Document:

<PAGE>   1
THIS NOTE IS A GLOBAL NOTE WITHIN THE MEANING OF THE INDENTURE HEREINAFTER
REFERRED TO AND IS REGISTERED IN THE NAME OF A DEPOSITORY OR A NOMINEE THEREOF.
UNLESS AND UNTIL IT IS EXCHANGED IN WHOLE OR IN PART FOR NOTES IN CERTIFICATED
FORM, THIS NOTE MAY NOT BE TRANSFERRED EXCEPT AS A WHOLE BY THE DEPOSITORY TRUST
COMPANY (THE "SECURITIES DEPOSITORY") TO A NOMINEE OF THE SECURITIES DEPOSITORY
OR BY THE SECURITIES DEPOSITORY OR ANY SUCH NOMINEE TO A SUCCESSOR DEPOSITORY OR
A NOMINEE OF SUCH SUCCESSOR DEPOSITORY. UNLESS THIS NOTE IS PRESENTED BY AN
AUTHORIZED REPRESENTATIVE OF THE SECURITIES DEPOSITORY, TO THE COMPANY OR ITS
AGENT FOR REGISTRATION OF TRANSFER, EXCHANGE OR PAYMENT, AND ANY CERTIFICATE
ISSUED IS REGISTERED IN THE NAME OF CEDE & CO. OR IN SUCH OTHER NAME AS
REQUESTED BY AN AUTHORIZED REPRESENTATIVE OF THE SECURITIES DEPOSITORY (AND ANY
PAYMENT IS MADE TO CEDE & CO. OR TO SUCH OTHER ENTITY AS IS REQUESTED BY AN
AUTHORIZED REPRESENTATIVE OF THE SECURITIES DEPOSITORY), ANY TRANSFER, PLEDGE OR
OTHER USE HEREOF FOR VALUE OR OTHERWISE BY OR TO ANY PERSON IS WRONGFUL INASMUCH
AS THE REGISTERED OWNER HEREOF, CEDE & CO., HAS AN INTEREST HEREIN.

No. 00001
CUSIP 428040BQ1                                                     $400,000,000

                              THE HERTZ CORPORATION
                       7.40% Senior Note due March 1, 2011

Original Issue Date:  February 28, 2001
Interest Payment Dates: March 1 and September 1
Maturity Date:  March 1, 2011
Interest Rate:  7.40%

      THE HERTZ CORPORATION, a Delaware corporation (hereinafter called the
"Company", which term includes any successor corporation under the Indenture
hereinafter referred to), for value received, hereby promises to pay to CEDE &
CO., or registered assigns, the principal sum of $400,000,000 (the "Principal
Amount") on the Maturity Date shown above, except as provided below, and to pay
interest thereon at the rate per annum shown above. The Company will pay
interest semiannually on the Interest Payment Dates, commencing with September
1, 2001. Interest on this Note will accrue from the most recent date to which
interest has been paid or, if no interest has been paid, from the Original Issue
Date shown above. The interest so payable, and punctually paid or duly provided
for, on any Interest Payment Date will, as provided in such Indenture, be paid
to the Person in whose name this Note (or one or more Predecessor Securities) is
registered at the close of business on the Regular Record Date for such
interest, which shall be the February 15 or the August 15 (whether or not a
Business Day), as the case may be, next preceding such Interest Payment Date.
Any such interest not so punctually paid or duly provided for shall forthwith
cease to be payable to the registered Holder on such Regular Record Date, and
may be paid to the Person in whose name this Note (or one or more Predecessor
Securities) is registered on a Special Record Date for the payment of such
Defaulted Interest to be fixed by the Company, notice whereof shall be given to
holders of Notes not less than 15 days prior to such Special Record Date, or may
be paid at any time in any other lawful

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<PAGE>   2
manner not inconsistent with the requirements of any securities exchange upon
which the Notes may be listed, and upon such notice as may be required by such
exchange, all as more fully provided in such Indenture.

      In the event this Global Note is surrendered in exchange for Notes in
definitive form, principal and interest payable with respect to Notes in
definitive form will be payable at the office or agency of the Company
maintained for that purpose in New York, New York (the Place of Payment), 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; provided, however, that
payment of interest payable with respect to such Notes in definitive form, may
be made at the option of the Company by check mailed to the address of the
Person entitled thereto as such address shall appear on the Security Register.

