Document:

Exhibit 4.9.28

 

EXECUTION VERSION

 

 

SERIES
2009-1 NOTE PURCHASE AGREEMENT

 

(SERIES
2009-1 VARIABLE FUNDING RENTAL CAR ASSET BACKED NOTES)

 

dated
as of September 18, 2009,

 

among

 

HERTZ
VEHICLE FINANCING LLC,

 

THE
HERTZ CORPORATION,

as
Administrator,

 

CERTAIN
CONDUIT INVESTORS,

each
as a Conduit Investor,

 

CERTAIN
FINANCIAL INSTITUTIONS,

each
as a Committed Note Purchaser,

 

CERTAIN
FUNDING AGENTS,

 

and

 

DEUTSCHE
BANK AG, NEW YORK BRANCH,

as
Administrative Agent

 

 

 

TABLE OF CONTENTS

 

	
   

  	
  Page

  
	
   

  	
   

  
	
  ARTICLE
  I DEFINITIONS

  	
  2

  
	
  SECTION 1.01

  	
  Definitions

  	
  2

  
	
   

  	
   

  	
   

  
	
  ARTICLE
  II PURCHASE AND SALE OF SERIES 2009-1 NOTES

  	
  11

  
	
  SECTION 2.01

  	
  The
  Initial Note Purchase

  	
  11

  
	
  SECTION 2.02

  	
  Advances

  	
  11

  
	
  SECTION 2.03

  	
  Borrowing
  Procedures

  	
  12

  
	
  SECTION 2.04

  	
  The
  Series 2009-1 Notes

  	
  13

  
	
  SECTION 2.05

  	
  Commitment
  Terms

  	
  14

  
	
  SECTION 2.06

  	
  Selection
  of Interest Rates

  	
  14

  
	
  SECTION 2.07

  	
  Reduction
  in Commitment Amount

  	
  14

  
	
   

  	
   

  	
   

  
	
  ARTICLE
  III INTEREST AND FEES

  	
  14

  
	
  SECTION 3.01

  	
  Interest

  	
  14

  
	
  SECTION 3.02

  	
  Fees

  	
  15

  
	
  SECTION 3.03

  	
  Eurodollar
  Lending Unlawful

  	
  16

  
	
  SECTION 3.04

  	
  Deposits
  Unavailable

  	
  16

  
	
  SECTION 3.05

  	
  Increased
  or Reduced Costs, etc.

  	
  17

  
	
  SECTION 3.06

  	
  Funding
  Losses

  	
  17

  
	
  SECTION 3.07

  	
  Increased
  Capital Costs

  	
  18

  
	
  SECTION 3.08

  	
  Taxes

  	
  18

  
	
  SECTION 3.09

  	
  Indenture
  Carrying Charges; Survival

  	
  20

  
	
   

  	
   

  	
   

  
	
  ARTICLE
  IV OTHER PAYMENT TERMS

  	
  20

  
	
  SECTION 4.01

  	
  Time
  and Method of Payment

  	
  20

  
	
   

  	
   

  	
   

  
	
  ARTICLE
  V THE ADMINISTRATIVE AGENT AND THE FUNDING AGENTS

  	
  20

  
	
  SECTION 5.01

  	
  Authorization
  and Action of the Administrative Agent

  	
  20

  
	
  SECTION 5.02

  	
  Delegation
  of Duties

  	
  21

  
	
  SECTION 5.03

  	
  Exculpatory
  Provisions

  	
  21

  
	
  SECTION 5.04

  	
  Reliance

  	
  21

  
	
  SECTION 5.05

  	
  Non-Reliance
  on the Administrative Agent and Other Purchasers

  	
  22

  
	
  SECTION 5.06

  	
  The
  Administrative Agent in its Individual Capacity

  	
  22

  
	
  SECTION 5.07

  	
  Successor
  Administrative Agent

  	
  22

  
	
  SECTION 5.08

  	
  Authorization
  and Action of Funding Agents

  	
  22

  
	
  SECTION 5.09

  	
  Delegation
  of Duties

  	
  23

  
	
  SECTION 5.10

  	
  Exculpatory
  Provisions

  	
  23

  
	
  SECTION 5.11

  	
  Reliance

  	
  23

  
	
  SECTION 5.12

  	
  Non-Reliance
  on the Funding Agent and Other Purchasers

  	
  24

  

 

i

 

TABLE OF CONTENTS

(continued)

 

	
   

  	
   

  	
  Page

  
	
   

  	
   

  	
   

  
	
  SECTION 5.13

  	
  The
  Funding Agent in its Individual Capacity

  	
  24

  
	
  SECTION 5.14

  	
  Successor
  Funding Agent

  	
  24

  
	
   

  	
   

  	
   

  
	
  ARTICLE
  VI REPRESENTATIONS AND WARRANTIES

  	
  25

  
	
  SECTION 6.01

  	
  HVF

  	
  25

  
	
  SECTION 6.02

  	
  Administrator

  	
  25

  
	
  SECTION 6.03

  	
  Conduit
  Investors

  	
  26

  
	
   

  	
   

  	
   

  
	
  ARTICLE
  VII CONDITIONS

  	
  28

  
	
  SECTION 7.01

  	
  Conditions
  to Issuance

  	
  28

  
	
  SECTION 7.02

  	
  Conditions
  to Initial Borrowing

  	
  29

  
	
  SECTION 7.03

  	
  Conditions
  to Each Borrowing

  	
  29

  
	
   

  	
   

  	
   

  
	
  ARTICLE VIII COVENANTS

  	
  30

  
	
  SECTION 8.01

  	
  Covenants

  	
  30

  
	
   

  	
   

  	
   

  
	
  ARTICLE
  IX MISCELLANEOUS PROVISIONS

  	
  35

  
	
  SECTION 9.01

  	
  Amendments

  	
  35

  
	
  SECTION 9.02

  	
  No
  Waiver; Remedies

  	
  36

  
	
  SECTION 9.03

  	
  Binding
  on Successors and Assigns

  	
  37

  
	
  SECTION 9.04

  	
  Survival
  of Agreement

  	
  38

  
	
  SECTION 9.05

  	
  Payment
  of Costs and Expenses; Indemnification

  	
  38

  
	
  SECTION 9.06

  	
  Characterization
  as Related Document; Entire Agreement

  	
  41

  
	
  SECTION 9.07

  	
  Notices

  	
  41

  
	
  SECTION 9.08

  	
  Severability
  of Provisions

  	
  41

  
	
  SECTION 9.09

  	
  Tax
  Characterization

  	
  42

  
	
  SECTION 9.10

  	
  No
  Proceedings; Limited Recourse

  	
  42

  
	
  SECTION 9.11

  	
  Confidentiality

  	
  43

  
	
  SECTION 9.12

  	
  Governing
  Law

  	
  44

  
	
  SECTION 9.13

  	
  Jurisdiction

  	
  44

  
	
  SECTION 9.14

  	
  Waiver
  of Jury Trial

  	
  44

  
	
  SECTION 9.15

  	
  Counterparts

  	
  45

  
	
  SECTION 9.16

  	
  Additional
  Investor Groups

  	
  45

  
	
  SECTION 9.17

  	
  Assignment

  	
  45

  

 

ii

 

TABLE OF CONTENTS

(continued)

 

	
   

  	
   

  	
  Page

  
	
   

  	
   

  	
   

  
	
  EXHIBITS

  
	
   

  
	
  SCHEDULE
  I

  	
  List
  of Conduit Investors and Committed Note Purchasers

  	
   

  
	
  EXHIBIT
  A

  	
  Form of
  Advance Request

  	
   

  
	
  EXHIBIT
  B

  	
  Form of
  Assignment and Assumption Agreement

  	
   

  
	
  EXHIBIT
  C

  	
  Form of
  Investor Group Supplement

  	
   

  
	
  EXHIBIT
  D

  	
  Form of
  Addendum

  	
   

  
	
  EXHIBIT
  E

  	
  Fleet
  Report

  	
   

  

 

iii

 

SERIES 2009-1 NOTE PURCHASE AGREEMENT

 

THIS SERIES 2009-1 NOTE PURCHASE AGREEMENT, dated as of September 18,
2009 (as amended, supplemented, restated or otherwise modified from time to
time in accordance with the terms hereof, this “Agreement”), is made
among HERTZ VEHICLE FINANCING LLC, a Delaware limited liability company (“HVF”),
THE HERTZ CORPORATION, a Delaware corporation (“Hertz” or the “Administrator”),
the several commercial paper conduits listed on Schedule I and their
respective permitted successors and assigns (the “Conduit Investors”;
each, individually, a “Conduit Investor”), the several financial
institutions that serve as committed note purchasers set forth on Schedule I
hereto and the other financial institutions parties hereto pursuant to Section 9.17
(each a “Committed Note Purchaser”), the financial institution set forth
opposite the name of each Conduit Investor, or if there is no Conduit Investor
with respect to any Investor Group, the Committed Note Purchaser with respect
to such Investor Group, on Schedule I hereto and its permitted successor
and assign (the “Funding Agent” with respect to such Conduit Investor or
Committed Note Purchaser) DEUTSCHE BANK AG, NEW YORK BRANCH, in its capacity as
administrative agent for the Conduit Investors, the Committed Note Purchasers
and the Funding Agents (the “Administrative Agent”).

 

BACKGROUND

 

1.                                       Contemporaneously
with the execution and delivery of this Agreement, HVF, 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.), an Illinois trust company, as trustee (together with its
successors in trust thereunder as provided in the Base Indenture referred to
below, the “Trustee”) and as Securities Intermediary, entered into the Series 2009-1
Supplement, of even date therewith (as the same may be further amended,
supplemented, restated or otherwise modified from time to time in accordance
with the terms thereof, the “Series 2009-1 Supplement”), to the
Third Amended and Restated Base Indenture, dated as of September 18, 2009
(as the same may be amended, supplemented, restated or otherwise modified from
time to time in accordance with the terms thereof, the “Base Indenture”
and, together with the Series 2009-1 Supplement, the “Indenture”),
between HVF and the Trustee, pursuant to which HVF issued one or more Series 2009-1
Variable Funding Rental Car Asset Backed Notes (the “Series 2009-1
Notes”).

 

2.                                       HVF wishes to
issue the Series 2009-1 Notes in favor of the Conduit Investors, or if
there is no Conduit Investor with respect to any Investor Group, the Committed
Note Purchaser with respect to such Investor Group, and obtain the agreement of
the Conduit Investors or the Committed Note Purchasers, as applicable, to make
loans from time to time (each, an “Advance”) for the purchase of Series 2009-1
Principal Amounts, all of which Advances (including the Initial Advance) will
constitute Increases, and all of which Advances (including the Initial Advance)
will be evidenced by the Series 2009-1 Notes purchased in connection
herewith and will constitute purchases of Series 2009-1 Principal Amounts
corresponding to the amount of such Advances. 
Subject to the terms and conditions of this Agreement, each Conduit
Investor 

 

 

may
make Advances from time to time and each Committed Note Purchaser is willing to
commit to make Advances from time to time, to fund purchases of Series 2009-1
Principal Amounts in an aggregate outstanding amount up to the Maximum Investor
Group Principal Amount for the related Investor Group until the commencement of
the Series 2009-1 Controlled Amortization Period, or, if earlier, the
commencement of the Series 2009-1 Rapid Amortization Period.  Hertz has joined in this Agreement to confirm
certain representations, warranties and covenants made by it as Administrator
for the benefit of each Conduit Investor and each Committed Note Purchaser.

 

ARTICLE I

DEFINITIONS

 

SECTION 1.01   Definitions.  As used in this Agreement and unless the
context requires a different meaning, capitalized terms used but not defined
herein (including the preamble and the recitals hereto) shall have the meanings
assigned to such terms in Article 1 of the Series 2009-1 Supplement
or, if not defined therein, the meanings assigned to such terms in the
Definitions List attached to the Base Indenture as Schedule I, as
applicable.  For the avoidance of doubt,
to the extent any capitalized term defined herein also has a meaning assigned
to such term in the Definitions List attached to the Base Indenture, the
meaning given to such term herein shall apply. 
In addition, the following terms shall have the following meanings 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:

 

“Acquiring Committed Note
Purchaser” has the meaning set forth in Section 9.17(a).

 

“Acquiring Investor Group”
has the meaning set forth in Section 9.17(c).

 

“Addendum” means an
Addendum substantially in the form of Exhibit D.

 

“Additional Investor
Group” means, collectively, a Conduit Investor, if any, and the Committed
Note Purchaser(s) with respect to such Conduit Investor or, if there is no
Conduit Investor with respect to any Investor Group the Committed Note
Purchaser(s) with respect to such Investor Group, in each case, that
becomes party hereto as of any date after the Series 2009-1 Closing Date
pursuant to Section 9.16 in connection with an increase in the Series 2009-1
Maximum Principal Amount; provided that, for the avoidance of doubt, an
Investor Group that is both an Additional Investor Group and an Acquiring
Investor Group shall be deemed to be an Additional Investor Group solely in
connection with, and to the extent of, the commitment of such Investor Group
that increases the Series 2009-1 Maximum Principal Amount when such
Additional Investor Group becomes a party hereto and Additional Series 2009-1
Notes are issued pursuant to Sections 2.1 and 5.1 of the Series 2009-1
Supplement, and references herein to such an Investor Group as an “Additional
Investor Group” shall not include the commitment of such Investor Group as an
Acquiring Investor Group (the Maximum Investor Group Principal Amount of any
such “Additional Investor Group” shall not include any portion of the Maximum
Investor Group Principal Amount of such Investor Group acquired

 

2

 

pursuant
to an assignment to such Investor Group as an Acquiring Investor Group, whereas
references to the Maximum Investor Group Principal Amount of such “Investor
Group” shall include the entire Maximum Investor Group Principal Amount of such
Investor Group as both as Additional Investor Group and an Acquiring Investor
Group).

 

“Additional Investor
Group Initial Principal Amount” means, with respect to each Additional
Investor Group on the date such Additional Investor Group becomes a party
hereto, the initial principal amount on such date of the Series 2009-1
Notes issued to such Additional Investor Group, which shall be an amount equal
to such Additional Investor Group’s Commitment Percentage of the principal
amount of outstanding Series 2009-1 Notes as of such date (after giving
effect to the issuance of such Additional Investor Group’s Series 2009-1
Notes).

 

“Administrative Agent Fee”
has the meaning set forth in the Administrative Agent Fee Letter.

 

“Administrative Agent Fee
Letter” means that certain fee letter, dated as of the date hereof, between
the Administrative Agent and HVF setting forth the definition of Administrative
Agent Fee.

 

“Advance” has the
meaning set forth in paragraph 2 of the recitals hereto.

 

“Advance Request” has
the meaning set forth in Section 7.03(c).

 

“Affected Person” has
the meaning set forth in Section 3.05.

 

“Aggregate Unpaids”
has the meaning set forth in Section 5.01.

 

“Assignment and
Assumption Agreement” means an Assignment and Assumption Agreement substantially
in the form of Exhibit B.

 

“Borrowing” has the
meaning set forth in Section 2.02(c).

 

“Borrowing Deficit”
has the meaning set forth in Section 2.03(b).

 

“Change in Law” means
(a) any law, rule or regulation or any change therein or in the
interpretation or application thereof (whether or not having the force of law),
in each case, adopted, issued or occurring after the Series 2009-1 Closing
Date or (b) any request, guideline or directive (whether or not having the
force of law) from any government or political subdivision or agency,
authority, bureau, central bank, commission, department or instrumentality
thereof, or any court, tribunal, grand jury or arbitrator, or any accounting
board or authority (whether or not part of government) which is responsible for
the establishment or interpretation of national or international accounting
principles, in each case, whether foreign or domestic (each an “Official
Body”) charged with the administration, interpretation or application
thereof, or the compliance with any request or directive of any Official Body
(whether or not having the force of law) made, issued or occurring after the Series 2009-1
Closing Date.

 

3

 

“Commitment” means,
the obligation of the Committed Note Purchasers included in each Investor Group
to fund Advances pursuant to Section 2.02(a) in an aggregate
stated amount up to the Maximum Investor Group Principal Amount for such
Investor Group.

 

“Commitment Amount”
means, as to each Conduit Investor or Committed Note Purchaser, the Maximum
Investor Group Principal Amount with respect to the Investor Group of which
such Conduit Investor or Committed Note Purchaser is a part.

 

“Commitment Percentage”
means, on any date of determination, with respect to any Investor Group, the
ratio, expressed as a percentage, which such Investor Group’s Maximum Investor
Group Principal Amount bears to the Series 2009-1 Maximum Principal Amount
on such date.

 

“Committed Note Purchaser”
has the meaning set forth in the recitals hereto.

 

“Committed Note Purchaser
Percentage” means, with respect to any Committed Note Purchaser, the
percentage set forth opposite the name of such Committed Note Purchaser on Schedule
I.

 

“Conduit Assignee”
means, with respect to any Conduit Investor, any commercial paper conduit,
whose commercial paper has ratings of at least “A-2” from Standard &
Poor’s and “P2” from Moody’s, that is administered by the Funding Agent with
respect to such Conduit Investor or any Affiliate of such Funding Agent, in
each case, designated by such Funding Agent to accept an assignment from such
Conduit Investor of the Investor Group Principal Amount or a portion thereof
with respect to such Conduit Investor pursuant to Section 9.17(b).

 

“Conduit Investors”
has the meaning set forth in the recitals hereto.

 

“Confidential Information”
for purposes of this Agreement, has the meaning set forth in Section 9.11.

 

“CP Rate” means, with
respect to each Conduit Investor (i) for any day during any Series 2009-1
Interest Period funded by a Conduit Investor set forth in Schedule I
hereto or any other Conduit Investor that elects in its Assignment and
Assumption Agreement to make this clause (i) applicable
(collectively, the “Conduits”), the per annum rate equivalent to the
weighted average of the per annum rates paid or payable by such Conduits from
time to time as interest on or otherwise (by means of interest rate hedges or
otherwise taking into consideration any incremental carrying costs associated
with short term promissory notes issued by such Conduits maturing on dates
other than those certain dates on which such Conduits are to receive funds) in
respect of the promissory notes issued by such Conduits that are allocated in
whole or in part by their respective Funding Agent (on behalf of such Conduits)
to fund or maintain the Series 2009-1 Principal Amount or that are issued
by such Conduits specifically to fund or maintain the Series 2009-1
Principal Amount, in each case, during such period, as determined by their
respective Funding Agent (on behalf of such Conduits), including (x)

 

4

 

the
commissions of placement agents and dealers in respect of such promissory
notes, to the extent such commissions are allocated, in whole or in part, to
such promissory notes by the related Committed Note Purchasers (on behalf of
such Conduits), (y) all reasonable costs and expenses of any issuing and
paying agent or other person responsible for the administration of such
Conduits’ commercial paper programs in connection with the preparation,
completion, issuance, delivery or payment of Series 2009-1 Commercial
Paper, and (z) the costs of other borrowings by such Conduits including,
without limitation, borrowings to fund small or odd dollar amounts that are not
easily accommodated in the commercial paper market; provided, however,
that if any component of such rate is a discount rate, in calculating the CP
Rate, the respective Funding Agent for such Conduits shall for such component
use the rate resulting from converting such discount rate to an interest
bearing equivalent rate per annum and (ii) for any Series 2009-1
Interest Period for any portion of the Commitment of the related Investor Group
funded by any other Conduit Investor, the “CP Rate” applicable to such Conduit
Investor as set forth in its Assignment and Assumption Agreement.

 

“Domestic Office”
means, the office of the related Funding Agent designated as such below its
name on the signature page hereof, if any, or such other office of such
Funding Agent as designated from time to time by written notice from such
Funding Agent to HVF, inside the United States, which shall be making or
maintaining Advances other than Eurodollar Advances of the Committed Note
Purchasers in its Investor Group hereunder.

 

“Eurodollar Advance”
means, an Advance which bears interest at all times during the Eurodollar
Interest Period applicable thereto at a fixed rate of interest determined by
reference to the Eurodollar Rate (Reserve Adjusted).

 

“Eurodollar Interest
Period” means, with respect to any Eurodollar Advance, (a) initially,
the period commencing on and including the date of such Eurodollar Advance and
ending on but excluding the next Payment Date and (b) for each period
thereafter, the period commencing on and including the Payment Date on which
the immediately preceeding Eurodollar Interest Period ended and ending on but
excluding the next Payment Date; provided, however, that

 

(i)                                     no Eurodollar
Interest Period may end subsequent to the January 2012 Payment Date; and

 

(ii)                                  upon the
occurrence and during the continuation of the Series 2009-1 Rapid
Amortization Period, any Eurodollar Interest Period may be terminated at the
election of the related Funding Agent by notice to HVF and the Administrator,
and upon such election the Eurodollar Advances in respect of which interest was
calculated by reference to such terminated Eurodollar Interest Period shall be
converted to Series 2009-1 Base Rate Tranches or included in the Series 2009-1
CP Tranche until payment in full of the Series 2009-1 Notes.

 

“Eurodollar Office”
means, the office of the related Funding Agent

 

5

 

designated as such below its name on the signature page hereof, if
any, or such other office of such Funding Agent as designated from time to time
by written notice from such Funding Agent to HVF, whether or not outside the
United States, which shall be making or maintaining Eurodollar Advances of the
Committed Note Purchasers in its Investor Group hereunder.

 

“Eurodollar Rate”
means, the rate per annum determined by the related Funding Agent at
approximately 11:00 a.m. (London time) on the date which is one (1) Business
Day prior to the beginning of the relevant Eurodollar Interest Period by
reference to the British Bankers’ Association Interest Settlement Rates for
deposits in Dollars (as set forth by any service selected by such Funding Agent
which has been nominated by the British Bankers’ Association as an authorized
information vendor for the purpose of displaying such rates) for a period equal
to such Eurodollar Interest Period; provided that, to the extent that an
interest rate is not ascertainable pursuant to the foregoing provisions of this
definition, the “Eurodollar Rate” shall be the interest rate per annum
determined by such Funding Agent to be the rate per annum at which deposits in
Dollars are offered by the Reference Lender in London to prime banks in the
London interbank market at or about 11:00 a.m. (London time) one (1) Business
Day before the first day of such Eurodollar Interest Period in an amount
substantially equal to the amount of the Eurodollar Advances to be outstanding
during such Eurodollar Interest Period and for a period equal to such
Eurodollar Interest Period.  In respect
of any Eurodollar Interest Period which is not thirty (30) days in duration,
the Eurodollar Rate shall be determined through the use of straight-line
interpolation by reference to two rates calculated in accordance with the
preceding sentence, one of which shall be determined as if the maturity of the
Dollar deposits referred to therein were the period of time for which rates are
available next shorter than the Eurodollar Interest Period and the other of
which shall be determined as if such maturity were the period of time for which
rates are available next longer than the Eurodollar Interest Period; provided
that, if a Eurodollar Interest Period is less than or equal to seven days, the
Eurodollar Rate shall be determined by reference to a rate calculated in
accordance with the preceding sentence as if the maturity of the Dollar
deposits referred to therein were a period of time equal to seven days.

 

“Eurodollar Rate (Reserve
Adjusted)” means, for any Eurodollar Interest Period, an interest rate per
annum (rounded upward to the nearest 1/100th of 1%) determined pursuant to the
following formula:

 

	
  Eurodollar
  Rate =

  	
   

  	
  Eurodollar Rate

  	
   

  
	
  (Reserve Adjusted)

  	
   

  	
  1.00
  – Eurodollar Reserve Percentage

  	
   

  

 

The
Eurodollar Rate (Reserve Adjusted) for any Eurodollar Interest Period for
Eurodollar Advances will be determined by the related Funding Agent on the
basis of the Eurodollar Reserve Percentage in effect one (1) Business Day before
the first day of such Eurodollar Interest Period.

 

“Eurodollar Reserve
Percentage” means, for any Eurodollar Interest

 

6

 

Period,
the reserve percentage (expressed as a decimal) equal to the maximum aggregate
reserve requirements (including all basic, emergency, supplemental, marginal
and other reserves and taking into account any transitional adjustments or
other scheduled changes in reserve requirements) specified under regulations
issued from time to time by the F.R.S. Board and then applicable to assets or
liabilities consisting of and including “Eurocurrency Liabilities,” as
currently defined in Regulation D of the F.R.S. Board, having a term
approximately equal or comparable to such Eurodollar Interest Period.

 

“Federal Funds Rate”
means for any period, a fluctuating interest rate per annum equal for each day
during such period to the weighted average of the overnight federal funds rates
as in Federal Reserve Board Statistical Release H.15(519) or any successor or
substitute publication selected by the Funding Agent for such Investor Group
(or, if such day is not a Business Day, for the next preceding Business Day),
or, if, for any reason, such rate is not available on any day, the rate
determined, in the sole opinion of the Funding Agent for such Investor Group,
to be the rate at which overnight federal funds are being offered in the
national federal funds market at 9:00 a.m. New York City time.

 

“Financial Statements”
has the meaning set forth in Section 6.02(b).

 

“Fleet Report” has
the meaning set forth in Section 2.4 of the Collateral Agency Agreement.

 

“Governmental Authority”
means the United States of America, any state, local or other political
subdivision thereof and any entity exercising executive, legislative, judicial,
regulatory, or administrative functions thereof pertaining thereto.

 

“Increase Date” shall
mean the Business Day on which an Increase in the Series 2009-1 Principal
Amount occurs.

 

“Initial Advance”
means the Advances made under this Agreement as part of the initial Borrowings.

 

“Investor Group”
means, (i) collectively, a Conduit Investor, if any, and the Committed
Note Purchaser(s) with respect to such Conduit Investor or, if there is no
Conduit Investor with respect to any Investor Group, the Committed Note
Purchaser(s) with respect to such Investor Group, in each case, party
hereto as of the Series 2009-1 Closing date and (ii) any Additional
Investor Group.

 

“Investor Group Increase
Amount” means, with respect to any Investor Group, for any Business Day,
such Investor Group’s Commitment Percentage of the Increase, if any, on such
Business Day.

 

“Investor Group Principal
Amount” means, (a) with respect to any Investor Group other than an
Additional Investor Group, (i) when used with respect to the Series 2009-1
Closing Date, such Investor Group’s Commitment Percentage of the Series 2009-1
Initial Principal Amount and (ii) when used with respect to any other
date, an amount equal to (w) the Investor Group Principal Amount with
respect to such Investor

 

7

 

Group
on the immediately preceding Business Day plus (x) the Investor
Group Increase Amount with respect to such Investor Group on such date minus
(y) the amount of principal payments made to such Investor Group pursuant
to the Series 2009-1 Supplement on such date plus (z) the
amount of principal payments recovered from such Investor Group by a trustee as
a preference payment in a bankruptcy proceeding of the Issuer or otherwise on
such date and (b) with respect to any Additional Investor Group, (i) when
used with respect to the date such Additional Investor Group becomes a party
hereto, such Additional Investor Group’s Additional Investor Group Initial
Principal Amount and (ii) when used with respect to any other date, an
amount equal to (w) the Investor Group Principal Amount with respect to
such Additional Investor Group on the immediately preceding Business Day plus
(x) the Investor Group Increase Amount with respect to such Additional
Investor Group on such date minus (y) the amount of principal
payments made to such Investor Group pursuant to the Series 2009-1
Supplement on such date plus (z) the amount of principal payments
recovered from such Additional Investor Group by a trustee as a preference
payment in a bankruptcy proceeding of the Issuer or otherwise on such date.

 

“Investor Group
Supplement” means an Investor Group Supplement substantially in the form of
Exhibit C.

 

“Majority Program Support
Providers” means with respect to the related Investor Group, Program
Support Providers holding more than 50% of the aggregate commitments of all
Program Support Providers.

 

“Margin Stock” means “margin
stock” as defined in Regulation U of the Board of Governors of the Federal
Reserve System, as amended from time to time.

 

“Maximum Investor Group
Principal Amount” means, with respect to each Investor Group, the amount
set forth opposite the name of the Committed Note Purchaser included in such
Investor Group on Schedule I, as such amount may be increased or
modified from time to time by written agreement among the Committed Note
Purchasers included in such Investor Group on Schedule I hereto, the
Administrator and HVF in accordance with the terms hereof; provided
that, on any day after the occurrence and during the continuance of an
Amortization Event with respect to the Series 2009-1 Notes, the Maximum
Investor Group Principal Amount with respect to each Investor Group shall not
exceed the Investor Group Principal Amount for such Investor Group.

 

“Prime Rate” means
the rate announced by the Reference Lender from time to time as its prime rate
in the United States, such rate to change as and when such designated rate
changes.  The Prime Rate is not intended
to be the lowest rate of interest charged by the Reference Lender in connection
with extensions of credit to debtors.

 

“Program Fee” has the
meaning set forth in Section 3.02(a).

 

“Program Fee Letter”
means that certain fee letter, dated as of the date hereof, by and among each
initial Conduit Purchaser, each initial Committed Note

 

8

 

Purchaser,
the Administrative Agent and HVF setting forth the definition of Program Fee
Rate and the definition of Undrawn Fee.

 

“Program Fee Rate”
has the meaning set forth in the Program Fee Letter.

 

“Program Support
Agreement” means and includes any agreement entered into by any Program
Support Provider in respect of any Series 2009-1 Commercial Paper and/or Series 2009-1
Note providing for the issuance of one or more letters of credit for the
account of a Committed Note Purchaser or a Conduit Investor, the issuance of
one or more insurance policies for which a Committed Note Purchaser or a
Conduit Investor is obligated to reimburse the applicable Program Support
Provider for any drawings thereunder, the sale by a Committed Note Purchaser or
a Conduit Investor to any Program Support Provider of the Series 2009-1
Notes (or portions thereof or interests therein) and/or the making of loans
and/or other extensions of credit to a Committed Note Purchaser or a Conduit
Investor in connection with such Conduit Investor’s securitization program,
together with any letter of credit, insurance policy or other instrument issued
thereunder or guaranty thereof (but excluding any discretionary advance
facility provided by a Committed Note Purchaser).

 

“Program Support Provider”
means and includes any financial institutions and any other or additional
Person now or hereafter extending credit or having a commitment to extend credit
to or for the account of, and/or agreeing to make purchases from, a Committed
Note Purchaser or a Conduit Investor in respect of such Committed Note
Purchaser’s or Conduit Investor’s Series 2009-1 Commercial Paper and/or Series 2009-1
Note, and/or agreeing to issue a letter of credit or insurance policy or other
instrument to support any obligations arising under or in connection with such
Conduit Investor’s securitization program as it relates to any Series 2009-1
Commercial Paper issued by such Conduit Investor, in each case pursuant to a
Program Support Agreement and any guarantor of any such person.

 

“Reference Lender”
means the related Funding Agent or if such Funding Agent does not have a prime
rate, an Affiliate thereof designated by such Funding Agent.

 

“Regulation S”:  Regulation S under the Securities Act.

 

“Related Documents”
shall mean the documents set forth in the definition of “Related Documents” in
the Base Indenture other than any such Related Documents relating solely to any
Segregated Series of Notes.

 

“Securities Act”:  The U.S. Securities Act of 1933, as amended.

 

“Series 2009-1 Base
Rate” means, on any day, a rate per annum equal to the sum of (i) the
greatest of (a) the Prime Rate in effect on such day, (b) the Federal
Funds Rate in effect on such day and (c) if available, the Eurodollar Rate
(Reserve Adjusted) in effect on such day plus (ii) 0.50%.  Any change in the Series 2009-1 Base
Rate due to a change in the Prime Rate or the Federal Funds Rate shall be
effective as of the opening of business on the effective day of such change in
the Prime Rate or the Federal Funds Rate, respectively.  Changes in the rate of interest on that
portion of any

 

9

 

Advances
maintained as Series 2009-1 Base Rate Tranches will take effect
simultaneously with each change in the Series 2009-1 Base Rate.

 

“Series 2009-1
Commitment Termination Date” means October 26, 2011 or such later date
designated in accordance with Section 2.05 or such earlier date as
the parties hereto may agree in writing to terminate this Agreement.

 

“Series 2009-1
Related Documents” means the Related Documents relating to the Series 2009-1
Notes (including, without limitation, the Base Indenture, the Series 2009-1
Supplement, the Purchase Agreement, the HVF Lease, the Collateral Agency
Agreement and the Administration Agreement), each Series 2009-1 Interest
Rate Cap, the Back-up Administration Agreement and the HVF LLC Agreement; provided
that, for the avoidance of doubt, (i) any Related Document that relates
solely to a Series of Notes other than the Series 2009-1 Notes shall
not be a Series 2009-1 Related Document, (ii) any Related Document
that relates to the Series 2009-1 Notes and other Series of Notes
shall be a Series 2009-1 Related Document and (iii) any Related
Document that relates solely to any Segregated Series of Notes shall not
be a Series 2009-1 Related Document.

 

“Series 2009-1 Supplement”
means that certain Series Supplement to the Base Indenture, dated as of
the date hereof (as amended,
modified, restated or supplemented from time to time in accordance with the
terms thereof), by and between HVF 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, relating to, among other things, the issuance by HVF of its Series 2009-1
Notes.

 

“Taxes” has the
meaning set forth in Section 3.08.

 

“Term” has the
meaning set forth in Section 2.05.

 

“Undrawn Fee” has the
meaning set forth in Section 3.02(b).

 

“Undrawn Fee Rate”
has the meaning set forth in the Program Fee Letter.

 

“Up-Front Fee” for
each Committed Note Purchaser has the meaning set forth in the Up-Front Fee
Letter (if any) for such Committed Note Purchaser.

 

“Up-Front Fee Letter”
means, with respect to a Committed Note Purchaser, if applicable, that certain
fee letter dated as of the date hereof, by and among such Committed Note
Purchaser, the Administrative Agent and HVF setting forth the definition of
Up-Front Fee for such Committed Note Purchaser.

 

“Weighted Average CP Rate”
means, with respect to any Series 2009-1 Interest Period, the weighted
average of the CP Rates applicable to each Advance funded or maintained during
such Series 2009-1 Interest Period through the issuance of Series 2009-1
Commercial Paper.

 

10

 

ARTICLE II

PURCHASE AND SALE OF SERIES 2009-1 NOTES

 

SECTION 2.01  
The Initial Note Purchase.  On the
terms and conditions set forth in the Indenture and this Agreement, and in
reliance on the covenants, representations and agreements set forth herein and
therein, HVF will cause the Trustee to issue the Series 2009-1 Notes on
the Series 2009-1 Closing Date. 
Such Series 2009-1 Notes for each Investor Group will be dated the Series 2009-1
Closing Date, registered in the name of the respective Funding Agent or its
nominee, as agent for the related Conduit Investor, if any, and the Committed
Note Purchaser(s), or in such other name as the respective Funding Agent may
request, and will be duly authenticated in accordance with the provisions of
the Indenture.

 

SECTION 2.02   Advances.  (a)  Subject to the terms and conditions
of this Agreement and the Series 2009-1 Supplement, each Conduit Investor,
if any may and, if such Conduit Investor determines that it will not make an
Advance or any portion of an Advance, its related Committed Note Purchaser(s) or,
if there is no Conduit Investor with respect to any Investor Group, the
Committed Note Purchaser(s) with respect to such Investor Group, shall, to
the extent such Conduit Investor does not make such Advance or there is no such
Conduit Investor with respect to an Investor Group, and the Series 2009-1
Commitment Termination Date has not occurred, upon HVF’s request, delivered in
accordance with the provisions of Section 2.03, and the
satisfaction of all conditions precedent thereto, make Advances from time to
time during the Series 2009-1 Revolving Period; provided, that,
such Advances shall be made ratably by each Conduit Investor, if any, based on
the respective Commitment Percentage of its Investor Group and the portion of
any such Advance made by a Committed Note Purchaser shall be its Committed Note
Purchaser Percentage of the Commitment Percentage with respect to the related
Investor Group; provided, that no Advance shall be required or permitted
to be made on any date if, after giving effect to such Advance, (i) such
related Investor Group Principal Amount would exceed the Maximum Investor Group
Principal Amount, (ii) the Series 2009-1 Principal Amount would
exceed the Series 2009-1 Maximum Principal Amount, (iii) a Series 2009-1
Enhancement Deficiency or an Aggregate Asset Amount Deficiency exists or would
exist as a result of such Advance, or (iv) an Amortization Event,
Potential Amortization Event, Liquidation Event of Default or Limited
Liquidation Event of Default, in each case, with respect to the Series 2009-1
Notes exists or would exist as a result of such Advance. If a Conduit Investor
elects not to fund the full amount of its Commitment Percentage of the Series 2009-1
Initial Principal Amount (or, in the case of a Conduit Investor in an
Additional Investor Group, the Additional Investor Group Initial Principal
Amount with respect to such Additional Investor Group) or a requested Increase,
such Conduit Investor shall notify the Administrative Agent and the Funding
Agent with respect to such Conduit Investor, and each Committed Note Purchaser
with respect to such Conduit Investor shall fund its Committed Note Purchaser
Percentage of the portion of the Commitment Percentage with respect to such
Investor Group of the Series 2009-1 Initial Principal Amount (or, in the
case of a Committed Note Purchaser in an Additional Investor Group, the
applicable portion of the Additional Investor Group Initial Principal Amount
with respect to such Additional Investor Group) or  such Increase, as the case may be, not funded
by such Conduit Investor.

 

11

 

(b)                                 Subject to Section 9.10(b), each Conduit Investor
hereby agrees with respect to itself that it will use commercially reasonable
efforts to fund Advances made by its Investor Group through the issuance of Series 2009-1
Commercial Paper; provided, that (i) no Conduit Investor will have
any obligation to use commercially reasonable efforts to fund Advances made by
its Investor Group through the issuance of Series 2009-1 Commercial Paper
at any time (x) an Amortization Event has occurred and is continuing
(other than any Amortization Event relating solely to any Segregated Series of
Notes) or (y) the funding of such Advance through the issuance of Series 2009-1
Commercial Paper would be prohibited by the program documents governing such
Conduit Investor’s commercial paper program, (ii) nothing herein is (or
shall be construed) as a commitment by any Conduit Investor to fund any Advance
through the issuance of Series 2009-1 Commercial Paper, and (iii) notwithstanding
anything herein or in any other Related Document to the contrary, at no time
will a Conduit Investor that is not also a Committed Note Purchaser be
obligated to make Advances hereunder.

 

(c)                                  The proceeds of all Advances on any date shall be allocated
according to the provisions of Article III of the Series 2009-1
Supplement.  Each of the Advances to be
made on any date shall be made singly as part of a single borrowing (each such
single borrowing being a “Borrowing”). 
Subject to the terms of this Agreement and the Series 2009-1
Supplement, the aggregate principal amount of the Advances represented by the Series 2009-1
Notes may be increased or decreased from time to time.

 

SECTION 2.03  
Borrowing Procedures.

