Document:

EXHIBIT 4.9.35

 

HERTZ VEHICLE FINANCING LLC,

 

as Issuer

 

and

 

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

(formerly known as The Bank of New York Trust Company, N.A.),

 

as Trustee and Securities Intermediary

 

 

SERIES 2010-1
SUPPLEMENT

 

dated as of July 22, 2010

 

to

 

THIRD AMENDED AND RESTATED

 

BASE INDENTURE

 

dated as of September 18, 2009

 

 

$225,000,000 Series 2010-1  2.60% Rental Car Asset Backed Notes, Class A-1

$325,000,000 Series 2010-1  3.74% Rental Car Asset Backed Notes, Class A-2

$100,000,000 Series 2010-1  4.73% Rental Car Asset Backed Notes, Class A-3

$34,560,000
Series 2010-1 5.02% Rental
Car Asset Backed Notes, Class B-1

$49,920,000
Series 2010-1 5.70% Rental
Car Asset Backed Notes, Class B-2

$15,360,000
Series 2010-1 6.44% Rental
Car Asset Backed Notes, Class B-3

 

Three-Year Notes, Five-Year Notes and Seven-Year Notes

 

 

TABLE OF CONTENTS

 

	
   

  	
   

  	
  Page

  
	
   

  	
   

  	
   

  
	
  ARTICLE I

  	
  DEFINITIONS

  	
  2

  
	
   

  	
   

  	
   

  
	
  ARTICLE II

  	
  SERIES
  2010-1 ALLOCATIONS

  	
  41

  
	
   

  	
   

  	
   

  
	
  Section 2.1.

  	
  Series 2010-1 Series Accounts

  	
  41

  
	
   

  	
   

  	
   

  
	
  Section 2.2.

  	
  Allocations with Respect to the Series 2010-1
  Notes

  	
  42

  
	
   

  	
   

  	
   

  
	
  Section 2.3.

  	
  Application of Interest Collections

  	
  47

  
	
   

  	
   

  	
   

  
	
  Section 2.4.

  	
  Payment of Note Interest

  	
  50

  
	
   

  	
   

  	
   

  
	
  Section 2.5.

  	
  Payment of Note Principal

  	
  50

  
	
   

  	
   

  	
   

  
	
  Section 2.6.

  	
  The Administrator’s Failure to Instruct the
  Trustee to Make a Deposit or Payment

  	
  59

  
	
   

  	
   

  	
   

  
	
  Section 2.7.

  	
  Series 2010-1 Reserve
  Account

  	
  59

  
	
   

  	
   

  	
   

  
	
  Section 2.8.

  	
  Series 2010-1 Letters of Credit and
  Series 2010-1 Cash Collateral Accounts

  	
  61

  
	
   

  	
   

  	
   

  
	
  Section 2.9.

  	
  Series 2010-1 Distribution Account

  	
  65

  
	
   

  	
   

  	
   

  
	
  Section 2.10.

  	
  Trustee as Securities Intermediary

  	
  67

  
	
   

  	
   

  	
   

  
	
  Section 2.11.

  	
  [Reserved]

  	
  68

  
	
   

  	
   

  	
   

  
	
  Section 2.12.

  	
  Series 2010-1 Demand Note Constitutes
  Additional Collateral for Series 2010-1 Notes

  	
  68

  
	
   

  	
   

  	
   

  
	
  Section 2.13.

  	
  Subordination
  of Class B Notes

  	
  69

  
	
   

  	
   

  	
   

  
	
  ARTICLE III

  	
  AMORTIZATION
  EVENTS

  	
  69

  
	
   

  	
   

  	
   

  
	
  ARTICLE IV

  	
  RESERVED

  	
  72

  
	
   

  	
   

  	
   

  
	
  ARTICLE V

  	
  FORM OF
  SERIES 2010-1 NOTES

  	
  72

  
	
   

  	
   

  	
   

  
	
  Section 5.1.

  	
  Issuance of the
  Series 2010-1 Notes

  	
  72

  
	
   

  	
   

  	
   

  
	
  Section 5.2.

  	
  Restricted Global Notes

  	
  72

  
	
   

  	
   

  	
   

  
	
  Section 5.3.

  	
  Regulation S Global Notes and Unrestricted Global
  Notes

  	
  72

  
	
   

  	
   

  	
   

  
	
  Section 5.4.

  	
  Transfer Restrictions

  	
  73

  
	
   

  	
   

  	
   

  
	
  Section 5.5.

  	
  Definitive Notes

  	
  78

  
	
   

  	
   

  	
   

  
	
  Section 5.6.

  	
  Series 2010-1 Notes Held by HVF

  	
  78

  
	
   

  	
   

  	
   

  
	
  ARTICLE VI

  	
  GENERAL

  	
  78

  
	
   

  	
   

  	
   

  
	
  Section 6.1.

  	
  Optional Redemption of Series 2010-1 Notes

  	
  78

  

 

i

 

TABLE OF CONTENTS

(continued)

 

	
   

  	
   

  	
  Page

  
	
   

  	
   

  	
   

  
	
  Section 6.2.

  	
  Information

  	
  79

  
	
   

  	
   

  	
   

  
	
  Section 6.3.

  	
  Exhibits

  	
  82

  
	
   

  	
   

  	
   

  
	
  Section 6.4.

  	
  Ratification of Base Indenture

  	
  83

  
	
   

  	
   

  	
   

  
	
  Section 6.5.

  	
  Notice to Rating Agencies

  	
  83

  
	
   

  	
   

  	
   

  
	
  Section 6.6.

  	
  Third Party Beneficiary

  	
  83

  
	
   

  	
   

  	
   

  
	
  Section 6.7.

  	
  Counterparts

  	
  83

  
	
   

  	
   

  	
   

  
	
  Section 6.8.

  	
  Governing Law

  	
  83

  
	
   

  	
   

  	
   

  
	
  Section 6.9.

  	
  Amendments

  	
  83

  
	
   

  	
   

  	
   

  
	
  Section 6.10.

  	
  Termination of Series Supplement

  	
  83

  
	
   

  	
   

  	
   

  
	
  Section 6.11.

  	
  Discharge of Indenture

  	
  84

  
	
   

  	
   

  	
   

  
	
  Section 6.12.

  	
  Noteholder Consents

  	
  84

  
	
   

  	
   

  	
   

  
	
  Section 6.13.

  	
  Confidential Information

  	
  84

  
	
   

  	
   

  	
   

  
	
  Section 6.14.

  	
  Trustee Has No Duty to Monitor Manufacturer
  Ratings

  	
  85

  

 

ii

 

TABLE OF CONTENTS

(continued)

 

	
   

  	
  Page

  
	
   

  	
   

  
	
  EXHIBITS

  
	
   

  
	
  Exhibit A-1-1:

  	
  Form of
  Restricted Global Class A-1 Note

  	
   

  
	
  Exhibit A-1-2:

  	
  Form of
  Regulation S Global Class A-1 Note

  	
   

  
	
  Exhibit A-1-3:

  	
  Form of
  Unrestricted Global Class A-1 Note

  	
   

  
	
  Exhibit A-2-1:

  	
  Form of
  Restricted Global Class A-2 Note

  	
   

  
	
  Exhibit A-2-2:

  	
  Form of
  Regulation S Global Class A-2 Note

  	
   

  
	
  Exhibit A-2-3:

  	
  Form of
  Unrestricted Global Class A-2 Note

  	
   

  
	
  Exhibit A-3-1:

  	
  Form of
  Restricted Global Class A-3 Note

  	
   

  
	
  Exhibit A-3-2:

  	
  Form of
  Regulation S Global Class A-3 Note

  	
   

  
	
  Exhibit A-3-3:

  	
  Form of
  Unrestricted Global Class A-3 Note

  	
   

  
	
  Exhibit A-4-1:

  	
  Form of
  Restricted Global Class B-1 Note

  	
   

  
	
  Exhibit A-4-2:

  	
  Form of
  Regulation S Global Class B-1 Note

  	
   

  
	
  Exhibit A-4-3:

  	
  Form of
  Unrestricted Global Class B-1 Note

  	
   

  
	
  Exhibit A-5-1:

  	
  Form of
  Restricted Global Class B-2 Note

  	
   

  
	
  Exhibit A-5-2:

  	
  Form of
  Regulation S Global Class B-2 Note

  	
   

  
	
  Exhibit A-5-3:

  	
  Form of
  Unrestricted Global Class B-2 Note

  	
   

  
	
  Exhibit A-6-1:

  	
  Form of
  Restricted Global Class B-3 Note

  	
   

  
	
  Exhibit A-6-2:

  	
  Form of
  Regulation S Global Class B-3 Note

  	
   

  
	
  Exhibit A-6-3:

  	
  Form of
  Unrestricted Global Class B-3 Note

  	
   

  
	
  Exhibit B:

  	
  Form of
  Series 2010-1 Letter of
  Credit

  	
   

  
	
  Exhibit C:

  	
  Form of
  Lease Payment Deficit Notice

  	
   

  
	
  Exhibit D:

  	
  Form of
  Series 2010-1 Letter of
  Credit Reduction Notice

  	
   

  
	
  Exhibit E:

  	
  Reserved

  	
   

  
	
  Exhibit F-1:

  	
  Form of
  Transfer Certificate

  	
   

  
	
  Exhibit F-2:

  	
  Form of
  Transfer Certificate

  	
   

  
	
  Exhibit F-3:

  	
  Form of
  Transfer Certificate

  	
   

  
	
  Exhibit G:

  	
  Form of
  Monthly Noteholders’ Statement

  	
   

  
	
  Exhibit H:

  	
  Form of
  Series 2010-1 Demand Note

  	
   

  
	
  Exhibit I:

  	
  Form of
  Demand Notice

  	
   

  
	
  Exhibit J:

  	
  Form of
  Supplemental Indenture to Base Indenture

  	
   

  
	
  Exhibit K:

  	
  Form of
  Amendment to Collateral Agency Agreement

  	
   

  
	
  Exhibit L:

  	
  Form of
  Amendment to HGI Purchase Agreement

  	
   

  
	
  Exhibit M:

  	
  Form of
  Amendment to HVF Lease

  	
   

  

 

iii

 

SERIES
2010-1 SUPPLEMENT dated as of July 22, 2010 (“Series Supplement”)
between HERTZ VEHICLE FINANCING LLC, a special purpose limited liability
company established under the laws of Delaware (“HVF”), and THE BANK OF
NEW YORK MELLON TRUST COMPANY, N.A. (formerly known as The Bank of New York
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 Third Amended and
Restated Base Indenture, dated as of September 18, 2009, between HVF and
the Trustee (as amended, modified or supplemented from time to time, exclusive
of Series Supplements, the “Base Indenture”).

 

PRELIMINARY STATEMENT

 

WHEREAS,
Section 2.2 and Section 12.1 of the Base Indenture provide, among
other things, that HVF 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 Notes.

 

NOW,
THEREFORE, the parties hereto agree as follows:

 

DESIGNATION

 

There
is hereby created a Series of
Notes to be issued pursuant to the Base
Indenture and this Series Supplement
and such Series of Notes shall
be designated as Series 2010-1 Rental Car Asset Backed Notes.  On the Series 2010-1 Closing Date, six classes of Series 2010-1 Notes shall
be issued: the first of which shall
be designated as the Series 2010-1 2.60% Rental Car
Asset Backed Notes, Class A-1, and referred to herein as the Class A-1
Notes, the second of which shall be designated as
the Series 2010-1 3.74% Rental Car
Asset Backed Notes, Class A-2, and referred to herein as the Class A-2
Notes, the third of which shall be designated as the Series 2010-1 4.73% Rental Car Asset Backed Notes, Class A-3, and referred to herein
as the Class A-3 Notes, the fourth of which shall be designated as
the Series 2010-1 5.02% Rental Car
Asset Backed Notes, Class B-1, and referred
to herein as the Class B-1 Notes, the fifth of
which shall be designated as the Series 2010-1
5.70% Rental Car Asset Backed
Notes, Class B-2, and referred to herein as the Class B-2 Notes and the sixth of which shall be designated as the Series 2010-1 6.44% Rental Car Asset Backed Notes, Class B-3, and referred
to herein as the Class B-3 Notes.  The Class A-1 Notes, the Class A-2
Notes and the Class A-3 Notes are referred to herein collectively as the Class A Notes. The Class B-1
Notes, the Class B-2 Notes and the Class B-3 Notes are referred to
herein collectively as the Class B Notes.

 

The
Class A Notes together with the Class B Notes are referred to herein
collectively as the Series 2010-1 Notes. 
The Series 2010-1 Notes shall be issued in minimum denominations of
$100,000 and integral multiples of $1,000 in excess thereof.

 

 

The
net proceeds from the sale of the Series 2010-1
Notes shall be deposited in the Series 2010-1 Excess Collection Account
on the Series 2010-1 Closing Date and applied in accordance with this Series Supplement.

 

ARTICLE I

 

DEFINITIONS

 

(a)           All capitalized
terms not otherwise defined herein shall have the meanings assigned thereto in
the Definitions List attached to the Base Indenture as Schedule I thereto, as
amended, modified, restated or supplemented from time to time in accordance
with the terms of the Base Indenture. 
Any capitalized term defined herein which also has a meaning assigned to
it in the Definitions List to the Base Indenture shall have the meaning given
to such term herein.  All Article, Section or
Subsection references herein shall refer to Articles, Sections or Subsections
of the Base Indenture, 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 2010-1 Notes and not to any other Series of Notes issued
by HVF.  All references herein to the “Series 2010-1
Supplement” shall mean the Base Indenture, as supplemented hereby.

 

(b)           The following words
and phrases shall have the following meanings with respect to the Series 2010-1
Notes (whether such words and phrases are used in this Series Supplement,
the Base Indenture or any Related Document) and the definitions of such terms
are applicable to the singular as well as the plural form of such terms and to
the masculine as well as the feminine and neuter genders of such terms:

 

“Adjusted
Aggregate Asset Amount” means, as of any date of determination, the sum of (a) the
Aggregate Asset Amount and (b) the sum of (1) the amount of cash and
Permitted Investments on deposit in the Series 2010-1 Collection Account
and available for reduction of the Series 2010-1 Principal Amount and (2) the
amount of cash and Permitted Investments on deposit in the Series 2010-1
Excess Collection Account, in each case as of such date.

 

“Aggregate
BMW/Lexus/Mercedes/Audi Amount” means, as of any date of determination, the
sum of the BMW Amount, the Lexus Amount, the Mercedes Amount and the Audi
Amount, in each case as of such date.

 

“Aggregate
Kia/Subaru/Hyundai Amount” means, as of any date of determination, the sum
of the Kia Amount, the Subaru Amount and the Hyundai Amount, in each case as of
such date.

 

“Applicable
Procedures” has the meaning specified in Section 5.1 of this Series Supplement.

 

2

 

“Audi
Amount” means, as of any date of determination, an amount equal to the sum
of the Manufacturer Non-Eligible Vehicle Amount and the Manufacturer Eligible
Program Vehicle Amount, in each case, with respect to Audi as of such date.

 

“Bankrupt
Manufacturer” means, as of any day, each Manufacturer for which an Event of
Bankruptcy has occurred; provided that any such Manufacturer for which
an Event of Bankruptcy has occurred shall cease to constitute a Bankrupt
Manufacturer when it has satisfied the Confirmation Condition.

 

“Bankrupt
Manufacturer Vehicle Amount” means, as of any date of determination, an
amount equal to the sum of the Manufacturer Eligible Program Vehicle Amounts
and the Manufacturer Non-Eligible Vehicle Amounts for all Bankrupt
Manufacturers as of such date.

 

“Bankrupt
Manufacturer Vehicle Percentage” means, as of any date of determination,
the percentage equivalent of a fraction, the numerator of which is the Bankrupt
Manufacturer Vehicle Amount as of such date and the denominator of which is the
excess of (A) the Aggregate Asset Amount over (B) the amount of cash
and Permitted Investments on deposit in the Collection Account and any HVF
Exchange Account, in each case as of such date.

 

“BMW
Amount” means, as of any date of determination, an amount equal to the sum
of the Manufacturer Non-Eligible Vehicle Amount and the Manufacturer Eligible
Program Vehicle Amount, in each case, with respect to BMW as of such date.

 

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

 

“Capped
Category 2 Manufacturer Program Vehicle Percentage” means, as of any date
of determination, the lesser of (i) the Category 2 Manufacturer Program
Vehicle Percentage as of such date and (ii) 10%.

 

“Category
1 Manufacturer” means, as of any date of determination, each Eligible
Manufacturer who as of such date (i) is not a Bankrupt Manufacturer and (ii) has
a long-term unsecured debt rating of at least “Baa2” from Moody’s; provided,
that if an Eligible Manufacturer does not have a rating from Moody’s, then the
rating of an affiliated entity specified by Moody’s shall apply for purposes of
this definition; provided, further, that if (a) the rating
of a Manufacturer by Moody’s is withdrawn or a Manufacturer is downgraded by
Moody’s to a rating that would require the exclusion of such Manufacturer from
this definition and (b) prior to such withdrawal or downgrade, as the case
may be, such Manufacturer was a Category 1 Manufacturer, then for purposes of
this definition and each instance in which this definition is used in this Series Supplement,
such Manufacturer shall be deemed to be rated “Baa2” by Moody’s for a period of
thirty (30) days following the earlier of (i) the date on which any of the
Administrator, HVF or the Servicer obtains actual knowledge of such withdrawal
or 

 

3

 

downgrade
and (ii) the date on which the Trustee notifies the Servicer of such
withdrawal or downgrade.

 

“Category
1 Manufacturer Eligible Program Vehicle Amount” means, as of any date of
determination, the sum of the Manufacturer Eligible Program Vehicle Amounts for
all Category 1 Manufacturers as of such date.

 

“Category
1 Manufacturer Eligible Program Vehicle Percentage” means, as of any date
of determination, the percentage equivalent of a fraction, the numerator of
which is the Category 1 Manufacturer Eligible Program Vehicle Amount as of such
date and the denominator of which is the excess of (A) the Aggregate Asset
Amount over (B) the amount of cash and Permitted Investments on deposit in
the Collection Account and any HVF Exchange Account, in each case as of such
date.

 

“Category
1 Manufacturer Non-Eligible Program Vehicle Amount” means, as of any date
of determination, the sum of the Manufacturer Non-Eligible Program Vehicle
Amounts for all Category 1 Manufacturers as of such date.

 

“Category
1 Manufacturer Non-Eligible Program Vehicle Percentage” means, as of any
date of determination, the percentage equivalent of a fraction, the numerator
of which is the Category 1 Manufacturer Non-Eligible Program Vehicle Amount as
of such date and the denominator of which is the excess of (A) the
Aggregate Asset Amount over (B) the amount of cash and Permitted
Investments on deposit in the Collection Account and any HVF Exchange Account,
in each case as of such date.

 

“Category
2 Manufacturer” means, as of any date of determination, each Eligible
Manufacturer who as of such date (i) is not a Bankrupt Manufacturer and (ii) has
a long-term unsecured debt rating of at least “Baa3” from Moody’s, but which
does not have a long-term unsecured debt rating of at least “Baa2” from Moody’s;
provided that if an Eligible Manufacturer does not have a rating from
Moody’s, then the rating of an affiliated entity specified by Moody’s shall
apply for purposes of this definition; provided, further, that if
(a) (x) a Manufacturer is downgraded by Moody’s to a rating that
would require inclusion of such Manufacturer in this definition and (y) prior
to such downgrade, as the case may be, such Manufacturer was a Category 1
Manufacturer, then for purposes of this definition and each instance in which
this definition is used in this Series Supplement, such Manufacturer shall
be deemed to be rated “Baa2” by Moody’s for a period of thirty (30) days
following the earlier of (i) the date on which any of the Administrator,
HVF or the Servicer obtains actual knowledge of such downgrade and
(ii) the date on which the Trustee notifies the Servicer of such downgrade
or (b) (x) the rating of a Manufacturer by Moody’s is withdrawn or a
Manufacturer is downgraded by Moody’s to a rating that would require the
exclusion of such Manufacturer from this definition and (y) prior to such
withdrawal or downgrade, as the case may be, such Manufacturer was a Category 2
Manufacturer, then such Manufacturer shall be deemed to be rated “Baa3” by
Moody’s for a period of thirty (30) days following the earlier of (i) the
date on which any of the Administrator, HVF or the Servicer obtains actual 

 

4

 

knowledge
of such withdrawal or downgrade and (ii) the date on which the Trustee
notifies the Servicer of such withdrawal or downgrade.

 

“Category
2 Manufacturer Eligible Program Vehicle Amount” means, as of any date of
determination, the sum of the Manufacturer Eligible Program Vehicle Amounts for
all Category 2 Manufacturers as of such date.

 

“Category
2 Manufacturer Eligible Program Vehicle Percentage” means, as of any date
of determination, the percentage equivalent of a fraction, the numerator of
which is the Category 2 Manufacturer Eligible Program Vehicle Amount as of such
date and the denominator of which is the excess of (A) the Aggregate Asset
Amount over (B) the amount of cash and Permitted Investments on deposit in
the Collection Account and any HVF Exchange Account, in each case as of such
date.

 

“Category
2 Manufacturer Non-Eligible Program Vehicle Amount” means, as of any date
of determination, the sum of the Manufacturer Non-Eligible Program Vehicle
Amounts for all Category 2 Manufacturers as of such date.

 

“Category
2 Manufacturer Non-Eligible Program Vehicle Percentage” means, as of any
date of determination, the percentage equivalent of a fraction, the numerator
of which is the Category 2 Manufacturer Non-Eligible Program Vehicle Amount as
of such date and the denominator of which is the excess of (A) the
Aggregate Asset Amount over (B) the amount of cash and Permitted
Investments on deposit in the Collection Account and any HVF Exchange Account,
in each case as of such date.

 

“Category
2 Manufacturer Program Vehicle Percentage” means, as of any date of
determination, the sum of (i) the Category 2 Manufacturer Eligible Program
Vehicle Percentage as of such date and (ii) the Category 2 Manufacturer
Non-Eligible Program Vehicle Percentage as of such date.

 

“Category
3 Manufacturer” means, as of any date of determination, each Eligible
Manufacturer that as of such date (i) is not a Bankrupt Manufacturer and
(ii) does not have a long-term unsecured debt rating of at least “Baa3”
from Moody’s; provided that if an Eligible Manufacturer does not have a
rating from Moody’s, then the rating of an affiliated entity specified by Moody’s
shall apply for purposes of this definition; provided, further,
that if (a) the rating of a Manufacturer by Moody’s is withdrawn or a
Manufacturer is downgraded by Moody’s to a rating that would require inclusion
of such Manufacturer in this definition and (b) prior to such withdrawal
or downgrade, as the case may be, such Manufacturer was a Category 1
Manufacturer or a Category 2 Manufacturer, then for purposes of this definition
and each instance in which this definition is used in this Series Supplement,
such Manufacturer shall be deemed to be rated “Baa3” by Moody’s for a period of
thirty (30) days following the earlier of (i) the date on which any of the
Administrator, HVF or the Servicer obtains actual knowledge of such withdrawal
or downgrade and (ii) the date on which the Trustee notifies the Servicer
of such withdrawal or downgrade.

 

5

 

“Chrysler
Amount” means, as of any date of determination, an amount equal to the sum
of the Manufacturer Non-Eligible Vehicle Amount and the Manufacturer Eligible
Program Vehicle Amount, in each case, with respect to Chrysler as of such date.

 

“Class”
means a class of the Series 2010-1 Notes, which may be the Class A-1
Notes, the Class A-2 Notes, the Class A-3 Notes, the Class B-1
Notes, the Class B-2 Notes or the Class B-3 Notes.

 

“Class A
Controlled Distribution Amount” means a Class A-1 Controlled
Distribution Amount, a Class A-2 Controlled Distribution Amount or a Class A-3
Controlled Distribution Amount, as the context may require.

 

“Class A
Deficiency Amount” means a Class A-1 Deficiency Amount, a Class A-2
Deficiency Amount or a Class A-3 Deficiency Amount, as the context may
require.

 

“Class A
Global Note” means a Class A Note that is a Regulation S Global Note,
a Restricted Global Note or an Unrestricted Global Note.

 

“Class A
Monthly Interest” means, with respect to any Series 2010-1 Interest
Period, the sum of the Class A-1 Monthly Interest, the Class A-2
Monthly Interest and the Class A-3 Monthly Interest for such Series 2010-1
Interest Period.

 

“Class A
Note Owner” means, with respect to any Class A Note that is a Class A
Global Note, any Person who is a beneficial owner of an interest in such Class A
Global Note, as reflected on the books of DTC, or on the books of a Person
maintaining an account with DTC (directly as a Clearing Agency Participant or
as an indirect participant, in each case in accordance with the rules of
DTC).

 

“Class A
Note Rate” means the Class A-1 Note Rate, the Class A-2 Note Rate
or the Class A-3 Note Rate, as the context may require.

 

“Class A
Noteholders” means, collectively, the Class A-1 Noteholders, the Class A-2
Noteholders and the Class A-3 Noteholders.

 

“Class A
Notes” means, collectively, the Class A-1 Notes,
the Class A-2 Notes and the Class A-3 Notes.

 

“Class A
Principal Amount” means, as of any date of determination, the sum of the Class A-1
Principal Amount, the Class A-2 Principal Amount and the Class A-3
Principal Amount, in each case as of such date.

 

“Class A
Total Monthly Interest” means, for each Payment Date, the sum of (A) the
Class A-1 Monthly Interest with respect to the related Series 2010-1
Interest Period, (B) the Class A-2 Monthly Interest with respect to
the related Series 2010-1 Interest Period, (C) the Class A-3
Monthly Interest with respect to the related Series

 

6

 

2010-1
Interest Period, and (D) an amount equal to the aggregate amount of any
unpaid Class A Deficiency Amounts after giving effect to all payments made
on the preceding Payment Date (together with any accrued interest on such Class A
Deficiency Amounts at the applicable Class A Note Rate).

 

“Class A-1
Carryover Controlled Amortization Amount” means, with respect to the Class A-1
Notes for any Related Month during the Three-Year Notes Controlled Amortization
Period, the amount, if any, by which the portion of the Monthly Total Principal
Allocation for the previous Related Month allocated to pay the Class A-1
Controlled Distribution Amount was less than the Class A-1 Controlled
Distribution Amount for the previous Related Month; provided, however,
that for the first Related Month in the Three-Year Notes Controlled
Amortization Period, the Class A-1 Carryover Controlled Amortization
Amount will be zero.

 

“Class A-1
Controlled Amortization Amount” means, for any Related Month,
$37,500,000.00.

 

“Class A-1
Controlled Distribution Amount” means, with respect to any Related Month
during the Three-Year Notes Controlled Amortization Period, an amount equal to
the sum of the Class A-1 Controlled Amortization Amount for such Related
Month and any Class A-1 Carryover Controlled Amortization Amount for such
Related Month.

 

“Class A-1
Deficiency Amount” has the meaning specified in Section 2.3(g) of
this Series Supplement.

 

“Class A-1
Initial Principal Amount” means the aggregate initial principal amount of
the Class A-1 Notes, which is $225,000,000.

 

“Class A-1
Monthly Interest” means, (a) with respect to the initial Series 2010-1
Interest Period, an amount equal to the product of (i) the Class A-1
Note Rate, (ii) the Class A-1 Initial Principal Amount and (iii) 34/360 and (b) with respect to each Series 2010-1 Interest
Period thereafter, an amount equal to the product of (i) one-twelfth of
the Class A-1 Note Rate and (ii) the Class A-1 Principal Amount
on the first day of such Series 2010-1 Interest Period, after giving effect
to any principal payments made on such date.

 

“Class A-1
Note Rate” means 2.60% per annum.

 

“Class A-1
Noteholder” means the Person in whose name a Class A-1 Note is
registered in the Note Register.

 

“Class A-1
Notes” means any one of the Series 2010-1 2.60% Rental Car
Asset Backed Notes, Class A-1, executed by HVF and authenticated by or on
behalf of the Trustee, substantially in the form of Exhibit A-1-1, Exhibit A-1-2
or Exhibit A-1-3 to this Series Supplement.

 

7

 

“Class A-1
Principal Amount” means when used with respect to any date, an amount equal
to (a) the Class A-1 Initial Principal Amount minus (b) the
amount of principal payments made to the Class A-1 Noteholders on or prior
to such date minus (c) the principal amount of any Class A-1 Notes
that have been delivered to the Trustee for cancellation pursuant to the Base
Indenture and for which no replacement Class A-1 Note was issued on or
prior to such date.

 

“Class A-2
Carryover Controlled Amortization Amount” means, with respect to the Class A-2
Notes for any Related Month during the Five-Year Notes Controlled Amortization
Period, the amount, if any, by which the portion of the Monthly Total Principal
Allocation for the previous Related Month allocated to pay the Class A-2
Controlled Distribution Amount was less than the Class A-2 Controlled
Distribution Amount for the previous Related Month; provided, however,
that for the first Related Month in the Five-Year Notes Controlled Amortization
Period, the Class A-2 Carryover Controlled Amortization Amount will be
zero.

 

“Class A-2
Controlled Amortization Amount” means (i) for any Related Month other
than the last Related Month during the Five-Year Notes Controlled Amortization
Period, $54,166,666.67 and (ii) for the last
Related Month during the Five-Year Notes Controlled Amortization Period, $54,166,666.65.

 

“Class A-2
Controlled Distribution Amount” means, with respect to any Related Month
during the Five-Year Notes Controlled Amortization Period, an amount equal to
the sum of the Class A-2 Controlled Amortization Amount for such Related
Month and any Class A-2 Carryover Controlled Amortization Amount for such
Related Month.

 

“Class A-2
Deficiency Amount” has the meaning specified in Section 2.3(g) of
this Series Supplement.

 

“Class A-2
Initial Principal Amount” means the aggregate initial principal amount of
the Class A-2 Notes, which is $325,000,000.

 

“Class A-2
Monthly Interest” means, (a) with respect to the initial Series 2010-1
Interest Period, an amount equal to the product of (i) the Class A-2
Note Rate, (ii) the Class A-2 Initial Principal Amount and (iii) 34/360 and (b) with respect to each Series 2010-1 Interest
Period thereafter, an amount equal to the product of (i) one-twelfth of
the Class A-2 Note Rate and (ii) the Class A-2 Principal Amount
on the first day of such Series 2010-1 Interest Period, after giving
effect to any principal payments made on such date.

 

“Class A-2
Note Rate” means 3.74% per annum.

 

“Class A-2
Noteholder” means the Person in whose name a Class A-2 Note is
registered in the Note Register.

 

8

 

“Class A-2
Notes” means any one of the Series 2010-1 3.74% Rental Car
Asset Backed Notes, Class A-2, executed by HVF and authenticated by or on
behalf of the Trustee, substantially in the form of Exhibit A-2-1, Exhibit A-2-2
or Exhibit A-2-3 to this Series Supplement.

 

“Class A-2
Principal Amount” means when used with respect to any date, an amount equal
to (a) the Class A-2 Initial Principal Amount minus (b) the
amount of principal payments made to the Class A-2 Noteholders on or prior
to such date minus (c) the principal amount of any Class A-2 Notes
that have been delivered to the Trustee for cancellation pursuant to the Base
Indenture and for which no replacement Class A-2 Note was issued on or
prior to such date.

 

“Class A-3
Carryover Controlled Amortization Amount” means, with respect to the Class A-3
Notes for any Related Month during the Seven-Year Notes Controlled Amortization
Period, the amount, if any, by which the portion of the Monthly Total Principal
Allocation for the previous Related Month allocated to pay the Class A-3
Controlled Distribution Amount was less than the Class A-3 Controlled
Distribution Amount for the previous Related Month; provided, however,
that for the first Related Month in the Seven-Year Notes Controlled
Amortization Period, the Class A-3 Carryover Controlled Amortization
Amount will be zero.

 

“Class A-3
Controlled Amortization Amount” means (i) for any Related Month other
than the last Related Month during the Seven-Year Notes Controlled Amortization
Period, $16,666,666.67 and (ii) for the last
Related Month during the Seven-Year Notes Controlled Amortization Period, $16,666,666.65.

 

“Class A-3
Controlled Distribution Amount” means, with respect to any Related Month
during the Seven-Year Notes Controlled Amortization Period, an amount equal to
the sum of the Class A-3 Controlled Amortization Amount for such Related
Month and any Class A-3 Carryover Controlled Amortization Amount for such
Related Month.

 

“Class A-3
Deficiency Amount” has the meaning specified in Section 2.3(g) of
this Series Supplement.

 

“Class A-3
Initial Principal Amount” means the aggregate initial principal amount of
the Class A-3 Notes, which is $100,000,000.

 

“Class A-3
Monthly Interest” means, (a) with respect to the initial Series 2010-1
Interest Period, an amount equal to the product of (i) the Class A-3
Note Rate, (ii) the Class A-3 Initial Principal Amount and (iii) 34/360 and (b) with respect to each Series 2010-1 Interest
Period thereafter, an amount equal to the product of (i) one-twelfth of
the Class A-3 Note Rate and (ii) the Class A-3 Principal Amount
on the first day of such Series 2010-1 Interest Period, after giving effect
to any principal payments made on such date.

 

9

 

“Class A-3
Note Rate” means 4.73% per annum.

 

“Class A-3
Noteholder” means the Person in whose name a Class A-3 Note is
registered in the Note Register.

