect the purposes
of Agreement.

 

By executing and
delivering this Agreement, the Transferor and each Acquiring Noteholder confirm to and agree with each other and the Series
2020-1 Noteholders as follows: (i) other than the representation and warranty that it is the legal and beneficial owner of
the interest being assigned hereby free and clear of any adverse claim, the Transferor makes no representation or warranty
and assumes no responsibility with respect to any statements, warranties or representations made in or in connection with the
Series 2020-1 Supplement or the execution, legality, validity, enforceability, genuineness, sufficiency or value of the
Indenture, the Notes, the Series 2020-1 Related Documents or any instrument or document furnished pursuant thereto; (ii) the
Transferor makes no representation or warranty and assumes no responsibility with respect to the financial condition of the
Company or the performance or observance by the Company of any of the Company’s obligations under the Indenture, the
Series 2020-1 Related Documents or any other instrument or document furnished pursuant hereto; (iii) each Acquiring
Noteholder confirms that it has received a copy of the Indenture and such other Series 2020-1 Related Documents and other
documents and information as it has deemed appropriate to make its own credit analysis and decision to enter into this
Agreement; (iv) each Acquiring Noteholder will, independently and without reliance upon the Administrative Agent, the
Controlling Party, the Transferor or any other Series 2020-1 Noteholder and based on such documents and information as it
shall deem appropriate at the time, continue to make its own credit decisions in taking or not taking action under the Series
2020-1 Supplement; (v) each Acquiring Noteholder appoints and authorizes the Controlling Party to take such action as agent
on its behalf, including granting an irrevocable proxy in connection with any voting or consent right under the Indenture
with respect to the Required Controlling Class Series 2020-1 Noteholders, the Series 2020-1 Required Noteholders, the
Required Supermajority Controlling Class Series 2020-1 Noteholders, the Required Unanimous Controlling Class Series 2020-1
Noteholders, the Requisite HVIF Investors and the Required Noteholders, and to exercise such powers under the Series 2020-1
Supplement as are delegated to the Controlling Party by the terms thereof, together with such powers as are reasonably
incidental thereto, all in accordance with Section 11.22 of the Series 2020-1 Supplement; (vi) each Acquiring Noteholder
agrees that it will perform in accordance with their terms all of the obligations which by the terms of the Series 2020-1
Supplement are required to be performed by it as an Acquiring Noteholder; and (vii) each Acquiring Noteholder hereby
represents and warrants to the Company and the HVIF Administrator that the representations and warranties contained in Section
3 of Annex 1 to the Series 2020-1 Supplement are true and correct with respect to such Acquiring Noteholder on and
as of the date hereof and such Acquiring Noteholder shall be deemed to have made such representations and warranties
contained in Section 3 of Annex 1 to the Series 2020-1 Supplement on and as of the date hereof.

 

    G-2

     

    

 

Schedule I hereto sets
forth the revised Class [A][B] Commitment Percentages (the “Commitment Percentages”) of the Transferor and each
Acquiring Noteholder as well as administrative information with respect to each Acquiring Noteholder.

 

This Agreement and all
matters arising under or in any manner relating to this Agreement shall be governed by, and construed in accordance with, the 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.

 

    G-3

     

    

 

IN WITNESS WHEREOF, the
parties hereto have caused this Agreement to be executed by their respective duly authorized officers as of the date first set
forth above.

 

 

	 	[        ], as Transferor
	 	 	 
	 	By:	 
	 	 	Title:
	 	 	 
	 	By:	 
	 	 	Title:
	 	 	 
	 	[          ], as Acquiring Noteholder
	 	 	 
	 	By:	 
	 	 	Title:

 

    G-4

     

    

 

CONSENTED AND ACKNOWLEDGED:

 

HERTZ VEHICLE INTERIM FINANCING LLC, a
limited liability company

 

	By:	 	 
	 	Title:	 

 

    G-5

     

    

 

SCHEDULE I

 

LIST OF ADDRESSES FOR NOTICES

AND OF COMMITMENT PERCENTAGES

 

DEUTSCHE BANK AG, NEW YORK BRANCH, as

Administrative Agent

 

Address:

 

Attention:

Telephone:

Facsimile:

 

[TRANSFEROR]

 

Address:
                [           ]

Attention: [      ]

Telephone: [      ]

Facsimile: [      ]

 

	Prior Commitment
Percentage:	[        ]
	 	 
	Revised Commitment Percentage:	[        ]
	 	 
	Prior Noteholder Principal
Amount:	[        ]
	 	 
	Revised Noteholder Principal
Amount:	[        ]

 

[ACQUIRING NOTEHOLDER]

 

Address:                
[         ]

Attention: [      ]

Telephone: [      ]

Facsimile: [      ]

 

	Prior
    Commitment Percentage:	[        ]
	 	 
	Revised
    Commitment Percentage:	[        ]
	 	 
	Prior
    Noteholder Principal Amount:	[        ]
	 	 
	Revised
    Noteholder Principal Amount:	[        ]

 

    G-6

     

    

 

EXHIBIT H

TO

SERIES 2020-1 SUPPLEMENT

 

[RESERVED]

 

    H-1

     

    

 

EXHIBIT I

TO

SERIES 2020-1 SUPPLEMENT

 

FORM OF SERIES 2020-1 LETTER OF CREDIT

 

    I-1

     

    

 

SERIES 2020-1 LETTER OF CREDIT

 

NO. [     ]

 

OUR IRREVOCABLE LETTER OF CREDIT NO. DBS-[     ]

 

[     ]
[     ] Beneficiary:

 

The Bank of New York Mellon Trust Company,
N.A.

as Trustee

under the Series 2020-1 Supplement

referred to below

2 North LaSalle Street, Suite 700

Chicago, Illinois 60602

Attention:              Corporate Trust
Administrator—Structured Finance

 

Dear Sir or Madam:

 

The undersigned (“[           ]”
or the “Issuing Bank”) hereby establishes, at the request and for the account of The Hertz Corporation, a Delaware
corporation (“Hertz”), pursuant to that certain [     ]1,
dated as of [     ] (as amended, supplemented, amended and restated or otherwise modified from time to
time in accordance with the terms thereof, the “Series 2020-1 Letter of Credit Agreement”), among [     ],
in the Beneficiary’s favor on Beneficiary’s behalf as Trustee under the Series 2020-1 Supplement, dated as of November
25, 2020 (as such agreement may be amended, supplemented, amended and restated or otherwise modified from time to time, the “Series
2020-1 Supplement”), by and among Hertz Vehicle Interim Financing LLC, a special purpose limited liability company established
under the laws of Delaware (“HVIF”), as Issuer, The Hertz Corporation, as the HVIF Administrator, Deutsche Bank
AG, New York Branch, as administrative agent, Apollo Capital Management, L.P., as controlling party, certain noteholders party
thereto and The Bank of New York Mellon Trust Company, N.A., as Trustee (the “Trustee”), to the Base Indenture,
dated as of November 25, 2020 (as such agreement may be amended, supplemented, amended and restated or otherwise modified from
time to time, the “Base Indenture”), by and between HVIF, as Issuer, and the Trustee, in respect of Credit Demands
(as defined below), Unpaid Demand Note Demands (as defined below), Preference Payment Demands (as defined below) and Termination
Demands (as defined below) this Irrevocable Letter of Credit No. [        ] in the amount
of [     ] ($[     ]) (such amount, as the same may be reduced, increased (to
an amount not exceeding $[     ]) or reinstated as provided herein, being the “Series 2020-1
Letter of Credit Amount”), effective immediately and expiring at 4:00 p.m. (New York time) at our office located at [        ]
(such office or any other office which may be designated by the Issuing Bank by written notice delivered to Beneficiary, being
the “Issuing Bank’s Office”) on the earlier of (i) [     ] and (ii) [     ],
beyond which expiry date will not be extended (or, if such date is not a Business Day (as defined below), the immediately succeeding
Business Day) (the “Series 2020-1 Letter of Credit Expiration Date”). The Issuing Bank hereby agrees that the
Series 2020-1 Letter of Credit Expiration Date shall be automatically extended, without amendment, [to the earlier of (i) the date
that is one year from the then current Series 2020-1 Letter of Credit Expiration Date and (ii) [     ],
in each case][for successive one year periods from each Series 2020-1 Letter of Credit Expiration Date] unless, no fewer than sixty
(60) days before the then current Series 2020-1 Letter of Credit Expiration Date, we notify you in writing by registered mail (return
receipt) or overnight courier that this letter of credit will not be extended beyond the then current Series 2020-1 Letter of Credit
Expiration Date. The term “Beneficiary” refers herein (and in each Annex hereto) to the Trustee, as such term is defined
in the Base Indenture. Terms used herein and not defined herein shall have the meaning set forth in the Series 2020-1 Supplement.

 

 

 

1       Insert
relevant agreement.

 

    I-2

     

    

 

