Document:

EXHIBIT 4.9.14

 

AMENDED AND RESTATED ESCROW AGREEMENT

dated as of January 26, 2007

among

THE HERTZ CORPORATION,

HERTZ VEHICLE FINANCING LLC,

HERTZ GENERAL INTEREST LLC,

HERTZ CAR EXCHANGE INC.

and

J.P. MORGAN CHASE BANK, N.A.

 

TABLE OF CONTENTS

	
  

  	
   

  	
   

  	
   

  	
  Page

  
	
   

  	
   

  	
   

  	
   

  	
   

  
	
  ARTICLE I

  
	
   

  
	
  Definitions

  
	
   

  
	
  SECTION 1.01.

  	
   

  	
  Definitions

  	
   

  	
  2

  
	
   

  	
   

  	
   

  	
   

  	
   

  
	
  ARTICLE II

  
	
   

  
	
  General
  Provisions

  
	
   

  
	
  SECTION 2.01.

  	
   

  	
  In General

  	
   

  	
  3

  
	
  SECTION 2.02.

  	
   

  	
  Provisions Governing the Escrow Accounts

  	
   

  	
  4

  
	
   

  	
   

  	
   

  	
   

  	
   

  
	
  ARTICLE III

  
	
   

  
	
  Fund Transfers

  
	
   

  
	
  SECTION 3.01.

  	
   

  	
  Transfer of Collected Funds from the Exchange
  Accounts

  	
   

  	
  4

  
	
  SECTION 3.02.

  	
   

  	
  Transfer of Disbursed Funds from the Disbursement
  Accounts

  	
   

  	
  5

  
	
  SECTION 3.03.

  	
   

  	
  Shortfalls in Funding

  	
   

  	
  6

  
	
  SECTION 3.04.

  	
   

  	
  Additional Subsidies

  	
   

  	
  6

  
	
  SECTION 3.05.

  	
   

  	
  The Escrow Accounts

  	
   

  	
  6

  
	
  SECTION 3.06.

  	
   

  	
  Limitation on Rights to Exchange Proceeds

  	
   

  	
  6

  
	
  SECTION 3.07.

  	
   

  	
  Returns

  	
   

  	
  7

  
	
   

  	
   

  	
   

  	
   

  	
   

  
	
  ARTICLE IV

  
	
   

  
	
  Investment Of
  Funds

  
	
   

  
	
  SECTION 4.01.

  	
   

  	
  Investment of the Exchange Funds

  	
   

  	
  7

  
	
   

  	
   

  	
   

  	
   

  	
   

  
	
  ARTICLE V

  
	
   

  
	
  Distributions

  
	
   

  
	
  SECTION 5.01.

  	
   

  	
  Distribution of Escrow Funds

  	
   

  	
  8

  
							

 

 i
 

 

	
  ARTICLE VI

  
	
   

  
	
  Miscellaneous
  Provisions

  
	
   

  
	
  SECTION 6.01.

  	
   

  	
  Obligations of the Escrow Agent

  	
   

  	
  10

  
	
  SECTION 6.02.

  	
   

  	
  Conflicting Instructions; Adverse Claims

  	
   

  	
  11

  
	
  SECTION 6.03.

  	
   

  	
  Notices

  	
   

  	
  12

  
	
  SECTION 6.04.

  	
   

  	
  Notice of Claims Relating to the Escrow Accounts

  	
   

  	
  14

  
	
  SECTION 6.05.

  	
   

  	
  Limitation of Liabilities; Indemnification

  	
   

  	
  14

  
	
  SECTION 6.06.

  	
   

  	
  Entire Agreement; Successors and Assigns

  	
   

  	
  15

  
	
  SECTION 6.07.

  	
   

  	
  Counterparts

  	
   

  	
  16

  
	
  SECTION 6.08.

  	
   

  	
  No Third Party Beneficiaries

  	
   

  	
  16

  
	
  SECTION 6.09.

  	
   

  	
  Authorization

  	
   

  	
  16

  
	
  SECTION 6.10.

  	
   

  	
  Termination

  	
   

  	
  16

  
	
  SECTION 6.11.

  	
   

  	
  No Discretion

  	
   

  	
  17

  
	
  SECTION 6.12.

  	
   

  	
  GOVERNING LAW AND VENUE

  	
   

  	
  17

  
	
  SECTION 6.13.

  	
   

  	
  JURY TRIAL WAIVER

  	
   

  	
  17

  
	
  SECTION 6.14.