 

“Class A-3
Notes” means any one of the Series 2010-1 4.73% Rental Car
Asset Backed Notes, Class A-3, executed by HVF and authenticated by or on
behalf of the Trustee, substantially in the form of Exhibit A-3-1, Exhibit A-3-2
or Exhibit A-3-3 to this Series Supplement.

 

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

 

“Class B
Controlled Distribution Amount” means a Class B-1 Controlled
Distribution Amount, a Class B-2 Controlled Distribution Amount or a Class B-3
Controlled Distribution Amount, as the context may require.

 

“Class B Deficiency Amount” means a Class B-1
Deficiency Amount, a Class B-2 Deficiency Amount or a Class B-3
Deficiency Amount, as the context may require.

 

“Class B
Global Note” means a Class B Note that is a Regulation S Global Note,
a Restricted Global Note or an Unrestricted Global Note.

 

“Class B
Monthly Interest” means, with respect to any Series 2010-1 Interest
Period, the sum of the Class B-1 Monthly Interest, the Class B-2
Monthly Interest and the Class B-3 Monthly Interest for such Series 2010-1
Interest Period.

 

“Class B
Note Owner” means, with respect to any Class B Note that is a Class B
Global Note, any Person who is a beneficial owner of an interest in such Class B
Global Note, as reflected on the books of DTC, or on the books of a Person
maintaining an account with DTC (directly as a Clearing Agency Participant or
as an indirect participant, in each case in accordance with the rules of
DTC).

 

“Class B
Note Rate” means the Class B-1 Note Rate, the Class B-2 Note Rate
or the Class B-3 Note Rate, as the context may require.

 

“Class B
Noteholders” means, collectively, the Class B-1 Noteholders, the Class B-2
Noteholders and the Class B-3 Noteholders.

 

“Class B
Notes” means, collectively, the Class B-1 Notes,
the Class B-2 Notes and the Class B-3 Notes.

 

10

 

“Class B
Principal Amount” means, as of any date of determination, the sum of the Class B-1
Principal Amount, the Class B-2 Principal Amount and the Class B-3
Principal Amount, in each case as of such date.

 

“Class B
Total Monthly Interest” means, for each Payment Date, the sum of (A) the
Class B-1 Monthly Interest with respect to the related Series 2010-1
Interest Period, (B) the Class B-2 Monthly Interest with respect to
the related Series 2010-1 Interest Period, (C) the Class B-3
Monthly Interest with respect to the related Series 2010-1 Interest
Period, and (D) an amount equal to the aggregate amount of any unpaid Class B
Deficiency Amounts after giving effect to all payments made on the preceding
Payment Date (together with any accrued interest on such Class B
Deficiency Amounts at the applicable Class B Note Rate).

 

“Class B-1
Carryover Controlled Amortization Amount” means, with respect to the Class B-1
Notes for any Related Month during the Three-Year Notes Controlled Amortization
Period, the lesser of (x) the amount, if any, by which the portion of the
Monthly Total Principal Allocation allocated to pay the Class A-1
Controlled Distribution Amount and the Class B-1 Controlled Distribution
Amount for the previous Related Month was less than the sum of the Class A-1
Controlled Distribution Amount for the previous Related Month and the Class B-1
Controlled Distribution Amount for the previous Related Month and (y) the Class B-1
Controlled Distribution Amount for the previous Related Month; provided,
however, that for the first Related Month in the Three-Year Notes
Controlled Amortization Period, the Class B-1 Carryover Controlled
Amortization Amount will be zero.

 

“Class B-1
Controlled Amortization Amount” means, for any Related Month,
$5,760,000.00.

 

“Class B-1
Controlled Distribution Amount” means, with respect to any Related Month
during the Three-Year Notes Controlled Amortization Period, an amount equal to
the sum of the Class B-1 Controlled Amortization Amount for such Related
Month and any Class B-1 Carryover Controlled Amortization Amount for such
Related Month.

 

“Class B-1
Deficiency Amount” has the meaning specified in Section 2.3(g) of
this Series Supplement.

 

“Class B-1
Initial Principal Amount” means the aggregate initial principal amount of
the Class B-1 Notes, which is $34,560,000.

 

“Class B-1
Monthly Interest” means, (a) with respect to the initial Series 2010-1
Interest Period, an amount equal to the product of (i) the Class B-1
Note Rate, (ii) the Class B-1 Initial Principal Amount and (iii) 34/360
and (b) with respect to each Series 2010-1 Interest Period
thereafter, an amount equal to the product of (i) one-twelfth of the Class B-1
Note Rate and (ii) the Class B-1 Principal Amount on the first day of
such 

 

11

 

Series 2010-1
Interest Period, after giving effect to any principal payments made on such
date.

 

“Class B-1
Noteholder” means the Person in whose name a Class B-1 Note is
registered in the Note Register.

 

“Class B-1
Note Rate” means 5.02% per annum.

 

“Class B-1
Notes” means any one of the Series 2010-1 5.02% Rental Car Asset
Backed Notes, Class B-1, executed by HVF and authenticated by or on behalf
of the Trustee, substantially in the form of Exhibit A-4-1, Exhibit A-4-2
or Exhibit A-4-3 to this Series Supplement.

 

“Class B-1
Principal Amount” means, when used with respect to any date, an amount
equal to (a) the Class B-1 Initial Principal Amount minus (b) the
amount of principal payments made to Class B-1 Noteholders on or prior to
such date minus (c) the principal amount of any Class B-1 Notes that
have been delivered to the Trustee for cancellation pursuant to the Base
Indenture and for which no replacement Class B-1 Note was issued on or
prior to such date.

 

“Class B-2
Carryover Controlled Amortization Amount” means, with respect to the Class B-2
Notes for any Related Month during the Five-Year Notes Controlled Amortization
Period, the lesser of (x) the amount, if any, by which the portion of the
Monthly Total Principal Allocation allocated to pay the Class A-2 Controlled
Distribution Amount and the Class B-2 Controlled Distribution Amount for
the previous Related Month was less than the sum of the Class A-2
Controlled Distribution Amount for the previous Related Month and the Class B-2
Controlled Distribution Amount for the previous Related Month and (y) the Class B-2
Controlled Distribution Amount for the previous Related Month; provided,
however, that for the first Related Month in the Five-Year Notes
Controlled Amortization Period, the Class B-2 Carryover Controlled
Amortization Amount will be zero.

 

“Class B-2
Controlled Amortization Amount” means, for any Related Month,
$8,320,000.00.

 

“Class B-2
Controlled Distribution Amount” means, with respect to any Related Month
during the Five-Year Notes Controlled Amortization Period, an amount equal to
the sum of the Class B-2 Controlled Amortization Amount for such Related
Month and any Class B-2 Carryover Controlled Amortization Amount for such
Related Month.

 

“Class B-2
Deficiency Amount” has the meaning specified in Section 2.3(g) of
this Series Supplement.

 

“Class B-2
Initial Principal Amount” means the aggregate initial principal amount of
the Class B-2 Notes, which is $49,920,000.

 

12

 

“Class B-2
Monthly Interest” means, (a) with respect to the initial Series 2010-1
Interest Period, an amount equal to the product of (i) the Class B-2
Note Rate, (ii) the Class B-2 Initial Principal Amount and (iii) 34/360
and (b) with respect to each Series 2010-1 Interest Period thereafter,
an amount equal to the product of (i) one-twelfth of the Class B-2
Note Rate and (ii) the Class B-2 Principal Amount on the first day of
such Series 2010-1 Interest Period, after giving effect to any principal
payments made on such date.

 

“Class B-2
Noteholder” means the Person in whose name a Class B-2 Note is
registered in the Note Register.

 

“Class B-2
Note Rate” means 5.70% per annum.

 

“Class B-2
Notes” means any one of the Series 2010-1 5.70% Rental Car Asset
Backed Notes, Class B-2, executed by HVF and authenticated by or on behalf
of the Trustee, substantially in the form of Exhibit A-5-1, Exhibit A-5-2
or Exhibit A-5-3 to this Series Supplement.

 

“Class B-2
Principal Amount” means, when used with respect to any date, an amount
equal to (a) the Class B-2 Initial Principal Amount minus (b) the
amount of principal payments made to Class B-2 Noteholders on or prior to
such date minus (c) the principal amount of any Class B-2 Notes that
have been delivered to the Trustee for cancellation pursuant to the Base
Indenture and for which no replacement Class B-2 Note was issued on or
prior to such date.

 

“Class B-3
Carryover Controlled Amortization Amount” means, with respect to the Class B-3
Notes for any Related Month during the Seven-Year Notes Controlled Amortization
Period, the lesser of (x) the amount, if any, by which the portion of the
Monthly Total Principal Allocation allocated to pay the Class A-3
Controlled Distribution Amount and the Class B-3 Controlled Distribution
Amount for the previous Related Month was less than the sum of the Class A-3
Controlled Distribution Amount for the previous Related Month and the Class B-3
Controlled Distribution Amount for the previous Related Month and (y) the Class B-3
Controlled Distribution Amount for the previous Related Month; provided,
however, that for the first Related Month in the Seven-Year Notes
Controlled Amortization Period, the Class B-3 Carryover Controlled
Amortization Amount will be zero.

 

“Class B-3
Controlled Amortization Amount” means, for any Related Month,
$2,560,000.00.

 

“Class B-3
Controlled Distribution Amount” means, with respect to any Related Month
during the Seven-Year Notes Controlled Amortization Period, an amount equal to
the sum of the Class B-3 Controlled Amortization Amount for such Related
Month and any Class B-3 Carryover Controlled Amortization Amount for such
Related Month.

 

13

 

“Class B-3
Deficiency Amount” has the meaning specified in Section 2.3(g) of
this Series Supplement.

 

“Class B-3
Initial Principal Amount” means the aggregate initial principal amount of
the Class B-3 Notes, which is $15,360,000.

 

“Class B-3
Monthly Interest” means, (a) with respect to the initial Series 2010-1
Interest Period, an amount equal to the product of (i) the Class B-3
Note Rate, (ii) the Class B-3 Initial Principal Amount and (iii) 34/360
and (b) with respect to each Series 2010-1 Interest Period
thereafter, an amount equal to the product of (i) one-twelfth of the Class B-3
Note Rate and (ii) the Class B-3 Principal Amount on the first day of
such Series 2010-1 Interest Period, after giving effect to any principal
payments made on such date.

 

“Class B-3
Noteholder” means the Person in whose name a Class B-3 Note is
registered in the Note Register.

 

“Class B-3
Note Rate” means 6.44% per annum.

 

“Class B-3
Notes” means any one of the Series 2010-1 6.44% Rental Car Asset
Backed Notes, Class B-3, executed by HVF and authenticated by or on behalf
of the Trustee, substantially in the form of Exhibit A-6-1, Exhibit A-6-2
or Exhibit A-6-3 to this Series Supplement.

 

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

 

“Confirmation
Condition” means, with respect to a Manufacturer that is the subject of an
Event of Bankruptcy that is a proceeding under Chapter 11 of the Bankruptcy
Code to reorganize (the “Proceeding”), a condition that is satisfied
upon entry and during the effectiveness of an order by the bankruptcy court
having jurisdiction over the Proceeding approving (i) (A) assumption
under Section 365 of the Bankruptcy Code by the Manufacturer, or trustee
in bankruptcy on its behalf, of its Manufacturer Program (and all related
Assignment Agreements), (B) at the time of such assumption, payment of all
amounts due and payable by the Manufacturer to HVF or any of its Affiliates
under its Manufacturer Program, and (C) all actions and payments necessary
to cure all existing defaults by the Manufacturer with respect to HVF or any of
its Affiliates under the Manufacturer Program to the date of effectiveness of
such order, or (ii) (A) execution, delivery and performance by the
Manufacturer of (x) a new post-petition Manufacturer Program under which
HVF is an eligible fleet purchaser and having substantially the same terms and
covering HVF Vehicles with substantially the same characteristics as the
Manufacturer Program in effect on the date the Proceeding was 

 

14

 

commenced
and (y) new Assignment Agreements effecting the assignment of the benefits
of such new Manufacturer Program from HVF to the Collateral Agent acknowledged
by such Manufacturer, (B) payment of all amounts due and payable by such
Manufacturer to HVF or any of its Affiliates under the Manufacturer Program in
effect on the date the Proceeding was commenced at the time of the execution
and delivery of the new post-petition Manufacturer Program, and (C) all actions
and payments necessary to cure all existing defaults by the Manufacturer with
respect to HVF or any of its Affiliates under the Manufacturer Program in
effect on the date the Proceeding was commenced to the date of effectiveness of
such order, and in each case described in clause (i) or (ii) above,
the actions and payments in subclauses (B) and (C) of
each such clause have been taken or made.

 

“Demand
Notice” has the meaning specified in Section 2.5(b)(ii) of
this Series Supplement.

 

“Eligible
Program Vehicle Amount” means, as of any date of determination, an amount
equal to the sum, rounded to the nearest $100,000, of the following amounts to
the extent that such amounts are included in the definition of “Aggregate Asset
Amount” for such date: (i) the Net Book Value of all Eligible Program
Vehicles that are Eligible Vehicles as of such date and not turned in to and
accepted by the Manufacturer thereof pursuant to its Manufacturer Program, not
delivered and accepted for Auction pursuant to a Manufacturer Program or not
otherwise sold or deemed to be sold under the Related Documents, plus (ii) the
aggregate amount of Manufacturer Receivables (other than Excluded Payments)
payable to HVF or to the Intermediary pursuant to the Master Exchange
Agreement, in each case as of such date by Manufacturers which are Eligible
Program Manufacturers with respect to Vehicles that were Eligible Vehicles and
Eligible Program Vehicles when turned in to and accepted by such Manufacturers
or delivered and accepted for Auction, plus (iii) with respect to Eligible
Vehicles that were Eligible Program Vehicles that have been delivered and
accepted for Auction pursuant to a Manufacturer Program with a Manufacturer
which is an Eligible Program Manufacturer, all amounts receivable (other than
amounts specified in clause (ii) above) from any person or entity
in connection with the Auction of such Eligible Vehicles as of such date, plus (iv) with
respect to Eligible Vehicles that were Eligible Program Vehicles that have been
turned in to and accepted by the Manufacturer thereof, delivered and accepted
for Auction, otherwise sold or become a Casualty, any accrued and unpaid
Casualty Payments or Termination Payments with respect to such Eligible
Vehicles as of such date under the HVF Lease, plus (v) with respect to
Eligible Vehicles that were Eligible Program Vehicles that have been turned in
to and accepted by the Manufacturer thereof, delivered for Auction or otherwise
sold, any accrued and unpaid Monthly Base Rent with respect to such Eligible
Vehicles as of such date under the HVF Lease (net of amounts set forth in clauses
(ii), (iii) and (iv) above), plus (vi) with
respect to Eligible Vehicles that were Eligible Program Vehicles sold by HVF to
a third party pursuant to Section 2.5(a) of the HVF Lease, any
non-return incentives payable to HVF under a Manufacturer Program by an
Eligible Program Manufacturer in respect of the sale of such Vehicles outside
of the related Manufacturer 

 

15

 

Program
as of such date, plus (vii) if such date is during the period from and
including a Determination Date to but excluding the next Payment Date, accrued
and unpaid Monthly Base Rent payable on the next Payment Date with respect to
all Eligible Vehicles that are Eligible Program Vehicles as of such date and
that have not been turned in to and accepted by the Manufacturer thereof
pursuant to its Manufacturer Program, not been delivered and accepted for
Auction pursuant to a Manufacturer Program and not otherwise been sold or
deemed to be sold under the Related Documents.

 

“Excluded
Redesignated Vehicle” means each HVF Vehicle manufactured by a Manufacturer
with respect to which an Event of Bankruptcy has occurred that becomes a
Redesignated Vehicle prior to the Inclusion Date for such Vehicle, as of and
from the date such HVF Vehicle becomes a Redesignated Vehicle to and until the
Inclusion Date for such HVF Vehicle.

 

“Financial
Assets” has the meaning specified in Section 2.10(b)(i) of
this Series Supplement.

 

“Five-Year
Notes” means collectively, the Class A-2 Notes and the Class B-2
Notes.

 

“Five-Year
Notes Controlled Amortization Period” means the period commencing at the
close of business on July 31, 2015 (or, if such
day is not a Business Day, the Business Day immediately preceding such day) and
continuing to the earlier of (i) the commencement of the Series 2010-1
Rapid Amortization Period and (ii) the date on which the Five-Year Notes
are paid in full.

 

“Five-Year
Notes Expected Final Payment Date” means the February 2016 Payment
Date.

 

“Five-Year
Notes Legal Final Payment Date” means the February 2017 Payment Date.

 

“Fleet
Equity Amount” has the meaning specified in the Ford Letter of Credit
Facility Agreement.

 

“Fleet
Equity Condition” means, as of any date of determination, a condition that
is satisfied if the Fleet Equity Amount as of such date equals or exceeds the
Required Minimum Fleet Equity Amount as of such date.

 

“Ford
Amount” means, as of any date of determination, an amount equal to the sum
of the Manufacturer Non-Eligible Vehicle Amount and the Manufacturer Eligible
Program Vehicle Amount, in each case, with respect to Ford as of such date.

 

“Ford
Letter of Credit Facility Agreement” means that certain Letter of Credit
Facility Agreement, dated as of December 21, 2005, by and among Hertz,
HVF, and Ford, as amended, modified, restated, or supplemented from time to
time

 

16

 

“Ford
LOC Exposure Amount” has the meaning specified in the Ford Letter of Credit
Facility Agreement.

 

“GM
Amount” means, as of any date of determination, an amount equal to the sum
of the Manufacturer Non-Eligible Vehicle Amount and the Manufacturer Eligible
Program Vehicle Amount, in each case, with respect to GM as of such date.

 

“Honda
Amount” means, as of any date of determination, an amount equal to the sum
of the Manufacturer Non-Eligible Vehicle Amount and the Manufacturer Eligible
Program Vehicle Amount, in each case, with respect to Honda as of such date.

 

“HVF
Service Vehicle Amount” means, as of any date of determination, an amount
equal to the sum of the Manufacturer Non-Eligible Vehicle Amount and the
Manufacturer Eligible Program Vehicle Amount, in each case, with respect to HVF
Service Vehicles as of such date.

 

“HVF
Service Vehicles” means, an HVF Vehicle used by Hertz’s employees, or to
the extent permitted under the HVF Lease, employees of Hertz Equipment Rental
Corporation.

 

“Hyundai
Amount” means, as of any date of determination, an amount equal to the sum
of the Manufacturer Non-Eligible Vehicle Amount and the Manufacturer Eligible
Program Vehicle Amount, in each case, with respect to Hyundai as of such date.

 

“Inclusion
Date” means, with respect to any HVF Vehicle manufactured by a Manufacturer
with respect to which an Event of Bankruptcy has occurred, the date that is 30
days after the earlier of (i) the date such HVF Vehicle became a
Redesignated Vehicle and (ii) the date upon which such Event of Bankruptcy
with respect to the Manufacturer of such HVF Vehicle first occurred.

 

“Indenture
Carrying Charges” means, as of any day, any fees or other costs, fees and
expenses and indemnity amounts, if any, payable by HVF to the Trustee, the Administrator,
the Intermediary under the Master Exchange Agreement or the Nominee under the
Indenture or the Related Documents plus any other operating expenses of HVF
then payable by HVF.

 

“Ineligible
Receivable Manufacturer” means a Manufacturer that is either a Category 2
Manufacturer, a Category 3 Manufacturer, or a Bankrupt Manufacturer.

 

“Jaguar
Amount” means, as of any date of determination, an amount equal to the sum
of the Manufacturer Non-Eligible Vehicle Amount and the Manufacturer Eligible
Program Vehicle Amount, in each case, with respect to Jaguar as of such date.

 

17

 

“Kia
Amount” means, as of any date of determination, an amount equal to the sum
of the Manufacturer Non-Eligible Vehicle Amount and the Manufacturer Eligible
Program Vehicle Amount, in each case, with respect to Kia as of such date.

 

“Land
Rover Amount” means, as of any date of determination, an amount equal to
the sum of the Manufacturer Non-Eligible Vehicle Amount and the Manufacturer
Eligible Program Vehicle Amount, in each case, with respect to Land Rover as of
such date.

 

“Lexus
Amount” means, as of any date of determination, an amount equal to the sum
of the Manufacturer Non-Eligible Vehicle Amount and the Manufacturer Eligible
Program Vehicle Amount, in each case, with respect to Lexus as of such date.

 

“Lease
Payment Deficit Notice” has the meaning specified in Section 2.3(c) of
this Series Supplement.

 

“Legal
Final Payment Date” means the Three-Year Notes Legal Final Payment Date,
the Five-Year Notes Legal Final Payment Date or the Seven-Year Notes Legal
Final Payment Date, as the context may require.

 

“Manufacturer
Eligible Program Vehicle Amount” means, as of any date of determination,
with respect to any Manufacturer, an amount equal to the sum, rounded to the
nearest $100,000, of the following amounts to the extent that such amounts are
included in the definition of “Aggregate Asset Amount” for such date: (i) the
Net Book Value of all Eligible Program Vehicles that are Eligible Vehicles as
of such date that were manufactured by such Manufacturer or an Affiliate
thereof and not turned in to and accepted by such Manufacturer pursuant to its
Manufacturer Program, not delivered and accepted for Auction pursuant to its
Manufacturer Program or not otherwise sold or deemed to be sold under the
Related Documents, plus (ii) the aggregate amount of Manufacturer
Receivables (other than Excluded Payments) payable to HVF or to the
Intermediary pursuant to the Master Exchange Agreement, in each case as of such
date by such Manufacturer with respect to Vehicles that were Eligible Vehicles
and Eligible Program Vehicles when turned in to and accepted by such
Manufacturer or delivered and accepted for Auction, plus (iii) with
respect to Eligible Vehicles that were Eligible Program Vehicles that have been
delivered and accepted for Auction pursuant to a Manufacturer Program with such
Manufacturer, all amounts receivable (other than amounts specified in clause
(ii) above) from any person or entity in connection with the Auction
of such Eligible Vehicles as of such date, plus (iv) with respect to
Eligible Vehicles that were Eligible Program Vehicles manufactured by such
Manufacturer or an Affiliate thereof that have been turned in to and accepted by
such Manufacturer, delivered and accepted for Auction, otherwise sold or become
a Casualty, any accrued and unpaid Casualty Payments or Termination Payments
with respect to such Eligible Vehicles as of such date under the HVF Lease,
plus (v) with respect to Eligible Vehicles that were Eligible Program
Vehicles manufactured by such Manufacturer or an Affiliate thereof that have
been turned in to and accepted by such Manufacturer, delivered and accepted for
Auction or otherwise sold, any accrued and unpaid Monthly Base Rent with

 

18

 

respect
to such Eligible Vehicles as of such date under the HVF Lease (net of amounts
set forth in clauses (ii), (iii), and (iv) above)
plus (vi) with respect to Eligible Vehicles that were Eligible Program
Vehicles sold by HVF to a third party pursuant to Section 2.5(a) of
the HVF Lease, any non-return incentives payable to HVF under a Manufacturer
Program by such Manufacturer in respect of the sale of such Vehicles outside of
the related Manufacturer Program as of such date, plus (vii) if such date
is during the period from and including a Determination Date to but excluding
the next Payment Date, accrued and unpaid Monthly Base Rent payable on the next
Payment Date with respect to all Eligible Vehicles that are Eligible Program
Vehicles as of such date that were manufactured by such Manufacturer or an
Affiliate thereof and that have not been turned in to and accepted by such
Manufacturer pursuant to its Manufacturer Program, not been delivered and
accepted for Auction pursuant to its Manufacturer Program and not otherwise
been sold or deemed to be sold under the Related Documents.  For the purposes of this definition, an
Affiliate of a Manufacturer shall not include any Person who is included as a
Manufacturer under this Series Supplement.

 

“Manufacturer
Non-Eligible Program Vehicle Amount” means, as of any date of
determination, with respect to any Manufacturer, an amount equal to the portion
of the Manufacturer Non-Eligible Vehicle Amount for such Manufacturer as of
such date allocable to or arising from Non-Eligible Program Vehicles.

 

“Manufacturer
Non-Eligible Vehicle Amount” means, as of any date of determination, with
respect to any Manufacturer, an amount equal to the sum, rounded to the nearest
$100,000, of the following amounts to the extent that such amounts are included
in the definition of “Aggregate Asset Amount” for such date: (i) the Net
Book Value of all Non-Eligible Program Vehicles or Non-Program Vehicles that
are Eligible Vehicles as of such date that were manufactured by such
Manufacturer or an Affiliate thereof and not turned in to and accepted by such
Manufacturer thereof pursuant to its Manufacturer Program, not delivered and
accepted for Auction pursuant to its Manufacturer Program or not otherwise sold
or deemed to be sold under the Related Documents, plus (ii) the aggregate
amount of Manufacturer Receivables (other than Excluded Payments) payable to
HVF or to the Intermediary pursuant to the Master Exchange Agreement, in each
case as of such date by such Manufacturer with respect to Vehicles that were
Eligible Vehicles and Non-Eligible Program Vehicles when turned in to and
accepted by such Manufacturer or delivered and accepted for Auction, plus (iii) with
respect to Eligible Vehicles that were Non-Eligible Program Vehicles that have
been delivered and accepted for Auction pursuant to a Manufacturer Program with
such Manufacturer, all amounts receivable (other than amounts specified in clause
(ii) above) from any Person in connection with the Auction of such
Eligible Vehicles as of such date, plus (iv) with respect to Eligible
Vehicles that were Non-Eligible Program Vehicles or Non-Program Vehicles
manufactured by such Manufacturer or an Affiliate thereof that have been turned
in to and accepted by such Manufacturer, delivered and accepted for Auction,
otherwise sold or become a Casualty, any accrued and unpaid Casualty Payments
or Termination Payments with respect to such Eligible Vehicles as of such date
under the HVF Lease, plus (v) with respect to Eligible Vehicles that were
Non-Eligible 

 

19

 

Program
Vehicles or Non-Program Vehicles manufactured by such Manufacturer or an
Affiliate thereof that have been turned in to and accepted by such
Manufacturer, delivered and accepted for Auction or otherwise sold, any accrued
and unpaid Monthly Base Rent with respect to such Eligible Vehicles as of such
date under the HVF Lease (net of amounts set forth in clauses (ii), (iii) and
(iv) above), plus (vi) if such date is during the period from
and including a Determination Date to but excluding the next Payment Date,
accrued and unpaid Monthly Base Rent payable on the next Payment Date with
respect to all Eligible Vehicles as of such date that are Non-Eligible Program
Vehicles or Non-Program Vehicles manufactured by such Manufacturer or an
Affiliate thereof and that have not been turned in to and accepted by such
Manufacturer thereof pursuant to its Manufacturer Program, not been delivered
and accepted for Auction pursuant to a Manufacturer Program and not otherwise
been sold or deemed to be sold under the Related Documents.  For the purposes of this definition, an
Affiliate of a Manufacturer shall not include any Person who is included as a
Manufacturer under this Series Supplement.

 

“Market
Value Average” means, as of any day on or after the third Determination
Date, the percentage equivalent (not to exceed 100%) of a fraction, the
numerator of which is the average of the Non-Program Fleet Market Value as of
such preceding Determination Date and the two Determination Dates precedent
thereto and the denominator of which is the average of the aggregate Net Book
Value of the Non-Program Vehicles (excluding any Excluded Redesignated Vehicles)
as of such preceding Determination Date and the two Determination Dates
precedent thereto.

 

“Mazda
Amount” means, as of any date of determination, an amount equal to the sum
of the Manufacturer Non-Eligible Vehicle Amount and the Manufacturer Eligible
Program Vehicle Amount, in each case, with respect to Mazda as of such date.

 

“Mercedes
Amount” means, as of any date of determination, an amount equal to the sum
of the Manufacturer Non-Eligible Vehicle Amount and the Manufacturer Eligible
Program Vehicle Amount, in each case, with respect to Mercedes as of such date.

 

“Mitsubishi
Amount” means, as of any date of determination, an amount equal to the sum
of the Manufacturer Non-Eligible Vehicle Amount and the Manufacturer Eligible
Program Vehicle Amount, in each case, with respect to Mitsubishi as of such
date.

 

“Monthly
Total Principal Allocation” means for any Related Month or Series 2010-1
Rapid Amortization Principal Collection Period, the total of (i) all Series 2010-1
Principal Allocations with respect to such Related Month or Series 2010-1
Rapid Amortization Principal Collection Period, as applicable, plus (ii) any
amounts deposited in the Series 2010-1 Collection Account during the Series 2010-1
Controlled Amortization Period after the payment of all required interest
payments pursuant to Section 2.3(h)(iv)(B) of this Series Supplement,
and minus (iii) any amounts deposited in 

 

20

 

the
Series 2010-1 Accrued Interest Account during the Series 2010-1 Rapid
Amortization Period pursuant to Section 2.2(c)(ii) of this Series Supplement.

 

“New
York UCC” has the meaning specified in Section 2.10(a) of
this Series Supplement.

 

“Nissan
Amount” means, as of any date of determination, an amount equal to the sum
of the Manufacturer Non-Eligible Vehicle Amount and the Manufacturer Eligible
Program Vehicle Amount, in each case, with respect to Nissan as of such date.

 

“Non-Eligible
Manufacturer Amount” means, as of any date of determination, an amount
equal to the sum, rounded to the nearest $100,000, of the following amounts to
the extent that such amounts are included in the definition of “Aggregate Asset
Amount” for such date: (i) the Net Book Value of all HVF Vehicles that are
Eligible Vehicles as of such date that were manufactured by Manufacturers other
than Eligible Manufacturers and not turned in to and accepted by the
Manufacturer thereof pursuant to its Manufacturer Program, not delivered and
accepted for Auction pursuant to its Manufacturer Program or not otherwise sold
or deemed to be sold under the Related Documents, plus (ii) the aggregate
amount of Manufacturer Receivables (other than Excluded Payments) payable to
HVF or to the Intermediary pursuant to the Master Exchange Agreement, in each
case as of such date by Manufacturers other than Eligible Manufacturers with
respect to Vehicles that were Eligible Vehicles when turned in to and accepted
by such Manufacturers or delivered and accepted for Auction, plus
(iii) with respect to Eligible Vehicles that have been delivered and
accepted for Auction pursuant to a Manufacturer Program with a Manufacturer
other than an Eligible Manufacturer, all amounts receivable (other than amounts
specified in clause (ii) above) from any Person in connection with
the Auction of such Eligible Vehicles as of such date, plus (iv) with
respect to Eligible Vehicles that were manufactured by Manufacturers other than
Eligible Manufacturers that have been turned in to and accepted by the
Manufacturer thereof, delivered and accepted for Auction, otherwise sold or
become a Casualty, any accrued and unpaid Casualty Payments or Termination
Payments with respect to such Eligible Vehicles as of such date under the HVF
Lease, plus (v) with respect to Eligible Vehicles that were manufactured
by Manufacturers other than Eligible Manufacturers that have been turned in to
and accepted by the Manufacturer thereof, delivered and accepted for Auction or
otherwise sold, any accrued and unpaid Monthly Base Rent with respect to such
Eligible Vehicles as of such date under the HVF Lease (net of amounts set forth
in clauses (ii), (iii) and (iv) above), plus (vi) if
such date is during the period from and including a Determination Date to but
excluding the next Payment Date, accrued and unpaid Monthly Base Rent payable
on the next Payment Date with respect to all Eligible Vehicles as of such date
that were manufactured by Manufacturers other than Eligible Manufacturers and
that have not been turned in to and accepted by the Manufacturer thereof
pursuant to its Manufacturer Program, not been delivered and accepted for
Auction pursuant to its Manufacturer Program and not otherwise been sold or
deemed to be sold under the Related Documents.

 

21

 

“Non-Eligible
Vehicle Amount” means, as of any date of determination, an amount equal to
the sum, rounded to the nearest $100,000, of the following amounts to the
extent that such amounts are included in the definition of “Aggregate Asset
Amount” for such date: (i) the Net Book Value of all Non-Eligible Program
Vehicles and Non-Program Vehicles that are Eligible Vehicles as of such date
and not turned in to and accepted by the Manufacturer thereof pursuant to its
Manufacturer Program, not delivered and accepted for Auction pursuant to its
Manufacturer Program or not otherwise sold or deemed to be sold under the
Related Documents, plus (ii) the aggregate amount of Manufacturer
Receivables (other than Excluded Payments) payable to HVF or to the
Intermediary pursuant to the Master Exchange Agreement, in each case as of such
date by Manufacturers with respect to Vehicles that were Eligible Vehicles and
Non-Eligible Program Vehicles when turned in to and accepted by such
Manufacturers or delivered and accepted for Auction, plus (iii) with
respect to Eligible Vehicles that were Non-Eligible Program Vehicles that have
been delivered and accepted for Auction pursuant to a Manufacturer Program with
a Manufacturer, all amounts receivable (other than amounts specified in clause
(ii) above) from any Person in connection with the Auction of such
Eligible Vehicles as of such date, plus (iv) with respect to Eligible
Vehicles that were Non-Eligible Program Vehicles or Non-Program Vehicles that
have been turned in to and accepted by the Manufacturer thereof, delivered and
accepted for Auction, otherwise sold or become a Casualty, any accrued and
unpaid Casualty Payments or Termination Payments with respect to such Eligible
Vehicles as of such date under the HVF Lease, plus (v) with respect to Eligible
Vehicles that were Non-Eligible Program Vehicles or Non-Program Vehicles that
have been turned in to and accepted by the Manufacturer thereof, delivered and
accepted for Auction or otherwise sold, any accrued and unpaid Monthly Base
Rent with respect to such Eligible Vehicles as of such date under the HVF Lease
(net of amounts set forth in clauses (ii), (iii) and (iv) above),
plus (vi) if such date is during the period from and including a
Determination Date to but excluding the next Payment Date, accrued and unpaid
Monthly Base Rent payable on the next Payment Date with respect to all Eligible
Vehicles as of such date that are Non-Eligible Program Vehicles or Non-Program
Vehicles and that have not been turned in to and accepted by the Manufacturer thereof
pursuant to its Manufacturer Program, not been delivered and accepted for
Auction pursuant to a Manufacturer Program and not otherwise been sold or
deemed to be sold under the Related Documents.