 

(a)                                  Whenever HVF wishes the Conduit Investors, or if there is no
Conduit Investor with respect to any Investor Group, the Committed Note
Purchaser with respect to such Investor Group, to make an Advance, HVF shall
(or shall cause the Administrator to) notify the Administrative Agent, each
Funding Agent and the Trustee upon irrevocable written notice delivered to the
Administrative Agent and each Funding Agent (with a copy of such notice
delivered to the Committed Note Purchasers) no later than 11:30 a.m. New
York City time on the Business Day prior to the proposed Borrowing (which
Borrowing date shall, except in the case of the Initial Advance, be an Increase
Date); provided that no more than three Borrowings shall occur during
any calendar week.  Each such notice
shall be irrevocable and shall in each case refer to this Agreement and specify
the aggregate amount of the requested Borrowing to be made on such date.  HVF shall (or shall cause the Administrator
to) ratably allocate the proposed Borrowing among the Investor Groups’
respective Investor Group Principal Amounts. 
Each Funding Agent shall promptly advise its related Conduit Investor,
or if there is no Conduit Investor with respect to any Investor Group, its
related Committed Note Purchaser, of any notice given pursuant to this Section and,
if there is a Conduit Investor with respect to any Investor Group, shall
promptly thereafter (but in no event later than 11:00 a.m. New York City
time on the proposed date of Borrowing), notify HVF and the related Committed
Note Purchaser(s), whether such Conduit Investor has determined to make such
Advance.  On the date of each Borrowing
and subject to the other conditions set forth herein and in the Series 2009-1
Supplement, each Conduit Investor or its related Committed Note Purchaser(s),
as the case may be, and each Committed Note Purchaser

 

12

 

with respect to any Investor Group that does not
include a Conduit Investor, shall make available to HVF the amount of such
Advance by wire transfer in U.S. dollars of such amount in same day funds to
the Series 2009-1 Collection Account no later than 3:00 p.m. (New
York time) on the date of such Borrowing.

 

(b)                                 If, by 2:00 p.m. (New York time) on the date of any
Borrowing, one or more Committed Note Purchasers in an Investor Group (each, a “Defaulting
Committed Note Purchaser,” and each Committed Note Purchaser in the related
Investor Group other than any Defaulting Committed Note Purchaser being
referred to as a “Non-Defaulting Committed Note Purchaser”) fails to
make its ratable portion of any Borrowing available to HVF pursuant to Section 2.03(a) (the
aggregate amount unavailable to HVF as a result of such failure being herein
called in either case the “Borrowing Deficit”), then the Funding Agent
for such Investor Group shall, by no later than 2:30 p.m. (New York City
time) on the applicable date of such Borrowing instruct each Non-Defaulting
Committed Note Purchaser in the same Investor Group as the Defaulting Committed
Note Purchaser to pay, by no later than 3:00 p.m. (New York time), in
immediately available funds, to the Series 2009-1 Collection Account, an
amount equal to the lesser of (i) such Non-Defaulting Committed Note
Purchaser’s proportionate share (based upon the relative Committed Note
Purchaser Percentage of such Non-Defaulting Committed Note Purchasers) of the
Borrowing Deficit and (ii) such Non-Defaulting Committed Note Purchaser’s
Committed Note Purchaser Percentage  of the amount by which the Maximum Investor
Group Investor Amount for such Investor Group exceeds the Investor Group
Principal Amount for such Investor Group (determined after giving effect to any
Advances already made by such Investor Group on such date).  A Defaulting Committed Note Purchaser shall
forthwith, upon demand, pay to the applicable Funding Agent for the ratable
benefit of the Non-Defaulting Committed Note Purchasers all amounts paid by each
such Non-Defaulting Committed Note Purchaser on behalf of such Defaulting
Committed Note Purchaser, together with interest thereon, for each day from the
date a payment was made by a Non-Defaulting Committed Note Purchaser until the
date such Non-Defaulting Committed Note Purchaser has been paid such amounts in
full, at a rate per annum equal to the sum of the Series 2009-1 Base Rate
plus 1% per annum.

 

SECTION 2.04  
The Series 2009-1 Notes.  On
each date an Advance is funded under the Series 2009-1 Notes pursuant to
the Series 2009-1 Supplement, and on each date the amount of outstanding
Advances thereunder is reduced, a duly authorized officer, employee or agent of
the related Funding Agent shall make appropriate notations in its books and
records of the amount of such Advance and the amount of such reduction, as
applicable.  HVF hereby authorizes each
duly authorized officer, employee and agent of such Funding Agent to make such
notations on the books and records as aforesaid and every such notation made in
accordance with the foregoing authority shall be prima facie evidence
of the accuracy of the information so recorded and shall be binding on HVF
absent manifest error; provided, however, that in the event of a
discrepancy between the books and records of such Funding Agent and the records
maintained by the Trustee pursuant to the Indenture, such discrepancy shall be
resolved by such Funding Agent, the Administrative Agent and the Trustee.

 

13

 

SECTION 2.05  
Commitment Terms.  The “Term”
of the Commitment hereunder shall be for a period commencing on the Series 2009-1
Closing Date and ending on the Series 2009-1 Commitment Termination Date,
or such later date as each Committed Note Purchaser may agree to in writing.

 

SECTION 2.06  
Selection of Interest Rates. 
Following (i) the funding of any Advances by a Committed Note
Purchaser or (ii) any assignment by a Conduit Investor to its related
liquidity provider(s) or related credit provider(s) pursuant to the
applicable liquidity purchase agreement or liquidity loan agreement with
respect to the Series 2009-1 Notes or to its related Committed Note
Purchaser hereunder, in each case the Advances funded, directly or indirectly,
with amounts received from any such provider or Committed Note Purchaser will
be made as Eurodollar Advances; provided that if any such Committed Note
Purchaser is funding Advances through the issuance of Series 2009-1
Commercial Paper, such Advances shall bear interest at the CP Rate.

 

SECTION 2.07  
Reduction in Commitment Amount. 
HVF may, upon three Business Days’ notice to the Administrative Agent,
each Funding Agent, each Conduit Investor and each Committed Note Purchaser,
effect a permanent reduction in the Series 2009-1 Maximum Principal Amount
and a corresponding reduction in the Commitment Amount and the Maximum Investor
Group Principal Amount; provided that (x) any such reduction (i) will
be limited to the undrawn portion of the Commitment Amounts, although any such
reduction may be combined with a Voluntary Decrease effected pursuant to and in
accordance with Section 2.2(b) of the Series 2009-1 Supplement,
and (ii) must be in a minimum amount of $10,000,000 and (y) after
giving effect to such reduction, the Series 2009-1 Maximum Principal
Amount equals or exceeds $100,000,000, unless reduced to zero.  Any reduction made pursuant to this Section 2.07
shall be made ratably among the Investor Groups on the basis of their
respective Maximum Investor Group Principal Amount.

 

ARTICLE III

INTEREST AND FEES

 

SECTION 3.01   Interest.  (a) Each related Advance funded or
maintained by an Investor Group during the related Series 2009-1 Interest
Period (i) through the issuance of Series 2009-1 Commercial Paper
shall bear interest at the CP Rate for such Series 2009-1 Interest Period
and (ii) through means other than the issuance of Series 2009-1
Commercial Paper shall bear interest at the Eurodollar Rate (Reserve Adjusted)
applicable to such Investor Group for the related Eurodollar Interest Period,
in each case except as otherwise provided in the definition of Eurodollar
Interest Period or in Section 3.03 or 3.04.  Each Funding Agent shall notify HVF and the
Administrator of the applicable interest rate for the Advances made by its
Investor Group for the related Series 2009-1 Interest Period or Eurodollar
Interest Period, as the case may be (including the applicable CP Rate, the
Eurodollar Rate (Reserve Adjusted) and/or Series 2009-1 Base Rate, as the
case may be) by 11:00 a.m. (New York time) on the second Business Day
immediately preceding each Determination Date and on the Business Day following
each Payment Date.

 

14

 

(b)                                 Interest (including all amounts described in Section 3.01(a) above
and any Series 2009-1 Monthly Default Interest Amount) shall be due and
payable on each Payment Date in accordance with the provisions of the Series 2009-1
Supplement.

 

(c)                                  All computations of interest at the CP Rate and the
Eurodollar Rate (Reserve Adjusted) shall be made on the basis of a year of 360
days and the actual number of days elapsed and all computations of interest at
the Series 2009-1 Base Rate shall be made on the basis of a 365 (or 366,
as applicable) day year and actual number of days elapsed.  Whenever any payment of interest or principal
in respect of any Advance shall be due on a day other than a Business Day, such
payment shall be made on the next succeeding Business Day (other than as
provided in the definition of Eurodollar Interest Period) and such extension of
time shall be included in the computation of the amount of interest owed.

 

SECTION 3.02  
Fees.

 

(a)                                  On each Payment Date, HVF shall pay to each Funding Agent,
for the account of the related Investor Group, a program fee (the “Program
Fee”) equal to the product of (x) the daily average Program Fee Rate
for the related Investor Group (or, if applicable, the daily average Program
Fee Rate for the related Conduit Investor and Committed Note Purchaser in such
Investor Group, respectively, if each of such Conduit Investor and Committed
Note Purchaser is funding a portion of such Investor Group’s Investor Group
Principal Amount) during the related Series 2009-1 Interest Period, (y) the
daily average Investor Group Principal Amount for the related Investor Group
(or, if applicable, the portion of the Investor Group Principal Amount for the
related Conduit Investor and Committed Note Purchaser in such Investor Group,
respectively, if each of such Conduit Investor and Committed Note Purchaser is
funding a portion of such Investor Group’s Investor Group Principal Amount)
during the related Series 2009-1 Interest Period and (z) the number
of days in the related Series 2009-1 Interest Period divided by 360 (or in
the case of the first Payment Date occurring following the Series 2009-1
Closing Date, the number of days in the period from and including the Series 2009-1
Closing Date to but excluding such first Payment Date).

 

(b)                                 On each Payment Date on or prior to the Series 2009-1
Commitment Termination Date, HVF shall pay to each Funding Agent, for the
account of the related Investor Group, an undrawn fee (the “Undrawn Fee”)
equal to the product of (a) the daily average Undrawn Fee Rate for the
related Investor Group during the related Series 2009-1 Interest Period, (b) the
excess of (i) the Maximum Investor Group Principal Amount for the related
Investor Group over (ii) the daily average Investor Group Principal Amount
for the related Investor Group during the related Series 2009-1 Interest
Period, and (c) the number of days in the related Series 2009-1
Interest Period divided by 360.

 

(c)                                  On each Payment Date, HVF shall pay to the Administrative
Agent the applicable Administrative Agent Fee for such Payment Date.

 

15

 

(d)                                 On the Series 2009-1 Closing Date, HVF shall pay the
Up-Front Fee to each Funding Agent for the account of the related Committed
Note Purchasers.

 

SECTION 3.03  
Eurodollar Lending Unlawful.  If a
Conduit Investor, a Committed Note Purchaser or any Program Support Provider
shall reasonably determine (which determination shall, upon notice thereof to
the Administrative Agent and the related Funding Agent and HVF, be conclusive
and binding on HVF absent manifest error) that the introduction of or any change
in or in the interpretation of any law, rule or regulation makes it
unlawful, or any central bank or other Governmental Authority asserts that it
is unlawful, for any such Program Support Provider or Committed Note Purchaser
to make, continue, or maintain any Advance as, or to convert any Advance into,
the Series 2009-1 Eurodollar Tranche of such Advance, the obligation of
such Person to make, continue or maintain or convert any such Advance as the Series 2009-1
Eurodollar Tranche of such Advance shall, upon such determination, forthwith be
suspended until such Person shall notify the related Funding Agent and HVF that
the circumstances causing such suspension no longer exist, and such Investor
Group shall immediately convert all Advances of any such Program Support
Provider or Committed Note Purchaser, as applicable, into the Series 2009-1
Base Rate Tranche of such Advance at the end of the then current Eurodollar
Interest Periods with respect thereto or sooner, if required by such law or
assertion.

 

SECTION 3.04  
Deposits Unavailable.  If a
Conduit Investor, a Committed Note Purchaser or any Program Support Provider
shall have reasonably determined that:

 

(a)                                  Dollar deposits
in the relevant amount and for the relevant Eurodollar Interest Period are not available
to all related Reference Lenders in the relevant market; or

 

(b)                                 by reason of
circumstances affecting all related Reference Lenders’ relevant market,
adequate means do not exist for ascertaining the interest rate applicable
hereunder to the Series 2009-1 Eurodollar Tranche of any Advance; or

 

(c)                                  such Conduit
Investor, such Committed Note Purchaser or the related Majority Program Support
Providers have notified the related Funding Agent and HVF that, with respect to
any interest rate otherwise applicable hereunder to the Series 2009-1
Eurodollar Tranche of any Advance the Eurodollar Interest Period for which has
not then commenced, such interest rate will not adequately reflect the cost to
such Conduit Investor, such Committed Note Purchaser or such Majority Program
Support Providers of making, funding, agreeing to make or fund or maintaining
their respective Series 2009-1 Eurodollar Tranche of such Advance for such
Eurodollar Interest Period,

 

then, upon notice from such
Conduit Investor, such Committed Note Purchaser or the related Majority Program
Support Providers to such Funding Agent and HVF, the obligations of such
Conduit Investor, such Committed Note Purchaser and all of the relevant Program
Support Providers to make or continue any Advance as, or to convert

 

16

 

any Advances into, the Series 2009-1
Eurodollar Tranche of such Advance shall forthwith be suspended until such
Funding Agent shall notify HVF that the circumstances causing such suspension
no longer exist, and such Investor Group shall immediately convert all Advances
of any such Program Support Provider or Committed Note Purchaser, as
applicable, into the Series 2009-1 Base Rate Tranche of such Advance at
the end of the then current Eurodollar Interest Periods with respect thereto or
sooner, if required for the reasons set forth in clause (a), (b) or (c) above,
as the case may be.

 

SECTION 3.05  
Increased or Reduced Costs, etc. 
HVF agrees to reimburse each Conduit Investor and each Committed Note
Purchaser and any Program Support Provider (each, an “Affected Person”)
for any increase in the cost of, or any reduction in the amount of any sum
receivable by any such Affected Person, including reductions in the rate of
return on such Affected Person’s capital, in respect of making, continuing or
maintaining (or of its obligation to make, continue or maintain) any Advances
as, or of converting (or of its obligation to convert) any Advances into, the Series 2009-1
Eurodollar Tranche of such Advance that arise in connection with any Changes in
Law, except for such Changes in Law with respect to increased capital costs and
taxes which are governed by Sections 3.07 and 3.08,
respectively.  Each such demand shall be
provided to the related Funding Agent and HVF in writing and shall state, in
reasonable detail, the reasons therefor and the additional amount required
fully to compensate such Affected Person for such increased cost or reduced
amount or return.  Such additional
amounts shall be payable by HVF to such Funding Agent and by such Funding Agent
directly to such Affected Person within five (5) Business Days of HVF’s
receipt of such notice, and such notice shall, in the absence of manifest
error, be conclusive and binding on HVF.

 

SECTION 3.06  
Funding Losses.  In the event any
Affected Person shall incur any loss or expense (including any loss or expense
incurred by reason of the liquidation or reemployment of deposits or other
funds acquired by such Affected Person to make, continue or maintain any
portion of the principal amount of any Advance as a Series 2009-1 CP
Tranche or Series 2009-1 Eurodollar Tranche, or to convert any portion of
the principal amount of any Advance into, the Series 2009-1 Eurodollar
Tranche of such Advance) as a result of:

 

(i)                                     any conversion
or repayment or prepayment (for any reason, including, without limitation, as a
result of the acceleration of the maturity of the Series 2009-1 CP Tranche
or Series 2009-1 Eurodollar Tranche of such Advance or the assignment thereof
in accordance with the requirements of the applicable Program Support
Agreement) of the principal amount of any portion of the Series 2009-1 CP
Tranche or Series 2009-1 Eurodollar Tranche on a date other than the
scheduled last day of the Series 2009-1 Interest Period or Eurodollar
Interest Period applicable thereto;

 

(ii)                                  any Advance not
being made as an Advance under the Series 2009-1 CP Tranche or Series 2009-1
Eurodollar Tranche after a request for such an Advance has been made in
accordance with the terms contained herein;

 

17

 

(iii)                               any Advance not
being continued as a Series 2009-1 CP Tranche or Series 2009-1
Eurodollar Tranche, or converted into an Advance under the Series 2009-1
Eurodollar Tranche after a request for such an Advance has been made in
accordance with the terms contained herein, or

 

(iv)                              any failure of
HVF to make a Decrease after giving notice thereof pursuant to Section 2.2(b) of
the Series 2009-1 Supplement,

 

then, upon the written
notice of any Affected Person to the related Funding Agent and HVF, HVF shall
pay to such Funding Agent and such Funding Agent shall, within five (5) Business
Days of its receipt thereof, pay directly to such Affected Person such amount
as will (in the reasonable determination of such Affected Person) reimburse
such Affected Person for such loss or expense. 
Such written notice (which shall include calculations in reasonable
detail) shall, in the absence of manifest error, be conclusive and binding on HVF.

 

SECTION 3.07  
Increased Capital Costs.  If any
Change in Law affects or would affect the amount of capital required or
reasonably expected to be maintained by any Affected Person or any Person
controlling such Affected Person and such Affected Person reasonably determines
(in its sole and absolute discretion) that the rate of return on its or such
controlling Person’s capital as a consequence of its commitment or the Advances
made by such Affected Person is reduced to a level below that which such Affected
Person or such controlling Person would have achieved but for the occurrence of
any such circumstance, then, in any such case after notice from time to time by
such Affected Person to the related Funding Agent and HVF, HVF shall pay to
such Funding Agent and such Funding Agent shall pay to such Affected Person an
incremental commitment fee sufficient to compensate such Affected Person or
such controlling Person for such reduction in rate of return.  A statement of such Affected Person as to any
such additional amount or amounts (including calculations thereof in reasonable
detail), in the absence of manifest error, shall be conclusive and binding on
HVF; and provided, further, that the initial payment of such
increased commitment fee shall include a payment for accrued amounts due under
this Section 3.07 prior to such initial payment.  In determining such additional amount, such
Affected Person may use any method of averaging and attribution that it (in its
reasonable discretion) shall deem applicable so long as it applies such method
to other similar transactions.

 

SECTION 3.08  
Taxes.  All payments by HVF of
principal of, and interest on, the Advances and all other amounts payable
hereunder (including fees) shall be made free and clear of and without deduction
for any present or future income, excise, documentary, property, stamp or
franchise taxes and other taxes, fees, duties, withholdings or other charges of
any nature whatsoever imposed by any taxing authority, but excluding in the
case of any Affected Person (x) net income, franchise or similar taxes
(including branch profits taxes or alternative minimum tax) imposed or levied
on the Affected Person as a result of a connection between the Affected Person
and the jurisdiction of the Governmental Authority imposing such tax or any
political subdivision or taxing authority thereof or therein (other than any
such connection arising solely from such Affected Person having executed,
delivered or performed its obligations or received

 

18

 

a
payment under, or enforced by, this Agreement) and (y) with respect to any
Affected Person organized under the laws of the jurisdiction other than the
United States (“Foreign Affected Person”), any withholding tax that is imposed
on amounts payable to the Foreign Affected Person at the time the Foreign
Affected Person becomes a party to this Agreement (or designates a new lending
office), except to the extent that such Foreign Affected Person (or its
assignor, if any) was already entitled, at the time of the designation of the
new lending office (or assignment), to receive additional amounts from HVF with
respect to withholding tax (such non-excluded items being called “Taxes”).

 

Moreover, if any Taxes are
directly asserted against any Affected Person with respect to any payment
received by such Affected Person or its agent from HVF, such Affected Person or
its agent may pay such Taxes and HVF will promptly upon receipt of written
notice stating the amount of such Taxes pay such additional amounts (including
any penalties, interest or expenses) as is necessary in order that the net
amount received by such person after the payment of such Taxes (including any
Taxes on such additional amount) shall equal the amount such person would have
received had not such Taxes been asserted.

 

If HVF fails to pay any
Taxes when due to the appropriate taxing authority or fails to remit to the
Affected Person or its agent the required receipts or other required
documentary evidence, HVF shall indemnify the Affected Person and their agent
for any incremental Taxes, interest or penalties that may become payable by any
such Affected Person or its agent as a result of any such failure.  For purposes of this Section 3.08,
a distribution hereunder by the agent for the relevant Affected Person shall be
deemed a payment by HVF.

 

Upon the request of HVF,
each Foreign Affected Person shall execute and deliver to HVF, prior to the
initial due date of any payments hereunder and to the extent permissible under
then current law, and on or about the first scheduled payment date in each
calendar year thereafter, one or more (as HVF may reasonably request) United
States Internal Revenue Service Forms W-8BEN, Forms W-8ECI or Forms W-9, or
successor applicable forms, or such other forms or documents (or successor
forms or documents), appropriately completed, as may be applicable to establish
the extent, if any, to which a payment to such Affected Person is exempt from
withholding or deduction of Taxes.  HVF
shall not, however, be required to pay any increased amount under this Section 3.08
to any Affected Person that is organized under the laws of a jurisdiction other
than the United States if such Affected Person fails to comply with the
requirements set forth in this paragraph.

 

If the Affected Person
determines, in its sole discretion, that it has received a refund of any Taxes
as to which it has been indemnified pursuant to this Section 3.08,
it shall pay over such refund to HVF (but only to the extent of indemnity payments
made, or additional amounts paid under this Section 3.08 with
respect to the Taxes giving rise to such refund), net of all out-of-pocket
expenses of the Affected Person and without interest (other than any interest
paid by the relevant governmental authority with respect to such refund), provided
that HVF, upon the request of the Affected Person, agrees to repay the amount
paid over to HVF (plus any penalties,

 

19

 

interest
or other charges imposed by the relevant Governmental Authority) to the
Affected Person in the event the Affected Person is required to repay such
refund to such governmental authority. This Section 3.08 shall not
be construed to require the Affected Person to make available its tax returns
(or any other information relating to its taxes which it deems confidential) to
HVF or any other Person.

 

SECTION 3.09  
Indenture Carrying Charges; Survival. 
Any amounts payable by HVF under Sections 3.05, 3.06, 3.07
or 3.08 shall constitute Carrying Charges within the meaning of the Base
Indenture and Indenture Carrying Charges within the meaning of Series 2009-1
Supplement.  The agreements in Sections
3.05, 3.06, 3.07 and 3.08 shall survive the
termination of this Series 2009-1 Note Purchase Agreement, the Series 2009-1
Supplement and the Base Indenture and the payment of all amounts payable
hereunder and thereunder.

 

ARTICLE IV

OTHER PAYMENT TERMS

 

SECTION 4.01  
Time and Method of Payment.  All
amounts payable to any Funding Agent hereunder or with respect to the Series 2009-1
Notes shall be made to the applicable Funding Agent or upon the order of the applicable Funding Agent  by wire transfer of immediately available funds in
Dollars not later than 1:00 p.m., New York City time, on the date due.  Any funds received after that time will be
deemed to have been received on the next Business Day. HVF’s obligations
hereunder in respect of any amounts payable to any Conduit Investor or
Committed Note Purchaser shall be discharged to the extent funds are disbursed
by HVF to the related Funding Agent as provided herein whether or not such
funds are properly applied by such Funding Agent.

 

ARTICLE V

THE ADMINISTRATIVE AGENT AND THE FUNDING AGENTS

 

SECTION 5.01  
Authorization and Action of the Administrative Agent.  Each of the Conduit Investors, the Committed
Note Purchasers and the Funding Agents hereby designates and appoints Deutsche
Bank AG, New York Branch as the Administrative Agent hereunder, and hereby
authorizes the Administrative Agent to take such actions as agent on their
behalf and to exercise such powers as are delegated to the Administrative Agent
by the terms of this Agreement together with such powers as are reasonably
incidental thereto.  The Administrative
Agent shall not have any duties or responsibilities, except those expressly set
forth herein and in the Series 2009-1 Supplement, or any fiduciary
relationship with any Conduit Investor, any Committed Note Purchaser or any
Funding Agent, and no implied covenants, functions, responsibilities, duties,
obligations or liabilities on the part of the Administrative Agent shall be
read into this Agreement or otherwise exist for the Administrative Agent.  In performing its functions and duties
hereunder and under the Series 2009-1 Supplement, the Administrative Agent
shall act solely as agent for the Conduit Investors, the Committed Note
Purchasers and the Funding Agents and does not assume nor shall it be deemed to
have assumed any obligation or relationship of trust or agency with or for HVF
or any of its successors or assigns.  The
Administrative Agent shall not be required

 

20

 

to
take any action that exposes the Administrative Agent to personal liability or
that is contrary to this Agreement, the Series 2009-1 Supplement or
Applicable Law.  The appointment and
authority of the Administrative Agent hereunder shall terminate upon the
indefeasible payment in full of the Series 2009-1 Notes and all other
amounts owed by HVF hereunder and under the Series 2009-1 Supplement to
the Investor Groups (the “Aggregate Unpaids”).

 

SECTION 5.02  
Delegation of Duties.  The
Administrative Agent may execute any of its duties under this Agreement by or
through agents or attorneys-in-fact and shall be entitled to advice of counsel
concerning all matters pertaining to such duties.  The Administrative Agent shall not be
responsible for the negligence or misconduct of any agents or attorneys-in-fact
selected by it with reasonable care.

 

SECTION 5.03  
Exculpatory Provisions.  Neither
the Administrative Agent nor any of its directors, officers, agents or
employees shall be (a) liable for any action lawfully taken or omitted to
be taken by it or them under or in connection with this Agreement (except for
its, their or such Person’s own gross negligence or willful misconduct), or (b) responsible
in any manner to any Conduit Investor, any Committed Note Purchaser or any
Funding Agent for any recitals, statements, representations or warranties made
by HVF contained in this Agreement or in any certificate, report, statement or
other document referred to or provided for in, or received under or in
connection with, this Agreement for the due execution, legality, value,
validity, effectiveness, genuineness, enforceability or sufficiency of this
Agreement or any other document furnished in connection herewith, or for any
failure of HVF to perform its obligations hereunder, or for the satisfaction of
any condition specified in Article VII.  The Administrative Agent shall not be under
any obligation to any Conduit Investor, any Committed Note Purchaser or any
Funding Agent to ascertain or to inquire as to the observance or performance of
any of the agreements or covenants contained in, or conditions of, this
Agreement, or to inspect the properties, books or records of HVF.  The Administrative Agent shall not be deemed
to have knowledge of any Amortization Event, Potential Amortization Event,
Liquidation Event of Default or Limited Liquidation Event of Default unless the
Administrative Agent has received notice from HVF, any Conduit Investor, any
Committed Note Purchaser or any Funding Agent.

 

SECTION 5.04  
Reliance.  The Administrative
Agent shall in all cases be entitled to rely, and shall be fully protected in
relying, upon any document or conversation believed by it to be genuine and
correct and to have been signed, sent or made by the proper Person or Persons
and upon advice and statements of legal counsel (including, without limitation,
counsel to HVF), independent accountants and other experts selected by the
Administrative Agent.  The Administrative
Agent shall in all cases be fully justified in failing or refusing to take any
action under this Agreement or any other document furnished in connection
herewith unless it shall first receive such advice or concurrence of any
Conduit Investor, any Committed Note Purchaser or any Funding Agent as it deems
appropriate or it shall first be indemnified to its satisfaction by any Conduit
Investor, any Committed Note Purchaser or any Funding Agent, provided
that unless and until the Administrative Agent shall have received such advice,
the Administrative Agent may take or refrain from taking any action, as the
Administrative

 

21

 

Agent
shall deem advisable and in the best interests of the Conduit Investors, the
Committed Note Purchasers and the Funding Agents.  The Administrative Agent shall in all cases
be fully protected in acting, or in refraining from acting, in accordance with
a request of the Required Noteholders and such request and any action taken or
failure to act pursuant thereto shall be binding upon the Conduit Investors,
the Committed Note Purchasers and the Funding Agents.

 

SECTION 5.05  
Non-Reliance on the Administrative Agent and Other Purchasers.  Each of the Conduit Investors, the Committed
Note Purchasers and the Funding Agents expressly acknowledge that neither the
Administrative Agent nor any of its officers, directors, employees, agents,
attorneys-in-fact or affiliates has made any representations or warranties to
it and that no act by the Administrative Agent hereafter taken, including,
without limitation, any review of the affairs of HVF, shall be deemed to
constitute any representation or warranty by the Administrative Agent.  Each of the Conduit Investors, the Committed
Note Purchasers and the Funding Agents represent and warrant to the
Administrative Agent that they have and will, independently and without
reliance upon the Administrative Agent and based on such documents and
information as they have deemed appropriate, made their own appraisal of and
investigation into the business, operations, property, prospects, financial and
other conditions and creditworthiness of HVF and made its own decision to enter
into this Agreement.

 

SECTION 5.06  
The Administrative Agent in its Individual Capacity.  The Administrative Agent and any of its
Affiliates may make loans to, accept deposits from, and generally engage in any
kind of business with HVF or any Affiliate of HVF as though the Administrative
Agent were not the Administrative Agent hereunder.

 

SECTION 5.07  
Successor Administrative Agent. 
The Administrative Agent may, upon 30 days notice to HVF and each of the
Conduit Investors, the Committed Note Purchasers and the Funding Agents, and
the Administrative Agent will, upon the direction of Investor Groups holding
more than 75% of the Series 2009-1 Maximum Principal Amount, resign as
Administrative Agent.  If the
Administrative Agent shall resign, then the Investor Groups, during such 30-day
period, shall appoint an Affiliate of a member of the Investor Groups as a
successor agent.  If for any reason no
successor Administrative Agent is appointed by the Investor Groups during such
30-day period, then effective upon the expiration of such 30-day period, HVF
shall make all payments (as they come due or are required to be paid) in
respect of the Aggregate Unpaids or under any fee letter delivered in
connection herewith directly to the Funding Agents and for all purposes shall
deal directly with the Funding Agents. 
After any retiring Administrative Agent’s resignation hereunder as
Administrative Agent, the provisions of Section 9.05 and this Article V
shall inure to its benefit as to any actions taken or omitted to be taken by it
while it was the Administrative Agent under this Agreement.

 

SECTION 5.08  
Authorization and Action of Funding Agents.  Each Conduit Investor and each Committed Note
Purchaser is hereby deemed to have designated and appointed the Funding Agent
set forth next to such Conduit Investor’s name, or if there is no Conduit
Investor with respect to any Investor Group, the

 

22

 

Committed
Note Purchaser’s name with respect to such Investor Group, on Schedule I
hereto as the agent of such Person hereunder, and hereby authorizes such
Funding Agent to take such actions as agent on its behalf and to exercise such
powers as are delegated to such Funding Agent by the terms of this Agreement
together with such powers as are reasonably incidental thereto.  Each Funding Agent shall not have any duties
or responsibilities, except those expressly set forth herein, or any fiduciary
relationship with the related Investor Group, and no implied covenants,
functions, responsibilities, duties, obligations or liabilities on the part of
such Funding Agent shall be read into this Agreement or otherwise exist for
such Funding Agent.  In performing its
functions and duties hereunder, each Funding Agent shall act solely as agent
for the related Investor Group and does not assume nor shall it be deemed to
have assumed any obligation or relationship of trust or agency with or for HVF
or any of its successors or assigns. 
Each Funding Agent shall not be required to take any action that exposes
such Funding Agent to personal liability or that is contrary to this Agreement
or Applicable Law.  The appointment and
authority of the Funding Agent hereunder shall terminate upon the indefeasible
payment in full of the Aggregate Unpaids.

 

SECTION 5.09  
Delegation of Duties.  Each
Funding Agent may execute any of its duties under this Agreement by or through
agents or attorneys-in-fact and shall be entitled to advice of counsel
concerning all matters pertaining to such duties.  Each Funding Agent shall not be responsible
for the negligence or misconduct of any agents or attorneys-in-fact selected by
it with reasonable care.

 

SECTION 5.10  
Exculpatory Provisions.  No
Funding Agent nor any of its directors, officers, agents or employees shall be (a) liable
for any action lawfully taken or omitted to be taken by it or them under or in
connection with this Agreement (except for its, their or such Person’s own
gross negligence or willful misconduct), or (b) responsible in any manner
to the related Investor Group for any recitals, statements, representations or
warranties made by HVF contained in this Agreement or in any certificate,
report, statement or other document referred to or provided for in, or received
under or in connection with, this Agreement, or for the value, validity,
effectiveness, genuineness, enforceability or sufficiency of this Agreement or
any other document furnished in connection herewith, or for any failure of HVF
to perform its obligations hereunder, or for the satisfaction of any condition
specified in Article VII.  No
Funding Agent shall be under any obligation to the related Investor Group to
ascertain or to inquire as to the observance or performance of any of the
agreements or covenants contained in, or conditions of, this Agreement, or to inspect
the properties, books or records of HVF. 
No Funding Agent shall be deemed to have knowledge of any Amortization
Event, Potential Amortization Event, Liquidation Event of Default or Limited
Liquidation Event of Default unless such Funding Agent has received notice from
HVF or the related Investor Group.

 

SECTION 5.11  
Reliance.  Each Funding Agent
shall in all cases be entitled to rely, and shall be fully protected in
relying, upon any document or conversation believed by it to be genuine and
correct and to have been signed, sent or made by the proper Person or Persons
and upon advice and statements of the Administrative Agent and legal counsel
(including, without limitation, counsel to HVF),

 

23

 

independent
accountants and other experts selected by such Funding Agent.  Each Funding Agent shall in all cases be
fully justified in failing or refusing to take any action under this Agreement
or any other document furnished in connection herewith unless it shall first
receive such advice or concurrence of the related Investor Group as it deems
appropriate or it shall first be indemnified to its satisfaction by the related
Investor Group, provided that unless and until such Funding Agent shall
have received such advice, such Funding Agent may take or refrain from taking
any action, as such Funding Agent shall deem advisable and in the best
interests of the related Investor Group. 
Each Funding Agent shall in all cases be fully protected in acting, or
in refraining from acting, in accordance with a request of the related Investor
Group and such request and any action taken or failure to act pursuant thereto
shall be binding upon the related Investor Group.

 

SECTION 5.12  
Non-Reliance on the Funding Agent and Other Purchasers.  Each Investor Group expressly acknowledges
that neither its related Funding Agent nor any of its officers, directors,
employees, agents, attorneys-in-fact or affiliates has made any representations
or warranties to it and that no act by such Funding Agent hereafter taken,
including, without limitation, any review of the affairs of HVF, shall be
deemed to constitute any representation or warranty by such Funding Agent.  Each Investor Group represents and warrants
to its related Funding Agent that it has and will, independently and without
reliance upon such Funding Agent and based on such documents and information as
it has deemed appropriate, made its own appraisal of and investigation into the
business, operations, property, prospects, financial and other conditions and
creditworthiness of HVF and made its own decision to enter into this Agreement.

 

SECTION 5.13  
The Funding Agent in its Individual Capacity.  Each Funding Agent and any of its Affiliates
may make loans to, accept deposits from, and generally engage in any kind of
business with HVF or any Affiliate of HVF as though such Funding Agent were not
a Funding Agent hereunder.

 

SECTION 5.14  
Successor Funding Agent.  Each
Funding Agent will, upon the direction of the related Investor Group, resign as
such Funding Agent.  If such Funding
Agent shall resign, then the related Investor Group shall appoint an Affiliate
of a member of the related Investor Group as a successor agent.  If for any reason no successor Funding Agent
is appointed by the related Investor Group, then effective upon the resignation
of such Funding Agent, HVF shall make all payments (as they come due or are
required to be paid) in respect of the Aggregate Unpaids due to such Investor
Group or under any fee letter delivered in connection herewith directly to such
Investor Group and for all purposes shall deal directly with such Investor
Group.  After any retiring Funding Agent’s
resignation hereunder as Funding Agent, subject to the limitations set forth
herein, the provisions of Section 9.05 and this Article V
shall inure to its benefit as to any actions taken or omitted to be taken by it
while it was the Funding Agent under this Agreement.

 

24

 

ARTICLE VI

REPRESENTATIONS AND WARRANTIES

 

SECTION 6.01  
HVF.  HVF represents and warrants
to each Conduit Investor and each Committed Note Purchaser that each of its
representations and warranties in the Base Indenture and, other than any such
representation or warranty relating solely to any Segregated Series, the other Series 2009-1
Related Documents is true and correct and further represents and warrants to
such parties that:

 

(a)                                  no Amortization
Event with respect to any Series of Notes, Liquidation Event of Default or
Limited Liquidation Event of Default with respect to any Series of Notes
or event which, with the giving of notice or the passage of time or both would
constitute any of the foregoing, has occurred and is continuing;

 

(b)                                 assuming each
Conduit Investor or other purchaser of the Series 2009-1 Notes hereunder
is not purchasing with a view toward further distribution and there has been no
general solicitation or general advertising within the meaning of the
Securities Act, and further assuming that the representations and warranties of
each Conduit Investor set forth in Section 6.03 of this Agreement
are true and correct, the offer and sale of the Series 2009-1 Notes in the
manner contemplated by this Agreement is a transaction exempt from the
registration requirements of the Securities Act, and the Base Indenture is not
required to be qualified under the Trust Indenture Act;

 

(c)                                  HVF has
furnished to the Administrative Agent true, accurate and complete copies of all
other Related Documents (excluding Series Supplements and other Related
Documents relating solely to a Series of Indenture Notes other than the Series 2009-1
Notes) to which it is a party as of the Series 2009-1 Closing Date, all of
which Related Documents are in full force and effect as of the Series 2009-1
Closing Date and no terms of any such agreements or documents have been
amended, modified or otherwise waived as of such date, other than such
amendments, modifications or waivers about which HVF has informed each Funding
Agent; and

 

(d)                                 as of the Series 2009-1
Closing Date, no written information furnished by HVF or any of its Affiliates,
agents or representatives to the Conduit Investors, the Committed Note
Purchasers, the Administrative Agent or the Funding Agents for purposes of or
in connection with this Agreement, including, without limitation, any
information relating to the Collateral, is inaccurate in any material respect,
or contains any material misstatement of fact, or omits to state a material
fact or any fact necessary to make the statements contained therein not
misleading, in each case as of the date such information was stated or
certified.

 

SECTION 6.02  
Administrator.  The Administrator
represents and warrants to each Conduit Investor and each Committed Note
Purchaser that:

 

(a)                                  each representation
and warranty made by it in each Related Document (other than any Related
Document relating solely to a Series of Indenture Notes other than the Series 2009-1
Notes) to which it is a party

 

25

 

(including any
representations and warranties made by it as Administrator) is true and correct
in all material respects as of the date originally made, as of the date hereof
and as of the Series 2009-1 Closing Date (unless stated to relate solely
to an earlier date, in which case such representations and warranties shall be
true and correct as of such earlier date); and

 

(b)                                 (i) the
audited consolidated balance sheet of The Hertz Corporation and its
Consolidated Subsidiaries as of December 31, 2008 and the related
statements of income, stockholders equity and cash flows for the year ending on
such date and (ii) the unaudited condensed consolidated balance sheet of
The Hertz Corporation and its Consolidated Subsidiaries as of June 30,
2009 and the related statements of income, stockholders equity and cash flows
for the six months ending on such date (including in each case the schedules
and notes thereto) (the “Financial Statements”), have been prepared in
accordance with GAAP and  present fairly
the financial position of The Hertz Corporation and its Consolidated
Subsidiaries as of the date thereof and the results of their operations and
their cash flows for the periods covered thereby.