      This Note is one of a duly authorized issue of securities of the Company
(herein referred to as the "Securities") evidencing its unsecured indebtedness,
of the series hereinafter specified, all issued under and pursuant to an
indenture, dated as of December 1, 1994, (herein referred to as the
"Indenture"), duly executed and delivered by the Company and First Union
National Bank (formerly First Fidelity Bank, National Association), as Trustee
(hereinafter called the "Trustee"), to which Indenture and all indentures
supplemental thereto reference is hereby made for a description of the rights,
limitations of rights, obligations, duties and immunities thereunder of the
Trustee, the Company and Holders of the Securities. The Securities may be issued
in one or more series, which different series may be issued in various aggregate
principal amounts, may mature at different times, may bear interest, if any, at
different rates, may be subject to different redemption provisions, if any, may
be subject to different sinking, purchase or analogous funds, if any, may be
subject to different covenants and Events of Default and may otherwise vary as
provided in the Indenture. This Note is one of a series designated as the 7.40%
Senior Notes due March 1, 2011 of the Company (herein referred to as the
"Notes"), limited except as provided in the Indenture to the aggregate principal
amount of five hundred million dollars ($500,000,000). The Company may, without
the consent of the Holder hereof, create and issue additional securities ranking
pari passu with the Notes of this series in all respects and so that such
additional securities shall be consolidated and form a single series having the
same terms as to status, redemption or otherwise as the Notes initially issued.
No additional securities may be issued if an Event of Default has occurred.

      The Notes are not entitled to any sinking fund.

      The Company will, subject to the exceptions and limitations set forth
below, pay as additional interest on the Notes of this series such additional
amounts as are necessary in order that the net payment by the Company or a
Paying Agent of the principal of and interest thereon in respect of any
beneficial owner thereof who is a non-United States person, after deduction for
any present or future tax, assessment or governmental charge of the United
States or a political subdivision or taxing authority thereof or therein,
imposed by withholding with respect to the payment, will not be less than the
amount provided in the Notes of this series in respect of such beneficial owner,
to be then due and payable; provided, however, that the foregoing obligation to
pay additional amounts shall not apply:

         (1) to a tax, assessment or governmental charge that is imposed or
      withheld solely by reason of the beneficial owner of any portion of the
      Notes of this series, or a fiduciary,

                                      -5-
<PAGE>   3
         settlor, beneficiary, member or shareholder of such beneficial owner if
         such beneficial owner is an estate, trust, partnership or corporation,
         or a person holding a power over an estate or trust administered by a
         fiduciary holder, being considered as:

                  (a) being or having been present or engaged in trade or
         business in the United States or having or having had a permanent
         establishment in the United States;

                  (b) having a current or former relationship with the United
         States, including a relationship as a citizen or resident thereof;

                  (c) being or having been a foreign or domestic personal
         holding company, a passive foreign investment company or a controlled
         foreign corporation with respect to the United States or a corporation
         that has accumulated earnings to avoid United States federal income
         tax; or

                  (d) being or having been a "10-percent shareholder" of the
         Company as defined in Section 871(h)(3) of the United States Internal
         Revenue Code or any successor provision;

         (2) to any beneficial owner of the Notes of this series that is not the
      sole beneficial owner of any Note of this series, or portion thereof, or
      that is a fiduciary or partnership, but only to the extent that a
      beneficiary or settlor with respect to the fiduciary, beneficial owner or
      member of the partnership would not have been entitled to the payment of
      an additional amount had the beneficiary, settlor, beneficial owner or
      member received directly its beneficial or distributive share of the
      payment;

         (3) to a tax, assessment or governmental charge that is imposed or
      withheld solely by reason of the failure of a beneficial owner of any
      portion of the Notes of this series or any other person to comply with the
      certification, identification or information reporting requirements
      concerning the nationality, residence, identity or connection with the
      United States of the beneficial owner of any portion of the Notes of this
      series, if compliance is required by statute or by regulation of the
      United States Treasury Department or by an applicable income tax treaty to
      which the United States is a party as a precondition to exemption from
      such tax, assessment or other governmental charge;

         (4) to a tax, assessment or governmental charge that is imposed
      otherwise than by withholding by the Company or a Paying Agent from the
      payment;

         (5) to a tax, assessment or governmental charge that is imposed or
      withheld solely by reason of a change in law, regulation, or
      administrative or judicial interpretation that becomes effective more than
      15 days after the payment becomes due or is duly provided for, whichever
      occurs later;

         (6) to an estate, inheritance, gift, sales, excise, transfer, wealth or
      personal property tax or a similar tax, assessment or governmental charge;

                                      -6-
<PAGE>   4
         (7) to any tax, assessment or other governmental charge required to be
      withheld by any Paying Agent from any payment of principal of or interest
      on any Notes of this series, if such payment can be made without such
      withholding by any other paying agent; or

         (8) in the case of any combination of items (1), (2), (3), (4), (5),
      (6) and (7).

The Notes of this series are subject in all cases to any tax, fiscal or other
law or regulation or administrative or judicial interpretation applicable
thereto. Except as specifically provided herein, the Company shall not be
required to make any payment with respect to any tax, assessment or governmental
charge imposed by any government or a political subdivision or taxing authority
thereof or therein.