 

“Non-Program
Fleet Market Value” means, with respect to all Non-Program Vehicles
(excluding any Excluded Redesignated Vehicles) as of any date of determination,
the sum of the respective Third-Party Market Values of each such Non-Program
Vehicle.

 

“Non-Program
Vehicle Amount” means, as of any date of determination, an amount equal to
the portion of the Non-Eligible Vehicle Amount as of such date allocable to or
arising from Non-Program Vehicles.

 

“Non-Program
Vehicle Measurement Month Average” means, with respect to any Measurement
Month, the lesser of (a) the percentage equivalent of a fraction, the
numerator of which is the aggregate amounts of Disposition Proceeds paid or 

 

22

 

payable
in respect of all Non-Program Vehicles (other than any Non-Program Vehicles that
are returned to a Manufacturer pursuant to a Manufacturer Program in accordance
with Section 2.5(b) of the HVF Lease) that are sold to third parties,
at auction or otherwise (excluding salvage sales), during such Measurement
Month and the two Measurement Months preceding such Measurement Month and the
denominator of which is the aggregate Net Book Values of such Non-Program
Vehicles on the dates of their respective sales and (b) 100%.

 

“Non-Program
Vehicle Percentage” means, as of any date of determination, the percentage
equivalent of a fraction, the numerator of which is the Non-Program Vehicle
Amount as of such date and the denominator of which is the excess of (A) the
Aggregate Asset Amount over (B) the amount of cash and Permitted
Investments on deposit in the Collection Account and any HVF Exchange Account,
in each case as of such date.

 

“Outstanding”
means with respect to the Series 2010-1 Notes, all Series 2010-1
Notes theretofore authenticated and delivered under the Indenture, except
(a) Series 2010-1 Notes theretofore cancelled or delivered to the
Registrar for cancellation, (b) Series 2010-1 Notes which have not
been presented for payment but funds for the payment of which are on deposit in
the Series 2010-1 Distribution Account and are available for payment of
such Series 2010-1 Notes, and Series 2010-1 Notes which are
considered paid pursuant to Section 8.1 of the Base Indenture, or (c) Series 2010-1
Notes in exchange for or in lieu of other Series 2010-1 Notes which have
been authenticated and delivered pursuant to the Indenture unless proof
satisfactory to the Trustee is presented that any such Series 2010-1 Notes
are held by a purchaser for value.

 

“Past
Due Rent Payment” has the meaning specified in Section 2.2(d) of
this Series Supplement.

 

“QIB”
has the meaning specified in Section 5.1 of this Series Supplement.

 

“Rating
Agencies” means, with respect to the Series 2010-1 Notes, Moody’s and
any other nationally recognized rating agency rating the Series 2010-1
Notes at the request of HVF.

 

“Record
Date” means, with respect to any Payment Date, the last day of the Related
Month.

 

“Redesignated
Vehicle” means any Program Vehicle manufactured by a Manufacturer with
respect to which an Event of Bankruptcy has occurred which has been redesignated
as a Non-Program Vehicle pursuant to Section 18(b) of the HVF Lease
in accordance with Section 2.6 thereof; provided that for the
avoidance of doubt, if a Redesignated Vehicle is subsequently redesignated as a
Program Vehicle pursuant to Section 2.6 of the HVF Lease, such Vehicle
shall no longer constitute a Redesignated Vehicle following such subsequent
redesignation.

 

23

 

“Regulation
S” means Regulation S promulgated under the Securities Act.

 

“Regulation
S Global Notes” has the meaning specified in Section 5.3 of
this Series Supplement.

 

“Required Controlling Class Series 2010-1
Noteholders” means (i) for so long as any Class A Notes are
Outstanding, Class A Noteholders holding more than 50% of the Class A
Principal Amount and (ii) if no Class A Notes are Outstanding, Class B
Noteholders holding more than 50% of the Class B Principal Amount.

 

“Required
Minimum Fleet Equity Amount” has the meaning specified in the Ford Letter
of Credit Facility Agreement.

 

“Required
Noteholders” means, Series 2010-1 Noteholders holding more than 50% of
the Series 2010-1 Principal Amount, excluding any Series 2010-1 Notes
held by HVF or any Affiliate of HVF (other than an Affiliate Issuer so long as
such Affiliate Issuer has assigned all voting, consent, and control rights
associated with such Series 2010-1 Notes to Persons that are not
Affiliates of HVF); provided that any
action pursuant to Section 8.11, Article IX, Section 10.1(h) or
Section 10.2(f) of the Base Indenture that requires the consent of,
or is permissible at the direction of, the Required Noteholders with respect to
the Series 2010-1 Notes pursuant to the Base Indenture shall only be
allowed with the consent of, or at the direction of, the Required Controlling Class Series 2010-1
Noteholders.

 

“Restricted
Global Notes” has the meaning specified in Section 5.2 of this Series Supplement.

 

“Restricted
Notes” means the Restricted Global Notes, and all other Series 2010-1
Notes evidencing the obligations, or any portion of the obligations, initially
evidenced by the Restricted Global Notes, other than certificates transferred
or exchanged upon certification as provided in Article V of this Series Supplement.

 

“Restricted
Period” means, with respect to any Series 2010-1 Notes, the period
commencing on the Series 2010-1 Closing Date and ending on the 40th day
after Series 2010-1 Closing Date.

 

“Rule 144A”
means Rule 144A promulgated under the Securities Act.

 

“Senior
Credit Facilities” means Hertz’s (a) senior secured asset based
revolving loan facility, provided under a credit agreement, dated as of December 21,
2005, among Hertz Equipment Rental Corporation, the Servicer together with
certain of Hertz’s Canadian subsidiaries, the several lenders from time to time
party thereto, Deutsche Bank AG, New York Branch, as administrative agent and
collateral agent, Deutsche Bank AG, Canada Branch, as Canadian agent and
Canadian collateral agent, Lehman Commercial Paper Inc., as syndication agent,
Merrill Lynch & Co., Merrill Lynch, Pierce, Fenner & Smith
Incorporated, as documentation agent (as it may be 

 

24

 

amended,
amended and restated, supplemented or otherwise modified (including as amended
by that certain Amendment to Credit Agreement, dated as of June 30, 2006,
that certain Second Amendment to Credit Agreement, dated as of February 15,
2007, that certain Third Amendment to Credit Agreement, dated as of May 23,
2007 and that certain Fourth Amendment to Credit Agreement, dated as of September 30,
2007)), (b) senior secured term loan facility, provided under a credit
agreement, dated as of December 21, 2005, among Hertz, the several lenders
from time to time party thereto, Deutsche Bank AG, New York Branch, as
administrative agent and collateral agent, Lehman Commercial Paper Inc., as
syndication agent, Merrill Lynch & Co., Merrill Lynch, Pierce, Fenner &
Smith Incorporated, as documentation agent (as it may be amended, amended and
restated, supplemented or otherwise modified (including as amended by that
certain Amendment to Credit Agreement, dated as of June 30, 2006, that
certain Second Amendment to Credit Agreement, dated as of February 9,
2007, that certain Third Amendment to Credit Agreement, dated as of May 23,
2007, and that certain Fourth Amendment to Credit Agreement, dated as of March 31,
2009)), and (c) any successor or replacement credit facility to the senior
secured asset based revolving loan facility or senior secured term loan
facility described in clauses (a) and (b)).

 

“Series 2010-1
Accrued Amounts” means, on any date of determination, the sum of (i) accrued
and unpaid interest on the Series 2010-1 Notes as of such date and (ii) the
product of (A) the Indenture Carrying Charges payable on the next
succeeding Payment Date times (B) the Series 2010-1 Percentage as of
such date of determination.

 

“Series 2010-1
Accrued Interest Account” has the meaning specified in Section 2.1(a) of
this Series Supplement.

 

“Series 2010-1 Adjusted Enhancement Amount” means, as of
any date of determination, the Series 2010-1 Enhancement Amount, excluding
from the calculation thereof the amount available to be drawn under any Series 2010-1
Letter of Credit if at the time of such calculation (A) such Series 2010-1
Letter of Credit shall not be in full force and effect, (B) an Event of
Bankruptcy shall have occurred with respect to the Series 2010-1 Letter of
Credit Provider of such Series 2010-1 Letter of Credit, (C) such Series 2010-1
Letter of Credit Provider shall have repudiated such Series 2010-1 Letter
of Credit or failed to honor a draw thereon made in accordance with the terms
thereof or (D) a Series 2010-1 Downgrade Event shall have occurred
and be continuing for at least 30 days with respect to the Series 2010-1
Letter of Credit Provider of such Series 2010-1 Letter of Credit.

 

“Series 2010-1 Adjusted Liquidity Amount” means, the Series 2010-1
Liquidity Amount, excluding from the calculation thereof the amount available
to be drawn under any Series 2010-1 Letter of Credit if at the time of
such calculation (A) such Series 2010-1 Letter of Credit shall not be
in full force and effect, (B) an Event of Bankruptcy shall have occurred
with respect to the Series 2010-1 Letter of Credit Provider of such Series 2010-1
Letter of Credit, (C) such Series 2010-1 Letter of Credit Provider
shall have repudiated such Series 2010-1 Letter of Credit or failed to
honor a draw thereon made in accordance with the terms thereof or (D) a Series 2010-1

 

25

 

Downgrade
Event shall have occurred and be continuing for at least 30 days with respect
to the Series 2010-1 Letter of Credit Provider of such Series 2010-1
Letter of Credit.

 

“Series 2010-1
Adjusted Principal Amount” means, as of any date of determination, the
excess, if any, of (A) the Series 2010-1 Principal
Amount as of such date over (B) the sum of (1) the amount of cash and
Permitted Investments on deposit in the Series 2010-1 Excess Collection
Account (after giving effect to any withdrawals therefrom on such date pursuant
to Section 2.2(f) of this Series Supplement) and
(2) the amount of cash and Permitted Investments on deposit in the Series 2010-1
Collection Account and available for reduction of the Series 2010-1 Principal Amount, in each case as of such date.

 

“Series 2010-1
Asset Amount” means, as of any date of determination, the product of (i) the
Series 2010-1 Invested Percentage (with respect to Principal Collections) as of such
date and (ii) the Aggregate Asset Amount as of such date.

 

“Series 2010-1 Available Cash Collateral Account Amount” means, as of
any date of determination, with respect to each Series 2010-1
Cash Collateral Account, the amount on deposit in such Series 2010-1
Cash Collateral Account (after giving effect to any deposits thereto and
withdrawals and releases therefrom on such date).

 

“Series 2010-1
Available Reserve Account Amount” means, as of any date of determination,
the amount on deposit in the Series 2010-1 Reserve Account.

 

“Series 2010-1
Cash Collateral Account” has the meaning specified in Section 2.8(f) of
this Series Supplement.

 

“Series 2010-1
Cash Collateral Account Collateral” has the meaning specified in Section 2.8(a) of
this Series Supplement.

 

“Series 2010-1
Cash Collateral Account Interest and Earnings” means, with respect to a Series 2010-1
Cash Collateral Account, all interest and earnings (net of losses and
investment expenses) paid on funds on deposit in such Series 2010-1 Cash
Collateral Account.

 

“Series 2010-1
Cash Collateral Account Percentage” means, as of any date of determination,
the percentage equivalent of a fraction, the numerator of which is the
aggregate Series 2010-1 Available Cash Collateral Account Amount for all Series 2010-1
Cash Collateral Accounts as of such date and the denominator of which is the Series 2010-1
Letter of Credit Liquidity Amount as of such date.

 

“Series 2010-1
Cash Collateral Account Surplus” means, with respect to any Payment Date,
the lesser of (a) the aggregate Series 2010-1 Available Cash
Collateral Account Amount for all Series 2010-1 Cash Collateral Accounts
on such Payment Date and (b) the lesser of (i) the
excess, if any, of the Series 2010-1 Adjusted Enhancement Amount (after
giving effect to any withdrawal from the Series 2010-1 Reserve Account

 

26

 

on
such Payment Date) over the Series 2010-1 Required Enhancement Amount in each
case on such Payment Date and (ii) the
excess, if any, of the Series 2010-1 Adjusted Liquidity Amount over the Series
2010-1 Required Liquidity Amount in each case on such Payment Date.

 

“Series
2010-1 Certificate of Credit Demand” means a certificate in the form of
Annex A to a Series 2010-1 Letter of Credit.

 

“Series
2010-1 Certificate of Termination Demand” means a certificate in the form
of Annex C to a Series 2010-1 Letter of Credit.

 

“Series
2010-1 Certificate of Unpaid Demand Note Demand” means a certificate in the
form of Annex B to Series 2010-1 Letter of Credit.

 

“Series
2010-1 Closing Date” means July 22, 2010.

 

“Series
2010-1 Collateral” means the Collateral, each Series 2010-1 Letter of
Credit, the Series 2010-1 Series Account Collateral, the Series 2010-1 Cash
Collateral Account Collateral, the Series 2010-1 Demand Note, the Series 2010-1
Distribution Account Collateral, and the Series 2010-1 Reserve Account Collateral.

 

“Series
2010-1 Collection Account” has the meaning specified in Section 2.1(a)
of this Series Supplement.

 

“Series
2010-1 Controlled Amortization Period” means the Three-Year Notes
Controlled Amortization Period, the Five-Year Notes Controlled Amortization
Period or the Seven-Year Notes Controlled Amortization Period, as the context
requires.

 

“Series
2010-1 Demand Note” means each demand note made by Hertz, substantially in
the form of Exhibit H to this Series Supplement, as amended, modified or
restated from time to time in accordance with its terms and the terms of this
Series Supplement.

 

“Series
2010-1 Deposit Date” has the meaning specified in Section 2.2 of
this Series Supplement.

 

“Series
2010-1 Deficiency Amount” means, a Class A Deficiency Amount and/or a Class
B Deficiency Amount, as the context may require.

 

“Series
2010-1 Designated Account” has the meaning specified in Section 2.10(a)
of this Series Supplement.

 

“Series
2010-1 Disbursement” shall mean any Series 2010-1 LOC Credit Disbursement,
any Series 2010-1 LOC Termination Disbursement or any Series 2010-1 LOC Unpaid
Demand Note Disbursement under the Series 2010-1 Letters of Credit or any
combination thereof, as the context may require.

 

27

 

“Series
2010-1 Distribution Account” has the meaning specified in Section 2.9(a)
of this Series Supplement.

 

“Series
2010-1 Distribution Account Collateral” has the meaning specified in Section
2.9(d) of this Series Supplement.

 

“Series
2010-1 Downgrade Event” has the meaning specified in Section 2.8(c)
of this Series Supplement.

 

“Series
2010-1 Eligible Letter of Credit Provider” means a person having, at the
time of the issuance of the related Series 2010-1 Letter of Credit, a long-term
senior unsecured debt rating (or the equivalent thereof) of at least “A1” from
Moody’s and a short-term senior unsecured debt rating of at least “P-1” from
Moody’s.

 

“Series
2010-1 Enhancement Amount” means, as of any date of determination, the sum
of (i) the Series 2010-1 Overcollateralization Amount as of such date, (ii) the
Series 2010-1 Letter of Credit Amount as of such date and (iii) the Series
2010-1 Available Reserve Account Amount as of such date (after giving effect to
any deposits thereto and withdrawals and releases therefrom on such date).

 

“Series
2010-1 Enhancement Deficiency” means, on any day, the amount, if any, by
which the Series 2010-1 Adjusted Enhancement Amount as of such day is less than
the Series 2010-1 Required Enhancement Amount as of such day.

 

“Series
2010-1 Excess Collection Account” has the meaning specified in Section
2.1(a) of this Series Supplement.

 

“Series
2010-1 Global Notes” means, collectively, the Class A Global Notes and the
Class B Global Notes.

 

“Series
2010-1 Highest Enhancement Percentage” means, as of any date of
determination, the sum of (a) 33.5% and (b) an
amount equal to 100% minus the lower of (x) the lowest Non-Program Vehicle
Measurement Month Average for any Measurement Month within the preceding 12
calendar months (or such fewer number of months as have elapsed since the
Series 2010-1 Closing Date) and (y) the lowest Market Value Average as of any
Determination Date within the preceding 12 calendar months (or such fewer
number of months as have elapsed since the Series 2010-1 Closing Date).

 

“Series
2010-1 Highest Enhancement Vehicle Percentage” means, as of any date of
determination, the sum of (a) the Non-Program Vehicle Percentage as of such
date and (b) the Bankrupt Manufacturer Vehicle Percentage as of such date.

 

“Series
2010-1 Initial Purchasers” means Deutsche Bank Securities Inc., Credit
Agricole Securities (USA) Inc., Citigroup Global Markets Inc., J.P. Morgan
Securities Inc. and Wells Fargo Securities, LLC.

 

28

 

 “Series 2010-1 Interest Period” means a
period commencing on and including a Payment Date and ending on and including
the day preceding the next succeeding Payment Date; provided, however,
that the initial Series 2010-1 Interest Period shall commence on and include
the Series 2010-1 Closing Date and end on and include August 24, 2010.

 

“Series
2010-1 Intermediate Enhancement Percentage” means, as of any date of
determination, 33.5%.

 

“Series
2010-1 Intermediate Enhancement Vehicle Percentage” means, as of any date
of determination, the excess of (i) 100% over (ii) the sum of (x) the Series
2010-1 Lowest Enhancement Vehicle Percentage as of such date and (y) the Series 2010-1 Highest Enhancement Vehicle Percentage as of
such date.

 

“Series
2010-1 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, the numerator of which shall be equal
to the Series 2010-1 Required Asset Amount, determined (x) during the Series
2010-1 Revolving Period as of the end of the immediately preceding Related
Month (or, until the end of the initial Related Month after the Series 2010-1
Closing Date, on the Series 2010-1 Closing Date), or (y) during the Series
2010-1 Controlled Amortization Period and the Series 2010-1 Rapid Amortization
Period as of the last day of the Series 2010-1 Revolving Period, and the
denominator of which shall be the greater of (I) the Aggregate Asset Amount as
of the end of the immediately preceding Related Month or, until the end of the
initial Related Month after the Series 2010-1 Closing Date, as of the Series
2010-1 Closing Date and (II) as of the same date as in clause (I), the
Aggregate Required Asset Amount;

 

(b)                                 when used with
respect to Interest Collections, the percentage equivalent (which percentage
shall never exceed 100%) of a fraction, the numerator of which shall be the
Series 2010-1 Accrued Amounts on such date of determination, and the
denominator of which shall be the aggregate Accrued Amounts with respect to all
Series of Notes on such date of determination.

 

“Series
2010-1 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 which pursuant to Section 2.2(a), (b) or (c)
of this Series Supplement would have been deposited into the Series 2010-1
Accrued Interest Account if all payments of Monthly Variable Rent required to
have been made under the HVF 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 which pursuant to Section 2.2(a),
(b) or (c) of this Series Supplement have been received for
deposit into the Series 2010-1 Accrued Interest Account from but excluding the
preceding Payment Date to and including such Payment Date.

 

29

 

“Series
2010-1 Lease Payment Deficit” means either a Series 2010-1 Lease Interest
Payment Deficit or a Series 2010-1 Lease Principal Payment Deficit.

 

“Series
2010-1 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 2010-1 Lease Principal Payment Deficit, if any, on the preceding
Payment Date over (y) the amount deposited in the Series 2010-1 Distribution
Account pursuant to Section 2.5(b)(iv) of this Series Supplement on such
preceding Payment Date on account of such Series 2010-1 Lease Principal Payment
Deficit.

 

“Series
2010-1 Lease Principal Payment Deficit” means on any Payment Date the sum
of (a) the Series 2010-1 Monthly Lease Principal Payment Deficit for such
Payment Date and (b) the Series 2010-1 Lease Principal Payment Carryover
Deficit for such Payment Date.

 

“Series
2010-1 Letter of Credit” means an irrevocable letter of credit,
substantially in the form of Exhibit B to this Series Supplement, issued
by a Series 2010-1 Eligible Letter of Credit Provider in favor of the Trustee
for the benefit of the Series 2010-1 Noteholders; provided that any
Series 2010-1 Letter of Credit issued after the Series 2010-1 Closing Date that
is not in a form substantially similar to a Series 2010-1 Letter of Credit in
effect on the Series 2010-1 Closing Date shall be subject to satisfaction of
the Series 2010-1 Rating Agency Condition.

 

“Series
2010-1 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 on such
date under all Series 2010-1 Letters of Credit, as specified therein, and (ii)
if any Series 2010-1 Cash Collateral Account has been established and funded
pursuant to Section 2.8 of this Series Supplement, the aggregate Series
2010-1 Available Cash Collateral Account Amount for all such Series 2010-1 Cash
Collateral Accounts on such date and (b) the outstanding principal amount of
the Series 2010-1 Demand Note on such date.

 

“Series
2010-1 Letter of Credit Expiration Date” means, with respect to any Series
2010-1 Letter of Credit, the expiration date set forth in such Series 2010-1
Letter of Credit, as such date may be extended in accordance with the terms of
such Series 2010-1 Letter of Credit.

 

“Series
2010-1 Letter of Credit Liquidity Amount” means, as of any date of
determination, the sum of (a) the aggregate amount available to be drawn on
such date under each Series 2010-1 Letter of Credit, as specified therein, and
(b) if any Series 2010-1 Cash Collateral Account has been established and
funded pursuant to Section 2.8 of this Series Supplement, the aggregate
Series 2010-1 Available Cash Collateral Account Amount for all such Series
2010-1 Cash Collateral Accounts on such date.

 

“Series
2010-1 Letter of Credit Provider” means the issuer of a Series 2010-1
Letter of Credit.

 

30

 

“Series
2010-1 Letter of Credit Reimbursement Agreement” means any and each
reimbursement agreement providing for the reimbursement of a Series 2010-1
Letter of Credit Provider for draws under its Series 2010-1 Letter of Credit,
as the same may be amended, restated, modified or supplemented from time to
time in accordance with its terms.

 

“Series
2010-1 Limited Liquidation Event of Default” means, so long as such event
or condition continues, any event or condition of the type specified in clauses
(a) through (g) of Article III of this Series Supplement
continues for thirty (30) days (without double counting the cure period, if
any, provided therein); provided however, that if (i) within
such thirty (30) day period, such Amortization Event with respect to the Series
2010-1 Notes has been cured and (ii) the Trustee has received from the Required
Noteholders with respect to the Series 2010-1 Notes a waiver of the occurrence
of such Series 2010-1 Limited Liquidation Event of Default, then such event or
condition shall no longer constitute a Series 2010-1 Limited Liquidation Event
of Default.

 

“Series
2010-1 Liquidity Amount” means, as of any date of determination, the sum of
(a) the Series 2010-1 Letter of Credit Liquidity Amount on such date and (b)
the Series 2010-1 Available Reserve Account Amount on such date (after giving
effect to any deposits thereto on such date).

 

 “Series
2010-1 Liquidity Deficiency” means, as of any date of determination, the
amount, if any, by which the Series 2010-1 Adjusted Liquidity Amount is less
than the Series 2010-1 Required Liquidity Amount,  in each case as of such date.

 

 “Series 2010-1 LOC Credit Disbursement”
means an amount drawn under a Series 2010-1 Letter of Credit pursuant to a
Series 2010-1 Certificate of Credit Demand.

 

 “Series 2010-1 LOC Termination Disbursement”
means an amount drawn under a Series 2010-1 Letter of Credit pursuant to a
Series 2010-1 Certificate of Termination Demand.

 

“Series
2010-1 LOC Unpaid Demand Note Disbursement” means an amount drawn under a
Series 2010-1 Letter of Credit pursuant to a Series 2010-1 Certificate of
Unpaid Demand Note Demand.

 

 “Series 2010-1 Lowest Enhancement
Percentage” means, with respect to any date of determination, 25.0%.

 

 “Series 2010-1 Lowest Enhancement Vehicle
Percentage” means, as of any date of determination, the sum of (a) the
Category 1 Manufacturer Eligible Program Vehicle Percentage as of such date
plus (b) the Category 1 Manufacturer Non-Eligible Program Vehicle Percentage as
of such date plus (c) the Capped Category 2 Manufacturer Program Vehicle
Percentage as of such date.

 

31

 

“Series
2010-1 Maximum Aggregate BMW/Lexus/Mercedes/Audi Amount” means, as of any
day, an amount equal to 12% of the Adjusted Aggregate Asset Amount on such day.

 

“Series
2010-1 Maximum Aggregate Kia/Subaru/Hyundai Amount” means, as of any day,
an amount equal to 35% of the Adjusted Aggregate Asset Amount on such day.

 

“Series
2010-1 Maximum Audi Amount” means, as of any day, an amount equal to 5% of
the Adjusted Aggregate Asset Amount on such day.

 

“Series
2010-1 Maximum BMW Amount” means, as of any day, an amount equal to 5% of
the Adjusted Aggregate Asset Amount on such day.

 

“Series
2010-1 Maximum Chrysler Amount” means, as of any day, an amount equal to
70% of the Adjusted Aggregate Asset Amount on such day.

 

“Series
2010-1 Maximum Ford Amount” means, as of any day, an amount equal to 70% of
the Adjusted Aggregate Asset Amount on such day.

 

“Series
2010-1 Maximum GM Amount” means, as of any day, an amount equal to 70% of
the Adjusted Aggregate Asset Amount on such day.

 

“Series
2010-1 Maximum Honda Amount” means, as of any day, an amount equal to 70% of
the Adjusted Aggregate Asset Amount on such day.

 

“Series
2010-1 Maximum HVF Service Vehicle Amount” means, as of any day, an amount
equal to 2% of the Adjusted Aggregate Asset Amount on such day.

 

“Series
2010-1 Maximum Hyundai Amount” means, as of any day, an amount equal to 13%
of the Adjusted Aggregate Asset Amount on such day.

 

 “Series 2010-1 Maximum Jaguar Amount”
means, as of any day, an amount equal to 5% of the Adjusted Aggregate Asset
Amount on such day.

 

“Series
2010-1 Maximum Kia Amount” means, as of any day, an amount equal to 20% of
the Adjusted Aggregate Asset Amount on such day.

 

“Series
2010-1 Maximum Land Rover Amount” means, as of any day, an amount equal to
5% of the Adjusted Aggregate Asset Amount on such day.

 

“Series
2010-1 Maximum Lexus Amount” means, as of any day, an amount equal to 5% of
the Adjusted Aggregate Asset Amount on such day.

 

“Series
2010-1 Maximum Manufacturer Non-Eligible Vehicle Amount” means, as of any
day, (x) with respect to Toyota, an amount equal to 50% of the Non-

 

32

 

Eligible
Vehicle Amount and (y) with respect to any other Manufacturer, an amount equal
to 40% of the Non-Eligible Vehicle Amount.

 

“Series
2010-1 Maximum Mazda Amount” means, as of any day, an amount equal to 20%
of the Adjusted Aggregate Asset Amount on such day.

 

“Series
2010-1 Maximum Mercedes Amount” means, as of any day, an amount equal to 5%
of the Adjusted Aggregate Asset Amount on such day.

 

“Series
2010-1 Maximum Mitsubishi Amount” means, as of any day, an amount equal to
10% of the Adjusted Aggregate Asset Amount on such day.

 

“Series
2010-1 Maximum Nissan Amount” means, as of any day, an amount equal to 20%
of the Adjusted Aggregate Asset Amount on such day.

 

“Series
2010-1 Maximum Non-Eligible Manufacturer Amount” means, as of any day, an
amount equal to 5% of the Adjusted Aggregate Asset Amount on such day.

 

“Series
2010-1 Maximum Non-Eligible Vehicle Amount” means, as of any day, an amount
equal to 100% of the Adjusted Aggregate Asset Amount.

 

“Series
2010-1 Maximum Subaru Amount” means, as of any day, an amount equal to 5%
of the Adjusted Aggregate Asset Amount on such day.

 

“Series
2010-1 Maximum Suzuki Amount” means, as of any day, an amount equal to 5%
of the Adjusted Aggregate Asset Amount on such day.

 

“Series
2010-1 Maximum Toyota Amount” means, as of any day, an amount equal to 70%
of the Adjusted Aggregate Asset Amount on such day.

 

“Series
2010-1 Maximum Volkswagen Amount” means, as of any day, an amount equal to
10% of the Adjusted Aggregate Asset Amount on such day.

 

“Series
2010-1 Maximum Volvo Amount” means, as of any day, an amount equal to 5% of
the Adjusted Aggregate Asset Amount on such day.

 

“Series
2010-1 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 which pursuant to Section 2.2(a), (b) or (c)
of this Series Supplement would have been deposited into the Series 2010-1
Collection Account if all payments required to have been made under the HVF
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 which pursuant to Section 2.2(a), (b) or (c)
of this Series Supplement have been received for deposit into the Series 2010-1
Collection Account (without giving effect to any amounts deposited into the
Series 2010-1 Accrued Interest Account pursuant to the proviso in Section
2.2(c)(ii) of this Series 

 

33

 

Supplement)
from but excluding the preceding Payment Date to and including such Payment
Date.

 

“Series
2010-1 Note Rate” means the Class A-1 Note Rate, the Class A-2 Note Rate,
the Class A-3 Note Rate, the Class B-1 Note Rate, the Class B-2 Note Rate
and/or the Class B-3 Note Rate, as the context may require.

 

“Series
2010-1 Noteholders” means collectively, the Class A Noteholders and the
Class B Noteholders.

 

“Series
2010-1 Notes” means collectively, the Class A Notes and the Class B Notes.

 

“Series
2010-1 Note Owner” means any Class A Note Owner or any Class B Note Owner.

 

“Series
2010-1 Notice of Reduction” means a notice in the form of Annex E to a
Series 2010-1 Letter of Credit.

 

“Series
2010-1 Overcollateralization Amount” means, as of any date of
determination, (i) on which no Aggregate Asset Amount Deficiency exists, the
Series 2010-1 Required Overcollateralization Amount as of such date or (ii) on
which an Aggregate Asset Amount Deficiency exists, the excess, if any, of the
Series 2010-1 Asset Amount over the Series 2010-1 Adjusted Principal Amount as
of such date.

 

“Series
2010-1 Past Due Rent Payment” has the meaning specified in Section
2.2(d) of this Series Supplement.

 

“Series
2010-1 Percentage” means, as of any date of determination, a fraction,
expressed as a percentage, the numerator of which is the Series 2010-1
Principal Amount as of such date and the denominator of which is the Aggregate
Principal Amount as of such date.

 

“Series
2010-1 Principal Allocation” has the meaning specified in Section 2.2
(a)(ii) of this Series Supplement.

 

“Series
2010-1 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
2010-1 Principal Deficit Amount” means, on any date of determination, the
excess, if any, of (a) the Series 2010-1 Adjusted Principal Amount on such date
(after giving effect to the distribution of the Monthly Total Principal
Allocation for the Related Month or, during the Series 2010-1 Rapid
Amortization Period, the related Series 2010-1 Rapid Amortization Principal
Collection Period) over (b) the Series 2010-1 Asset Amount on such date.

 

34

 

“Series
2010-1 Pro Rata Share” means, with respect to any Series 2010-1 Letter of
Credit Provider, as of any date, the fraction (expressed as a percentage)
obtained by dividing (A) the available amount under such Series 2010-1 Letter
of Credit Provider’s Series 2010-1 Letter of Credit as of such date by (B) an
amount equal to the aggregate available amount under all Series 2010-1 Letters
of Credit, as of such date; provided, that if such Series 2010-1 Letter
of Credit Provider has not complied with its obligation to pay the Trustee the
amount of any draw under its Series 2010-1 Letter of Credit made prior to such
date, the available amount under such Series 2010-1 Letter of Credit Provider’s
Series 2010-1 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 2010-1 Letter of Credit Provider has paid such amount to the
Trustee and been reimbursed by the Lessee for such amount (provided that the
foregoing calculation shall not in any manner reduce a Series 2010-1 Letter of
Credit Provider’s actual liability in respect of any failure to pay any demand
under its Series 2010-1 Letter of Credit).

 

“Series
2010-1 Purchase Agreement” means that certain purchase agreement, dated
July 16, 2010, among HVF, Hertz and Deutsche Bank Securities Inc. and Credit Agricole Securities (USA) Inc., as
representatives of the several Series 2010-1 Initial Purchasers.

 

“Series
2010-1 Rapid Amortization Period” means the period beginning at 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 2010-1
Notes and ending upon the earlier to occur of (i) the date on which the Series
2010-1 Notes are paid in full and (ii) the termination of the Indenture.