 

SECTION 6.03  
Conduit Investors.  Each of the
Conduit Investors and each of the Committed Note Purchasers represents and
warrants to HVF and the Administrator, as of the date hereof (or as of a
subsequent date on which a successor or assign of a Conduit Investor or a
Committed Note Purchaser shall become a party hereto), that:

 

(a)                                  it has had an
opportunity to discuss HVF’s and the Administrator’s business, management and
financial affairs, and the terms and conditions of the proposed purchase, with
HVF and the Administrator and their respective representatives;

 

(b)                                 it is an “accredited
investor” within the meaning of Rule 501(a)(1), (2), (3) or (7) of
Regulation D under the Securities Act and has sufficient knowledge and
experience in financial and business matters to be capable of evaluating the
merits and risks of investing in, and is able and prepared to bear the economic
risk of investing in, the Series 2009-1 Notes;

 

(c)                                  it is
purchasing the Series 2009-1 Notes for its own account, or for the account
of one or more “accredited investors” within the meaning of Rule 501(a)(1),
(2), (3) or (7) of Regulation D under the Securities Act that meet
the criteria described in subsection (b) and for which it is acting
with complete investment discretion, for investment purposes only and not with
a view to distribution, subject, nevertheless, to the understanding that the
disposition of its property shall at all times be and remain within its
control;

 

(d)                                 it understands
that the Series 2009-1 Notes have not been and will not be registered or
qualified under the Securities Act or any applicable state securities laws or
the securities laws of any other jurisdiction and is being offered only in a
transaction not involving any public offering within the meaning of the

 

26

 

Securities Act and may not
be resold or otherwise transferred unless so registered or qualified or unless
an exemption from registration or qualification is available, that HVF is not
required to register the Series 2009-1 Notes, and that any transfer must
comply with provisions of Section 2.8 of the Base Indenture;

 

(e)                                  it understands
that the Series 2009-1 Notes will bear the legend set out in the form of Series 2009-1
Notes attached as Exhibit A to the Series 2009-1 Supplement and be
subject to the restrictions on transfer described in such legend;

 

(f)                                    it will comply
with all applicable federal and state securities laws in connection with any
subsequent resale of the Series 2009-1 Notes;

 

(g)                                 it understands
that the Series 2009-1 Notes may be offered, resold, pledged or otherwise
transferred only with HVF’s prior written consent, which consent shall not be
unreasonably withheld, and only (A) to HVF, (B) in a transaction
meeting the requirements of Rule 144A under the Securities Act, (C) outside
the United States to a foreign person in a transaction meeting the requirements
of Regulation S under the Securities Act, or (D) in a transaction
complying with or exempt from the registration requirements of the Securities
Act and in accordance with any applicable securities laws of any state of the
United States or any other jurisdiction; notwithstanding the foregoing, it is
hereby understood and agreed by HVF that the Series 2009-1 Notes will be
pledged by each Conduit Investor pursuant to its related commercial paper
program documents, and the Series 2009-1 Notes, or interests therein, may
be sold, transferred or pledged to its related Committed Note Purchaser or any
Program Support Provider or any affiliate of its related Committed Note
Purchaser or any Program Support Provider or, any commercial paper conduit
administered by its related Committed Note Purchaser or any Program Support
Provider or any affiliate of its related Committed Note Purchaser or any
Program Support Provider;

 

(h)                                 if it desires
to offer, sell or otherwise transfer, pledge or hypothecate the Series 2009-1
Notes as described in clause (B) or (D) of Section 6.03(g),
and such sale, transfer or pledge does not fall within the “notwithstanding the
foregoing” provision of Section 6.03(g), the transferee of the Series 2009-1
Notes will be required to deliver a certificate, as described in the Series 2009-1
Supplement, that an exemption from the registration requirements of the
Securities Act applies to such offer, sale, transfer or hypothecation.  Upon original issuance thereof, and until
such time as the same may no longer be required under the applicable
requirements of the Securities Act, the certificate evidencing the Series 2009-1
Notes (and all securities issued in exchange therefor or substitution thereof)
shall bear a legend substantially in the form set forth in the Series 2009-1
Notes included as an exhibit to the Series 2009-1 Supplement.  Each Conduit Investor understands that the
registrar and transfer agent for the Series 2009-1 Notes will not be
required to accept for registration of transfer the Series 2009-1 Notes
acquired by it, except upon presentation of an executed letter in the form
required by the Series 2009-1 Supplement; and

 

27

 

(i)                                     it will obtain
from any purchaser of the Series 2009-1 Notes substantially the same
representations and warranties contained in the foregoing paragraphs.

 

ARTICLE VII

CONDITIONS

 

SECTION 7.01  
Conditions to Issuance.  Each
Conduit Investor has no obligation to purchase the Series 2009-1 Notes
hereunder on the Series 2009-1 Closing Date unless:

 

(a)                                  the Base
Indenture and the Series 2009-1 Supplement shall be in full force and
effect as of such Series 2009-1 Closing Date;

 

(b)                                 as of such Series 2009-1
Closing Date, the Funding Agents shall have received copies of (i) the
Certificate of Incorporation and By-Laws of Hertz and the certificate of
formation and limited liability company agreement of each of HVF and the
Nominee certified by the Secretary of State of the state of incorporation or
organization, as the case may be, (ii) board of directors resolutions of
HVF, Hertz and the Nominee with respect to the transactions contemplated by the
Series 2009-1 Supplement and this Agreement, and (iii) an incumbency
certificate of HVF, Hertz and the Nominee, each certified by the secretary or
equivalent officer of the related entity in form and substance reasonably
satisfactory to the Administrative Agent;

 

(c)                                  on such Series 2009-1
Closing Date, each Conduit Investor, or if there is no Conduit Investor with
respect to any Investor Group, the Committed Note Purchaser with respect to
such Investor Group, shall have received a letter, in form and substance
reasonably satisfactory to it, from Moody’s stating that an explicit public long
term credit rating of “Aa2” has been assigned to the Series 2009-1 Notes;

 

(d)                                 as of such Series 2009-1
Closing Date, each Conduit Investor and each Committed Note Purchaser shall
have received opinions of counsel (i) from Weil, Gotshal & Manges
LLP, or other counsel acceptable to the Conduit Investors and the Committed
Note Purchasers, with respect to such matters as any such Conduit Investor or
Committed Note Purchaser shall reasonably request (including, without
limitation, regarding non-consolidation, true lease, true-sale and UCC security
interest matters, tax and no-conflicts), (ii) from counsel to the Trustee
acceptable to the Conduit Investors and the Committed Note Purchasers with
respect to such matters as any such Conduit Investor or Committed Note
Purchaser shall reasonably request, and (iii) from counsel to each Series 2009-1
Letter of Credit Provider, if any, with respect to such matters as any such
Conduit Investor or Committed Note Purchaser shall reasonably request;

 

(e)                                  as of such Series 2009-1
Closing Date, each Conduit Investor and each Committed Note Purchaser shall
have received copies of the documents

 

28

 

specified in Section 2.2(b) of
the Base Indenture relating to the issuance of the Series 2009-1 Notes;

 

(f)                                    at the time of
such issuance, all conditions to the issuance of the Series 2009-1 Notes
under the Series 2009-1 Supplement and under Section 2.2 of the Base
Indenture shall have been satisfied or waived;

 

(g)                                 as of such Series 2009-1
Closing Date, the Administrative Agent shall have received evidence
satisfactory to them of the completion of all UCC filings as may be necessary
to perfect or evidence the assignment by HVF to the Trustee or the Collateral
Agent on behalf of the Trustee of its interests in the Collateral, the proceeds
thereof and the security interests granted pursuant to the Base Indenture and
the Collateral Agency Agreement;

 

(h)                                 as of such Series 2009-1
Closing Date, the Administrative Agent shall have received a written search
report listing all effective financing statements that name HVF, HGI, Hertz or
the Nominee as debtor or assignor and that are filed in the State of Delaware
and in any other jurisdiction that the Administrative Agent determines is
necessary or appropriate, together with copies of such financing statements,
and tax and judgment lien searches showing no such liens that are not permitted
by the Base Indenture, the Series 2009-1 Supplement, this Agreement or the
other Related Documents; and

 

(i)                                     each Committed
Note Purchaser shall have received payment of the Up-Front Fee, in each case,
as of the Series 2009-1 Closing Date.

 

SECTION 7.02  
Conditions to Initial Borrowing. 
The obligation of the Conduit Investors, or if there is no Conduit
Investor with respect to any Investor Group, the Committed Note Purchaser with
respect to such Investor Group, to fund the initial Borrowing hereunder shall
be subject to the satisfaction of the conditions precedent that each Funding
Agent shall have received a duly executed and authenticated Series 2009-1
Note registered in its name or in such other name as shall have been directed
by the applicable Committed Note Purchaser and stating that the principal
amount thereof shall not exceed the Maximum Investor Group Principal Amount of
such Funding Agent’s Investor Group and HVF shall have paid all fees required
to be paid by it on the Series 2009-1 Closing Date, including all fees
required hereunder.

 

SECTION 7.03  
Conditions to Each Borrowing.  The
election of each Conduit Investor to fund, and the obligation of each Committed
Note Purchaser to fund, any Borrowing on any day (including the initial
Borrowing) shall be subject to the conditions precedent that on the date of the
Borrowing, before and after giving effect thereto and to the application of any
proceeds therefrom, the following statements shall be true:

 

(a)                                  (i) the
representations and warranties of HVF set out in this Agreement (with the
exception of Sections 6.01(a) (to the extent such representations
and warranties relate to any Series of Indenture Notes other than

 

29

 

the Series 2009-1
Notes), 6.01(b) and 6.01(d), which shall have been true and
accurate in all respects on the Series 2009-1 Closing Date), (ii) the
representations and warranties of the Administrator set out in this Agreement
(with the exception of Section 6.02(a), which shall have been true
and accurate on the dates specified therein), and (iii) the
representations and warranties of HVF, the Nominee and the Administrator set
out in the Related Documents (other than this Agreement and the Series Supplements
and Related Documents relating solely to a Series of Indenture Notes other
than the Series 2009-1 Notes) to which each is a party, in each such case,
shall be true and accurate as of the date of the Borrowing with the same effect
as though made on that date (unless stated to relate solely to an earlier date,
in which case such representations and warranties shall be true and correct as
of such earlier date);

 

(b)                                 the Series 2009-1
Rapid Amortization Period has not commenced;

 

(c)                                  the related
Funding Agent shall have received (i) an executed advance request in the
form of Exhibit A hereto (each such request, an “Advance Request”)
certifying as to the current Aggregate Asset Amount and the Series 2009-1
Enhancement Amount and (ii) in the case of any Borrowing occurring on or
after the date the Monthly Noteholder Statement relating to the October 2009
Payment Date is required to be delivered, the Monthly Noteholders’ Statement
for the Series 2009-1 Notes for the Related Month immediately preceding
the date of such Borrowing;

 

(d)                                 all conditions
to such Borrowing specified in Section 2.02(a) of this
Agreement shall have been satisfied;

 

(e)                                  subject to Section 8.7(b) of
the Base Indenture, the Series 2009-1 Related Documents shall be in full
force and effect; and

 

(f)                                    HVF shall have
acquired and shall be maintaining in force one or more Series 2009-1
Interest Rate Caps in accordance with Section 3.12 of the Series 2009-1
Supplement.

 

The giving of any notice
pursuant to Section 2.03 shall constitute a representation and
warranty by HVF and the Administrator that all conditions precedent to such
Borrowing have been satisfied.

 

ARTICLE VIII

COVENANTS

 

SECTION 8.01   Covenants.  HVF and the Administrator
each severally covenants and agrees that, until the Series 2009-1 Notes
have been paid in full and the Term has expired, it will:

 

(a)                                  duly and timely
perform all of its covenants (both affirmative and negative) and obligations
under each Related Document to which it is a party;

 

30

 

(b)                                 not, except as
contemplated by Section 3.2(a) of the Base Indenture or clauses (iii) through
(viii) of Section 12.1(a) of the Base Indenture,  amend, modify, waive or give any approval,
consent or permission under, any provision of the Base Indenture or any other Series 2009-1
Related Document to which it is a party or agree to terminate, or surrender or
assign any rights or obligations under, any Series 2009-1 Related Document
to which it is a party unless (i) any such amendment, modification,
waiver, approval, consent, permission, termination, surrender or assignment is
in writing and made in accordance with the terms of the Base Indenture or such
other Series 2009-1 Related Document, as applicable; and (ii) if such
amendment, modification, waiver, approval, consent, permission, termination,
surrender or assignment affects the Series 2009-1 Noteholders, Series 2009-1
Noteholders holding more than 50% of the Series 2009-1 Principal Amount
have consented thereto (whether or not, for the avoidance of doubt, any
Indenture Noteholder has a right to consent to such action under the applicable
Series 2009-1 Related Document); provided, that in any such case,
if the Base Indenture, the Series 2009-1 Supplement or any other Series 2009-1
Related Document requires the consent of each affected Noteholder or a higher
percentage of Noteholders, such unanimous consent or the consent of such higher
percentage of Noteholders shall be obtained prior to such amendment,
modification, waiver, approval, consent, permission, termination, surrender or
assignment; provided further that HVF and the Administrator
agree that any amendment or modification described in Section 12.2(b)(i) (which,
for the avoidance of doubt, includes amendments or modifications to any Series 2009-1
Maximum Amount), 12.2(b)(ii), 12.2(b)(iii) and 12.2(b)(iv) of the
Base Indenture which affects the Series 2009-1 Noteholders shall require
the consent of Series 2009-1 Noteholders holding 100% of the Series 2009-1
Principal Amount; provided further prior to entering into,
granting or effecting any amendment, modification, waiver, approval, consent,
permission, termination, surrender or assignment described in this Section 8.01(b) without
the consent of Series 2009-1 Noteholders holding more than 50% of the Series 2009-1
Principal Amount (or the consent of Series 2009-1 Noteholders holding such
higher percentage of the Series 2009-1 Principal Amount or all Series 2009-1
Noteholders, as applicable, pursuant to the two immediately preceding
provisos), HVF shall deliver to the Trustee and each Funding Agent an Officer’s
Certificate executed by an Authorized Officer of HVF and cause to be delivered
an Opinion of Counsel (which may be based on an Officer’s Certificate) issued
by a law firm of nationally recognized standing confirming, in each case, that
such amendment, modification, waiver, approval, consent, permission,
termination, surrender or assignment does not affect the Series 2009-1
Noteholders.

 

(c)                                  (i) at the
same time any report, notice, certificate, opinion  (other
than any bankruptcy timing memorandum) or other document (other than any such
reports, notices, certificates, opinions or other documents relating solely to
any Segregated Series of Notes) is provided to the Rating Agencies and/or
the Trustee, or caused to be provided, by HVF or the Administrator under the
Base Indenture (including, without limitation, under Sections 8.8, 8.9
and/or 8.12 thereof), or under the Series 2009-1 Supplement or this
Agreement, provide the

 

31

 

Administrative Agent (who
shall provide a copy thereof to the Committed Note Purchasers and the Conduit
Investors) with a copy of such report, notice, certificate, opinion (other than
any bankruptcy timing memorandum) or other document; provided, however,
that neither the Administrator nor HVF shall have any obligation under this Section 8.01(c) to
deliver to the Administrative Agent copies of any Monthly Noteholders’
Statements which relate solely to a Series of Indenture Notes other than
the Series 2009-1 Notes and (ii) provide the Administrative Agent and
each Funding Agent such other information (including financial information),
documents, records or reports respecting the Collateral, HVF or the
Administrator as the Administrative Agent or any Funding Agent may from time to
time reasonably request;

 

(d)                                 at any time and
from time to time, following reasonable prior notice from the Administrative
Agent or any Funding Agent, and during regular business hours, permit the
Administrative Agent or any Funding Agent, or their respective agents or
representatives (including any independent public accounting firm or other third
party auditors) or permitted assigns, access to the offices of, the
Administrator, Hertz, HVF, the Intermediary and the Nominee, as applicable, (i) to
examine and make copies of and abstracts from all documentation relating to the
Series 2009-1 Collateral on the same terms as are provided to the Trustee
under Section 8.6 of the Base Indenture, and (ii) to visit the
offices and properties of, the Administrator, Hertz, HVF, the Intermediary and
the Nominee for the purpose of examining such materials described in clause (i) above,
and to discuss matters relating to the Series 2009-1 Collateral, or the
administration and performance of the Base Indenture, the Series 2009-1
Supplement and the other Series 2009-1 Related Documents with any of the
officers or employees of, the Administrator, Hertz, HVF, the Intermediary
and/or the Nominee, as applicable, having knowledge of such matters; provided
that (i) prior to the occurrence of an Amortization Event or Potential
Amortization Event, in each case, with respect to the Series 2009-1 Notes,
one such visit per annum coordinated by the Administrative Agent and in which
each Funding Agent may participate shall be at HVF’s sole cost and expense and (ii) after
the occurrence and during the continuance of an Amortization Event or Potential
Amortization Event, in each case, with respect to the Series 2009-1 Notes,
each such visit shall be at HVF’s sole cost and expense.  Each party making a request pursuant to this Section 8.01(d) shall
simultaneously send a copy of such request to each of the Administrative Agent
and each Funding Agent, as applicable, so as to allow such other parties to
participate in the requested visit.

 

(e)                                  at any time and
from time to time, following reasonable prior notice from the Administrative
Agent, cooperate with the Administrative Agent or its agents or representatives
(including any independent public accounting firm or other third party
auditors) or permitted assigns in conducting a review of any 10 Business Days
selected by the Administrative Agent (or its representatives or agents),
confirming (i) the information contained in the Daily Collection Report
for each such day and (ii) that the Collections described in each such
Daily Collection Report for each such day were applied correctly in accordance
with

 

32

 

Article III of the Series 2009-1
Supplement (a “Cash Audit”); provided that such Cash Audits shall
be at HVF’s sole cost and expense (i) for no more than one such Cash Audit
per annum prior to the occurrence of an Amortization Event or Potential
Amortization Event, in each case, with respect to the Series 2009-1 Notes,
and (ii) for each such Cash Audit after the occurrence and during the
continuance of an Amortization Event or Potential Amortization Event, in each
case, with respect to the Series 2009-1 Notes.

 

(f)                                    On or prior to
the Payment Date occurring in May of each year, the Administrator shall
cause a firm of independent certified public accountants (reasonably acceptable
to both the Administrative Agent and the Administrator, which may be the
Administrator’s accountants) to deliver to the Administrative Agent and each
Funding Agent, a report (in form, substance and scope reasonably acceptable to
both the Administrative Agent and the Administrator) indicating that such firm
has examined the most recently delivered Monthly Noteholder Statement and
expressing such firm’s opinion that (a) the data reported, and
calculations set forth, in such Monthly Noteholder Statement are the data
required to be reported, and the calculations required to be made, in
accordance with the terms of the Series 2009-1 Series Supplement and
the other Related Documents and (b) the data reported in such Monthly
Noteholder Statement accurately reflects the data contained in the Servicer’s
systems and other applicable source records (a “Servicer Audit”); provided
that such Servicer Audits shall be at HVF’s sole cost and expense (i) for
no more than one such Servicer Audit per annum prior to the occurrence of an
Amortization Event or Potential Amortization Event, in each case, with respect
to the Series 2009-1 Notes and (ii) for each such Servicer Audit
after the occurrence and during the continuance of an Amortization Event or
Potential Amortization Event, in each case, with respect to the Series 2009-1
Notes.

 

(g)                                 not permit any
part of the proceeds of any Advance to be (x) used to purchase or carry
any Margin Stock or (y) loaned to others for the purpose of purchasing or
carrying any Margin Stock;

 

(h)                                 not permit any
amounts owed with respect to the Series 2009-1 Notes to be secured,
directly or indirectly, by any Margin Stock;

 

(i)                                     promptly
provide such additional financial and other information with respect to the
Related Documents (other than Series Supplements and Related Documents
relating solely to a Series of Notes other than the Series 2009-1
Notes), HVF, Hertz, the Intermediary or the Manufacturer Programs as the
Administrative Agent or any Funding Agent may from time to time reasonably
request;

 

(j)                                     on and after the Expected Final Payment Date, use all amounts allocated
to and available for distribution from each excess collection account in
respect of each Series of Notes to decrease, pro rata, the Series 2009-1
Principal

 

33

 

Amount
and the principal amount of any other Series of Notes that is then
required to be paid;

 

(k)                                  during the Series 2009-1 Controlled Amortization Period, to the
extent necessary, use all amounts allocated to and available for distribution
from each excess collection account in respect of each Series of Notes to
pay the Series 2009-1 Controlled Amortization Amount on each related Series 2009-1
Controlled Amortization Payment Date and to decrease the principal amount of
any other Series of Notes that is then required to be paid on a pro rata
basis.

 

(l)                                     deliver to each
Funding Agent within 120 days after the end of each fiscal year of HVF, the
financial statements prepared pursuant to Section 8.24(d) of the Base
Indenture;

 

(m)                               in the case of
the Administrator, for so long as a Liquidation Event of Default or Limited
Liquidation Event of Default for any Series of Notes is continuing,
furnish or cause the Servicer to furnish to the Administrative Agent and each Series 2009-1
Noteholder, the Fleet Report, prepared in accordance with Section 2.4(d) of
the Collateral Agency Agreement (which may be on a diskette or other electronic
medium);

 

(n)                                 agree to take
any and all acts and to execute any and all further instruments necessary or
reasonably requested by the Administrative Agent to more fully effect the
purposes of this Agreement;

 

(o)                                 in the case of
HVF, not issue (x) a Segregated Non-Collateral Agency Series or (y) a
subordinated Series of Indenture Notes which is wholly subordinated to
each Series of Indenture Notes Outstanding, in each case, without the
prior written consent of Series 2009-1 Noteholders holding more than 50%
of the Series 2009-1 Principal Amount;

 

(p)                                 not enter into
any agreement substantially similar in substance to the Administration
Agreement with respect to any issuance of a Segregated Series without the
prior written consent of Series 2009-1 Noteholders holding more than 50%
of the Series 2009-1 Principal Amount, unless (i) the administrator
pursuant to such agreement is Hertz and (ii) such agreement is in form and
substance substantially the same as the Administration Agreement in all
material respects;

 

(q)                                 not appoint or
agree to the appointment of any successor Administrator (other than the Back-Up
Administrator) without the prior written consent of Series 2009-1
Noteholders holding more than 50% of the Series 2009-1 Principal Amount;

 

(r)                                    not amend the
Back-Up Disposition Agent Agreement in a manner that materially adversely
affect the Series 2009-1 Noteholders, as determined by the Administrative
Agent in its sole discretion, without the prior written consent of Series 2009-1
Noteholders holding more than 50% of the Series 2009-1 Principal Amount;

 

34

 

(s)           (x) not remove any
Independent Director of the Nominee or HVF (as defined in the LLC Agreement or
the HVF LLC Agreement, respectively), without (i) delivering an Officer’s
Certificate to the Administrative Agent certifying that the replacement Independent
Director of the applicable entity satisfies the definition of “Independent
Director” in LLC Agreement and the HVF LLC Agreement, as applicable and (ii) obtaining
the prior written consent of the Administration Agent (not to be unreasonably
withheld or delayed), in each case, no later than 10 Business Days prior to the
effectiveness of such removal and (y) not replace any Independent Director
of the Nominee or HVF (as defined in the LLC Agreement or the HVF LLC
Agreement, respectively) unless (i) it has obtained the prior written
consent of the Administration Agent (not to be unreasonably withheld or
delayed) or (ii) such replacement Independent Director is an officer,
director or employee of an entity that provides, in the ordinary course of  its business, advisory, management or
placement services to issuers of securitization or structured finance
instruments, agreements or securities and otherwise meets the applicable
definition of Independent Director;

 

(t)            within 45 days following the
end of each calendar quarter, provide to the Trustee, the Administrative Agent,
each Funding Agent and each Committed Note Purchaser, a report containing the
information set forth in, and substantially in the form of, Exhibit E
hereto;

 

(u)           within five Business Days of
the execution of any amendment or modification of this Agreement or any Series 2009-1
Related Document or the Back-Up Disposition Agent Agreement, the Administrator
shall provide written notification of such amendment or modification to each
Rating Agency and Standard & Poor’s; and

 

(v)           for so long as any Series 2009-1
Commercial Paper is being rated by Standard & Poor’s,  neither the Administrator nor HVF shall
invest, or direct the investment of, any funds on deposit in any Series 2009-1
Series Account, the Series 2009-1 Cash Collateral Account or the Series 2009-1
Reserve Account in a Permitted Investment that is a Permitted Investment
pursuant to clause (viii) of the definition thereof (an “Additional
Permitted Investment”), unless the Administrator shall have received
confirmation in writing from Standard & Poor’s that the investment of
such funds in an Additional Permitted Investment will not cause the rating on
such Series 2009-1 Commercial Paper being rated by Standard &
Poor’s to be reduced or withdrawn.

 

ARTICLE IX

MISCELLANEOUS PROVISIONS

 

SECTION 9.01  
Amendments.  Subject to any
provision of the Base Indenture or the Series 2009-1 Supplement requiring
the consent of each affected Noteholder or of a higher percentage of
Noteholders, no amendment to or waiver of any 

 

35

 

provision
of this Agreement, nor consent to any departure by the Administrator or HVF,
shall in any event be effective unless the same shall be in writing and signed
by the Administrator, HVF, Conduit Investors and Committed Note Purchasers
holding more than 662/3% of the Series 2009-1
Notes and the Commitment, respectively, and in the case of any material
amendments (as reasonably determined by the Administrative Agent), receipt of
written confirmation from each rating agency then rating the Series 2009-1
Notes and the Series 2009-1 Commercial Paper that such amendment will not
result in the reduction or withdrawal of the then current ratings in respect of
the Series 2009-1 Notes or the Series 2009-1 Commercial Paper, as
applicable; provided, however, that the consent of each Conduit
Investor and each Committed Note Purchaser shall be required for and amendment
or modification that (A) extends the due date for, or reduces the amount of
any scheduled repayment or prepayment of principal of or interest on the Series 2009-1
Notes (or reduces the principal amount of or rate of interest on the Series 2009-1
Notes or otherwise changes the manner in which interest is calculated); (B) affects
adversely the interests, rights or obligations of any Conduit Investor or
Committed Note Purchaser individually in comparison to any other Conduit
Investor or Committed Note Purchaser; (C) relates to or alters the pro
rata treatment of payments to and Advances by the Conduit Investors and
Committed Note Purchasers; (D) amends or modifies this Section 9.01
or Section 8.01(b) or otherwise amends or modifies any provision
relating to the amendment or modification of this Agreement, or, pursuant to
the Related Documents, would require the consent of 100% of the Series 2009-1
Noteholders or each Series 2009-1 Noteholder affected by such amendment or
modification; (E) would approve the assignment or transfer by HVF of any
of its rights or obligations hereunder; (F) releases HVF of any obligation
hereunder; (G) would reduce, modify or amend any indemnities in favor of
any Conduit Investors, Committed Note Purchasers or Funding Agents; (H) would
amend or modify and of the following defined terms or any defined terms
contained therein: “Commitment”, “Commitment Amount”, “Commitment Percentage”, “Conduit
Assignee”, “CP Rate”, “Eurodollar Advance”, “Eurodollar Interest Period”, “Eurodollar
Rate”, “Eurodollar Rate (Reserve Adjusted)”, “Investor Group Principal Amount”,
“Maximum Investor Group Principal Amount”, “Prime Rate”, “Program Fee”, “Series 2009-1
Base Rate”, “Series 2009-1 Commitment Termination Date”, “Undrawn Fee” or “Up-Front
Fee”; (I) would alter any of the conditions precedent to any Advance; or (J) would
amend or modify Sections 2.03, 2.05, 2.06, 2.07, 3.01, 3.02 or 9.17 or Article VII;
provided, further that Article V may not be amended or
modified without the consent of the Administrative Agent.

 

SECTION 9.02  
No Waiver; Remedies.  Any waiver,
consent or approval given by any party hereto shall be effective only in the
specific instance and for the specific purpose for which given, and no waiver
by a party of any breach or default under this Agreement shall be deemed a
waiver of any other breach or default. 
No failure on the part of any party hereto to exercise, and no delay in
exercising, any right hereunder shall operate as a waiver thereof; nor shall
any single or partial exercise of any right hereunder, or any abandonment or
discontinuation of steps to enforce the right, power or privilege, preclude any
other or further exercise thereof or the exercise of any other right.  No notice to or demand on any party hereto in
any case shall entitle such party to any other or further notice or demand in
the same, similar or other circumstances. 
The

 

36

 

remedies
herein provided are cumulative and not exclusive of any remedies provided by
law.

 

SECTION 9.03  
Binding on Successors and Assigns. 
This Agreement shall be binding upon, and inure to the benefit of, HVF,
the Administrator, the Committed Note Purchasers, the Conduit Investors, the
Administrative Agent and their respective successors and assigns; provided,
however, that neither HVF nor the Administrator may assign or transfer
its rights or obligations hereunder or in connection herewith or any interest
herein (voluntarily, by operation of law or otherwise) without the prior
written consent of each Committed Note Purchaser and each Conduit Investor; provided,
that nothing herein shall prevent HVF from assigning its rights to the Trustee
under the Base Indenture and the Series 2009-1 Supplement; provided,
further, that none of the Conduit Investors or the Committed Note
Purchasers may transfer, pledge, assign, sell participations in or otherwise
encumber its rights or obligations hereunder or in connection herewith or any
interest herein except as permitted under Section 6.03(g), Section 9.17
and this Section 9.03. 
Nothing expressed herein is intended or shall be construed to give any
Person other than the Persons referred to in the preceding sentence any legal
or equitable right, remedy or claim under or in respect of this Agreement.

 

(a)           Notwithstanding
any other provision set forth in this Agreement, each Conduit Investor or, if
there is no Conduit Investor with respect to any Investor Group, the Committed
Note Purchaser with respect to such Investor Group may at any time grant to one
or more Program Support Providers (or, in the case of a Conduit Investor, to its
related Committed Note Purchaser) a participating interest in or lien on, or
otherwise transfer and assign to one or more Program Support Providers (or, in
the case of a Conduit Investor, to its related Committed Note Purchaser), such
Conduit Investor’s or, if there is no Conduit Investor with respect to any
Investor Group, the related Committed Note Purchaser’s interests in the
Advances made hereunder and such Program Support Provider (or such Committed
Note Purchaser, as the case may be), with respect to its participating or
assigned interest, shall be entitled to the benefits granted to such Conduit
Investor or Committed Note Purchaser, as applicable, under this Agreement.

 

(b)           Notwithstanding
any other provision set forth in this Agreement, each Conduit Investor may at
any time, without the consent of HVF, transfer and assign all or a portion of
its rights in the Series 2009-1 Notes (and its rights hereunder and under
the Related Documents) to its related Committed Note Purchaser.  Furthermore, each Conduit Investor may at any
time grant a security interest in and lien on, all or any portion of its
interests under this Agreement, its Series 2009-1 Note and all Related
Documents to (i) its related Committed Note Purchaser, (ii) its
Funding Agent, (iii) any Program Support Provider who, at any time now or
in the future, provides program liquidity or credit enhancement, including
without limitation, an insurance policy for such Conduit Investor relating to
the Series 2009-1 Commercial Paper or the Series 2009-1 Notes, (iv) any
other Person who, at any time now or in the future, provides liquidity or
credit enhancement for the Conduit Investors, including without limitation, an
insurance policy relating to the Series 2009-1 Commercial Paper or the Series 2009-1
Notes or (v) any collateral trustee or collateral agent for any of the
foregoing; provided, however, any

 

37

 

such security interest or lien shall be released upon
assignment of its Series 2009-1 Note to its related Committed Note
Purchaser.  Each Committed Note Purchaser
may assign its Commitment, or all or any portion of its interest under its Series 2009-1
Note, this Agreement and the Related Documents to any Person with the prior
written consent of HVF, such consent not to be unreasonably withheld.  Notwithstanding any other provisions set
forth in this Agreement, each Committed Note Purchaser may at any time create a
security interest in all or any portion of its rights under this Agreement, its
Series 2009-1 Note and the Related Documents in favor of any Federal
Reserve Bank in accordance with Regulation A of the Board of Governors of the
Federal Reserve System or any similar foreign entity.

 

SECTION 9.04  
Survival of Agreement.  All
covenants, agreements, representations and warranties made herein and in the Series 2009-1
Notes delivered pursuant hereto shall survive the making and the repayment of
the Advances and the execution and delivery of this Agreement and the Series 2009-1
Notes and shall continue in full force and effect until all interest on and
principal of the Series 2009-1 Notes and all other amounts owed to the
Conduit Investors, the Committed Note Purchasers, the Funding Agents and the
Administrative Agent hereunder and under the Series 2009-1 Supplement have
been paid in full and the commitment of the Committed Note Purchasers hereunder
has been terminated.  In addition, the
obligations of HVF, the Committed Note Purchasers and the Conduit Investors
under Sections  3.03, 3.04, 3.05, 3.06, 3.07,
3.08, 9.05, 9.10(b) and 9.11 shall survive the
termination of this Agreement.

 

SECTION 9.05   Payment of Costs and
Expenses; Indemnification.  (a)  Payment
of Costs and Expenses.  HVF agrees to
pay on demand all reasonable expenses of the Administrative Agent, each Funding
Agent, each Conduit Investor and each Committed Note Purchaser (including,
without limitation, the reasonable fees and out-of-pocket expenses of counsel
to each Conduit Investor and each Committed Note Purchaser, if any, as well as the
fees and expenses of the Rating Agencies providing a rating in respect of any Series 2009-1
Commercial Paper) in connection with

 

(i)            the negotiation,
preparation, execution, delivery and administration of this Agreement and of
each other Related Document, including schedules and exhibits, and any
liquidity, credit enhancement or insurance documents of a Program Support
Provider with respect to a Conduit Investor relating to the Series 2009-1
Notes and any amendments, waivers, consents, supplements or other modifications
to this Agreement or any other Related Document as may from time to time
hereafter be proposed, whether or not the transactions contemplated hereby or
thereby are consummated, and

 

(ii)           the consummation of the
transactions contemplated by this Agreement and the other Related Documents.

 

HVF further agrees to pay,
and to save the Administrative Agent, each Funding Agent, each Conduit Investor
and each Committed Note Purchaser harmless from all liability for (i) any
breach by HVF of its obligations under this Agreement, (ii) all reasonable
costs  incurred by the Administrative
Agent, such Funding Agent, such Conduit Investor or

 

38

 

such Committed Note
Purchaser (including, without limitation, the reasonable fees and out-of-pocket
expenses of counsel to the Administrative Agent, such Funding Agent, such
Conduit Investor and such Committed Note Purchaser, if any) in enforcing this
Agreement and (iii) any stamp, documentary or other taxes which may be
payable in connection with the execution or delivery of this Agreement, any
Borrowing hereunder, or the issuance of the Series 2009-1 Notes or any
other Related Documents.  HVF also agrees
to reimburse the Administrative Agent, each Funding Agent, each Conduit
Investor and each Committed Note Purchaser upon demand for all reasonable
out-of-pocket expenses incurred by the Administrative Agent, such Funding
Agent, such Conduit Investor or such Committed Note Purchaser (including,
without limitation, the reasonable fees and out-of-pocket expenses of counsel
to the Administrative Agent, such Funding Agent, such Conduit Investor and such
Committed Note Purchaser, if any and the reasonable fees and out-of-pocket
expenses of any third-party servicers and disposition agents) in connection
with (x) the negotiation of any restructuring or “work-out”, whether or
not consummated, of the Related Documents and (y) the enforcement of, or
any waiver or amendment requested under or with respect to, this Agreement or
any other of the Related Documents.

 

Without limiting the
foregoing, HVF shall have no obligation to reimburse any Committed Note
Purchaser and/or Conduit Investor for any of the fees and/or expenses incurred
by such Committed Note Purchaser and/or Conduit Investor with respect to its
sale or assignment of all or any part of its respective rights and obligations
under this Agreement and the Series 2009-1 Notes pursuant to Section 9.17;
provided, however, that HVF shall reimburse each Committed Note
Purchaser and/or Conduit Investor who purchased Series 2009-1 Notes on the
Series 2009-1 Closing Date for its reasonable legal and administrative
fees and expenses (excluding any fees and/or expenses payable to the Rating
Agencies) that were incurred by such Committed Note Purchaser or Conduit
Investor in connection with its assignment and/or sale of its rights under this
Agreement and such Series 2009-1 Notes within 180 days of the Series 2009-1
Closing Date.

 

(b)           Indemnification.  In consideration of
the execution and delivery of this Agreement by the Conduit Investors and the
Committed Note Purchasers, HVF hereby indemnifies and holds each Conduit
Investor and each Committed Note Purchaser and each of their officers,
directors, employees and agents (collectively, the “Indemnified Parties”)
harmless from and against any and all actions, causes of action, suits, losses,
costs, liabilities and damages, and reasonable expenses incurred in connection
therewith (irrespective of whether any such Indemnified Party is a party to the
action for which indemnification hereunder is sought and including, without
limitation, any liability in connection with the offering and sale of the Series 2009-1
Notes), including reasonable attorneys’ fees and disbursements (collectively,
the “Indemnified Liabilities”), incurred by the Indemnified Parties or
any of them (whether in prosecuting or defending against such actions, suits or
claims) to the extent resulting from, or arising out of, or relating to

 

(i)            any transaction financed or
to be financed in whole or in part, directly or indirectly, with the proceeds
of any Advance; or

 

39

 

(ii)           the entering into and
performance of this Agreement and any other Related Document by any of the
Indemnified Parties,

 

except for any such
Indemnified Liabilities arising for the account of a particular Indemnified
Party by reason of the relevant Indemnified Party’s gross negligence or willful
misconduct.  If and to the extent that
the foregoing undertaking may be unenforceable for any reason, HVF hereby
agrees to make the maximum contribution to the payment and satisfaction of each
of the Indemnified Liabilities which is permissible under applicable law.  The indemnity set forth in this Section 9.05(b) shall
in no event include indemnification for any taxes (which indemnification is
provided in Section 3.08). 
HVF shall give notice to the Rating Agencies of any claim for
Indemnified Liabilities made under this Section.

 

(c)           Indemnification
of the Administrative Agent and each Funding Agent.  (i) In consideration of the execution
and delivery of this Agreement by the Administrative Agent and each Funding
Agent, HVF hereby indemnifies and holds the Administrative Agent and each
Funding Agent and each of their respective officers, directors, employees and
agents (collectively, the “Agent Indemnified Parties”) harmless from and
against any and all actions, causes of action, suits, losses, costs,
liabilities and damages, and reasonable expenses incurred in connection therewith
(irrespective of whether any such Agent Indemnified Party is a party to the
action for which indemnification hereunder is sought and including, without
limitation, any liability in connection with the offering and sale of the Series 2009-1
Notes), including reasonable attorneys’ fees and disbursements (collectively,
the “Agent Indemnified Liabilities”), incurred by the Agent Indemnified
Parties or any of them (whether in prosecuting or defending against such
actions, suits or claims) to the extent resulting from, or arising out of, or
relating to the entering into and performance of this Agreement and any other
Related Document by any of the Agent Indemnified Parties, except for any such
Agent Indemnified Liabilities arising for the account of a particular Agent
Indemnified Party by reason of the relevant Agent Indemnified Party’s gross
negligence or willful misconduct.  If and
to the extent that the foregoing undertaking may be unenforceable for any
reason, HVF hereby agrees to make the maximum contribution to the payment and
satisfaction of each of the Agent Indemnified Liabilities which is permissible
under applicable law.  The indemnity set
forth in this Section 9.05(c)(i) shall in no event include
indemnification for any taxes (which indemnification is provided in Section 3.08).  HVF shall give notice to the Rating Agencies
of any claim for Agent Indemnified Liabilities made under this section.