  	
   

  	
  Certain Bankruptcy Events

  	
   

  	
  17

  
	
  SECTION 6.15.

  	
   

  	
  Force Majeure

  	
   

  	
  17

  
	
  SECTION 6.16.

  	
   

  	
  Treasury Regulations Disclosure Requirements

  	
   

  	
  18

  
	
  SECTION 6.17.

  	
   

  	
  Power of Attorney

  	
   

  	
  18

  
	
  SECTION 6.18.

  	
   

  	
  No Petitions

  	
   

  	
  18

  
	
  SECTION 6.19.

  	
   

  	
  Waiver of Setoff

  	
   

  	
  18

  
	
  SECTION 6.20.

  	
   

  	
  Electronic Documentation

  	
   

  	
  18

  
	
  SECTION 6.21.

  	
   

  	
  Servicer

  	
   

  	
  19

  
	
  SECTION 6.22.

  	
   

  	
  Amendments

  	
   

  	
  19

  
	
  SECTION 6.23.

  	
   

  	
  Availability of Funds for Payments

  	
   

  	
  19

  

 

 ii

This AMENDED AND RESTATED ESCROW AGREEMENT (this “Escrow Agreement”)
is entered into as of January 26, 2007, by and among, HERTZ CAR EXCHANGE INC.,
a Delaware corporation (the “QI”), J.P. Morgan Chase Bank, N.A., a
national banking association, as the escrow agent (the “Escrow Agent”),
THE HERTZ CORPORATION, a Delaware corporation (“Hertz”), HERTZ VEHICLE
FINANCING LLC, a Delaware limited liability company (“HVF”) and HERTZ
GENERAL INTEREST LLC, a Delaware limited liability company (“HGI”).

W I T N E S S E T H :

 

WHEREAS, the QI,
the Escrow Agent, Hertz, HVF and HGI entered into an Escrow Agreement as of
December 21, 2005 (the “Prior Agreement”);

WHEREAS, the QI,
the Escrow Agent, Hertz, HVF and HGI desire to amend and restate the Prior
Agreement in its entirety as set forth herein;

WHEREAS, HVF and
HGI are single member limited liability companies, solely owned by Hertz, and
therefore disregarded entities for purposes of the Code and the Treasury
Regulations;

WHEREAS, each
action taken by a Legal Entity in its individual capacity pursuant to this
Agreement shall, for purposes of the Code and the Treasury Regulations, have
been taken by Exchangor;

WHEREAS, Exchangor
desires to exchange certain Vehicles that are held for productive use in its
trade or business and that constitute Relinquished Property for other vehicles
to be held for productive use in its trade or business that are like-kind to
the Relinquished Property;

WHEREAS, the
Relinquished Property will be sold by Exchangor to various buyers from time to
time, including Manufacturers and purchasers at auctions;

WHEREAS, the
Replacement Property will be purchased by Exchangor from time to time from
various Manufacturers and vehicle dealers;

WHEREAS, Exchangor
and the QI desire and intend that the Exchanges accomplished by Exchangor and
the QI under the Master Exchange Agreement (the “LKE Program”) satisfy
the requirements of a “like kind exchange program” pursuant to
Section 3.02 of Revenue Procedure 2003-39;

WHEREAS, Exchangor
desires to effectuate each Exchange in a manner that will qualify as a
like-kind exchange within the meaning of Section 1031 of the Internal
Revenue Code of 1986, as amended (the “Code”) and the treasury
regulations (the “Treasury Regulations”) promulgated thereunder (and any
applicable corresponding provisions of state tax legislation) pursuant to one
or more of the “safe harbors” described in Section 1.1031(k)-1(g) of the
Treasury Regulations, and Revenue Procedure 2003-39;

WHEREAS, subject
to the terms and provisions of the Amended and Restated Master Exchange
Agreement dated as of the date hereof (the “Master Exchange Agreement”),
among the QI, Hertz, HVF and HGI, each Legal Entity has engaged the QI to act
as a “qualified intermediary” within the meaning of Section 1031 of the
Code and Section 1.1031(k)-1(g)(4) of the Treasury Regulations (such
entity, a “Qualified Intermediary”) in order to facilitate Exchanges of
Relinquished Property for Replacement Property and has directed the QI to
establish, or become a joint holder of, one or more accounts to hold proceeds
from the disposition of Relinquished Property and any Additional Subsidies and
to disburse such proceeds and any Additional Subsidies consistent with
Section 1031 of the Code;