 

“Series
2010-1 Rapid Amortization Principal Collection Period” means, with respect
to any Payment Date during the Series 2010-1 Rapid Amortization Period, the
period from but excluding the Determination Date immediately preceding the
prior Payment Date (or, in the case of the first Payment Date during the Series
2010-1 Rapid Amortization Period, the period from and including the date of the
commencement of such Series 2010-1 Rapid Amortization Period) to and including
the Determination Date immediately preceding such Payment Date; provided
that any Monthly Base Rent paid by the Lessee under the HVF Lease on a Payment
Date during the Series 2010-1 Rapid Amortization Period shall be deemed to have
been received during the Series 2010-1 Rapid Amortization Principal Collection
Period with respect to such Payment Date.

 

“Series
2010-1 Rating Agency Condition” means, with respect to the Series 2010-1
Notes and any action, including the issuance of an additional Series of Notes,
that each Rating Agency then rating the Series 2010-1 Notes shall have notified
HVF and the Trustee in writing that such action will not result in a reduction
or withdrawal of its then-current ratings
of the Series 2010-1 Notes.

 

35

 

 “Series 2010-1 Required Asset Amount”
means, as of any date of determination, the sum of (i) the Series 2010-1
Adjusted Principal Amount as of such date and (ii) the Series 2010-1 Required
Overcollateralization Amount as of such date.

 

“Series
2010-1 Required Asset Amount Percentage” means, as of any date of
determination, the percentage equivalent of a fraction, the numerator of which
is the Series 2010-1 Required Asset Amount and the denominator of which is the
Aggregate Required Asset Amount, in
each case as of such date.

 

“Series
2010-1 Required Enhancement Amount” means, as of any date of determination,
the sum of (i) the product of (x) the Series 2010-1 Required Enhancement
Percentage as of such date and (y) the Series 2010-1 Adjusted Principal Amount
as of such date and (ii) the Series 2010-1 Required Incremental Enhancement
Amount as of such date; provided, however, that, as of any date
of determination after the occurrence of a Series 2010-1 Limited Liquidation
Event of Default, the Series 2010-1 Required Enhancement Amount shall equal the
lesser of (x) the Series 2010-1 Adjusted Principal Amount as of such date and (y)
the sum of (l) the product of the Series 2010-1 Required Enhancement Percentage
as of such date of determination and the Series 2010-1 Adjusted Principal
Amount as of the date of the occurrence of such Series 2010-1 Limited
Liquidation Event of Default and (2) the Series 2010-1 Required Incremental
Enhancement Amount as of such date of determination.

 

“Series
2010-1 Required Enhancement Percentage” means, as of any date of
determination, the sum of (i) the product of (A) the Series 2010-1 Lowest
Enhancement Percentage as of such date and (B) the Series
2010-1 Lowest Enhancement Vehicle Percentage as of such date and (ii) the
product of (A) the Series 2010-1 Intermediate Enhancement Percentage as of such
date and (B) the Series 2010-1
Intermediate Enhancement Vehicle Percentage as of such date and (iii) the
product of (A) the Series 2010-1 Highest Enhancement Percentage as of such date
and (B) the Series 2010-1
Highest Enhancement Vehicle Percentage as of such date.

 

“Series
2010-1 Required Incremental Enhancement Amount” means

 

(i)                                     as of the
Series 2010-1 Closing Date, $0; and

 

(ii)                                  as of any date
thereafter on which the Series 2010-1 Adjusted Principal Amount is greater than
zero, the product of (A) the Series 2010-1 Required Asset Amount Percentage as
of the immediately preceding Business Day and (B) the sum of (1) the excess, if
any, of the Non-Eligible Vehicle Amount (excluding from the calculation
thereof, to the extent that an Event of Bankruptcy has occurred with respect to
any of Ford, Nissan, GM, Kia, Chrysler, Toyota and Honda, the Net Book Value of
the HVF Vehicles (other than Non-Program Vehicles manufactured by any such
Manufacturer as of the date of the occurrence of such Event of Bankruptcy)
manufactured by each such Manufacturer for which an Event of Bankruptcy has
occurred and any amounts related to such HVF Vehicles due from such
Manufacturer) over the Series 2010-1 Maximum Non-Eligible Vehicle Amount as of
such immediately preceding

 

36

 

Business
Day, (2) the excess, if any, of the Hyundai Amount over the Series 2010-1
Maximum Hyundai Amount as of such immediately preceding Business Day, (3) the
excess, if any, of the Jaguar Amount over the Series 2010-1 Maximum Jaguar
Amount as of such immediately preceding Business Day, (4) the excess, if
any, of the Kia Amount over the Series 2010-1 Maximum Kia Amount as of
such immediately preceding Business Day, (5) the excess, if any, of the
Land Rover Amount over the Series 2010-1 Maximum Land Rover Amount as of
such immediately preceding Business Day, (6) the excess, if any, of the
Mazda Amount over the Series 2010-1 Maximum Mazda Amount as of such
immediately preceding Business Day, (7) the excess, if any, of the
Mitsubishi Amount over the Series 2010-1 Maximum Mitsubishi Amount as of
such immediately preceding Business Day, (8) the excess, if any, of the
Subaru Amount over the Series 2010-1 Maximum Subaru Amount as of such
immediately preceding Business Day, (9) the excess, if any, of the Suzuki
Amount over the Series 2010-1 Maximum Suzuki Amount as of such immediately
preceding Business Day, (10) the excess, if any, of the Volvo Amount over
the Series 2010-1 Maximum Volvo Amount as of such immediately preceding
Business Day, (11) the excess, if any, of the Non-Eligible Manufacturer Amount
over the Series 2010-1 Maximum Non-Eligible Manufacturer Amount as of such
immediately preceding Business Day, (12) the excess, if any, of the
Manufacturer Non-Eligible Vehicle Amount with respect to any Manufacturer
(excluding from the calculation thereof, to the extent that an Event of
Bankruptcy has occurred with respect to any of Ford, Nissan, GM, Kia, Chrysler,
Toyota and Honda, the Net Book Value of the HVF Vehicles (other than
Non-Program Vehicles manufactured by any such Manufacturer as of the date of
the occurrence of such Event of Bankruptcy) manufactured by each such
Manufacturer for which an Event of Bankruptcy has occurred and any amounts
related to such HVF Vehicles due from such Manufacturer) over the Series 2010-1
Maximum Manufacturer Non-Eligible Vehicle Amount for such Manufacturer as of
such immediately preceding Business Day, (13) the excess, if any, of the Audi Amount over the Series 2010-1 Maximum Audi Amount as
of such immediately preceding Business Day, (14) the excess, if any, of the BMW Amount over the Series 2010-1 Maximum BMW Amount as of
such immediately preceding Business Day, (15) the excess, if any, of the Ford Amount over the Series 2010-1 Maximum Ford Amount as
of such immediately preceding Business Day, (16) the excess, if any, of the Honda Amount over the Series 2010-1 Maximum Honda Amount
as of such immediately preceding Business Day (17) the excess, if any, of the Lexus Amount over the Series 2010-1 Maximum Lexus Amount
as of such immediately preceding Business Day, (18) the excess, if any, of the GM Amount over the Series 2010-1 Maximum GM Amount as of
such immediately preceding Business Day, (19) the excess, if any, of the Mercedes Amount over the Series 2010-1 Maximum Mercedes
Amount as of such immediately preceding Business Day, (20) the excess, if any, of the Chrysler Amount over the Series 2010-1 Maximum Chrysler
Amount as of such immediately preceding Business Day (21) the excess, if any, of the Nissan Amount over the Series 2010-1 Maximum Nissan Amount
as of such immediately preceding Business Day, (22) the excess, if any, of the Toyota Amount over the Series 2010-1 Maximum Toyota Amount
as of such immediately preceding Business Day, (23) the excess, if any, of the Volkswagen Amount over the Series 2010-1 Maximum
Volkswagen Amount as of such immediately preceding 

 

37

 

Business
Day, (24) the excess, if any, of the
Aggregate BMW/Lexus/Mercedes/Audi Amount over the Series 2010-1 Maximum
Aggregate BMW/Lexus/Mercedes/Audi Amount as of such immediately preceding
Business Day, (25) the excess, if any, of the
Aggregate Kia/Subaru/Hyundai Amount over the Series 2010-1 Maximum
Aggregate Kia/Subaru/Hyundai Amount as of such immediately preceding Business
Day, and (26) the excess, if any, of the HVF
Service Vehicle Amount over the Series 2010-1 Maximum HVF Service Vehicle
Amount as of such immediately preceding Business Day.  The Manufacturer Non-Eligible Vehicle Amounts
with respect to Ford, Volvo and Mazda shall be calculated on an aggregate basis
so that they will be considered as one Manufacturer for the purpose of the
calculation of the Series 2010-1 Maximum Manufacturer Non-Eligible Vehicle
Amount for so long as each of Volvo and Mazda is an affiliate of Ford.

 

“Series 2010-1
Required Liquidity Amount” means, as of any date of determination, an
amount equal to the product of (i) 2.75%
and (ii) the Series 2010-1 Adjusted Principal Amount as of
such date.

 

“Series 2010-1
Required Overcollateralization Amount” means, as of any date of
determination, the excess, if any, of (a) the Series 2010-1 Required
Enhancement Amount as of such date over (b) the sum of (i) the Series 2010-1
Available Reserve Account Amount as of such date (after giving effect to any
deposits thereto and withdrawals and releases therefrom on such date), and (ii) the
Series 2010-1 Letter of Credit Amount as of such date.

 

“Series 2010-1
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 the Series 2010-1 Required Liquidity Amount over the Series 2010-1
Letter of Credit Liquidity Amount, in each case as of such date, excluding from
the calculation thereof the amount available to be drawn under any Series 2010-1
Letter of Credit if at the time of such calculation (A) such Series 2010-1
Letter of Credit will not be in full force and effect, (B) an Event of
Bankruptcy shall have occurred with respect to the Series 2010-1 Letter of
Credit Provider of such Series 2010-1 Letter of Credit, (C) such Series 2010-1
Letter of Credit Provider shall have repudiated such Series 2010-1 Letter
of Credit or failed to honor a draw thereon made in accordance with the terms
thereof or (D) a Series 2010-1 Downgrade Event shall have occurred
and be continuing for at least 30 days with respect to the Series 2010-1
Letter of Credit Provider of such Series 2010-1 Letter of Credit and (b) the excess, if any, of the Series 2010-1 Required
Enhancement Amount over the Series 2010-1 Adjusted Enhancement Amount
(excluding therefrom the Series 2010-1 Available Reserve Account Amount),
in each case, as of such date.

 

“Series 2010-1
Reserve Account” has the meaning specified in Section 2.7(a) of
this Series Supplement.

 

“Series 2010-1
Reserve Account Collateral” has the meaning specified in Section 2.7(d) of
this Series Supplement.

 

38

 

“Series 2010-1
Reserve Account Surplus” means, with respect to any date of determination,
the excess, if any, of the Series 2010-1 Available Reserve Account Amount
(after giving effect to any deposits thereto and withdrawals and releases
therefrom on such date) over the Series 2010-1 Required Reserve Account
Amount, in each case as of such date.

 

“Series 2010-1
Revolving Period” means the period from and including the Series 2010-1
Closing Date to the earlier of (i) the commencement of the Series 2010-1
Rapid Amortization Period and (ii) the commencement of the Seven-Year
Notes Controlled Amortization Period; provided that during each of the
Three-Year Notes Controlled Amortization Period and the Five-Year Notes
Controlled Amortization Period, the Series 2010-1 Revolving Period shall
be suspended.

 

“Series 2010-1
Series Account Collateral” has the meaning specified in Section 2.1(d) of
this Series Supplement.

 

“Series 2010-1
Series Accounts” has the meaning specified in Section 2.1(a) of
this Series Supplement.

 

“Series 2010-1 Total Monthly Interest”
means, for any Payment Date, the sum of (a) the Class A Total Monthly
Interest and (b) the Class B Total Monthly Interest, in each case for
such Payment Date.

 

“Series Supplement”
has the meaning set forth in the preamble.

 

“Servicer
Event of Default” means the occurrence of an event that results in amounts
outstanding under the Servicer’s Senior Credit Facilities becoming immediately
due and payable and that has not been waived by the lenders under such
facilities.

 

“Seven-Year
Notes” means collectively, the Class A-3 Notes and the Class B-3
Notes.

 

“Seven-Year
Notes Controlled Amortization Period” means the period commencing at the
close of business on July 31, 2017 (or, if such
day is not a Business Day, the Business Day immediately preceding such day) and
continuing to the earlier of (i) the commencement of the Series 2010-1
Rapid Amortization Period and (ii) the date on which the Seven-Year Notes
are paid in full.

 

“Seven-Year
Notes Expected Final Payment Date” means the February 2018 Payment
Date.

 

“Seven-Year
Notes Legal Final Payment Date” means the February 2019 Payment Date.

 

39

 

“Subaru
Amount” means, as of any date of determination, an amount equal to the sum
of the Manufacturer Non-Eligible Vehicle Amount and Manufacturer Eligible
Program Vehicle Amount, in each case, with respect to Subaru as of such date.

 

“Suzuki
Amount” means, as of any date of determination, an amount equal to the sum
of the Manufacturer Non-Eligible Vehicle Amount and Manufacturer Eligible
Program Vehicle Amount, in each case, with respect to Suzuki as of such date.

 

“Third-Party
Market Value” means, with respect to any HVF Vehicle as of any date of
determination, the market value of such HVF Vehicle as specified in the Related
Month’s published NADA Guide for the model class and model year of such HVF
Vehicle based on the average equipment and the average mileage of each HVF
Vehicle of such model class and model year; provided, that if the NADA
Guide was not published in the Related Month or the NADA Guide is being
published but such HVF Vehicle is not included therein, the Third-Party Market
Value of such HVF Vehicle shall be based on the market value specified in the
Finance Guide for the model class and model year of such HVF Vehicle based on
the average equipment and the average mileage of each HVF Vehicle of such model
class and model year; provided, further, that if the Finance
Guide is being published but such HVF Vehicle is not included therein, the
Third-Party Market Value of such HVF Vehicle shall mean the Net Book Value of
such HVF Vehicle; provided, further, that if the Finance Guide
was not published in the Related Month, the Third-Party Market Value of such
HVF Vehicle shall be based on an independent third-party data source selected
by the Servicer, subject to satisfaction of the Series 2010-1 Rating
Agency Condition, at the request of HVF based on the average equipment and
average mileage of each HVF Vehicle of such model class and model year; provided,
further, that if no such third-party data source or methodology shall
have been so approved or any such third-party source or methodology is not
available, the Third-Party Market Value of such HVF Vehicle shall be equal to a
reasonable estimate of the wholesale market value of such Vehicle as determined
by the Servicer, based on the Net Book Value of such HVF Vehicle and any other
factors deemed relevant by the Servicer.

 

“Three-Year
Notes” means collectively, the Class A-1 Notes and the Class B-1
Notes.

 

“Three-Year
Notes Controlled Amortization Period” means the period commencing at the
close of business on July 31, 2013 (or, if such
day is not a Business Day, the Business Day immediately preceding such day) and
continuing to the earlier of (i) the commencement of the Series 2010-1
Rapid Amortization Period and (ii) the date on which the Three-Year Notes
are paid in full.

 

“Three-Year
Notes Expected Final Payment Date” means the February 2014 Payment
Date.

 

“Three-Year
Notes Legal Final Payment Date” means the February 2015 Payment Date.

 

40

 

“Toyota
Amount” means, as of any date of determination, an amount equal to the sum
of the Manufacturer Non-Eligible Vehicle Amount and Manufacturer Eligible
Program Vehicle Amount, in each case, with respect to Toyota as of such date.

 

“Unrestricted
Global Notes” has the meaning specified in Section 5.4(d) of
this Series Supplement.

 

“Volkswagen
Amount” means, as of any date of determination, an amount equal to the sum
of the Manufacturer Non-Eligible Vehicle Amount and the Manufacturer Eligible
Program Vehicle Amount, in each case, with respect to Volkswagen as of such
date.

 

“Volvo
Amount” means, as of any date of determination, an amount equal to the sum
of the Manufacturer Non-Eligible Vehicle Amount and the Manufacturer Eligible
Program Vehicle Amount, in each case, with respect to Volvo as of such date.

 

ARTICLE II

 

SERIES 2010-1 ALLOCATIONS

 

With
respect to the Series 2010-1 Notes only, the following shall apply:

 

Section 2.1.            Series 2010-1 Series Accounts.

 

(a)           Establishment of Series 2010-1 Series Accounts.  HVF shall
establish and maintain in the name of the Trustee for the benefit
of the Series 2010-1 Noteholders three accounts: the Series 2010-1
Collection Account (such account, the “Series 2010-1 Collection Account”),
the Series 2010-1 Accrued Interest Account (such account, the “Series 2010-1
Accrued Interest Account”) and the Series 2010-1 Excess Collection
Account (such account, the “Series 2010-1 Excess Collection Account”
and, together with the Series 2010-1 Collection Account and the Series 2010-1
Accrued Interest Account, the “Series 2010-1 Series Accounts”).  Each Series 2010-1 Series Account
shall bear a designation clearly indicating that the funds deposited therein
are held for the benefit of the Series 2010-1 Noteholders.  Each Series 2010-1 Series Account
shall be an Eligible Deposit Account.  If
a Series 2010-1 Series Account is at any time no longer an Eligible
Deposit Account, HVF shall, within 10 Business Days of obtaining knowledge that
such Series 2010-1 Series Account is no longer an Eligible Deposit
Account, establish a new Series 2010-1 Series Account that is an
Eligible Deposit Account.  If a new Series 2010-1
Series Account is established, HVF shall instruct the Trustee in writing
to transfer all cash and investments from the non-qualifying Series 2010-1
Series Account into the new Series 2010-1 Series Account.  Initially, each of the Series 2010-1 Series Accounts
will be established with BNY.

 

(b)           Administration of the Series 2010-1 Series Accounts.  HVF may instruct (by standing instructions or
otherwise) the institution maintaining each of the Series 2010-1 Series Accounts
to invest funds on deposit in such Series 2010-1 Series 

 

41

 

Account from time to time in
Permitted Investments; provided, however, that (x) any such
investment in the Series 2010-1 Excess 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 Series 2010-1 Excess
Collection Account) and (y) any such investment in the Series 2010-1
Collection Account or the Series 2010-1 Accrued Interest Account shall
mature not later than the Business Day prior to the first Payment Date
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 Series 2010-1 Collection Account or Series 2010-1 Accrued
Interest Account), unless 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 or prior to such Payment Date.  HVF 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. 
In the absence of written investment instructions hereunder, funds on
deposit in the Series 2010-1 Series Accounts shall remain uninvested.

 

(c)           Earnings from Series 2010-1 Series Accounts.  All interest and earnings (net of losses and
investment expenses) paid on funds on deposit in the Series 2010-1 Series Accounts
shall be deemed to be on deposit therein and available for distribution.

 

(d)           Series 2010-1 Series Accounts Constitute
Additional Collateral for Series 2010-1 Notes.  In order to secure and provide for the
repayment and payment of the Note Obligations with respect to the Series 2010-1
Notes, HVF hereby grants a security interest in and assigns, pledges, grants,
transfers and sets over to the Trustee, for the benefit of the Series 2010-1
Noteholders, all of HVF’s right, title and interest in and to the following
(whether now or hereafter existing or acquired):  (i) the Series 2010-1 Series Accounts,
including any security entitlement thereto; (ii) all funds on deposit
therein from time to time; (iii) all certificates and instruments, if any,
representing or evidencing any or all of the Series 2010-1 Series Accounts
or the funds on deposit therein from time to time; (iv) all investments
made at any time and from time to time with monies in the Series 2010-1 Series Accounts,
whether constituting securities, instruments, general intangibles, investment
property, financial assets or other property; (v) all interest, dividends,
cash, instruments and other property from time to time received, receivable or
otherwise distributed in respect of or in exchange for the Series 2010-1 Series Accounts,
the funds on deposit therein from time to time or the investments made with
such funds; and (vi) all proceeds of any and all of the foregoing,
including cash (the items in the foregoing clauses (i) through (vi) are
referred to, collectively, as the “Series 2010-1 Series Account
Collateral”).

 

Section 2.2.            Allocations with Respect to the Series 2010-1
Notes.  The net proceeds from the
initial sale of the Series 2010-1 Notes shall be deposited into the Series 2010-1 Excess
Collection Account on the Series 2010-1 Closing Date and shall be applied pursuant to Section 2.2(f) of
this Series Supplement.   On each 

 

42

 

Business Day on which Collections
are deposited into the Collection Account (each such date, a “Series 2010-1
Deposit Date”), the Administrator will direct the Trustee in writing
pursuant to the Administration Agreement to apply from all amounts deposited
into the Collection Account in accordance with the provisions of this Section 2.2:

 

(a)           Allocations of Collections During the Series 2010-1
Revolving Period.  During the Series 2010-1
Revolving Period, the Administrator will direct the Trustee in writing pursuant
to the Administration Agreement, prior to 1:00 p.m. (New York City time)
on each Series 2010-1 Deposit Date, to apply from all amounts deposited
into the Collection Account as set forth below:

 

(i)            allocate to and deposit in the Series 2010-1
Collection Account an amount equal to the Series 2010-1 Invested
Percentage (as of such day) of the aggregate amount of Interest Collections on
such day and.  All such amounts deposited
into the Series 2010-1 Collection Account shall thereafter be deposited
into the Series 2010-1 Accrued Interest Account; and

 

(ii)           allocate to and deposit in the Series 2010-1 Excess
Collection Account an amount equal to the Series 2010-1 Invested
Percentage (as of such day) of the aggregate amount of Principal Collections on
such day (for any such day, the “Series 2010-1 Principal Allocation”).

 

(b)           Allocations of Collections During any Series 2010-1
Controlled Amortization Period. 
During any Series 2010-1 Controlled Amortization Period with
respect to any Class of Series 2010-1 Notes, the Administrator will
direct the Trustee in writing pursuant to the Administration Agreement, prior
to 1:00 p.m. (New York City time) on each Series 2010-1 Deposit Date,
to apply from all amounts deposited into the Collection Account as set forth
below:

 

(i)            allocate to and deposit in the Series 2010-1
Collection Account an amount determined as set forth in Section 2.2(a)(i) above
for such day, which amount shall be thereafter allocated to and deposited in
the Series 2010-1 Accrued Interest Account; and

 

(ii)           (A) with respect to the Three-Year Notes Controlled
Amortization Period, allocate to and deposit in the Series 2010-1
Collection Account an amount equal to the Series 2010-1 Principal
Allocation for such day, which amount shall be used to make principal payments
pursuant to Section 2.5 of this Series Supplement; provided,
however, that if the Monthly Total Principal Allocation for the current
Related Month (together with the amount deposited in the Series 2010-1
Collection Account pursuant to Section 2.2(e) and Section 2.2(f) of
this Series Supplement) exceeds the sum of the Class A-1 Controlled
Distribution Amount and the Class B-1 Controlled Distribution Amount, in
each case, with respect to such Related Month, then the amount of such excess
shall be deposited into the Series 2010-1 Excess Collection Account;

 

43

 

(B) with respect to the
Five-Year Notes Controlled Amortization Period, allocate to and deposit in the Series 2010-1
Collection Account an amount equal to the Series 2010-1 Principal
Allocation for such day, which amount shall be used to make principal payments
pursuant to Section 2.5 of this Series Supplement; provided,
however, that if the Monthly Total Principal Allocation for the current
Related Month (together with the amount deposited in the Series 2010-1
Collection Account pursuant to Section 2.2(e) and Section 2.2(f) of
this Series Supplement) exceeds the sum of the Class A-2 Controlled
Distribution Amount and the Class B-2 Controlled Distribution Amount, in each
case, with respect to such Related Month, then the amount of such excess shall
be deposited into the Series 2010-1 Excess Collection Account; and

 

(C) with respect to the
Seven-Year Notes Controlled Amortization Period, allocate to and deposit in the
Series 2010-1 Collection Account an amount equal to the Series 2010-1
Principal Allocation for such day, which amount shall be used to make principal
payments pursuant to Section 2.5 of this Series Supplement; provided,
however, that if the Monthly Total Principal Allocation for the current
Related Month (together with the amount deposited in the Series 2010-1
Collection Account pursuant to Section 2.2(e) and Section 2.2(f) of
this Series Supplement) exceeds the sum of the Class A-3 Controlled
Distribution Amount and the Class B-3 Controlled Distribution Amount, in
each case, with respect to such Related Month, then the amount of such excess
shall be deposited into the Series 2010-1 Excess Collection Account.

 

(c)           Allocations of Collections During the Series 2010-1
Rapid Amortization Period.  During
the Series 2010-1 Rapid Amortization Period, the Administrator will direct
the Trustee in writing pursuant to the Administration Agreement, prior to 1:00 p.m.
(New York City time) on any Series 2010-1 Deposit Date, to apply from all
amounts deposited into the Collection Account as set forth below:

 

(i)            allocate to and deposit in the Series 2010-1
Collection Account an amount determined as set forth in Section 2.2(a)(i) above
for such day, which amount shall be thereafter allocated to and deposited in
the Series 2010-1 Accrued Interest Account; and

 

(ii)           allocate to and deposit in the Series 2010-1
Collection Account an amount equal to the Series 2010-1 Principal
Allocation for such day, which amount shall be used to make principal payments
pursuant to Section 2.5 of this Series Supplement; provided
that if on any Determination Date (A) the Administrator determines that
the amount anticipated to be available from Interest Collections allocable to
the Series 2010-1 Notes and other amounts available pursuant to Section 2.3
of this Series Supplement to pay the Series 2010-1 Total Monthly
Interest on the next succeeding Payment Date will be less than the Series 2010-1 Total Monthly Interest for such Payment Date and (B) the
Series 2010-1 Enhancement Amount is
greater than zero, then the Administrator shall direct the 

 

44

 

Trustee in writing to
withdraw from the Series 2010-1 Collection Account a portion of the
Principal Collections allocated to the Series 2010-1 Notes during the
related Series 2010-1 Rapid Amortization Principal Collection Period equal
to the lesser of such insufficiency and the Series 2010-1 Enhancement
Amount and deposit such amount into the Series 2010-1 Accrued Interest
Account to be treated as Interest Collections on such Payment Date.

 

(d)           Past Due Rental Payments.  Notwithstanding the foregoing, if, after the
occurrence of a Series 2010-1 Lease Payment Deficit, the Lessee shall make
a payment of Rent or other amount payable by the Lessee under the HVF Lease on
or prior to the fifth Business Day after the occurrence of such Series 2010-1
Lease Payment Deficit (a “Past Due Rent Payment”), the Administrator
shall direct the Trustee in writing pursuant to the Administration Agreement to
allocate to and deposit in the Series 2010-1 Collection Account an amount
equal to the Series 2010-1 Invested Percentage as of the date of the
occurrence of such Series 2010-1 Lease Payment Deficit of the Collections
attributable to such Past Due Rent Payment (the “Series 2010-1 Past Due
Rent Payment”).  The Administrator
shall instruct the Trustee in writing pursuant to the Administration Agreement
to withdraw from the Series 2010-1 Collection Account and apply the Series 2010-1
Past Due Rent Payment in the following order:

 

(i)            if the occurrence of the related Series 2010-1 Lease
Payment Deficit resulted in one or more Series 2010-1 LOC Credit
Disbursements being made under the Series 2010-1 Letters of Credit, pay to
each Series 2010-1 Letter of Credit Provider who honored such a Series 2010-1
LOC Credit Disbursement for application in accordance with the provisions of
the applicable Series 2010-1 Letter of Credit Reimbursement Agreement, an
amount equal to the lesser of (x) the unreimbursed amount of such Series 2010-1
Letter of Credit Provider’s Series 2010-1 LOC Credit Disbursement and (y) such
Series 2010-1 Letter of Credit Provider’s pro
rata share of the amount of the Series 2010-1 Past Due Rent Payment,
calculated on the basis of the unreimbursed amount of each such Series 2010-1
Letter of Credit Provider’s Series 2010-1 LOC Credit Disbursement;

 

(ii)           if the occurrence of such Series 2010-1 Lease Payment
Deficit resulted in a withdrawal being made from any Series 2010-1 Cash
Collateral Account, deposit in each such Series 2010-1 Cash Collateral
Account an amount equal to the pro  rata portion of the lesser of (x) the
amount of the Series 2010-1 Past Due Rent Payment remaining after any
payments pursuant to clause (i) above and (y) the amount
withdrawn from all such Series 2010-1 Cash Collateral Accounts on account
of such Series 2010-1 Lease Payment Deficit, calculated on the basis of
the amounts so withdrawn from such Series 2010-1 Cash Collateral Accounts;

 

(iii)          if the occurrence of such Series 2010-1 Lease Payment
Deficit resulted in a withdrawal being made from the Series 2010-1 Reserve
Account pursuant to Section 2.3(d)(ii) of this Series Supplement,
deposit in the 

 

45

 

Series 2010-1 Reserve
Account an amount equal to the lesser of (x) the amount of the Series 2010-1
Past Due Rent Payment remaining after any payments pursuant to clauses (i) and
(ii) above and (y) the excess, if any, of the Series 2010-1
Required Reserve Account Amount over the Series 2010-1 Available Reserve
Account Amount, in each case on such day;

 

(iv)          deposit into the Series 2010-1 Accrued Interest
Account the amount, if any, by which the Series 2010-1 Lease Interest
Payment Deficit, if any, relating to such Series 2010-1 Lease Payment
Deficit exceeds the amount of the Series 2010-1 Past Due Rent Payment
applied pursuant to clauses (i) through (iii) above; and

 

(v)           deposit in the Series 2010-1 Collection Account and
treat as Principal Collections the remaining amount of the Series 2010-1
Past Due Rent Payment.

 

(e)           Amounts Allocated from Other Series.  Amounts allocated to other Series of
Notes that have been reallocated by HVF to the Series 2010-1 Notes (i) during
the Series 2010-1 Revolving Period shall be deposited into the Series 2010-1
Excess Collection Account and applied in accordance with Section 2.2(f) of
this Series Supplement and (ii) during the Series 2010-1
Controlled Amortization Period or the Series 2010-1 Rapid Amortization
Period shall be deposited into the Series 2010-1 Collection Account and
allocated in accordance with Section 2.2(b) or 2.2(c),
as the case may be, of this Series Supplement to make principal payments
in respect of the Series 2010-1 Notes.

 

(f)            Series 2010-1 Excess Collection Account.  Amounts deposited into the Series 2010-1
Excess Collection Account on any Series 2010-1 Deposit Date shall be
applied in the following order of priority (i) first, withdrawn and
deposited in the Series 2010-1 Reserve Account
in an amount up to the excess, if any, of the Series 2010-1 Required
Reserve Account Amount for such date over the Series 2010-1
Available Reserve Account Amount for such date, (ii) second,
used to pay the principal amount of other Series of Notes that are then
required to be paid or, at the option of HVF, to pay the principal amount of
other Series of Notes that may be paid under the Indenture, (iii) third, used to pay
Ford all unpaid Ford Reimbursement Obligations, and (iv) fourth, any remaining
funds may be released to HVF, provided that (x) the application of
such funds pursuant to clauses (ii) through (iv) above may only be made
if no Series 2010-1 Enhancement Deficiency or
other Amortization Event with respect to the Series 2010-1 Notes would
result therefrom or exist immediately thereafter and (y) at any time the
Ford LOC Exposure Amount is greater than zero, the application of such funds
pursuant to clause (iv) above may
only be made if the Fleet Equity Condition would be satisfied after giving
effect to such release.  Notwithstanding
the foregoing, on the first day of each Series 2010-1 Controlled
Amortization Period and on the first Business Day of each Related Month during
each Series 2010-1 Controlled Amortization Period thereafter, or, if
earlier, on the first day of the Series 2010-1 Rapid Amortization Period,
all funds on deposit in the Series 2010-1 Excess Collection

 

46

 

Account will be withdrawn
from the Series 2010-1 Excess Collection Account and deposited into the Series 2010-1
Collection Account and applied in accordance with Section 2.2(b)(ii) or
2.2(c)(ii), as the case may be, of this Series Supplement.

 

Section 2.3.            Application of Interest
Collections.

 

(a)           [Reserved]

 

(b)           Note Interest with respect to the Series 2010-1
Notes.  On the fourth Business Day
prior to each Payment Date, the Administrator shall instruct the Trustee in
writing pursuant to the Administration Agreement as to the amount to be
withdrawn from the Series 2010-1 Accrued Interest Account to the extent
funds are anticipated to be available from Interest Collections allocable to
the Series 2010-1 Notes processed from but not including the preceding Payment
Date through and including the succeeding Payment Date in respect of (i) the
Class A Monthly Interest for the Series 2010-1 Interest Period ending
on the day preceding such succeeding Payment Date, (ii) the unpaid Class A
Deficiency Amounts, if any, as of the preceding Payment Date (together with any
accrued interest on such Class A Deficiency Amounts), (iii) the Class B
Monthly Interest for the Series 2010-1 Interest Period ending on the day
preceding such succeeding Payment Date, and (iv) the unpaid Class B
Deficiency Amounts, if any, as of the preceding Payment Date (together with any
accrued interest on such Class B Deficiency Amounts).  On or before 10:00 a.m. (New York City
time) on the following Payment Date, the Trustee shall withdraw the amounts
described in the first sentence of this Section 2.3(b) from
the Series 2010-1 Accrued Interest Account and deposit such amounts into
the Series 2010-1 Distribution Account.