 

(ii)           In
consideration of the execution and delivery of this Agreement by the
Administrative Agent, each Funding Agent and each Committed Note Purchaser,
ratably according to its respective Commitment, hereby indemnifies and holds
the Administrative Agent and each of its officers, directors, employees and
agents (collectively, the “Administrative Agent Indemnified Parties”)
and each Funding Agent and each of its officers, directors, employees and
agents (collectively, the “Funding Agent Indemnified Parties”, and
together with the Administrative Agent Indemnified Parties, the “Agent
Indemnified Parties”) harmless from and against any and all actions, causes
of action, suits, losses, costs, liabilities and damages, and reasonable
expenses

 

40

 

incurred
in connection therewith (solely to the extent not reimbursed by or on behalf of
HVF) (irrespective of whether any such Agent Indemnified Party is a party to
the action for which indemnification hereunder is sought and including, without
limitation, any liability in connection with the offering and sale of the Series 2009-1
Notes), including reasonable attorneys’ fees and disbursements (collectively,
the “Agent Indemnified Liabilities”), incurred by the Agent Indemnified
Parties or any of them (whether in prosecuting or defending against such
actions, suits or claims) to the extent resulting from, or arising out of, or
relating to the entering into and performance of this Agreement and any other
Related Document by any of the Agent Indemnified Parties, except for any such
Agent Indemnified Liabilities arising for the account of a particular Agent
Indemnified Party by reason of the relevant Agent Indemnified Party’s gross
negligence or willful misconduct.  If and
to the extent that the foregoing undertaking may be unenforceable for any
reason, each Funding Agent and each Committed Note Purchaser hereby agrees to
make the maximum contribution to the payment and satisfaction of each of the
Agent Indemnified Liabilities which is permissible under applicable law.  The indemnity set forth in this Section 9.05(c)(ii) shall
in no event include indemnification for any taxes (which indemnification is
provided in Section 3.08). 
Each Committed Note Purchaser shall give notice to the Rating Agencies
of any claim for Agent Indemnified Liabilities made under this section.

 

SECTION 9.06  
Characterization as Related Document; Entire Agreement.  This Agreement shall be deemed to be a
Related Document for all purposes of the Base Indenture and the other Related
Documents.  This Agreement, together with
the Base Indenture, the Series 2009-1 Supplement, the Program Fee Letter,
the Up-Front Fee Letter, the documents delivered pursuant to Section 7.01
and the other Related Documents, including the exhibits and schedules thereto,
contains a final and complete integration of all prior expressions by the
parties hereto with respect to the subject matter hereof and shall constitute
the entire agreement among the parties hereto with respect to the subject
matter hereof, superseding all previous oral statements and other writings with
respect thereto.

 

SECTION 9.07  
Notices.  All notices, amendments,
waivers, consents and other communications provided to any party hereto under
this Agreement shall be in writing and addressed, delivered or transmitted to
such party at its address or facsimile number set forth below its signature
hereto or at such other address or facsimile number as may be designated by
such party in a written notice to the other parties.  Any notice, if mailed and properly addressed
with postage prepaid or if properly addressed and sent by pre-paid courier
service, shall be deemed given when received; any notice, if transmitted by
facsimile, shall be deemed given when transmitted upon receipt of electronic
confirmation of transmission.

 

SECTION 9.08  
Severability of Provisions.  Any
covenant, provision, agreement or term of this Agreement that is prohibited or
is held to be void or unenforceable in any jurisdiction shall, as to that
jurisdiction, be ineffective to the extent of the prohibition or
unenforceability without invalidating the remaining provisions of this
Agreement.

 

41

 

SECTION 9.09  
Tax Characterization.  Each party
to this Agreement (a) acknowledges that it is the intent of the parties to
this Agreement that, for accounting purposes and for all Federal, state and
local income and franchise tax purposes, the Series 2009-1 Notes will be
treated as evidence of indebtedness, (b) agrees to treat the Series 2009-1
Notes for all such purposes as indebtedness and (c) agrees that the provisions
of the Related Documents shall be construed to further these intentions.

 

SECTION 9.10   No Proceedings;
Limited Recourse.  (a)  HVF.  Each of the parties hereto (other than HVF)
hereby covenants and agrees that, prior to the date which is one year and one
day after the payment in full of any Indenture Notes issued by HVF pursuant to
the Base Indenture, it will not institute against or join with, encourage or
cooperate with any other Person in instituting against, HVF, any bankruptcy,
reorganization, arrangement, insolvency or liquidation proceedings, or other
proceedings under any Federal or state bankruptcy or similar law, all as more
particularly set forth in Section 13.15 of the Base Indenture and subject
to any retained rights set forth therein; provided, however, that
nothing in this Section 9.10(a) shall constitute a waiver of
any right to indemnification, reimbursement or other payment from HVF pursuant
to this Agreement, the Series 2009-1 Supplement or the Base
Indenture.  In the event that a Committed
Note Purchaser (solely in its capacity as such) or a Conduit Investor (solely
in its capacity as such) takes action in violation of this Section 9.10(a),
HVF agrees that it shall file an answer with the bankruptcy court or otherwise
properly contest the filing of such a petition by any such Person against HVF
or the commencement of such action and raise the defense that such Person has
agreed in writing not to take such action and should be estopped and precluded
therefrom and such other defenses, if any, as its counsel advises that it may
assert.  The provisions of this Section 9.10(a) shall
survive the termination of this Agreement. 
Nothing contained herein shall preclude participation by a Committed
Note Purchaser or a Conduit Investor in assertion or defense of its claims in
any such proceeding involving HVF.  The
obligations of HVF under this Agreement are solely the limited liability
company obligations of HVF.  In addition,
each of the parties hereto agrees that all fees, expenses and other costs
payable hereunder by HVF shall be payable only to the extent set forth in Section 13.16
of the Base Indenture and that all other amounts owed to them by HVF shall be
payable solely from amounts that become available for payment pursuant to the
Base Indenture and the Series 2009-1 Supplement.

 

(b)           The
Conduit Investors.  Each of the parties hereto hereby covenants
and agrees that it will not, prior to the date which is one year and one day
after the payment in full of the latest maturing Series 2009-1 Commercial
Paper or other debt securities or instruments issued by a Conduit Investor,
institute against, or join with any other Person in instituting against, such
Conduit Investor, any bankruptcy, reorganization, arrangement, insolvency or
liquidation proceedings, or other proceedings under any Federal or state
bankruptcy or similar law, subject to any retained rights set forth therein; provided,
however, that nothing in this Section 9.10(b) shall
constitute a waiver of any right to indemnification, reimbursement or other
payment from such Conduit Investor pursuant to this Agreement, the Series 2009-1
Supplement or the Base Indenture.  In the
event that HVF, the Administrator, a Committed Note Purchaser (solely in its
capacity as such) or Hertz takes action in violation of this Section 9.10(b),
such related Conduit Investor may file an answer with the bankruptcy court or
otherwise properly contest the

 

42

 

filing of such a petition by any such Person against such
Conduit Investor or the commencement of such action and raise the defense that
such Person has agreed in writing not to take such action and should be
estopped and precluded therefrom and such other defenses, if any, as its
counsel advises that it may assert.  The
provisions of this Section 9.10(b) shall survive the
termination of this Agreement.  Nothing
contained herein shall preclude participation by HVF, the Administrator, a
Committed Note Purchaser or Hertz in assertion or defense of its claims in any
such proceeding involving a Conduit Investor. 
The obligations of the Conduit Investors under this Agreement are solely
the corporate obligations of the Conduit Investors.  No recourse shall be had for the payment of
any amount owing in respect of this Agreement, including any obligation or
claim arising out of or based upon this Agreement, against any stockholder,
employee, officer, agent, director, member, affiliate or incorporator of any
Conduit Investor; provided, however, nothing in this Section 9.10(b) shall
relieve any of the foregoing Persons from any liability which any such Person
may otherwise have for its gross negligence or willful misconduct.

 

Notwithstanding any
provisions contained in this Agreement to the contrary, the Conduit Investors shall
not, and shall not be obligated to, fund or pay any amount pursuant to this
Agreement or the Series 2009-1 Notes unless (i) the respective
Conduit Investor has received funds which may be used to make such funding or
other payment and which funds are not required to repay any of the commercial
paper notes (“CP Notes”) issued by such Conduit Investor when due and (ii) after
giving effect to such funding or payment, either (x) such Conduit Investor
could issue CP Notes to refinance all of its outstanding CP Notes (assuming
such outstanding CP Notes matured at such time) in accordance with the program
documents governing its commercial paper program or (y) all of the CP
Notes are paid in full.  Any amount which
a Conduit Investor does not pay pursuant to the operation of the preceding
sentence shall not constitute a claim (as defined in Section 101 of the
Bankruptcy Code) against or obligation of such Conduit Investor for any such
insufficiency.

 

SECTION 9.11  
Confidentiality.  Each Committed
Note Purchaser and each Conduit Investor agrees that it shall not disclose any
Confidential Information to any Person without the prior written consent of the
Administrator and HVF, other than (a) to their Affiliates and their
officers, directors, employees, agents and advisors (including, without
limitation, legal counsel and accountants) and to actual or prospective
assignees and participants, and then only on a confidential basis, (b) as
requested by a court or administrative order or decree, governmental or regulatory
authority or self-regulatory organization or required by any statute, law, rule or
regulation or judicial process (including any subpoena or similar legal
process), (c) to any Rating Agency providing a rating for the Series 2009-1
Notes or the Conduit’s debt, (d) in the course of litigation with HVF, the
Administrator or Hertz, (e) any Series 2009-1 Noteholder, any
Committed Note Purchaser, any Conduit Investor, any Funding Agent or the
Administrative Agent, (f) any Person acting as a placement agent or dealer
with respect to any commercial paper (provided that any Confidential
Information provided to any such placement agent or dealer does not reveal the
identity of HVF or any of its Affiliates), (g) on a confidential basis, to
any provider of credit enhancement or liquidity to any Conduit Investor, (h) on
a confidential basis, to auditors or legal or other

 

43

 

professional
advisors of any party hereto or (i) to any Person to the extent such
Committed Note Purchaser or Conduit Investor reasonably determines such
disclosure is necessary or appropriate in connection with the enforcement or
for the defense of the rights and remedies under the Series 2009-1 Notes,
the Indenture or any other Related Document.

 

“Confidential Information”
means information that HVF or the Administrator furnishes to a Committed Note
Purchaser or a Conduit Investor, but does not include (i) any such
information that is or becomes generally available to the public other than as
a result of a disclosure by a Committed Note Purchaser or a Conduit Investor or
other Person to which a Committed Note Purchaser or a Conduit Investor
delivered such information, (ii) any such information that was in the
possession of a Committed Note Purchaser or a Conduit Investor prior to its
being furnished to such Committed Note Purchaser or a Conduit Investor by HVF
or the Administrator, or (iii) that is or becomes available to a Committed
Note Purchaser or a Conduit Investor from a source other than HVF or the
Administrator, provided that, with respect to clauses (ii) and
(iii) herein, such source is not (1) known to a Committed Note
Purchaser or a Conduit Investor to be bound by a confidentiality agreement with
HVF, the Administrator, Hertz, as the case may be, or (2) known to a
Committed Note Purchaser or a Conduit Investor to be otherwise prohibited from
transmitting the information by a contractual, legal or fiduciary obligation.

 

SECTION 9.12  
Governing Law.  THIS AGREEMENT AND
ALL MATTERS ARISING UNDER OR IN ANY MANNER RELATING TO THIS AGREEMENT SHALL BE
GOVERNED BY, AND CONSTRUED IN ACCORDANCE WITH, THE LAWS 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 9.13  
Jurisdiction.  ALL JUDICIAL PROCEEDINGS BROUGHT AGAINST ANY OF THE PARTIES HEREUNDER
WITH RESPECT TO THIS SERIES 2009-1 NOTE PURCHASE AGREEMENT MAY BE BROUGHT
IN ANY STATE OR (TO THE EXTENT PERMITTED BY LAW) FEDERAL COURT OF COMPETENT
JURISDICTION SITTING IN THE BOROUGH OF MANHATTAN IN THE CITY OF NEW YORK AND BY
EXECUTION AND DELIVERY OF THIS SERIES 2009-1 NOTE PURCHASE AGREEMENT, EACH
PARTY HEREUNDER ACCEPTS FOR ITSELF AND IN CONNECTION WITH ITS PROPERTIES,
GENERALLY AND UNCONDITIONALLY, THE NONEXCLUSIVE JURISDICTION OF THE AFORESAID
COURTS, AND IRREVOCABLY AGREES TO BE BOUND BY ANY JUDGMENT RENDERED THEREBY IN
CONNECTION WITH THIS SERIES 2009-1 NOTE PURCHASE AGREEMENT.

 

SECTION 9.14  
Waiver of Jury Trial.  ALL PARTIES HEREUNDER HEREBY KNOWINGLY, VOLUNTARILY AND INTENTIONALLY
WAIVE ANY RIGHTS THEY MAY HAVE TO A TRIAL BY JURY IN RESPECT OF ANY
LITIGATION BASED HEREON, OR ARISING OUT OF, UNDER, OR IN

 

44

 

CONNECTION
WITH, THIS SERIES 2009-1 NOTE PURCHASE AGREEMENT, OR ANY COURSE OF CONDUCT,
COURSE OF DEALING, STATEMENTS (WHETHER ORAL OR WRITTEN) OR ACTIONS OF THE
PARTIES IN CONNECTION HEREWITH OR THEREWITH. 
ALL PARTIES ACKNOWLEDGE AND AGREE THAT THEY HAVE RECEIVED FULL AND
SIGNIFICANT CONSIDERATION FOR THIS PROVISION AND THAT THIS PROVISION IS A
MATERIAL INDUCEMENT FOR ALL PARTIES TO ENTER INTO THIS SERIES 2009-1 NOTE
PURCHASE AGREEMENT.

 

SECTION 9.15  
Counterparts.  This Agreement may
be executed in any number of counterparts (which may include facsimile) and by
the different parties hereto in separate counterparts, each of which when so
executed shall be deemed to be an original, and all of which together shall
constitute one and the same instrument.

 

SECTION 9.16  
Additional Investor Groups. Unless an Amortization Event or a Potential
Amortization Event, in each case, with respect to the Series 2009-1 Notes
shall have occurred and be continuing, HVF may, upon at least three (3) Business
Days’ prior written notice to each Funding Agent, the Administrative Agent and
each Rating Agency, cause an Additional Investor Group and its related Funding
Agent, Conduit Purchasers, if any, and Committed Note Purchasers to become
parties to this Agreement to increase the Series 2009-1 Maximum Principal
Amount by complying with the provisions of this Section 9.16 and
Sections 2.1 and 5.1 of the Series 2009-1 Supplement.  Each such notice shall set forth the name of
the Funding Agent, the Conduit Purchasers, if any, and the Committed Note
Purchasers which are members of such Additional Investor Group, the Maximum
Investor Group Principal Amount with respect to such Additional Investor Group,
the related Committed Note Purchaser’s Committed Note Purchaser Percentage and
the desired effective date of such Additional Investor Group becoming a party
to this Agreement.  Each Additional
Investor Group shall, upon the execution of an Addendum by such Additional
Investor Group, the Administrative Agent and HVF, become a party to this
Agreement from and after the date of such execution with the same effect as if
such Additional Investor Group had been an original party hereunder and the
Administrative Agent shall amend Schedule I hereto in accordance with
the information provided in the notice described above.

 

SECTION 9.17   Assignment.  (a)  Any Committed Note Purchaser may at
any time sell all or any part of its rights and obligations under this
Agreement and the Series 2009-1 Notes, with the prior written consent of
HVF, which consent shall not be unreasonably withheld, to one or more financial
institutions (an “Acquiring Committed Note Purchaser”) pursuant to an
assignment and assumption agreement, substantially in the form of Exhibit B
(the “Assignment and Assumption Agreement”), executed by such Acquiring
Committed Note Purchaser, such assigning Committed Note Purchaser, the Funding
Agent with respect to such Committed Note Purchaser and HVF and delivered to
the Administrative Agent; provided that the consent of HVF to any such assignment
shall not be required (i) after the occurrence and during the continuance
of an Amortization Event with respect to the Series 2009-1 Notes or (ii) if
such Acquiring Committed Note Purchaser is an Affiliate of such assigning
Committed Note Purchaser.

 

45

 

(b)           Without
limiting the foregoing, each Conduit Investor may assign all or a portion of
the Investor Group Principal Amount with respect to such Conduit Investor and
its rights and obligations under this Agreement and any other Related Documents
to which it is a party (or otherwise to which it has rights) to a Conduit
Assignee with respect to such Conduit Investor without the prior written
consent of HVF.  Upon such assignment by
a Conduit Investor to a Conduit Assignee, (i) such Conduit Assignee shall
be the owner of the Investor Group Principal Amount or such portion thereof
with respect to such Conduit Investor, (ii) the related administrative or
managing agent for such Conduit Assignee will act as the Funding Agent for such
Conduit Assignee hereunder, with all corresponding rights and powers, express
or implied, granted to the Funding Agent hereunder or under the other Related
Documents, (iii) such Conduit Assignee and its liquidity support provider(s) and
credit support provider(s) and other related parties, in each case
relating to the Series 2009-1 Commercial Paper and/or the Series 2009-1
Notes, shall have the benefit of all the rights and protections provided to
such Conduit Investor herein and in the other Related Documents (including,
without limitation, any limitation on recourse against such Conduit Assignee as
provided in this paragraph), (iv) such Conduit Assignee shall assume all
of such Conduit Investor’s obligations, if any, hereunder or under the Base
Indenture or under any other Related Document with respect to such portion of
the Investor Group Principal Amount and such Conduit Investor shall be released
from such obligations, (v) all distributions in respect of the Investor
Group Principal Amount or such portion thereof with respect to such Conduit
Investor shall be made to the applicable Funding Agent on behalf of such
Conduit Assignee, (vi) the definition of the term “CP Rate” with respect
to the portion of the Investor Group Principal Amount with respect to such
Conduit Investor, as applicable funded with commercial paper issued by such
Conduit Assignee from time to time shall be determined in the manner set forth
in the definition of “CP Rate” applicable to such Conduit Assignee on the basis
of the interest rate or discount applicable to commercial paper issued by such
Conduit Assignee (rather than any other Conduit Investor), (vii) the
defined terms and other terms and provisions of this Agreement and the other
Related Documents shall be interpreted in accordance with the foregoing, and (viii) if
requested by the Funding Agent with respect to such Conduit Assignee, the
parties will execute and deliver such further agreements and documents and take
such other actions as the Funding Agent may reasonably request to evidence and
give effect to the foregoing.  No
assignment by any Conduit Investor to a Conduit Assignee of all or any portion
of the Investor Group Principal Amount with respect to such Conduit Investor
shall in any way diminish the obligation of the Committed Note Purchasers in
the same Investor Group as such Conduit Investor under Section 2.03
to fund any Increase not funded by such Conduit Investor or such Conduit
Assignee.

 

(c)           Any
Conduit Investor and the Committed Note Purchaser with respect to such Conduit
Investor may at any time sell all or any part of their respective rights and
obligations under this Agreement and the Series 2009-1 Notes, with the
prior written consent of HVF, which consent shall not be unreasonably withheld,
to a multi-seller commercial paper conduit, whose commercial paper has ratings
of at least “A-2” from S&P and “P2” from Moody’s and one or more financial
institutions providing support to such multi-seller commercial paper conduit
(an “Acquiring Investor Group”) pursuant to a transfer supplement,
substantially in the form of Exhibit C (the “Investor

 

46

 

Group Supplement”),
executed by such Acquiring Investor Group, the Funding Agent with respect to
such Acquiring Investor Group (including the Conduit Investor and the Committed
Note Purchasers with respect to such Investor Group), such assigning Conduit
Investor and the Committed Note Purchasers with respect to such Conduit
Investor, the Funding Agent with respect to such assigning Conduit Investor and
Committed Note Purchasers and HVF and delivered to the Administrative Agent; provided
that the consent of HVF to any such assignment shall not be required after the
occurrence and during the continuance of an Amortization Event with respect to
the Series 2009-1 Notes; provided  further that it shall not
be considered unreasonable for HVF to withhold its consent to an assignment to
a potential Acquiring Investor Group that has ratings of at least “A-2” from
S&P and “P2” by Moody’s, but does not have ratings of at least “A-1” from
S&P or “P1” by Moody’s if such assignment will result in a material
increase in HVF’s costs of financing with respect to the applicable Series 2009-1
Notes.

 

(d)           Any
Committed Note Purchaser may, in the ordinary course of its business and in
accordance with applicable law, at any time sell to one or more financial
institutions or other entities (“Participants”) participations in its
Committed Note Purchaser Percentage of the Maximum Investor Group Principal
Amount with respect to it and the other Committed Note Purchasers included in
the related Investor Group, its Series 2009-1 Note and its rights
hereunder (or, in each case, a portion thereof) pursuant to documentation in
form and substance satisfactory to such Committed Note Purchaser and the
Participant; provided, however, that (i) in the event of any
such sale by a Committed Note Purchaser to a Participant, (A) such
Committed Note Purchaser’s obligations under this Agreement shall remain
unchanged, (B) such Committed Note Purchaser shall remain solely
responsible for the performance thereof and (C) HVF and the Administrative
Agent shall continue to deal solely and directly with such Committed Note
Purchaser in connection with its rights and obligations under this Agreement
and (ii) no Committed Note Purchaser shall sell any participating interest
under which the Participant shall have rights to approve any amendment to, or
any consent or waiver with respect to, this Agreement, the Base Indenture, the Series 2009-1
Supplement or any Related Document, except to the extent that the approval of
such amendment, consent or waiver otherwise would require the unanimous consent
of all Committed Note Purchasers hereunder. 
A Participant shall have the right to receive reimbursement for amounts
due pursuant to Sections 3.05, 3.06, 3.07 and 3.08
but only to the extent that the related selling Committed Note Purchaser would
have had such right absent the sale of the related participation and, with
respect to amounts due pursuant to Section 3.08, only to the extent
such Participant shall have complied with the provisions of Section 3.08
as if such Participant were a Committed Note Purchaser.

 

(e)           HVF
authorizes each Committed Note Purchaser to disclose to any Participant or
Acquiring Committed Note Purchaser (each, a “Transferee”) and any
prospective Transferee any and all financial information in such Committed Note
Purchaser’s possession concerning HVF, the Collateral, the Administrator and
the Related Documents which has been delivered to such Committed Note Purchaser
by HVF or the Administrator in connection with such Committed Note Purchaser’s
credit evaluation of HVF, the Collateral and the Administrator.

 

47

 

[Remainder of Page Intentionally Blank]

 

48

 

IN WITNESS WHEREOF, the
parties hereto have caused this Agreement to be duly executed by their duly
authorized officers and delivered 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

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
  Address:

  	
  225
  Brae Boulevard

  
	
   

  	
   

  	
  Park
  Ridge, NJ 07656

  
	
   

  	
   

  	
   

  
	
   

  	
  Attention:

  	
  Treasury Department

  
	
   

  	
  Telephone:

  	
  (201) 307-2000

  
	
   

  	
  Facsimile:

  	
  (201)307-2746

  
				

 

[SERIES
2009-1 NOTE PURCHASE AGREEMENT]

 

 

 

	
   

  	
  THE
  HERTZ CORPORATION

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
  By:

  	
  /s/
  R. Scott Massengill

  
	
   

  	
   

  	
  Name:
  R. Scott Massengill

  
	
   

  	
   

  	
  Title:
  Treasurer

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
  Address:

  	
  225
  Brae Boulevard

  
	
   

  	
   

  	
  Park
  Ridge, NJ 07656

  
	
   

  	
   

  	
   

  
	
   

  	
  Attention:

  	
  Treasury Department

  
	
   

  	
  Telephone:

  	
  (201) 307-2000

  
	
   

  	
  Facsimile:

  	
  (201)307-2746

  
				

 

[SERIES
2009-1 NOTE PURCHASE AGREEMENT]

 

 

	
   

  	
  BANK OF AMERICA, N.A., as a Funding Agent

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
  By:

  	
  /s/ Charles Owens

  
	
   

  	
   

  	
  Name:

  	
  Charles Owens

  
	
   

  	
   

  	
  Title:

  	
  Director

  
	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
  Address:

  	
  214 North Tryon Street

  
	
   

  	
   

  	
  Charlotte, NC 28255

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
  Attention:

  	
  Tim Pacitto

  
	
   

  	
  Telephone:

  	
  (980) 388-9464

  
	
   

  	
  Facsimile:

  	
  (704) 387-2828

  
	
   

  	
  Email:

  	
  timothy.pacitto@bankofamerica.com

  

 

Hertz 2009-1 Note
Purchase Agreement

 

 

	
   

  	
  KITTY HAWK FUNDING CORPORATION, as a Conduit
  Investor

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
  By:

  	
  /s/ Phillip A. Martone

  
	
   

  	
   

  	
  Name:

  	
  Phillip A. Martone

  
	
   

  	
   

  	
  Title:

  	
  Vice President

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
  Address:

  	
  48 Wall Street

  
	
   

  	
   

  	
  27th Floor

  
	
   

  	
   

  	
  New York, NY 10005

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
  Attention:

  	
  Laura A. Calvaruso

  
	
   

  	
  Telephone:

  	
  (212) 346-9000

  
	
   

  	
  Facsimile:

  	
  (212) 346-9012

  
	
   

  	
  Email:

  	
  lac@lordspv.com

  

 

Hertz 2009-1 Note
Purchase Agreement

 

 

	
   

  	
  BANK OF AMERICA, N.A., as a Committed Note Purchaser

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
  By:

  	
  /s/ Charles Owens

  
	
   

  	
   

  	
  Name:

  	
  Charles Owens

  
	
   

  	
   

  	
  Title:

  	
  Director

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
  Address:

  	
  214 North Tryon Street

  
	
   

  	
   

  	
  Charlotte, NC 28255

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
  Attention:

  	
  Tim Pacitto

  
	
   

  	
  Telephone:

  	
  (980) 388-9464

  
	
   

  	
  Facsimile:

  	
  (704) 387-2828

  
	
   

  	
  Email:

  	
  timothy.pacitto@bankofamerica.com

  
	
   

  	
   

  	
   

  
	
   

  	
   

  
	
   

  	
  COMMITMENT AMOUNT:

  
	
   

  	
   

  	
  $225,000,000.00

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
  COMMITMENT PERCENTAGE: 10.52%

  

 

Hertz 2009-1 Note
Purchase Agreement

 

 

	
   

  	
  THE BANK OF NOVA SCOTIA, acting through its New York
  Agency, as a Funding Agent

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
  By:

  	
  /s/ Darren Ward

  
	
   

  	
   

  	
  Name:

  	
  Darren Ward

  
	
   

  	
   

  	
  Title:

  	
  Director

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
  Address:

  	
  One Liberty Plaza

  
	
   

  	
   

  	
  26th Floor

  
	
   

  	
   

  	
  New York, NY 10006

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
  Attention:

  	
  Darren Ward

  
	
   

  	
  Telephone:

  	
  (212) 225-5264

  
	
   

  	
  Facsimile:

  	
  (212) 225-5274

  
	
   

  	
  Email:

  	
  darren_ward@scotiacapital.com

  

 

Hertz 2009-1 Note
Purchase Agreement

 

 

	
   

  	
  LIBERTY STREET FUNDING LLC, as a Conduit Investor

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
  By:

  	
  /s/ Bernard J. Angelo

  
	
   

  	
   

  	
  Name:

  	
  Bernard J. Angelo

  
	
   

  	
   

  	
  Title:

  	
  Vice President

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
  Address:

  	
  68 South Service Road

  
	
   

  	
   

  	
  Suite 120

  
	
   

  	
   

  	
  Melville, NY 11747

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
  Attention:

  	
  Jill Russo

  
	
   

  	
  Telephone:

  	
  (631) 587-4700

  
	
   

  	
  Facsimile:

  	
  (212) 302-5151

  
	
   

  	
  Email:

  	
  jrusso@gssnyc.com

  

 

Hertz 2009-1 Note
Purchase Agreement

 

 

	
   

  	
  THE BANK OF NOVA SCOTIA, acting through its New York
  Agency, as a Committed Note Purchaser

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
  By:

  	
  /s/ Darren Ward

  
	
   

  	
   

  	
  Name:

  	
  Darren Ward

  
	
   

  	
   

  	
  Title:

  	
  Director

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
  Address:

  	
  One Liberty Plaza

  
	
   

  	
   

  	
  26th Floor

  
	
   

  	
   

  	
  New York, NY 10006

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
  Attention:

  	
  Darren Ward

  
	
   

  	
  Telephone:

  	
  (212) 225-5264

  
	
   

  	
  Facsimile:

  	
  (212) 225-5274

  
	
   

  	
  Email:

  	
  darren_ward@scotiacapital.com

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
  COMMITMENT AMOUNT:

  
	
   

  	
   

  	
  $75,000,000.00

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
  COMMITMENT PERCENTAGE: 3.51%

  

 

Hertz 2009-1 Note
Purchase Agreement

 

 

	
   

  	
  BARCLAYS BANK PLC, as a Funding Agent

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
  By:

  	
  /s/ Jeffrey Goldberg

  
	
   

  	
   

  	
  Name:

  	
  Jeffrey Goldberg

  
	
   

  	
   

  	
  Title:

  	
  Associate Director

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
  Address:

  	
  745 Seventh Avenue

  
	
   

  	
   

  	
  5th Floor

  
	
   

  	
   

  	
  New York, NY 10019

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
  Attention:

  	
  Jeffrey Goldberg

  
	
   

  	
  Telephone:

  	
  (212) 528-7372

  
	
   

  	
  Facsimile:

  	
  N/A

  
	
   

  	
  Email:

  	
  Jeffrey.Goldberg@barcap.com

  

 

Hertz 2009-1 Note
Purchase Agreement

 

 

	
   

  	
  SHEFFIELD RECEIVABLES CORPORATION, as a Conduit
  Investor

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
  By:

  	
  /s/ Jason D. Muncy

  
	
   

  	
   

  	
  Name:

  	
  Jason D. Muncy

  
	
   

  	
   

  	
  Title:

  	
  Associate Director

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
  Address:

  	
  c/o Barclays Bank PLC

  
	
   

  	
   

  	
  745 Seventh Avenue

  
	
   

  	
   

  	
  5th Floor

  
	
   

  	
   

  	
  New York, NY 10019

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
  Attention:

  	
  Janette Lieu

  
	
   

  	
  Telephone:

  	
  (212) 528-7475

  
	
   

  	
  Facsimile:

  	
  (917) 265-1116

  
	
   

  	
  Email:

  	
  Janette.Lieu@barcap.com

  

 

Hertz 2009-1 Note
Purchase Agreement

 

 

	
   

  	
  SHEFFIELD RECEIVABLES CORPORATION, as a Committed
  Note Purchaser

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
  By:

  	
  /s/ Jason D. Muncy

  
	
   

  	
   

  	
  Name:

  	
  Jason D. Muncy

  
	
   

  	
   

  	
  Title:

  	
  Associate Director

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
  Address:

  	
  c/o Barclays Bank PLC

  
	
   

  	
   

  	
  745 Seventh Avenue

  
	
   

  	
   

  	
  5th Floor

  
	
   

  	
   

  	
  New York, NY 10019

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
  Attention:

  	
  Janette Lieu

  
	
   

  	
  Telephone:

  	
  (212) 528-7475

  
	
   

  	
  Facsimile:

  	
  (917) 265-1116

  
	
   

  	
  Email:

  	
  Janette.Lieu@barcap.com

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
  COMMITMENT AMOUNT:

  
	
   

  	
   

  	
  $300,000,000.00

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
  COMMITMENT PERCENTAGE: 14.03%

  

 

Hertz 2009-1 Note
Purchase Agreement

 

 

	
   

  	
  BMO CAPITAL MARKETS CORP., as a Funding Agent

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
  By:

  	
  /s/ Keith Niebrugge

  
	
   

  	
   

  	
  Name:

  	
  Keith Niebrugge

  
	
   

  	
   

  	
  Title:

  	
  Managing Director

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
  Address:

  	
  115 S. LaSalle Street, 13W

  
	
   

  	
   

  	
  Chicago, IL 60603

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
  Attention:

  	
  Keith Niebrugge

  
	
   

  	
  Telephone:

  	
  (312) 461-3134

  
	
   

  	
  Facsimile:

  	
  (312) 293-4908

  
	
   

  	
  Email:

  	
  keith.niebrugge@bmo.com

  
	
   

  	
   

  	
   

  
	
   

  	
  with a copy to:

  
	
   

  	
   

  	
   

  
	
   

  	
  Address:

  	
  115 S. LaSalle Street, 13W

  
	
   

  	
   

  	
  Chicago, IL 60603

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
  Attention:

  	
  Jeffrey BaCote

  
	
   

  	
  Telephone:

  	
  (312) 461-7449

  
	
   

  	
  Facsimile:

  	
  (312) 461-3189

  
	
   

  	
  Email:

  	
  jeff.bacote@bmo.com

  

 

Hertz 2009-1 Note
Purchase Agreement

 

 

	
   

  	
  FAIRWAY FINANCE COMPANY LLC, as a Conduit Investor

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
  By:

  	
  /s/ Phillip A. Martone

  
	
   

  	
   

  	
  Name:

  	
  Phillip A. Martone

  
	
   

  	
   

  	
  Title:

  	
  Vice President

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
  Address:

  	
  c/o Lord Securities Corp.

  
	
   

  	
   

  	
  48 Wall Street

  
	
   

  	
   

  	
  27th Floor

  
	
   

  	
   

  	
  New York, NY 10005

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
  Attention:

  	
  Phil Martone

  
	
   

  	
  Telephone:

  	
  (212) 346-9008

  
	
   

  	
  Facsimile:

  	
  (212) 346-9012

  
	
   

  	
  Email:

  	
  pmartone@lordspv.com

  

 

Hertz 2009-1 Note
Purchase Agreement

 

 

	
   

  	
  BANK OF MONTREAL, as a Committed Note Purchaser

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
  By:

  	
  /s/ Sandra J. Sanders

  
	
   

  	
   

  	
  Name:

  	
  Sandra J. Sanders

  
	
   

  	
   

  	
  Title:

  	
  Managing Director

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
  Address:

  	
  115 S. LaSalle Street, 13W

  
	
   

  	
   

  	
  Chicago, IL 60603

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
  Attention:

  	
  Zachary Norman

  
	
   

  	
  Telephone:

  	
  (312) 461-3843

  
	
   

  	
  Facsimile:

  	
  (312) 293-4948

  
	
   

  	
  Email:

  	
  zachary.norman@bmo.com

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
  COMMITMENT AMOUNT:

  
	
   

  	
   

  	
  $100,000,000.00

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
  COMMITMENT PERCENTAGE: 4.68%

  

 

Hertz 2009-1 Note
Purchase Agreement

 

 

	
   

  	
  CALYON NEW YORK BRANCH, as a Funding Agent

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
  By:

  	
  /s/ Sam Pilcer

  
	
   

  	
   

  	
  Name:

  	
  Sam Pilcer

  
	
   

  	
   

  	
  Title:

  	
  Managing Director

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
  By:

  	
  /s/ Richard McBride

  
	
   

  	
   

  	
  Name:

  	
  Richard McBride

  
	
   

  	
   

  	
  Title:

  	
  Director

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
  Address:

  	
  1301 Avenue of the Americas

  
	
   

  	
   

  	
  New York, NY 10019

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
  Attention:

  	
  Florence Reyes

  
	
   

  	
  Telephone:

  	
  (212) 261-7897

  
	
   

  	
  Facsimile:

  	
  (917) 849-5447

  
	
   

  	
  Email:

  	
  Conduitsec@us.calyon.com and

  
	
   

  	
   

  	
  Conduit.Funding@us.calyon.com

  
	
   

  	
   

  	
   

  
	
   

  	
  with a copy to:

  
	
   

  	
   

  	
   

  
	
   

  	
  Address:

  	
  1301 Avenue of the Americas

  
	
   

  	
   

  	
  New York, NY 10019

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
  Attention:

  	
  Roman Burt

  
	
   

  	
  Telephone:

  	
  (212) 261-3996

  
	
   

  	
  Facsimile:

  	
  (917) 849-5447

  
	
   

  	
  Email:

  	
  Conduitsec@us.calyon.com and

  
	
   

  	
   

  	
  Conduit.Funding@us.calyon.com

  

 

Hertz 2009-1 Note
Purchase Agreement

 

 

	
   

  	
  ATLANTIC ASSET SECURITIZATION LLC, as a Conduit
  Investor

  
	
   

  	
   

  
	
   

  	
  By: CALYON NEW YORK BRANCH, as Attorney-in-Fact

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
  By:

  	
  /s/ Sam Pilcer

  
	
   

  	
   

  	
  Name:

  	
  Sam Pilcer

  
	
   

  	
   

  	
  Title:

  	
  Managing Director

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
  By:

  	
  /s/ Richard McBride

  
	
   

  	
   

  	
  Name:

  	
  Richard McBride

  
	
   

  	
   

  	
  Title:

  	
  Director

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
  Address:

  	
  1301 Avenue of the Americas

  
	
   

  	
   

  	
  New York, NY 10019

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
  Attention:

  	
  Tina Kourmpetis

  
	
   

  	
  Telephone:

  	
  (212) 261-7814

  
	
   

  	
  Facsimile:

  	
  (917) 849-5447

  
	
   

  	
  Email:

  	
  Conduitsec@us.calyon.com and

  
	
   

  	
   

  	
  Conduit.Funding@us.calyon.com

  
	
   

  	
   

  	
   

  
	
   

  	
  with a copy to:

  
	
   

  	
   

  	
   

  
	
   

  	
  Address:

  	
  1301 Avenue of the Americas

  
	
   

  	
   

  	
  New York, NY 10019

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
  Attention:

  	
  Betty Wu

  
	
   

  	
  Telephone:

  	
  (212) 261-7858

  
	
   

  	
  Facsimile:

  	
  (917) 849-5447

  
	
   

  	
  Email:

  	
  Conduitsec@us.calyon.com and

  
	
   

  	
   

  	
  Conduit.Funding@us.calyon.com

  

 

Hertz 2009-1 Note
Purchase Agreement

 

 

	
   

  	
  CALYON NEW YORK BRANCH, as a Committed Note
  Purchaser

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
  By:

  	
  /s/ Sam Pilcer

  
	
   

  	
   

  	
  Name:

  	
  Sam Pilcer

  
	
   

  	
   

  	
  Title:

  	
  Managing Director

  
	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  
	
   

  	
  By:

  	
  /s/ Richard McBride

  
	
   

  	
   

  	
  Name:

  	
  Richard McBride

  
	
   

  	
   

  	
  Title:

  	
  Director

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
  Address:

  	
  1301 Avenue of the Americas

  
	
   

  	
   

  	
  New York, NY 10019

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
  Attention:

  	
  Tina Kourmpetis

  
	
   

  	
  Telephone:

  	
  (212) 261-7814

  
	
   

  	
  Facsimile:

  	
  (917) 849-5447

  
	
   

  	
  Email:

  	
  Conduitsec@us.calyon.com and

  
	
   

  	
   

  	
  Conduit.Funding@us.calyon.com

  
	
   

  	
   

  	
   

  
	
   

  	
  with a copy to:

  
	
   

  	
   

  	
   

  
	
   

  	
  Address:

  	
  1301 Avenue of the Americas

  
	
   

  	
   

  	
  New York, NY 10019

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
  Attention:

  	
  Betty Wu

  
	
   

  	
  Telephone:

  	
  (212) 261-7858

  
	
   

  	
  Facsimile:

  	
  (917) 849-5447

  
	
   

  	
  Email:

  	
  Conduitsec@us.calyon.com and

  
	
   

  	
   

  	
  Conduit.Funding@us.calyon.com

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
  COMMITMENT AMOUNT:

  
	
   

  	
   

  	
  $197,244,000.00

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
  COMMITMENT PERCENTAGE: 9.23%

  

 

Hertz 2009-1 Note
Purchase Agreement

 

 

	
   

  	
  DEUTSCHE BANK AG, NEW YORK BRANCH, as a Funding
  Agent

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
  By:

  	
  /s/ Daniel Gerber

  
	
   

  	
   

  	
  Name:

  	
  Daniel Gerber

  
	
   

  	
   

  	
  Title:

  	
  Director

  
	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  
	
   

  	
  By:

  	
  /s/ Robert Sheldon

  
	
   

  	
   

  	
  Name:

  	
  Robert Sheldon

  
	
   

  	
   

  	
  Director

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
  Address:

  	
  60 Wall Street

  
	
   

  	
   

  	
  3rd Floor

  
	
   

  	
   

  	
  New York, NY 10005

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
  Attention:

  	
  Ozan Kaya

  
	
   

  	
  Telephone:

  	
  (212) 250-4998

  
	
   

  	
  Facsimile:

  	
  (212) 797-5300

  
	
   

  	
  Email:

  	
  ozan.kaya@db.com

  

 

Hertz 2009-1 Note
Purchase Agreement

 

 

	
   

  	
  SARATOGA FUNDING CORP., LLC, as a Conduit Investor

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
  By:

  	
  /s/ Lori Gebron

  
	
   

  	
   

  	
  Name:

  	
  Lori Gebron

  
	
   

  	
   

  	
  Title:

  	
  Vice President

  
	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
  Address:

  	
  60 Wall Street

  
	
   

  	
   

  	
  3rd Floor

  
	
   

  	
   

  	
  New York, NY 10005

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
  Attention:

  	
  Timothy Geraghty

  
	
   

  	
  Telephone:

  	
  (212) 250-7364

  
	
   

  	
  Facsimile:

  	
  (917) 338-3018

  
	
   

  	
  Email:

  	
  timothy.geraghty@db.com

  
	
   

  	
   

  	
   

  
	
   

  	
  with a copy to:

  
	
   

  	
   

  	
   

  
	
   

  	
  Address:

  	
  60 Wall Street

  
	
   

  	
   

  	
  3rd Floor

  
	
   

  	
   

  	
  New York, NY 10005

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
  Attention:

  	
  Rachel Wills

  
	
   

  	
  Telephone:

  	
  (904) 520-5359

  
	
   

  	
  Facsimile:

  	
  (904) 520-8175

  
	
   

  	
  Email:

  	
  rachel.wills@db.com

  

 

Hertz 2009-1 Note
Purchase Agreement

 

 

	
   

  	
  DEUTSCHE BANK AG, NEW YORK BRANCH, as a Committed
  Note Purchaser

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
  By:

  	
  /s/ Daniel Gerber

  
	
   

  	
   

  	
  Name:

  	
  Daniel Gerber

  
	
   

  	
   

  	
  Title:

  	
  Director

  
	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  
	
   

  	
  By:

  	
  /s/ Robert Sheldon

  
	
   

  	
   

  	
  Name:

  	
  Robert Sheldon

  
	
   

  	
   

  	
  Director

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
  Address:

  	
  60 Wall Street

  
	
   

  	
   

  	
  3rd Floor

  
	
   

  	
   

  	
  New York, NY 10005

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
  Attention:

  	
  Ozan Kaya

  
	
   

  	
  Telephone:

  	
  (212) 250-4998

  
	
   

  	
  Facsimile:

  	
  (212) 797-5300

  
	
   

  	
  Email:

  	
  ozan.kaya@db.com

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
  COMMITMENT AMOUNT:

  
	
   

  	
   

  	
  $627,525,000.00

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
  COMMITMENT PERCENTAGE: 29.35%

  

 

Hertz 2009-1 Note
Purchase Agreement

 

 

	
   

  	
  DEUTSCHE BANK AG, NEW
  YORK

  BRANCH, as the Administrative Agent

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
  By:

  	
  /s/ Daniel Gerber

  
	
   

  	
   

  	
  Name:  Daniel
  Gerber

  
	
   

  	
   

  	
  Title:  Director

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
  By:

  	
  /s/ Robert Sheldon

  
	
   

  	
   

  	
  Name:  Robert
  Sheldon

  
	
   

  	
   

  	
  Title:  Director

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
  Address:

  	
  60 Wall Street, 3rd Floor

  
	
   

  	
   

  	
  New York, NY 10005-2858

  
	
   

  	
   

  	
   

  
	
   

  	
  Attention:

  	
  Robert Sheldon

  
	
   

  	
  Telephone:

  	
  (212) 250-4493

  
	
   

  	
  Facsimile:

  	
  (212) 797-5160

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
  With electronic copy to abs.conduits@db.com

  
				

 

[SERIES 2009-1 NOTE
PURCHASE AGREEMENT]

 

 

	
   

  	
  ING CAPITAL MARKETS LLC, as a Funding Agent

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
  By:

  	
  /s/ Leonard Y.K. Woo, Jr.