WHEREAS, the
Escrow Agent may from time to time hold and disburse, pursuant to the terms of
this Escrow Agreement, certain funds belonging to Exchangor that are not
derived from the disposition of Relinquished Property for purposes other than
the acquisition of Replacement Property;

WHEREAS, subject to
the terms and provisions of the Master Exchange Agreement, it is intended that
for purposes of the Treasury Regulations, Exchangor is not determined to be in
actual or constructive receipt of proceeds (including any earnings thereon)
from the disposition of any Relinquished Property;

WHEREAS,
notwithstanding the immediately foregoing paragraph, it is the intent of the
parties that the funds held in the Escrow Accounts maintained by the Escrow
Agent shall not be part of the QI’s general assets, nor subject to claims by
the QI’s creditors; and

WHEREAS, each
Legal Entity will continue to comply with its obligations under the Related
Documents to which it is a party;

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

ARTICLE I

Definitions

SECTION 1.01.  Definitions.  Capitalized terms used herein and not
otherwise defined herein shall have the meanings set forth in Schedule I to the
Base Indenture or in the Master Exchange Agreement.  The following terms used in this Escrow
Agreement shall have the following meanings, unless otherwise expressly
provided herein:

“Business Day”
shall mean any day except a Saturday, Sunday or legal holiday on which the
offices of the Trustee, any Legal Entity, the QI or, with respect to any matter
involving any Account, the Escrow Agent (or any successor thereto) is not open
for business.

“Code”
shall have the meaning set forth in the recitals hereto.

 2
 

“Escrow
Accounts” shall mean each of the Exchange Accounts and the Disbursement
Accounts, each of which the QI shall maintain by itself or jointly in the
course of administering its obligations under the Master Exchange Agreement and
this Escrow Agreement, and each of which shall be established (if not already
established) and maintained pursuant to terms of this Escrow Agreement by the
Escrow Agent.

“Escrow Agent”
shall mean J.P. Morgan Chase Bank, N.A., or any successor Escrow Agent
appointed pursuant to this Escrow Agreement.

“Escrow
Agreement” shall have the meaning set forth in the preamble hereto.

“Escrow Funds”
shall mean the funds in the Escrow Accounts.

“Funds Transfer
Protocol(s)” shall have the meaning set forth in Section 2.01(b)
hereof.

“Hertz”
shall have the meaning set forth in the preamble hereto.

“HGI” shall
have the meaning set forth in the preamble hereto.

“HVF” shall
have the meaning set forth in the preamble hereto.

“IRS” shall
mean the Internal Revenue Service.

“LKE Program”
shall have the meaning set forth in the recitals hereto.

“Master
Exchange Agreement” shall have the meaning set forth in the recitals
hereto.

“QI” shall
have the meaning set forth in the recitals hereto.

“Qualified
Intermediary” shall have the meaning set forth in the recitals hereto.

“Termination
Date” shall have the meaning set forth in Section 6.10 hereof.

“Treasury
Regulations” shall have the meaning set forth in the recitals hereto.

ARTICLE II

General Provisions

SECTION
2.01.  In General

(a)  Appointment of Escrow Agent.  The Escrow Agent is hereby appointed by each
of the Legal Entities and the QI, and agrees to act, as escrow holder of the
Escrow Funds held in the Escrow Accounts pursuant to this Escrow Agreement in
accordance with the terms hereof.

 3
 

(b)  Fund Transfers.  Provided they are consistent with this Escrow
Agreement and the limitations on each Legal Entity’s rights to receive, pledge,
borrow or otherwise obtain the benefits of any Relinquished Property Proceeds,
the particular mechanisms for accomplishing the movement of Escrow Funds
described in this Escrow Agreement may be set forth and memorialized in one or
more written “Funds Transfer Protocols” attached hereto from time to time as Exhibit A,
which shall either (1) be executed by or on behalf of both a Legal Entity
and the QI or (2) follow the protocol set forth in Section 3.01 or
Section 3.02 hereof.  A Funds
Transfer Protocol may also consist of a compendium of previously executed
documents or charts (e.g., flow charts, corporate resolutions and signature
cards) which when taken together obviate the need for a single written
protocol.