 

(c)           Lease Payment Deficit Notice.  On or before 10:00 a.m. (New York City
time) on each Payment Date, the Administrator shall notify the Trustee of the
amount of any Series 2010-1 Lease Payment Deficit, such notification to be
in the form of Exhibit C to this Series Supplement (each a “Lease
Payment Deficit Notice”).

 

(d)           Withdrawals from the Series 2010-1 Reserve
Account.  If the Administrator
determines on any Payment Date that the amounts available from the Series 2010-1
Accrued Interest Account are insufficient to pay the sum of the amounts
described in clauses (i) through (iv) of Section 2.3(b) of
this Series Supplement on such Payment Date, then
the Administrator shall instruct the Trustee in writing to withdraw from the Series 2010-1
Reserve Account and deposit in the Series 2010-1 Distribution Account on
such Payment Date an amount equal to the lesser of (A) the Series 2010-1
Available Reserve Account Amount and (B) such insufficiency.  The Trustee shall withdraw such amount from the Series 2010-1 Reserve
Account and deposit such amount in the Series 2010-1 Distribution Account.

 

(e)           Draws on Series 2010-1
Letters of Credit.  If
the Administrator determines on any Payment Date that there exists a Series 2010-1
Lease Interest Payment Deficit, then the Administrator shall instruct the
Trustee in writing to draw on the Series 2010-1 Letters of
Credit, if any, and, upon receipt of such notice by the 

 

47

 

Trustee on or prior to 10:30 a.m.
(New York City time) on such 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 least of (x) such
Series 2010-1 Lease Interest Payment Deficit, (y) the
excess, if any, of the sum of the amounts described in clauses (i) through
(iv) of Section 2.3(b) of this Series Supplement for
such Payment Date over the amounts available from the Series 2010-1
Accrued Interest Account plus the amount to be withdrawn from the Series 2010-1
Reserve Account pursuant to Section 2.3(d) of this Series Supplement,
if any, on such Payment Date and (z) the Series 2010-1
Letter of Credit Liquidity Amount on such Payment Date on the Series 2010-1
Letters of Credit by presenting to each Series 2010-1 Letter of Credit
Provider a draft accompanied by a Series 2010-1 Certificate of Credit
Demand and shall cause the Series 2010-1 LOC Credit Disbursements to be
deposited in the Series 2010-1 Distribution Account on such Payment Date; provided,
however, that if any Series 2010-1 Cash Collateral Account has been
established and funded, the Trustee shall withdraw from each such Series 2010-1
Cash Collateral Account and deposit in the Series 2010-1 Distribution
Account, an amount equal to the pro  rata portion of the lesser of
(A) the Series 2010-1 Cash Collateral Account Percentage on such
Payment Date of the least of the amounts described in clauses (x), (y) and
(z) above and (B) the aggregate Series 2010-1 Available
Cash Collateral Account Amount for all such Series 2010-1 Cash Collateral
Accounts on such Payment Date, calculated on the basis of the Series 2010-1
Available Cash Collateral Account Amount for each such Series 2010-1 Cash
Collateral Account as of such Payment Date, and draw an amount equal to the
remainder of such amount on the Series 2010-1 Letters of Credit.

 

(f)            [Reserved]

 

(g)           Series 2010-1 Deficiency Amounts.  If the amounts described in Sections
2.3(b), (d), and (e) of this Series Supplement are
insufficient to pay (i) the Class A Total Monthly Interest for any
Payment Date, then payments of interest to the Class A Noteholders will be
reduced on a pro rata basis by the amount
of such deficiency or (ii) the Class B Total Monthly Interest for any
Payment Date after payment of Class A Total Monthly Interest for such
Payment Date, then payments of interest to the Class B Noteholders will be
reduced on a pro rata basis by the amount
of such deficiency.  The aggregate
amount, if any, of such deficiency on any Payment Date allocable to the Class A-1
Notes shall be referred to as the “Class A-1 Deficiency Amount”,
the aggregate amount, if any, of such deficiency on any Payment Date allocable
to the Class A-2 Notes shall be referred to as the “Class A-2
Deficiency Amount”, the aggregate amount, if any, of such deficiency on any
Payment Date allocable to the Class A-3 Notes shall be referred to as the “Class A-3
Deficiency Amount”, the aggregate amount, if any, of such deficiency on any
Payment Date allocable to the Class B-1 Notes shall be referred to as the “Class B-1
Deficiency Amount”, the aggregate amount, if any, of such deficiency on any
Payment Date allocable to the Class B-2 Notes shall be referred to as the “Class B-2
Deficiency Amount”, and the aggregate amount, if any, of such deficiency on
any Payment Date allocable to the Class B-3 Notes shall be referred to as
the “Class B-3 Deficiency 

 

48

 

Amount”.  Interest shall accrue on the Series 2010-1
Deficiency Amount for each Class of Series 2010-1 Notes at the Series 2010-1
Note Rate for such Class of Series 2010-1
Notes.

 

(h)           Balance.  On
the fourth Business Day prior to each Payment Date, the Administrator shall
instruct the Trustee in writing pursuant to the Administration Agreement to pay
on such Payment Date the balance (after making the payments required in Section 2.4
of this Series Supplement), if any, of the amounts available from the Series 2010-1
Accrued Interest Account as follows:

 

(i)            first, to pay the Administrator, in an amount
equal to the Series 2010-1 Percentage as of the beginning of the Series 2010-1
Interest Period ending on the day preceding such Payment Date of the Monthly
Administration Fee for such Series 2010-1 Interest Period;

 

(ii)           second, to pay the Trustee, in an amount equal to
the Series 2010-1 Percentage as of the beginning of the Series 2010-1
Interest Period ending on the day preceding such Payment Date of the Trustee’s
fees for such Series 2010-1 Interest Period;

 

(iii)          third, on a pro  rata basis, to pay any
Indenture Carrying Charges (other than Indenture Carrying Charges provided for
above) to the Persons to whom such amounts are owed, in an amount equal to the Series 2010-1
Percentage as of the beginning of the Series 2010-1 Interest Period ending
on the day preceding such Payment Date of such Indenture Carrying Charges
(other than Indenture Carrying Charges provided for above) for such Series 2010-1
Interest Period; and

 

(iv)          fourth, the balance, if any, shall be withdrawn from
the Series 2010-1 Accrued Interest Account by the Trustee and (A) during
the Series 2010-1 Revolving Period, deposited into the Series 2010-1
Excess Collection Account or (B) during the Series 2010-1 Controlled
Amortization Period or the Series 2010-1 Rapid Amortization Period,
deposited into the Series 2010-1 Collection Account and treated as
Principal Collections.

 

(i)            Trustee Fees. 
If, on any Payment Date after the occurrence and during the continuance
of a Liquidation Event of Default or a Series 2010-1 Limited Liquidation
Event of Default, (x) the funds available to pay the Trustee fees pursuant
to Section 2.3(h)(ii) of this Series Supplement on such
Payment Date are less than the amount payable to the Trustee thereunder on such
Payment Date or (y) the funds available to pay the portion of the
Indenture Carrying Charges payable to the Trustee pursuant to Section 2.3(h)(iii) of
this Series Supplement on such Payment Date are less than the amount
payable to the Trustee thereunder on such Payment Date, then the Administrator
shall instruct the Trustee in writing to, and the Trustee shall, withdraw from
the Series 2010-1 Reserve Account and pay to itself on such Payment Date
an amount equal to the least of (A) the Series 2010-1 Available
Reserve Account Amount 

 

49

 

on such Payment Date (after
giving effect to any deposits thereto and withdrawals and releases therefrom on
such Payment Date), (B) the excess, if any, of (i) 0.70% of the Series 2010-1
Required Asset Amount as of the date of the occurrence of such Liquidation
Event of Default or Series 2010-1 Limited Liquidation Event of Default
over (ii) the aggregate of the amounts previously withdrawn from the Series 2010-1
Reserve Account under this Section 2.3(i) in respect of fees
and other amounts due and owing to the Trustee and (C) such insufficiency.

 

Section 2.4.            Payment of Note Interest.

 

On
each Payment Date, the Trustee, in accordance with Section 6.1 of the Base
Indenture, shall pay to the Series 2010-1
Noteholders from the Series 2010-1 Distribution Account the amount
deposited in the Series 2010-1 Distribution Account pursuant to Section 2.3
of this Series Supplement the following amounts in the following order of
priority.

 

(i)                                     first, to the Class A
Noteholders, pro  rata, the Class A Total Monthly Interest
for such Payment Date; and

 

(ii)                                  second, to the Class B
Noteholders, pro  rata, the Class B Total Monthly Interest
for such Payment Date.

 

Section 2.5.            Payment of Note Principal.

 

(a)           Monthly Payments During Series 2010-1 Controlled
Amortization Period or Series 2010-1 Rapid Amortization Period.  Commencing with (i) the second
Determination Date during the Three-Year Notes Controlled Amortization Period,
and on each Determination Date thereafter during the Three-Year Notes
Controlled Amortization Period, (ii) the second Determination Date during
the Five-Year Notes Controlled Amortization Period, and on each Determination
Date thereafter during the Five-Year Notes Controlled Amortization Period, and (iii) the
earlier of the second Determination Date during the Seven-Year Notes Controlled
Amortization Period and the first Determination Date during the Series 2010-1
Rapid Amortization Period, and on each Determination Date thereafter, the
Administrator shall instruct the Trustee in writing pursuant to the
Administration Agreement as to (v) the amount allocated to each Class of
the Series 2010-1 Notes pursuant to Section 2.2(b)(ii) of
this Series Supplement during the Related Month or Section 2.2(c)(ii) of
this Series Supplement during the applicable Series 2010-1 Rapid
Amortization Principal Collection Period, as the case may be, prior to such
date and not previously deposited into the Series 2010-1 Distribution
Account for payment to the Series 2010-1 Noteholders of the applicable Class of
Series 2010-1 Notes, (w) any amounts to be withdrawn from the Series 2010-1 Reserve Account and deposited
into the Series 2010-1 Distribution Account, (x) any amounts to be
drawn on the Series 2010-1 Letters of Credit (and/or withdrawn from any Series 2010-1
Cash Collateral Account) and (y) the amount of any demand to be made under
the Series 2010-1 Demand Note.  The
Trustee shall withdraw such amounts allocated pursuant to Section 2.2(b)(ii) and
Section 

 

50

 

2.2(c)(ii) of this Series Supplement
to pay principal of the Series 2010-1 Notes and deposit such amounts into
the Series 2010-1 Distribution Account to be paid to the Series 2010-1
Noteholders of the applicable Class of Series 2010-1 Notes pursuant
to Section 2.5(d) of this Series Supplement.

 

(b)           Series 2010-1 Principal
Deficit Amount.  If the Series 2010-1 Principal Deficit Amount is greater than zero on
any date, then the Administrator shall promptly provide written notice thereof
to the Trustee.  On each Payment Date
(other than the Three-Year Notes Legal Final Payment Date, the Five-Year Notes
Legal Final Payment Date or the Seven-Year Notes Legal Final Payment Date) on
which the Series 2010-1 Principal Deficit Amount is greater than zero and,
with respect to Section 2.5(b)(iv) of this Series Supplement,
on any Payment Date during the Series 2010-1 Rapid Amortization Period on
which a Series 2010-1 Lease Principal Payment Deficit exists, amounts
shall be transferred to the Series 2010-1 Distribution Account as follows:

 

(i)            Series 2010-1 Reserve
Account Withdrawal.  If, on any
Determination Date (other than the Determination Date related to the Three-Year
Notes Legal Final Payment Date, the Five-Year Notes Legal Final Payment Date or
the Seven-Year Notes Legal Final Payment Date) the Administrator determines
that the Series 2010-1 Principal Deficit Amount
with respect to the next succeeding Payment Date will be greater than zero,
then the Administrator shall instruct the Trustee in writing prior to 12:00
noon (New York City time) on the second Business Day prior to such Payment
Date, to withdraw, and the Trustee shall withdraw, from the Series 2010-1 Reserve Account an amount equal to the lesser of (x) such
Series 2010-1 Principal Deficit Amount and
(y) the Series 2010-1 Available
Reserve Account Amount on such Payment Date (after giving effect to any
withdrawals from the Series 2010-1 Reserve Account
anticipated to be made on such Payment Date pursuant to Section 2.3(d) of
this Series Supplement), and deposit such withdrawal in the Series 2010-1
Distribution Account on such Payment Date.

 

(ii)           Demand Note Draw. 
If the Administrator determines on any Determination Date (other than
the Determination Date related to the Three-Year Notes Legal Final Payment
Date, the Five-Year Notes Legal Final Payment Date or the Seven-Year Notes
Legal Final Payment Date) that the Series 2010-1 Principal
Deficit Amount with respect to the next succeeding Payment Date (after giving
effect to any withdrawals from the Series 2010-1 Reserve
Account on such Payment Date pursuant to Section 2.5(b)(i) of
this Series Supplement and the application thereof pursuant to Section 2.5(d) of this Series Supplement
on such Payment Date) will be greater than zero, then, prior to 10:00 a.m.
(New York City time) on the second Business Day prior to such Payment Date, the
Administrator 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 I to this Series Supplement (each a “Demand
Notice”) on Hertz for payment under the Series 2010-1 Demand Note in
an amount equal to the lesser of (x) the excess of 

 

51

 

(A) such Series 2010-1 Principal Deficit Amount over (B) the aggregate
amount to be deposited in the Series 2010-1 Distribution Account in
accordance with Section 2.5(b)(i) of this Series Supplement
and (y) the Series 2010-1 Letter of
Credit Amount on such Business Day (after giving effect to any draws on the Series 2010-1 Letters of Credit and/or withdrawals from any Series 2010-1 Cash Collateral Accounts anticipated to be made on
such Payment Date pursuant to Section 2.3(e) of this Series Supplement).

 

The Trustee shall, prior to
12:00 noon (New York City time) on the second Business Day preceding such
Payment Date, deliver such Demand Notice to Hertz; provided, however,
that if an Event of Bankruptcy (or the occurrence of an event described in
clause (a) of the definition thereto, without the lapse of a period of 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 2010-1 Demand Note to be deposited into the Series 2010-1
Distribution Account, and such proceeds shall be treated as Principal
Collections.

 

(iii)          Series 2010-1 Letter of Credit Draw.  If (1) the Trustee shall have delivered
a Demand Notice as provided in Section 2.5(b)(ii) of this Series Supplement
and Hertz shall have failed to pay to the Trustee or deposit into the Series 2010-1
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 or (2) 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 60 consecutive days) with
respect to Hertz, the Trustee shall not have delivered such Demand Notice to
Hertz, then the Trustee shall draw on the Series 2010-1 Letters of Credit,
if any, by 12:00 p.m. (New York City time) on such Business Day in an
amount equal to the amount that Hertz failed to pay under the Series 2010-1
Demand Note or the amount that the Trustee failed to demand for payment thereunder,
as the case may be, pursuant to Section 2.5(b)(ii) of this Series Supplement
by presenting to each Series 2010-1 Letter of Credit Provider a draft
accompanied by a Series 2010-1 Certificate of Unpaid Demand Note Demand; provided,
however that if any Series 2010-1 Cash Collateral Account has been
established and funded, the Trustee shall withdraw from each such Series 2010-1
Cash Collateral Account and deposit in the Series 2010-1 Distribution
Account an amount equal to the pro  rata portion of the lesser of (x) the
Series 2010-1 Cash Collateral Account Percentage on such Business Day of
the amount that Hertz failed to pay under the Series 2010-1 Demand Note or
the amount that the Trustee failed to demand for payment thereunder and (y) the
aggregate Series 2010-1 Available Cash Collateral Account Amount (after
giving effect to any withdrawals from any Series 2010-1 Cash Collateral
Account anticipated to be made on the related Payment Date pursuant to Section 2.3(e) of
this Series Supplement) for all Series 2010-1 Cash Collateral
Accounts on such Business Day, calculated on the basis of such Series 2010-1

 

52

 

Available Cash Collateral
Account Amount for each such Series 2010-1 Cash Collateral Account as of
such Business Day, and draw an amount equal to the remainder of such amount on
the Series 2010-1 Letters of Credit. The Trustee shall deposit, or cause
the deposit of, each Series 2010-1 LOC Unpaid Demand Note Disbursement and
the proceeds of any such withdrawal from each Series 2010-1 Cash
Collateral Account into the Series 2010-1 Distribution Account and such
amounts shall be treated as Principal Collections.

 

(iv)          Series 2010-1 Lease Principal Payment Deficit.  If the Administrator determines on any Payment
Date during the Series 2010-1 Rapid Amortization Period that the Series 2010-1
Principal Deficit Amount on such Payment Date (after giving effect to any
withdrawals from the Series 2010-1 Reserve Account pursuant to Section 2.5(b)(i) of
this Series Supplement, any draws on the Series 2010-1 Demand Note
pursuant to Section 2.5(b)(ii) of this Series Supplement,
and any draws on the Series 2010-1 Letters of Credit and/or withdrawals
from any Series 2010-1 Cash Collateral Accounts pursuant to Section 2.5(b)(iii) of
this Series Supplement, in each case for such Payment Date and the
application thereof pursuant to Section 2.5(d) of this Series Supplement
on such Payment Date) will be greater than zero, and there exists a Series 2010-1
Lease Principal Payment Deficit on such Payment Date, then the Administrator
shall instruct the Trustee in writing prior to 10:30 a.m. (New York City
time) on such Payment Date to draw on the Series 2010-1 Letters of Credit,
if any, in an amount equal to the least of (1) such Series 2010-1
Lease Principal Payment Deficit, (2) the Series 2010-1 Letter of
Credit Liquidity Amount as of such Payment Date (after giving effect to any
draws on the Series 2010-1 Letters of Credit and/or withdrawals from any Series 2010-1
Cash Collateral Account with respect to such Payment Date pursuant to Section 2.3(e) and
Section 2.5(b)(iii) of this Series Supplement), and (3) such
remaining Series 2010-1 Principal Deficit Amount.  Upon receipt of a notice by the Trustee from
the Administrator in respect of a Series 2010-1 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 2010-1 Letters of Credit by presenting to each Series 2010-1
Letter of Credit Provider a draft accompanied by a Series 2010-1
Certificate of Credit Demand and shall cause the Series 2010-1 LOC Credit
Disbursements to be deposited in the Series 2010-1 Distribution Account on
such Payment Date; provided, however, that if any Series 2010-1
Cash Collateral Account has been established and funded, the Trustee shall
withdraw from each such Series 2010-1 Cash Collateral Account and deposit
in the Series 2010-1 Distribution Account an amount equal to the pro
rata portion of the lesser of (x) the Series 2010-1 Cash
Collateral Account Percentage on such Payment Date of the amount set forth in
the notice provided to the Trustee by the Administrator and (y) the
aggregate Series 2010-1 Available Cash Collateral Account Amount (after
giving effect to any withdrawals from any Series 2010-1 Cash Collateral
Account with respect to such Payment Date pursuant to Section 

 

53

 

2.3(e) and Section 2.5(b)(iii) of
this Series Supplement) for all such Series 2010-1 Cash Collateral
Accounts on such Payment Date, calculated on the basis of such Series 2010-1
Available Cash Collateral Account Amount for each such Series 2010-1 Cash
Collateral Account as of such Payment Date, and draw an amount equal to the
remainder of such amount on the Series 2010-1 Letters of Credit.

 

(v)           Notwithstanding the foregoing, in the event that the
Lessee files a petition for relief under Chapter 11 of the Bankruptcy Code and
during the Series 2010-1 Rapid Amortization Period fails to make payments
under the HVF Lease in amounts sufficient to pay the interest due on the Series 2010-1 Notes, amounts on deposit in the Series 2010-1
Reserve Account may only be withdrawn and the Series 2010-1
Letters of Credit will only be available to be drawn upon (and amounts
on deposit in the Series 2010-1 Cash Collateral Accounts may only be
withdrawn) to pay principal of the Series 2010-1 Notes on any Payment
Date, and the Trustee shall only withdraw or draw in an amount equal to the
lesser of (i) the amount determined pursuant to Section 2.5(b)(i),
Section 2.5(b)(iii) or Section 2.5(b)(iv) of
this Series Supplement, as applicable, and (ii) the excess, if any,
of (x) the Series 2010-1 Liquidity Amount (after giving effect to any
withdrawals from the Series 2010-1 Reserve Account pursuant to Section 2.3(d) of
this Series Supplement and any draws under the Series 2010-1 Letters
of Credit and/or withdrawals from any Series 2010-1 Cash Collateral
Account pursuant to Section 2.3(e) of this Series Supplement
and, solely in the case of a
draw under Section 2.5(b)(iv) of this Series Supplement, Section 2.5(b)(iii) of this Series Supplement,
in each case on such Payment Date) as of such Payment Date over (y) the Series 2010-1
Required Liquidity Amount as of such Payment Date (after giving effect to all
anticipated reductions in the aggregate Principal Amount of the Series 2010-1
Notes on such Payment Date).

 

(c)           Legal Final Payment Dates.  The Class A-1 Principal Amount and the Class B-1
Principal Amount shall be due and payable on the Three-Year Notes Legal Final
Payment Date, the Class A-2 Principal Amount and the Class B-2
Principal Amount shall be due and payable on the Five-Year Notes Legal Final
Payment Date and the Class A-3 Principal Amount and the Class B-3
Principal Amount shall be due and payable on the Seven-Year Notes Legal Final
Payment Date.  In connection therewith:

 

(i)            Series 2010-1 Reserve
Account Withdrawal.  (A) If
on the Three-Year Notes Legal Final Payment Date the amount to be deposited in
the Series 2010-1 Distribution Account for the related Series 2010-1
Rapid Amortization Principal Collection Period
described in clause (v) of the first sentence of  Section 2.5(a) of
this Series Supplement together with any amounts to be deposited in the Series 2010-1
Distribution Account in accordance with Section 2.5(b)(iv) of
this Series Supplement on such Three-Year Notes Legal Final Payment Date
will be less than the aggregate Principal Amount of the Three-Year Notes on the Three-Year Notes Legal Final Payment Date,
then, prior to 10:30 a.m. (New York City time) on the second Business Day
prior to the Three-Year Notes Legal Final Payment Date, the Administrator shall
instruct the 

 

54

 

Trustee to withdraw from the
Series 2010-1 Reserve Account, an amount
equal to the least of (i) the Series 2010-1 Available Reserve Account
Amount on the Three-Year Notes Legal Final Payment Date (after giving effect to
any withdrawals from the Series 2010-1 Reserve Account pursuant to Section 2.3(d) of
this Series Supplement anticipated to be made on such Three-Year Notes
Legal Final Payment Date), (ii) the amount by which the Series 2010-1 Liquidity Amount (after giving effect to any
withdrawals from the Series 2010-1 Reserve
Account pursuant to Section 2.3(d) of this Series Supplement
and any draws under the Series 2010-1 Letters of
Credit and/or withdrawals from each Series 2010-1  Cash Collateral Account pursuant to Section 2.3(e) and Section 2.5(b)(iv) of
this Series Supplement, in each case anticipated to be made on such
Three-Year Notes Legal Final Payment Date) will exceed the Series 2010-1 Required Liquidity Amount (after giving effect to
all anticipated reductions in the aggregate Principal Amount of the Series 2010-1 Notes on such Three-Year Notes Legal Final Payment
Date), in each case on such Three-Year Notes Legal Final Payment Date and (iii) such
remaining Principal Amount of the Three-Year Notes, and deposit such withdrawn
amounts in the Series 2010-1 Distribution Account on or prior to the
Three-Year Notes Legal Final Payment Date. 
The Trustee shall withdraw such amount from the Series 2010-1 Reserve Account and deposit such amount in the Series 2010-1
Distribution Account on or prior to the Three-Year Notes Legal Final Payment
Date.

 

(B) If on the Five-Year
Notes Legal Final Payment Date the amount to be deposited in the Series 2010-1
Distribution Account for the related Series 2010-1 Rapid Amortization
Principal Collection Period described in clause
(v) of the first sentence of  Section 2.5(a) of
this Series Supplement together with any amounts to be deposited in the Series 2010-1
Distribution Account in accordance with Section 2.5(b)(iv) of
this Series Supplement on the Five-Year Notes Legal Final Payment Date
will be less than the aggregate Principal Amount of the Five-Year Notes on the Five-Year Notes Legal Final Payment Date,
then, prior to 10:30 a.m. (New York City time) on the second Business Day
prior to the Five-Year Notes Legal Final Payment Date, the Administrator shall
instruct the Trustee to withdraw from the Series 2010-1
Reserve Account, an amount equal to the least of (i) the Series 2010-1
Available Reserve Account Amount on the Five-Year Notes Legal Final Payment
Date (after giving effect to any withdrawals from the Series 2010-1
Reserve Account pursuant to Section 2.3(d) of this Series Supplement
anticipated to be made on such Five-Year Notes Legal Final Payment Date), (ii) the
amount by which the Series 2010-1 Liquidity
Amount (after giving effect to any withdrawals from the Series 2010-1 Reserve Account pursuant to Section 2.3(d) of
this Series Supplement and any draws under the Series 2010-1 Letters of
Credit and/or withdrawals from each Series 2010-1  Cash Collateral Account pursuant to Section 2.3(e) and Section 2.5(b)(iv) of
this Series Supplement, in each case anticipated to be made on such
Five-Year Notes Legal Final Payment Date) will exceed the Series 2010-1 Required Liquidity Amount (after giving effect to
all anticipated reductions in the aggregate Principal Amount 

 

55

 

of the Series 2010-1 Notes on such
Five-Year Notes Legal Final Payment Date), in each case on such Five-Year Notes
Legal Final Payment Date and (iii) such remaining Principal Amount of the
Five-Year Notes, and deposit such withdrawn amounts in the Series 2010-1
Distribution Account on or prior to the Five-Year Notes Legal Final Payment
Date.  The Trustee shall withdraw such
amount from the Series 2010-1 Reserve
Account and deposit such amount in the Series 2010-1 Distribution Account
on or prior to the Five-Year Notes Legal Final Payment Date.

 

(C) If on the Seven-Year Notes Legal Final
Payment Date, the amount to be deposited in the Series 2010-1 Distribution
Account for the related Series 2010-1 Rapid Amortization Principal
Collection Period described in clause (v) of
the first sentence of Section 2.5(a) of this Series Supplement
together with any amounts to be deposited in the Series 2010-1
Distribution Account in accordance with Section 2.5(b)(iv) of
this Series Supplement on such Seven-Year Notes Legal Final Payment Date
will be less than the aggregate Principal Amount of the Series 2010-1 Notes on the Seven-Year Notes Legal Final Payment
Date, then, prior to 10:30 a.m. (New York City time) on the second
Business Day prior to the Seven-Year Notes Legal Final Payment Date, the
Administrator shall instruct the Trustee to withdraw from the Series 2010-1 Reserve Account, an amount equal to the lesser of (i) the
Series 2010-1 Available Reserve Account
Amount on the Seven-Year Notes Legal Final Payment Date (after giving effect to
any withdrawals from the Series 2010-1 Reserve Account
pursuant to Section 2.3(d) of this Series Supplement
anticipated to be made on such Seven-Year Notes Legal Final Payment Date) and (ii) such
remaining Principal Amount of the Series 2010-1 Notes, and deposit such
withdrawn amounts in the Series 2010-1 Distribution Account on or prior to
the Seven-Year Notes Legal Final Payment Date. 
The Trustee shall withdraw such amounts from the Series 2010-1 Reserve Account and deposit such amounts in the Series 2010-1
Distribution Account on or prior to the Seven-Year Notes Legal Final Payment
Date.

 

(ii)           Demand Note Draw. 
If the amount to be deposited in the Series 2010-1 Distribution
Account described in clause (v) of the first
sentence of  Section 2.5(a) of this Series Supplement
together with any amounts to be deposited therein in accordance with Section 2.5(b)(iv) and
Section 2.5(c)(i) of this Series Supplement
on any Legal Final Payment Date is less than (x) the aggregate Principal
Amount of the Three-Year Notes on the Three-Year Notes Legal Final Payment
Date, (y) the aggregate Principal Amount of the Five-Year Notes on the
Five-Year Notes Legal Final Payment Date or (z) the aggregate Principal
Amount of the Series 2010-1 Notes on the
Seven-Year Notes Legal Final Payment Date, as applicable, then, prior to 10:30 a.m.
(New York City time) on the second Business Day prior to (I) the
Three-Year Notes Legal Final Payment Date, the Administrator shall instruct the
Trustee in writing (and provide the requisite information to the Trustee) to
deliver a Demand Notice to Hertz for payment under the Series 2010-1
Demand Note in an amount equal to the least of

 

56

 

(i) such remaining
Principal Amount of the Three-Year Notes, (ii) the amount by which the Series 2010-1
Liquidity Amount (after giving effect to any withdrawals from the Series 2010-1
Reserve Account pursuant to Section 2.3(d) of this Series Supplement
and any draws under the Series 2010-1 Letters of Credit and/or withdrawals
from each Series 2010-1 Cash Collateral Account pursuant to Section 2.3(e) and
Section 2.5(b)(iv) of this Series Supplement, in each
case anticipated to be made on such Three-Year Notes Legal Final Payment Date)
will exceed the Series 2010-1 Required Liquidity Amount (after giving
effect to all anticipated reductions in the aggregate Principal Amount of the Series 2010-1
Notes on such Three-Year Notes Legal Final Payment Date), in each case on such
Three-Year Notes Legal Final Payment Date, and (iii) the Series 2010-1
Letter of Credit Amount as of such Business Day (after giving effect to any
draws on the Series 2010-1 Letters of Credit and/or withdrawals from any Series 2010-1
Cash Collateral Account anticipated to be made on the Three-Year Notes Legal
Final Payment Date pursuant to Section 2.3(e) and  Section 2.5(b)(iv) of this Series Supplement), (II) the
Five-Year Notes Legal Final Payment Date, the Administrator shall instruct the
Trustee in writing (and provide the requisite information to the Trustee) to
deliver a Demand Notice to Hertz for payment under the Series 2010-1
Demand Note in an amount equal to the least of (i) such remaining
Principal Amount of the Five-Year Notes, (ii) the amount by which the Series 2010-1
Liquidity Amount (after giving effect to any withdrawals from the Series 2010-1
Reserve Account pursuant to Section 2.3(d) of this Series Supplement
and any draws under the Series 2010-1 Letters of Credit and/or withdrawals
from each Series 2010-1 Cash Collateral Account pursuant to Section 2.3(e) and
Section 2.5(b)(iv) of this Series Supplement, in each
case anticipated to be made on such Five-Year Notes Legal Final Payment Date)
will exceed the Series 2010-1 Required Liquidity Amount (after giving
effect to all anticipated reductions in the aggregate Principal Amount of the Series 2010-1
Notes on such Five-Year Notes Legal Final Payment Date), in each case on such
Five-Year Notes Legal Final Payment Date, and (iii) the Series 2010-1
Letter of Credit Amount as of such Business Day (after giving effect to any
draws on the Series 2010-1 Letters of Credit and/or withdrawals from any Series 2010-1
Cash Collateral Account anticipated to be made on the Five-Year Notes Legal Final
Payment Date pursuant to Section 2.3(e) and  Section 2.5(b)(iv) of this Series Supplement),
and (III) the Seven-Year Notes Legal Final Payment Date, the Administrator
shall instruct the Trustee in writing (and provide the requisite information to
the Trustee) to deliver a Demand Notice to Hertz for payment under the Series 2010-1
Demand Note in an amount equal to the lesser of (i) such remaining
Principal Amount of the Series 2010-1 Notes and (ii) the Series 2010-1
Letter of Credit Amount as of such Business Day (after giving effect to any
draws on the Series 2010-1 Letters of Credit and/or withdrawals from any Series 2010-1
Cash Collateral Account anticipated to be made on the Seven-Year Notes Legal
Final Payment Date pursuant to Section 2.3(e) and  Section 2.5(b)(iv) of this Series Supplement).  The Trustee shall, prior to 12:00 noon (New
York City time) on the second Business Day preceding the applicable Legal Final
Payment 

 

57

 

Date, deliver such Demand
Notice to Hertz; provided, however, that if an Event of
Bankruptcy (or the occurrence of an event described in clause (a) of the
definition thereof, without the lapse of a period of 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 2010-1 Demand Note to be deposited into the Series 2010-1
Distribution Account on or prior to the applicable Legal Final Payment Date,
and such proceeds shall be treated as Principal Collections for all purposes
hereunder.