The Issuing Bank irrevocably
authorizes Beneficiary to draw on it, in accordance with the terms and conditions and subject to the reductions in amount as hereinafter
set forth, (1) in one or more draws by one or more of the Trustee’s drafts, each drawn on the Issuing Bank at the Issuing
Bank’s Office, payable at sight on a Business Day (as defined below), and accompanied by the Trustee’s written and
completed certificate signed by the Trustee in substantially the form of Annex A attached hereto (any such draft accompanied
by such certificate being a “Credit Demand”), an amount equal to the face amount of each such draft but in the
aggregate amount not exceeding the Series 2020-1 Letter of Credit Amount as in effect on such Business Day (as defined below),
(2) in one or more draws by one or more of the Trustee’s drafts, each drawn on the Issuing Bank at the Issuing Bank’s
Office, payable at sight on a Business Day (as defined below), and accompanied by the Trustee’s written and completed certificate
signed by it in substantially the form of Annex B attached hereto (any such draft accompanied by such certificate being
an “Unpaid Demand Note Demand”), an amount equal to the face amount of each such draft but not exceeding the
Series 2020-1 Letter of Credit Amount as in effect on such Business Day (as defined below), (3) in one or more draws by one or
more of the Trustee’s drafts, each drawn on the Issuing Bank at the Issuing Bank’s Office, payable at sight on a Business
Day (as defined below), and accompanied by the Trustee’s written and completed certificate signed by the Trustee in substantially
the form of Annex C attached hereto (any such draft accompanied by such certificate being a “Preference Payment
Demand”), an amount equal to the face amount of each such draft but not exceeding the Series 2020-1 Letter of Credit
Amount as in effect on such Business Day (as defined below) and (4) in one or more draws by one or more of the Trustee’s
drafts, drawn on the Issuing Bank at the Issuing Bank’s Office, payable at sight on a Business Day (as defined below), and
accompanied by the Trustee’s written and completed certificate signed by the Trustee in substantially the form of Annex
D attached hereto (any such draft accompanied by such certificate being a “Termination Demand”), an amount
equal to the face amount of each such draft but not exceeding the Series 2020-1 Letter of Credit Amount as in effect on such Business
Day (as defined below). Any Credit Demand, Unpaid Demand Note Demand, Preference Payment Demand or Termination Demand may be delivered
by facsimile transmission. [Drawings may also be presented to us by facsimile transmission to facsimile number [_] (each such drawing,
a “fax drawing”). If you present a fax drawing under this Letter of Credit you do not need to present the original
of any drawing documents, and if we receive any such original drawing documents they will not be examined by us. In the event of
a full or final drawing, the original Letter of Credit must be returned to us by overnight courier.] The Trustee shall deliver
the original executed counterpart of such Credit Demand, Unpaid Demand Note Demand, Preference Payment Demand or Termination Demand,
as the case may be, to the Issuing Bank by means of overnight courier. “Business Day” means any day other than
a Saturday, Sunday or other day on which banks are authorized or required by law to close in New York City, New York. Upon the
Issuing Bank honoring any Credit Demand, Unpaid Demand Note Demand, Preference Payment Demand or Termination Demand presented hereunder,
the Series 2020-1 Letter of Credit Amount shall automatically be decreased by an amount equal to the amount of such Credit Demand,
Unpaid Demand Note Demand, Preference Payment Demand or Termination Demand. In addition to the foregoing reduction, (i) upon the
Issuing Bank honoring any Termination Demand in respect of the entire Series 2020-1 Letter of Credit Amount presented to it hereunder,
the amount available to be drawn under this Series 2020-1 Letter of Credit Amount shall automatically be reduced to zero and this
Series 2020-1 Letter of Credit shall be terminated and (ii) no amount decreased on the honoring of any Preference Payment Demand
or Termination Demand shall be reinstated.

 

The Series 2020-1
Letter of Credit Amount shall be automatically reinstated when and to the extent, but only when and to the extent, that (i)
the Issuing Bank is reimbursed by Hertz (or by HVIF under Section 5.6 or 5.7 of the Series 2020-1 Supplement)
for any amount drawn hereunder as a Credit Demand or an Unpaid Demand Note Demand and (ii) the Issuing Bank receives written
notice from Hertz in substantially the form of Annex E hereto that no Event of Bankruptcy (as defined in the Base
Indenture) (except for the Chapter 11 Cases) with respect to Hertz has occurred and is continuing; provided, however,
that the Series 2020-1 Letter of Credit Amount shall, in no event, be reinstated to an amount in excess of the then current
Series 2020-1 Letter of Credit Amount (without giving effect to any reduction to the Series 2020-1 Letter of Credit Amount
that resulted from any such Credit Demand or Unpaid Demand Note Demand).

 

    I-3

     

    

 

 

The Series 2020-1 Letter
of Credit Amount shall be automatically reduced in accordance with the terms of a written request from the Trustee to the Issuing
Bank in substantially the form of Annex G attached hereto that is acknowledged and agreed to in writing by the Issuing Bank.
The Series 2020-1 Letter of Credit Amount shall be automatically increased upon receipt by (and written acknowledgment of such
receipt by) the Trustee of written notice from the Issuing Bank in substantially the form of Annex H attached hereto certifying
that the Series 2020-1 Letter of Credit Amount has been increased and setting forth the amount of such increase, which increase
shall not result in the Series 2020-1 Letter of Credit Amount exceeding an amount equal to [    ]($[        ]).

 

Each Credit Demand, Unpaid
Demand Note Demand, Preference Payment Demand and Termination Demand shall be dated the date of its presentation, and shall be
presented to the Issuing Bank at the Issuing Bank’s Office, Attention: [     ]. If the Issuing Bank
receives any Credit Demand, Unpaid Demand Note Demand, Preference Payment Demand or Termination Demand at such office, all in strict
conformity with the terms and conditions of this Series 2020-1 Letter of Credit, not later than 12:00 p.m. (New York City time)
on a Business Day prior to the termination hereof, the Issuing Bank will make such funds available by 4:00 p.m. (New York City
time) on the same day in accordance with Beneficiary’s payment instructions. If the Issuing Bank receives any Credit Demand,
Unpaid Demand Note Demand, Preference Payment Demand or Termination Demand at such office, all in strict conformity with the terms
and conditions of this Series 2020-1 Letter of Credit, after 12:00 p.m. (New York City time) on a Business Day prior to the termination
hereof, the Issuing Bank will make the funds available by 4:00 p.m. (New York City time) on the next succeeding Business Day in
accordance with Beneficiary’s payment instructions. If Beneficiary so requests to the Issuing Bank, payment under this Series
2020-1 Letter of Credit may be made by wire transfer of Federal Reserve Bank of New York funds to Beneficiary’s account in
a bank on the Federal Reserve wire system or by deposit of same day funds into a designated account. All payments made by the Issuing
Bank under this Series 2020-1 Letter of Credit shall be made with the Issuing Bank’s own funds.

 

In the event there is
more than one draw request on the same Business Day, the draw requests shall be honored in the following order: (1) the Credit
Demands, (2) the Unpaid Demand Note Demands, (3) the Preference Payment Demand and (4) the Termination Demand.

 

Upon the earliest of
(i) the date on which the Issuing Bank honors a Preference Payment Demand or Termination Demand presented hereunder to the extent
of the Series 2020-1 Letter of Credit Amount as in effect on such date, (ii) the date on which the Issuing Bank receives written
notice from Beneficiary that an alternate letter of credit or other credit facility has been substituted for this Series 2020-1
Letter of Credit and (iii) the Series 2020-1 Letter of Credit Expiration Date, this Series 2020-1 Letter of Credit shall automatically
terminate and Beneficiary shall surrender this Series 2020-1 Letter of Credit to the undersigned Issuing Bank on such day.

 

This Series 2020-1
Letter of Credit is transferable in its entirety to any transferee(s) who Beneficiary certifies to the Issuing Bank has
succeeded Beneficiary as Trustee under the Base Indenture and the Series 2020-1 Supplement, and may be successively
transferred. Transfer of this Series 2020-1 Letter of Credit to such transferee shall be effected by the presentation to the
Issuing Bank of this original Series 2020-1 Letter of Credit and amendment(s), if any, accompanied by a certificate in
substantially the form of Annex F attached hereto. Upon such presentation the Issuing Bank shall forthwith transfer
this Series 2020-1 Letter of Credit to (or to the order of) the transferee or, if so requested by Beneficiary’s
transferee, amend and restate, or issue an amendment to, this Series 2020-1 Letter of Credit changing the Beneficiary name to
that of the Beneficiary’s transferee; provided that, in connection with any such amendment or amendment and
restatement, all provisions of this Letter of Credit shall remain the same other than the change of the Beneficiary.

 

    I-4 

     

    

 

This Series 2020-1 Letter
of Credit sets forth in full the undertaking of the Issuing Bank, and such undertaking shall not in any way be modified, amended,
amplified or limited by reference to any document, instrument or agreement referred to herein, except only the certificates and
the drafts referred to herein; and any such reference shall not be deemed to incorporate herein by reference any document, instrument
or agreement except for such certificates and such drafts.

 

This Series 2020-1 Letter
of Credit is subject to the Uniform Customs and Practice for Documentary Credits, 2007 Revision, ICC Publication No. 600 (the “Uniform
Customs”), which is incorporated into the text of this Series 2020-1 Letter of Credit by reference, and shall be governed
by the laws of the State of New York, including, as to matters not covered by the Uniform Customs, the Uniform Commercial Code
as in effect in the State of New York; provided that, if an interruption of business (as described in such Article 36 of
the Uniform Customs) exists at the Issuing Bank’s Office, the Issuing Bank agrees to (i) promptly notify the Trustee of an
alternative location in which to send any communications with respect to this Series 2020-1 Letter of Credit or (ii) effect payment
under this Series 2020-1 Letter of Credit if a draw which otherwise conforms to the terms and conditions of this Series 2020-1
Letter of Credit is made prior to the earlier of (A) the thirtieth day after the resumption of business and (B) the Series 2020-1
Letter of Credit Expiration Date; provided further that, Article 32 of the Uniform Customs shall not apply to this Series
2020-1 Letter of Credit as draws hereunder shall not be deemed to be installments for purposes thereof.

 

Communications with respect
to this Series 2020-1 Letter of Credit shall be in writing and shall be addressed to the Issuing Bank at the Issuing Bank’s
Office, specifically referring to the number of this Series 2020-1 Letter of Credit.

 

[All parties to this
Letter of Credit are advised that the U.S. Government has in place certain sanctions against certain countries, individuals, entities,
and vessels. [     ] entities, including branches and, in certain circumstances, subsidiaries, are/will
be prohibited from engaging in transactions or other activities within the scope of applicable sanctions.]

 

	 	Very
    truly yours,
	 	 
	 	[                                     ]
	 	 
	 	By:	                              
	 	 	Name:
	 	 	Title:
	 	 
	 	By:	 
	 	 	Name:
	 	 	Title:

 

    I-5 

     

    

 

Annex
6

 

CERTIFICATE OF CREDIT DEMAND

 

[Issuing Bank’s Address]

 

Attention: [     ]

 

Certificate of Credit
Demand under the Irrevocable Letter of Credit No. [     ] (the “Series 2020-1 Letter of Credit”),
dated [     ], issued by [           ], as the
Issuing Bank, in favor of the Trustee. Capitalized terms not otherwise defined herein shall have the meanings assigned thereto
in the Series 2020-1 Letter of Credit or, if not defined therein, the Series 2020-1 Supplement (as defined in the Series 2020-1
Letter of Credit).

 

The undersigned, a duly
authorized officer of the Trustee, hereby certifies to the Issuing Bank as follows:

 

1.                  
[The Bank of New York Mellon Trust Company, N.A.]7
is the Trustee under the Series 2020-1 Supplement referred to in the Series 2020-1 Letter of Credit.