(c)  Escrow Accounts.  The parties acknowledge and agree that the
funds held in any of the Escrow Accounts, or any other account or sub-account
established pursuant to the terms of this Escrow Agreement, shall only be
distributed in accordance with the terms of this Escrow Agreement, as
supplemented by the Master Exchange Agreement. 
The Escrow Agent shall have no equitable interest in any amounts
deposited in any of the Escrow Accounts referred to herein.

SECTION
2.02.  Provisions Governing the Escrow
Accounts.  (a)  All Escrow Funds deposited into an Escrow
Account pursuant to this Escrow Agreement shall be in U.S. dollars and shall be
delivered or disbursed either by (i) federal funds wire transfer,
(ii) Electronic Funds Transfer, or (iii) cashier’s check, or other
check, with notification in a form consistent with, or as described in, Exhibit A
hereto.

(b)  The Escrow Agent shall not have any
responsibility or liability for any funds delivered pursuant to this Escrow
Agreement until actually received in the appropriate account, in accordance
with the terms hereof.

(c)  The Escrow Accounts shall be maintained
(i) with a Qualified Institution or (ii) as a segregated trust
account with a Qualified Trust Institution. 
If any Escrow Account is not maintained in accordance with the previous
sentence, then the Legal Entities shall within ten (10) Business Days of
obtaining knowledge of such fact, in conjunction with the QI, establish a new
Escrow Account which complies with such sentence and transfer into the new
Escrow Account all funds from the non-complying Escrow Account.  The Escrow Accounts shall be maintained as “securities
accounts” (as defined in Section 8-501 of the New York UCC) and the investments
made with Escrow Funds shall be held in the Escrow Accounts.

ARTICLE III

Fund Transfers

SECTION
3.01.  Transfer of Collected Funds
from the Exchange Accounts.  (a)  On any Business Day, pursuant to standing
instructions and procedures established by each Legal Entity and the QI and in
accordance with the Master Exchange Agreement, each Legal Entity may initiate
proposed Electronic Funds Transfers that are subject to the QI’s approval and shall
notify the QI of such initiated transfers. 
The instructions with respect to the proposed Electronic Funds Transfers
shall set forth the amounts to be withdrawn from an Exchange

 4
 

Account and transferred to another Exchange
Account or a Disbursement Account on such day, shall be substantially in the
form of Exhibit A hereto, and shall be either (1) executed by
or on behalf of both the applicable Legal Entity and the QI or
(2) executed by or on behalf of the applicable Legal Entity with the
certification contained in Exhibit A stating that such Legal Entity has
provided such instruction simultaneously to the Escrow Agent and the QI.  Such instructions to the Escrow Agent shall
also include instructions regarding adjustments (e.g., calculation errors, overpayments,
etc.), if any, to amounts previously funded from such Exchange Account.  If the QI does not approve any of the
proposed Electronic Funds Transfer transactions, the QI shall immediately
notify the applicable Legal Entity and the Escrow Agent, and in the case of a
transfer of funds from an HVF Exchange Account, the Trustee and in the case of
a transfer of funds from a Hertz GE Exchange Account, the GE Collateral Agent,
via telephone or fax (any such notice given by telephone to be confirmed in writing)
of the disapproval and the reasons for such disapproval.  If the Escrow Agent receives instructions in
the form of Exhibit A (i) executed by or on behalf of both the
applicable Legal Entity and the QI or (ii) executed by or on behalf of the
applicable Legal Entity with the appropriate certification and the QI has not
disapproved of the instructions (orally or in writing) within one hour of the
Escrow Agent’s receipt of such instructions, then the Escrow Agent shall
promptly execute instructions delivered to the Escrow Agent (subject to the
last sentence of this Section 3.01(a)). 
The Escrow Agent shall have no duty or obligation to verify or confirm
any of the information contained in the electronic instructions received by it
pursuant to this Section 3.01(a). 
Notwithstanding the foregoing, the Escrow Agent shall have no duty to
transfer or distribute any funds from an Exchange Account unless such funds
have been collected and credited to such Exchange Account.

(b)  After the occurrence of a Disbursement
Occurrence, each Legal Entity shall direct the Escrow Agent to wire any funds
held in its Escrow Account that are no longer Relinquished Property Proceeds
to, or as directed by, the applicable Legal Entity; provided that (i) in the
case of HVF, such amount shall be paid to the Collection Account and (ii) in
the case of Hertz, any such amount in respect of GE Financed Vehicles shall be
paid to the GE Collateral Account.