  
	
   

  	
   

  	
  Name:

  	
  Leonard Y.K. Woo, Jr.

  
	
   

  	
   

  	
  Title:

  	
  Director

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
  Address:

  	
  1325 Avenue of the Americas

  
	
   

  	
   

  	
  New York, NY 10019

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
  Attention:

  	
  Dennis Strid

  
	
   

  	
  Telephone:

  	
  (646) 424-7908

  
	
   

  	
  Facsimile:

  	
  (646) 424-6489

  
	
   

  	
  Email:

  	
  dennis.strid@americas.ing.com

  

 

Hertz 2009-1 Note
Purchase Agreement

 

 

	
   

  	
  MONT BLANC CAPITAL CORP., as a Conduit Investor

  
	
   

  	
   

  
	
   

  	
  By: ING CAPITAL MARKETS LLC, as Attorney-in-Fact

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
  By:

  	
  /s/ Dennis Strid

  
	
   

  	
   

  	
  Name:

  	
  Dennis Strid

  
	
   

  	
   

  	
  Title:

  	
  Vice President

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
  Address:

  	
  1325 Avenue of the Americas

  
	
   

  	
   

  	
  New York, NY 10019

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
  Attention:

  	
  Dennis Strid

  
	
   

  	
  Telephone:

  	
  (646) 424-7908

  
	
   

  	
  Facsimile:

  	
  (646) 424-6489

  
	
   

  	
  Email:

  	
  dennis.strid@americas.ing.com

  

 

Hertz 2009-1 Note
Purchase Agreement

 

 

	
   

  	
  ING BANK N.V. DUBLIN BRANCH, as a Committed Note
  Purchaser

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
  By:

  	
  /s/ David Rea

  
	
   

  	
   

  	
  Name:

  	
  David Rea

  
	
   

  	
   

  	
  Title:

  	
  Vice President

  
	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  
	
   

  	
  By:

  	
  /s/ Adan Neill

  
	
   

  	
   

  	
  Name:

  	
  Adan Neill

  
	
   

  	
   

  	
  Director

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
  Address:

  	
  49 St. Stevens Green

  
	
   

  	
   

  	
  Dublin 2, Ireland

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
  Attention:

  	
  David Rea

  
	
   

  	
  Telephone:

  	
  +353 1 638 4038

  
	
   

  	
  Facsimile:

  	
  +353 1 638 4020

  
	
   

  	
  Email:

  	
  david.rea@ingbank.com

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
  COMMITMENT AMOUNT:

  
	
   

  	
   

  	
  $150,000,000.00

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
  COMMITMENT PERCENTAGE: 7.02%

  

 

Hertz 2009-1 Note
Purchase Agreement

 

 

	
   

  	
  JPMORGAN CHASE BANK, N.A., as a Funding Agent

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
  By:

  	
  /s/ Marquis Gilmore

  
	
   

  	
   

  	
  Name:

  	
  Marquis Gilmore

  
	
   

  	
   

  	
  Title:

  	
  Managing Director

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
  Address:

  	
  10 S. Dearborn St.

  
	
   

  	
   

  	
  Chicago, IL 60603

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
  Attention:

  	
  Hetal Patel

  
	
   

  	
  Telephone:

  	
  (312) 732-2651

  
	
   

  	
  Facsimile:

  	
  (312) 732-3600

  
	
   

  	
  Email:

  	
  hetal.x.patel@jpmchase.com

  
	
   

  	
   

  	
   

  
	
   

  	
  with a copy to:

  
	
   

  	
   

  	
   

  
	
   

  	
  Address:

  	
  10 S. Dearborn St.

  
	
   

  	
   

  	
  Chicago, IL 60603

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
  Attention:

  	
  Mark Gilmore

  
	
   

  	
  Telephone:

  	
  (212) 834-5175

  
	
   

  	
  Facsimile:

  	
  (212) 834-6564

  
	
   

  	
  Email:

  	
  marquis.gilmore@jpmorgan.com

  

 

Hertz 2009-1 Note
Purchase Agreement

 

 

	
   

  	
  PARK AVENUE RECEIVABLES COMPANY LLC (PARCO), as a
  Conduit Investor

  
	
   

  	
   

  
	
   

  	
  By: JPMORGAN CHASE BANK, N.A., as Attorney-in-Fact

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
  By:

  	
  /s/ Marquis Gilmore

  
	
   

  	
   

  	
  Name:

  	
  Marquis Gilmore

  
	
   

  	
   

  	
  Title:

  	
  Managing Director

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
  Address:

  	
  10 S. Dearborn St.

  
	
   

  	
   

  	
  Chicago, IL 60603

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
  Attention:

  	
  Anthony Bero

  
	
   

  	
  Telephone:

  	
  (312) 732-4647

  
	
   

  	
  Facsimile:

  	
  (312) 732-1844

  
	
   

  	
  Email:

  	
  abs.treasury.dept@jpmorgan.com

  

 

Hertz 2009-1 Note
Purchase Agreement

 

 

	
   

  	
  JPMORGAN CHASE BANK, N.A., as a Committed Note
  Purchaser

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
  By:

  	
  /s/ Marquis
  Gilmore

  
	
   

  	
   

  	
  Name:

  	
  Marquis Gilmore

  
	
   

  	
   

  	
  Title:

  	
  Managing Director

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
  Address:

  	
  10 S. Dearborn St.

  
	
   

  	
   

  	
  Chicago, IL 60603

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
  Attention:

  	
  Hetal Patel

  
	
   

  	
  Telephone:

  	
  (312) 732-2651

  
	
   

  	
  Facsimile:

  	
  (312) 732-3600

  
	
   

  	
  Email:

  	
  hetal.x.patel@jpmchase.com

  
	
   

  	
   

  	
   

  
	
   

  	
  with a copy to:

  
	
   

  	
   

  	
   

  
	
   

  	
  Address:

  	
  10 S. Dearborn St.

  
	
   

  	
   

  	
  Chicago, IL 60603

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
  Attention:

  	
  Mark Gilmore

  
	
   

  	
  Telephone:

  	
  (212) 834-5175

  
	
   

  	
  Facsimile:

  	
  (212) 834-6564

  
	
   

  	
  Email:

  	
  marquis.gilmore@jpmorgan.com

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
  COMMITMENT AMOUNT:

  
	
   

  	
   

  	
  $258,303.750.00

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
  COMMITMENT PERCENTAGE: 12.08%

  

 

Hertz 2009-1 Note
Purchase Agreement

 

 

	
   

  	
  NATIXIS FINANCIAL PRODUCTS INC., as a Funding Agent

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
  By:

  	
  /s/ David Bondy

  
	
   

  	
   

  	
  Name:

  	
  David Bondy

  
	
   

  	
   

  	
  Title:

  	
  Managing Director

  
	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  
	
   

  	
  By:

  	
  /s/ Adam True

  
	
   

  	
   

  	
  Name:

  	
  Adam True

  
	
   

  	
   

  	
  Title:

  	
  Managing Director

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
  Address:

  	
  9 West 57th St.

  
	
   

  	
   

  	
  New York, NY 10019

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
  Attention:

  	
  Frank Fletcher

  
	
   

  	
  Telephone:

  	
  (212) 891-5878

  
	
   

  	
  Facsimile:

  	
  (212) 891-3335

  
	
   

  	
  Email:

  	
  Frank.fletcher@us.natixis.com and

  
	
   

  	
   

  	
  versaillestransactions@us.natixis.com

  

 

Hertz 2009-1 Note
Purchase Agreement

 

 

	
   

  	
  VERSAILLES ASSETS LLC, as a Conduit Investor

  
	
   

  	
   

  
	
   

  	
  By: GLOBAL SECURITIZATION SERVICES, LLC, its Manager

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
  By:

  	
  /s/ Timothy
  O’Connor

  
	
   

  	
   

  	
  Name:

  	
  Timothy O’Connor

  
	
   

  	
   

  	
  Title:

  	
  Vice President

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
  Address:

  	
  c/o Global Securitization Services LLC

  
	
   

  	
   

  	
  68 South Service Road

  
	
   

  	
   

  	
  Suite 120

  
	
   

  	
   

  	
  Melville, NY 11747

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
  Attention:

  	
  Andrew Stidd

  
	
   

  	
  Telephone:

  	
  (212) 302-8767

  
	
   

  	
  Facsimile:

  	
  (631) 587-4700

  
	
   

  	
  Email:

  	
  versailles_transactions@us.natixis.com

  

 

Hertz 2009-1 Note
Purchase Agreement

 

 

	
   

  	
  VERSAILLES ASSETS LLC, as a Committed Note Purchaser

  
	
   

  	
   

  
	
   

  	
  By: GLOBAL SECURITIZATION SERVICES, LLC, its Manager

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
  By:

  	
  /s/ Timothy O’Connor

  
	
   

  	
   

  	
  Name:

  	
  Timothy O’Connor

  
	
   

  	
   

  	
  Title:

  	
  Vice President

  
	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
  Address:

  	
  c/o Global Securitization Services LLC

  
	
   

  	
   

  	
  68 South Service Road

  
	
   

  	
   

  	
  Suite 120

  
	
   

  	
   

  	
  Melville, NY 11747

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
  Attention:

  	
  Andrew Stidd

  
	
   

  	
  Telephone:

  	
  (212) 302-8767

  
	
   

  	
  Facsimile:

  	
  (631) 587-4700

  
	
   

  	
  Email:

  	
  versailles_transactions@cm.natixis.com

  
	
   

  	
   

  	
   

  
	
   

  	
   

  
	
   

  	
  COMMITMENT AMOUNT:

  
	
   

  	
   

  	
  $150,000,000.00

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
  COMMITMENT PERCENTAGE: 7.02%

  

 

Hertz 2009-1 Note
Purchase Agreement

 

 

	
   

  	
  RBS SECURITIES INC., as a Funding Agent

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
  By:

  	
  /s/ David Viney

  
	
   

  	
   

  	
  Name:

  	
  David Viney

  
	
   

  	
   

  	
  Title:

  	
  Managing Director

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
  Address:

  	
  540 West Madison St.

  
	
   

  	
   

  	
  Chicago, IL 60661

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
  Attention:

  	
  David Donofrio

  
	
   

  	
  Telephone:

  	
  (312) 338-6720

  
	
   

  	
  Facsimile:

  	
  (312) 338-0140

  
	
   

  	
  Email:

  	
  david.donofrio@rbs.com

  

 

Hertz 2009-1 Note
Purchase Agreement

 

 

	
   

  	
  AMSTERDAM FUNDING CORPORATION, as a Conduit Investor

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
  By:

  	
  /s/ Timothy O’Connor

  
	
   

  	
   

  	
  Name:

  	
  Timothy O’Connor

  
	
   

  	
   

  	
  Title:

  	
  Vice President

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
  Address:

  	
  c/o Global Securitization Services, LLC

  
	
   

  	
   

  	
  68 South Service Road

  
	
   

  	
   

  	
  Suite 120

  
	
   

  	
   

  	
  Melville, New York 11747

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
  Attention:

  	
  Frank B. Bilotta

  
	
   

  	
  Telephone:

  	
  (212) 302-8331

  
	
   

  	
  Facsimile:

  	
  (212) 302-8767

  

 

Hertz 2009-1 Note
Purchase Agreement

 

 

	
   

  	
  THE ROYAL BANK OF SCOTLAND PLC, as a Committed Note
  Purchaser

  
	
   

  	
   

  
	
   

  	
  By: RBS SECURITIES INC., as agent

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
  By:

  	
  /s/ David Viney

  
	
   

  	
   

  	
  Name:

  	
  David Viney

  
	
   

  	
   

  	
  Title:

  	
  Managing Director

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
  Address:

  	
  540 West Madison St.

  
	
   

  	
   

  	
  Chicago, IL 60661

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
  Attention:

  	
  David Donofrio

  
	
   

  	
  Telephone:

  	
  (312) 338-6720

  
	
   

  	
  Facsimile:

  	
  (312) 338-0140

  
	
   

  	
  Email:

  	
  david.donofrio@rbs.com

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
  COMMITMENT AMOUNT:

  
	
   

  	
   

  	
  $55,000,000.00

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
  COMMITMENT PERCENTAGE: 2.57%

  

 

Hertz 2009-1 Note
Purchase Agreement

 

 

SCHEDULE I

 

SARATOGA FUNDING CORP., LLC,
as a Conduit Investor

 

DEUTSCHE BANK AG, NEW YORK
BRANCH, as a Committed Note Purchaser

 

Commitment Amount:
$627,525,000.00

 

Commitment Percentage:
29.3500%

 

Committed Note Purchaser
Percentage: 100%

 

Maximum Investor Group
Principal Amount: $627,525,000.00

 

DEUTSCHE BANK AG, NEW YORK
BRANCH, as a Funding Agent and a Committed Note Purchaser, for SARATOGA FUNDING
CORP., LLC, as a Conduit Investor

 

KITTY HAWK FUNDING
CORPORATION, as a Conduit Investor

 

BANK OF AMERICA, N.A., as a
Committed Note Purchaser

 

Commitment Amount:
$225,000,000.00

 

Commitment Percentage:
10.5235%

 

Committed Note Purchaser
Percentage: 100%

 

Maximum Investor Group
Principal Amount: $225,000,000.00

 

BANK OF AMERICA, N.A., as a
Funding Agent and a Committed Note Purchaser, for KITTY HAWK FUNDING
CORPORATION, as a Conduit Investor

 

LIBERTY STREET FUNDING LLC,
as a Conduit Investor

 

THE BANK OF NOVA SCOTIA,
acting through its New York Agency, as a Committed Note Purchaser

 

Commitment Amount: $75,000,000.00

 

Commitment Percentage:
3.5078%

 

Committed Note Purchaser
Percentage: 100%

 

Maximum Investor Group
Principal Amount: $75,000,000.00

 

[SERIES
2009-1 NOTE PURCHASE AGREEMENT]

 

 

THE BANK OF NOVA SCOTIA,
acting through its New York Agency, as a Funding Agent and a Committed Note
Purchaser, for LIBERTY STREET FUNDING LLC, as a Conduit Investor

 

SHEFFIELD RECEIVABLES
CORPORATION, as a Conduit Investor

 

SHEFFIELD RECEIVABLES
CORPORATION, as a Committed Note Purchaser

 

Commitment Amount:
$300,000,000.00

 

Commitment Percentage:
14.0313%

 

Committed Note Purchaser
Percentage: 100%

 

Maximum Investor Group
Principal Amount: $300,000,000.00

 

BARCLAYS BANK PLC, as a
Funding Agent, for SHEFFIELD RECEIVABLES CORPORATION, as a Conduit Investor and
a Committed Note Purchaser

 

FAIRWAY FINANCE COMPANY LLC,
as a Conduit Investor

 

BANK OF MONTREAL, as a
Committed Note Purchaser

 

Commitment Amount:
$100,000,000.00

 

Commitment Percentage:
4.6771%

 

Committed Note Purchaser
Percentage: 100%

 

Maximum Investor Group
Principal Amount: $100,000,000.00

 

BMO CAPITAL MARKETS CORP.,
as a Funding Agent, for FAIRWAY FINANCE COMPANY LLC, as a Conduit Investor, and
BANK OF MONTREAL, as a Committed Note Purchaser

 

ATLANTIC ASSET
SECURITIZATION LLC, as a Conduit Investor

 

CALYON NEW YORK BRANCH, as a
Committed Note Purchaser

 

Commitment Amount:
$197,244,000.00

 

Commitment Percentage:
9.2253%

 

Committed Note Purchaser
Percentage: 100%

 

Maximum Investor Group
Principal Amount: $197,244,000.00

 

 

CALYON NEW YORK BRANCH, as a
Funding Agent and a Committed Note Purchaser, for ATLANTIC ASSET SECURITIZATION
LLC, as a Conduit Investor

 

MONT BLANC CAPITAL CORP., as
a Conduit Investor

 

ING BANK N.V. DUBLIN BRANCH,
as a Committed Note Purchaser

 

Commitment Amount:
$150,000,000.00

 

Commitment Percentage:
7.0157%

 

Committed Note Purchaser
Percentage: 100%

 

Maximum Investor Group
Principal Amount: $150,000,000.00

 

ING CAPITAL MARKETS LLC, as
a Funding Agent, for MONT BLANC CAPITAL CORP., as a Conduit Investor, and ING
BANK N.V. DUBLIN BRANCH, as a Committed Note Purchaser

 

PARK AVENUE RECEIVABLES
COMPANY LLC (PARCO), as a Conduit Investor

 

JPMORGAN CHASE BANK, N.A.,
as a Committed Note Purchaser

 

Commitment Amount:
$258,303,750.00

 

Commitment Percentage:
12.0811%

 

Committed Note Purchaser
Percentage: 100%

 

Maximum Investor Group
Principal Amount: $258,303,750.00

 

JPMORGAN CHASE BANK, N.A.,
as a Funding Agent and a Committed Note Purchaser, for PARK AVENUE RECEIVABLES
COMPANY LLC (PARCO), as a Conduit Investor

 

VERSAILLES ASSETS LLC, as a
Conduit Investor

 

VERSAILLES ASSETS LLC, as a
Committed Note Purchaser

 

Commitment Amount:
$150,000,000.00

 

Commitment Percentage:
7.0157%

 

Committed Note Purchaser
Percentage: 100%

 

Maximum Investor Group
Principal Amount: $150,000,000.00

 

 

NATIXIS FINANCIAL PRODUCTS
INC., as a Funding Agent, for VERSAILLES ASSETS LLC, as a Conduit Investor and
a Committed Note Purchaser

 

AMSTERDAM FUNDING
CORPORATION, as a Conduit Investor

 

THE ROYAL BANK OF SCOTLAND
PLC, as a Committed Note Purchaser

 

Commitment Amount:
$55,000,000.00

 

Commitment Percentage:
2.5724%

 

Committed Note Purchaser
Percentage: 100%

 

Maximum Investor Group
Principal Amount: $55,000,000.00

 

RBS SECURITIES INC., as a
Funding Agent, for AMSTERDAM FUNDING CORPORATION, as a Conduit Investor, and
THE ROYAL BANK OF SCOTLAND PLC, as a Committed Note Purchaser

 

EXHIBIT
A

TO

SERIES 2009-1 NOTE PURCHASE AGREEMENT

 

FORM OF ADVANCE REQUEST

 

HERTZ VEHICLE FINANCING LLC

SERIES 2009-1 VARIABLE FUNDING RENTAL CAR

ASSET BACKED NOTES

 

To:  Addressees
on Schedule I hereto

 

Ladies and Gentlemen:

 

This Advance Request is delivered to you pursuant to Section 7.03
of that certain Series 2009-1 Note Purchase Agreement, dated as of September 18,
2009 (as amended, supplemented, restated or otherwise modified from time to
time, the “Series 2009-1 Note Purchase Agreement”) among Hertz
Vehicle Financing LLC, the Conduit Investors, the Committed Note Purchasers,
the Funding Agents named therein, The Hertz Corporation, as Administrator and
Deutsche Bank AG, New York Branch, as Administrative Agent (in such capacity,
the “Administrative Agent”).

 

Unless otherwise defined herein or as the context
otherwise requires, terms used herein have the meaning assigned thereto under Section 1.01
of the Series 2009-1 Note Purchase Agreement, and if not defined therein,
shall have the meaning assigned thereto under Schedule I of the Base Indenture.

 

The undersigned hereby requests that an Advance be
made in the aggregate principal amount of
$                      
on                         ,
20      . 
The undersigned hereby acknowledges that any Advance that is not funded
at the CP Rate by a Conduit Investor or otherwise shall be a Eurodollar Advance
and the related Eurodollar Interest Period shall commence on the date of such
Eurodollar Advance and end on the next Payment Date.

 

The undersigned hereby certifies that (i) the
Aggregate Asset Amount as of the date hereof is an amount equal to
$                            
and (ii) the Series 2009-1 Enhancement Amount as of the date hereof
is an amount equal to
$                            .

 

The undersigned hereby acknowledges that the delivery
of this Advance Request and the acceptance by undersigned of the proceeds of
the Advance requested hereby constitute a representation and warranty by the
undersigned that, on the date of such Advance, and before and after giving
effect thereto and to the application of the proceeds therefrom, all conditions
set forth in Section 7.03 of the Series 2009-1 Note Purchase
Agreement and Section 2.1(b) of the Series 2009-1 Supplement
have been satisfied and all statements set forth in Section 6.01 of the 

 

A-1

 

Series 2009-1 Note
Purchase Agreement are true and correct as required pursuant to Section 7.03(a)(i) of
the Series 2009-1 Note Purchase Agreement.

 

The undersigned agrees that if prior to the time of
the Advance requested hereby any matter certified to herein by it will not be
true and correct at such time as if then made, it will immediately so notify
both you and each Committed Note Purchaser and each Conduit Investor, if any,
in your Investor Group.  Except to the
extent, if any, that prior to the time of the Advance requested hereby you and
each Committed Note Purchaser and each Conduit Investor, if any, in your
Investor Group, shall receive written notice to the contrary from the
undersigned, each matter certified to herein shall be deemed once again to be
certified as true and correct at the date of such Advance as if then made.

 

Please wire transfer the proceeds of the Advance to
the following account pursuant to the following instructions:

 

[insert payment instructions]

 

The undersigned has caused this Advance Request to be
executed and delivered, and the certification and warranties  contained herein to be made, by its duly
Authorized Officer this          day of
                    ,
20      .

 

 

	
   

  	
  HERTZ
  VEHICLE FINANCING LLC

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
  By:

  	
   

  
	
   

  	
  Title:

  	
   

  

 

A-2

 

SCHEDULE I:

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

2
North LaSalle Street

Chicago,
IL  60602

Attention:  Corporate Trust Administration — Structured
Finance

Telephone:  312-827-8663

Fax:  312-827-8562

Email:
john.ask@bnymellon.com

 

DEUTSCHE
BANK AG, NEW YORK BRANCH, as Administrative Agent

60
Wall Street, 3rd Floor

New
York, NY 10005-2858

Attention:  Robert Sheldon

Telephone:  (212) 250-4493

Fax:  (212) 797-5160

Email:
robert.sheldon@db.com

 

With
an electronic copy to: abs.conduits@db.com

 

DEUTSCHE
BANK AG, NEW YORK BRANCH, as a Funding Agent and a Committed Note Purchaser,
for SARATOGA FUNDING CORP., LLC, as a Conduit Investor

60
Wall Street, 3rd Floor

New
York, NY 10005-2858

Attention:  Ozan Kaya

Telephone:  (212) 250-4998

Fax:  (212) 797-5300

 

Or,
in the case of Saratoga Funding Corp., LLC:

 

60
Wall Street, 3rd Floor

New
York, NY 10005-2858

Attention:  Timothy Geraghty

Telephone:  (212) 250-7364

Fax:  (917) 338-3018

 

with
a copy to:

 

60
Wall Street, 3rd Floor

New
York, NY 10005-2858

Attention:  Rachel Wills

Telephone:  (904) 520-5359

Fax:  (904) 520-8175

 

A-3

 

BANK OF AMERICA, N.A., as a
Funding Agent and a Committed Note Purchaser, for KITTY HAWK FUNDING
CORPORATION, as a Conduit Investor

214 North Tryon Street

Charlotte, NC 28255

Attention:  Tim Pacitto

Telephone:  (980) 388-9464

Fax:  (704) 387-2828

 

Or,
in the case of Kitty
Hawk Funding Corporation:

 

48 Wall Street

27th Floor

New York, NY 10005

Attention:  Laura A. Calvaruso

Telephone:  (212) 346-9000

Fax:  (212) 346-9012

 

THE BANK OF NOVA SCOTIA, acting
through its New York Agency, as a Funding Agent and a Committed Note Purchaser,
for LIBERTY STREET FUNDING LLC, as a Conduit Investor

One Liberty Plaza

26th Floor

New York, NY 10006

Attention:  Darren Ward

Telephone:  (212) 225-5264

Fax:  (212) 225-5274

 

Or,
in the case of
Liberty Street Funding LLC:

 

68 South Service Road

Suite 120

Melville, NY 11747

Attention:  Jill Russo

Telephone:  (631) 587-4700

Fax:  (212) 302-5151

 

BARCLAYS BANK PLC, as a Funding
Agent, for SHEFFIELD RECEIVABLES CORPORATION, as a Conduit Investor and a
Committed Note Purchaser

745 Seventh Avenue

5th Floor

New York, NY 10019

Attention:  Jeffrey Goldberg

Telephone:  (212) 528-7372

Fax:  N/A

 

A-4

 

Or,
in the case of Sheffield Receivables Corporation:

 

c/o Barclays Bank PLC

745 Seventh Avenue

5th Floor

New York, NY 10019

Attention:  Janette Lieu

Telephone:  (212) 528-7475

Fax:  (917) 265-1116

 

BMO CAPITAL MARKETS CORP., as a
Funding Agent, for FAIRWAY FINANCE COMPANY LLC, as a Conduit Investor, and BANK
OF MONTREAL, as a Committed Note Purchaser

115
S. LaSalle Street, 13W

Chicago,
IL 60603

Attention:  Keith Niebrugge

Telephone:  (312) 461-3134

Fax:  (312) 293-4908

 

with
a copy to:

 

115
S. LaSalle Street, 13W

Chicago,
IL 60603

Attention:  Jeffrey BaCote

Telephone:  (312) 461-7449

Fax:  (312) 461-3189

 

Or,
in the case of Fairway Finance Company LLC:

 

c/o
Lord Securities Corp.

48
Wall Street

27th
Floor

New
York, NY 10005

Attention:  Phil Martone

Telephone:  (212) 346-9008

Fax:  (212) 346-9012

 

Or,
in the case of Bank of Montreal:

 

115
S. LaSalle Street, 13W

Chicago,
IL 60603

Attention:  Zachary Norman

Telephone:  (312) 461-3843

Fax:  (312) 293-4948

 

A-5

 

CALYON
NEW YORK BRANCH, as a Funding Agent and a Committed Note Purchaser, for
ATLANTIC ASSET SECURITIZATION LLC, as a Conduit Investor

1301
Avenue of the Americas

New
York, NY 10019

Attention:  Florence Reyes

Telephone:  (212) 261-7897

Fax:  (917) 849-5447

 

with
a copy to:

 

1301
Avenue of the Americas

New
York, NY 10019

Attention:  Roman Burt

Telephone:  (212) 261-3996

Fax:  (917) 849-5447

 

Or,
in the case of Atlantic Asset Securitization LLC or Calyon New York Branch, as
a Committed Note Purchaser:

 

1301
Avenue of the Americas

New
York, NY 10019

Attention:  Tina Kourmpetis

Telephone:  (212) 261-7814

Fax:  (917) 849-5447

 

with
a copy to:

 

1301
Avenue of the Americas

New
York, NY 10019

Attention:  Betty Wu

Telephone:  (212) 261-7858

Fax:  (917) 849-5447

 

ING
CAPITAL MARKETS LLC, as a Funding Agent, for MONT BLANC CAPITAL CORP., as a
Conduit Investor, and ING BANK N.V. DUBLIN BRANCH, as a Committed Note
Purchaser

1325
Avenue of the Americas

New
York, NY 10019

Attention:  Dennis Strid

Telephone:  (646) 424-7908

Fax:  (646) 424-6489

 

Or,
in the case of ING Bank N.V. Dublin Branch:

 

A-6

 

49
St. Stevens Green

Dublin
2, Ireland

Attention:  David Rea

Telephone:  +353 1 638 4038

Fax:  +353 1 638 4020

 

JPMORGAN
CHASE BANK, N.A., as a Funding Agent and a Committed Note Purchaser, for PARK
AVENUE RECEIVABLES COMPANY LLC (PARCO), as a Conduit Investor

10
S. Dearborn St.

Chicago,
IL 60603

Attention:  Hetal Patel

Telephone:  (312) 732-2651

Fax:  (312) 732-3600

 

with
a copy to:

 

10
S. Dearborn St.

Chicago,
IL 60603

Attention:  Mark Gilmore

Telephone:  (212) 834-5175

Fax:  (212) 834-6564

 

Or,
in the case of Park Avenue Receivables Company LLC (PARCO):

 

10
S. Dearborn St.

Chicago,
IL 60603

Attention:  Anthony Bero

Telephone:  (312) 732-4647

Fax:  (312) 732-1844

 

NATIXIS
FINANCIAL PRODUCTS INC., as a Funding Agent, for VERSAILLES ASSETS LLC, as a
Conduit Investor and a Committed Note Purchaser

9
West 57th St.

New
York, NY 10019

Attention:  Frank Fletcher

Telephone:  (212) 891-5878

Fax:  (212) 891-3335

 

Or,
in the case of Versailles Assets LLC:

 

c/o
Global Securitization Services LLC

68
South Service Road

Suite 120

 

A-7

 

Melville,
NY 11747

Attention:  Andrew Stidd

Telephone:  (212) 302-8767

Fax:  (631) 587-4700

 

RBS
SECURITIES INC., as a Funding Agent, for AMSTERDAM FUNDING CORPORATION, as a
Conduit Investor, and THE ROYAL BANK OF SCOTLAND PLC, as a Committed Note
Purchaser

540
West Madison St.

Chicago
IL 60661

Attention:  David Donofrio

Telephone:  (312) 338-6720

Fax:  (312) 338-0140

 

Or,
in the case of Amsterdam Funding Corporation:

 

c/o
Global Securitization Services, LLC

68
South Service Road

Suite 120

Melville,
New York 11747

Attention:  Frank B. Bilotta

Telephone:  (212) 302-8331

Fax:  (212) 302-8767

 

A-8

 

SCHEDULE
II:

 

	
  Funding
  Allocation by Funding Agent:

  	
   

  	
   

  	
   

  	
   

  
	
  DEUTSCHE
  BANK AG, NEW YORK BRANCH

  	
   

  	
  29.3500%

  	
   

  	
  $

  	
  627,525,000.00

  
	
  BANK OF AMERICA, N.A.

  	
   

  	
  10.5235%

  	
   

  	
  $

  	
  225,000,000.00

  
	
  THE BANK OF NOVA SCOTIA

  	
   

  	
  3.5078%

  	
   

  	
  $

  	
  75,000,000.00

  
	
  BARCLAYS BANK PLC

  	
   

  	
  14.0313%

  	
   

  	
  $

  	
  300,000,000.00

  
	
  BMO CAPITAL MARKETS CORP.

  	
   

  	
  4.6771%

  	
   

  	
  $

  	
  100,000,000.00

  
	
  CALYON
  NEW YORK BRANCH

  	
   

  	
  9.2253%

  	
   

  	
  $

  	
  197,244,000.00

  
	
  ING
  CAPITAL MARKETS LLC

  	
   

  	
  7.0157%

  	
   

  	
  $

  	
  150,000,000.00

  
	
  JPMORGAN
  CHASE BANK, N.A.

  	
   

  	
  12.0811%

  	
   

  	
  $

  	
  258,303,750.00

  
	
  NATIXIS
  FINANCIAL PRODUCTS INC.

  	
   

  	
  7.0157%

  	
   

  	
  $

  	
  150,000,000.00

  
	
  RBS
  SECURITIES INC.

  	
   

  	
  2.5724%

  	
   

  	
  $

  	
  55,000,000.00

  

 

A-9

 

EXHIBIT
B

TO

SERIES
2009-1 NOTE PURCHASE AGREEMENT

 

FORM OF ASSIGNMENT AND
ASSUMPTION AGREEMENT

 

ASSIGNMENT
AND ASSUMPTION AGREEMENT, dated as of [            ],
among [            ]
(the “Transferor”), each purchaser listed as an Acquiring Committed Note
Purchaser on the signature pages hereof (each, an “Acquiring Committed
Note Purchaser”), the Funding Agent with respect to such Acquiring
Committed Note Purchaser listed in the signature pages hereof (each, a “Funding
Agent”), and Hertz Vehicle Financing LLC, a Delaware limited liability
company (the “Company”).

 

W I T N E S S E T H:

 

WHEREAS,
this Assignment and Assumption Agreement is being executed and delivered in
accordance with subsection 9.17(a) of the Series 2009-1 Note Purchase
Agreement, dated as of September 18, 2009 (as from time to time amended,
supplemented or otherwise modified in accordance with the terms thereof, the “Series 2009-1
Note Purchase Agreement”; terms defined therein being used herein as
therein defined), among the Company, the Conduit Investors, the Committed Note
Purchasers, the Funding Agents named therein, The Hertz Corporation, as
Administrator and Deutsche Bank AG, New York Branch, as Administrative Agent
(in such capacity, the “Administrative Agent”);

 

WHEREAS,
each Acquiring Committed Note Purchaser  (if it is not already an existing Committed Note
Purchaser) wishes to
become a Committed Note Purchaser party to the Series 2009-1 Note Purchase
Agreement; and

 

WHEREAS,
the Transferor is selling and assigning to each Acquiring Committed Note Purchaser,
its rights, obligations and commitments under the Series 2009-1 Note
Purchase Agreement and the Series 2009-1 Notes;

 

NOW,
THEREFORE, the parties hereto hereby agree as follows:

 

Upon
the execution and delivery of this Assignment and Assumption Agreement by each
Acquiring Committed Note Purchaser, each Funding Agent, the Transferor and the
Company (the date of such execution and delivery, the “Transfer Issuance
Date”), each Acquiring Committed Note Purchaser shall be a Committed Note
Purchaser party to the Series 2009-1 Note Purchase Agreement for all
purposes thereof.

 

B-1

 

The
Transferor acknowledges receipt from each Acquiring Committed Note Purchaser of
an amount equal to the purchase price, as agreed between the Transferor and
such Acquiring Committed Note Purchaser (the “Purchase Price”), of the
portion being purchased by such Acquiring Committed Note Purchaser (such
Acquiring Committed Note Purchaser’s “Purchased Percentage”) of the
Transferor’s Commitment under the Series 2009-1 Note Purchase Agreement
and the Transferor’s Investor Group Invested Amount.  The Transferor hereby irrevocably sells,
assigns and transfers to each Acquiring Committed Note Purchaser, without
recourse, representation or warranty, and each Acquiring Committed Note
Purchaser hereby irrevocably purchases, takes and assumes from the Transferor,
such Acquiring Committed Note Purchaser’s Purchased Percentage of the
Transferor’s Commitment under the Series 2009-1 Note Purchase Agreement
and the Transferor’s Investor Group Invested Amount.

 

The
Transferor has made arrangements with each Acquiring Committed Note Purchaser
with respect to (i) the portion, if any, to be paid, and the date or dates
for payment, by the Transferor to such Acquiring Committed Note Purchaser of
any program fees, undrawn facility fee, structuring and commitment fees or
other fees (collectively, the “Fees”) [heretofore received] by the
Transferor pursuant to Section 3.02 of the Series 2009-1 Note
Purchase Agreement prior to the Transfer Issuance Date [and (ii) the
portion, if any, to be paid, and the date or dates for payment, by such
Acquiring Committed Note Purchaser to the Transferor of Fees received by such
Acquiring Committed Note Purchaser pursuant to the Series 2009-1
Supplement from and after the Transfer Issuance Date].