 

2.                  
[A Series 2020-1 Reserve Account Interest Withdrawal Shortfall exists on the [_]8
Payment Date and pursuant to Section 5.5(a) of the Series 2020-1 Supplement, an amount equal to the Issuing Bank’s
Pro Rata Share of the least of: (i) such Series 2020-1 Reserve Account Interest Withdrawal Shortfall, (ii) the Series 2020-1 Letter
of Credit Liquidity Amount as of such Payment Date, and (iii) the Series 2020-1 Lease Interest Payment Deficit for such Payment
Date]9

 

[A Series 2020-1 Reserve
Account Interest Withdrawal Shortfall exists on the [     ]10
Payment Date and pursuant to Section 5.5(a) of the Series 2020-1 Supplement, an amount equal to the Issuing Bank’s
Pro Rata Share of the excess of: (i) the least of (A) such Series 2020-1 Reserve Account Interest Withdrawal Shortfall, (B) the
Series 2020-1 Letter of Credit Liquidity Amount as of such Payment Date on the Series 2020-1 Letters of Credit and (C) the Series
2020-1 Lease Interest Payment Deficit for such Payment Date, over (ii) the lesser of (x) the Series 2020-1 L/C Cash Collateral
Percentage on such Payment Date of the least of the amounts described in clauses (A), (B) and (C) above and
(y) the Series 2020-1 Available L/C Cash Collateral Account Amount on such Payment Date]11

 

[A Series 2020-1
Lease Principal Payment Deficit exists on the [_]12 Payment
Date that exceeds the amount, if any, withdrawn from the Series 2020-1 Reserve Account pursuant to Section 5.4(b) of
the Series 2020-1 Supplement and pursuant to Section 5.5(b) of the Series 2020-1 Supplement, an amount equal to the
Issuing Bank’s Pro Rata Share of the [lesser][least] of: (i) the excess of the Series 2020-1 Lease Principal Payment
Deficit over the amounts withdrawn from the Series 2020-1 Reserve Account pursuant to Section 5.4(b) of the Series
2020-1 Supplement, (ii) the Series 2020-1 Letter of Credit Liquidity Amount as of such Payment Date (after giving effect to
any drawings on the Series 2020-1 Letters of Credit on such Payment Date pursuant to Section 5.5(a) of the Series
2020-1 Supplement) [and (iii) the excess, if any, of the Principal Deficit Amount over the amount, if any, withdrawn from the
Series 2020-1 Reserve Account pursuant to Section 5.4(c) of the Series 2020-1 Supplement]13 [the
excess, if any, of the Series 2020-1 Principal Amount over the amount to be deposited into the Series 2020-1 Distribution
Account (together with any amounts to be deposited therein pursuant to the terms of the Series 2020-1 Supplement (other than
pursuant to amounts allocated and drawn in accordance with this sentence or as a result of a Principal Deficit Amount
exceeding zero) on the Legal Final Payment Date for payment of principal of the Series 2020-1 Notes]14]15

 

 

	7	If Trustee under the Series 2020-1 Supplement is other
than The Bank of New York Mellon Trust Company, N.A., the name of such other Trustee is to be inserted.
	8	Specify the relevant Payment Date.
	9	Use in case of a Series 2020-1 Reserve Account Interest
Withdrawal Shortfall on any Payment Date and if no Series 2020-1 L/C Cash Collateral Account has been established and funded.
	10	Specify the relevant Payment Date.
	11	Use in case of a Series 2020-1 Reserve Account Interest
Withdrawal Shortfall on any Payment Date and if the Series 2020-1 L/C Cash Collateral Account has been established and funded.
	12	Specify the relevant Payment Date.

 

    I-6 

     

    

 

[A Series 2020-1 Lease
Principal Payment Deficit exists on the [     ]16
Payment Date that exceeds the amount, if any, withdrawn from the Series 2020-1 Reserve Account pursuant to Section 5.4(b)
of the Series 2020-1 Supplement and pursuant to Section 5.5(g) of the Series 2020-1 Supplement, an amount equal to the Issuing
Bank’s Pro Rata Share of the excess of (i) the [lesser][least] of: (A) the excess of the Series 2020-1 Lease Principal Payment
Deficit over the amounts withdrawn from the Series 2020-1 Reserve Account pursuant to Section 5.4(b) of the Series 2020-1
Supplement, (B) the Series 2020-1 Letter of Credit Liquidity Amount as of such Payment Date (after giving effect to any drawings
on the Series 2020-1 Letters of Credit on such Payment Date pursuant to Section 5.5(a) of the Series 2020-1 Supplement)
[and (C) the excess, if any, of the Principal Deficit Amount over the amount, if any, withdrawn from the Series 2020-1 Reserve
Account pursuant to Section 5.4(c) of the Series 2020-1 Supplement]11 [the excess, if any, of the Series 2020-1
Principal Amount over the amount to be deposited into the Series 2020-1 Distribution Account (together with any amounts to be deposited
therein pursuant to the terms of the Series 2020-1 Supplement (other than pursuant to amounts allocated and drawn in accordance
with this sentence or as a result of a Principal Deficit Amount exceeding zero) on the Legal Final Payment Date for payment of
principal of the Series 2020-1 Notes] , over (ii) the lesser of (A) the Series 2020-1 L/C Cash Collateral Percentage on such Payment
Date of the amount calculated pursuant to clause (i) above and (B) the Series 2020-1 L/C Cash Collateral Account Amount
on such Payment Date (after giving effect to any withdrawals therefrom on such Payment Date pursuant to Section 5.5(a) of
the Series 2020-1 Supplement)] has been allocated to making a drawing under the Series 2020-1 Letter of Credit.

 

The Trustee is making
a drawing under the Series 2020-1 Letter of Credit as required by Section[s] [5.5(a) and/or 5.5(b)] of the Series
2020-1 Supplement for an amount equal to $, which amount is a Series 2020-1 L/C Credit Disbursement (the “Series 2020-1
L/C Credit Disbursement”) and is equal to the amount allocated to making a drawing on the Series 2020-1 Letter of Credit
under such Section [5.5(a) and/or 5.5(b)] of the Series 2020-1 Supplement as described above. The Series 2020-1 L/C
Credit Disbursement does not exceed the amount that is available to be drawn by the Trustee under the Series 2020-1 Letter of Credit
on the date of this certificate.

 

 

	13	Use on any Payment Date other than the Legal Final Payment
Date occurring during the period commencing on and including the date of the filing by any Lessee of a petition for relief under
Chapter 11 of the Bankruptcy Code to but excluding the date on which such Lessee shall have resumed making all payments of Monthly
Variable Rent required to be made under the Leases.
	14	Use on the Legal Final Payment Date.
	15	Use in case of a Series 2020-1 Lease Principal Payment
Deficit on any Payment Date and if no Series 2020-1 L/C Cash Collateral Account has been established and funded.
	16	Specify relevant Payment Date.

 

    I-7 

     

    

 

IN WITNESS WHEREOF, the
Trustee has executed and delivered this certificate on this _____________ day of ___________, ______.

 

	 	[THE
    BANK OF NEW YORK MELLON TRUST COMPANY, N.A.], as Trustee 17
	 	 
	 	By	 
	 	 	Title:

 

 

	17	See footnote 1 above.

 

 

    I-8 

     

    

 

Annex
7

 

CERTIFICATE OF UNPAID DEMAND NOTE DEMAND

 

[Issuing Bank’s Address]

 

Attention: [     ]

 

Certificate of Unpaid
Demand Note Demand under the Irrevocable Letter of Credit No. [        ] (the “Series
2020-1 Letter of Credit”), dated [     ], issued by [        ],
as the Issuing Bank, in favor of the Trustee. Capitalized terms not otherwise defined herein shall have the meanings assigned thereto
in the Series 2020-1 Letter of Credit or, if not defined therein, the Series 2020-1 Supplement (as defined in the Series 2020-1
Letter of Credit).

 

The undersigned, a duly
authorized officer of the Trustee, hereby certifies to the Issuing Bank as follows:

 

1.                   [The
Bank of New York Mellon Trust Company, N.A.]
18 is the Trustee under the Series 2020-1 Supplement referred to in the Series 2020-1 Letter of Credit.

 

2.                  
As of the date of this certificate, there exists an amount due and payable by The Hertz Corporation (“Hertz”)
under the Series 2020-1 Demand Note (the “Demand Note”) issued by Hertz to HVIF and pledged to the Trustee under
the Series 2020-1 Supplement which amount has not been paid (or the Trustee has failed to make a demand for payment under the Demand
Note in such amount due to the occurrence of an Event of Bankruptcy (except for the Chapter 11 Cases (as defined in the Series
2020-1 Supplement)) (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) and, pursuant to Section 5.5(d) of the Series 2020-1 Supplement,
an amount equal to the Issuing Bank’s Pro Rata Share

 

[of the lesser of (i)
the amount that Hertz failed to pay under the Demand Note (or the amount that the Trustee failed to demand for payment thereunder);
and (ii) the Series 2020-1 Letter of Credit Amount as of the date hereof;]

 

[of the excess of (i)
the lesser of (A) the amount that Hertz failed to pay under the Demand Note (or the amount that the Trustee failed to demand for
payment thereunder) and (B) the Series 2020-1 Letter of Credit Amount as of the date hereof over (ii) the lesser of (x) the Series
2020-1 L/C Cash Collateral Percentage on such Business Day of the lesser of the amounts set forth in clauses (A) and (B) above
and (y) the Series 2020-1 Available L/C Cash Collateral Account Amount as of the date hereof (after giving effect to any withdrawals
therefrom on such date pursuant to Section 5.5(a) and Section 5.5(b) of the Series 2020-1 Supplement);]

 

has been allocated to
making a drawing on the Series 2020-1 Letter of Credit.

 

3.                  
Pursuant to Section 5.5(d) of the Series 2020-1 Supplement, the Trustee is making a drawing under the Series 2020-1
Letter of Credit in an amount equal to $, which amount is a Series 2020-1 L/C Unpaid Demand Note Disbursement (the “Series
2020-1 L/C Unpaid Demand Note Disbursement”) and is equal to the amount allocated to making a drawing on the Series 2020-1
Letter of Credit under Section 5.5(d) of the Series 2020-1 Supplement as described above. The Series 2020-1 L/C Unpaid
Demand Note Disbursement does not exceed the amount that is available to be drawn by the Trustee under the Series 2020-1 Letter
of Credit on the date of this certificate.