SECTION
3.02.  Transfer of Disbursed Funds
from the Disbursement Accounts.

From time to time
during the term of this Escrow Agreement, the Escrow Agent agrees that it shall
receive, hold, invest and disburse, pursuant to the terms and conditions herein
set forth, the Escrow Funds delivered into a Disbursement Account by or on
behalf of HGI that are Relinquished Property Proceeds and/or Additional
Subsidies, at HGI’s discretion, as may be needed to complete the purchase of
any particular Replacement Property and to be delivered to a Manufacturer or
dealer for the purchase of Replacement Property, or to make any Non-LKE
Disbursement by or on behalf of HGI. 
From time to time on any Business Day, pursuant to standing instructions
and procedures established by HGI and the QI in accordance with the terms of the
Master Exchange Agreement, HGI may initiate proposed Electronic Funds Transfers
that are subject to the QI’s approval and shall notify the QI of such initiated
transfers, in order to transfer funds from a Disbursement Account to acquire
Replacement Property, to pay expenses of the type described in
Section 1.1031(k)-1(g)(7) of the Treasury Regulations not otherwise paid
from funds deposited into the Joint Collection Account and to make Non-LKE
Disbursements.  The instructions with
respect to such proposed Electronic Funds Transfers shall set forth the

 5
 

amounts to be withdrawn
from the applicable Disbursement Account on such day, shall be substantially in
the form of Exhibit A, and shall be either (1) executed by or on
behalf of both HGI and the QI or (2) executed by or on behalf of HGI with
the certification contained in Exhibit A stating that HGI has provided
such instruction simultaneously to the Escrow Agent and the QI.  If the QI does not approve any of the
proposed Electronic Funds Transfer transactions, the QI shall immediately
notify HGI and the Escrow Agent via telephone or fax (any such notice by
telephone to be confirmed in writing) of the disapproval and the reasons for
such disapproval.  If the Escrow Agent
receives instructions in the form of Exhibit A (i) executed by or on
behalf of HGI and the QI or (ii) executed by or on behalf of HGI with the
appropriate certification and the QI has not disapproved of the instructions
(orally or in writing) within one hour of the Escrow Agent’s receipt of such
instructions, then the Escrow Agent shall promptly execute instructions
delivered to the Escrow Agent (subject to the last sentence of this
Section 3.02).  The Escrow Agent
shall have no duty or obligation to verify or confirm any of the information
contained in the electronic instructions received by it pursuant to this
Section 3.02.  Notwithstanding the
foregoing, the Escrow Agent shall have no duty to transfer or distribute any
funds from a Disbursement Account unless such funds have been collected and
credited to such Disbursement Account.

SECTION
3.03.  Shortfalls in Funding.  If, for any reason, the sum of the amounts
requested by an Legal Entity to be transferred from an Exchange Account to
another Exchange Account or a Disbursement Account in accordance with the
Master Exchange Agreement on any Business Day pursuant to Section 3.01
hereof exceeds the total amount of collected funds in such Exchange Account
with respect to such Legal Entity, including any Qualified Earnings from the
investment of funds with respect to such Legal Entity held in the Exchange
Account pursuant to this Escrow Agreement on such day and actually credited to
the Exchange Account, the Escrow Agent shall promptly notify the applicable
Legal Entity of the amount of such shortfall, and the amounts to be transferred
to such other Exchange Account or Disbursement Account on such day shall be
reduced by the amount of such shortfall.

SECTION
3.04.  Additional Subsidies.  In the event that the Escrow Funds with
respect to HGI are insufficient to pay the Replacement Property Acquisition
Cost incurred by HGI, HGI may transfer Additional Subsidies directly to an HGI
Exchange Account or a Disbursement Account in an amount sufficient for the QI
to acquire the applicable Replacement Property. 
Any Legal Entity may transfer Additional Subsidies to one of its
Exchange Accounts to fund Non-LKE Disbursements; and HGI may transfer
Additional Subsidies to any Disbursement Account to fund Non-LKE Disbursements.

SECTION
3.05.  The Escrow Accounts.  Transfers of funds in and out of the Exchange
Accounts and the Disbursement Accounts shall be governed by the terms of this
Escrow Agreement, as supplemented by terms of the Master Exchange Agreement.

SECTION
3.06.  Limitation on Rights to
Exchange Proceeds.