 

From
and after the Transfer Issuance Date, amounts that would otherwise by payable
to or for the account of the Transferor pursuant to the Series 2009-1
Supplement or the Series 2009-1 Note Purchase Agreement shall, instead, be
payable to or for the account of the Transferor and the Acquiring Committed
Note Purchasers, as the case may be, in accordance with their respective
interests as reflected in this Assignment and Assumption Agreement, whether
such amounts have accrued prior to the Transfer Issuance Date or accrue
subsequent to the Transfer Issuance Date.

 

Each
of the parties to this Assignment and Assumption Agreement agrees that at any
time and from time to time upon the written request of any other party, it will
execute and deliver such further documents and do such further acts and things
as such other party may reasonably request in order to effect the purposes of
this Assignment and Assumption Agreement.

 

By
executing and delivering this Assignment and Assumption Agreement, the
Transferor and each Acquiring Committed Note Purchaser confirm to and agree
with each other and the Committed Note Purchasers as follows:  (i) other than the representation and
warranty that it is the legal and beneficial owner of the interest being
assigned hereby free and clear of any adverse claim, the Transferor makes no
representation or warranty and assumes no responsibility with respect to any
statements, warranties or representations made in or in connection with the Series 2009-1
Supplement, the Series 2009-1 Note Purchase Agreement or the execution,
legality, validity, enforceability, genuineness, sufficiency or value of the
Indenture, the Series 2009-1 Notes, the Related Documents or any
instrument or document furnished pursuant thereto; (ii) the Transferor
makes no representation or warranty and assumes no responsibility with respect
to the financial condition of the Company or the performance or observance by
the 

 

B-2

 

Company of any of the Company’s obligations under the
Indenture, the Related Documents or any other instrument or document furnished
pursuant hereto; (iii) each Acquiring Committed Note Purchaser confirms
that it has received a copy of the Indenture, the Series 2009-1 Note
Purchase Agreement and such other Related Documents and other documents and
information as it has deemed appropriate to make its own credit analysis and
decision to enter into this Assignment and Assumption Agreement; (iv) each
Acquiring Committed Note Purchaser will, independently and without reliance
upon the Administrative Agent, the Transferor or any other Investor Group and
based on such documents and information as it shall deem appropriate at the
time, continue to make its own credit decisions in taking or not taking action
under the Series 2009-1 Note Purchase Agreement; (v) each Acquiring
Committed Note Purchaser appoints and authorizes the Administrative Agent to
take such action as agent on its behalf and to exercise such powers under the Series 2009-1
Note Purchase Agreement as are delegated to the Administrative Agent by the
terms thereof, together with such powers as are reasonably incidental thereto,
all in accordance with Article 5 of the Series 2009-1 Note Purchase
Agreement; (vi) each Acquiring Committed Note Purchaser appoints and
authorizes a Funding Agent to take such action as agent on its behalf and to
exercise such powers under the Series 2009-1 Note Purchase Agreement as are
delegated to such Funding Agent by the terms thereof, together with such powers
as are reasonably incidental thereto, all in accordance with Article 5 of
the Series 2009-1 Note Purchase Agreement, (vii) each Acquiring
Committed Note Purchaser agrees that it will perform in accordance with their
terms all of the obligations which by the terms of the Series 2009-1 Note
Purchase Agreement are required to be performed by it as an Acquiring Committed
Note Purchaser and (viii) the Acquiring Committed Note Purchaser hereby
represents and warrants to HVF and the Administrator that the representations
and warranties contained in Section 6.03 of the Series 2009-1
Note Purchase Agreement are true and correct with respect to the Acquiring
Committed Note Purchaser on and as of the date hereof and the Acquiring
Committed Note Purchaser shall be deemed to have made such representations and
warranties contained in Section 6.03 of the Series 2009-1 Note
Purchase Agreement on and as of the date hereof.

 

Schedule
I hereto sets forth the revised Commitment Percentages of the Transferor and
each Acquiring Committed Note Purchaser as well as administrative information
with respect to each Acquiring Committed Note Purchaser and its Funding Agent.

 

This
Assignment and Assumption Agreement and all matters arising under or in any
manner relating to this Assignment and Assumption Agreement shall be governed
by, and construed in accordance with, the laws of the State of New York, and
the obligations, rights and remedies of the parties hereto shall be determined
in accordance with such law.

 

B-3

 

IN
WITNESS WHEREOF, the parties hereto have caused this Assignment and Assumption
Agreement to be executed by their respective duly authorized officers as of the
date first set forth above.

 

	
   

  	
  [             ],
  as Transferor

  
	
   

  	
   

  	
   

  
	
   

  	
   

  
	
   

  	
  By:

  	
   

  
	
   

  	
   

  	
  Title:

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
  By:

  	
   

  
	
   

  	
   

  	
  Title:

  
	
   

  	
   

  
	
   

  	
  [             ],
  as Acquiring Committed Note Purchaser

  
	
   

  	
   

  	
   

  
	
   

  	
   

  
	
   

  	
  By:

  	
   

  
	
   

  	
   

  	
  Title:

  
	
   

  	
   

  	
   

  
	
   

  	
   

  
	
   

  	
  [             ],
  as Funding Agent

  
	
   

  	
   

  	
   

  
	
   

  	
   

  
	
   

  	
  By:

  	
   

  
	
   

  	
   

  	
  Title:

  

 

B-4

 

	
  CONSENTED AND
  ACKNOWLEDGED:

  	
   

  
	
   

  	
   

  
	
  HERTZ VEHICLE FINANCING
  LLC

  	
   

  
	
   

  	
   

  
	
  By:

  	
   

  	
   

  
	
   

  	
  Title:

  	
   

  

 

B-5

 

SCHEDULE I

 

LIST OF ADDRESSES FOR
NOTICES

AND OF COMMITMENT
PERCENTAGES

 

DEUTSCHE BANK AG, NEW YORK
BRANCH, as

Administrative Agent

 

Address:

 

Attention:

Telephone:

Facsimile:

 

[TRANSFEROR]

 

	
  Address:

  	
  [           ]

  
	
   

  	
  Attention: [                  

  	
  ]

  
	
   

  	
  Telephone: [                

  	
  ]

  
	
   

  	
  Facsimile: [                 

  	
  ]

  

 

	
  Prior
  Commitment Percentage:

  	
  [

  	
  ]

  
	
   

  	
   

  	
   

  
	
  Revised
  Commitment Percentage:

  	
  [

  	
  ]

  
	
   

  	
   

  	
   

  
	
  Prior
  Investor Group Principal Amount:

  	
  [

  	
  ]

  
	
   

  	
   

  	
   

  
	
  Revised Investor Group
  Principal Amount:

  	
  [

  	
  ]

  

 

 

[TRANSFEROR FUNDING AGENT]

 

	
  Address:

  	
  [           ]

  
	
   

  	
  Attention: [                  

  	
  ]

  
	
   

  	
  Telephone: [                

  	
  ]

  
	
   

  	
  Facsimile: [                 

  	
  ]

  

 

[ACQUIRING COMMITTED NOTE
PURCHASER]

 

	
  Address:

  	
  [           ]

  
	
   

  	
  Attention: [                  

  	
  ]

  
	
   

  	
  Telephone: [                

  	
  ]

  
	
   

  	
  Facsimile: [                 

  	
  ]

  

 

 

	
  Prior
  Commitment Percentage:

  	
  [

  	
  ]

  
	
   

  	
   

  	
   

  
	
  Revised
  Commitment Percentage:

  	
  [

  	
  ]

  
	
   

  	
   

  	
   

  
	
  Prior
  Investor Group Principal Amount:

  	
  [

  	
  ]

  
	
   

  	
   

  	
   

  
	
  Revised Investor Group
  Principal Amount:

  	
  [

  	
  ]

  

 

[ACQUIRING COMMITTED NOTE
PURCHASER FUNDING AGENT]

 

	
  Address:

  	
  [           ]

  
	
   

  	
  Attention: [                  

  	
  ]

  
	
   

  	
  Telephone: [                

  	
  ]

  
	
   

  	
  Facsimile: [                 

  	
  ]

  

 

 

EXHIBIT
C

TO

SERIES
2009-1 NOTE PURCHASE AGREEMENT

 

FORM OF INVESTOR GROUP
SUPPLEMENT

 

INVESTOR
GROUP SUPPLEMENT, dated as of [   ], among (i) [     ]
(the “Transferor Investor Group”), (ii) [     ]
(the “Acquiring Investor Group”), (iii) the Funding Agent with
respect to the Acquiring Investor Group listed in the signature pages hereof
(each, a “Funding Agent”), and (iv) Hertz Vehicle Financing LLC, a
Delaware limited liability company (the “Company”).

 

W I T N E S S E T H:

 

WHEREAS,
this Investor Group Supplement is being executed and delivered in accordance
with subsection 9.17(c) of the Series 2009-1 Note Purchase Agreement,
dated as of September 18, 2009 (as from time to time amended, supplemented
or otherwise modified in accordance with the terms thereof, the “Series 2009-1
Note Purchase Agreement”; terms defined therein being used herein as
therein defined), among the Company, the Conduit Investors, the Committed Note
Purchasers, the Funding Agents named therein, The Hertz Corporation, as
Administrator and Deutsche Bank AG, New York Branch, as Administrative Agent
(in such capacity, the “Administrative Agent”);

 

WHEREAS,
the Acquiring Investor Group wishes to become a Conduit Investor and a
Committed Note Purchaser with respect to such Conduit Investor under the Series 2009-1
Note Purchase Agreement; and

 

WHEREAS,
the Transferor Investor Group is selling and assigning to the Acquiring Investor Group
its respective rights, obligations and commitments under the Series 2009-1
Note Purchase Agreement and the Series 2009-1 Notes with respect to the
percentage of its total commitment specified on Schedule I attached hereto;

 

NOW,
THEREFORE, the parties hereto hereby agree as follows:

 

Upon
the execution and delivery of this Investor Group Supplement by the Acquiring
Investor Group, each Funding Agent with respect thereto, the Transferor
Investor Group and the Company (the date of such execution and delivery, the “Transfer
Issuance Date”), the Conduit Investor and the Committed Note Purchasers
with respect to the Acquiring Investor Group shall be parties to the Series 2009-1
Note Purchase Agreement for all purposes thereof.

 

The
Transferor Investor Group acknowledges receipt from the Acquiring Investor
Group of an amount equal to the purchase price, as agreed between the
Transferor Investor Group and the Acquiring Investor Group (the “Purchase
Price”), of the portion being purchased by the Acquiring Investor Group
(the Acquiring Investor Group’s “Purchased Percentage”) of

 

 

the Commitment Amount with respect to the Committed
Note Purchasers included in the Transferor Investor Group under the Series 2009-1
Note Purchase Agreement and the Transferor Investor Group’s Investor Group
Principal Amount.  The Transferor
Investor Group hereby irrevocably sells, assigns and transfers to the Acquiring
Investor Group, without recourse, representation or warranty, and the Acquiring
Investor Group hereby irrevocably purchases, takes and assumes from the
Transferor Investor Group, the Acquiring Investor Group’s Purchased Percentage
of the Commitment with respect to the Committed Note Purchasers included in the
Transferor Investor Group under the Series 2009-1 Note Purchase Agreement
and the Transferor Investor Group’s Investor Group Principal Amount.

 

From
and after the Transfer Issuance Date, amounts that would otherwise be payable
to or for the account of the Transferor Investor Group pursuant to the Series 2009-1
Supplement or the Series 2009-1 Note Purchase Agreement shall, instead, be
payable to or for the account of the Transferor Investor Group and the
Acquiring Investor Group, as the case may be, in accordance with their
respective interests as reflected in this Investor Group Supplement, whether
such amounts have accrued prior to the Transfer Issuance Date or accrue
subsequent to the Transfer Issuance Date.

 

Each
of the parties to this Investor Group Supplement agrees that at any time and
from time to time upon the written request of any other party, it will execute
and deliver such further documents and do such further acts and things as such
other party may reasonably request in order to effect the purposes of this
Investor Group Supplement.

 

By
executing and delivering this Investor Group Supplement, the Transferor
Investor Group and the Acquiring Investor Group confirm to and agree with each
other as follows:  (i) other than
the representation and warranty that it is the legal and beneficial owner of
the interest being assigned hereby free and clear of any adverse claim, the
Transferor Investor Group makes no representation or warranty and assumes no
responsibility with respect to any statements, warranties or representations
made in or in connection with the Series 2009-1 Supplement, the Series 2009-1
Note Purchase Agreement or the execution, legality, validity, enforceability,
genuineness, sufficiency or value of the Indenture, the Series 2009-1
Notes, the Related Documents or any instrument or document furnished pursuant
thereto; (ii) the Transferor Investor Group makes no representation or
warranty and assumes no responsibility with respect to the financial condition
of the Company or the performance or observance by the Company of any of the
Company’s obligations under the Indenture, the Series 2009-1 Note Purchase
Agreement, the Related Documents or any other instrument or document furnished
pursuant hereto; (iii) the Acquiring Investor Group confirms that it has
received a copy of the Indenture, the Series 2009-1 Note Purchase
Agreement and such other Related Documents and other documents and information
as it has deemed appropriate to make its own credit analysis and decision to
enter into this Investor Group Supplement; (iv) the Acquiring Investor
Group will, independently and without reliance upon the Administrative Agent,
the Transferor Investor Group or any other Person and based on such documents
and information as it shall deem appropriate at the time, continue to make its
own credit decisions in taking or not taking action under the Series 2009-1
Note Purchase Agreement; (v) the Acquiring Investor Group appoints and
authorizes the Administrative Agent to take such action as agent on its behalf
and to exercise such powers under the Series 2009-1 Note Purchase Agreement
as are delegated to the Administrative Agent by the terms thereof, together
with such powers as are reasonably 

 

C-2

 

incidental thereto, all in accordance with Article 5
of the Series 2009-1 Note Purchase Agreement; (vi) each member of the
Acquiring Investor Group appoints and authorizes its respective Funding Agent,
listed on Schedule I hereto, to take such action as agent on its behalf and to
exercise such powers under the Series 2009-1 Note Purchase Agreement as
are delegated to such Funding Agent by the terms thereof, together with such
powers as are reasonably incidental thereto, all in accordance with Article 5
of the Series 2009-1 Note Purchase Agreement, (vii) each member of
the Acquiring Investor Group agrees that it will perform in accordance with
their terms all of the obligations which by the terms of the Series 2009-1
Note Purchase Agreement are required to be performed by it as a member of the
Acquiring Investor Group and (viii) each member of the Acquiring Investor
Group hereby represents and warrants to HVF and the Administrator that the
representations and warranties contained in Section 6.03 of the Series 2009-1
Note Purchase Agreement are true and correct with respect to the Acquiring Investor
Group on and as of the date hereof and the Acquiring Investor Group shall be
deemed to have made such representations and warranties contained in Section 6.03
of the Series 2009-1 Note Purchase Agreement on and as of the date hereof.

 

Schedule
I hereto sets forth the revised Commitment Percentages of the Transferor
Investor Group and the Acquiring Investor Group, as well as administrative
information with respect to the Acquiring Investor Group and its Funding Agent.

 

This
Investor Group Supplement and all matters arising under or in any manner
relating to this Investor Group Supplement shall be governed by, and construed
in accordance with, the laws of the State of New York, and the obligations,
rights and remedies of the parties hereto shall be determined in accordance
with such law.

 

C-3

 

IN
WITNESS WHEREOF, the parties hereto have caused this Investor Group Supplement
to be executed by their respective duly authorized officers as of the date
first set forth above.

 

	
   

  	
  [          ],
  as Transferor Investor Group

  
	
   

  	
   

  
	
   

  	
  By:

  	
   

  
	
   

  	
  Title:

  
	
   

  	
   

  
	
   

  	
  [          ],
  as Transferor Investor Group

  
	
   

  	
   

  
	
   

  	
  By:

  	
   

  
	
   

  	
  Title:

  
	
   

  	
   

  
	
   

  	
  [          ],
  as Acquiring Investor Group

  
	
   

  	
   

  
	
   

  	
  By:

  	
   

  
	
   

  	
  Title:

  
	
   

  	
   

  
	
   

  	
  [          ],
  as Acquiring Investor Group

  
	
   

  	
   

  
	
   

  	
  By:

  	
   

  
	
   

  	
  Title:

  
	
   

  	
   

  
	
   

  	
  [          ],
  as Funding Agent

  
	
   

  	
   

  
	
   

  	
  By:

  	
   

  
	
   

  	
  Title:

  

 

	
  CONSENTED AND
  ACKNOWLEDGED:

  	
   

  
	
   

  	
   

  
	
  HERTZ VEHICLE FINANCING
  LLC

  	
   

  
	
   

  	
   

  
	
  By:

  	
   

  	
   

  
	
   

  	
    Title:

  	
   

  
				

 

C-4

 

LIST OF ADDRESSES FOR
NOTICES

AND OF COMMITMENT
PERCENTAGES

 

 

EXHIBIT
D

TO

SERIES
2009-1 NOTE PURCHASE AGREEMENT

 

ADDENDUM TO AGREEMENT

 

Each of the undersigned:

 

(i) confirms that it has received a copy of the
Series 2009-1 Note Purchase Agreement, dated as of September 18, 2009
(as from time to time amended, supplemented or otherwise modified in accordance
with the terms thereof, the “Series 2009-1 Note Purchase Agreement”;
terms defined therein being used herein as therein defined), among HVF, the
Conduit Investors, the Committed Note Purchasers, the Funding Agents named
therein, The Hertz Corporation, as Administrator and Deutsche Bank AG, New York
Branch, as Administrative Agent (in such capacity, the “Administrative Agent”)
and such other agreements, documents and information as it has deemed
appropriate to make its own credit analysis and decision to enter into this
Addendum;

 

(ii) appoints and authorizes the Administrative
Agent to take such action as agent on its behalf and to exercise such powers
under the Series 2009-1 Note Purchaser Agreement as are delegated to the
Administrative Agent by the terms thereof, together with such powers as are
reasonably incidental thereto;

 

(iii) agrees to all of the provisions of the Series 2009-1
Note Purchase Agreement;

 

(iv) agrees that the related Maximum Investor
Group Principal Amount is
$                                  
(including any portion of the Maximum Investor Group Principal Amount of such
Investor Group acquired pursuant to an assignment to such Investor Group as an
Acquiring Investor Group) and the related Committed Note Purchaser’s  Committed Note Purchaser Percentage is
       percent (    %);

 

(v) designates
                      
as the Funding Agent for itself, and such Funding Agent hereby accepts such
appointment;

 

(vi) becomes a party to the Series 2009-1
Note Purchase Agreement and a Conduit Investor, Committed Note Purchaser or
Funding Agent, as the case may be, thereunder with the same effect as if the
undersigned were an original signatory to the Series 2009-1 Note Purchase
Agreement; and

 

(vii) each member of the Additional Investor
Group hereby represents and warrants that the representations and warranties
contained in Section 6.03 of the Series 2009-1 Note Purchase
Agreement are true and correct with respect to the Additional Investor Group on
and as of the date hereof and the Additional Investor Group shall be deemed to
have made such representations and warranties contained in Section 6.03 of
the Series 2009-1 Note Purchase Agreement on and as of the date
hereof.  The notice address for each
member of the Additional Investor Group is as follows:

 

II-1

 

[INSERT
CONTACT INFORMATION FOR EACH ENTITY]

 

This Addendum shall be effective when a counterpart
hereof, signed by the undersigned, HVF and the Administrative Agent has been
delivered to the parties hereto.

 

This Addendum shall be governed by and construed in
accordance with the laws of the State of New York.

 

IN WITNESS WHEREOF, the undersigned have caused this
Addendum to be duly executed and delivered by its duly authorized officer or
agent as of this          day of
                    ,
20    .

 

 

	
   

  	
  [NAME OF ADDITIONAL FUNDING AGENT], 

  as Funding Agent

  
	
   

  	
   

  
	
   

  	
  By:

  	
   

  
	
   

  	
   

  	
  Name:

  
	
   

  	
   

  	
  Title:

  
	
   

  	
   

  
	
   

  	
  [NAME OF ADDITIONAL CONDUIT 

  PURCHASER], as Conduit Investor

  
	
   

  	
   

  
	
   

  	
  By:

  	
   

  
	
   

  	
   

  	
  Name:

  
	
   

  	
   

  	
  Title:

  
	
   

  	
   

  
	
   

  	
  [NAME OF ADDITIONAL COMMITTED 

  PURCHASER], as Committed Note Purchaser

  
	
   

  	
   

  
	
   

  	
  By:

  	
   

  
	
   

  	
   

  	
  Name:

  
	
   

  	
   

  	
  Title:

  

 

 

	
   

  	
  Acknowledged and Agreed to as of the date 

  first above written:

  
	
   

  	
   

  
	
   

  	
  HERTZ VEHICLE FINANCING LLC

  
	
   

  	
   

  
	
   

  	
  By:

  	
   

  
	
   

  	
   

  	
  Name:

  
	
   

  	
   

  	
  Title:

  
	
   

  	
   

  
	
   

  	
  DEUTSCHE BANK AG, NEW YORK 

  BRANCH, as Administrative Agent

  
	
   

  	
   

  
	
   

  	
  By:

  	
   

  
	
   

  	
   

  	
  Name:

  
	
   

  	
   

  	
  Title:Exhibit 4.9.29

 

EXECUTION COPY

 

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 2009-2 SUPPLEMENT

 

dated as of October 23, 2009

 

to

 

THIRD AMENDED AND RESTATED

 

BASE INDENTURE

 

 

dated as of September 18, 2009

 

 

$500,000,000 Series 2009-2 4.26% Rental Car Asset Backed Notes, Class A-1

$700,000,000 Series 2009-2 5.29% Rental Car Asset Backed Notes, Class A-2

 

 

Three-Year Notes and Five-Year Notes

 

 

TABLE OF CONTENTS

 

	
   

  	
   

  	
   

  	
  Page

  
	
   

  	
   

  	
   

  	
   

  
	
  ARTICLE I

  	
  DEFINITIONS

  	
   

  	
  2

  
	
   

  	
   

  	
   

  	
   

  
	
  ARTICLE II

  	
  SERIES 2009-2
  ALLOCATIONS

  	
   

  	
  36

  
	
  Section 2.1.

  	
  Series 2009-2
  Series Accounts

  	
   

  	
  36

  
	
  Section 2.2.

  	
  Allocations
  with Respect to the Series 2009-2 Notes

  	
   

  	
  37

  
	
  Section 2.3.

  	
  Application
  of Interest Collections

  	
   

  	
  41

  
	
  Section 2.4.

  	
  Payment
  of Note Interest

  	
   

  	
  44

  
	
  Section 2.5.

  	
  Payment
  of Note Principal

  	
   

  	
  44

  
	
  Section 2.6.

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

  	
   

  	
  50

  
	
  Section 2.7.

  	
  Class A
  Reserve Account

  	
   

  	
  51

  
	
  Section 2.8.

  	
  Class A
  Letters of Credit and Class A Cash Collateral Accounts

  	
   

  	
  52

  
	
  Section 2.9.

  	
  Series 2009-2
  Distribution Account

  	
   

  	
  57

  
	
  Section 2.10.

  	
  Trustee
  as Securities Intermediary

  	
   

  	
  58

  
	
  Section 2.11.

  	
  [Reserved]

  	
   

  	
  59

  
	
  Section 2.12.

  	
  Series 2009-2
  Demand Note Constitutes Additional Collateral for Class A Notes

  	
   

  	
  60

  
	
   

  	
   

  	
   

  	
   

  
	
  ARTICLE III

  	
  AMORTIZATION EVENTS

  	
   

  	
  60

  
	
   

  	
   

  	
   

  	
   

  
	
  ARTICLE IV

  	
  RESERVED

  	
   

  	
  62

  
	
   

  	
   

  	
   

  	
   

  
	
  ARTICLE V

  	
  FORM OF
  CLASS A NOTES

  	
   

  	
  62

  
	
  Section 5.1.

  	
  Issuance
  of Class A Notes

  	
   

  	
  62

  
	
  Section 5.2.

  	
  Restricted
  Global Notes

  	
   

  	
  63

  
	
  Section 5.3.

  	
  Regulation
  S Global Notes and Unrestricted Global Notes

  	
   

  	
  63

  
	
  Section 5.4.

  	
  Transfer
  Restrictions

  	
   

  	
  64

  
	
  Section 5.5.

  	
  Definitive
  Notes

  	
   

  	
  68

  
	
   

  	
   

  	
   

  	
   

  
	
  ARTICLE VI

  	
  GENERAL

  	
   

  	
  69

  
	
  Section 6.1.

  	
  Optional
  Redemption of Class A Notes

  	
   

  	
  69

  
	
  Section 6.2.

  	
  Information

  	
   

  	
  69

  
	
  Section 6.3.

  	
  Exhibits

  	
   

  	
  72

  

 

i

 

TABLE OF CONTENTS

(continued)

 

	
   

  	
   

  	
   

  	
  Page

  
	
   

  	
   

  	
   

  	
   

  
	
  Section 6.4.

  	
  Ratification
  of Base Indenture

  	
   

  	
  72

  
	
  Section 6.5.

  	
  Notice
  to Rating Agencies

  	
   

  	
  72

  
	
  Section 6.6.

  	
  [Reserved]

  	
   

  	
  72

  
	
  Section 6.7.

  	
  Third
  Party Beneficiary

  	
   

  	
  72

  
	
  Section 6.8.

  	
  [Reserved]

  	
   

  	
  72

  
	
  Section 6.9.

  	
  [Reserved]

  	
   

  	
  73

  
	
  Section 6.10.

  	
  Counterparts

  	
   

  	
  73

  
	
  Section 6.11.

  	
  Governing
  Law

  	
   

  	
  73

  
	
  Section 6.12.

  	
  Amendments

  	
   

  	
  73

  
	
  Section 6.13.

  	
  Termination
  of Series Supplement

  	
   

  	
  73

  
	
  Section 6.14.

  	
  Discharge
  of Indenture

  	
   

  	
  73

  
	
  Section 6.15.

  	
  [Reserved]

  	
   

  	
  74

  
	
  Section 6.16.

  	
  [Reserved]

  	
   

  	
  74

  
	
  Section 6.17.

  	
  [Reserved]

  	
   

  	
  74

  
	
  Section 6.18.

  	
  Issuances
  of Class B Notes

  	
   

  	
  74

  
	
  Section 6.19.

  	
  Noteholder
  Consent to Certain Amendments

  	
   

  	
  76

  
	
  Section 6.20.

  	
  Confidential
  Information

  	
   

  	
  77

  
	
  Section 6.21.

  	
  Trustee Has No Duty to Monitor Manufacturer Ratings

  	
   

  	
  78

  

 

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 B:

  	
  Form of
  Class A Letter of Credit

  	
   

  
	
  Exhibit C:

  	
  Form of Lease
  Payment Deficit Notice

  	
   

  
	
  Exhibit D:

  	
  Form of
  Class A 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 2009-2 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 2009-2 SUPPLEMENT dated as of October 23, 2009 (“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 2009-2 Rental Car Asset Backed
Notes.  On the Series 2009-2 Closing
Date, two classes of Series 2009-2 Notes shall be issued:  the first of which shall be designated as the
Series 2009-2 4.26% Rental Car Asset Backed Notes, Class A-1, and
referred to herein as the Class A-1 Notes, and the second of which shall
be designated as the Series 2009-2 5.29% Rental Car Asset Backed Notes, Class A-2
and referred to herein as the Class A-2 Notes.  The Class A-1 Notes and the Class A-2
Notes are referred to herein collectively as the Class A Notes.

 

Subsequent to the Series 2009-2 Closing Date, HVF may on any date
during the Series 2009-2 Revolving Period offer and sell additional Series 2009-2
Notes in up to two classes, subject to the satisfaction of the conditions set
forth in Section 6.19 of this Series Supplement:  the first of which, if issued, shall be
designated as the Series 2009-2 Fixed Rate Rental Car Asset Backed Notes, Class B-1,
and referred to herein as the “Class B-1 Notes” and the second of
which, if issued, shall be designated as the Series 2009-2 Fixed Rate
Rental Car Asset Backed Notes, Class B-2, and referred to herein as the “Class B-2
Notes”.  The Class B-1 Notes and
the Class B-2 Notes are referred to herein collectively as the “Class B
Notes”.

 

The Class A Notes together with the Class B Notes, if issued,
are referred to herein collectively as the Series 2009-2 Notes.  The Series 2009-2 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 Class A Notes shall be
deposited in the Series 2009-2 Excess Collection Account 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 2009-2 Notes and
not to any other Series of Notes issued by HVF.  All references herein to the “Series 2009-2
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 2009-2 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 2009-2 Collection Account
and available for reduction of the Class A Principal Amount and (2) the
amount of cash and Permitted Investments on deposit in the Series 2009-2
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 2009-2 Notes, which may be the Class A-1
Notes or the Class A-2 Notes.

 

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

 

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

 

“Class A Adjusted Principal Amount” means,
as of any date of determination, the excess, if any, of (A) the Class A
Principal Amount as of such date over (B) the sum of (1) the amount
of cash and Permitted Investments on deposit in the Series 2009-2 Excess
Collection Account and (2) the amount of cash and Permitted Investments on
deposit in the Series 2009-2 Collection Account and available for
reduction of the Class A Principal Amount, in each case as of such date.

 

“Class A
Asset Amount” means, as of any date of determination, the product of (i) the
Class A Asset Percentage as of such date and (ii) the Aggregate Asset
Amount as of such date.

 

“Class A
Asset Percentage” means, as of any date of determination, a fraction, the
numerator of which shall be equal to the Class A Required Asset Amount,
determined during the Series 2009-2 Revolving Period as of the end of the
immediately preceding Related Month (or, until the end of the initial Related
Month in which the Series 2009-2 Closing Date occurs, on the Series 2009-2
Closing Date), or, during the 

 

6

 

Series 2009-2 Controlled Amortization Period and
the Series 2009-2 Rapid Amortization Period, as of the end of the Series 2009-2
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 in which the Series 2009-2
Closing Date occurs, as of the Series 2009-2 Closing Date and (II) as
of the same date as in clause (I), the Aggregate Required Asset Amount.

 

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

 

“Class A
Available Reserve Account Amount” means, as of any date of determination,
the amount on deposit in the Class A Reserve Account.

 

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

 

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

 

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

 

“Class A
Cash Collateral Account Surplus” means, with respect to any Payment Date,
the lesser of (a) the aggregate Class A Available Cash Collateral
Account Amount for all Class A Cash Collateral Accounts on such Payment
Date and (b) the lesser of (i) the excess, if any, of the Class A
Adjusted Enhancement Amount (after giving effect to any withdrawal from the Class A
Reserve Account on such Payment Date) over the Class A Required
Enhancement Amount in each case on such Payment Date and (ii) the excess,
if any, of the Class A Adjusted Liquidity Amount over the Class A
Required Liquidity Amount in each case on such Payment Date.

 

“Class A
Certificate of Credit Demand” means a certificate in the form of Annex A to
a Class A Letter of Credit.

 

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

 

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

 

7

 

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

 

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

 

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

 

“Class A
Downgrade Event” has the meaning specified in Section 2.8(c) of
this Series Supplement.

 

“Class A
Eligible Letter of Credit Provider” means a person having, at the time of
the issuance of the related Class A 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.

 

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

 

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

 

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

 

“Class A
Highest Enhancement Percentage” means, as of any date of determination, the
sum of (a) 0% and (b) the Class A Intermediate Enhancement
Percentage as of such date.

 

“Class A
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.

 

“Class A
Intermediate Enhancement Percentage” means, as of any date of
determination, the sum of (a) 55% 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 2009-2
Closing Date) and (y) the lowest Market Value 

 

8

 

Average as of any Determination Date within the
preceding 12 calendar months (or such fewer number of months as have elapsed
since the Series 2009-2 Closing Date).

 

“Class A
Intermediate Enhancement Vehicle Percentage” means, as of any date of
determination, the excess of (i) 100% over (ii) the sum of (x) the
Class A Lowest Enhancement Vehicle Percentage as of such date plus (y) the
Class A Highest Enhancement Vehicle Percentage as of such date.

 

“Class A
Letter of Credit” means an irrevocable letter of credit, substantially
in the form of Exhibit B to this Series Supplement, issued by
a Class A Eligible Letter of Credit Provider in favor of the Trustee for
the benefit of the Class A Noteholders; provided that any Class A
Letter of Credit issued after the Series 2009-2 Closing Date that is not
in a form substantially similar to a Class A Letter of Credit in effect on
the Series 2009-2 Closing Date shall be subject to satisfaction of the Series 2009-2
Rating Agency Condition.

 

“Class A 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 Class A
Letters of Credit, as specified therein, and (ii) if any Class A Cash
Collateral Account has been established and funded pursuant to Section 2.8
of this Series Supplement, the aggregate Class A Available Cash
Collateral Account Amount for all such Class A Cash Collateral Accounts on
such date and (b) the outstanding principal amount of the Series 2009-2
Demand Note on such date.

 

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

 

“Class A
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 Class A Letter of Credit, as specified therein, and (b) if
any Class A Cash Collateral Account has been established and funded
pursuant to Section 2.8 of this Series Supplement, the
aggregate Class A Available Cash Collateral Account Amount for all such Class A
Cash Collateral Accounts on such date.

 

“Class A
Letter of Credit Provider” means the issuer of a Class A Letter of
Credit.

 

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

 

“Class A
Liquidity Amount” means, as of any date of determination, the sum of (a) the
Class A Letter of Credit Liquidity Amount on such date and (b) the Class 

 

9

 

A Available Reserve Account Amount on such date (after
giving effect to any deposits thereto on such date).

 

“Class A
Liquidity Deficiency” means, as of any date of determination, the amount,
if any, by which the Class A Adjusted Liquidity Amount is less than the Class A
Required Liquidity Amount as of such date.

 

“Class A
Liquidity Surplus” means, with respect to any date of determination, the
excess, if any, of the Class A Adjusted Liquidity Amount over the Class A
Required Liquidity Amount, in each case as of such date.

 

“Class A
LOC Credit Disbursement” means an amount drawn under a Class A Letter
of Credit pursuant to a Class A Certificate of Credit Demand.

 

“Class A LOC Termination Disbursement”
means an amount drawn under a Class A Letter of Credit pursuant to a Class A
Certificate of Termination Demand.

 

“Class A
LOC Unpaid Demand Note Disbursement” means an amount drawn under a Class A
Letter of Credit pursuant to a Class A Certificate of Unpaid Demand Note
Demand.

 

“Class A Lowest Enhancement Percentage”
means, with respect to any date of determination, 25%.

 

“Class A 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.

 

“Class A
Monthly Interest” means, with respect to any Series 2009-2 Interest
Period, the sum of Class A-1 Monthly Interest and Class A-2 Monthly
Interest for such Series 2009-2 Interest Period.

 

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

 

“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 or the Class A-2 Note
Rate, as the context may require.

 

10

 

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

 

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

 

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

 

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

 

“Class A Purchase Agreement” means that
certain purchase agreement, dated October 16, 2009 among HVF, Hertz and
Barclays Capital Inc. and Banc of America Securities LLC, as representatives of
the several Initial Purchasers.

 

“Class A
Required Asset Amount” means, as of any date of determination, the sum of
the Class A Adjusted Principal Amount and the Class A Required
Overcollateralization Amount, in each case as of such date.

 

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

 

“Class A
Required Enhancement Amount” means, as of any date of determination, the
sum of (i) the product of (x) the Class A Required Enhancement
Percentage as of such date and (y) the Class A Adjusted Principal
Amount as of such date and (ii) the Class A Required Incremental
Enhancement Amount as of such date; provided, however, that, as
of any date of determination after the occurrence of a Series 2009-2
Limited Liquidation Event of Default, the Class A Required Enhancement
Amount shall equal the lesser of (x) the Class A Adjusted Principal
Amount as of such date and (y) the sum of (l) the product of the Class A
Required Enhancement Percentage as of such date of determination and the Class A
Adjusted Principal Amount as of the date of the occurrence of such Series 2009-2
Limited Liquidation Event of Default and (2) the Class A Required
Incremental Enhancement Amount as of such date of determination.

 

“Class A
Required Incremental Enhancement Amount” means

 

(i)            as of the Series 2009-2 Closing
Date, $0; and

 

11

 

(ii)           as of any date thereafter on which
the Class A Adjusted Principal Amount is greater than zero, the product of
(A) the Class A 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 2009-2 Maximum Non-Eligible Vehicle Amount
as of such immediately preceding Business Day, (2) the excess, if any, of
the Hyundai Amount over the Series 2009-2 Maximum Hyundai Amount as of
such immediately preceding Business Day, (3) the excess, if any, of the
Jaguar Amount over the Series 2009-2 Maximum Jaguar Amount as of such
immediately preceding Business Day, (4) the excess, if any, of the Kia
Amount over the Series 2009-2 Maximum Kia Amount as of such immediately
preceding Business Day, (5) the excess, if any, of the Land Rover Amount
over the Series 2009-2 Maximum Land Rover Amount as of such immediately
preceding Business Day, (6) the excess, if any, of the Mazda Amount over
the Series 2009-2 Maximum Mazda Amount as of such immediately preceding
Business Day, (7) the excess, if any, of the Mitsubishi Amount over the Series 2009-2
Maximum Mitsubishi Amount as of such immediately preceding Business Day, (8) the
excess, if any, of the Subaru Amount over the Series 2009-2 Maximum Subaru
Amount as of such immediately preceding Business Day, (9) the excess, if
any, of the Suzuki Amount over the Series 2009-2 Maximum Suzuki Amount as
of such immediately preceding Business Day, (10) the excess, if any, of
the Volvo Amount over the Series 2009-2 Maximum Volvo Amount as of such
immediately preceding Business Day, (11) the excess, if any, of the Non-Eligible
Manufacturer Amount over the Series 2009-2 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 2009-2
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 2009-2 Maximum Audi Amount as of such immediately
preceding Business Day, (14) the excess, if any of the BMW Amount over the Series 2009-2
Maximum BMW Amount as of such immediately preceding Business Day, (15) the
excess, if any of the Ford Amount over the Series 2009-2 Maximum Ford
Amount as of such immediately preceding Business Day, (16) the excess, if any
of the Honda Amount over the Series 2009-2 Maximum Honda Amount as of such
immediately preceding Business Day (17) the excess, if any of the Lexus Amount
over the Series 2009-2 Maximum Lexus Amount as of such immediately
preceding Business 

 

12

 

Day, (18) the excess, if any of the GM Amount over the
Series 2009-2 Maximum GM Amount as of such immediately preceding Business
Day, (19) the excess, if any of the Mercedes Amount over the Series 2009-2
Maximum Mercedes Amount as of such immediately preceding Business Day, (20) the
excess, if any of the Chrysler Amount over the Series 2009-2 Maximum
Chrysler Amount as of such immediately preceding Business Day (21) the excess,
if any of the Nissan Amount over the Series 2009-2 Maximum Nissan Amount
as of such immediately preceding Business Day, (22) the excess, if any of the
Toyota Amount over the Series 2009-2 Maximum Toyota Amount as of such
immediately preceding Business Day, (23) the excess, if any of the Volkswagen
Amount over the Series 2009-2 Maximum Volkswagen Amount as of such
immediately preceding Business Day, (24) the excess, if any of the Aggregate
BMW/Lexus/Mercedes/Audi Amount over the Series 2009-2 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 2009-2
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 2009-2 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 2009-2
Maximum Manufacturer Non-Eligible Vehicle Amount for so long as each of Volvo
and Mazda is an affiliate of Ford.