 

(iii)          Letter of Credit Draw.  If (1) the Trustee shall have delivered
a Demand Notice as provided in Section 2.5(c)(ii) of this Series Supplement
and Hertz shall have failed to pay to the Trustee or deposit into the Series 2010-1
Distribution Account the amount specified in such Demand Notice referred to in Section 2.5(c)(ii) of this Series Supplement
in whole or in part by 12:00 noon (New York City time) on the Business Day
following the making of the Demand Notice or (2) 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 60 consecutive days)
with respect to Hertz, the Trustee shall not have delivered such Demand Notice
to Hertz, the Trustee shall draw on  the Series 2010-1 Letters of Credit, if any, by 12:00 p.m. (New York City time) on such Business Day, an amount
equal to the amount that Hertz failed to pay under the Series 2010-1
Demand Note (or the amount that the Trustee failed to demand for payment
thereunder) by presenting to each Series 2010-1 Letter of
Credit Provider a draft accompanied by a Series 2010-1 Certificate of Unpaid
Demand Note Demand; provided, however, that if any Series 2010-1 Cash Collateral Account has been established and
funded, the Trustee shall withdraw from each such Series 2010-1 Cash
Collateral Account and deposit in the Series 2010-1 Distribution Account
an amount equal to the pro  rata portion of the lesser of (x) the
Series 2010-1 Cash Collateral Account
Percentage of such Business Day of the amount that Hertz failed to pay under
the Series 2010-1 Demand Note (or the amount that Hertz failed to demand
for payment thereunder), and (y) the aggregate Series 2010-1 Available Cash
Collateral Account Amount (after giving effect to any withdrawals from any Series 2010-1
Cash Collateral Account on the applicable related Legal Final Payment Date
pursuant to Section 2.3(e) and  Section 2.5(b)(iv) of
this Series Supplement) for all such Series 2010-1 Cash Collateral
Accounts on such Business Day, calculated on the basis of such Series 2010-1
Available Cash Collateral Account Amount for each such Series 2010-1 Cash
Collateral Account and draw an amount equal to the remainder of such amount on
the Series 2010-1 Letters of Credit. 
The Trustee shall deposit, or cause the deposit of, the proceeds of any
such draw on the Series 2010-1 Letters of Credit and the proceeds of any
such withdrawal from each Series 2010-1 Cash Collateral Account into the Series 2010-1
Distribution Account on or prior to the applicable Legal Final Payment Date and
such proceeds shall be treated as Principal Collections.

 

58

 

(d)           Distribution. 
On each Payment Date occurring on or after the date a withdrawal is made
from the Series 2010-1 Collection Account pursuant to Section 2.5(a) of
this Series Supplement or amounts are deposited into the Series 2010-1
Distribution Account pursuant to Section 2.5(b) or Section 2.5(c) of this Series Supplement,
the Trustee shall, in accordance with Section 6.1 of the Base Indenture,
pay (i) first, the amount deposited in the Series 2010-1
Distribution Account for the payment of principal of the Series 2010-1
Notes (x) pro  rata to the applicable Class A
Noteholders to the extent necessary to pay the applicable Class A
Controlled Distribution Amount on any Payment Date during any Series 2010-1
Controlled Amortization Period or (y) pro  rata to all Class A
Noteholders to the extent necessary to pay the Class A Principal Amount on
any Payment Date during the Series 2010-1 Rapid Amortization Period and (ii) second,
the excess, if any, of the amount deposited in the Series 2010-1
Distribution Account for the payment of principal of the Series 2010-1
Notes over the amount applied to make the payments required pursuant to clause
(i) above, (x) pro  rata to the applicable Class B
Noteholders to the extent necessary to pay the applicable Class B
Controlled Distribution Amount on any Payment Date during any Series 2010-1
Controlled Amortization Period or (y) pro  rata to all Class B
Noteholders to the extent necessary to pay the Class B Principal Amount on
any Payment Date during the Series 2010-1 Rapid Amortization Period.

 

Section 2.6.            The Administrator’s Failure to
Instruct the Trustee to Make a Deposit or Payment.

 

If
the Administrator fails to give notice or instructions to make any payment from
or deposit into the Collection Account or any Series 2010-1 Series Account
required to be given by the Administrator, at the time specified in the
Administration Agreement or any other Related Document (including applicable
grace periods), the Trustee shall make such payment or deposit into or from the
Collection Account or such Series 2010-1 Series Account without such
notice or instruction from the Administrator, provided that the
Administrator, upon request of the Trustee, promptly provides the Trustee with
all information necessary to allow the Trustee to make such a payment or
deposit.  When any payment or deposit
hereunder or under any other Related Document is required to be made by the
Trustee at or prior to a specified time, the Administrator shall deliver any
applicable written instructions with respect thereto reasonably in advance of
such specified time.  If the
Administrator fails to give instructions to draw on any Series 2010-1
Letters of Credit required to be given by the Administrator, at the time
specified in this Series Supplement, the Trustee shall draw on such Series 2010-1
Letters of Credit without such instruction from the Administrator, provided
that the Administrator, upon request of the Trustee, promptly provides the
Trustee with all information necessary to allow the Trustee to draw on each
such Series 2010-1 Letter of Credit.

 

Section 2.7.            Series 2010-1 Reserve
Account.

 

(a)           Establishment of Series 2010-1 Reserve Account.  HVF shall
establish and maintain in the name of the Trustee for the benefit of the Series 2010-1

 

59

 

Noteholders, an account (the
“Series 2010-1 Reserve Account”), bearing a designation clearly
indicating that the funds deposited therein are held for the benefit of the Series 2010-1
Noteholders.  The Series 2010-1
Reserve Account shall be an Eligible Deposit Account.  If the Series 2010-1 Reserve Account is
at any time no longer an Eligible Deposit Account, HVF shall, within 10
Business Days of obtaining knowledge that the Series 2010-1 Reserve Account
is no longer an Eligible Deposit Account, establish a new Series 2010-1
Reserve Account that is an Eligible Deposit Account.  If a new Series 2010-1 Reserve Account
is established, HVF shall instruct the Trustee in writing to transfer all cash
and investments from the non-qualifying Series 2010-1 Reserve Account into
the new Series 2010-1 Reserve Account. 
Initially, the Series 2010-1 Reserve Account will be established
with the Trustee.

 

(b)           Administration of the Series 2010-1 Reserve
Account.  HVF may instruct (by
standing instructions or otherwise) the institution maintaining the Series 2010-1
Reserve Account to invest funds on deposit in the Series 2010-1 Reserve
Account from time to time in Permitted Investments; provided, however,
that any such investment shall mature not later than the Business Day prior to
the first Payment Date 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 Series 2010-1 Reserve Account), unless
any Permitted Investment held in the Series 2010-1 Reserve Account 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 or prior to such Payment
Date.  HVF 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.  In the absence of written investment
instructions hereunder, funds on deposit in the Series 2010-1 Reserve
Account shall remain uninvested.

 

(c)           Earnings from Series 2010-1 Reserve Account.  All interest and earnings (net of losses and
investment expenses) paid on funds on deposit in the Series 2010-1 Reserve
Account shall be deemed to be on deposit therein and available for
distribution.

 

(d)           Series 2010-1 Reserve Account Constitutes
Additional Collateral for Series 2010-1 Notes.  In order to secure and provide for the
repayment and payment of the Note Obligations with respect to the Series 2010-1
Notes, HVF hereby grants a security interest in and assigns, pledges, grants,
transfers and sets over to the Trustee, for the benefit of the Series 2010-1
Noteholders, all of HVF’s right, title and interest in and to the following
(whether now or hereafter existing or acquired):  (i) the Series 2010-1 Reserve
Account, including any security entitlement thereto; (ii) all funds on
deposit therein from time to time; (iii) all certificates and instruments,
if any, representing or evidencing any or all of the Series 2010-1 Reserve
Account or the funds on deposit therein from time to time; (iv) all
investments made at any time and from time to time with monies in the Series 2010-1
Reserve Account, whether constituting securities, instruments, general
intangibles, investment property, financial assets or other property; (v) all
interest, dividends, cash, instruments and other property from 

 

60

 

time to time received,
receivable or otherwise distributed in respect of or in exchange for the Series 2010-1
Reserve Account, the funds on deposit therein from time to time or the
investments made with such funds; and (vi) all proceeds of any and all of
the foregoing, including, without limitation, cash (the items in the foregoing clauses
(i) through (vi) are referred to, collectively, as the “Series 2010-1
Reserve Account Collateral”).

 

(e)           Series 2010-1 Reserve Account Surplus.  In the event that the Series 2010-1
Reserve Account Surplus on any Payment Date is greater than zero, the Trustee,
acting in accordance with the written instructions of the Administrator, shall
withdraw from the Series 2010-1 Reserve Account an amount equal to the Series 2010-1
Reserve Account Surplus and (i) pay to Ford the lesser of (x) such Series 2010-1
Reserve Account Surplus and (y) all unpaid Ford Reimbursement Obligations
and (ii) only for so long as the Ford LOC Exposure Amount is greater than
zero, solely to the extent that after giving effect to any such payment, the
Fleet Equity Condition would be satisfied pay to HVF any portion of such Series 2010-1
Reserve Account Surplus remaining after any required deposit and/or payment
pursuant to clause (i) above.

 

(f)            Termination of Series 2010-1 Reserve Account.  On or after the date on which the Series 2010-1
Notes are paid in full and Ford has been paid all unpaid Ford Reimbursement
Obligations, the Trustee, acting in accordance with the written instructions of
the Administrator, only for so long as the Ford LOC Exposure Amount is greater
than zero, solely to the extent that after giving effect to any such
withdrawal, the Fleet Equity Condition would be satisfied, the Trustee, in
accordance with the written instructions of the Administrator shall withdraw
from the Series 2010-1 Reserve Account all remaining amounts on deposit
therein for payment to HVF.

 

Section 2.8.            Series 2010-1 Letters of
Credit and Series 2010-1 Cash Collateral Accounts.

 

(a)           Series 2010-1 Cash Collateral Account Constitutes
Additional Collateral for Series 2010-1 Notes.  In order to secure and provide for the
repayment and payment of the Note Obligations with respect to the Series 2010-1
Notes, HVF hereby grants a security interest in and assigns, pledges, grants,
transfers and sets over to the Trustee, for the benefit of the Series 2010-1
Noteholders, all of HVF’s right, title and interest in and to the following
(whether now or hereafter existing or acquired):  (i) each Series 2010-1 Cash
Collateral Account, including any security entitlement thereto; (ii) all
funds on deposit in each Series 2010-1 Cash Collateral Account from time
to time; (iii) all certificates and instruments, if any, representing or
evidencing any or all of the Series 2010-1 Cash Collateral Accounts or the
funds on deposit therein from time to time; (iv) all investments made at
any time and from time to time with monies in each Series 2010-1 Cash
Collateral Account, whether constituting securities, instruments, general
intangibles, investment property, financial assets or other property; (v) 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 2010-1 Cash Collateral Account, the funds on deposit therein
from time to time or the 

 

61

 

investments made with such
funds; and (vi) all proceeds of any and all of the foregoing, including,
without limitation, cash (the items in the foregoing clauses (i) through
(vi) are referred to, collectively, as the “Series 2010-1
Cash Collateral Account Collateral”).

 

(b)           Series 2010-1 Letter of Credit Expiration Date.  If prior to the date which is sixteen (16)
Business Days prior to the then-scheduled Series 2010-1 Letter of Credit
Expiration Date with respect to any Series 2010-1 Letter of Credit,
excluding the amount available to be drawn under such Series 2010-1 Letter
of Credit but taking into account each substitute Series 2010-1 Letter of
Credit which has been obtained from a Series 2010-1 Eligible Letter of
Credit Provider, and is in full force and effect on such date, (i) the Series 2010-1
Adjusted Enhancement Amount would be equal to or greater than the Series 2010-1
Required Enhancement Amount and (ii) the Series 2010-1
Adjusted Liquidity Amount would be equal to or greater than the Series 2010-1
Required Liquidity Amount, then the Administrator shall notify the Trustee in
writing no later than fifteen (15) Business Days prior to such Series 2010-1
Letter of Credit Expiration Date of such determination.  If prior to the date which is sixteen (16)
Business Days prior to the then-scheduled Series 2010-1 Letter of Credit
Expiration Date with respect to any Series 2010-1 Letter of Credit,
excluding such Series 2010-1 Letter of Credit but taking into account any
substitute Series 2010-1 Letter of Credit which has been obtained from a Series 2010-1
Eligible Letter of Credit Provider, and is in full force and effect on such
date, (i) the Series 2010-1 Adjusted Enhancement Amount would be less
than the Series 2010-1 Required Enhancement Amount or (ii) the Series 2010-1 Adjusted Liquidity Amount would be
less than the Series 2010-1 Required Liquidity Amount, then the
Administrator shall notify the Trustee in writing no later than fifteen (15)
Business Days prior to such Series 2010-1 Letter of Credit Expiration Date
of (x) the greater of (A) the excess, if
any, of the Series 2010-1 Required Enhancement Amount over the Series 2010-1
Adjusted Enhancement Amount, excluding such Series 2010-1 Letter of Credit
but taking into account any substitute Series 2010-1 Letter of Credit
which has been obtained from a Series 2010-1 Eligible Letter of Credit
Provider, and is in full force and effect on such date and (B) the excess, if any, of the Series 2010-1 Required
Liquidity Amount over the Series 2010-1 Adjusted Liquidity Amount,
excluding such Series 2010-1 Letter of Credit but taking into account each
substitute Series 2010-1 Letter of Credit which has been obtained from a Series 2010-1
Eligible Letter of Credit Provider, and is in full force and effect on such
date, and (y) the amount available to be drawn on such expiring Series 2010-1
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 (x) and (y) above on such Series 2010-1
Letter of Credit by presenting a draft accompanied by a Series 2010-1
Certificate of Termination Demand and shall cause the Series 2010-1 LOC
Termination Disbursements to be deposited in the applicable Series 2010-1
Cash Collateral Account.  If the Trustee
does not receive the notice from the Administrator described above on or prior
to the date that is fifteen (15) Business Days prior to each 

 

62

 

Series 2010-1 Letter of
Credit Expiration Date, the Trustee shall, by 12:00 p.m. (New York City
time) on such Business Day draw the full amount of such Series 2010-1
Letter of Credit by presenting a draft accompanied by a Series 2010-1
Certificate of Termination Demand and shall cause the Series 2010-1 LOC
Termination Disbursements to be deposited in the applicable Series 2010-1
Cash Collateral Account.

 

(c)           Series 2010-1 Letter of Credit Providers.  The Administrator shall notify the Trustee in
writing within one Business Day of becoming aware that the short-term debt
credit rating of any Series 2010-1 Letter of Credit Provider has fallen
below “P-1” as determined by Moody’s or the long-term debt credit rating
of any Series 2010-1 Letter of Credit Provider has fallen below “A1”
as determined by Moody’s (with respect to any Series 2010-1 Letter of
Credit Provider, a “Series 2010-1 Downgrade Event”).  On the thirtieth (30th) day after the
occurrence of a Series 2010-1 Downgrade Event with respect to any Series 2010-1
Letter of Credit Provider, the Administrator shall notify the Trustee in
writing on such date of (i) the greater of (A) the
excess, if any, of the Series 2010-1 Required Enhancement Amount over the Series 2010-1
Adjusted Enhancement Amount, excluding the available amount under the Series 2010-1
Letter of Credit issued by such Series 2010-1 Letter of Credit Provider,
on such date and (B) the
excess, if any, of the Series 2010-1 Required Liquidity Amount over the Series 2010-1
Adjusted Liquidity Amount, excluding the available amount under such Series 2010-1
Letter of Credit, on such date and (ii) the amount available to be drawn
on such Series 2010-1 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 on such Series 2010-1 Letter of Credit in an amount
equal to the lesser of the amount in clause (i) or clause (ii) of
the immediately preceding sentence on such Business Day by presenting a draft
accompanied by a Series 2010-1 Certificate of Termination Demand and shall
cause the Series 2010-1 LOC Termination Disbursement to be deposited in
the applicable Series 2010-1 Cash Collateral Account.

 

(d)           Reductions in Stated Amounts of the Series 2010-1
Letters of Credit.  If the Trustee
receives a written notice from the Lessee, substantially in the form of Exhibit D
of this Series Supplement, requesting a reduction in the stated amount of
any Series 2010-1 Letter of Credit, the Trustee shall within two Business
Days of the receipt of such notice deliver to the Series 2010-1 Letter of
Credit Provider who issued such Series 2010-1 Letter of Credit a Series 2010-1
Notice of Reduction requesting a reduction in the stated amount of such Series 2010-1
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, after giving
effect to the requested reduction in the stated amount of such Series 2010-1
Letter of Credit, (i) the Series 2010-1 Adjusted Enhancement Amount
will equal or exceed the Series 2010-1 Required Enhancement Amount and (ii) the Series 2010-1 Adjusted Liquidity Amount will equal
or exceed the Series 2010-1 Required Liquidity Amount.

 

63

 

(e)           Draws on the Series 2010-1 Letters of Credit.  If there is more than one Series 2010-1
Letter of Credit on the date of any draw on the Series 2010-1 Letters of
Credit pursuant to the terms of this Series Supplement (other than
pursuant to Section 2.8(b) or Section 2.8(c) of
this Series Supplement), the Administrator shall instruct the Trustee, in
writing, to draw on each Series 2010-1 Letter of Credit in an amount equal
to the Series 2010-1 Pro Rata Share of the Series 2010-1 Letter of
Credit Provider issuing such Series 2010-1 Letter of Credit of the amount
of such draw on the Series 2010-1 Letters of Credit.

 

(f)            Establishment of Series 2010-1 Cash Collateral
Accounts.  On or prior to the date of
any drawing under a Series 2010-1 Letter of Credit pursuant to Section 2.8(b) or
Section 2.8(c) of this Series Supplement, HVF shall
establish and maintain in the name of the Trustee for the benefit of the Series 2010-1
Noteholders, an account (each such account, a “Series 2010-1 Cash
Collateral Account”) for the deposit of any such draws, bearing a
designation clearly indicating that the funds deposited therein are held for
the benefit of the Series 2010-1 Noteholders.  Each Series 2010-1 Cash Collateral
Account shall be an Eligible Deposit Account. 
If any such Series 2010-1 Cash Collateral Account is at any time no
longer an Eligible Deposit Account, HVF shall, within 10 Business Days of
obtaining knowledge that such Series 2010-1 Cash Collateral Account is no
longer an Eligible Deposit Account, establish a new Series 2010-1 Cash
Collateral Account that is an Eligible Deposit Account.  If a new Series 2010-1 Cash Collateral
Account is established, HVF shall instruct the Trustee in writing to transfer
all cash and investments from the non-qualifying Series 2010-1 Cash
Collateral Account into the new Series 2010-1 Cash Collateral Account.

 

(g)           Administration of the Series 2010-1 Cash
Collateral Account.  HVF may instruct
(by standing instructions or otherwise) the institution maintaining each Series 2010-1
Cash Collateral Account to invest funds on deposit in each Series 2010-1
Cash Collateral Account from time to time in Permitted Investments.  Any investment of funds on deposit in a Series 2010-1
Cash Collateral Account shall mature not later than the Business Day prior to
the first Payment Date 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 a Series 2010-1 Cash Collateral Account),
unless any Permitted Investment held in such Series 2010-1 Cash Collateral
Account is held with the Trustee, in which case such investment may mature on
such Payment Date so long as such funds shall be available for withdrawal on or
prior to such Payment Date.  HVF 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.  In the absence of written
investment instructions hereunder, funds on deposit in a Series 2010-1
Cash Collateral Account shall remain uninvested.

 

(h)           Earnings from Series 2010-1 Cash Collateral Account.  All Series 2010-1 Cash Collateral
Account Interest and Earnings with respect to a Series 2010-1 Cash
Collateral Account shall be deemed to be on deposit therein and available for
distribution.

 

64

 

(i)            Series 2010-1 Cash Collateral Account Surplus.  In the event that the Series 2010-1 Cash
Collateral Account Surplus on any Payment Date is greater than zero, the
Administrator may direct the Trustee to, and the Trustee, acting in accordance
with the written instructions of the Administrator, shall, subject to the
limitations set forth in this Section 2.8(i), withdraw on a pro
rata basis the amount specified by the Administrator, calculated on the
basis of the Series 2010-1 Available Cash Collateral Account Amount for
each such Series 2010-1 Cash Collateral Account, from each Series 2010-1
Cash Collateral Account specified by the Administrator and apply such amount in
accordance with the terms of this Section 2.8(i).  The aggregate amount of any such withdrawals
from the Series 2010-1 Cash Collateral Accounts shall be limited to the Series 2010-1
Cash Collateral Account Surplus on such Payment Date.  Any amounts withdrawn from any Series 2010-1
Cash Collateral Account shall be paid:  first,
to Ford, the lesser of the amount withdrawn from the Series 2010-1 Cash
Collateral Account and the amount of such unpaid Ford Reimbursement
Obligations, (ii) second, for so long as the Ford LOC Exposure
Amount is greater than zero, to the extent that after giving effect to any such
withdrawal the Fleet Equity Condition would be satisfied, to the Series 2010-1
Letter of Credit Providers, to the extent that there are unreimbursed Series 2010-1
Disbursements due and owing to such Series 2010-1 Letter of Credit
Providers in respect of the Series 2010-1 Letters of Credit, for
application in accordance with the provisions of the respective Series 2010-1
Letter of Credit Reimbursement Agreement, and (iii) third, for so
long as the Ford LOC Exposure Amount is greater than zero, to the extent that
after giving effect to any such withdrawal the Fleet Equity Condition would be
satisfied, to HVF any remaining amounts.

 

(j)            Termination of Series 2010-1 Cash Collateral
Accounts.  Upon the termination of
this Series Supplement in accordance with its terms, the Trustee, acting
in accordance with the written instructions of the Administrator, after the
prior payment of all amounts due and owing to the Series 2010-1
Noteholders and payable from each Series 2010-1 Cash Collateral Account as
provided herein, shall withdraw from each such Series 2010-1 Cash
Collateral Account all amounts on deposit therein (to the extent not withdrawn
pursuant to Section 2.8(i) above) and shall pay such amounts, first,
pro rata to the Series 2010-1 Letter
of Credit Providers, to the extent that there are unreimbursed Series 2010-1
Disbursements due and owing to such Series 2010-1 Letter of Credit
Providers, for application in accordance with the provisions of the respective Series 2010-1
Letters of Credit, and second, only for so long as the Ford LOC Exposure
Amount is greater than zero solely to the extent that after giving effect to
any such withdrawal, the Fleet Equity Condition would be satisfied, to HVF any
remaining amounts.

 

Section 2.9.            Series 2010-1 Distribution
Account.

 

(a)           Establishment of Series 2010-1 Distribution
Account.  The Trustee shall establish and maintain in the name of the Trustee
for the benefit of the Series 2010-1 Noteholders an account (the “Series 2010-1
Distribution Account”), bearing a designation clearly indicating that the
funds deposited therein are held for the benefit of the Series 2010-1
Noteholders.  The Series 2010-1
Distribution Account 

 

65

 

shall be an Eligible Deposit
Account.  If the Series 2010-1
Distribution Account is at any time no longer an Eligible Deposit Account, HVF
shall, within 10 Business Days of obtaining knowledge that the Series 2010-1
Distribution Account is no longer an Eligible Deposit Account, establish a new Series 2010-1
Distribution Account that is an Eligible Deposit Account.  If a new Series 2010-1 Distribution
Account is established, HVF shall instruct the Trustee in writing to transfer
all cash and investments from the non-qualifying Series 2010-1 Distribution
Account into the new Series 2010-1 Distribution Account.  Initially, the Series 2010-1
Distribution Account will be established with the Trustee.

 

(b)           Administration of the Series 2010-1 Distribution
Account.  The Administrator may
instruct the institution maintaining the Series 2010-1 Distribution
Account in writing to invest funds on deposit in the Series 2010-1
Distribution Account from time to time in Permitted Investments; provided,
however, that any such investment shall mature not later than the
Business Day prior to the Payment Date 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 Series 2010-1
Distribution Account), unless any Permitted Investment held in the Series 2010-1
Distribution Account is held with the Trustee, then such investment may mature
on such Payment Date and such funds shall be available for withdrawal on or
prior to such Payment Date.  All such
Permitted Investments will be credited to the Series 2010-1 Distribution
Account.  HVF 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.  In the absence of written investment
instructions hereunder, funds on deposit in the Series 2010-1 Distribution
Account shall remain uninvested.

 

(c)           Earnings from Series 2010-1 Distribution Account.  All interest and earnings (net of losses and
investment expenses) paid on funds on deposit in the Series 2010-1
Distribution Account shall be deemed to be on deposit and available for
distribution.

 

(d)           Series 2010-1 Distribution Account Constitutes
Additional Collateral for Series 2010-1 Notes.  In order to secure and provide for the
repayment and payment of the Note Obligations with respect to the Series 2010-1
Notes, HVF hereby grants a security interest in and assigns, pledges, grants,
transfers and sets over to the Trustee, for the benefit of the Series 2010-1
Noteholders all of HVF’s right, title and interest in and to the following
(whether now or hereafter existing or acquired):  (i) the Series 2010-1 Distribution
Account, including any security entitlement thereto; (ii) all funds on
deposit therein from time to time; (iii) all certificates and instruments,
if any, representing or evidencing any or all of the Series 2010-1
Distribution Account or the funds on deposit therein from time to time; (iv) all
investments made at any time and from time to time with monies in the Series 2010-1
Distribution Account, whether constituting securities, instruments, general
intangibles, investment property, financial assets or other property; (v) all
interest, dividends, cash, instruments and other property from time to time
received, receivable or otherwise distributed in respect of or in

 

66

 

exchange for the Series 2010-1
Distribution Account, the funds on deposit therein from time to time or the
investments made with such funds; and (vi) all proceeds of any and all of
the foregoing, including cash (the items in the foregoing clauses (i) through
(vi) are referred to, collectively, as the “Series 2010-1
Distribution Account Collateral”).

 

Section 2.10.          Trustee as Securities Intermediary.

 

(a)           The Trustee or other Person holding the Series 2010-1
Collection Account, the Series 2010-1 Excess Collection Account, the Series 2010-1
Accrued Interest Account, the Series 2010-1 Reserve Account, the Series 2010-1
Cash Collateral Accounts, or the Series 2010-1 Distribution Account (each
a “Series 2010-1 Designated Account”) shall be the “Securities
Intermediary” (as defined in Section 8-102 of the UCC in effect in the
State of New York (the “New York UCC”) and a “bank” (as defined in Section 9-102
of the New York UCC), in such capacities, the “Securities Intermediary”).  If the Securities Intermediary in respect of
any Series 2010-1 Designated Account is not the Trustee, HVF shall obtain
the express agreement of such Person to the obligations of the Securities
Intermediary set forth in this Section 2.10.

 

(b)           The Securities Intermediary agrees that:

 

(i)            The Series 2010-1 Designated Accounts are accounts
to which “financial assets” within the meaning of Section 8-102(a)(9) (“Financial
Assets”) of the New York UCC in will be credited;

 

(ii)           All securities or other property underlying any Financial
Assets credited to any Series 2010-1 Designated 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 2010-1 Designated Account be
registered in the name of HVF, payable to the order of HVF or specially
endorsed to HVF;

 

(iii)          All property delivered to the Securities Intermediary
pursuant to this Series Supplement will be promptly credited to the
appropriate Series 2010-1 Designated Account;

 

(iv)          Each item of property (whether investment property,
security, instrument or cash) credited to a Series 2010-1 Designated
Account shall be treated as a Financial Asset;

 

(v)           If at any time the Securities Intermediary shall receive
any order from the Trustee directing transfer or redemption of any Financial
Asset relating to the Series 2010-1 Designated Accounts, the Securities
Intermediary shall comply with such entitlement order without further consent
by HVF or the Administrator;

 

67

 

(vi)          The Series 2010-1 Designated 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
UCC, New York shall be deemed to the Securities Intermediary’s jurisdiction and
the Series 2010-1 Designated Accounts (as well as the “securities
entitlements” (as defined in Section 8-102(a)(17) of the New
York UCC) 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 Supplement, will not enter into, any agreement
with any other Person relating to the Series 2010-1 Designated Accounts
and/or any Financial Assets credited thereto pursuant to which it has agreed to
comply with entitlement orders (as defined in Section 8-102(a)(8) of
the New York UCC) of such other Person and the Securities Intermediary has not
entered into, and until the termination of this Series Supplement will not
enter into, any agreement with HVF purporting to limit or condition the
obligation of the Securities Intermediary to comply with entitlement orders as
set forth in Section 2.10(b)(v) of this Series Supplement;
and

 

(viii)        Except for the claims and interest of
the Trustee and HVF in the Series 2010-1 Designated Accounts, the
Securities Intermediary knows of no claim to, or interest, in the Series 2010-1
Designated 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 2010-1
Designated Account or in any Financial Asset carried therein, the Securities
Intermediary will promptly notify the Trustee, the Administrator and HVF
thereof.

 

(c)           The Trustee shall possess all right, title and interest in
all funds on deposit from time to time in the Series 2010-1 Designated
Accounts and in all proceeds thereof, and shall be the only person authorized
to originate entitlement orders in respect of the Series 2010-1 Designated
Accounts.

 

Section 2.11.          [Reserved]

 

Section 2.12.          Series 2010-1 Demand Note
Constitutes Additional Collateral for Series 2010-1 Notes.

 

(a)           In order to secure and provide for the repayment and
payment of the Note Obligations with respect to the Series 2010-1 Notes,
HVF hereby grants a security interest in and assigns, pledges, grants,
transfers and sets over to the Trustee, for the benefit of the Series 2010-1
Noteholders, all of HVF’s right, title and interest in and to the following
(whether now or hereafter existing or acquired):  (i) the Series 2010-1 Demand Note; (ii) all
certificates and instruments, if any, representing or evidencing the Series 2010-1
Demand Note; and (iii) all proceeds of any and all of the 

 

68

 

foregoing, including cash. On the Series 2010-1 Closing Date, HVF shall deliver to the Trustee,
for the benefit of the Series 2010-1 Noteholders, the Series 2010-1
Demand Note, endorsed in blank. The Trustee, for the benefit of the Series 2010-1
Noteholders, shall be the only Person authorized to make a demand for payment
on the Series 2010-1 Demand Note.

 

(b)           Other than pursuant to a payment made upon a demand
thereon by the Trustee, HVF shall not reduce the amount of the Series 2010-1
Demand Note or forgive amounts payable thereunder on any date so that the
outstanding principal amount of the Series 2010-1 Demand Note after such
reduction or forgiveness is less than the greater of (x) 0.50% of the
then-current aggregate Principal Amount of the Series 2010-1 Notes as of
such date and (y) the  Series 2010-1
Letter of Credit Liquidity Amount as of such date.  Other than in connection with a reduction or
forgiveness in accordance with the first sentence of this Section 2.12(b),
or an increase in the stated amount of the Series 2010-1 Demand Note, HVF
shall not agree, to any amendment of the Series 2010-1 Demand Note without
first satisfying the Series 2010-1 Rating Agency Condition.

 

Section 2.13.          Subordination of
Class B Notes. 
Notwithstanding anything to the contrary contained herein or in any
other Related Document, the Class B Notes will be subordinate in all
respects to the Class A Notes.  No
payments on account of interest with respect to the Class B Notes shall be
made on any Payment Date until all payments of interest then due and payable
with respect to the Class A Notes on such Payment Date (including, without
limitation, all accrued interest, all Class A Deficiency Amounts and all
interest accrued on such Class A Deficiency Amounts) has been paid in
full. Further, no payments on account of principal with respect to the Class B
Notes shall be made on any Payment Date until all payments of principal then
due and payable with respect to the Class A Notes on such Payment Date
have been paid in full, provided, however, that (x) during
the Three-Year Notes Controlled Amortization Period, payment of principal of
the Class B-1 Notes can be made on any Payment Date after the applicable Class A-1
Controlled Distribution Amount on such Payment Date has been paid and before
any payment on principal of the Class A-2 Notes and the Class A-3
Notes has been made and (y) during the Five-Year Notes Controlled
Amortization Period, payment of principal of the Class B-2 Notes can be
made on any Payment Date after the applicable Class A-2 Controlled
Distribution Amount on such Payment Date has been paid and before any payment
on principal of the Class A-3 Notes has been made.