 

 

	18	If Trustee under the Series 2020-1 Supplement is other
than The Bank of New York Mellon Trust Company, N.A., the name of such other Trustee is to be inserted.

 

    I-9 

     

    

 

4.                  
 The amount of the draft shall be delivered pursuant to the following instructions:

 

[insert payment instructions
(including payment date) for wire to [The Bank of New York Mellon Trust Company, N.A.] as Trustee].

 

5.                  
The Trustee acknowledges that, pursuant to the terms of the Series 2020-1 Letter of Credit, upon the Issuing Bank honoring
the draft accompanying this certificate, the Series 2020-1 Letter of Credit Amount shall be automatically decreased by an amount
equal to such draft.

 

    I-10 

     

    

 

IN WITNESS WHEREOF, the
Trustee has executed and delivered this certificate on this _____________ day of ___________, ______.

 

	 	[THE
    BANK OF NEW YORK MELLON TRUST COMPANY, N.A.], as Trustee
	 	 
	 	By	 
	 	 	Title:

 

    I-11 

     

    

 

Annex
8

 

CERTIFICATE OF PREFERENCE PAYMENT DEMAND

 

[Issuing Bank’s Address]

 

Attention: [     ]

 

Certificate of Preference
Payment Demand under the Irrevocable Letter of Credit No. [        ] (the “Series
2020-1 Letter of Credit”), dated [     ], issued by [        ],
as the Issuing Bank, in favor of the Trustee. Capitalized terms not otherwise defined herein shall have the meanings assigned thereto
in the Series 2020-1 Letter of Credit or, if not defined therein, the Series 2020-1 Supplement (as defined in the Series 2020-1
Letter of Credit).

 

The undersigned, a duly
authorized officer of the Trustee, hereby certifies to the Issuing Bank as follows:

 

1.                   [The
Bank of New York Mellon Trust Company, N.A.]
19 is the Trustee under the Series 2020-1 Supplement referred to in the Series 2020-1 Letter of Credit.

 

2.                  
The Trustee has received a certified copy of the final non- appealable order of the applicable bankruptcy court requiring
the return of a Preference Amount.

 

3.                  
Pursuant to Section 5.5(d) of the Series 2020-1 Supplement, an amount equal to the Issuing Bank’s Pro Rata
Share of [the lesser of (i) the Preference Amount referred to above and (ii) the Series 2020-1 Letter of Credit Amount as of the
date hereof] [the excess of (i) lesser of (A) the Preference Amount referred to above and (B) the Series 2020-1 Letter of Credit
Amount as of the date hereof over (ii) the lesser of (x) the Series 2020-1 L/C Cash Collateral Percentage as of the date hereof
of the lesser of the amounts set forth in clauses (A) and (B) above and (y) the Series 2020-1 Available L/C Cash Collateral Account
Amount as of the date hereof (after giving effect to any withdrawals therefrom on such Payment Date pursuant to Section 5.5(a)
and Section 5.5(b) of the Series 2020-1 Supplement)] has been allocated to making a drawing under the Series 2020-1 Letter
of Credit.

 

4.                  
Pursuant to Section 5.5(d) of the Series 2020-1 Supplement, the Trustee is making a drawing in the amount of $[ ],
which amount is a Series 2020-1 L/C Preference Payment Disbursement (the “Series 2020-1 L/C Preference Payment Disbursement”)
and is equal to the amount allocated to making a drawing on the Series 2020-1 Letter of Credit under such Section 5.5(d)
of the Series 2020-1 Supplement as described above. The Series 2020-1 L/C Preference Payment Disbursement does not exceed the amount
that is available to be drawn by the Trustee under the Series 2020-1 Letter of Credit on the date of this certificate.

 

5.                  
The amount of the draft shall be delivered pursuant to the following instructions:

 

[insert payment instructions
(including payment date) for wire to [The Bank of New York Mellon Trust Company, N.A.] as Trustee]

 

6.                  
The Trustee acknowledges that, pursuant to the terms of the Series 2020-1 Letter of Credit, upon the Issuing Bank honoring
the draft accompanying this certificate, the Series 2020-1 Letter of Credit Amount shall be automatically decreased by an amount
equal to such draft.

 

 

	19	If Trustee under the Series 2020-1 Supplement is other
than The Bank of New York Mellon Trust Company, N.A., the name of such other Trustee is to be inserted.

 

    I-12 

     

    

 

IN WITNESS WHEREOF, the
Trustee has executed and delivered this certificate on this _____________ day of ___________, ______.

 

	 	[THE
    BANK OF NEW YORK MELLON TRUST COMPANY, N.A.], as Trustee
	 	 
	 	By	 
	 	 	Title:

 

    I-13 

     

    

 

Annex
9

 

CERTIFICATE OF TERMINATION DEMAND

 

[Issuing Bank’s Address]

 

Attention: [     ]

 

Certificate of Termination
Demand under the Irrevocable Letter of Credit No. [        ] (the “Series 2020-1
Letter of Credit”), dated [     ], issued by [       ], as
the Issuing Bank, in favor of the Trustee. Capitalized terms not otherwise defined herein shall have the meanings assigned thereto
in the Series 2020-1 Letter of Credit Agreement or, if not defined therein, the Series 2020-1 Supplement (as defined in the Series
2020-1 Letter of Credit).

 

The undersigned, a duly
authorized officer of the Trustee, hereby certifies to the Issuing Bank as follows:

 

1.                  
[The Bank of New York Mellon Trust Company, N.A.] 20
is the Trustee under the Series 2020-1 Supplement referred to in the Series 2020-1 Letter of Credit.

 

2.                  
[Pursuant to Section 5.7(a) of the Series 2020-1 Supplement, an amount equal to the Issuing Bank’s Pro Rata
Share of the lesser of (x) the greatest of (A) the excess, if any, of the Series 2020-1 Adjusted Asset Coverage Threshold Amount
over the Series 2020-1 Asset Amount, in each case, as of the date that is sixteen (16) Business Days prior to the scheduled expiration
date of the Series 2020-1 Letter of Credit (after giving effect to all deposits to, and withdrawals from, the Series 2020-1 Reserve
Account and the Series 2020-1 L/C Cash Collateral Account on such date), excluding the Series 2020-1 Letter of Credit but taking
into account any substitute Series 2020-1 Letter of Credit that has been obtained from a Series 2020-1 Eligible Letter of Credit
Provider and is in full force and effect on such date, (B) the excess, if any, of the Series 2020-1 Required Liquid Enhancement
Amount over the Series 2020-1 Adjusted Liquid Enhancement Amount, in each case, as of such date (after giving effect to all deposits
to, and withdrawals from, the Series 2020-1 Reserve Account and the Series 2020-1 L/C Cash Collateral Account on such date), excluding
the Series 2020-1 Letter of Credit but taking into account each substitute Series 2020-1 Letter of Credit that has been obtained
from a Series 2020-1 Eligible Letter of Credit Provider and is in full force and effect on such date, and (C) the excess, if any,
of the Series 2020-1 Demand Note Payment Amount over the Series 2020-1 Letter of Credit Liquidity Amount, in each case, as of such
date (after giving effect to all deposits to, and withdrawals from, the Series 2020-1 L/C Cash Collateral Account on such date),
excluding the Series 2020-1 Letter of Credit but taking into account each substitute Series 2020-1 Letter of Credit that has been
obtained from a Series 2020-1 Eligible Letter of Credit Provider and is in full force and effect on such date, and (y) the amount
available to be drawn on the expiring Series 2020-1 Letter of Credit on such date has been allocated to making a drawing under
the Series 2020-1 Letter of Credit.]

 

[The Trustee has not
received the notice required from HVIF pursuant to Section 5.7(a) of the Series 2020-1 Supplement on or prior to the date
that is fifteen (15) Business Days prior to each Series 2020-1 Letter of Credit Expiration Date. As such, pursuant to such Section
5.7(a) of the Series 2020-1 Supplement, the Trustee is making a drawing for the full amount of the Series 2020-1 Letter of
Credit.]

 

[Pursuant to Section
5.7(b) of the Series 2020-1 Supplement, an amount equal to the lesser of (i) the greatest of (A) the excess, if any, of
the Series 2020-1 Adjusted Asset Coverage Threshold Amount over the Series 2020-1 Asset Amount as of the thirtieth (30) day
after the occurrence of a Series 2020-1 Downgrade Event with respect to the Issuing Bank, excluding the available amount
under the Series 2020-1 Letter of Credit on such date, (B) the excess, if any, of the Series 2020-1 Required Liquid
Enhancement Amount over the Series 2020-1 Adjusted Liquid Enhancement Amount as of such date, excluding the available amount
under the Series 2020-1 Letter of Credit on such date, and (C) the excess, if any, of the Series 2020-1 Demand Note Payment
Amount over the Series 2020-1 Letter of Credit Liquidity Amount as of such date, excluding the available amount under the
Series 2020-1 Letter of Credit on such date, and (ii) the amount available to be drawn on the Series 2020-1 Letter of Credit
on such date has been allocated to making a drawing under the Series 2020-1 Letter of Credit.]

 

 

	20	If the Trustee under the Series 2020-1 Supplement is
other than The Bank of New York Mellon Trust Company, N.A., the name of such other Trustee is to be inserted.

 

    I-14 

     

    

 

3.                  
 [Pursuant to Section [5.7(a)] [5.7(b)] of the Series 2020-1 Supplement, the Trustee is making a drawing in the amount
of $which is a Series 2020-1 L/C Termination Disbursement (the “Series 2020-1 L/C Termination Disbursement”)
and is equal to the amount allocated to making a drawing on the Series 2020-1 Letter of Credit under such Section [5.7(a)] [5.7(b)]
of the Series 2020-1 Supplement as described above. The Series 2020-1 L/C Termination Disbursement does not exceed the amount that
is available to be drawn by the Trustee under the Series 2020-1 Letter of Credit on the date of this certificate.