      If (a) as a result of any change in, or amendment to, the laws (or any
regulations or rulings promulgated thereunder) of the United States (or any
political subdivision or taxing authority thereof or therein), or any change in,
or amendments to, official position regarding the application or interpretation
of such laws, regulations or rulings, which change or amendment is announced or
becomes effective on or after February 21, 2001, the Company becomes or will
become obligated to pay additional amounts as described above with respect to
any Notes of this series or (b) any act is taken by a taxing authority of the
United States on or after February 21, 2001, whether or not such act is taken
with respect to the Company or any affiliate, that results in a substantial
probability that the Company will or may be required to pay such additional
amounts with respect to any Notes of this series, then the Company may, at its
option, redeem, as a whole, but not in part, all of the Notes of this series on
not less than 30 nor more than 60 days' prior notice, at a redemption price
equal to 100% of their principal amount, together with interest accrued thereon
to the date fixed for redemption, provided that the Company determines, in its
business judgment, that the obligation to pay such additional amounts cannot be
avoided by the use of reasonable measures available to it, not including
substitution of the obligor under the Notes of this series. No redemption
pursuant to (b) above may be made unless the Company shall have received an
opinion of independent counsel to the effect that an act taken by a taxing
authority of the United States results in a substantial probability that it will
or may be required to pay the additional amounts described above and the Company
shall have delivered to the Trustee a certificate, signed by a duly authorized
officer, stating that based on such opinion the Company is entitled to redeem
the Notes of this series pursuant to their terms.

      As used herein, the term "United States" means the United States of
America (including the States and the District of Columbia), and its
territories, its possessions and other areas subject to its jurisdiction; the
term "United States person" means an individual who is a citizen or resident of
the United States, a corporation, partnership or other entity created or
organized in or under the laws of the United States, any state thereof or the
District of Columbia (other than a partnership that is not treated as a United
States person under the applicable Treasury regulations), any estate the income
of which is subject to United States federal income taxation regardless of its
source, or any trust if a court within the United States is able to exercise
primary supervision over the administration of the trust and one or more United
States persons have the authority to control all substantial decisions of the
trust. Notwithstanding the preceding sentence, to the extent provided in the
Treasury regulations, certain trusts in existence on August 20, 1996, and
treated as United States persons prior to such date that elect to continue to be
treated as United States persons will also be a United States person, and
"non-United States person" means a person who is not a United States person.

                                      -7-
<PAGE>   5
      Notices with respect to the Notes of this series will be published in
newspapers in The City of New York, in London, and, so long as the Notes of this
series are listed on the Luxembourg Stock Exchange, in Luxembourg. It is
expected that publication will be made in The City of New York in The Wall
Street Journal, in London in the Financial Times and in Luxembourg in the
Luxemburger Wort. Any such notice shall be deemed to have been given on the date
of such publication or, if published more than once, on the date of the first
such publication.

      In case an Event of Default, as defined in the Indenture, with respect to
the Notes shall have occurred and be continuing, the principal hereof may be
declared, and upon such declaration shall become, due and payable, in the
manner, with the effect and subject to the conditions provided in the Indenture.
The Indenture provides that in certain events such declaration and its
consequences may be waived by the Holders of a majority in aggregate principal
amount of the Notes then Outstanding. Any such waiver by the Holder of this Note
(unless revoked as provided in the Indenture) shall be conclusive and binding
upon such Holder and upon all future Holders and owners of this Note and of any
Note issued upon the transfer hereof or in exchange or substitution herefor,
irrespective of whether or not any notation of such waiver is made upon this
Note or such other Notes.

      The Indenture contains provisions permitting the Company and the Trustee,
with the consent of the Holders of not less than a majority in aggregate
principal amount of all Outstanding Securities or, in certain cases, of the
Outstanding Securities of each series to be affected, evidenced as in the
Indenture provided, to execute supplemental indentures adding any provisions to
or changing in any manner or eliminating any of the provisions of the Indenture
or of any supplemental indenture or modifying in any manner the rights of the
Holders of the Securities of each such series; provided, however, that no such
supplemental indenture shall (i) change the Stated Maturity of the principal of,
or any installment of principal or interest on, any Security, or reduce the
principal amount thereof or the rate of interest, if any, thereon, or any
premium payable upon the redemption thereof, or reduce the amount of the
principal of a Discounted Security that would be due and payable upon a
declaration of the Maturity thereof, or change the coin or currency in which any
Security or the interest thereon is payable, or impair the right to institute
suit for the enforcement of any such payment on or after the Stated Maturity
thereof (or, in the case of redemption, on or after the Redemption Date) or (ii)
reduce the percentage in principal amount of the Outstanding Securities or the
Outstanding Securities of any particular series, the consent of whose Holders is
required for any such supplemental indenture, or the consent of whose Holders is
required for any waiver of compliance with certain provisions of the Indenture
or certain defaults thereunder or their consequences provided for in the
Indenture. It is also provided in the Indenture that prior to the acceleration
of maturity of the Securities of any particular series upon the occurrence of an
Event of Default with respect to such series as permitted by the Indenture, the
Holders of a majority in aggregate principal amount of the Securities of such
series at the time Outstanding may on behalf of the Holders of all of the
Securities of such series waive any past default under the Indenture with
respect to Securities of such series and its consequences, except a default in
the payment of the principal of or premium, if any, or interest, if any, on any
of the Securities of such series. Any such consent or waiver by the Holder of
this Note (unless revoked as provided in the Indenture) shall be conclusive and
binding upon such Holder and upon all future Holders and owners of this Note and
of any Note issued upon transfer hereof or in exchange or substitution herefor,
irrespective of whether or not any notation of such consent or waiver is made
upon this Note or such other Notes.