 

ARTICLE III

 

AMORTIZATION EVENTS

 

In
addition to the Amortization Events set forth in Section 9.1 of the Base
Indenture, the following shall be Amortization Events with respect to the Series 2010-1
Notes and shall constitute the Amortization Events set forth in Section 9.1(j) of
the Base Indenture with respect to the Series 2010-1 Notes:

 

69

 

(a)           HVF defaults in the payment of any interest on, or other
amount payable in respect of, the Series 2010-1 Notes (other than the
payments described in clauses (b) and (e) below) when
the same becomes due and payable and such default continues for a period of
five (5) Business Days;

 

(b)           HVF defaults in the payment of any principal of any Class of the Series 2010-1 Notes when the same becomes
due and payable on the applicable Legal Final Payment Date;

 

(c)           a Series 2010-1 Enhancement
Deficiency shall exist and continue to exist for at least three (3) Business
Days;

 

(d)           a Series 2010-1 Liquidity
Deficiency shall exist and continue to exist for at least three (3) Business
Days;

 

(e)           (i) all principal of and interest on the Three-Year
Notes is not paid in full on or before the Three-Year Notes Expected Final
Payment Date, (ii) all principal of and interest on the Five-Year Notes is
not paid in full on or before the Five-Year Notes Expected Final Payment Date
or (iii) all principal of and interest on the Seven-Year Notes is not paid
in full on or before the Seven-Year Notes Expected Final Payment Date;

 

(f)            the Series 2010-1 Asset Amount
shall be less than the Series 2010-1 Required Asset
Amount for at least three (3) Business Days;

 

(g)           the Series 2010-1 Reserve
Account, the Series 2010-1 Cash
Collateral Account, the Series 2010-1 Excess Collection Account, or any
HVF Exchange Account shall be subject to an injunction, estoppel or other stay
or a Lien (other than a Permitted Lien) for at least three (3) Business
Days and either a Series 2010-1 Enhancement
Deficiency or a Series 2010-1 Liquidity
Deficiency would result from excluding the amount on deposit in any such
account that is subject to an injunction, estoppel or other stay or a Lien
(other than a Permitted Lien) for at least three (3) Business Days from
the Series 2010-1 Adjusted Enhancement Amount or the Series 2010-1 Adjusted
Liquidity Amount, in each case to the extent otherwise included in the
calculation thereof;

 

(h)           the Trustee shall for any reason cease to have a valid and
perfected first-priority security interest in the Series 2010-1 Collateral
or any of the Lessee, HVF or any Affiliate of either so asserts in writing;

 

(i)            the occurrence of a Servicer Event of Default;

 

(j)            HVF fails to comply with any of its other agreements or
covenants in, or provisions of, the Series 2010-1 Notes or the Indenture
and the failure to so comply materially and adversely affects the interests of
the Series 2010-1 Noteholders and continues to materially and adversely
affect the interests of the Series 

 

70

 

2010-1  Noteholders for a period of thirty (30) days
after the earlier of (i) the date on which HVF obtains knowledge thereof
or (ii) the date on which written notice of such failure, requiring the
same to be remedied, shall have been given to HVF by the Trustee or to HVF and
the Trustee by the Required Noteholders with respect to the Series 2010-1
Notes; or

 

(k)           any representation made by HVF in the Indenture or any
Related Document is false and such false representation materially and
adversely affects the interests of the Series 2010-1 Noteholders and such
false representation is not cured for a period of thirty (30) days after the
earlier of (i) the date on which HVF obtains knowledge thereof or (ii) the
date that written notice thereof is given to HVF by the Trustee or to HVF and
the Trustee by the Required Noteholders with respect to the Series 2010-1
Notes.

 

In
the case of

 

(i)            any event described in clauses (a) through (h) above,
an Amortization Event with respect to the Series 2010-1 Notes will
immediately occur without any notice or other action on the part of the Trustee
or any Series 2010-1 Noteholder or

 

(ii)           any event described in clauses (i) through (k) above,
either the Trustee may, by written notice to HVF or the Required Noteholders
with respect to the Series 2010-1 Notes may, by written notice to HVF and
the Trustee declare that an Amortization Event with respect to the Series 2010-1
Notes has occurred as of the date of the notice.

 

Subject
to Section 12.2 of the Base Indenture, (A) the Series 2010-1 Noteholders owning an aggregate Principal Amount of
Series 2010-1 Notes in excess of 66-2/3%
of the Series 2010-1 Principal Amount, by notice to the Trustee, may waive any existing Potential
Amortization Event or Amortization Event with respect to the Series 2010-1
Notes described in clauses (a) through (h) above, and (B) the
Required Noteholders with respect to the Series 2010-1 Notes, by notice to
the Trustee, may waive any existing Potential Amortization Event or
Amortization Event with respect to the Series 2010-1 Notes described in clauses
(i) through (k) above. 
Upon any such waiver, such Potential Amortization Event shall cease to
exist with respect to the Series 2010-1 Notes, and any Amortization Event
with respect to the Series 2010-1 Notes arising therefrom shall be deemed
to have been cured for every purpose of the Indenture, but no such waiver shall
extend to any subsequent or other Potential Amortization Event or impair any
right consequent thereon.  The Trustee
shall provide notice to each Rating Agency then-rating the Series 2010-1
Notes of any waiver by the Series 2010-1 Notes pursuant to this provision.

 

Notwithstanding
anything herein to the contrary, an Amortization Event with respect to the Series 2010-1
Notes described in clause (h) above shall be curable at any time.

 

71

 

ARTICLE IV

 

RESERVED

 

ARTICLE V

 

FORM OF SERIES 2010-1
NOTES

 

Section 5.1.            Issuance of the Series 2010-1 Notes.  The Series 2010-1
Notes will be offered and sold by HVF on the Series 2010-1 Closing Date
pursuant to the Series 2010-1 Purchase
Agreement.  The Series 2010-1 Notes will be resold initially only to (A) qualified
institutional buyers (as defined in Rule 144A) (“QIBs”) in reliance
on Rule 144A and (B) Persons other than U.S. Persons (as defined in
Regulation S) in reliance on Regulation S. 
The Series 2010-1 Notes following their initial resale may be
transferred to QIBs or purchasers in reliance on Regulation S in accordance
with the procedure described herein.  The Series 2010-1 Notes will be Book-Entry
Notes and DTC will act as the
Depository for the Series 2010-1 Notes. 
The provisions of the rules and procedures of DTC, the “Operating
Procedures of the Euroclear System” and the “Terms and Conditions
Governing Use of Euroclear” and the “General Terms and Conditions of
Clearstream Banking” and the “Customer Handbook” of Clearstream (the
“Applicable Procedures”) shall be applicable to transfers of beneficial
interests in the Series 2010-1 Notes which are in the form of Series 2010-1
Global Notes.

 

Section 5.2.            Restricted Global Notes.  Each Class of the Series 2010-1 Notes offered and sold in
their initial distribution on the Series 2010-1 Closing Date in reliance
upon Rule 144A will be issued in the form of one or more global notes in
fully registered form, without coupons, substantially in the form set forth with respect to the Class A Notes in Exhibits A-1-1, A-2-1 and A-3-1 to this Series Supplement and with respect to the Class B Notes
in Exhibit A-4-1, A-5-1 and A-6-1  to this Series Supplement,
in each case registered in the name of Cede, as nominee of DTC, and deposited
with BNY, as custodian of DTC (collectively, the “Restricted Global Notes”).  The aggregate initial principal amount of the
Restricted Global Notes may from time to time be increased or decreased by
adjustments made on the records of BNY, as custodian for DTC, in connection
with a corresponding decrease or increase in the aggregate initial principal
amount of the corresponding class of Regulation S Global Notes or the
Unrestricted Global Notes, as hereinafter provided.

 

Section 5.3.            Regulation S Global Notes and
Unrestricted Global Notes.  Each Class of the Series 2010-1 Notes offered
and sold on the Series 2010-1 Closing Date in reliance upon Regulation S
will be issued in the form of one or more global notes in fully registered
form, without coupons, substantially in the forms set forth with respect to the Class A Notes in  Exhibits A-1-2, A-2-2 and A-3-2 to this Series Supplement and with respect to the Class B Notes
in Exhibit A-4-2, A-5-2 and A-6-2  to this Series Supplement,
in each case registered in the name of Cede, as nominee of DTC, and deposited
with BNY, as custodian of DTC, for credit to the 

 

72

 

respective accounts at DTC
of the designated agents holding on behalf of Euroclear and Clearstream.  Until such time as the Restricted Period
shall have terminated, such Series 2010-1 Notes shall be referred to
herein collectively as the “Regulation S Global Notes”.  After such time as the Restricted Period
shall have terminated with respect to any Series 2010-1 Note, such Series 2010-1
Notes shall be exchangeable, in whole or in part, for interests in one or more
permanent global notes in registered form without interest coupons,
substantially in the forms set forth
with respect to the Class A Notes in Exhibits A-1-3, A-2-3 and A-3-3 to this Series Supplement
and with respect to the Class B Notes in Exhibit A-4-3, A-5-3
and A-6-3 to this Series Supplement as hereinafter provided
(collectively, the “Unrestricted Global Notes”).  The aggregate principal amount of the
Regulation S Global Notes or the Unrestricted Global Notes may from time to
time be increased or decreased by adjustments made on the records of BNY, as
custodian for DTC, in connection with a corresponding decrease or increase of
aggregate principal amount of the corresponding Restricted Global Notes, as
hereinafter provided.

 

Section 5.4.            Transfer Restrictions.

 

(a)           A Series 2010-1 Global Note may not be transferred,
in whole or in part, to any Person other than DTC or a nominee thereof, or to a
successor Depository or to a nominee of a successor Depository, and no such
transfer to any such other Person may be registered; provided, however,
that this Section 5.4(a) shall not prohibit any transfer of a Series 2010-1
Note that is issued in exchange for a Series 2010-1 Global Note in
accordance with Section 2.13 of the Base Indenture and shall not prohibit
any transfer of a beneficial interest in a Series 2010-1 Global Note
effected in accordance with the other provisions of this Section 5.4.

 

(b)           The transfer by a Series 2010-1 Note Owner holding a
beneficial interest in a Restricted Global Note to a Person who wishes to take
delivery thereof in the form of a beneficial interest in the Restricted Global
Note shall be made upon the deemed representation of the transferee that it is
purchasing for its own account or an account with respect to which it exercises
sole investment discretion and that it and any such account is a QIB, and is
aware that the sale to it is being made in reliance on Rule 144A and
acknowledges that it has received such information regarding HVF as such
transferee has requested pursuant to Rule 144A or has determined not to
request such information and that it is aware that the transferor is relying
upon its foregoing representations in order to claim the exemption from
registration provided by Rule 144A.

 

(c)           If a Series 2010-1 Note Owner holding a beneficial
interest in a Restricted Global Note wishes at any time to exchange its
interest in such Restricted Global Note for an interest in the Regulation S
Global Note, or to transfer such interest to a Person who wishes to take
delivery thereof in the form of a beneficial interest in the Regulation S
Global Note, such exchange or transfer may be effected, subject to the
Applicable Procedures, only in accordance with the provisions of this Section 5.4(c).  Upon receipt by the Registrar, at the office
of the Registrar, of (i) written instructions 

 

73

 

given in accordance with the
Applicable Procedures from a Clearing Agency Participant directing the
Registrar to credit or cause to be credited to a specified Clearing Agency
Participant’s account a beneficial interest in the Regulation S Global Note, in
a principal amount equal to that of the beneficial interest in such Restricted
Global Note to be so exchanged or transferred, (ii) a written order given
in accordance with the Applicable Procedures containing information regarding
the account of the Clearing Agency Participant (and the Euroclear or
Clearstream account, as the case may be) to be credited with, and the account
of the Clearing Agency Participant to be debited for, such beneficial interest
and (iii) a certificate in substantially the form set forth in Exhibit F-1
to this Series Supplement given by the Series 2010-1 Note Owner
holding such beneficial interest in such Restricted Global Note, the Registrar
shall instruct BNY, as custodian of DTC, to reduce the principal amount of the
Restricted Global Note, and to increase the principal amount of the Regulation
S Global Note, by the principal amount of the beneficial interest in such
Restricted Global Note to be so exchanged or transferred, and to credit or
cause to be credited to the account of the Person specified in such
instructions (which shall be the Clearing Agency Participant for Euroclear or
Clearstream or both, as the case may be) a beneficial interest in the
Regulation S Global Note having a principal amount equal to the amount by which
the principal amount of such Restricted Global Note was reduced upon such
exchange or transfer.

 

(d)           If a Series 2010-1 Note Owner holding a beneficial
interest in a Restricted Global Note wishes at any time to exchange its
interest in such Restricted Global Note for an interest in the Unrestricted
Global Note, or to transfer such interest to a Person who wishes to take
delivery thereof in the form of a beneficial interest in the Unrestricted
Global Note, such exchange or transfer may be effected, subject to the
Applicable Procedures, only in accordance with the provisions of this Section 5.4(d).  Upon receipt by the Registrar, at the office
of the Registrar, of (A) written instructions given in accordance with the
Applicable Procedures from a Clearing Agency Participant directing the
Registrar to credit or cause to be credited to a specified Clearing Agency
Participant’s account a beneficial interest in the Unrestricted Global Note in
a principal amount equal to that of the beneficial interest in such Restricted
Global Note to be so exchanged or transferred, (ii) a written order given
in accordance with the Applicable Procedures containing information regarding
the account of the Clearing Agency Participant (and the Euroclear or
Clearstream account, as the case may be) to be credited with, and the account
of the Clearing Agency Participant to be debited for, such beneficial interest
and (iii) a certificate in substantially the form of Exhibit F-2
to this Series Supplement given by the Series 2010-1 Note Owner
holding such beneficial interest in such Restricted Global Note, the Registrar
shall instruct BNY, as custodian of DTC, to reduce the principal amount of such
Restricted Global Note, and to increase the principal amount of the
Unrestricted Global Note, by the principal amount of the beneficial interest in
such Restricted Global Note to be so exchanged or transferred, and to credit or
cause to be credited to the account of the Person specified in such
instructions (which shall be the Clearing Agency Participant for Euroclear or
Clearstream or both, as the case may be) a beneficial interest in the
Unrestricted Global 

 

74

 

Note having a principal
amount equal to the amount by which the principal amount of such Restricted
Global Note was reduced upon such exchange or transfer.

 

(e)           If a Series 2010-1 Note Owner holding a beneficial
interest in a Regulation S Global Note or an Unrestricted Global Note wishes at
any time to exchange its interest in such Regulation S Global Note or such
Unrestricted Global Note for an interest in the Restricted Global Note, or to
transfer such interest to a Person who wishes to take delivery thereof in the
form of a beneficial interest in the Restricted Global Note, such exchange or
transfer may be effected, subject to the Applicable Procedures, only in
accordance with the provisions of this Section 5.4(e).  Upon receipt by the Registrar, at the office
of the Registrar, of (i) written instructions given in accordance with the
Applicable Procedures from a Clearing Agency Participant directing the Registrar
to credit or cause to be credited to a specified Clearing Agency Participant’s
account a beneficial interest in the Restricted Global Note in a principal
amount equal to that of the beneficial interest in such Regulation S Global
Note or such Unrestricted Global Note, as the case may be, to be so exchanged
or transferred, (ii) a written order given in accordance with the
Applicable Procedures containing information regarding the account of the
Clearing Agency Participant (and the Euroclear or Clearstream account, as the
case may be) to be credited with, and the account of the Clearing Agency
Participant to be debited for, such beneficial interest and (iii) with
respect to a transfer of a beneficial interest in such Regulation S Global Note
(but not such Unrestricted Global Note), a certificate in substantially the
form set forth in Exhibit F-3 to this Series Supplement given
by such Series 2010-1 Note Owner holding such beneficial interest in such
Regulation S Global Note, the Registrar shall instruct BNY, as custodian of
DTC, to reduce the principal amount of such Regulation S Global Note or such
Unrestricted Global Note, as the case may be, and to increase the principal
amount of the Restricted Global Note, by the principal amount of the beneficial
interest in such Regulation S Global Note or such Unrestricted Global Note to
be so exchanged or transferred, and to credit or cause to be credited to the
account of the Person specified in such instructions (which shall be the
Clearing Agency Participant for DTC) a beneficial interest in the Restricted
Global Note having a principal amount equal to the amount by which the
principal amount of such Regulation S Global Note or such Unrestricted Global
Note, as the case may be, was reduced upon such exchange or transfer.

 

(f)            In the event that a Series 2010-1 Global Note or any
portion thereof is exchanged for Series 2010-1 Notes other than Series 2010-1
Global Notes, such other Series 2010-1 Notes may in turn be exchanged
(upon transfer or otherwise) for Series 2010-1 Notes that are not Series 2010-1
Global Notes or for a beneficial interest in a Series 2010-1 Global Note
(if any is then outstanding) only in accordance with such procedures, which
shall be substantially consistent with the provisions of Sections 5.4(a) through
Section 5.4(e) and Section 5.4(g) of this Series Supplement
(including the certification requirement intended to ensure that transfers and
exchanges of beneficial interests in a Series 2010-1 Global Note comply
with Rule 144A or 

 

75

 

Regulation S under the
Securities Act, as the case may be) and any Applicable Procedures, as may be
adopted from time to time by HVF and the Registrar.

 

(g)           Until the termination of the Restricted Period with respect
to any Series 2010-1 Note, interests in the Regulation S Global Notes
representing such Series 2010-1 Note may be held only through Clearing
Agency Participants acting for and on behalf of Euroclear and Clearstream; provided,
that this Section 5.4(g) shall not prohibit any transfer in
accordance with Section 5.4(d) of this Series Supplement.  After the expiration of the Restricted
Period, interests in the Unrestricted Global Notes may be transferred without
requiring any certifications.

 

(h)           The Series 2010-1 Notes shall bear the following
legends to the extent indicated:

 

(i)            The Restricted Global Notes shall bear the following
legend:

 

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

 

(ii)           The Regulation S Global Notes shall bear the following
legend:

 

THIS
NOTE HAS NOT BEEN REGISTERED UNDER THE UNITED STATES SECURITIES ACT OF 1933, AS
AMENDED (THE “SECURITIES ACT”), OR WITH ANY SECURITIES REGULATORY
AUTHORITY OF ANY STATE OR

 

76

 

OTHER
JURISDICTION OF THE UNITED STATES.  UNTIL
40 DAYS AFTER THE ORIGINAL ISSUE DATE OF THE NOTES (THE “RESTRICTED PERIOD”)
IN CONNECTION WITH THE OFFERING OF THE NOTES IN THE UNITED STATES FROM OUTSIDE
OF THE UNITED STATES, THE SALE, PLEDGE OR TRANSFER OF THIS NOTE IS SUBJECT TO
CERTAIN CONDITIONS AND RESTRICTIONS.  THE
HOLDER HEREOF, BY PURCHASING OR OTHERWISE ACQUIRING THIS NOTE, ACKNOWLEDGES
THAT THIS NOTE HAS NOT BEEN REGISTERED UNDER THE SECURITIES ACT AND AGREES FOR
THE BENEFIT OF HERTZ VEHICLE FINANCING LLC (“HVF”) THAT THIS NOTE MAY BE
TRANSFERRED, RESOLD, PLEDGED OR OTHERWISE TRANSFERRED ONLY IN COMPLIANCE WITH
THE SECURITIES ACT AND OTHER APPLICABLE LAWS OF THE STATES, TERRITORIES AND
POSSESSIONS OF THE UNITED STATES GOVERNING THE OFFER AND SALE OF SECURITIES,
AND PRIOR TO THE EXPIRATION OF THE RESTRICTED PERIOD, ONLY (1) IN AN
OFFSHORE TRANSACTION IN ACCORDANCE WITH REGULATION S UNDER THE SECURITIES ACT, (2) PURSUANT
TO AND IN ACCORDANCE WITH RULE 144A UNDER THE SECURITIES ACT OR (3) TO
HVF.

 

(iii)          The Series 2010-1 Global Notes shall bear the
following legends:

 

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

 

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

 

77

 

(iv)          The required legends set forth above shall not be removed
from the applicable Series 2010-1 Notes except as provided herein.  The legend required for a Restricted Note may
be removed from such Restricted Note if there is delivered to HVF and the
Registrar such satisfactory evidence, which may include an Opinion of Counsel
as may be reasonably required by HVF that neither such legend nor the
restrictions on transfer set forth therein are required to ensure that
transfers of such Series 2010-1 Note will not violate the registration
requirements of the Securities Act.  Upon
provision of such satisfactory evidence, the Trustee at the direction of HVF
shall authenticate and deliver in exchange for such Restricted Note a Series 2010-1
Note or Series 2010-1 Notes having an equal aggregate principal amount
that does not bear such legend.  If such
a legend required for a Restricted Note has been removed from a Series 2010-1
Note as provided above, no other Series 2010-1 Note issued in exchange for
all or any part of such Series 2010-1 Note shall bear such legend, unless
HVF has reasonable cause to believe that such other Series 2010-1 Note is
a “restricted security” within the meaning of Rule 144 under the
Securities Act and instructs the Trustee to cause a legend to appear thereon.

 

Section 5.5.            Definitive Notes.  No Series 2010-1 Note Owner will receive
a Definitive Note representing such Series 2010-1 Note Owner’s interest in
the Series 2010-1 Notes other than in accordance with Section 2.13 of
the Base Indenture.  Definitive Notes
shall have such insertions and deletions as are necessary to give effect to the
provisions of Section 2.13 of the Base Indenture.

 

Section 5.6.            Series 2010-1 Notes Held by
HVF.  (a) For so long as any Class A
Note is Outstanding, no Class B Note with a principal amount greater than
zero that is owned by HVF or any of its Affiliates may be delivered to the
Trustee for cancellation.

 

(b)      If HVF or any of its Affiliates shall become a Series 2010-1
Noteholder or Series 2010-1 Note Owner, then HVF shall promptly deliver
written notice to the Trustee, which notice shall include the principal amount
of the applicable Series 2010-1 Notes and shall reference this Section 5.6(b).

 

(c)      Upon receipt of such written notice set forth in clause (b) above,
the Trustee hereby agrees that it will not cancel the Class B Note
identified in such written notice until it receives a subsequent notice that
HVF or any of its Affiliates are no longer a Series 2010-1 Noteholder or Series 2010-1
Note Owner or the principal amount of such Class B Note is zero.

 

ARTICLE VI

 

GENERAL

 

Section 6.1.            Optional Redemption of Series 2010-1
Notes.  (a) On any Payment Date,
HVF may, at its option, redeem the Class A Notes or any Class of 

 

78

 

the Class A Notes, in
whole but not in part, if on such Payment Date, in the case of a redemption of
all of the Class A Notes, the Principal Amount of the Class A Notes
is less than or equal to 10% of the aggregate Initial Principal Amount of the
Class A Notes and, in the case of any Class of the Class A
Notes, the Principal Amount of such Class of Class A Notes is less
than or equal to 10% of the Initial Principal Amount of such Class of Class A
Notes, as the case may be, at a redemption price equal to 100% of the principal
amount thereof, plus accrued and unpaid interest thereon with funds deposited
in the Series 2010-1 Distribution Account for the payment of such
redemption price.

 

(b)           On any Payment Date on which Class A Notes are no
longer Outstanding (after giving effect to all anticipated reductions in the Class A
Principal Amount on such Payment Date), HVF may, at its option, redeem the
Class B Notes or any Class of the Class B Notes, in whole but
not in part, if on such Payment Date, in the case of a redemption of all of the
Class B Notes, the Principal Amount of the Class B Notes is less than
or equal to 10% of the aggregate Initial Principal Amount of the Class B
Notes and, in the case of any Class of the Class B Notes, the
Principal Amount of such Class of Class B Notes is less than or equal
to 10% of the Initial Principal Amount of such Class of Class B
Notes, as the case may be, at a redemption price equal to 100% of the principal
amount thereof, plus accrued and unpaid interest thereon with funds deposited
in the Series 2010-1 Distribution Account for the payment of such
redemption price.

 

(c)           If HVF elects to redeem any Class of the Series 2010-1
Notes pursuant to the provisions of Section 6.1(a) or (b) of
this Series Supplement, it shall notify the Trustee in writing at least 15
days prior to the intended date of redemption of (i) such intended date of
redemption, (ii) the applicable Series 2010-1 Notes subject to
redemption and (iii) the principal amount of the Series 2010-1 Notes
to be redeemed.  Upon receipt of a notice
of redemption from HVF, the Trustee shall give notice of such redemption in the
manner provided in Section 13.1 of the Base Indenture to the Series 2010-1
Noteholders of the Series 2010-1 Notes to be redeemed.  Such notice shall be given not less than 5
days prior to the intended date of redemption.

 

Section 6.2.            Information.  On or before the fourth Business Day prior to
each Payment Date (unless otherwise agreed to by the Trustee), HVF shall cause
the Administrator to furnish to the Trustee a Monthly Noteholders’ Statement
with respect to the Series 2010-1 Notes, substantially in the form of Exhibit G
to this Series Supplement, setting forth, inter alia, the following
information:

 

(i)            the total amount available to be distributed to the Series 2010-1
Noteholders on such Payment Date;

 

(ii)           the amount of such distribution allocable to the payment
of principal of each Class of the Series 2010-1 Notes;

 

79

 

(iii)          the amount of such distribution allocable to the payment of
interest on each Class of the Series 2010-1 Notes;

 

(iv)          the Series 2010-1 Invested Percentage with respect to
Interest Collections and with respect to Principal Collections for the period
from and including the second Determination Date preceding such Payment Date to
but excluding the Determination Date immediately preceding such Payment Date;

 

(v)           the Series 2010-1 Enhancement Amount, the Series 2010-1
Adjusted Enhancement Amount, the Series 2010-1 Liquidity Amount and the Series 2010-1 Adjusted Liquidity Amount, in each case, as of the close of business on the last day of the
Related Month;

 

(vi)          whether, to the knowledge of the Administrator, any Lien
exists on any of the Collateral (other than Permitted Liens);

 

(vii)         whether, to the knowledge of the Administrator, any
Operating Lease Event of Default has occurred;

 

(viii)        whether, to the knowledge of the
Administrator, any Amortization Event or Potential Amortization Event with
respect to the Series 2010-1 Notes has occurred;

 

(ix)           the Aggregate Asset Amount and the amount of the Aggregate
Asset Amount Deficiency, if any, as of the close of business on the last day of
the Related Month;

 

(x)            the Bankrupt Manufacturer Vehicle Amount, the Bankrupt
Manufacturer Vehicle Percentage, the Capped Category 2 Manufacturer Program
Vehicle Percentage, the Category 1 Manufacturer Eligible Program Vehicle
Amount, the Category 1 Manufacturer Eligible Program Vehicle Percentage, the
Category 1 Manufacturer Non-Eligible Program Vehicle Amount, the Category 1
Manufacturer Non-Eligible Program Vehicle Percentage, the Category 2 Manufacturer
Eligible Program Vehicle Amount, the Category 2 Manufacturer Eligible Program
Vehicle Percentage, the Category 2 Manufacturer Non-Eligible Program Vehicle
Amount, the Category 2 Manufacturer Non-Eligible Program Vehicle Percentage,
the Category 2 Manufacturer Program Vehicle Percentage, the Category 3
Manufacturer Vehicle Amount, the Manufacturer Eligible Program Vehicle Amount,
the Manufacturer Non-Eligible Program Vehicle Amount, the Manufacturer
Non-Eligible Vehicle Amount, the Non-Eligible Vehicle Amount, the Non-Program
Vehicle Amount, the Non-Program Vehicle Percentage, and the Non-Eligible
Manufacturer Amount as of the close of business on the last day of the Related
Month;

 

(xi)           the Series 2010-1 Highest
Enhancement Percentage, the Series 2010-1 Intermediate
Enhancement Percentage, the Series 2010-1 Lowest 

 

80

 

Enhancement Percentage, the Series 2010-1 Intermediate Enhancement Vehicle Percentage and the Series 2010-1 Required
Enhancement Percentage as of the close of business on the last day of the
Related Month and the Market Value Average and Non-Program Vehicle Measurement
Month Average, and all calculations related thereto;

 

(xii)                             the Series 2010-1 Required Incremental Enhancement Amount, if any, as
of the close of business on the last day of the Related Month;

 

(xiii)                          the Series 2010-1 Required Liquidity Amount, if any, as of the close
of business on the last day of the Related Month, and whether a Series 2010-1 Liquidity Deficiency existed and the amount
thereof, in each case, as of the close of business on the last day of the
Related Month;

 

(xiv)                         the Series 2010-1 Required Enhancement Amount as of the close of
business on the last day of the Related Month, and whether a Series 2010-1 Enhancement Deficiency existed and the amount
thereof, in each case, as of the close of business on the last day of the
Related Month;

 

(xv)                            the Series 2010-1
Required Overcollateralization Amount, the Series 2010-1
Overcollateralization Amount and the Series 2010-1
Required Asset Amount, in each case, as of the close of business on the last
day of the Related Month;

 

(xvi)                         the Series 2010-1
Required Reserve Account Amount and the Series 2010-1
Available Reserve Account Amount,  in each case,
as of the close of business on the last day of the Related Month;

 

(xvii)                      the percentage,
Manufacturer Eligible Program Vehicle Amount and rating of the related
Manufacturer of all HVF Vehicles, with respect to each Manufacturer including
such information grouped according to whether each such Manufacturer is a
Category 1 Manufacturer, a Category 2 Manufacturer, or a Category 3
Manufacturer, as of the close of business on the last day of the Related Month
which were Eligible Program Vehicles manufactured by such Manufacturer;

 

(xviii)                   the percentage,
Manufacturer Non-Eligible Vehicle Amount and rating of the related Manufacturer
of all HVF Vehicles, with respect to each Manufacturer which is not an Eligible
Program Manufacturer, as of the close of business on the last day of the Related
Month which were Program Vehicles manufactured by such Manufacturer;

 

(xix)                           the percentage,
Manufacturer Non-Eligible Vehicle Amount and rating of the related Manufacturer
of all HVF Vehicles, with respect to each Manufacturer, as of the close of
business on the last day of the Related Month that were Non-Program Vehicles
manufactured by such Manufacturer;

 

81

 

(xx)          the Series 2010-1 Letter of Credit Liquidity Amount and the Series 2010-1 Letter of Credit Amount, in each case, as of
the close of business on the last day of the Related Month; and

 

(xxi)         the Series 2010-1 Principal Amount and the Series 2010-1 Adjusted Principal Amount, in each case as of
such Payment Date.

 

The
Trustee shall provide to the Series 2010-1 Noteholders, or their
designated agent copies of each Monthly Noteholders’ Statement.

 

Section 6.3.            Exhibits.  The following exhibits attached hereto
supplement the exhibits included in the Indenture.

 

	
  Exhibit A-1-1:

  	
   Form
  of Restricted Global Class A-1 Note

  
	
  Exhibit A-1-2:

  	
   Form
  of Regulation S Global Class A-1 Note

  
	
  Exhibit A-1-3:

  	
   Form
  of Unrestricted Global Class A-1 Note

  
	
  Exhibit A-2-1:

  	
   Form
  of Restricted Global Class A-2 Note

  
	
  Exhibit A-2-2:

  	
   Form
  of Regulation S Global Class A-2 Note

  
	
  Exhibit A-2-3:

  	
   Form
  of Unrestricted Global Class A-2 Note

  
	
  Exhibit A-3-1:

  	
   Form
  of Restricted Global Class A-3 Note

  
	
  Exhibit A-3-2:

  	
   Form
  of Regulation S Global Class A-3 Note

  
	
  Exhibit A-3-3:

  	
   Form
  of Unrestricted Global Class A-3 Note

  
	
  Exhibit A-4-1:

  	
   Form
  of Restricted Global Class B-1 Note

  
	
  Exhibit A-4-2:

  	
   Form
  of Regulation S Global Class B-1 Note

  
	
  Exhibit A-4-3:

  	
   Form
  of Unrestricted Global Class B-1 Note

  
	
  Exhibit A-5-1:

  	
   Form
  of Restricted Global Class B-2 Note

  
	
  Exhibit A-5-2:

  	
   Form
  of Regulation S Global Class B-2 Note

  
	
  Exhibit A-5-3:

  	
   Form
  of Unrestricted Global Class B-2 Note

  
	
  Exhibit A-6-1:

  	
   Form
  of Restricted Global Class B-3 Note

  
	
  Exhibit A-6-2:

  	
   Form
  of Regulation S Global Class B-3 Note

  
	
  Exhibit A-6-3:

  	
   Form
  of Unrestricted Global Class B-3 Note

  
	
  Exhibit B:

  	
   Form of
  Series 2010-1 Letter of Credit

  
	
  Exhibit C:

  	
   Form of
  Lease Payment Deficit Notice

  
	
  Exhibit D:

  	
   Form of
  Series 2010-1 Letter of
  Credit Reduction Notice

  
	
  Exhibit E:

  	
   Reserved

  
	
  Exhibit F-1:

  	
   Form of
  Transfer Certificate

  
	
  Exhibit F-2:

  	
   Form of
  Transfer Certificate

  
	
  Exhibit F-3:

  	
   Form of
  Transfer Certificate

  
	
  Exhibit G:

  	
   Form of
  Monthly Noteholders’ Statement

  
	
  Exhibit H:

  	
   Form of
  Series 2010-1 Demand Note

  
	
  Exhibit I:

  	
   Form of
  Demand Notice

  
	
  Exhibit J:

  	
   Form of
  Supplemental Indenture to Base Indenture

  
	
  Exhibit K:

  	
   Form of
  Amendment to Collateral Agency Agreement

  
	
  Exhibit L:

  	
   Form of
  Amendment to HGI Purchase Agreement

  
	
  Exhibit M:

  	
   Form of
  Amendment to HVF Lease

  

 

82

 

Section 6.4.            Ratification of Base Indenture.  As supplemented by this Series Supplement,
the Base Indenture is in all respects ratified and confirmed and the Base
Indenture as so supplemented by this Series Supplement shall be read,
taken, and construed as one and the same instrument.

 

Section 6.5.            Notice to Rating Agencies.  The Trustee shall provide to each Rating
Agency a copy of each notice to the Series 2010-1 Noteholders, Opinion of
Counsel and Officer’s Certificate delivered to the Trustee pursuant to this Series Supplement
or any other Related Document.

 

Section 6.6.            Third Party Beneficiary.  Ford, in its capacity as accountholder of a
Ford Letter of Credit, is an express third party beneficiary of the Base
Indenture and this Series Supplement to the extent of the provisions relating
to Ford.

 

Section 6.7.            Counterparts.  This Series Supplement may be executed
in any number of counterparts, 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.

 

Section 6.8.            Governing Law.  This Series Supplement shall be
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.