 

4.                  
The amount of the draft shall be delivered pursuant to the following instructions:

 

[insert payment instructions
(including payment date) for wire to [The Bank of New York Mellon Trust Company, N.A.] as Trustee]

 

5.                  
The Trustee acknowledges that, pursuant to the terms of the Series 2020-1 Letter of Credit, upon the Issuing Bank honoring
the draft accompanying this certificate, the Series 2020-1 Letter of Credit Amount shall be automatically reduced to zero and the
Series 2020-1 Letter of Credit shall terminate and be immediately returned to the Issuing Bank.

 

    I-15 

     

    

 

IN WITNESS WHEREOF, the
Trustee has executed and delivered this certificate on this ________ day of ____________, ______.

 

	 	[THE
    BANK OF NEW YORK MELLON TRUST COMPANY, N.A.], as Trustee
	 	 
	 	By	 
	 	 	Title:

 

    I-16 

     

    

 

Annex
10

CERTIFICATE OF REINSTATEMENT

OF LETTER OF CREDIT AMOUNT

 

[Issuing Bank’s Address]

 

Attention: [     ]

 

Certificate of Reinstatement
of Letter of Credit Amount under the Irrevocable Letter of Credit No. [        ] (the “Series
2020-1 Letter of Credit”), dated [_], issued by [        ], as the Issuing Bank,
in favor of [The Bank of New York Mellon Trust Company, N.A., a New York banking corporation] 21,
as Trustee (in such capacity, the “Trustee”) under the Series 2020-1 Supplement and the Base Indenture. Capitalized
terms not otherwise defined herein shall have the meanings assigned thereto in the Series 2020-1 Letter of Credit.

 

The undersigned, a duly
authorized officer of The Hertz Corporation (“Hertz”), hereby certifies to the Issuing Bank as follows:

 

1.                  
As of the date of this certificate, the Issuing Bank has been reimbursed by Hertz in the amount of $[        ]
(the “Reimbursement Amount”) in respect of the [Credit Demand] [Unpaid Demand Note Demand] made on ______________

 

2.                  
The Reimbursement Amount was paid to the Issuing Bank prior to payment in full of the Series 2020-1 Notes (as defined in
the Series 2020-1 Supplement).

 

3.                   
Hertz hereby notifies you that, pursuant to the terms and conditions of the Series 2020-1 Letter of Credit, the Series 2020-1
Letter of Credit Amount of the Issuing Bank is hereby reinstated in the amount of $[        ]
so that the Series 2020-1 Letter of Credit Amount of the Issuing Bank after taking into account such reinstatement is in amount
equal to $[        ] and certifies that [     ].

 

4.                  
As of the date of this certificate, no Event of Bankruptcy (except for the Chapter 11 Cases (as defined in the Series 2020-1
Supplement)) with respect to Hertz has occurred and is continuing. “Event of Bankruptcy” with respect to Hertz
means (a) a case or other proceeding shall be commenced, without the application or consent of Hertz, in any court, seeking the
liquidation, reorganization, debt arrangement, dissolution, winding up, or composition or readjustment of debts of Hertz, the appointment
of a trustee, receiver, custodian, liquidator, assignee, sequestrator or the like for Hertz or all or any substantial part of its
assets, or any similar action with respect to Hertz under any law relating to bankruptcy, insolvency, reorganization, winding up
or composition or adjustment of debts, and such case or proceeding shall continue undismissed, or unstayed and in effect, for a
period of sixty (60) consecutive days; or an order for relief in respect of Hertz shall be entered in an involuntary case under
the federal bankruptcy laws or other similar laws now or hereafter in effect; or (b) Hertz shall commence a voluntary case or other
proceeding under any applicable bankruptcy, insolvency, reorganization, debt arrangement, dissolution or other similar law now
or hereafter in effect, or shall consent to the appointment of or taking possession by a receiver, liquidator, assignee, trustee,
custodian, sequestrator (or other similar official) for Hertz or for any substantial part of its property, or shall make any general
assignment for the benefit of creditors; or (c) Hertz or its board of directors shall vote to implement any of the actions set
forth in the preceding clause (b).

 

 

	21	If Trustee under the Series 2020-1 Supplement is other
than The Bank of New York Mellon Trust Company, N.A., the name of such other Trustee is to be inserted.

 

    I-17 

     

    

 

IN WITNESS WHEREOF, Hertz
has executed and delivered this certificate on this ________ day of ____________, ______.

 

	 	THE
    HERTZ CORPORATION
	 	 
	 	By	                
	 	 	Title:

 

    I-18 

     

    

 

Acknowledged and Agreed:

 

The undersigned hereby acknowledges receipt
of the Reimbursement Amount (as defined above) in the amount set forth above and agrees that the undersigned’s Series 2020-1
Letter of Credit Amount is in an amount equal to $_________ as of this day of _______________, 20___ after taking into account
the reinstatement of the Series 2020-1 Letter of Credit Amount by an amount equal to the Reimbursement Amount.

 

[           
]

 

By:

Name:

Title:

 

By:

Name:

Title:

 

    I-19 

     

    

 

 

Annex
11

 

INSTRUCTION TO TRANSFER

 

[Issuing Bank’s Address]

 

Attention:    [     ]

 

		Re:	Irrevocable Letter of Credit No. [                      ]

 

Ladies and Gentlemen:

 

Instruction to Transfer under the Irrevocable
Letter of Credit No. [     ] (the “Series 2020-1 Letter of Credit”), dated [     ],
issued by [                     ],
as Issuing Bank in favor of the Trustee. Capitalized terms not otherwise defined herein shall have the meanings assigned thereto
in the Series 2020-1 Letter of Credit.

 

For value received, the
undersigned beneficiary hereby irrevocably transfers to:

 

__________________________

[Name of Transferee]

 

__________________________

[Issuing Bank’s Address]

 

all rights of the undersigned beneficiary
to draw under the Series 2020-1 Letter of Credit. The transferee has succeeded the undersigned as Trustee under the Base Indenture
and the Series 2020-1 Supplement (as defined in the Series 2020-1 Letter of Credit).

 

By this transfer, all
rights of the undersigned beneficiary in the Series 2020-1 Letter of Credit are transferred to the transferee and the transferee
shall hereafter have the sole rights as beneficiary thereof; provided, however, that no rights shall be deemed to
have been transferred to the transferee until such transfer complies with the requirements of the Series 2020-1 Letter of Credit
pertaining to transfers.

 

The original Series 2020-1
Letter of Credit and amendment(s), if any, is/are returned herewith and in accordance therewith we ask that this transfer be effective
and that the Issuing Bank transfer the Series 2020-1 Letter of Credit to our transferee and that the Issuing Bank endorse the Series
2020-1 Letter of Credit returned herewith in favor of the transferee or, if requested by the transferee, issue a new irrevocable
letter of credit in favor of the transferee with provisions consistent with the Series 2020-1 Letter of Credit.

 

	 	Very truly yours,
	 	 
	 	[THE BANK OF NEW YORK MELLON

    TRUST COMPANY, N.A.],22
 as Trustee
	 	 
	 	By	 
	 	 	Name:
	 	 	Title:

 

 

		22	If the Trustee under the Series 2020-1 Supplement is
other than The Bank of New York Mellon Trust Company, N.A., the name of such other Trustee is to be inserted.

 

    I-20 

     

    

 

Annex
12

 

NOTICE OF REDUCTION OF SERIES 2020-1 LETTER OF CREDIT AMOUNT

 

[Issuing Bank’s Address]

 

Attention: [     ]

 

Notice of Reduction
of Series 2020-1 Letter of Credit Amount under the Irrevocable Letter of Credit No. [        ]
(the “Series 2020-1 Letter of Credit”), dated [     ], issued by [        ],
as the Issuing Bank, in favor of [The Bank of New York Mellon Trust Company, N.A.]23,
as the Trustee. Capitalized terms not otherwise defined herein shall have the meanings assigned thereto in the Series 2020-1 Letter
of Credit.

 

The undersigned, a duly
authorized officer of the Trustee, hereby notifies the Issuing Bank as follows:

 

1.                  
The Trustee has received a notice in accordance with the Series 2020-1 Supplement authorizing it to request a reduction
of the Series 2020-1 Letter of Credit Amount to $_________________ and is delivering this notice in accordance with the terms of
the Series 2020-1 Letter of Credit Agreement.

 

2.                  
The Issuing Bank acknowledges that the aggregate maximum amount of the Series 2020-1 Letter of Credit is reduced to $_________________
from $_________________ pursuant to and in accordance with the terms and provisions of the Series 2020-1 Letter of Credit and that
the reference in the first paragraph of the Series 2020-1 Letter of Credit to “_________ ($_____________)” is amended
to read “___________ ($_________).

 

3.                  
This request, upon your acknowledgment set forth below, shall constitute an amendment to the Series 2020-1 Letter of Credit
and shall form an integral part thereof and confirms that all other terms of the Series 2020-1 Letter of Credit remain unchanged.

 

4.                  
[The Issuing Bank is requested to execute and deliver its acknowledgment and agreement to this notice to the Trustee in
the manner provided in Section [3.2(a)] of the Series 2020-1 Letter of Credit Agreement.]

 

 

		23	If Trustee under the Series 2020-1 Supplement is other
than The Bank of New York Mellon Trust Company, N.A., the name of such other Trustee is to be inserted.

 

    I-21 

     

    

 

IN WITNESS WHEREOF, the
Trustee has executed and delivered this certificate on this ____________ day of _______________, ______.

 

	 	[THE BANK OF NEW YORK MELLON

    TRUST COMPANY, N.A.],
 as Trustee
	 	 
	 	By	 
	 	 	Title:

 

	ACKNOWLEDGED
 THIS ______ DAY OF _____________,
 [                                                  ]
	 
	By:	                     	 
	 	Name:
	 	Title:

 

    I-22 

     

    

 

Annex
13

 

NOTICE OF INCREASE OF SERIES 2020-1 LETTER OF CREDIT AMOUNT

 

[The Bank
of New York Mellon Trust Company, N.A.]24,

as Trustee under the

Series 2020-1 Supplement

referred to below

2 North LaSalle
Street, Suite 700

Chicago,
Illinois 60602

Attention: Corporate Trust Administrator—Structured
Finance

 

Notice of Increase of
Series 2020-1 Letter of Credit Amount under the Irrevocable Letter of Credit No. [        ]
(the “Series 2020-1 Letter of Credit”), dated [                         ],
[     ], issued by [        ], as the Issuing Bank, in favor of
[The Bank of New York Mellon Trust Company, N.A.], as the Trustee. Capitalized terms not otherwise defined herein shall have the
meanings assigned thereto in the Series 2020-1 Letter of Credit.