                                      -8-
<PAGE>   6
      No reference herein to the Indenture and no provision of this 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 Note at
the time, place and rate, and in the coin or currency, as prescribed herein and
in the Indenture.

      As provided in the Indenture and subject to certain limitations therein
set forth, the transfer of this Note is registrable by the Holder hereof on the
Security Register of the Company, upon due presentment of this Note for
registration of transfer at the office of the Security Registrar, or at the
office of any Security Co-Registrar duly endorsed by, or accompanied by a
written instrument of transfer in form satisfactory to, the Company and the
Security Registrar or any such Security Co-Registrar duly executed by, the
Holder hereof or his attorney duly authorized in writing, and thereupon one or
more new Notes of authorized denominations and for the same aggregate principal
amount will be issued to the designated transferee or transferees.

      The Notes are issuable only as registered Notes without coupons in
denominations of $1,000 and any integral multiple thereof. As provided in the
Indenture and subject to certain limitations therein set forth, Notes are
exchangeable for new Notes of any authorized denominations of the same aggregate
principal amount as requested by the Holder surrendering the same. If (x) the
Securities Depository is at any time unwilling or unable to continue as
securities depository and a successor depository is not appointed by the Company
within 60 days, (y) the Company executes and delivers to the Trustee a Company
Order to the effect that this Note shall be exchangeable or (z) an Event of
Default has occurred and is continuing with respect to the Notes, this Note
shall be exchangeable for Notes in definitive form of like tenor and of an equal
aggregate principal amount, in denominations of $1,000 and integral multiples
thereof. Such definitive Notes shall be registered in such name or names as the
Securities Depository shall instruct the Trustee. If definitive Notes are so
delivered, the Company may make such changes to the form of this Note as are
necessary or appropriate to allow for the issuance of such definitive Notes.

      No service charge shall be made for any such registration of transfer or
exchange, but the Company may require payment of a sum sufficient to cover any
tax or other governmental charge payable in connection therewith.

      Prior to due presentment for registration of transfer, the Company, the
Trustee, the Security Registrar, any Security Co-Registrar and any agent of the
Company or the Trustee may treat the Person in whose name this Note is
registered as the absolute owner hereof for all purposes, whether or not this
Note be overdue, and neither the Company, the Trustee, the Security Registrar,
any Security Co-Registrar nor any such agent shall be affected by notice to the
contrary.

      The Holder of this Note shall not have recourse for the payment of
principal of or interest on this Note or for any claim based on this Note or the
Indenture against any director, officer or stockholder, past, present or future,
of the Company. By acceptance of this Note, the Holder waives any such claim
against any such Person.

      The Indenture and this Note shall be governed by and construed in
accordance with the laws of the State of New York.

                                      -9-
<PAGE>   7
      All terms used but not defined in this Note which are defined in the
Indenture shall have the meanings assigned to them in the Indenture.

      Unless the certificate of authentication hereon has been executed by the
Trustee under such Indenture, this Note shall not be entitled to any benefit
under such Indenture or be valid or obligatory for any purpose.

                                      -10-
<PAGE>   8

IN WITNESS WHEREOF, the Company has caused this instrument to be duly executed
manually or in facsimile, and a facsimile of its corporate seal to be imprinted
hereon. Dated: February 28, 2001

                                                THE HERTZ CORPORATION

                                                By:
                                                   -----------------------------
                                                   Name:
                                                   Title:

                                                Attest:
                                                       -------------------------
                                                    Name:
                                                    Title:
[SEAL]

Dated:  February 28, 2001
TRUSTEE'S CERTIFICATE OF AUTHENTICATION

This is one of the Securities of the series
designated herein, issued under the Indenture
described herein.