 

Section 6.9.            Amendments.  This Series Supplement may be modified
or amended from time to time in accordance with the terms of the Base
Indenture, provided, that if, pursuant to the terms of the Base
Indenture or this Series Supplement, the consent of the Required Noteholders
with respect to the Series 2010-1 Notes is required for an amendment or
modification of this Series Supplement, such requirement shall be
satisfied if such amendment or modification is consented to by the Required
Noteholders with respect to the Series 2010-1 Notes; provided, further,
that, if the consent of the Required Noteholders with respect to the Series 2010-1
Notes is required for a proposed amendment or modification of this Series Supplement
that does not adversely affect in any material respect one or more Classes of
the Series 2010-1 Notes (as evidenced by an Officer’s Certificate to such
effect), then such requirement shall be satisfied if such amendment or
modification is consented to by the Series 2010-1 Noteholders representing
more than 50% of the Principal Amount of the Classes of the Series 2010-1
Notes materially adversely affected by such amendment or modification (without
the necessity of obtaining the consent of the Series 2010-1 Noteholders
holding the Classes of the Series 2010-1 Notes not affected by such
amendment or modification).  Any amendment to this Series Supplement  shall be subject to the satisfaction of the Series 2010-1 Rating
Agency Condition.

 

Section 6.10.          Termination of Series Supplement.  This Series Supplement shall cease to be
of further effect when (i) all Outstanding Series 2010-1 

 

83

 

Notes theretofore
authenticated and issued have been delivered (other than destroyed, lost, or
stolen Series 2010-1 Notes which have been replaced or paid) to the
Trustee for cancellation, (ii) HVF has paid all sums payable hereunder,
and (iii) the Series 2010-1 Letter of
Credit Liquidity Amount and the Series 2010-1 Letter of
Credit Liquidity Amount is equal to zero.

 

Section 6.11.          Discharge of Indenture.  Notwithstanding anything to the contrary
contained in the Base Indenture, so long as this Series Supplement shall
be in effect in accordance with Section 6.10 of this Series Supplement, no discharge of the Indenture pursuant
to Section 11.1(b) of the Base Indenture shall be effective as to the
Series 2010-1 Notes without the consent of the Required Noteholders with
respect to the Series 2010-1 Notes.

 

Section 6.12.          Noteholder Consents.  Each Series 2010-1 Noteholder, upon
acquisition of a Series 2010-1 Note, will be deemed to agree and consent
to (i) the execution of a Supplemental Indenture to the Base Indenture
substantially in the form of Exhibit J of this Series Supplement,
(ii) the execution of an amendment to the Collateral Agency Agreement
substantially in the form of Exhibit K of this Series Supplement,
(iii) the execution of an amendment to the HGI Purchase Agreement
substantially in the form of Exhibit L of this Series Supplement,
and (iv) the execution of an amendment to the HVF Lease substantially in
the form of Exhibit M of this Series Supplement, in each case,
together with any changes to such forms that do not adversely affect the Series 2010-1
Noteholders in any material respect as evidenced by an Officer’s Certificate of
HVF.  Such deemed consent will apply to
each proposed amendment set forth in Exhibits J, K, L, and
M of this Series Supplement individually, and the failure to effect
any of the amendments set forth therein will not revoke the consent with
respect to any other amendment.

 

Section 6.13.          Confidential Information.  (a)  The Trustee and each Series 2010-1
Note Owner agrees, by its acceptance and holding of a beneficial interest in a Series 2010-1
Note, to maintain the confidentiality of all Confidential Information in
accordance with procedures adopted by such Series 2010-1 Noteholder in
good faith to protect confidential information of third parties delivered to
such person; provided that such person may deliver or disclose
Confidential Information to: (i) such person’s directors, trustees,
officers, employees, agents, attorneys, independent or internal auditors and
affiliates who agree to hold confidential the Confidential Information
substantially in accordance with the terms of this Section 6.13; (ii) such
person’s financial advisors and other professional advisors who agree to hold
confidential the Confidential Information substantially in accordance with the
terms of this Section 6.13; (iii) any other Series 2010-1
Note Owner; (iv) any person of the type that would be, to such person’s
knowledge, permitted to acquire an interest in the Series 2010-1 Notes in
accordance with the requirements of the Indenture to which such person sells or
offers to sell any such interest in the Series 2010-1 Notes or any part
thereof and that agrees to hold confidential the Confidential Information
substantially in accordance with the terms of this Section 6.13 (or
in accordance with such other confidentiality procedures as are acceptable to
HVF); (v) any federal or state or other 

 

84

 

regulatory, governmental or
judicial authority having jurisdiction over such person; (vi) the National
Association of Insurance Commissioners or any similar organization, or any
nationally-recognized rating agency that requires access to information about
the investment portfolio or such person; (vii) any reinsurers or liquidity
or credit providers that agree to hold confidential the Confidential
Information substantially in accordance with the terms of this Section 6.13
(or in accordance with such other confidentiality procedures as are acceptable
to HVF); (viii) any other person with the consent of HVF; or (ix) any
other person to which such delivery or disclosure may be necessary or
appropriate (A) to effect compliance with any law, rule, regulation,
statute or order applicable to such person, (B) in response to any
subpoena or other legal process upon prior notice to HVF (unless prohibited by
applicable law or other requirement having the force of law), (C) in
connection with any litigation to which such person is a party upon prior
notice to HVF (unless prohibited by applicable law or other requirement having
the force of law) or (D) if an Amortization Event with respect to the Series 2010-1
Notes has occurred and is continuing, to the extent such person may reasonably
determine such delivery and disclosure to be necessary or appropriate in the
enforcement or for the protection of the rights and remedies under the Series 2010-1
Notes, the Indenture or any other Related Document; and provided, further,
however, that delivery to any Series 2010-1 Note Owner of any
report or information required by the terms of the Indenture to be provided to
such Series 2010-1 Note Owner shall not be a violation of this Section 6.13.  Each Series 2010-1 Note Owner, by its
acceptance of a beneficial interest in the Series 2010-1 Notes, shall be
deemed to have agreed, except as set forth in clauses (v), (vi) and
(ix) above, that it shall use the Confidential Information for the
sole purpose of making an investment in the Series 2010-1 Notes or
administering its investment in the Series 2010-1 Notes.  In the event of any required disclosure of
the Confidential Information by such Series 2010-1 Note Owner, such Series 2010-1
Note Owner shall be deemed to have agreed to use reasonable efforts to protect
the confidentiality of the Confidential Information.

 

(b)           For the purposes of this Section 6.13, “Confidential Information” means information delivered to the
Trustee or any Series 2010-1 Note Owner by or on behalf of HVF in
connection with and relating to the transactions contemplated by or otherwise
pursuant to the Indenture and the Related Documents; provided that such
term does not include information that: (i) was publicly known or
otherwise known to the Trustee or the Series 2010-1 Note Owner prior to
the time of such disclosure; (ii) subsequently becomes publicly known
through no act or omission by the Trustee, any Series 2010-1 Note Owner or
any person acting on behalf of the Trustee or any Series 2010-1 Note
Owner; (iii) otherwise is known or becomes known to the Trustee or any Series 2010-1
Note Owner other than (x) through disclosure by HVF or (y) as a
result of a breach of fiduciary duty to HVF or a contractual duty to HVF; or (iv) is
allowed to be treated as non-confidential by consent of HVF.

 

Section 6.14.          Trustee Has No Duty to Monitor
Manufacturer Ratings.  In no event
shall the Trustee (x) have any duty or responsibility to monitor the
ratings of the Manufacturers or (y) be charged with knowledge of such
ratings, unless a Trust 

 

85

 

Officer receives written
notice of such ratings from HVF, Hertz or any Series 2010-1 Noteholder or
otherwise has actual knowledge thereof.

 

86

 

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

 

	
   

  	
  HERTZ
  VEHICLE FINANCING LLC

  
	
   

  	
   

  
	
   

  	
  By:
  

  	
  /s/
  R. Scott Massengill

  
	
   

  	
   

  	
  Name:
  R. Scott Massengill

  
	
   

  	
   

  	
  Title:
  Vice President & Treasurer

  
	
   

  	
   

  	
   

  
	
   

  	
   

  
	
   

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

  
	
   

  	
   

  
	
   

  	
  By:
  

  	
  /s/
  John D. Ask

  
	
   

  	
   

  	
  Name:
  John D. Ask

  
	
   

  	
   

  	
  Title:
  Senior Associate

  

 

87EXHIBIT 10.51

 

[Form of Director Indemnification Agreement]

 

(Restated form used after April 2009)

 

INDEMNIFICATION AGREEMENT, dated as of [·], 20[·], between
Hertz Global Holdings, Inc., a Delaware corporation (the “Company”),
and [·] (“Indemnitee”).

 

WHEREAS,
qualified persons are reluctant to serve corporations as directors or otherwise
unless they are provided with broad indemnification and insurance against
claims arising out of their service to and activities on behalf of the
corporations; and

 

WHEREAS,
the Company has determined that attracting and retaining such persons is in the
best interests of the Company’s stockholders and that it is reasonable, prudent
and necessary for the Company to indemnify such persons to the fullest extent
permitted by applicable law and to provide reasonable assurance regarding
insurance;

 

NOW,
THEREFORE, the Company and Indemnitee hereby agree as follows:

 

1.             Defined Terms;
Construction.

 

(a)           Defined Terms.  As used in this Agreement, the following
terms shall have the following meanings:

 

“Change
in Control” means, and shall be deemed to have occurred if, on or after the
date of this Agreement, (i) any “person” (as such term is used in
Sections 13(d) and 14(d) of the Securities Exchange Act of 1934, as
amended), other than (A) a trustee or other fiduciary holding
securities under an employee benefit plan of the Company or any of its
subsidiaries acting in such capacity, or (B) the Investors, is or
becomes the “beneficial owner” (as defined in Rule 13d-3 under said Act),
directly or indirectly, of securities of the Company representing more than 50%
of the total voting power represented by the Company’s then outstanding Voting
Securities, (ii) during any period of two consecutive years,
individuals who at the beginning of such period constitute the board of
directors of the Company and any new director whose election by the board of
directors of the Company or nomination for election by the Company’s
stockholders was approved by a vote of at least two thirds (2/3) of the directors
then still in office who either were directors at the beginning of the period
or whose election or nomination for election was previously so approved, cease
for any reason to constitute a majority thereof, (iii) the
stockholders of the Company approve a merger or consolidation of the Company
with any other corporation other than a merger or consolidation that would
result in the Voting Securities of the Company outstanding immediately prior
thereto continuing to represent (either by remaining outstanding or by being
converted into Voting Securities of the surviving entity) at least 50% of the
total voting power

 

 

represented
by the Voting Securities of the Company or such surviving entity outstanding
immediately after such merger or consolidation, (iv) the
stockholders of the Company approve a plan of complete liquidation of the
Company or an agreement for the sale or disposition by the Company of (in one
transaction or a series of related transactions) all or substantially all of
its assets, or (v) the Company shall file or have filed against it,
and such filing shall not be dismissed, any bankruptcy, insolvency or
dissolution proceedings, or a trustee, administrator or creditors committee
shall be appointed to manage or supervise the affairs of the Company.

 

“Corporate
Status” means the status of a person who is or was a director (or a member
of any committee of a board of directors), officer, employee or agent
(including without limitation a manager of a limited liability company) of the
Company or any of its subsidiaries, or of any predecessor thereof, or is or was
serving at the request of the Company as a director (or a member of any
committee of a board of directors), officer, employee or agent (including
without limitation a manager of a limited liability company) of another
corporation, limited liability company, partnership, joint venture, trust or
other enterprise, or of any predecessor thereof, including service with respect
to an employee benefit plan.

 

“Determination”
means a determination that either (x) there is a reasonable basis
for the conclusion that indemnification of Indemnitee is proper in the
circumstances because Indemnitee met a particular standard of conduct (a “Favorable
Determination”) or (y) there is no reasonable basis for the
conclusion that indemnification of Indemnitee is proper in the circumstances
because Indemnitee met a particular standard of conduct (an “Adverse
Determination”).  An Adverse
Determination shall include the decision that a Determination was required in connection
with indemnification and the decision as to the applicable standard of conduct.

 

“DGCL”
means the General Corporation Law of the State of Delaware, as amended from
time to time.

 

“Expenses”
means all attorneys’ fees and expenses, retainers, court, arbitration and
mediation costs, transcript costs, fees of experts, bonds, witness fees, costs
of collecting and producing documents, travel expenses, duplicating costs,
printing and binding costs, telephone charges, postage, delivery service fees
and all other disbursements or expenses of the types customarily incurred in
connection with prosecuting, defending, preparing to prosecute or defend,
investigating, being or preparing to be a witness in, appealing or otherwise
participating in a Proceeding.

 

“Independent
Legal Counsel” means an attorney or firm of attorneys competent to render
an opinion under the applicable law, selected in accordance with the provisions
of Section 5(e), who has not otherwise performed any services for the
Company or any of its subsidiaries or for Indemnitee within the last three years
(other than with respect to

 

2

 

matters
concerning the rights of Indemnitee under this Agreement or of other
Indemnitees under indemnity agreements similar to this Agreement).

 

“Investors”
means collectively (i) (a) Clayton, Dubilier &
Rice Fund VII, L.P., (b) CDR CCMG Co-Investor L.P., and (c) CD&R
Parallel Fund VII, L.P., (d) ML Global Private Equity Fund, L.P., (e) Merrill
Lynch Ventures L.P. 2001, (f) CMC-Hertz Partners, L.P., (g) ML
Hertz Co-Investor, L.P.. (h) Carlyle Partners IV, L.P., (i) CEP
II Participations S.àr.l., (j) CP IV Co-investment, L.P., and (k) CEP
II U.S. Investments, L.P.; (ii) TC Group L.L.C. (which operates
under the trade name The Carlyle Group); (iii) Clayton, Dubilier &
Rice, Inc., (iv) Merrill Lynch Global Partners, Inc., (v) any
Affiliate of any thereof, including any investment fund or vehicle managed,
sponsored or advised by any thereof, (vi) any successor in interest
to any thereof.

 

“Proceeding”
means a threatened, pending or completed action, suit or proceeding, whether
civil, criminal, administrative or investigative, including without limitation
a claim, demand, discovery request, formal or informal investigation, inquiry,
administrative hearing, arbitration or other form of alternative dispute
resolution, including an appeal from any of the foregoing.

 

“Voting
Securities” means any securities of the Company that vote generally in the
election of directors.

 

(b)           Construction.  For purposes of this Agreement,

 

(i)            References to
the Company and any of its “subsidiaries” 
shall include any corporation, limited liability company, partnership,
joint venture, trust or other entity or enterprise that before or after the date
of this Agreement is party to a merger or consolidation with the Company or any
such subsidiary or that is a successor to the Company as contemplated by Section 8(d) (whether
or not such successor has executed and delivered the written agreement contemplated
by Section 8(d)).

 

(ii)           References to “fines”
shall include any excise taxes assessed on Indemnitee with respect to an
employee benefit plan.

 

(iii)          References to a
“witness” in connection with a Proceeding shall include any interviewee or
person called upon to produce documents in connection with such Proceeding.

 

2.             Agreement to
Serve.

 

Indemnitee
agrees to serve as a director of the Company or one or more of its subsidiaries
and in such other capacities as Indemnitee may serve at the request of the
Company from time to time, and by its execution of this Agreement the Company

 

3

 

confirms
its request that Indemnitee serve as a director and in such other
capacities.  Indemnitee shall be entitled
to resign or otherwise terminate such service with immediate effect at any
time, and neither such resignation or termination nor the length of such
service shall affect Indemnitee’s rights under this Agreement.  This Agreement shall not constitute an
employment agreement, supersede any employment agreement to which Indemnitee is
a party or create any right of Indemnitee to continued employment or
appointment.

 

3.             Indemnification.

 

(a)           General
Indemnification.  The Company
shall indemnify Indemnitee, to the fullest extent permitted by applicable law
in effect on the date hereof or as amended to increase the scope of permitted
indemnification, against Expenses, losses, liabilities, judgments, fines,
penalties and amounts paid in settlement (including all interest, assessments
and other charges in connection therewith) incurred by Indemnitee or on
Indemnitee’s behalf in connection with any Proceeding in any way connected
with, resulting from or relating to Indemnitee’s Corporate Status.

 

(b)           Additional
Indemnification Regarding Expenses.  Without limiting the foregoing, in the event
any Proceeding is initiated by Indemnitee or the Company or any of its
subsidiaries to enforce or interpret this Agreement or any rights of Indemnitee
to indemnification or advancement of Expenses (or related obligations of
Indemnitee) under the Company’s or any such subsidiary’s certificate of
incorporation or bylaws, any other agreement to which Indemnitee and the
Company or any of its subsidiaries are party, any vote of stockholders or directors
of the Company or any of its subsidiaries, the DGCL, any other applicable law
or any liability insurance policy, the Company shall indemnify Indemnitee
against all Expenses incurred by Indemnitee or on Indemnitee’s behalf in
connection with such Proceeding, whether or not Indemnitee is successful in
such Proceeding, except to the extent that the court presiding over such
Proceeding determines that material assertions made by Indemnitee in such
Proceeding were in bad faith or were frivolous.

 

(c)           Partial
Indemnification.  If
Indemnitee is entitled under any provision of this Agreement to indemnification
by the Company for a portion of any Expenses, losses, liabilities, judgments,
fines, penalties and amounts paid in settlement incurred by Indemnitee, but not
for the total amount thereof, the Company shall nevertheless indemnify
Indemnitee for such portion.

 

(d)           Other Rights to
Indemnification.  The indemnification and advancement of
expenses (including attorneys’ fees) and costs provided by this Agreement shall
not be deemed exclusive of any other rights to which Indemnitee may now or in
the future be entitled under the Company’s certificate of incorporation or
bylaws, any agreement, any vote of stockholders or directors, the DGCL, any
other applicable law or any liability insurance policy; provided that
(i) to the extent that

 

4

 

Indemnitee
is entitled to be indemnified by the Company and by any shareholder of the
Company or any affiliate (other than the Company and its subsidiaries) of any
such shareholder or any insurer under a policy procured by any such shareholder
or affiliate, the obligations of the Company hereunder shall be primary and the
obligations of such shareholder, affiliate or insurer secondary, and
(ii) the Company shall not be entitled to contribution or indemnification
from or subrogation against such shareholder, affiliate or insurer.

 

(e)           Exceptions.  Any other provision herein to the contrary
notwithstanding, the Company shall not be obligated under the Agreement to
indemnify Indemnitee:

 

(i)            For Expenses
incurred in connection with Proceedings initiated or brought voluntarily by the
Indemnitee and not by way of defense, counterclaim or crossclaim, except (x) as
contemplated by Section 3(b), (y) in specific cases if the
board of directors of the Company has approved the initiation or bringing of
such Proceeding, and (z) as may be required by law.

 

(ii)           For any profits
arising from the purchase and sale by the Indemnitee of securities within the
meaning of Section 16(b) of the Securities Exchange Act of 1934, as
amended, or any similar successor statute that the Company is entitled
thereunder to recover from Indemnitee.

 

(f)            Subrogation.  Except
as set forth in Section 3(d)(ii) of this Agreement, in the event of
payment under this Agreement, the Company shall be subrogated to the extent of
such payment to all of the rights of recovery of Indemnitee, who shall execute
such documents and do such acts as the Company may reasonably request to secure
such rights and to enable the Company effectively to bring suit to enforce such
rights.

 

4.             Advancement of
Expenses.

 

The
Company shall pay all Expenses incurred by Indemnitee in connection with any
Proceeding in any way connected with, resulting from or relating to Indemnitee’s
Corporate Status, other than a Proceeding initiated by Indemnitee for which the
Company would not be obligated to indemnify Indemnitee pursuant to Section 3(e)(i),
in advance of the final disposition of such Proceeding and without regard to
whether Indemnitee will ultimately be entitled to be indemnified for such
Expenses and without regard to whether an Adverse Determination has been made,
except as contemplated by the last sentence of Section 5(f).  Indemnitee shall repay such amounts advanced
if and to the extent that it shall ultimately be determined in a decision by a
court of competent jurisdiction from which no appeal can be taken that
Indemnitee is not entitled to be indemnified by the Company for such Expenses.  Such repayment obligation shall be unsecured
and shall not bear interest.

 

5

 

5.             Indemnification
Procedure.

 

(a)           Notice of
Proceeding; Cooperation. 
Indemnitee shall give the Company notice in writing as soon as practicable
of any Proceeding for which indemnification will or could be sought under this
Agreement, provided that any failure or delay in giving such notice
shall not relieve the Company of its obligations under this Agreement unless
and to the extent that (i) none of the Company and its subsidiaries
are party to or aware of such Proceeding and (ii) the Company is
materially prejudiced by such failure.

 

(b)           Settlement.  The Company will not, without the prior
written consent of Indemnitee, which may be provided or withheld in Indemnitee’s
sole discretion, effect any settlement of any Proceeding against Indemnitee or
which could have been brought against Indemnitee unless such settlement solely
involves the payment of money by persons other than Indemnitee and includes an
unconditional release of Indemnitee from all liability on any matters that are
the subject of such Proceeding and an acknowledgment that Indemnitee denies all
wrongdoing in connection with such matters. 
The Company shall not be obligated to indemnify Indemnitee against
amounts paid in settlement of a Proceeding against Indemnitee if such
settlement is effected by Indemnitee without the Company’s prior written
consent, which shall not be unreasonably withheld.

 

(c)           Request for
Payment; Timing of Payment.  To obtain indemnification payments or
advances under this Agreement, Indemnitee shall submit to the Company a
written request therefor, together with such invoices or other supporting
information as may be reasonably requested by the Company and reasonably
available to Indemnitee.  The Company
shall make indemnification payments to Indemnitee no later than 30 days, and
advances to Indemnitee no later than five business days, after receipt of the
written request of Indemnitee.

 

(d)           Determination.  The Company intends that Indemnitee shall be
indemnified to the fullest extent permitted by law as provided in Section 3
and that no Determination shall be required in connection with such
indemnification.  In no event shall a
Determination be required in connection with advancement of Expenses pursuant
to Section 4 or in connection with indemnification for Expenses incurred
as a witness or incurred in connection with any Proceeding or portion thereof
with respect to which Indemnitee has been successful on the merits or
otherwise.  Any decision that a
Determination is required by law in connection with any other indemnification
of Indemnitee, and any such Determination, shall be made within 30 days after
receipt of Indemnitee’s written request for indemnification, as follows:

 

(i)            If no Change in
Control has occurred, (w) by a majority vote of the directors of
the Company who are not parties to such Proceeding, even though less than a
quorum, with the advice of Independent Legal Counsel, or (x) 

 

6

 

by a committee of such directors designated by
majority vote of such directors, even though less than a quorum, with the
advice of Independent Legal Counsel, or (y) if there are no such
directors, or if such directors so direct, by Independent Legal Counsel in a
written opinion to the Company and Indemnitee, or (z) by the
stockholders of the Company.

 

(ii)           If a Change in
Control has occurred, by Independent Legal Counsel in a written opinion to the
Company and Indemnitee.

 

The
Company shall pay all Expenses incurred by Indemnitee in connection with a
Determination.

 

(e)           Independent
Legal Counsel.  If there
has not been a Change in Control, Independent Legal Counsel shall be
selected by the board of directors of the Company and approved by Indemnitee
(which approval shall not be unreasonably withheld or delayed).  If there has been a Change in Control, Independent
Legal Counsel shall be selected by Indemnitee and approved by the Company
(which approval shall not be unreasonably withheld or delayed).  The Company shall pay the fees and expenses
of Independent Legal Counsel and indemnify Independent Legal Counsel against
any and all expenses (including attorneys’ fees), claims, liabilities and
damages arising out of or relating to its engagement.

 

(f)            Consequences of
Determination; Remedies of Indemnitee.  The Company shall be bound by and shall have
no right to challenge a Favorable Determination.  If an Adverse Determination is made, or if
for any other reason the Company does not make timely indemnification payments
or advances of Expenses, Indemnitee shall have the right to commence a
Proceeding before a court of competent jurisdiction to challenge such Adverse
Determination and/or to require the Company to make such payments or
advances.  Indemnitee shall be entitled
to be indemnified for all Expenses incurred in connection with such a
Proceeding in accordance with Section 3(b) and to have such Expenses
advanced by the Company in accordance with Section 4.  If Indemnitee fails to challenge an Adverse
Determination, or if Indemnitee challenges an Adverse Determination and such
Adverse Determination has been upheld (including, if applicable, by reason of
such challenge having been untimely) by a final judgment of a court of competent
jurisdiction from which no appeal can be taken, then, to the extent and only to
the extent required by such Adverse Determination or final judgment, the
Company shall not be obligated to indemnify or advance Expenses to Indemnitee
under this Agreement.

 

(g)           Presumptions;
Burden and Standard of Proof.  In connection with any Determination, or any
review of any Determination, by any person, including a court:

 

(i)            It shall be a
presumption that a Determination is not required.

 

7

 

(ii)           It shall be a
presumption that Indemnitee has met the applicable standard of conduct and that
indemnification of Indemnitee is proper in the circumstances.

 

(iii)          The burden of
proof shall be on the Company to overcome the presumptions set forth in the
preceding clauses (i) and (ii), and each such presumption shall be
overcome only if the Company establishes that there is no reasonable basis to
support it.

 

(iv)          The termination
of any Proceeding by judgment, order, finding, settlement (whether with or
without court approval) or conviction, or upon a plea of nolo
contendere, or its equivalent, shall not create a presumption that
indemnification is not proper or that Indemnitee did not meet the applicable
standard of conduct or that a court has determined that indemnification is not
permitted by this Agreement or otherwise.

 

(v)           Neither the
failure of any person or persons to have made a Determination nor an Adverse
Determination by any person or persons shall be a defense to Indemnitee’s claim
or create a presumption that Indemnitee did not meet the applicable standard of
conduct, and any Proceeding commenced by Indemnitee pursuant to Section 5(f) shall
be de novo with respect to all
determinations of fact and law.

 

6.             Directors and
Officers Liability Insurance.

 

(a)           Maintenance of
Insurance.  For the
duration of Indemnitee’s service as a director and/or officer of the Company,
and thereafter for so long as Indemnitee shall be subject to any pending or
possible Proceeding indemnifiable hereunder, the Company shall use commercially
reasonable efforts (taking into account the scope and amount of coverage
available relative to the cost thereof) to cause to be maintained in effect
policies of directors’ and officers’ liability insurance providing coverage for
Indemnitee of the Company that is at least substantially comparable in scope
and amount to that provided by the Company’s current policies of directors’ and
officers’ liability insurance.  Upon
request, the Company shall provide Indemnitee with a copy of all directors’ and
officers’ liability insurance applications, binders, policies, declarations,
endorsements and other related materials, and will notify Indemnitee of any
material changes that have been made to such documents.  In all policies of directors’ and officers’
liability insurance obtained by the Company, Indemnitee shall be named as
an insured in such a manner as to provide Indemnitee the same rights and
benefits, subject to the same limitations, as are accorded to the directors and
officers of the Company most favorably insured by such policy.

 

(b)           Notice to
Insurers.  Upon
receipt of notice of a Proceeding pursuant to Section 5(a), the Company
shall give or cause to be given prompt notice of

 

8

 

such
Proceeding to all insurers providing liability insurance in accordance with the
procedures set forth in all applicable or potentially applicable policies.  The Company shall thereafter take all
necessary action to cause such insurers to pay all amounts payable in
accordance with the terms of such policies.

 

7.             Exculpation, etc.

 

(a)           Limitation of
Liability.  Indemnitee
shall not be personally liable to the Company or any of its subsidiaries or to
the stockholders of the Company or any such subsidiary for monetary damages for
breach of fiduciary duty as a director of the Company or any such subsidiary;
provided, however, that the foregoing shall not eliminate or limit the
liability of the Indemnitee (i) for any breach of the Indemnitee’s
duty of loyalty to the Company or such subsidiary or the stockholders thereof; (ii) for
acts or omissions not in good faith or which involve intentional misconduct or
a knowing violation of the law; (iii) under Section 174 of the
DGCL or any similar provision of other applicable corporations law; or (iv) for
any transaction from which the Indemnitee derived an improper personal
benefit.  If the DGCL or such other
applicable law shall be amended to permit further elimination or limitation of
the personal liability of directors, then the liability of the Indemnitee
shall, automatically, without any further action, be eliminated or limited to
the fullest extent permitted by the DGCL or such other applicable law as so
amended.

 

(b)           Period of
Limitations.  No legal
action shall be brought and no cause of action shall be asserted by or in the
right of the Company or any of its subsidiaries against Indemnitee or
Indemnitee’s estate, spouses, heirs, executors, personal or legal
representatives, administrators or assigns after the expiration of two years
from the date of accrual of such cause of action, and any claim or cause of
action of the Company shall be extinguished and deemed released unless asserted
by the timely filing of a legal action within such two-year period, provided
that if any shorter period of limitations is otherwise applicable to any such
cause of action, such shorter period shall govern.

 

8.             Miscellaneous.

 

(a)           Severability.  If any provision or provisions of this
Agreement shall be held to be invalid, illegal or unenforceable for any reason
whatsoever:  (i) the
validity, legality and enforceability of the remaining provisions of this
Agreement (including without limitation, each portion of any section of this
Agreement containing any such provision held to be invalid, illegal or
unenforceable, that is not itself invalid, illegal or unenforceable) shall not
in any way be affected or impaired thereby and shall remain enforceable to the
fullest extent permitted by law; (ii) such provision or provisions
shall be deemed reformed to the extent necessary to conform to applicable law
and to give the maximum effect to the intent of the parties hereto; and (iii) to
the fullest extent possible, the provisions of this Agreement (including,
without limitation, each

 

9

 

portion
of any section of this Agreement containing any such provision held to be
invalid, illegal or unenforceable, that is not itself invalid, illegal or
unenforceable) shall be construed so as to give effect to the intent manifested
thereby.

 

(b)           Notices.  All notices, requests, demands and other
communications under this Agreement shall be in writing and shall be deemed
duly given (i) on the date of delivery if delivered personally, or
by facsimile, upon confirmation of receipt, (ii) on the first
business day following the date of dispatch if delivered by a recognized
next-day courier service or (iii) on the third business day
following the date of mailing if delivered by domestic registered or certified
mail, properly addressed, or on the fifth business day following the date of
mailing if sent by airmail from a country outside of North America, to
Indemnitee as shown on the signature page of this Agreement, to the
Company at the address shown on the signature page of this Agreement, or
in either case as subsequently modified by written notice.

 

(c)           Amendment and
Termination.  No
amendment, modification, termination or cancellation of this Agreement shall be
effective unless it is in writing signed by all the parties hereto.  No waiver of any of the provisions of this
Agreement shall be deemed or shall constitute a waiver of any other provisions
hereof (whether or not similar), nor shall such waiver constitute a continuing
waiver.

 

(d)           Successors and
Assigns.  This Agreement shall be
binding upon the Company and its respective successors and assigns, including
without limitation any acquiror of all or substantially all of the Company’s
assets or business and any survivor of any merger or consolidation to which the
Company is party, and shall inure to the benefit of the Indemnitee and the
Indemnitee’s estate, spouses, heirs, executors, personal or legal
representatives, administrators and assigns. 
The Company shall require and cause any such successor, by written
agreement in form and substance satisfactory to Indemnitee, expressly to assume
and agree to perform this Agreement as if it were named as the Company herein,
and the Company shall not permit any such purchase of assets or business, acquisition
of securities or merger or consolidation to occur until such written agreement
has been executed and delivered.  No such
assumption and agreement shall relieve the Company of any of its obligations
hereunder, and this Agreement shall not otherwise be assignable by the Company.

 

(e)           Choice of Law;
Consent to Jurisdiction.  This
Agreement shall be governed by and its provisions construed in accordance with
the laws of the State of Delaware, as applied to contracts between Delaware
residents entered into and to be performed entirely within Delaware, without
regard to the conflict of law principles thereof.  The Company and Indemnitee each hereby
irrevocably consents to the jurisdiction of the courts of the State of Delaware
for all purposes in connection with any Proceeding which arises out of or
relates to this Agreement and agree that any action instituted under this
Agreement shall be brought only in the state courts of the State of Delaware.

 

10

 

(f)            Integration and
Entire Agreement.  This
Agreement sets forth the entire understanding between the parties hereto and
supersedes and merges all previous written and oral negotiations, commitments,
understandings and agreements relating to the subject matter hereof between the
parties hereto, provided that the provisions hereof shall not supersede the
provisions of the Company’s respective certificates of incorporation or bylaws,
any agreement, any vote of stockholders or directors, the DGCL or other
applicable law, to the extent any such provisions shall be more favorable to
Indemnitee than the provisions hereof.

 

(g)           Counterparts.  This Agreement may be executed in one or more
counterparts, each of which shall constitute an original.

 

[Remainder of this page intentionally left blank.]

 

11

 

IN
WITNESS WHEREOF, the parties hereto have executed this Agreement as of the date
first above written.

 

 

	
   

  	
  HERTZ
  GLOBAL HOLDINGS, INC.

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
  By:

  	
   

  
	
   

  	
   

  	
  Name:

  
	
   

  	
   

  	
  Title:

  
	
   

  	
   

  	
   

  
	
   

  	
  Address:

  	
  225
  Brae Boulevard

  
	
   

  	
   

  	
  Park
  Ridge, NJ 07656

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
  AGREED
  TO AND ACCEPTED:

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
  [·]

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
  By:

  	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
   

  
	
  Address:

  	
   

  	
   

  	
   

  	
   

  
							

 

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