 

The undersigned, duly
authorized officers of the Issuing Bank, hereby notify the Trustee as follows:

 

1.                  
The Issuing Bank has received a request from [_________] to increase the Series 2020-1 Letter of Credit Amount by $__________,
which increase shall not result in the Series 2020-1 Letter of Credit Amount exceeding an amount equal to [___________] Dollars
($[___________]).

 

2.                  
Upon your acknowledgment set forth below, the aggregate maximum amount of the Series 2020-1 Letter of Credit is increased
to $___________ from $_____ pursuant to and in accordance with the terms and provisions of the Series 2020-1 Letter of Credit and
that the reference in the first paragraph of the Series 2020-1 Letter of Credit to “___________________ ($___________)”
is amended to read “____________________________ ($_________)”.

 

3.                  
This notice, upon your acknowledgment set forth below, shall constitute an amendment to the Series 2020-1 Letter of Credit
and shall form an integral part thereof and confirms that all other terms of the Series 2020-1 Letter of Credit remain unchanged.

 

4.                  
[The Trustee is requested to execute and deliver its acknowledgment and acceptance to this notice to the Issuing Bank, in
the manner provided in Section [3.2(a)] of the Series 2020-1 Letter of Credit Agreement.]

 

IN WITNESS WHEREOF, the
Issuing Bank has executed and delivered this certificate on this _____ day of ___________, _____.

 

	 	[	 
	 	 	 
	 	 	]
	 	 	 
		By:	 
	 	 	Name:
	 	 	Title:

 

 

		24	If Trustee under the Series 2020-1 Supplement is other
than The Bank of New York Mellon Trust Company, N.A., the name of such other Trustee is to be inserted.

 

    I-23 

     

    

 

		By:	 
	 	 	Name:
	 	 	Title:

 

ACKNOWLEDGED AND AGREED TO

THIS ______ DAY OF ____________, ____:

 

[THE BANK OF NEW YORK

MELLON TRUST COMPANY, N.A.],

as Trustee

 

	By:	                     	 
	 	Name:
	 	Title:

 

    I-24 

     

    

 

EXHIBIT J

TO

SERIES 2020-1 SUPPLEMENT

 

FORM OF CLASS A/B ADVANCE REQUEST

 

HERTZ VEHICLE INTERIM FINANCING LLC

 

SERIES 2020-1 DELAYED DRAW RENTAL CAR

ASSET BACKED NOTES, CLASS A

 

SERIES 2020-1 DELAYED DRAW RENTAL CAR

ASSET BACKED NOTES, CLASS B

 

To: Addressees on Schedule I hereto

 

Ladies and Gentlemen:

 

This Class A/B Advance
Request is delivered to you pursuant to Section 2.2 of that certain Series 2020-1 Supplement, dated as of November 25, 2020
(as amended, supplemented, restated or otherwise modified from time to time, the “Series 2020-1 Supplement”),
by and among Hertz Vehicle Interim Financing LLC, the certain noteholders party thereto, The Hertz Corporation, as HVIF Administrator,
Deutsche Bank AG, New York Branch, as Administrative Agent (in such capacity, the “Administrative Agent”), Apollo
Capital Management, L.P., as Controlling Party (in such capacity, the “Controlling Party”) and The Bank of New
York Mellon Trust Company, N.A. as Trustee (the “Trustee”).

 

Unless otherwise defined
herein or as the context otherwise requires, terms used herein have the meaning assigned thereto under Schedule I of the Series
2020-1 Supplement.

 

The undersigned hereby
requests that a Class A Advance be made in the aggregate principal amount of $____________ on ____________, 20_____.

 

The undersigned hereby
requests that a Class B Advance be made in the aggregate principal amount of $____________ on ____________, 20_____.

 

The Aggregate Asset
Amount as of the date hereof is an amount equal to $_________________.

 

The undersigned hereby
acknowledges that the delivery of this Class A/B Advance Request and the acceptance by undersigned of the proceeds of the Class
A Advance and Class B Advance requested hereby constitute a representation and warranty by the undersigned that, (i) on the date
of such Class A Advance, and before and after giving effect thereto and to the application of the proceeds therefrom, all conditions
set forth in the definition of “Class A Funding Conditions” in Schedule I of the Series 2020-1 Supplement have been
satisfied and (ii) on the date of such Class B Advance, and before and after giving effect thereto and to the application of the
proceeds therefrom, all conditions set forth in the definition of “Class B Funding Conditions” in Schedule I of the
Series 2020-1 Supplement have been satisfied.

 

The undersigned agrees
that if prior to the time of the Class A Advance and Class B Advance requested hereby any matter certified to herein by it will
not be true and correct at such time as if then made, it will immediately so notify you. Except to the extent, if any, that prior
to the time of the Class A Advance and Class B Advance requested hereby you shall receive written notice to the contrary from the
undersigned, each matter certified to herein shall be deemed once again to be certified as true and correct at the date of such
Class A Advance and Class B Advance as if then made.

 

    J-1 

     

    

 

Please wire transfer
the proceeds of each of the Class A Advance and Class B Advance to the following account pursuant to the following instructions:

 

[insert payment
instructions]

 

The undersigned has
caused this Class A/B Advance Request to be executed and delivered, and the certification and warranties contained herein to be
made, by its duly Authorized Officer this _____ day of______________, 20_____.

 

	 	HERTZ VEHICLE INTERIM FINANCING
    LLC,
 a limited liability company
	 	 
	 	By:	 
	 	Name:	 
	 	Title:	                   

 

    J-2 

     

    

 

SCHEDULE I:

 

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

2 North LaSalle Street, Suite 700

Chicago, IL 60602

Contact person: Corporate Trust Administrator
- Structured Finance

Telephone: (312) 827-8680

Fax: (732) 487-2683

Email: diane.moser@bnymellon.com

 

DEUTSCHE BANK AG, NEW YORK BRANCH, as
Administrative Agent

60 Wall Street, 5th Floor

New York, NY 10005-2858

Contact person: Robert Sheldon

Telephone: (212) 250-4493

Fax: (212) 797-5160

Email: robert.sheldon@db.com

 

With an electronic copy to: abs.conduits@db.com

 

APOLLO CAPITAL MANAGEMENT, L.P., as
Controlling Party

9 W. 57th Street, 43rd
Floor

New York, NY 10019

Contact person: Joseph D. Glatt

Telephone: (212) 515-3200

Email: jglatt@apollo.com

 

[Each Class A Noteholder and Class B Noteholder
party hereto]

 

    J-3 

     

    

 

EXHIBIT K

TO

SERIES 2020-1 SUPPLEMENT

 

Additional UCC Representations

 

General

 

		1.	(a) The Base Indenture creates a valid and continuing security interest (as defined in the applicable
UCC) in the HVIF Indenture Collateral in favor of the Trustee for the benefit of the HVIF Noteholders and (b) the Series 2020-1
Supplement creates a valid and continuing security interest (as defined in the applicable UCC) in HVIF’s right, title and
interest in and to the Series 2020-1 Supplement, each Series 2020-1 Letter of Credit, the Series 2020-1 Account Collateral with
respect to each Series 2020-1 Account and each Series 2020-1 Demand Note (collectively, the “Series-Specific 2020-1 Collateral”)
in favor of the Trustee for the benefit of the Series 2020-1 Noteholders and in the case of each of clause (a) and (b)
is prior to all other Liens on such HVIF Indenture Collateral and Series-Specific 2020-1 Collateral, as applicable, except for
Permitted Liens or Series 2020-1 Permitted Liens, respectively, and is enforceable as such against creditors and purchasers from
HVIF.

 

		2.	HVIF owns and has good and marketable title to the HVIF Indenture Collateral and the Series-Specific
2020-l Collateral free and clear of any lien, claim, or encumbrance of any Person, except for Permitted Liens or Series 2020-1
Permitted Liens, respectively.

 

		Characterization	

 

		3.	(a) The Series 2020-1 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.

 

Perfection
by filing

 

		4.	HVIF has caused or will have caused, within ten days after the Effective Date, the filing of all
appropriate financing statements in the proper filing office in the appropriate jurisdictions under applicable law in order to
perfect (a) the security interest in any accounts and general intangibles included in the HVIF Indenture Collateral granted to
the Trustee, and (b) the security interest in any accounts and general intangibles included in the Series-Specific 2020-l Collateral
granted to the Trustee.

 

Perfection
by Possession

 

		5.	All original copies of the Series 2020-1 Demand Note that constitute or evidence the Series 2020-1
Demand Note have been delivered to the Trustee.

 

		Priority	

 

		6.	Other than the security interest granted to the Trustee pursuant to the Base Indenture and the
Series 2020-1 Supplement, HVIF has not pledged, assigned, sold or granted a security interest in, or otherwise conveyed, any of
the HVIF Indenture Collateral or the Series-Specific 2020-l Collateral. HVIF has not authorized the filing of and is not aware
of any financing statements against HVIF that include a description of collateral covering the HVIF Indenture Collateral or the
Series-Specific 2020-1 Collateral, other than any financing statement relating to the security interests granted to the Trustee,
as secured parties under the Base Indenture and the Series 2020-1 Supplement, respectively, or that has been terminated. HVIF is
not aware of any judgment or tax lien filings against HVIF.

 

		7.	The Series 2020-1 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.

 

    K-1 

     

    

 

EXHIBIT L

TO

SERIES 2020-1 SUPPLEMENT

 

ADDRESS INFORMATION

 

[On
file with Hertz]

 

    L-1 

     

    

  

EXHIBIT M

TO

SERIES 2020-1 SUPPLEMENT

 

FORM OF DESIGNATION AGREEMENT

 

Dated [______________]

 

Reference is made to
(i) the Base Indenture, dated as of November 25, 2020 (as amended, supplemented or modified, is herein referred to as the “Base
Indenture”), between the Hertz Vehicle Interim Financing LLC (the “Issuer”) and The Bank of New York
Mellon Trust Company, N.A., as trustee (the “Trustee”, which term includes any successor Trustee under the Base
Indenture) and (ii) the Series 2020-1 Supplement, dated as of November 25, 2020 (as amended, supplemented or modified from time
to time, is herein referred to as the “Series 2020-1 Supplement”), among the Issuer, The Hertz Corporation,
as HVIF Administrator, Deutsche Bank AG, New York Branch, as Administrative Agent (in such capacity, the “Administrative
Agent”), Apollo Capital Management, L.P., as Controlling Party (in such capacity, the “Controlling Party”),
the certain noteholders party thereto and the Trustee. The Base Indenture and the Series 2020-1 Supplement are referred to herein
collectively as the “Indenture”. All terms used herein that are defined in the Series 2020-1 Supplement shall
have the meanings assigned to them in or pursuant to the Series 2020-1 Supplement.