FIRST UNION NATIONAL BANK (formerly First Fidelity Bank, National Association),
as Trustee

By:_______________________
Authorized Officer

                                      -11-<PAGE>   1
THIS NOTE IS A GLOBAL NOTE WITHIN THE MEANING OF THE INDENTURE HEREINAFTER
REFERRED TO AND IS REGISTERED IN THE NAME OF A DEPOSITORY OR A NOMINEE THEREOF.
UNLESS AND UNTIL IT IS EXCHANGED IN WHOLE OR IN PART FOR NOTES IN CERTIFICATED
FORM, THIS NOTE MAY NOT BE TRANSFERRED EXCEPT AS A WHOLE BY THE DEPOSITORY TRUST
COMPANY (THE "SECURITIES DEPOSITORY") TO A NOMINEE OF THE SECURITIES DEPOSITORY
OR BY THE SECURITIES DEPOSITORY OR ANY SUCH NOMINEE TO A SUCCESSOR DEPOSITORY OR
A NOMINEE OF SUCH SUCCESSOR DEPOSITORY. UNLESS THIS NOTE IS PRESENTED BY AN
AUTHORIZED REPRESENTATIVE OF THE SECURITIES DEPOSITORY, TO THE COMPANY OR ITS
AGENT FOR REGISTRATION OF TRANSFER, EXCHANGE OR PAYMENT, AND ANY CERTIFICATE
ISSUED IS REGISTERED IN THE NAME OF CEDE & CO. OR IN SUCH OTHER NAME AS
REQUESTED BY AN AUTHORIZED REPRESENTATIVE OF THE SECURITIES DEPOSITORY (AND ANY
PAYMENT IS MADE TO CEDE & CO. OR TO SUCH OTHER ENTITY AS IS REQUESTED BY AN
AUTHORIZED REPRESENTATIVE OF THE SECURITIES DEPOSITORY), ANY TRANSFER, PLEDGE OR
OTHER USE HEREOF FOR VALUE OR OTHERWISE BY OR TO ANY PERSON IS WRONGFUL INASMUCH
AS THE REGISTERED OWNER HEREOF, CEDE & CO., HAS AN INTEREST HEREIN.

No. 00002
CUSIP 428040BQ1                                                     $100,000,000

                              THE HERTZ CORPORATION
                       7.40% Senior Note due March 1, 2011

Original Issue Date:  February 28, 2001
Interest Payment Dates: March 1 and September 1
Maturity Date:  March 1,2011
Interest Rate:  7.40%

      THE HERTZ CORPORATION, a Delaware corporation (hereinafter called the
"Company", which term includes any successor corporation under the Indenture
hereinafter referred to), for value received, hereby promises to pay to CEDE &
CO., or registered assigns, the principal sum of $100,000,000 (the "Principal
Amount") on the Maturity Date shown above, except as provided below, and to pay
interest thereon at the rate per annum shown above. The Company will pay
interest semiannually on the Interest Payment Dates, commencing with September
1, 2001. Interest on this Note will accrue from the most recent date to which
interest has been paid or, if no interest has been paid, from the Original Issue
Date shown above. The interest so payable, and punctually paid or duly provided
for, on any Interest Payment Date will, as provided in such Indenture, be paid
to the Person in whose name this Note (or one or more Predecessor Securities) is
registered at the close of business on the Regular Record Date for such
interest, which shall be the February 15 or the August 15 (whether or not a
Business Day), as the case may be, next preceding such Interest Payment Date.
Any such interest not so punctually paid or duly provided for shall forthwith
cease to be payable to the registered Holder on such Regular Record Date, and
may be paid to the Person in whose name this Note (or one or more Predecessor
Securities) is registered on a Special Record Date for the payment of such
Defaulted Interest to be fixed by the Company, notice whereof shall be given to
holders of Notes not less than 15 days prior to such Special Record Date, or may
be paid at any time in any other lawful

                                      -12-
<PAGE>   2
manner not inconsistent with the requirements of any securities exchange upon
which the Notes may be listed, and upon such notice as may be required by such
exchange, all as more fully provided in such Indenture.

      In the event this Global Note is surrendered in exchange for Notes in
definitive form, principal and interest payable with respect to Notes in
definitive form will be payable at the office or agency of the Company
maintained for that purpose in New York, New York (the Place of Payment), 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; provided, however, that
payment of interest payable with respect to such Notes in definitive form, may
be made at the option of the Company by check mailed to the address of the
Person entitled thereto as such address shall appear on the Security Register.