 

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

 

“Class A
Required Liquidity Amount” means, as of any date of determination, an
amount equal to the product of (i) (x) for any date of determination
on or prior to the December 2012 Payment Date, 3.00% and (y) for any
date of determination thereafter, 3.25% and (ii) the Class A Adjusted
Principal Amount as of such date.

 

“Class A Required Overcollateralization Amount”
means, as of any date of determination, the excess, if any, of (a) the Class A
Required Enhancement Amount as of such date over (b) the sum of (i) the
Class A 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 Class A Letter of Credit Amount as of such date.

 

13

 

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

 

“Class A
Reserve Account” has the meaning specified in Section 2.7(a) of
this Series Supplement.

 

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

 

“Class A
Reserve Account Surplus” means, with respect to any date of determination,
the excess, if any, of the Class A Available Reserve Account Amount (after
giving effect to any deposits thereto and withdrawals and releases therefrom on
such date) over the Class A Required Reserve Account 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 2009-2
Interest Period, (B) the Class A-2 Monthly Interest with respect to
the related Series 2009-2 Interest Period, and (C) 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 (i) for any Related Month other
than the last Related Month during the Three-Year Notes Controlled 

 

14

 

Amortization Period, $83,333,333.33 and (ii) for
the last Related Month during the Three-Year Notes Controlled Amortization
Period, $88,333,333.35.

 

“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 $500,000,000.

 

“Class A-1
Monthly Interest” means, (a) with respect to the initial Series 2009-2
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) 32/360
and (b) with respect to any other Series 2009-2 Interest Period, 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 2009-2 Interest Period, after giving effect to any principal
payments made on such date.

 

“Class A-1
Note Rate” means 4.26% 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 2009-2 4.26% 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.

 

“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

 

15

 

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, $116,666,666.66 and (ii) for the last Related Month during the
Five-Year Notes Controlled Amortization Period, $116,666,666.70.

 

“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 $700,000,000.

 

“Class A-2
Monthly Interest” means, (a) with respect to the initial Series 2009-2
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) 32/360
and (b) with respect to any other Series 2009-2 Interest Period, 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 2009-2 Interest Period, after giving effect to any principal
payments made on such date.

 

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

 

“Class A-2
Note Rate” means 5.29% per annum.

 

“Class A-2 Notes” means any one of the Series 2009-2
5.29% 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.

 

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

 

16

 

“Class B
Notes” has the meaning set forth in the preamble.

 

“Class B Notes Closing Date” has the
meaning specified in Section 6.18(a)(i) of this Series Supplement.

 

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

 

“Class B-1
Notes” has the meaning set forth in the preamble.

 

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

 

“Class B-2 Notes” has the meaning set
forth in the preamble.

 

“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 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.

 

17

 

“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 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.

 

18

 

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

 

“Five-Year Notes Controlled Amortization Period”
means the period commencing at the close of business on August 31, 2012
(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 2009-2
Rapid Amortization Period, and (ii) the date on which the Class A-2
Notes and Class B-2 Notes, if any, are paid in full.

 

“Five-Year
Notes Expected Final Payment Date” means the March 2015 Payment Date.

 

“Five-Year
Notes Legal Final Payment Date” means the March 2016 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

 

“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.

 

19

 

“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.

 

“Initial Purchaser” means Barclays Capital
Inc., Banc of America Securities LLC, BNP Paribas Securities Corp., Calyon
Securities (USA) Inc., and RBS Securities Inc., each as an initial purchaser
under the Class A Purchase Agreement.

 

“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.

 

“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.

 

20

 

“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 or
the Five-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 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

 

21

 

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 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 

 

22

 

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 2009-2 Rapid Amortization Principal Collection
Period, the total of (i) all Series 2009-2 Principal Allocations with
respect to such Related Month or Series 2009-2 Rapid Amortization
Principal Collection Period, as applicable, plus (ii) any amounts
deposited in the Series 2009-2 Collection Account during the Series 2009-2
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 the Series 2009-2 Accrued
Interest Account during the Series 2009-2 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 

 

23

 

“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.

 

“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 

 

24

 

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
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 

 

25

 

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 2009-2 Notes, all Series 2009-2
Notes theretofore authenticated and delivered under the Indenture, except (a) Series 2009-2
Notes theretofore cancelled or delivered to the Registrar for cancellation, (b) Series 2009-2
Notes which have not been presented for payment but funds for the payment of
which are on deposit in the Series 2009-2 Distribution Account and are
available for payment of such Series 2009-2 Notes, and Series 2009-2
Notes which are considered paid pursuant to Section 8.1 of the Base
Indenture, or (c) Series 2009-2 Notes in exchange for or in lieu of
other Series 2009-2 Notes which have been authenticated and delivered
pursuant to the Indenture unless proof satisfactory to the Trustee is presented
that any such Series 2009-2 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.

 

“Principal Deficit Amount”
means, on any date of determination, the excess, if any, of (a) the Class A
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 2009-2
Rapid Amortization Period, the related Series 2009-2 Rapid Amortization
Collection Period) over (b) the Series 2009-2 Asset Amount on such
date; provided, however, that the Principal Deficit Amount on any
date that is prior to the Five-Year Notes Legal Final Payment Date occurring
during the period commencing on and including the date of the filing by Hertz
of a petition for relief under Chapter 11 of the Bankruptcy Code to but
excluding the date on which Hertz shall have resumed making all payments of
Monthly Variable Rent required to be made under the HVF Lease, shall mean the
excess, if any, of (x) the Class A 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 2009-2 Rapid
Amortization Period, the related Series 2009-2 Rapid Amortization
Collection Period) over (y) the sum of (1) the Series 2009-2
Asset Amount on such date and (2) the lesser of (a) the Series 2009-2
Liquidity Amount on such date and (b) the Class A Required Liquidity
Amount on such date.

 

“Proposed Class B Notes” has the meaning
specified in Section 6.18 of this Series Supplement.

 

“Pro
Rata Share” means, with respect to any Class A Letter of Credit
Provider, as of any date, the fraction (expressed as a percentage) obtained by
dividing (A) the available amount under such Class A Letter of Credit
Provider’s Class A Letter of Credit as of such date by (B) an amount
equal to the aggregate available amount under all Class A Letters of
Credit, as of such date provided, that such Class A Letter of
Credit Provider has not complied with its obligation to pay the Trustee the
amount of any draw under its Class A Letter of Credit made prior to such
date, the available amount under such Class A Letter of Credit Provider’s Class A
Letter of Credit as of such date shall be treated as reduced (for calculation
purposes only) by the amount of such unpaid demand 

 

26

 

and shall not be reinstated for purposes of such
calculation unless and until the date as of which such Class A 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 Class A Letter of Credit Provider’s actual liability
in respect of any failure to pay any demand under its Class A Letter of
Credit).

 

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

 

“Rating
Agencies” means, with respect to the Series 2009-2 Notes, Moody’s and
any other nationally recognized rating agency rating the Series 2009-2
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.

 

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

 

“Required
Noteholders” means, Class A Noteholders holding more than 50% of the Class A
Principal Amount (excluding any Class A 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 Class A
Notes to Persons that are not Affiliates of HVF).

 

“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 Class A 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 Section 5 of this Series Supplement.

 

27

 

“Restricted
Period” means, with respect to any Class A Notes, the period
commencing on the Series 2009-2 Closing Date and ending on the 40th day
after such Series 2009-2 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 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 2009-2
Series Account Collateral” has the meaning specified in Section 2.1(d) of
this Series Supplement.

 

“Series 2009-2
Accrued Amounts” means, on any date of determination, the sum of (i) accrued
and unpaid interest on the Series 2009-2 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 2009-2 Percentage as of
such date of determination.

 

“Series 2009-2
Accrued Interest Account” has the meaning specified in Section 2.1(a) of
this Series Supplement.

 

“Series 2009-2 Asset Amount” means, as of
any date of determination, the product of (i) the Series 2009-2
Invested Percentage (with respect to principal) as of such date and (ii) the
Aggregate Asset Amount as of such date.

 

28

 

“Series 2009-2 Closing Date” means October 23,
2009.

 

“Series 2009-2
Collateral” means the Collateral, each Class A Letter of Credit, the Series 2009-2
Series Account Collateral, each Class A Cash Collateral Account
Collateral, the Series 2009-2 Demand Note, the Series 2009-2
Distribution Account Collateral, and the Class A Reserve Account
Collateral.

 

“Series 2009-2
Collection Account” has the meaning specified in Section 2.1(a) of
this Series Supplement.

 

“Series 2009-2
Controlled Amortization Period” means the Three-Year Notes Controlled
Amortization Period or the Five-Year Notes Controlled Amortization Period, as
the context requires.

 

“Series 2009-2
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 2009-2 Deposit Date” has the meaning
specified in Section 2.2 of this Series Supplement.

 

“Series 2009-2
Designated Account” has the meaning specified in Section 2.10(a) of
this Series Supplement.

 

“Series 2009-2
Distribution Account” has the meaning specified in Section 2.9(a) of
this Series Supplement.

 

“Series 2009-2
Distribution Account Collateral” has the meaning specified in Section 2.9(d) of
this Series Supplement.

 

“Series 2009-2
Excess Collection Account” has the meaning specified in Section 2.1(a) of
this Series Supplement..

 

“Series 2009-2
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 2009-2 Interest
Period shall commence on and include the Series 2009-2 Closing Date and
end on and include November 24, 2009.

 

“Series 2009-2 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 2009-2
Required Asset Amount, determined (x) during 

 

29

 

the Series 2009-2 Revolving Period as of the end
of the immediately preceding Related Month (or, until the end of the initial
Related Month after the Series 2009-2 Closing Date, on the Series 2009-2
Closing Date), or (y) during the Series 2009-2 Controlled
Amortization Period and the Series 2009-2 Rapid Amortization Period as of
the last day of the Series 2009-2 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 2009-2 Closing Date, as of the Series 2009-2
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 2009-2
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 2009-2
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 2009-2
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 2009-2 Accrued Interest Account from
but excluding the preceding Payment Date to and including such Payment Date.

 

“Series 2009-2
Lease Payment Deficit” means either a Series 2009-2 Lease Interest
Payment Deficit or a Series 2009-2 Lease Principal Payment Deficit.

 

“Series 2009-2
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 2009-2 Lease Principal Payment Deficit, if any, on
the preceding Payment Date over (y) the amount deposited in the Series 2009-2
Distribution Account pursuant to Section 2.5(b)(iv) of this Series Supplement
on such preceding Payment Date on account of such Series 2009-2 Lease
Principal Payment Deficit.

 

“Series 2009-2
Lease Principal Payment Deficit” means on any Payment Date the sum of (a) the
Series 2009-2 Monthly Lease Principal Payment Deficit for such Payment
Date and (b) the Series 2009-2 Lease Principal Payment Carryover
Deficit for such Payment Date.

 

“Series 2009-2 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,

 

30

 

that if (i) within such thirty (30) day period,
such Amortization Event with respect to the Series 2009-2 Notes has been
cured and (ii) the Trustee has received from the Required Noteholders with
respect to the Series 2009-2 Notes a waiver of the occurrence of such Series 2009-2
Limited Liquidation Event of Default, then such event or condition shall no
longer constitute a Series 2009-2 Limited Liquidation Event of Default.

 

“Series 2009-2 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 2009-2
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 2009-2
Maximum Audi Amount” means, as of any day, an amount equal to 5% of the
Adjusted Aggregate Asset Amount on such day.

 

“Series 2009-2
Maximum BMW Amount” means, as of any day, an amount equal to 5% of the
Adjusted Aggregate Asset Amount on such day.

 

“Series 2009-2
Maximum Chrysler Amount” means, as of any day, an amount equal to 70% of
the Adjusted Aggregate Asset Amount on such day.

 

“Series 2009-2
Maximum Ford Amount” means, as of any day, an amount equal to 70% of the
Adjusted Aggregate Asset Amount on such day.

 

“Series 2009-2
Maximum GM Amount” means, as of any day, an amount equal to 70% of the
Adjusted Aggregate Asset Amount on such day.

 

“Series 2009-2
Maximum Honda Amount” means, as of any day, an amount equal to 70% of the
Adjusted Aggregate Asset Amount on such day.

 

“Series 2009-2
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 2009-2
Maximum Hyundai Amount” means, as of any day, an amount equal to 13% of the
Adjusted Aggregate Asset Amount on such day.

 

“Series 2009-2 Maximum Jaguar Amount”
means, as of any day, an amount equal to 5% of the Adjusted Aggregate Asset
Amount on such day.

 

“Series 2009-2
Maximum Kia Amount” means, as of any day, an amount equal to 20% of the
Adjusted Aggregate Asset Amount on such day.

 

“Series 2009-2
Maximum Land Rover Amount” means, as of any day, an amount equal to 5% of
the Adjusted Aggregate Asset Amount on such day.

 

31

 

“Series 2009-2
Maximum Lexus Amount” means, as of any day, an amount equal to 5% of the
Adjusted Aggregate Asset Amount on such day.

 

“Series 2009-2
Maximum Manufacturer Non-Eligible Vehicle Amount” means, as of any day, (x) with
respect to Toyota, an amount equal to 50% of the Non-Eligible Vehicle Amount
and (y) with respect to any other Manufacturer, an amount equal to 40% of
the Non-Eligible Vehicle Amount.

 

“Series 2009-2
Maximum Mazda Amount” means, as of any day, an amount equal to 20% of the
Adjusted Aggregate Asset Amount on such day.

 

“Series 2009-2
Maximum Mercedes Amount” means, as of any day, an amount equal to 5% of the
Adjusted Aggregate Asset Amount on such day.

 

“Series 2009-2
Maximum Mitsubishi Amount” means, as of any day, an amount equal to 10% of
the Adjusted Aggregate Asset Amount on such day.

 

“Series 2009-2
Maximum Nissan Amount” means, as of any day, an amount equal to 20% of the
Adjusted Aggregate Asset Amount on such day.

 

“Series 2009-2
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 2009-2
Maximum Non-Eligible Vehicle Amount” means, as of any day, an amount equal
to 100% of the Adjusted Aggregate Asset Amount.

 

“Series 2009-2
Maximum Subaru Amount” means, as of any day, an amount equal to 5% of the
Adjusted Aggregate Asset Amount on such day.

 

“Series 2009-2
Maximum Suzuki Amount” means, as of any day, an amount equal to 5% of the
Adjusted Aggregate Asset Amount on such day.

 

“Series 2009-2
Maximum Toyota Amount” means, as of any day, an amount equal to 70% of the
Adjusted Aggregate Asset Amount on such day.

 

“Series 2009-2
Maximum Volkswagen Amount” means, as of any day, an amount equal to 10% of
the Adjusted Aggregate Asset Amount on such day.

 

“Series 2009-2
Maximum Volvo Amount” means, as of any day, an amount equal to 5% of the
Adjusted Aggregate Asset Amount on such day.

 

“Series 2009-2
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 2009-2 Collection Account if all payments required to have been
made under the HVF Lease from but excluding the 

 

32

 

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 2009-2
Collection Account (without giving effect to any amounts deposited into the Series 2009-2
Accrued Interest Account pursuant to the proviso in Section 2.2(c)(ii) of
this Series Supplement) from but excluding the preceding Payment Date to
and including such Payment Date.

 

“Series 2009-2
Noteholders” means the Class A Noteholders and each person in whose
name a Class B Note, if issued, is registered in the Note Register.

 

“Series 2009-2 Notes” means collectively,
the Class A Notes and any Class B Notes, if issued.

 

“Series 2009-2 Past Due Rent Payment” has
the meaning specified in Section 2.2(d) of this Series Supplement.

 

“Series 2009-2
Percentage” means, as of any date of determination, a fraction, expressed
as a percentage, the numerator of which is the Class A Principal Amount as
of such date and the denominator of which is the Aggregate Principal Amount as
of such date.

 

“Series 2009-2
Principal Allocation” has the meaning specified in Section 2.2 (a)(ii) of
this Series Supplement.

 

“Series 2009-2 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 2009-2 Notes and ending upon the
earlier to occur of (i) the date on which the Series 2009-2 Notes are
paid in full and (ii) the termination of the Indenture.

 

“Series 2009-2 Rapid Amortization Principal
Collection Period” means, with respect to any Payment Date during the Series 2009-2
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 2009-2 Rapid Amortization Period, the
period from and including the date of the commencement of such Series 2009-2
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 2009-2
Rapid Amortization Period shall be deemed to have been received during the Series 2009-2
Rapid Amortization Principal Collection Period with respect to such Payment
Date.

 

“Series 2009-2
Rating Agency Condition” means, with respect to the Series 2009-2
Notes and any action, including the issuance of the Class B Notes or an
additional Series of Notes, that each Rating Agency then rating the Series 2009-2
Notes 

 

33

 

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 2009-2 
Notes.

 

“Series 2009-2 Required Asset Amount”
means, as of any date of determination, the sum of (i) the Class A
Adjusted Principal Amount as of such date and (ii) the Class A
Required Overcollateralization Amount as of such date.

 

“Series 2009-2
Required Asset Amount Percentage” means, as of any date of determination,
the percentage equivalent of a fraction, the numerator of which is the Series 2009-2
Required Asset Amount and the denominator of which is the Aggregate Required
Asset Amount as of such date.

 

“Series 2009-2 Revolving Period” means the
period from and including the Series 2009-2 Closing Date to the earlier of
(i) the commencement of the Series 2009-2 Rapid Amortization Period
and (ii) the commencement of the Five-Year Notes Controlled Amortization
Period; provided that during the Three-Year Notes Controlled
Amortization Period the Series 2009-2 Revolving Period shall be suspended.

 

“Series 2009-2 Series Accounts” has
the meaning specified in Section 2.1(a) of this Series Supplement.

 

“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.

 

“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 

 

34

 

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 2009-2 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.

 

“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.

 

“Three-Year Notes Controlled Amortization Period”
means the period commencing at the close of business on August 31, 2012
(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 2009-2
Rapid Amortization Period, and (ii) the date on which the Class A-1
Notes and Class B-1 Notes, if any, are paid in full.

 

“Three-Year
Notes Expected Final Payment Date” means the March 2013 Payment Date.

 

“Three-Year
Notes Legal Final Payment Date” means the March 2014 Payment 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.

 

35

 

ARTICLE II

 

SERIES 2009-2 ALLOCATIONS

 

With respect to the Series 2009-2 Notes only, the following shall
apply:

 

Section 2.1.            Series 2009-2 Series Accounts.

 

(a)           Establishment of Series 2009-2
Series Accounts.  HVF shall
establish and maintain in the name of the Trustee for the benefit of the Series 2009-2
Noteholders three accounts: the Series 2009-2 Collection Account (such
account, the “Series 2009-2 Collection Account”), the Series 2009-2
Accrued Interest Account (such account, the “Series 2009-2 Accrued
Interest Account”) and the Series 2009-2 Excess Collection Account
(such account, the “Series 2009-2 Excess Collection Account” and,
together with the Series 2009-2 Collection Account and the Series 2009-2
Accrued Interest Account, the “Series 2009-2 Series Accounts”).  Each Series 2009-2 Series Account
shall bear a designation clearly indicating that the funds deposited therein
are held for the benefit of the Series 2009-2 Noteholders.  Each Series 2009-2 Series Account
shall be an Eligible Deposit Account.  If
a Series 2009-2 Series Account is at any time no longer an Eligible
Deposit Account, HVF shall, within 10 Business Days of obtaining knowledge that
such Series 2009-2 Series Account is no longer an Eligible Deposit
Account, establish a new Series 2009-2 Series Account that is an
Eligible Deposit Account.  If a new Series 2009-2
Series Account is established, HVF shall instruct the Trustee in writing
to transfer all cash and investments from the non-qualifying Series 2009-2
Series Account into the new Series 2009-2 Series Account.  Initially, each of the Series 2009-2 Series Accounts
will be established with BNY.

 

(b)           Administration of the Series 2009-2
Series Accounts.  HVF may
instruct (by standing instructions or otherwise) the institution maintaining
each of the Series 2009-2 Series Accounts to invest funds on deposit
in such Series 2009-2 Series Account from time to time in Permitted
Investments; provided, however, that (x) any such investment
in the Series 2009-2 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 2009-2 Excess Collection Account)
and (y) any such investment in the Series 2009-2 Collection Account
or the Series 2009-2 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 2009-2
Collection Account or Series 2009-2 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 2009-2 Series Accounts
shall remain uninvested.

 

36

 

(c)           Earnings from Series 2009-2 Series Accounts.  All interest and earnings (net of losses and
investment expenses) paid on funds on deposit in the Series 2009-2 Series Accounts
shall be deemed to be on deposit therein and available for distribution.

 

(d)           Series 2009-2 Series Accounts
Constitute Additional Collateral for Series 2009-2 Notes.  In order to secure and provide for the
repayment and payment of the Note Obligations with respect to the Series 2009-2
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 2009-2
Noteholders, all of HVF’s right, title and interest in and to the following
(whether now or hereafter existing or acquired):  (i) the Series 2009-2 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 2009-2 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 2009-2 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 2009-2 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 2009-2 Series Account
Collateral”).

 

Section 2.2.            Allocations with Respect to the Series 2009-2
Notes.  The net proceeds from the
initial sale of the Class A Notes shall be deposited into the Series 2009-2
Excess Collection Account on the Series 2009-2 Closing Date and the
proceeds from any issuance of Class B Notes shall be deposited into the Series 2009-2
Excess Collection Account on the Class B Notes Closing Date and, in each
case, shall be applied pursuant to Section 2.2(f) of this Series Supplement.  On each Business Day on which Collections are
deposited into the Collection Account (each such date, a “Series 2009-2
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 2009-2 Revolving Period. 
During the Series 2009-2 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 2009-2 Deposit Date,
to apply from all amounts deposited into the Collection Account as set forth
below:

 

(i)            allocate
to and deposit in the Series 2009-2 Collection Account an amount equal to
the Series 2009-2 Invested Percentage (as of such day) of the aggregate
amount of Interest Collections on such day and. 
All such 

 

37

 

amounts deposited
into the Series 2009-2 Collection Account shall thereafter be deposited
into the Series 2009-2 Accrued Interest Account; and

 

(ii)           allocate
to and deposit in the Series 2009-2 Excess Collection Account an amount
equal to the Series 2009-2 Invested Percentage (as of such day) of the
aggregate amount of Principal Collections on such day (for any such day, the “Series 2009-2
Principal Allocation”).

 

(b)           Allocations of Collections During
any Series 2009-2 Controlled Amortization Period.  During any Series 2009-2 Controlled
Amortization Period with respect to any Class of Series 2009-2 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 2009-2
Deposit Date, to apply from all amounts deposited into the Collection Account
as set forth below:

 

(i)            allocate
to and deposit in the Series 2009-2 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 2009-2
Accrued Interest Account; and

 

(ii)           (A) with
respect to the Three-Year Notes Controlled Amortization Period, allocate to and
deposit in the Series 2009-2 Collection Account an amount equal to the Series 2009-2
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 2009-2
Collection Account from the Series 2009-2 Excess Collection Account
pursuant to Section 2.2(f) of this Series Supplement)
exceeds the Class A-1 Controlled Distribution Amount, with respect to such
Related Month, then the amount of such excess shall be deposited into the Series 2009-2
Excess Collection Account; and

 

(B) with
respect to the Five-Year Notes Controlled Amortization Period, allocate to and
deposit in the Series 2009-2 Collection Account an amount equal to the Series 2009-2
Principal Allocation for such day, which amount shall be used to make principal
payments pursuant to Series 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 2009-2 Collection
Account from the Series 2009-2 Excess Collection Account pursuant to Section 2.2(f) of
this Series Supplement) exceeds the Class A-2 Controlled Distribution
Amount, with respect to such Related Month, then the amount of such excess
shall be deposited into the Series 2009-2 Excess Collection Account.

 

(c)           Allocations of Collections During
the Series 2009-2 Rapid Amortization Period.  During the Series 2009-2 Rapid
Amortization Period, the 

 

38

 

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 2009-2 Deposit Date, to apply from all amounts
deposited into the Collection Account as set forth below:

 

(i)            allocate
to and deposit in the Series 2009-2 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 2009-2
Accrued Interest Account; and

 

(ii)           allocate
to and deposit in the Series 2009-2 Collection Account an amount equal to
the Series 2009-2 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 2009-2 Notes and other amounts
available pursuant to Section 2.3 of this Series Supplement to
pay Class A Total Monthly Interest on the next succeeding Payment Date
will be less than the Class A Total Monthly Interest for such Payment Date
and (B) the Class A Enhancement Amount is greater than zero, then the
Administrator shall direct the Trustee in writing to withdraw from the Series 2009-2
Collection Account a portion of the Principal Collections allocated to the Series 2009-2
Notes during the related Series 2009-2 Rapid Amortization Principal
Collection Period equal to the lesser of such insufficiency and the Class A
Enhancement Amount and deposit such amount into the Series 2009-2 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 2009-2 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 2009-2
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 2009-2 Collection Account an amount
equal to the Series 2009-2 Invested Percentage as of the date of the
occurrence of such Series 2009-2 Lease Payment Deficit of the Collections
attributable to such Past Due Rent Payment (the “Series 2009-2 Past Due
Rent Payment”).  The Administrator
shall instruct the Trustee in writing pursuant to the Administration Agreement
to withdraw from the Series 2009-2 Collection Account and apply the Series 2009-2
Past Due Rent Payment in the following order:

 

(i)            if
the occurrence of the related Series 2009-2 Lease Payment Deficit resulted
in one or more Class A LOC Credit Disbursements being made under the Class A
Letters of Credit, pay to each Class A Letter of Credit Provider who
honored such a Class A LOC Credit Disbursement for application in
accordance with the provisions of the applicable Class A Letter of Credit
Reimbursement Agreement, an amount equal to the lesser of (x) the 

 

39

 

unreimbursed
amount of such Class A Letter of Credit Provider’s Class A LOC Credit
Disbursement and (y) such Class A Letter of Credit Provider’s pro rata
share of the amount of the Series 2009-2 Past Due Rent Payment, calculated on
the basis of the unreimbursed amount of each such Class A Letter of Credit
Provider’s Class A LOC Credit Disbursement;

 

(ii)           if
the occurrence of such Series 2009-2 Lease Payment Deficit resulted in a
withdrawal being made from any Class A Cash Collateral Account, deposit in
each such Class A Cash Collateral Account an amount equal to the pro rata
portion of the lesser of (x) the amount of the Series 2009-2 Past Due
Rent Payment remaining after any payments pursuant to clause (i) above
and (y) the amount withdrawn from all such Class A Cash Collateral
Accounts on account of such Series 2009-2 Lease Payment Deficit,
calculated on the basis of the amounts so withdrawn from such Class A Cash
Collateral Accounts;

 

(iii)          if
the occurrence of such Series 2009-2 Lease Payment Deficit resulted in a
withdrawal being made from the Class A Reserve Account pursuant to Section 2.3(d)(i) of
this Series Supplement, deposit in the Class A Reserve Account an
amount equal to the lesser of (x) the amount of the Series 2009-2
Past Due Rent Payment remaining after any payments pursuant to clauses (i) and
(ii) above and (y) the excess, if any, of the Class A
Required Reserve Account Amount over the Class A Available Reserve Account
Amount on such day;

 

(iv)          deposit
into the Series 2009-2 Accrued Interest Account the amount, if any, by
which the Series 2009-2 Lease Interest Payment Deficit, if any, relating
to such Series 2009-2 Lease Payment Deficit exceeds the amount of the Series 2009-2
Past Due Rent Payment applied pursuant to clauses (i) through (iii) above;
and

 

(v)           deposit
in the Series 2009-2 Collection Account and treat as Principal Collections
the remaining amount of the Series 2009-2 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 2009-2 Notes (i) during
the Series 2009-2 Revolving Period shall be deposited into the Series 2009-2
Excess Collection Account and applied in accordance with Section 2.2(f) of
this Series Supplement and (ii) during the Series 2009-2
Controlled Amortization Period or the Series 2009-2 Rapid Amortization
Period shall be deposited into the Series 2009-2 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 2009-2 Notes.

 

(f)            Series 2009-2 Excess
Collection Account.  Amounts
deposited into the Series 2009-2 Excess Collection Account on any Series 2009-2
Deposit Date shall be 

 

40

 

applied in the following order of priority (i) first,
withdrawn and deposited in the Class A Reserve Account in an amount up to
the excess, if any, of the Class A Required Reserve Account Amount for
such date over the Class A 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 Class A Enhancement Deficiency or other Amortization Event with
respect to the Series 2009-2 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 2009-2 Controlled
Amortization Period and on the first Business Day of each Related Month during
each Series 2009-2 Controlled Amortization Period thereafter, or, if
earlier, on the first day of the Series 2009-2 Rapid Amortization Period,
all funds on deposit in the Series 2009-2 Excess Collection Account will
be withdrawn from the Series 2009-2 Excess Collection Account and
deposited into the Series 2009-2 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 2009-2
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 2009-2 Accrued Interest Account to the extent
funds are anticipated to be available from Interest Collections allocable to
the Series 2009-2 Notes processed from but not including the preceding
Payment Date through and including the succeeding Payment Date in respect of (i) first,
the Class A Monthly Interest for the Series 2009-2 Interest Period
ending on the day preceding such succeeding Payment Date and (ii) second,
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).  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 2009-2 Accrued Interest Account and deposit such amounts into
the Series 2009-2 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 2009-2 Lease Payment Deficit, such notification to be
in the form of Exhibit C to this Series Supplement (each a “Lease
Payment Deficit Notice”).

 

41

 

(d)           Withdrawals from the Class A
Reserve Account.  If the
Administrator determines on any Payment Date that the amounts available from
the Series 2009-2 Accrued Interest Account are insufficient to pay the sum
of the amounts described in clauses (i) and (ii) of Section 2.3(b) of
this Series Supplement on such Payment Date, the Administrator shall
instruct the Trustee in writing to withdraw from the Class A Reserve
Account and deposit in the Series 2009-2 Distribution Account on such
Payment Date an amount equal to the lesser of the Class A Available
Reserve Account Amount and such insufficiency. 
The Trustee shall withdraw such amount from the Class A Reserve
Account and deposit such amount in the Series 2009-2 Distribution Account.

 

(e)           Draws on Class A Letters of
Credit.  If the Administrator
determines on any Payment Date that there exists a Series 2009-2 Lease
Interest Payment Deficit, the Administrator shall instruct the Trustee in
writing to draw on the Class A Letters of Credit, if any, and, upon
receipt of such notice by the Trustee on or prior to 10:30 a.m. (New York
City time) on such Payment Date, the Trustee 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 2009-2 Lease Interest
Payment Deficit, (y) the excess, if any, of the sum of the amounts
described in clauses (i) and (ii) of Section 2.3(b) of
this Series Supplement for such Payment Date over the amounts available
from the Series 2009-2 Accrued Interest Account plus the amount to be
withdrawn from the Class A Reserve Account pursuant to Section 2.3(d) of
this Series Supplement, if any, on such Payment Date and (z) the Class A
Letter of Credit Liquidity Amount on such Payment Date on the Class A
Letters of Credit by presenting to each Class A Letter of Credit Provider
a draft accompanied by a Class A Certificate of Credit Demand and shall
cause the Class A LOC Credit Disbursements to be deposited in the Series 2009-2
Distribution Account on such Payment Date; provided, however that
if any Class A Cash Collateral Account has been established and funded,
the Trustee shall withdraw from each such Class A Cash Collateral Account
and deposit in the Series 2009-2 Distribution Account an amount equal to
the pro rata portion of the lesser of (A) the Class A
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 Class A Available Cash Collateral Account Amount for all
such Class A Cash Collateral Accounts on such Payment Date, calculated on
the basis of the Class A Available Cash Collateral Account Amount for each
such Class A Cash Collateral Account as of such Payment Date, and draw an
amount equal to the remainder of such amount on the Class A Letters of
Credit.

 

(f)            [Reserved]

 

(g)           Deficiency Amounts.  If the amounts described in Sections
2.3(b), (d), and (e) of this Series Supplement are
insufficient to pay the Class A Total Monthly Interest for any Payment
Date, payments of interest to the Class A 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” and the aggregate amount, if
any, of 

 

42

 

such deficiency on any Payment Date allocable to the Class A-2
Notes shall be referred to as the “Class A-2 Deficiency Amount”.  Interest shall accrue on the Deficiency
Amount for each Class of Class A Notes at the applicable Class A
Note Rate.

 

(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 2009-2 Accrued Interest
Account as follows:

 

(i)            first,
to pay the Administrator, in an amount equal to the Series 2009-2
Percentage as of the beginning of the Series 2009-2 Interest Period ending
on the day preceding such Payment Date of the Monthly Administration Fee for
such Series 2009-2 Interest Period;

 

(ii)           second,
to pay the Trustee, in an amount equal to the Series 2009-2 Percentage as
of the beginning of the Series 2009-2 Interest Period ending on the day
preceding such Payment Date of the Trustee’s fees for such Series 2009-2
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 2009-2
Percentage as of the beginning of the Series 2009-2 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 2009-2
Interest Period; and

 

(iv)          fourth,
the balance, if any, shall be withdrawn from the Series 2009-2 Accrued
Interest Account by the Trustee and (A) during the Series 2009-2
Revolving Period, deposited into the Series 2009-2 Excess Collection
Account or (B) during the Series 2009-2 Controlled Amortization
Period or the Series 2009-2 Rapid Amortization Period, deposited into the Series 2009-2
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 2009-2
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, the Administrator shall
instruct the Trustee in writing to, and the Trustee shall, withdraw from the Class A
Reserve Account and pay to itself on such Payment Date an amount equal to the
least of (A) the Class A Available Reserve Account Amount on such 

 

43

 

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 2009-2 Required Asset
Amount as of the date of the occurrence of such Liquidation Event of Default or
Series 2009-2 Limited Liquidation Event of Default over (ii) the
aggregate of the amounts previously withdrawn from the Class A 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 shall, in accordance with Section 6.1
of the Base Indenture, pay to the Class A Noteholders from the Series 2009-2
Distribution Account the amount deposited in the Series 2009-2
Distribution Account for the payment of interest pursuant to Section 2.3
of this Series Supplement.

 

Section 2.5.            Payment of Note Principal.

 

(a)           Monthly Payments During Series 2009-2
Controlled Amortization Period or Series 2009-2 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, and (ii) the earlier of the second
Determination Date during the Five-Year Notes Controlled Amortization Period
and the first Determination Date during the Series 2009-2 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 Class A Notes pursuant to Section 2.2(b)(ii) during
the Related Month or Section 2.2(c)(ii) of this Series Supplement
during the applicable Series 2009-2 Rapid Amortization Collection Period,
as the case may be, prior to such date and not previously deposited into the Series 2009-2
Distribution Account for payment to the Class A Noteholders of the
applicable Class of Class A Notes, (w) any amounts to be
withdrawn from the Class A Reserve Account and deposited into the Series 2009-2
Distribution Account, (x) any amounts to be drawn on the Class A
Letters of Credit (and/or withdrawn from any Class A Cash Collateral
Account) and (y) the amount of any demand to be made under the Series 2009-2
Demand Note.  The Trustee shall withdraw
such amounts allocated pursuant to Section 2.2(b)(ii) and Section 2.2(c)(ii) of
this Series Supplement to pay principal of the Class A Notes and
deposit such amounts in the Series 2009-2 Distribution Account to be paid
to the Class A Noteholders of the applicable Class of Class A
Notes.

 

(b)           Principal Deficit Amount.  If the Principal Deficit Amount is greater
than zero on any date, 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 or the Five-Year
Notes Legal Final Payment Date) on which the Principal Deficit Amount is
greater than zero and on any Payment Date during the Series 2009-2 Rapid
Amortization Period on which a Series 2009-2 Lease Principal Payment 

 

44

 

Deficit exists, amounts shall be transferred to the Series 2009-2
Distribution Account as follows:

 

(i)            Class A
Reserve Account Withdrawal.  If, on
any Determination Date (other than the Determination Date related to the
Three-Year Notes Legal Final Payment Date or the Five-Year Notes Legal Final
Payment Date) the Administrator determines that the Principal Deficit Amount
with respect to the next succeeding Payment Date will be greater than zero, 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 Class A Reserve Account
an amount equal to the lesser of (x) such Principal Deficit Amount and (y) the
Class A Available Reserve Account Amount on such Payment Date (after
giving effect to any withdrawals from the Class A 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 2009-2
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 or the Five-Year Notes Legal
Final Payment Date) that the Principal Deficit Amount with respect to the next
succeeding Payment Date (after giving effect to the withdrawal from the Class A
Reserve Account on such Payment Date pursuant to clause (i) of this
Section 2.5(b)) 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 (each a “Demand Notice”) on Hertz for
payment under the Series 2009-2 Demand Note in an amount equal to the
lesser of (x) the excess of (A) such Principal Deficit Amount over (B) the
amount to be deposited in the Series 2009-2 Distribution Account in
accordance with clause (i) of this Section 2.5(b) and
(y) the Class A Letter of Credit Amount  on such Business Day (after giving effect to
any draws on the Class A Letters of Credit and/or withdrawals from any Class A
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.

 

45

 

The
Trustee shall cause the proceeds of any demand on the Series 2009-2 Demand
Note to be deposited into the Series 2009-2 Distribution Account, and such
proceeds shall be treated as Principal Collections.

 

(iii)          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 2009-2 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, the Trustee shall draw on the Class A
Letters of Credit, if any, by 12:00 p.m. (New York City time) on such
Business Day in an amount equal to the lesser of (A) the amount that Hertz
failed to pay under the Series 2009-2 Demand Note or the amount that the
Trustee failed to demand for payment thereunder, as the case may be; and (B) the
Class A Letter of Credit Amount as of such Business Day (after giving
effect to any drawings on the Class A Letters of Credit  and/or withdrawals from any Class A Cash
Collateral Accounts anticipated to be made on the related Payment Date pursuant
to Section 2.3(e) of this Series Supplement), by presenting
to each Class A Letter of Credit Provider a draft accompanied by a Series 2009-2
Certificate of Unpaid Demand Note Demand; provided, however that
if any Class A Cash Collateral Account has been established and funded,
the Trustee shall withdraw from each such Class A Cash Collateral Account
and deposit in the Series 2009-2 Distribution Account an amount equal to
the pro rata portion of the lesser of (x) the Class A
Cash Collateral Account Percentage on such Business Day of the lesser of the
amounts set forth in clause (A) and (B) above and (y) the
aggregate Class A Available Cash Collateral Account Amount for all Class A
Cash Collateral Accounts on such Business Day, calculated on the basis of the Class A
Available Cash Collateral Account Amount of each such Class A Cash
Collateral Accounts as of such Business Day, and draw an amount equal to the
remainder of such amount on the Class A Letters of Credit.

 

The
Trustee shall deposit, or cause the deposit of, the proceeds of any such draw
on the Class A Letters of Credit and the proceeds of any such withdrawal
from each Class A Cash Collateral Account into the Series 2009-2
Distribution Account and such proceeds shall be treated as Principal
Collections.