 

[___________________]
(the “[Designating Noteholder]”), [___________________] (the “[Designated Noteholder]”),
the Issuer and the Administrative Agent agree as follows:

 

Section 1. Pursuant to
Section 2.2(e) of the Series 2020-1 Supplement, the [Designating Noteholder] hereby designates the [Designated Noteholder]
as its “[Designated Noteholder]”, and the [Designated Noteholder] hereby accepts such designation, to have a right
to make Advances pursuant to the Series 2020-1 Supplement. Any delegation by the [Designating Noteholder] to the [Designated Noteholder]
of its rights to make an Advance shall be effective at the time of the funding of such Advance and not before such time.

 

Section 2. Except as
set forth in Section 6 below, the [Designating Noteholder] makes no representation or warranty to the [Designated Noteholder] and
assumes no responsibility pursuant to this Designation Agreement to the [Designated Noteholder] with respect to (a) any statements,
warranties or representations made in or in connection with any Series 2020-1 Related Document or the execution, legality, validity,
enforceability, genuineness, sufficiency or value of any Series 2020-1 Related Document or any other instrument and document furnished
pursuant thereto and (b) the financial condition of the Issuer or the performance or observance by the Issuer of any of its obligations
under any Series 2020-1 Related Document or any other instrument or document furnished pursuant thereto.

 

    M-1 

     

    

 

Section 3. The
[Designated Noteholder] (a) confirms that it has received a copy of each Series 2020-1 Related Document, together with copies
of the financial statements referred to in the Series 2020-1 Supplement and such other documents and information as it has
deemed appropriate to make its own credit analysis and decision to enter into this Designation Agreement; (b) agrees that it
will independently and without reliance upon the Administrative Agent, the Controlling Party, the [Designating Noteholder] or
any other [Series 2020-1 Noteholder] and based on such documents and information as it shall deem appropriate at the time,
continue to make its own credit decisions in taking or not taking action under any Series 2020-1 Related Document;
(c) confirms that it is a [Designated Noteholder]; (d) appoints and authorizes the Administrative Agent to take such
action as Administrative Agent on its behalf and to exercise such powers and discretion under any Series 2020-1 Related
Document as are delegated to the Administrative Agent by the terms thereof, together with such powers and discretion as are
reasonably incidental thereto; (e) designates and appoints the Controlling Party as the Controlling Party under the Series
2020-1 Supplement and affirms such designation and appointment thereunder, authorizes the Controlling Party to take such
actions as agent on its behalf, including granting an irrevocable proxy in connection with any voting or consent right under
the Series 2020-1 Supplement with respect to the Required Controlling Class Series 2020-1 Noteholders, the Required
Noteholders, the Required Supermajority Controlling Class Series 2020-1 Noteholders, the Required Unanimous Controlling Class
Series 2020-1 Noteholders, the Requisite HVIF Investors or the Series 2020-1 Required Noteholders, and authorizes the
Controlling Party to exercise such powers as are delegated to the Controlling Party by the terms of the Series 2020-1
Supplement together with such powers as are reasonably incidental thereto; and (f) agrees that it will perform in accordance
with their terms all of the obligations which by the terms of any Series 2020-1 Related Document are required to be performed
by it as a Series 2020-1 Noteholder.

 

Section 4. The [Designated
Noteholder] hereby appoints [___________________] as the [Designated Noteholder]’s agent and attorney in fact and grants
to [___________________] an irrevocable power of attorney to receive payments made for the benefit of [the Designated Noteholder]
under the Series 2020-1 Supplement, to deliver and receive all communications and notices under the Series 2020-1 Supplement and
other Series 2020-1 Related Documents and to exercise on [the Designated Noteholder]’s behalf all rights to vote and to grant
and make approvals, waivers, consents of amendments to or under the Series 2020-1 Supplement or other Series 2020-1 Related Document.
Any document executed by such agent on the [Designated Noteholder]’s behalf in connection with the Series 2020-1 Supplement
or other Series 2020-1 Related Documents shall be binding on the [Designated Noteholder]. The Issuer, the Administrative Agent,
the Controlling Party and each of the Series 2020-1 Noteholders may rely on and are beneficiaries of the preceding provisions.

 

Section 5. Following
the execution of this Designation Agreement by the [Designating Noteholder], its [Designated Noteholder] and the Issuer, it will
be delivered to the Administrative Agent for acceptance and recording by the Administrative Agent. The effective date for this
Designation Agreement (the “Effective Date”) shall be the date of acceptance hereof by the Administrative Agent,
unless otherwise specified on the signature page thereto.

 

Section 6. Each of the
Issuer, the Designating Noteholder and the Trustee hereby (i) acknowledges that the Designee is relying on the non-petition
provisions of Section 13.14 of the Base Indenture as agreed to by all signatories thereto and (ii) reaffirms that it will not institute
against the Designee or join any other Person in instituting against the Designee any bankruptcy, reorganization, arrangement,
insolvency or liquidation proceedings under any federal or state bankruptcy or similar law for one year and one day after the payment
in full of the latest maturing commercial paper note issued by the Designee.

 

Section 7. The
[Designating Noteholder] unconditionally agrees to pay or reimburse the [Designated Noteholder] and save the [Designated
Noteholder] harmless against all liabilities, obligations, losses, damages, penalties, actions, judgments, suits, costs,
expenses or disbursements of any kind or nature whatsoever which may be imposed or asserted by any of the parties to the
Series 2020-1 Supplement against the [Designated Noteholder], in its capacity as such, in any way relating to or arising out
of this Agreement or any other Series 2020-1 Related Document or any action taken or omitted by the [Designated Noteholder]
hereunder or thereunder, provided that the [Designating Noteholder] shall not be liable for any portion of such liabilities,
obligations, losses, damages, penalties, actions, judgments, suits, costs, expenses or disbursements if the same results from
the [Designated Noteholder]’s gross negligence or willful misconduct.

 

    M-2 

     

    

 

Section 8. Upon such
acceptance and recording by the Administrative Agent, as of the Effective Date, the [Designated Noteholder] shall be a party to
the Series 2020-1 Supplement with a right to make Advances as a [Designated Noteholder] pursuant to Section 2.2 of the Series
2020-1 Supplement and the rights and obligations of a [Designated Noteholder] related thereto; provided, however,
that the [Designated Noteholder] shall not be required to make payments with respect to such obligations except to the extent of
excess cash flow of the [Designated Noteholder] which is not otherwise required to repay obligations of the [Designated Noteholder]
which are then due and payable. Notwithstanding the foregoing, the [Designating Noteholder] shall be and remains obligated to the
Issuer, the Administrative Agent, the Controlling Party and the Series 2020-1 Noteholders for each and every of the obligations
of the [Designated Noteholder] and the [Designating Noteholder] with respect to the Series 2020-1 Supplement, including, without
limitation, any indemnification obligations under the Series 2020-1 Supplement, any funding obligations of the [Designating Noteholder]
pursuant to the Series 2020-1 Supplement and any sums otherwise payable to the Issuer by the [Designated Noteholder].

 

Section 9. The Designation
Agreement shall be governed by and construed in accordance with the laws of the State of New York.

 

Section 10. This Designation
Agreement 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 Designation
Agreement by facsimile or any such electronic transmission shall be effective as delivery of a manually executed counterpart of
this Designation Agreement 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.

 

    M-3 

     

    

 

IN WITNESS WHEREOF, the
[Designating Noteholder] and the [Designated Noteholder] intending to be legally bound, have caused this Designation Agreement
to be executed by their officers thereunto duly authorized as of the date first above written.

 

	 	 	,
	 	as [Designating Noteholder]

 

		By:	 
	 	 	Name:
	 	 	Title:

 

	 	 	,
	 	as [Designated Noteholder]

	 
	 	By:	 
	 	 	as attorney-in-fact

 

    M-4 

     

    

 

	 	Lending Office (and address
    for notices):
	 	 
	 	 
	 	HERTZ VEHICLE INTERIM FINANCING
    LLC
 as Issuer
	 	 
	 	By	 
	 	 	Name:
	 	 	Title:

 

    M-5 

     

    

 

Accepted this _______ day of

___________

 

DEUTSCHE BANK AG, NEW YORK BRANCH,

as Administrative Agent

 

	By:	 	 
	Name:
	Title:
	 
	 
	By:	 	 
	Name:
	Title:

 

    M-6 

     

    

 

EXHIBIT N

TO

SERIES 2020-1 SUPPLEMENT

 

FORM OF TRANSFER CERTIFICATE

 

CERTIFICATE FOR TRANSFER OF CLASS B NOTE

 

Reference is made to the Series 2020-1
Supplement, dated as of November 25, 2020 (as amended, supplemented, or otherwise modified from time to time), by and among Hertz
Vehicle Interim Financing LLC (“HVIF”) as Issuer, The Hertz Corporation (“Hertz”), as HVIF
Administrator, Deutsche Bank AG, New York Branch, as Administrative Agent, Apollo Capital Management, L.P., as Controlling Party,
the certain noteholders party thereto and The Bank of New York Mellon Trust Company, N.A., as Trustee, to the Base Indenture, dated
as of November 25, 2020 (as amended, modified or supplemented from time to time, exclusive of Series Supplements, the “Base
Indenture”), between HVIF and the Trustee.