      This Note is one of a duly authorized issue of securities of the Company
(herein referred to as the "Securities") evidencing its unsecured indebtedness,
of the series hereinafter specified, all issued under and pursuant to an
indenture, dated as of December 1, 1994, (herein referred to as the
"Indenture"), duly executed and delivered by the Company and First Union
National Bank (formerly First Fidelity Bank, National Association), as Trustee
(hereinafter called the "Trustee"), to which Indenture and all indentures
supplemental thereto reference is hereby made for a description of the rights,
limitations of rights, obligations, duties and immunities thereunder of the
Trustee, the Company and Holders of the Securities. The Securities may be issued
in one or more series, which different series may be issued in various aggregate
principal amounts, may mature at different times, may bear interest, if any, at
different rates, may be subject to different redemption provisions, if any, may
be subject to different sinking, purchase or analogous funds, if any, may be
subject to different covenants and Events of Default and may otherwise vary as
provided in the Indenture. This Note is one of a series designated as the 7.40%
Senior Notes due March 1, 2011 of the Company (herein referred to as the
"Notes"), limited except as provided in the Indenture to the aggregate principal
amount of five hundred million dollars ($500,000,000). The Company may, without
the consent of the Holder hereof, create and issue additional securities ranking
pari passu with the Notes of this series in all respects and so that such
additional securities shall be consolidated and form a single series having the
same terms as to status, redemption or otherwise as the Notes initially issued.
No additional securities may be issued if an Event of Default has occurred.

      The Notes are not entitled to any sinking fund.

      The Company will, subject to the exceptions and limitations set forth
below, pay as additional interest on the Notes of this series such additional
amounts as are necessary in order that the net payment by the Company or a
Paying Agent of the principal of and interest thereon in respect of any
beneficial owner thereof who is a non-United States person, after deduction for
any present or future tax, assessment or governmental charge of the United
States or a political subdivision or taxing authority thereof or therein,
imposed by withholding with respect to the payment, will not be less than the
amount provided in the Notes of this series in respect of such beneficial owner,
to be then due and payable; provided, however, that the foregoing obligation to
pay additional amounts shall not apply:

         (1) to a tax, assessment or governmental charge that is imposed or
      withheld solely by reason of the beneficial owner of any portion of the
      Notes of this series, or a fiduciary,

                                      -13-
<PAGE>   3
      settlor, beneficiary, member or shareholder of such beneficial owner if
      such beneficial owner is an estate, trust, partnership or corporation, or
      a person holding a power over an estate or trust administered by a
      fiduciary holder, being considered as:

                   (a) being or having been present or engaged in trade or
      business in the United States or having or having had a permanent
      establishment in the United States;

                   (b) having a current or former relationship with the United
      States, including a relationship as a citizen or resident thereof;

                   (c) being or having been a foreign or domestic personal
      holding company, a passive foreign investment company or a controlled
      foreign corporation with respect to the United States or a corporation
      that has accumulated earnings to avoid United States federal income tax;
      or

                   (d) being or having been a "10-percent shareholder" of the
      Company as defined in Section 871(h)(3) of the United States Internal
      Revenue Code or any successor provision;

              (2) to any beneficial owner of the Notes of this series that is
      not the sole beneficial owner of any Note of this series, or portion
      thereof, or that is a fiduciary or partnership, but only to the extent
      that a beneficiary or settlor with respect to the fiduciary, beneficial
      owner or member of the partnership would not have been entitled to the
      payment of an additional amount had the beneficiary, settlor, beneficial
      owner or member received directly its beneficial or distributive share of
      the payment;

              (3) to a tax, assessment or governmental charge that is imposed or
      withheld solely by reason of the failure of a beneficial owner of any
      portion of the Notes of this series or any other person to comply with the
      certification, identification or information reporting requirements
      concerning the nationality, residence, identity or connection with the
      United States of the beneficial owner of any portion of the Notes of this
      series, if compliance is required by statute or by regulation of the
      United States Treasury Department or by an applicable income tax treaty to
      which the United States is a party as a precondition to exemption from
      such tax, assessment or other governmental charge;

              (4) to a tax, assessment or governmental charge that is imposed
      otherwise than by withholding by the Company or a Paying Agent from the
      payment;

              (5) to a tax, assessment or governmental charge that is imposed or
      withheld solely by reason of a change in law, regulation, or
      administrative or judicial interpretation that becomes effective more than
      15 days after the payment becomes due or is duly provided for, whichever
      occurs later;

              (6) to an estate, inheritance, gift, sales, excise, transfer,
      wealth or personal property tax or a similar tax, assessment or
      governmental charge;

              (7) to any tax, assessment or other governmental charge required
      to be withheld by any Paying Agent from any payment of principal of or
      interest on any Notes of this series, if such payment can be made without
      such withholding by any other paying agent; or

                                      -14-
<PAGE>   4
      (8) in the case of any combination of items (1), (2), (3), (4), (5), (6)
      and (7).

The Notes of this series are subject in all cases to any tax, fiscal or other
law or regulation or administrative or judicial interpretation applicable
thereto. Except as specifically provided herein, the Company shall not be
required to make any payment with respect to any tax, assessment or governmental
charge imposed by any government or a political subdivision or taxing authority
thereof or therein.