 

(iv)          Series 2009-2
Lease Principal Payment Deficit.  If
the Administrator determines on any Payment Date during the Series 2009-2
Rapid Amortization Period that the Principal Deficit Amount on such Payment
Date (after giving effect to any withdrawals from the Class A Reserve
Account pursuant to clause (i) of this Section 2.5(b),
any draws on the Series 2009-2 Demand Note pursuant to clause (ii) of
this Section 2.5(b), and any draws on the 

 

46

 

Class A
Letters of Credit and/or withdrawals from any Class A Cash Collateral
Account pursuant to clause (iii) of this Section 2.5(b),
in each case for such Payment Date), will be greater than zero, and there
exists a Series 2009-2 Lease Principal Payment Deficit on such Payment
Date, then the Administrator shall instruct the Trustee in writing to draw on
the Class A Letters of Credit, if any, in an amount equal to the least of (1) such
Series 2009-2 Lease Principal Payment Deficit, (2) the Class A
Letter of Credit Liquidity Amount as of such Payment Date (after giving effect
to any draws on the Class A Letters of Credit and/or withdrawals from any Class A
Cash Collateral Account with respect to such Payment Date pursuant to Section 2.3(e) and
clause (iii) of this Section 2.5(b) of this Series Supplement),
and (3) such remaining Principal Deficit Amount.  Upon receipt of a notice by the Trustee from
the Administrator in respect of a Series 2009-2 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 Class A Letters of Credit by presenting to each Class A
Letter of Credit Provider a draft accompanied by a Series 2009-2
Certificate of Credit Demand and shall cause the Series 2009-2 LOC Credit
Disbursements to be deposited in the Series 2009-2 Distribution Account on
such Payment Date; provided, however, that if any Class A
Cash Collateral Account has been established and funded, the Trustee shall
withdraw from each such Class A Cash Collateral Account and deposit in the
Series 2009-2 Distribution Account an amount equal to the pro rata
portion of the lesser of (x) the Class A 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 Class A Available
Cash Collateral Account Amount for all such Class A Cash Collateral
Accounts on such Payment Date, calculated on the basis of the aggregate Class A
Available Cash Collateral Account Amount for each such Class A Cash
Collateral Account as of such Payment Date, and draw an amount equal to the
remainder of such amount on the Class A Letters of Credit.

 

(v)           In
the event that the Lessee files a petition for relief under Chapter 11 of the
Bankruptcy Code and during the Series 2009-2 Rapid Amortization Period
fails to make payments under the HVF Lease to satisfy the interest on the Class A
Notes, the Class A Letters of Credit will only be available to be drawn
upon (and amounts on deposit in the Class A Cash Collateral Accounts may
only be withdrawn) to pay principal of the Class A Notes on any Payment
Date and the Trustee shall only draw (or withdraw), an amount equal to the
lesser of (i) the amount determined pursuant to clause (iii) of
this Section 2.5(b)  or clause (iv) of this Section 2.5(b),
as applicable, and (ii) the excess, if any, of (x) the Class A
Liquidity Amount  (after giving effect to
any draws under the Class A Letters of Credit on such Payment Date
pursuant to Section 2.3(e) of this Series Supplement or clause
(iii) of this Section 2.5(b) (solely in the case of a
draw under clause (iv) of this Section 2.5(b))) as of
such Payment Date over (y) the Class A Required Liquidity Amount as
of such Payment Date.

 

47

 

(c)           Legal Final Payment Dates.

 

(i)            Class A
Reserve Account Withdrawal.  (A) 
If, on the Three-Year Notes Legal Final Payment Date, the amount to be
deposited in the Series 2009-2 Distribution Account for the related Series 2009-2
Rapid Amortization Principal Collection Period in accordance with subclause (v) of
Section 2.5(a) of this Series Supplement, together with
any amounts to be deposited in the Series 2009-2 Distribution Account in
accordance with Section 2.5(b)(iv) of this Series Supplement
on such Three-Year Notes Legal Final Payment Date, in each case, to pay
principal of the Class A-1 Notes, will be less than the aggregate
Principal Amount of the Class A-1 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 Trustee to withdraw from the Class A
Reserve Account, an amount equal to the lesser of (i) the amount by which
the Class A Liquidity Amount (after giving effect to any withdrawals from
the Class A Reserve Account pursuant to Section 2.3(d) of
this Series Supplement and any draws under the Class A Letters of
Credit and/or withdrawals from each Class A Cash Collateral Account,
pursuant to Section 2.3(e) and Section 2.5(b)(iv) of
this Series Supplement anticipated to be made on such Three-Year Notes
Legal Final Payment Date) will exceed the Class A Required Liquidity
Amount (after giving effect to all anticipated reductions in the aggregate
Principal Amount of the Class A-1 Notes on such Three-Year Notes Legal
Final Payment Date) and (ii) such insufficiency, and deposit such
withdrawn amounts in the Series 2009-2 Distribution Account on or prior to
the Three-Year Notes Legal Final Payment Date. 
The Trustee shall withdraw such amount from the Class A Reserve
Account and deposit such amount in the Series 2009-2 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 2009-2 Distribution Account for the related Series 2009-2
Rapid Amortization Principal Collection Period in accordance with subclause (v) of
Section 2.5(a) of this Series Supplement, together with
any amounts to be deposited in the Series 2009-2 Distribution Account in
accordance with Section 2.5(b)(iv) of this Series Supplement
on such Five-Year Notes Legal Final Payment Date, in each case, to pay
principal of the Class A-2 Notes, is less than the aggregate Principal
Amount of the Class A-2 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 Class A
Reserve Account, an amount equal to the lesser of (i) the Class A
Available Reserve Account Amount on the Five-Year Notes Legal Final Payment
Date (after giving effect to any withdrawals from the Class A 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), and (ii) such

 

48

 

insufficiency, and
deposit such withdrawn amounts in the Series 2009-2 Distribution Account
on or prior to the Five-Year Notes Legal Final Payment Date.  The Trustee shall withdraw such amount from
the Class A Reserve Account and deposit such amount in the Series 2009-2
Distribution Account on or prior to the Five-Year Notes Legal Final Payment
Date.

 

(ii)           Demand
Note Draw.  If the amount to be
deposited in the Series 2009-2 Distribution Account pursuant to subclause
(v) 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 the
Three-Year Notes Legal Final Payment Date is less than (x) the aggregate
Principal Amount of the Class A-1 Notes on the Three-Year Notes Legal
Final Payment Date or (y) the aggregate Principal Amount of the Class A-2
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 applicable related
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 2009-2 Demand Note in
an amount equal to the lesser of (i) such insufficiency and (ii) the Class A
Letter of Credit Amount as of such Business Day (after giving effect to any
draws on the Class A Letters of Credit and/or withdrawals from any Class A
Cash Collateral Account anticipated to be made on such 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 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 2009-2 Demand Note to be deposited into the Series 2009-2
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 2009-2 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 Class A
Letters of Credit, if any, by 12:00 p.m. (New York City time) on such 

 

49

 

Business Day an
amount equal to the lesser of (A) the amount that Hertz failed to pay
under the Series 2009-2 Demand Note (or the amount that the Trustee failed
to demand for payment thereunder) and (B) the Class A Letter of
Credit Amount as of such Business Day (after giving effect to any draws on the Class A
Letters of Credit and/or withdrawals from any Class A Cash Collateral
Account anticipated to be made on the applicable related Legal Final Payment
Date pursuant to Section 2.3(e) and Section 2.5(b)(iv) of
this Series Supplement), by presenting to each Class A Letter of
Credit Provider a draft accompanied by a Series 2009-2 Certificate of
Unpaid Demand Note Demand; provided, however that if any Class A
Cash Collateral Account has been established and funded, the Trustee shall
withdraw from each such Class A Cash Collateral Account and deposit in the
Series 2009-2 Distribution Account an amount equal to the pro rata
portion of the lesser of (x) the Class A Cash Collateral Account
Percentage on such Business Day of the lesser of the amounts set forth in clause
(A) and (B) above and (y) the aggregate Class A
Available Cash Collateral Account Amount for all such Class A Cash
Collateral Accounts on such Business Day, calculated on the basis of the Class A
Available Cash Collateral Account Amount for each such Class A Cash
Collateral Account, and draw an amount equal to the remainder of such amount on
the Class A Letters of Credit.  The
Trustee shall deposit, or cause the deposit of, the proceeds of any such draw
on the Class A Letters of Credit and the proceeds of any such withdrawal
from each Class A Cash Collateral Account into the Series 2009-2
Distribution Account on or prior to the applicable Legal Final Payment Date and
such proceeds shall be treated as Principal Collections.

 

(d)           Distribution.  On each Payment Date occurring on or after
the date a withdrawal is made from the Series 2009-2 Collection Account
pursuant to Section 2.5(a) of this Series Supplement, the
Trustee shall, in accordance with Section 6.1 of the Base Indenture, pay
to the Class A Noteholders the amount deposited in the Series 2009-2
Distribution Account for the payment of principal of the Class A Notes
held by such Class A Noteholders pursuant to Section 2.5(a) of
this Series Supplement and any amounts deposited in the Series 2009-2
Distribution Account for the payment of principal of such Class A Notes
pursuant to Section 2.5(b) of this Series Supplement and,
to the extent necessary to pay the Class A-1 Principal Amount on the
Three-Year Notes Legal Final Payment Date and the Class A-2 Principal
Amount on the Five-Year Notes Legal Final Payment Date, amounts deposited in
the Series 2009-2 Distribution Account pursuant to Section 2.5(c) of
this Series Supplement.

 

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 2009-2 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 

 

50

 

periods), the Trustee shall make such payment or
deposit into or from the Collection Account or such Series 2009-2 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 Class A Letters of
Credit required to be given by the Administrator, at the time specified in this
Series Supplement, the Trustee shall draw on such Class A 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 Class A
Letter of Credit.

 

Section 2.7.            Class A Reserve Account.

 

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

 

(b)           Administration of the Class A
Reserve Account.  HVF may instruct
(by standing instructions or otherwise) the institution maintaining the Class A
Reserve Account to invest funds on deposit in the Class A 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 Class A Reserve Account), unless any
Permitted Investment held in the Class A 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 Class A Reserve Account shall remain uninvested.

 

51

 

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

 

(d)           Class A Reserve Account
Constitutes Additional Collateral for Class A Notes.  In order to secure and provide for the
repayment and payment of the Note Obligations with respect to the Class A
Notes, HVF hereby grants a security interest in and assigns, pledges, grants,
transfers and sets over to the Trustee, for the benefit of the Class A
Noteholders, all of HVF’s right, title and interest in and to the following
(whether now or hereafter existing or acquired):  (i) the Class A 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 Class A 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 Class A 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 time to time received,
receivable or otherwise distributed in respect of or in exchange for the Class A
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 “Class A
Reserve Account Collateral”).

 

(e)           Class A Reserve Account
Surplus.  In the event that the Class A
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 Class A Reserve Account an amount equal to the Class A
Reserve Account Surplus and (i) pay to Ford the lesser of (x) such Class A
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 Class A
Reserve Account Surplus remaining after any required deposit and/or payment
pursuant to clause (i) above.

 

(f)            Termination of Class A
Reserve Account.  On or after the
date on which the Series 2009-2 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 Class A Reserve Account all
remaining amounts on deposit therein for payment to HVF.

 

Section 2.8.            Class A Letters of Credit
and Class A Cash Collateral Accounts.

 

52

 

(a)           Class A Cash Collateral
Account Constitutes Additional Collateral for Class A Notes.  In order to secure and provide for the
repayment and payment of the Note Obligations with respect to the Class A
Notes, HVF hereby grants a security interest in and assigns, pledges, grants,
transfers and sets over to the Trustee, for the benefit of the Class A
Noteholders, all of HVF’s right, title and interest in and to the following
(whether now or hereafter existing or acquired):  (i) each Class A Cash Collateral
Account, including any security entitlement thereto; (ii) all funds on
deposit in each Class A Cash Collateral Account from time to time; (iii) all
certificates and instruments, if any, representing or evidencing any or all of
the Class A 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 Class A 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 Class A Cash Collateral
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 “Class A Cash
Collateral Account Collateral”).

 

(b)           Class A Letter of Credit
Expiration Date.  If prior to the
date which is sixteen (16) Business Days prior to the then-scheduled Class A
Letter of Credit Expiration Date with respect to any Class A Letter of
Credit, excluding the amount available to be drawn under such Class A
Letter of Credit but taking into account each substitute Class A Letter of
Credit which has been obtained from a Class A Eligible Letter of Credit
Provider, and is in full force and effect on such date, (i) the Class A
Adjusted Enhancement Amount would be equal to or greater than the Class A
Required Enhancement Amount and (ii) the Class A Adjusted Liquidity
Amount would be equal to or greater than the Class A Required Liquidity
Amount, then the Administrator shall notify the Trustee in writing no later
than fifteen (15) Business Days prior to such Class A Letter of Credit
Expiration Date of such determination. 
If prior to the date which is sixteen (16) Business Days prior to the
then-scheduled Class A Letter of Credit Expiration Date with respect to
any Class A Letter of Credit, excluding such Class A Letter of Credit
but taking into account any substitute Class A Letter of Credit which has
been obtained from a Class A Eligible Letter of Credit Provider, and is in
full force and effect on such date, (i) the Class A Adjusted
Enhancement Amount would be less than the Class A Required Enhancement
Amount or (ii) the Class A Adjusted Liquidity Amount would be less
than the Class A Required Liquidity Amount, then the Administrator shall
notify the Trustee in writing no later than fifteen (15) Business Days prior to
such Class A Letter of Credit Expiration Date of (x) the greater of (A) the
excess, if any, of the Class A Required Enhancement Amount over the Class A
Adjusted Enhancement Amount, excluding such Class A Letter of Credit but
taking into account any substitute Class A Letter of Credit which has been
obtained from a Class A Eligible Letter of Credit Provider, and is in full
force and effect on such date and (B) the excess, if any, of the Class A
Required Liquidity Amount over the Class A Adjusted Liquidity 

 

53

 

Amount, excluding such Class A Letter of Credit
but taking into account each substitute Class A Letter of Credit which has
been obtained from a Class A 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 Class A 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 Class A Letter of Credit by presenting a
draft accompanied by a Class A Certificate of Termination Demand and shall
cause the Class A LOC Termination Disbursements to be deposited in the
applicable Class A 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 Class A 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 Class A Letter of Credit by presenting a draft
accompanied by a Class A Certificate of Termination Demand and shall cause
the Class A LOC Termination Disbursements to be deposited in the
applicable Class A Cash Collateral Account.

 

(c)           Class A 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 Class A Letter of Credit Provider
has fallen below “P-1” as determined by Moody’s or the long-term debt
credit rating of any Class A Letter of Credit Provider has fallen below “A1”
as determined by Moody’s (with respect to any Class A Letter of Credit
Provider, a “Class A Downgrade Event”).  On the thirtieth (30th) day after the
occurrence of a Class A Downgrade Event with respect to any Class A
Letter of Credit Provider, the Administrator shall notify the Trustee in
writing on such date of (i) the greatest of (A) the excess, if any,
of the Class A Required Enhancement Amount over the Class A Adjusted
Enhancement Amount, excluding the available amount under the Class A
Letter of Credit issued by such Class A Letter of Credit Provider, on such
date and (B) the excess, if any, of the Class A Required Liquidity
Amount over the Class A Adjusted Liquidity Amount, excluding the available
amount under such Class A Letter of Credit, on such date, and (ii) the
amount available to be drawn on such Class A 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 Class A 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 Class A Certificate of Termination
Demand and shall cause the Class A LOC Termination Disbursement to be
deposited in the applicable Class A Cash Collateral Account.

 

54

 

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

 

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

 

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

 

(g)           Administration of the Class A
Cash Collateral Account.  HVF may
instruct (by standing instructions or otherwise) the institution maintaining
each Class A Cash Collateral Account to invest funds on deposit in each Class A
Cash Collateral Account from time to time in Permitted Investments.  Any investment of funds on deposit in a Class A
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 Class A Cash Collateral Account), unless
any Permitted Investment held in such Class A Cash Collateral Account is
held with the Trustee, in which case such investment may mature on such Payment
Date so long as such funds 

 

55

 

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 Class A Cash Collateral
Account shall remain uninvested.

 

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

 

(i)            Class A Cash Collateral
Account Surplus.  In the event that
the Class A 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 Class A Available Cash
Collateral Account Amount for each such Class A Cash Collateral Account,
from each Class A 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 Class A Cash Collateral Accounts shall be limited to the Class A
Cash Collateral Account Surplus on such Payment Date.  Any amounts withdrawn from any Class A
Cash Collateral Account shall be paid:  first,
to Ford, the lesser of the amount withdrawn from the Class A Cash
Collateral Account and the amount of such unpaid Ford Reimbursements, (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 Class A Letter of Credit Providers, to the
extent that there are unreimbursed Class A Disbursements due and owing to
such Class A Letter of Credit Providers in respect of the Class A
Letters of Credit, for application in accordance with the provisions of the
respective Class A 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 Class A 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 Class A
Noteholders and payable from each Class A Cash Collateral Account as
provided herein, shall withdraw from each such Class A Cash Collateral
Account all amounts on deposit therein (to the extent not withdrawn pursuant to
Section 2.8(d) above) and shall pay such amounts, first,
pro rata to the Class A Letter of Credit Providers, to
the extent that there are unreimbursed Class A Disbursements due and owing
to such Class A Letter of Credit Providers, for application in accordance
with the provisions of the respective Class A 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 

 

56

 

effect to any such withdrawal, the Fleet Equity
Condition would be satisfied, to HVF any remaining amounts.

 

Section 2.9.            Series 2009-2 Distribution
Account.

 

(a)           Establishment of Series 2009-2
Distribution Account.  The Trustee
shall establish and maintain in the name of the Trustee for the benefit of the Series 2009-2
Noteholders an account (the “Series 2009-2 Distribution Account”),
bearing a designation clearly indicating that the funds deposited therein are
held for the benefit of the Series 2009-2 Noteholders.  The Series 2009-2 Distribution Account
shall be an Eligible Deposit Account.  If
the Series 2009-2 Distribution Account is at any time no longer an
Eligible Deposit Account, HVF shall, within 10 Business Days of obtaining
knowledge that the Series 2009-2 Distribution Account is no longer an
Eligible Deposit Account, establish a new Series 2009-2 Distribution
Account that is an Eligible Deposit Account. 
If a new Series 2009-2 Distribution Account is established, HVF
shall instruct the Trustee in writing to transfer all cash and investments from
the non-qualifying Series 2009-2 Distribution Account into the new Series 2009-2
Distribution Account.  Initially, the Series 2009-2
Distribution Account will be established with the Trustee.

 

(b)           Administration of the Series 2009-2
Distribution Account.  The Administrator
may instruct the institution maintaining the Series 2009-2 Distribution
Account in writing to invest funds on deposit in the Series 2009-2
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 2009-2 Distribution
Account), unless any Permitted Investment held in the Series 2009-2
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 2009-2 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 2009-2 Distribution
Account shall remain uninvested.

 

(c)           Earnings from Series 2009-2
Distribution Account.  All interest
and earnings (net of losses and investment expenses) paid on funds on deposit
in the Series 2009-2 Distribution Account shall be deemed to be on deposit
and available for distribution.

 

(d)           Series 2009-2 Distribution
Account Constitutes Additional Collateral for Series 2009-2 Notes.  In order to secure and provide for the
repayment and payment of the Note Obligations with respect to the Series 2009-2
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 2009-2
Noteholders all of HVF’s right, title and 

 

57

 

interest in and to the following (whether now or
hereafter existing or acquired):  (i) the
Series 2009-2 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 2009-2 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 2009-2 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 exchange for the Series 2009-2
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 2009-2
Distribution Account Collateral”).

 

Section 2.10.          Trustee
as Securities Intermediary.

 

(a)           The
Trustee or other Person holding the Series 2009-2 Collection Account, the Series 2009-2
Excess Collection Account, the Series 2009-2 Accrued Interest Account, the
Class A Reserve Account, the Class A Cash Collateral Account, or the Series 2009-2
Distribution Account (each a “Series 2009-2 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 2009-2 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 2009-2 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 2009-2
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 2009-2
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 2009-2 Designated
Account;

 

58

 

(iv)          Each
item of property (whether investment property, security, instrument or cash)
credited to a Series 2009-2 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 2009-2 Designated Accounts, the Securities Intermediary shall
comply with such entitlement order without further consent by HVF or the
Administrator;

 

(vi)          The
Series 2009-2 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 2009-2
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 2009-2
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 2009-2
Designated Accounts, the Securities Intermediary knows of no claim to, or
interest, in the Series 2009-2 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 2009-2
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 2009-2
Designated Accounts and in all proceeds thereof, and shall be the only person
authorized to originate entitlement orders in respect of the Series 2009-2
Designated Accounts.

 

Section 2.11.          [RESERVED]

 

59

 

Section 2.12.          Series 2009-2 Demand Note
Constitutes Additional Collateral for Series 2009-2 Notes.

 

(a)           In order to secure and provide for
the repayment and payment of the Note Obligations with respect to the Series 2009-2
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 2009-2
Noteholders, all of HVF’s right, title and interest in and to the following
(whether now or hereafter existing or acquired):  (i) the Series 2009-2 Demand Note; (ii) all
certificates and instruments, if any, representing or evidencing the Series 2009-2
Demand Note; and (iii) all proceeds of any and all of the foregoing,
including cash.  On the date hereof, HVF
shall deliver to the Trustee, for the benefit of the Series 2009-2
Noteholders, the Series 2009-2 Demand Note, endorsed in blank.  The Trustee, for the benefit of the Series 2009-2
Noteholders, shall be the only Person authorized to make a demand for payment
on the Series 2009-2 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 2009-2
Demand Note or forgive amounts payable thereunder on any date so that the
outstanding principal amount of the Series 2009-2 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 2009-2 Notes as of
such date and (y) the Class A 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 2009-2 Demand Note, HVF
shall not agree, to any amendment of the Series 2009-2 Demand Note without
first satisfying the Series 2009-2 Rating Agency Condition.

 

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 2009-2 Notes and shall constitute the Amortization Events set
forth in Section 9.1(j) of the Base Indenture with respect to the Series 2009-2
Notes:

 

(a)           HVF defaults in the payment of any
interest on, or other amount payable in respect of, the Series 2009-2
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 the Series 2009-2 Notes when the same becomes due and payable
on the applicable Legal Final Payment Date;

 

(c)           a Class A Enhancement Deficiency
shall exist and continue to exist for at least three (3) Business Days;

 

60

 

(d)           a Class A Liquidity Deficiency
shall exist and continue to exist for at least three (3) Business Days;

 

(e)           (i) all principal of and
interest on the Class A-1 Notes is not paid in full on or before the
Three-Year Notes Expected Final Payment Date or (ii) all principal of and
interest on the Class A-2 Notes is not paid in full on or before the
Five-Year Notes Expected Final Payment Date;

 

(f)            the Class A Asset Amount shall
be less than the Class A Required Asset Amount for at least three (3) Business
Days;

 

(g)           the Class A Reserve Account, a Class A
Cash Collateral Account, the Series 2009-2 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 Class A Enhancement Deficiency or a Class A
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 Class A Adjusted Enhancement Amount or the Class A Adjusted
Liquidity Amount, to the extent applicable;

 

(h)           the Trustee shall for any reason
cease to have a valid and perfected first-priority security interest in the Series 2009-2
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 2009-2
Notes or the Indenture and the failure to so comply materially and adversely
affects the interests of the Series 2009-2 Noteholders and continues to
materially and adversely affect the interests of the Series 2009-2  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 2009-2
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 2009-2  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 2009-2 Notes.

 

In the case of

 

61

 

(i)            any
event described in clauses (a) through (h) above, an
Amortization Event with respect to the Series 2009-2 Notes will
immediately occur without any notice or other action on the part of the Trustee
or any Series 2009-2 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 2009-2 Notes may, by written notice to HVF and
the Trustee declare that an Amortization Event with respect to the Series 2009-2
Notes has occurred as of the date of the notice.

 

Subject to Section 12.2
of the Base Indenture, (A) the Class A Noteholders owning an
aggregate Principal Amount of Class A Notes in excess of 66-2/3% of the Class A
Principal Amount, by notice to the Trustee, may waive any existing Potential
Amortization Event or Amortization Event with respect to the Series 2009-2
Notes described in clauses (a) through (h) above and (B) the
Required Noteholders with respect to the Series 2009-2 Notes, by notice to
the Trustee, may waive any existing Potential Amortization Event or Amortization
Event with respect to the Series 2009-2 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 2009-2 Notes, and any Amortization Event with respect to the Series 2009-2
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 2009-2 Notes of any waiver by the Series 2009-2
Notes pursuant to this provision.

 

Notwithstanding
anything herein to the contrary, an Amortization Event with respect to the Series 2009-2
Notes described in clause (h) above shall be curable at any time.

 

ARTICLE IV

 

RESERVED

 

ARTICLE V

 

FORM OF CLASS A NOTES

 

Section 5.1.            Issuance of Class A Notes.  The Class A Notes will be initially
offered and sold by HVF pursuant to the Class A Purchase Agreement.  The Class A Notes will be resold
initially only to (A) qualified institutional buyers (as defined in Rule 144A)
(“QIBs”) in reliance on Rule 144A and (B) Persons other than
U.S. Persons (as defined in Regulation S) in reliance on Regulation S.  The Class A Notes may thereafter be
transferred to QIBs or purchasers in reliance on Regulation S in accordance
with the procedure described herein.  The
Class A Notes will be Book-Entry Notes and DTC will be the Depository for
the Class A Notes.  The provisions
of the rules and 

 

62

 

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

 

Section 5.2.            Restricted Global Notes.  Each Class of Class A Notes offered
and sold in their initial distribution 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 in Exhibits A-1-1
and A-2-1, respectively, 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 Class A Notes offered and sold on the Series 2009-2 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 in Exhibits A-1-2 and A-2-2, 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 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 Class A
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 Class A Note,
such Class A 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 in Exhibits A-1-3
and A-2-3 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.

 

63

 

Section 5.4.            Transfer
Restrictions.

 

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

 

(b)           The transfer by a Class A 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 Class A 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 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
given by the Class A 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 

 

64

 

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 Class A 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
given by the Class A 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 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 Class A 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 

 

65

 

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
given by such Class A 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 Class A
Global Note or any portion thereof is exchanged for Class A Notes other
than Class A Global Notes, such other Class A Notes may in turn be
exchanged (upon transfer or otherwise) for Class A Notes that are not Class A
Global Notes or for a beneficial interest in a Class A 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 Class A Global Note comply with Rule 144A
or 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 Class A Note, interests in the
Regulation S Global Notes representing such Class A 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 applicable Restricted Period, interests in the Unrestricted
Global Notes may be transferred without requiring any certifications.

 

(h)           The Class A 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 

 

66

 

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 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.

 

67

 

(iii)          The
Class A 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.

 

(iv)          The
required legends set forth above shall not be removed from the applicable Class A
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 Class A 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 Class A Note or Class A 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 Class A Note as provided above, no other Class A
Note issued in exchange for all or any part of such Class A Note shall
bear such legend, unless HVF has reasonable cause to believe that such other Class A
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 Class A Note Owner will receive a
Definitive Note representing such Class A Note Owner’s interest in the Class A
Notes other than in accordance with Section 2.13 of the Base
Indenture.  Definitive Notes shall 

 

68

 

have such insertions and deletions as are necessary to
give effect to the provisions of Section 2.13 of the Base Indenture.

 

ARTICLE VI

 

GENERAL

 

Section 6.1.            Optional Redemption of Series 2009-2
Notes.  (a) On any Payment Date,
HVF may, at its option, redeem the Class A Notes or any Class of 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 2009-2
Distribution Account for the payment of such redemption price.

 

(b)           If HVF elects to redeem any Class of
the Class A Notes pursuant to the provisions of Section 6.1(a),
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 Class A
Notes subject to redemption and (iii) the principal amount of the Class A
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 Class A
Noteholders of the Class A 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 2009-2 Notes, substantially in the form of Exhibit G,
setting forth, inter alia, the following information:

 

(i)            the
total amount available to be distributed to Class A Noteholders on such
Payment Date;

 

(ii)           the
amount of such distribution allocable to the payment of principal of each Class of
the Class A Notes;

 

(iii)          the
amount of such distribution allocable to the payment of interest on each Class of
the Class A Notes;

 

(iv)          the
Series 2009-2 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;

 

69

 

(v)           the
Class A Enhancement Amount, the Class A Adjusted Enhancement Amount,
the Class A Liquidity Amount, the Class A 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 2009-2 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
Class A Highest Enhancement Percentage, the Class A Intermediate
Enhancement Percentage, the Class A Lowest Enhancement Percentage, Class A
Intermediate Enhancement Vehicle Percentage and the Class A 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
Class A Required Incremental Enhancement Amount, if any, as of the close
of business on the last day of the Related Month;

 

70

 

(xiii)         the
Class A Required Liquidity Amount, if any, as of the close of business on
the last day of the Related Month, and whether a Class A 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 Class A
Required Enhancement Amount as of the close of business on the last day of the
Related Month, and whether a Class A 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 Class A
Required Overcollateralization Amount, the Class A Overcollateralization
Amount and the Series 2009-2 Required Asset Amount, in each case, as of
the close of business on the last day of the Related Month;

 

(xvi)        the Class A
Required Reserve Account Amount and the Class A 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;

 

(xx)          the
Class A Letter of Credit Liquidity Amount and the Class A Letter of
Credit Amount, in each case, as of the close of business on the last day of the
Related Month; and

 

(xxi)         the
Class A Principal Amount and the Class A Adjusted Principal Amount,
in each case as of such Payment Date.

 

71

 

The Trustee shall provide to the Series 2009-2 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 B:

  	
  Form of Class A Letter of Credit

  
	
  Exhibit C:

  	
  Form of Lease Payment Deficit Notice

  
	
  Exhibit D:

  	
  Form of Class A 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 2009-2 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

  

 

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 2009-2 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.            [Reserved]

 

Section 6.7.            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 6.8.            [Reserved]

 

72

 

Section 6.9.            [Reserved]

 

Section 6.10.          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 6.11.          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 6.12.          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 2009-2
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 2009-2
Notes; provided, further, that, if the consent of the Required
Noteholders with respect to the Series 2009-2 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 2009-2
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 2009-2 Noteholders representing more than 50% of the
Principal Amount of the Classes of the Series 2009-2 Notes materially
adversely affected by such amendment or modification (without the necessity of
obtaining the consent of the Series 2009-2 Noteholders holding the Classes
of the Series 2009-2 Notes not affected by such amendment or
modification); provided, further that, notwithstanding anything
in Section 6.12 of this Series Supplement or Article XII
of the Base Indenture, this Series Supplement may be amended to provide
for the issuance of any Class B Notes in accordance with Section 6.18
without the consent of any Class A Noteholder.  Any amendment to this Series Supplement,
including any amendment in connection with the issuance of Class B Notes
pursuant to Section 6.18 of this Series Supplement, shall be
subject to the satisfaction of the Series 2009-2 Rating Agency Condition.

 

Section 6.13.          Termination of Series Supplement.  This Series Supplement shall cease to be
of further effect when (i) all Outstanding Series 2009-2 Notes
theretofore authenticated and issued have been delivered (other than destroyed,
lost, or stolen Series 2009-2 Notes which have been replaced or paid) to
the Trustee for cancellation, (ii) HVF has paid all sums payable
hereunder, and (iii) the Class A Letter of Credit Liquidity Amount is
equal to zero.

 

Section 6.14.          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 6.13 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 

 

73

 

Series 2009-2 Notes without the consent of the
Required Noteholders with respect to the Series 2009-2 Notes.

 

Section 6.15.          [Reserved]

 

Section 6.16.          [Reserved].

 

Section 6.17.          [Reserved].

 

Section 6.18.          Issuances of Class B Notes.

 

(a)           No Class B Notes shall be issued
on the Series 2009-2 Closing Date. 
On any date during the Series 2009-2 Revolving Period, HVF may
issue Class B-1 Notes and/or Class B-2 Notes, subject to the
satisfaction of the following conditions precedent:

 

(i)            HVF
and the Trustee shall have entered into an amendment to this Series Supplement
providing (a) that each class of Class B Notes will bear a fixed rate
of interest, determined on or prior to the Class B Notes Closing Date, (b) that
the expected final payment date for the Class B-1 Notes, if any, will be
the Three-Year Notes Expected Final Payment Date and that the expected final
payment date for the Class B-2 Notes, if any, will be the Five-Year Notes
Expected Final Payment Date, (c) that the principal amount of the Class B-1
Notes, if any, will be due and payable on the Three-Year Notes Legal Final
Payment Date and that the principal amount of the Class B-2 Notes, if any,
will be due and payable on the Five-Year Notes Legal Final Payment Date, (d) that
the controlled amortization period with respect to the Class B-1 Notes, if
any, will be the Three-Year Notes Controlled Amortization Period and that the
controlled amortization period with respect to the Class B-2 Notes, if
any, will be the Five-Year Notes Controlled Amortization Period, and (e) payment
mechanics with respect to the Class B Notes substantially similar to those
with respect to the Class A Notes (other than as set forth below) and such
other provisions with respect to the Class B Notes as may be required for
such issuance;

 

(ii)           The
Trustee shall have received a Company Request at least two (2) Business
Days (or such shorter time as is acceptable to the Trustee) in advance of the
proposed closing date for the issuance of the Class B Notes (the “Class B
Notes Closing Date”) requesting that the Trustee authenticate and deliver
the Class B-1 Notes and/or the Class B-2 Notes specified in such
Company Request (such specified Class B Notes, the “Proposed Class B
Notes”);

 

(iii)          If
the Class B Notes Closing Date occurs after the commencement of the
Three-Year Notes Controlled Amortization Period, no Class B-1 Notes shall
be issued;

 

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

 

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

 

(A)          no
Amortization Event with respect to the Series 2009-2 Notes, Liquidation
Event of Default, Series 2009-2 Limited Liquidation Event of Default,
Aggregate Asset Amount Deficiency, Operating Lease Event of Default, or Class A
Enhancement Deficiency is continuing or will occur as a result of the issuance
of such Proposed Class B Notes,

 

(B)           all
conditions precedent provided in this Series Supplement with respect to
the authentication and delivery of such Proposed Class B Notes have been
complied with, and

 

(C)           the
issuance of Proposed Class B Notes and any related amendments to this Series Supplement
and any Related Documents relating to the Series 2009-2 Notes will not
reduce the availability of the Class A Enhancement Amount to support the
payment of interest on or principal of the Class A Notes in any material
respect;

 

(vi)          no
amendments to this Series Supplement or any Related Documents relating to
the Series 2009-2 Notes in connection with the issuance of the Proposed Class B
Notes may provide for (a) the application of amounts available under the Class A
Letters of Credit or the Class A Reserve Account to support the payment of
interest on or principal of the Class B Notes while any Class A Notes
remain outstanding; (b) payment of interest to any Class B Notes on
any Payment Date until all interest due on the Class A Notes on such
Payment Date has been paid; (c) (x) during the Three-Year Notes
Controlled Amortization Period, payment of principal of the Class B-1
Notes on any Payment Date until the Controlled Distribution Amount with respect
to the Class A-1 Notes on such Payment Date has been paid, (y) during
the Five-Year Notes Controlled Amortization Period, payment of principal of the
Class B-2 Notes on any Payment Date until the Controlled Distribution
Amount with respect to the Class A-2 Notes on such Payment Date has been paid
and (z) during the Series 2009-2 Rapid Amortization Period, payment
of principal of the Class B Notes until the principal amount of the Class A
Notes has been paid in full; (d) the reallocation of Principal Collections
allocable to the Series 2009-2 Notes to pay interest on the Class B
Notes while any Class A Notes remain outstanding; (e) any voting
rights in respect of the Class B Notes, for so long as any Class A
Notes are outstanding, 

 

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other than with
respect to amendments to the Indenture pursuant to Section 12.2(b)(i) or
(ii); and (f) the addition of any Amortization Event with respect
to the Series 2009-2 Notes other than those related to payment defaults on
the Class B Notes similar to those in respect of the Class A Notes
and enhancement or liquidity deficiencies in respect of the credit enhancement
supporting the Class B Notes similar to those in respect of the Class A
Notes;

 

(vii)         the
Trustee shall have received opinions of counsel substantially similar to those
received in connection with the offering and sale of the Class A Notes,
including without limitation, opinions to the effect that:

 

(A)          the
Proposed Class B Notes will be characterized as indebtedness for federal
income tax purposes,

 

(B)           the
issuance of the Proposed Class B Notes will not affect adversely the
United States federal income tax characterization of any Series of Notes
outstanding or Class thereof that was (based upon on Opinion of Counsel)
characterized as debt at the time of their issuance and HVF will not be
classified as an association or as a publicly traded partnership taxable as a
corporation for United States federal income tax purposes as a result of such
issuance,

 

(C)           all
conditions precedent provided for in the Base Indenture and this Series Supplement
with respect to the authentication and delivery of the Proposed Class B
Notes have been complied with, and

 

(D)          the
Proposed Class B Notes have been duly authorized and executed and such
Proposed Class B Notes (when authenticated and delivered in accordance
with the provisions of the Base Indenture and this Series Supplement) and
any amendments to this Series Supplement and any Related Documents
relating to the Series 2009-2 Notes will constitute valid, binding and enforceable
obligations of HVF, subject, in the case of enforcement, to bankruptcy,
insolvency, reorganization, moratorium and other similar laws affecting
creditors’ rights generally and to general principles of equity.

 

Section 6.19.          Noteholder Consents.  Each Series 2009-2 Noteholder, upon
acquisition of a Series 2009-2 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 hereto, (ii) the
execution of an amendment to the Collateral Agency Agreement substantially in
the form of Exhibit K hereto, (iii) the execution of an
amendment to the HGI Purchase Agreement substantially in the form of Exhibit L
hereto, and (iv) the execution of an amendment to the HVF Lease
substantially in the form of Exhibit M hereto, in each case,
together with any changes to such forms that do not adversely affect the Series 2009-2
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 individually, and the failure to effect any of the 

 

76

 

amendments set forth therein will not revoke the
consent with respect to any other amendment.

 

Section 6.20.          Confidential Information.  (a)  The Trustee and each Class A
Note Owner agrees, by its acceptance and holding of a beneficial interest in a Class A
Note, to maintain the confidentiality of all Confidential Information in accordance
with procedures adopted by such Class A 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 6.20; (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 6.20;
(iii) any other Class A Note Owner; (iv) any person of the type
that would be, to such person’s knowledge, permitted to acquire an interest in
the Class A Notes in accordance with the requirements of the Indenture to
which such person sells or offers to sell any such interest in the Class A
Notes or any part thereof and that agrees to hold confidential the Confidential
Information substantially in accordance with the terms of this Section 6.20
(or in accordance with such other confidentiality procedures as are acceptable
to HVF); (v) any federal or state or other 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 6.20
(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 2009-2
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 Class A
Notes, the Indenture or any other Related Document; and provided, further,
however, that delivery to any Class A Note Owner of any report or
information required by the terms of the Indenture to be provided to such Class A
Note Owner shall not be a violation of this Section 6.20.  Each Class A Note Owner, by its
acceptance of a beneficial interest in the Class A 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 Class A Notes or administering
its investment in the Class A Notes.  In the event of any required disclosure of the
Confidential Information by such Class A Note Owner, such 

 

77

 

Class A 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 6.20,
“Confidential Information” means information delivered to the Trustee or
any Class A 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 Class A Note Owner prior to the time of such disclosure; (ii) subsequently
becomes publicly known through no act or omission by the Trustee, any Class A
Note Owner or any person acting on behalf of the Trustee or any Class A
Note Owner; (iii) otherwise is known or becomes known to the Trustee or
any Class A 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 6.21.          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 Officer receives written notice of such ratings from HVF,
Hertz or any Series 2009-2 Noteholder or otherwise has actual knowledge
thereof.

 

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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: V. P. &
  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

  

 

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