(a)  All Escrow Funds shall be held subject to the
terms of this Escrow Agreement.  In
particular, all Relinquished Property Proceeds, and any Qualified Earnings
thereon, shall be held subject to Sections 1.1031(k)-1(g)(4)(ii) and
1.1031(k)-l(g)(6) of the Treasury Regulations, including the restrictions on
Exchangor’s right to receive, pledge, borrow

 6
 

or otherwise obtain the benefits of
Relinquished Property Proceeds or the earnings thereon.  Subject to the limitation that each Legal
Entity shall have no right to receive, pledge, borrow or otherwise obtain the
benefits of the Relinquished Property Proceeds or the earnings thereon held by
either the QI or the Escrow Agent, Relinquished Property Proceeds may be
withdrawn from an Exchange Account or Disbursement Account upon a Disbursement
Occurrence with respect to the related Relinquished Property or such
Relinquished Property Proceeds.  This
Section 3.06(a) shall apply notwithstanding any inconsistent instruction given
by any Legal Entity and notwithstanding any decision by any Legal Entity not to
pursue a deferred exchange or to abandon the transactions contemplated by this
Escrow Agreement.

(b)  The QI shall have only such interest in any
of the Escrow Funds as is expressly provided in the Master Exchange Agreement
and shall have the right to use, withdraw, transfer or otherwise act with
respect to any of the Escrow Funds only as expressly provided in, and for the
purposes set forth in, this Escrow Agreement or the Master Exchange Agreement.

SECTION
3.07.  Returns.  If at any time, for any reason, funds
transferred from an Escrow Account are returned to such Escrow Account, such
funds shall be transferred by the Escrow Agent upon receipt by the Escrow Agent
of electronic written instructions from the applicable Legal Entity and the QI.

ARTICLE IV

Investment Of Funds

SECTION
4.01.  Investment of the Exchange
Funds.

(a)  From time to time during the term of this
Escrow Agreement, the Escrow Agent shall invest and reinvest all (or such
lesser portion as may be agreed to between the parties hereto) the funds held
in (i) a HVF Exchange Account in any Permitted Investments, (ii) a Hertz
GE Exchange Account in Cash Equivalents (as defined in the GE Credit Agreement)
or (iii) any other Exchange Account as directed by Hertz or HGI; provided,
however, that in no event shall any Legal Entity direct that any such
investment, directly or indirectly, be in any security of a Legal Entity or any
of its affiliates.  Interest and other
amounts, or any benefits earned in lieu of the payment of interest, earned on
the Escrow Funds shall be treated as Escrow Funds and the parties hereto agree
that absent a change in law, all information returns shall identify the
applicable Legal Entity as the recipient.

(b)  If any Qualified Earnings on Relinquished
Property Proceeds are held in an Exchange Account, such Qualified Earnings
shall not be disbursed during the Exchange Period for the related Relinquished
Property.  Any Qualified Earnings as to
which the Exchange Period of the Relinquished Property has expired shall
thereafter be deemed Additional Subsidies.

 7
 

ARTICLE V

Distributions

SECTION
5.01.  Distribution of Escrow Funds.  The Escrow Agent shall hold the Escrow Funds
in its possession until instructed hereunder to deliver the Escrow Funds or any
specified portion thereof as follows:

(a)  If
the Escrow Agent receives a request pursuant to Section 3.01 or Section 3.02
hereof authorizing release of the Escrow Funds, or a portion thereof, the
Escrow Agent shall, subject to the terms and conditions described in this
Escrow Agreement, disburse the Escrow Funds, or designated portion thereof,
including any interest or other amounts earned on the Escrow Funds, pursuant to
the instructions set forth in such request; provided, however,
that other than as set forth in Section 3.01 or Section 3.02 hereof, the Escrow
Agent shall have no duty or obligation to verify or confirm any of the
information contained in the request.

(b)  If
the Escrow Agent receives written notice substantially in the form of Exhibit A
hereto authorizing termination of the escrow hereunder as related to funds that
are attributable to designated Relinquished Property and any earnings thereon
for failure to identify the Replacement Property with respect to any
Relinquished Property within the Identification Period with respect to such
Relinquished Property, signed jointly by or on behalf of authorized
representatives of the QI and the applicable Legal Entity, the Escrow Agent
shall, (a) if such notice is received by 11:00 a.m. (New York time) on a
Business Day, on the Business Day such notice is received or (b) otherwise
one Business Day after receipt of such notice, redeem or otherwise liquidate
the Escrow Funds or designated portion thereof and disburse the Escrow Funds
(including any interest or other amounts earned on the Escrow Funds), or
designated portion thereof, to, or as directed by, the applicable Legal Entity
pursuant to the instructions set forth in such notice; provided that (i) in the
case of Escrow Funds of HVF (including any funds that are attributable to
Relinquished Property owned by HVF and any earnings thereon), such amount shall
be paid to the Collection Account and (ii) in the case of Escrow Funds of Hertz
(including any funds that are attributable to Relinquished Property owned by
Hertz and any earnings thereon) with respect to GE Financed Vehicles, such
amount shall be paid to the GE Collateral Account.