      If (a) as a result of any change in, or amendment to, the laws (or any
regulations or rulings promulgated thereunder) of the United States (or any
political subdivision or taxing authority thereof or therein), or any change in,
or amendments to, official position regarding the application or interpretation
of such laws, regulations or rulings, which change or amendment is announced or
becomes effective on or after February 21, 2001, the Company becomes or will
become obligated to pay additional amounts as described above with respect to
any Notes of this series or (b) any act is taken by a taxing authority of the
United States on or after February 21, 2001, whether or not such act is taken
with respect to the Company or any affiliate, that results in a substantial
probability that the Company will or may be required to pay such additional
amounts with respect to any Notes of this series, then the Company may, at its
option, redeem, as a whole, but not in part, all of the Notes of this series on
not less than 30 nor more than 60 days' prior notice, at a redemption price
equal to 100% of their principal amount, together with interest accrued thereon
to the date fixed for redemption, provided that the Company determines, in its
business judgment, that the obligation to pay such additional amounts cannot be
avoided by the use of reasonable measures available to it, not including
substitution of the obligor under the Notes of this series. No redemption
pursuant to (b) above may be made unless the Company shall have received an
opinion of independent counsel to the effect that an act taken by a taxing
authority of the United States results in a substantial probability that it will
or may be required to pay the additional amounts described above and the Company
shall have delivered to the Trustee a certificate, signed by a duly authorized
officer, stating that based on such opinion the Company is entitled to redeem
the Notes of this series pursuant to their terms.

      As used herein, the term "United States" means the United States of
America (including the States and the District of Columbia), and its
territories, its possessions and other areas subject to its jurisdiction; the
term "United States person" means an individual who is a citizen or resident of
the United States, a corporation, partnership or other entity created or
organized in or under the laws of the United States, any state thereof or the
District of Columbia (other than a partnership that is not treated as a United
States person under the applicable Treasury regulations), any estate the income
of which is subject to United States federal income taxation regardless of its
source, or any trust if a court within the United States is able to exercise
primary supervision over the administration of the trust and one or more United
States persons have the authority to control all substantial decisions of the
trust. Notwithstanding the preceding sentence, to the extent provided in the
Treasury regulations, certain trusts in existence on August 20, 1996, and
treated as United States persons prior to such date that elect to continue to be
treated as United States persons will also be a United States person, and
"non-United States person" means a person who is not a United States person.

      Notices with respect to the Notes of this series will be published in
newspapers in The City of New York, in London, and, so long as the Notes of this
series are listed on the Luxembourg Stock Exchange, in Luxembourg. It is
expected that publication will be made in The City of

                                      -15-
<PAGE>   5
New York in The Wall Street Journal, in London in the Financial Times and in
Luxembourg in the Luxemburger Wort. Any such notice shall be deemed to have been
given on the date of such publication or, if published more than once, on the
date of the first such publication.

      In case an Event of Default, as defined in the Indenture, with respect to
the Notes shall have occurred and be continuing, the principal hereof may be
declared, and upon such declaration shall become, due and payable, in the
manner, with the effect and subject to the conditions provided in the Indenture.
The Indenture provides that in certain events such declaration and its
consequences may be waived by the Holders of a majority in aggregate principal
amount of the Notes then Outstanding. Any such waiver by the Holder of this Note
(unless revoked as provided in the Indenture) shall be conclusive and binding
upon such Holder and upon all future Holders and owners of this Note and of any
Note issued upon the transfer hereof or in exchange or substitution herefor,
irrespective of whether or not any notation of such waiver is made upon this
Note or such other Notes.

      The Indenture contains provisions permitting the Company and the Trustee,
with the consent of the Holders of not less than a majority in aggregate
principal amount of all Outstanding Securities or, in certain cases, of the
Outstanding Securities of each series to be affected, evidenced as in the
Indenture provided, to execute supplemental indentures adding any provisions to
or changing in any manner or eliminating any of the provisions of the Indenture
or of any supplemental indenture or modifying in any manner the rights of the
Holders of the Securities of each such series; provided, however, that no such
supplemental indenture shall (i) change the Stated Maturity of the principal of,
or any installment of principal or interest on, any Security, or reduce the
principal amount thereof or the rate of interest, if any, thereon, or any
premium payable upon the redemption thereof, or reduce the amount of the
principal of a Discounted Security that would be due and payable upon a
declaration of the Maturity thereof, or change the coin or currency in which any
Security or the interest thereon is payable, or impair the right to institute
suit for the enforcement of any such payment on or after the Stated Maturity
thereof (or, in the case of redemption, on or after the Redemption Date) or (ii)
reduce the percentage in principal amount of the Outstanding Securities or the
Outstanding Securities of any particular series, the consent of whose Holders is
required for any such supplemental indenture, or the consent of whose Holders is
required for any waiver of compliance with certain provisions of the Indenture
or certain defaults thereunder or their consequences provided for in the
Indenture. It is also provided in the Indenture that prior to the acceleration
of maturity of the Securities of any particular series upon the occurrence of an
Event of Default with respect to such series as permitted by the Indenture, the
Holders of a majority in aggregate principal amount of the Securities of such
series at the time Outstanding may on behalf of the Holders of all of the
Securities of such series waive any past default under the Indenture with
respect to Securities of such series and its consequences, except a default in
the payment of the principal of or premium, if any, or interest, if any, on any
of the Securities of such series. Any such consent or waiver by the Holder of
this Note (unless revoked as provided in the Indenture) shall be conclusive and
binding upon such Holder and upon all future Holders and owners of this Note and
of any Note issued upon transfer hereof or in exchange or substitution herefor,
irrespective of whether or not any notation of such consent or waiver is made
upon this Note or such other Notes.