 

In connection with the transfer of the
Class B Note or any beneficial interest therein to [transferee] (the “Transferee”), the Transferee does hereby
represent that:

 

		(1)	the Transferee is, and will not acquire such Class B Note or interest therein on behalf of a person
who is not, a “United States person” within the meaning of Section 7701(a)(30) of the Internal Revenue Code;

 

		(2)	(A) (1) for so long as the Transferee holds such Class B Note (or a beneficial interest therein),
it is not, and will not acquire such Class B Note or interest therein on behalf of, or with the assets of, any person that is classified
for U.S. federal tax purposes as a partnership, subchapter S corporation or grantor trust, or (2)(I) none of the direct or indirect
beneficial owners of any interest in the Transferee have or ever will have more than 50% of the value of its interest in the Transferee
attributable to the aggregate interest in the Transferee in the combined value of the Class B Notes and any other interests of
HVIF held by the Transferee, and (II) it is not and will not be a principal purpose of the arrangement involving the investment
of the Transferee in the Class B Notes and any equity interests of HVIF to permit any partnership to satisfy the 100 partner limitation
of Treasury Regulation Section 1.7704-1(h)(1)(ii), or (B) the Transferee will deliver a written opinion of nationally recognized
U.S. tax counsel that such transfer will not cause HVIF to be classified as a publicly traded partnership taxable as a corporation;

 

		(3)	the Transferee will not sell, transfer, assign, participate, pledge or otherwise dispose of or
cause to be marketed any Class B Note or any equity interest in HVIF, (A) on or through an “established securities market”
within the meaning of Section 7704(b)(1) of the Code and Treasury Regulation Section 1.7704-1(b), including without limitation,
an interdealer quotation system that regularly disseminates firm buy or sell quotations or (B) if such acquisition would cause
the combined number of holders of Class B Notes and any equity interests in HVIF (provided that solely for this purpose, equity
interests shall include any currently existing or future existing classes of notes for which an opinion that such notes “will”
be treated as debt at the time of issuance for U.S. federal income tax purposes was not or will not be rendered) to be held by
more than 90 persons;

 

		(4)	the Transferee is not, and is not acting on behalf of (and for so long as it holds any Class B
Notes or interests therein will not be and will not be acting on behalf of), a Benefit Plan Investor or Controlling Person, unless
it obtains the written consent of the Issuer and provides an ERISA certificate substantially
in the form attached hereto (Form of ERISA Certificate) to the Issuer as to its status as a Benefit Plan Investor or Controlling
Person; and

 

		(5)	the Transferee will not sell, transfer, assign, participate or otherwise dispose of or cause to
be marketed any Class B Notes (or any interest therein) unless the transferee likewise delivers a certificate substantially in
the form of this Transfer Certificate; and

 

    N-1 

     

    

 

This certificate and the
statements contained herein are made for your benefit and for the benefit of Hertz, HVIF and the Trustee.

 

	 	[Interest Name of Transferee]
	 	 
	 	By:	 
	 	 	Name:
	 	 	Title:

 

Dated: _____________

 

    N-2 

     

    

 

Form of ERISA Certificate

 

The purpose of this ERISA Certificate (this
 “Certificate”) is, among other things, to obtain from you certain representations and agreements information
with respect to your acquisition, holding and disposition of the Class B Notes. By signing this Certificate, you agree to be bound
by its terms.

 

Please be aware that the information contained
in this Certificate is not intended to constitute advice and the examples given below are not intended to be, and are not, comprehensive.
You should contact your own counsel if you have any questions in completing this Certificate. Capitalized terms not defined in
this Certificate shall have the meanings ascribed to them in the Base Indenture and the Series 2020-1 Supplement.

 

If a box is not checked, you are representing,
warranting and agreeing that the applicable Section does not, and will not, apply to you.

 

		1	 ̈	Employee Benefit Plans Subject to ERISA or the Code. We, or the entity on whose behalf we are acting, are an “employee
benefit plan” within the meaning of Section 3(3) of ERISA that is subject to the fiduciary responsibility provisions of
Title I of ERISA or a “plan” within the meaning of Section 4975(e)(1) of the Code that is subject to Section 4975
of the Code.

 

Examples: (i) tax qualified
retirement plans such as pension, profit sharing and section 401(k) plans, (ii) welfare benefit plans such as accident, life and
medical plans, (iii) individual retirement accounts or “IRAs” and “Keogh” plans and (iv) certain tax-qualified
educational and savings trusts.

 

		2	 ̈	Entity Holding Plan Assets. We, or the entity on whose behalf we are acting, are an entity or fund whose underlying assets
include “plan assets” by reason of a Benefit Plan Investor’s investment in such entity.

 

Examples: (i) an insurance
company separate account, (ii) a bank collective trust fund and (iii) a hedge fund or other private investment vehicle where 25
per cent. or more of the total value of any class of its equity is held by Benefit Plan Investors.

 

If you check Box 2, please indicate
the maximum percentage of the entity or fund that will constitute “plan assets” for purposes of Title I of ERISA or
Section 4975 of the Code: ______ per cent.

 

AN ENTITY OR FUND THAT CANNOT
PROVIDE THE FOREGOING PERCENTAGE HEREBY ACKNOWLEDGES THAT FOR PURPOSES OF DETERMINING WHETHER BENEFIT PLAN INVESTORS OWN LESS THAN
25 PER CENT. OF THE TOTAL VALUE OF THE CLASS B NOTES, 100 PER CENT. OF THE ASSETS OF THE ENTITY OR FUND WILL BE TREATED AS “PLAN
ASSETS.”

 

ERISA and the regulations promulgated
thereunder are technical. Accordingly, if you have any questions regarding whether you may be an entity described in this Section
2, you should consult with your counsel.

 

		3	 ̈	Insurance Company General Account. We, or the entity on whose behalf we are acting, are an insurance company purchasing
the Class B Notes with funds from our or their general account (i.e., the insurance company’s corporate investment portfolio),
whose assets, in whole or in part, constitute “plan assets” for purposes of 29 C.F.R. Section 2510.3-101 as modified
by Section 3(42) of ERISA (the “Plan Asset Regulations”).

 

    N-3 

     

    

 

If you check Box 3, please indicate
the maximum percentage of the insurance company general account that will constitute “plan assets” for purposes of
conducting the 25 per cent. test under the Plan Asset Regulations: ____ per cent. IF YOU DO NOT INCLUDE ANY PERCENTAGE IN THE BLANK
SPACE, YOU WILL BE COUNTED AS IF YOU FILLED IN 100 PER CENT. IN THE BLANK SPACE.

 

		4	o	None of Sections (1) through (3) Above Applies. We, or the entity on whose behalf we are acting, are a person that does
not fall into any of the categories described in Sections (1) through (3) above. If, after the date hereof, any of the categories
described in Sections (1) through (3) above would apply, we will promptly notify the Issuer of such change.

 

		5	No Prohibited Transaction. If we checked any of the boxes in Sections (1) through (3) above,
we represent, warrant and agree that our acquisition, holding and disposition of the Class B Notes (or interests therein) will
not constitute or result in a non-exempt prohibited transaction under Section 406 of ERISA or Section 4975 of the Code.

 

		6	Not Subject to Similar Law and No Violation of Other Plan Law. If we are a governmental,
church, non-U.S. or other plan, we represent, warrant and agree that (a) we are not subject to any federal, state, local, non-U.S.
or other law or regulation that could cause the underlying assets of the Issuer to be treated as assets of the investor in any
Note (or interest therein) by virtue of its interest and thereby subject the Issuer (or other persons responsible for the investment
and operation of the Issuer’s assets) to laws or regulations that are substantially similar to the prohibited transaction
provisions of Section 406 of ERISA and/or Section 4975 of the Code, and (b) our acquisition, holding and disposition of the Class
B Notes (or interests therein) will not constitute or result in a violation of any federal, state, local or non-U.S. law or regulation
that is substantially similar to the prohibited transaction provisions of Section 406 of ERISA and/or Section 4975 of the Code.

 

		7	o	Controlling Person. We are, or we are acting on behalf of any of: (i) the Collateral Manager, (ii) any person that has
discretionary authority or control with respect to the assets of the Issuer, (iii) any person who provides investment advice for
a fee (direct or indirect) with respect to such assets or (iv) any “affiliate” of any of the above persons. “Affiliate”
shall have the meaning set forth in the Plan Asset Regulations. Any of the persons described in the first sentence of this Section
7 is referred to in this Certificate as a “Controlling Person.”

 

Note: We understand that,
for purposes of determining whether Benefit Plan Investors hold less than 25 per cent. of the total value of the Class B Notes,
the Class B Notes held by Controlling Persons (other than Benefit Plan Investors) are required to be disregarded.

 

		8	Plan Fiduciary. If we are a Benefit Plan Investor, we represent, warrant and agree that
(i) the Issuer has not provided, and it will not provide, any investment recommendation or investment advice on which it, or any
fiduciary or other person investing the assets of the Benefit Plan Investor (“Plan Fiduciary”), has relied as
a primary basis in connection with its decision to invest in the Class B Notes, and they are not otherwise undertaking to act as
a fiduciary, as defined in Section 3(21) of ERISA or Section 4975(e)(3) of the Code, to the Benefit Plan Investor or the Plan Fiduciary
in connection with the Benefit Plan Investor’s acquisition of the Class B Notes; and (ii) the Plan Fiduciary is exercising
its own independent judgment in evaluating the investment in the Class B Notes.

 

    N-4 

     

    

 

		9	Continuing Representation; Reliance. We acknowledge and agree that the representations,
warranties, acknowledgements and agreements contained in this Certificate shall be deemed made on each day from the date
we make such representations, warranties, acknowledgments and agreements through and including the date on which we dispose of
our Class B Notes (or our interests therein). We understand and agree that the information supplied in this Certificate will be
used and relied upon by the Issuer to determine that Benefit Plan Investors own or hold less than 25 per cent. of the total value
of the Class B Notes, upon any subsequent transfer of the Class B in accordance with the Base Indenture and the Series 2020-1 Supplement.

 

		10	Further Acknowledgement and Agreement. We acknowledge and agree that (i) all of the assurances
contained in this Certificate are for the benefit of the Issuer, the Trustee, the Administrative Agent, the Controlling Party and
the HVIF Administrator as third party beneficiaries hereof, (ii) copies of this Certificate and any information contained herein
may be provided to the Issuer, the Trustee, the Administrative Agent, the Controlling Party and the HVIF Administrator, affiliates
of any of the foregoing parties and to each of the foregoing parties’ respective counsel for purposes of making the determinations
described above and (iii) any acquisition or transfer of the Class B Notes (or interests therein) by us that is not in accordance
with the provisions of this Certificate shall be null and void from the beginning, and of no legal effect.

 

    N-5

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