(c)  If
the Escrow Agent receives written notice substantially in the form of Exhibit A
hereto authorizing termination of the escrow hereunder, as related to
designated Relinquished Property Proceeds, and any Qualified Earnings thereon,
for failure to acquire Replacement Property within the Exchange Period, signed
jointly by or on behalf of authorized representatives of the QI and the
applicable Legal Entity, such party shall, (a) if such notice is received
by 11:00 a.m. (New York time) on a Business Day, on the Business Day such
notice is received or (b) otherwise one Business Day after receipt of such
notice, redeem or otherwise liquidate the Escrow Funds or designated portion
thereof and disburse the Escrow Funds (including any interest or other amounts
earned on the Escrow Funds), or designated portion thereof, to, or as directed
by, the applicable Legal Entity pursuant to the instructions set forth in such
notice; provided that

 8
 

(i) in the case of Escrow Funds of HVF, such amount shall be paid to
the Collection Account and (ii) in the case of Escrow Funds of Hertz with
respect to GE Financed Vehicles, such amount shall be paid to the GE Collateral
Account.

(d)  If
the Escrow Agent receives a written release notice substantially in the form of
Exhibit C hereto stating that a new escrow holder has been
appointed pursuant to a new escrow agreement and authorizing termination of the
escrow hereunder, signed jointly by or on behalf of authorized representatives
of the QI and all Legal Entities and consented to by the Trustee and the GE
Collateral Agent, such party shall release the Escrow Funds (or any portion
thereof), in the amounts and to the parties referenced in such notice, and any
documentation related to the tax deferred exchange that it may hold.

(e)  If
the Legal Entities terminate this Escrow Agreement pursuant to Section 6.14
hereof, and thereafter the Escrow Agent receives written notice substantially
in the form of Exhibit C-1 hereto stating that a new escrow holder
has been appointed pursuant to a new escrow agreement following the termination
of this Escrow Agreement, the Escrow Agent shall, on the date set forth in such
notice, which in no event shall be less than two (2) Business Days
following such party’s receipt of such notice, redeem or otherwise liquidate
the Escrow Funds and disburse the Escrow Funds (including any income, interest,
or other amounts earned on the Escrow Funds) to such new escrow holder,
pursuant to the instructions set forth in such notice.  If (i) the Legal Entities terminate this
Escrow Agreement pursuant to Section 6.14 hereof or (ii) the Escrow Agent
terminates this Escrow Agreement pursuant to Section 6.10 hereof, and
thereafter the Escrow Agent receives written notice substantially in the form
of Exhibit C-2 hereto stating that a new escrow holder has not been
appointed prior to the termination of this Escrow Agreement, the Escrow Agent
shall, on the date set forth in such notice, which in no event shall be less
than two (2) Business Days following such party’s receipt of such notice,
redeem or otherwise liquidate the Escrow Funds and disburse the Escrow Funds
(including any income, interest, or other amounts earned on the Escrow Funds),
pursuant to the instructions set forth in such notice.

(f) 
The Escrow Agent will only accept instructions that have been signed by
those persons authorized to do so per an authorization in the form of Exhibit B
(as such exhibit may be amended and supplemented from time to time).  The signatures contained in an authorization
in the form of Exhibit B hereto will be considered good and valid
for all purposes of this Escrow Agreement until rescinded or modified in
writing via a new authorization in the form of Exhibit B delivered
to the Escrow Agent.

(g) 
Except as otherwise provided pursuant to Section 3.01, Section 3.02 and
Section 3.06(a) hereof and this Section 5.01, the Escrow Funds may not
be disbursed under any conditions except those set forth above in this Section
5.01, and the parties agree that neither the QI nor any Legal Entity shall have
the authority to direct (and no such direction shall be effective against) the
Escrow Agent to disburse Escrow Funds. 
All disbursements made pursuant to this Escrow Agreement by the Escrow
Agent shall be made by wire or other Electronic Funds Transfer unless such
party, in its sole discretion, agrees to another method of disbursement.