      No reference herein to the Indenture and no provision of this Note or of
the Indenture shall alter or impair the obligation of the Company, which is
absolute and unconditional, to pay the

                                      -16-
<PAGE>   6
principal of and interest on this Note at the time, place and rate, and in the
coin or currency, as prescribed herein and in the Indenture.

      As provided in the Indenture and subject to certain limitations therein
set forth, the transfer of this Note is registrable by the Holder hereof on the
Security Register of the Company, upon due presentment of this Note for
registration of transfer at the office of the Security Registrar, or at the
office of any Security Co-Registrar duly endorsed by, or accompanied by a
written instrument of transfer in form satisfactory to, the Company and the
Security Registrar or any such Security Co-Registrar duly executed by, the
Holder hereof or his attorney duly authorized in writing, and thereupon one or
more new Notes of authorized denominations and for the same aggregate principal
amount will be issued to the designated transferee or transferees.

      The Notes are issuable only as registered Notes without coupons in
denominations of $1,000 and any integral multiple thereof. As provided in the
Indenture and subject to certain limitations therein set forth, Notes are
exchangeable for new Notes of any authorized denominations of the same aggregate
principal amount as requested by the Holder surrendering the same. If (x) the
Securities Depository is at any time unwilling or unable to continue as
securities depository and a successor depository is not appointed by the Company
within 60 days, (y) the Company executes and delivers to the Trustee a Company
Order to the effect that this Note shall be exchangeable or (z) an Event of
Default has occurred and is continuing with respect to the Notes, this Note
shall be exchangeable for Notes in definitive form of like tenor and of an equal
aggregate principal amount, in denominations of $1,000 and integral multiples
thereof. Such definitive Notes shall be registered in such name or names as the
Securities Depository shall instruct the Trustee. If definitive Notes are so
delivered, the Company may make such changes to the form of this Note as are
necessary or appropriate to allow for the issuance of such definitive Notes.

      No service charge shall be made for any such registration of transfer or
exchange, but the Company may require payment of a sum sufficient to cover any
tax or other governmental charge payable in connection therewith.

      Prior to due presentment for registration of transfer, the Company, the
Trustee, the Security Registrar, any Security Co-Registrar and any agent of the
Company or the Trustee may treat the Person in whose name this Note is
registered as the absolute owner hereof for all purposes, whether or not this
Note be overdue, and neither the Company, the Trustee, the Security Registrar,
any Security Co-Registrar nor any such agent shall be affected by notice to the
contrary.

      The Holder of this Note shall not have recourse for the payment of
principal of or interest on this Note or for any claim based on this Note or the
Indenture against any director, officer or stockholder, past, present or future,
of the Company. By acceptance of this Note, the Holder waives any such claim
against any such Person.

      The Indenture and this Note shall be governed by and construed in
accordance with the laws of the State of New York.

      All terms used but not defined in this Note which are defined in the
Indenture shall have the meanings assigned to them in the Indenture.

                                      -17-
<PAGE>   7
      Unless the certificate of authentication hereon has been executed by the
Trustee under such Indenture, this Note shall not be entitled to any benefit
under such Indenture or be valid or obligatory for any purpose.

                                      -18-
<PAGE>   8

IN WITNESS WHEREOF, the Company has caused this instrument to be duly executed
manually or in facsimile, and a facsimile of its corporate seal to be imprinted
hereon. Dated: February 28, 2001

                                                  THE HERTZ CORPORATION

                                                  By:
                                                     ---------------------------
                                                     Name:
                                                     Title:

                                                  Attest:
                                                        ------------------------
                                                        Name:
                                                        Title:
[SEAL]

Dated: February 28, 2001

TRUSTEE'S CERTIFICATE OF AUTHENTICATION

This is one of the Securities of the series
designated herein, issued under the Indenture
described herein.

FIRST UNION NATIONAL BANK (formerly First Fidelity Bank, National Association),
as Trustee

By:_______________________
Authorized Officer

                                      -19-

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