 9
 

ARTICLE VI

Miscellaneous Provisions

SECTION
6.01.  Obligations of the Escrow
Agent.

(a)  The Escrow Agent shall invoice each Legal
Entity quarterly for authorized fees and expenses payable by such Legal
Entity.  Payments of reasonable fees and
expenses pursuant to an invoice shall be due thirty (30) days from the
date of each Legal Entity’s receipt of such invoice plus any required
supporting documentation.

(b)  The Escrow Agent shall not have any
obligation to, nor shall it incur any liability for failing to, advance, use or
risk, in any manner or for any purpose, its own funds or otherwise incur
financial liability in the performance of any of its duties or in the exercise
of any of its rights or powers hereunder. 
The provisions of this Section 6.01(b) shall survive the termination of
this Escrow Agreement.

(c)  Except as expressly contemplated by this
Escrow Agreement, the Escrow Agent shall not sell, transfer or otherwise
dispose of in any manner all or any portion of the Escrow Funds, except
pursuant to an order of a court of competent jurisdiction.

(d)  The duties, responsibilities and obligations
of the Escrow Agent under this Escrow Agreement shall be limited to those
expressly set forth herein, and no duties, responsibilities or obligations
shall be inferred or implied.  Other than
as contemplated herein, the Escrow Agent shall not be subject to, or required
to comply with, any other agreement between the Legal Entities and the QI or to
which a Legal Entity or the QI is a party, or to comply with any direction or
instruction (other than those contained herein or delivered in accordance with
this Escrow Agreement) from a Legal Entity or the QI or an entity or entities
acting on their behalf.

(e)  If at any time the Escrow Agent is served
with any judicial or administrative order, judgment, decree, writ or other form
of judicial or administrative process that in any way affects the Escrow Funds,
the Escrow Agent shall, in the case of Escrow Funds of HVF, promptly notify the
Trustee of such occurrence, in the case of Escrow Funds of Hertz with respect
to GE Financed Vehicles, promptly notify the GE Collateral Agent of such
occurrence, and, in any case, be authorized to comply therewith in any manner
that it or legal counsel of its own choosing reasonably deems appropriate; and
if the Escrow Agent complies with any such judicial or administrative order,
judgment, decree, writ or other form of judicial or administrative process, it
shall not be liable to any of the parties hereto or to any other person or
entity even though such order, judgment, decree, writ or process may be
subsequently modified or vacated or otherwise determined to have been without
legal force or effect.

(f)  The Escrow Agent shall not be under any duty
to give the Escrow Funds held by it hereunder any greater degree of care than
it gives its own similar property and shall not be required to invest any
Escrow Funds held hereunder except as provided for in this Escrow
Agreement.  Uninvested funds held
hereunder shall not earn or accrue interest.

 10
 

(g)  At any time the Escrow Agent may request an instruction
in writing from any of the Legal Entities and the QI and may, at its own
option, include in such request the course of action it proposes to take and
the date on which it proposes to act, regarding any matter arising in
connection with its duties and obligations hereunder.  The Escrow Agent shall not be liable for
acting in accordance with such a proposal on or after the date specified
therein, provided that the specified date shall be at least three
(3) Business Days after the applicable Legal Entity, the Trustee and the
QI receive such party’s request for instructions and its proposed course of
action, and provided  further that, prior to so acting, the Escrow
Agent has not received the written instructions requested, including a refusal
to the proposed course of action.

(h)  In the event of any ambiguity or uncertainty
hereunder or in any notice, instruction or other communication received
hereunder by the Escrow Agent, the Escrow Agent may, in its sole discretion,
only after notifying the applicable Legal Entity, the Trustee and the QI in
writing, refrain from taking any action other than retaining possession of the
Escrow Funds unless the Escrow Agent receives written instructions, signed by
such Legal Entity and the QI, which eliminates such ambiguity or uncertainty.

(i)  Each Legal Entity shall pay or reimburse the
Escrow Agent upon request, for any taxes relating to the Escrow Funds with
respect to such Legal Entity incurred in connection herewith and shall
indemnify and hold the Escrow Agent harmless from any amounts it is obligated
to pay in the way of such taxes.  In
addition, all interest or other income earned under this Escrow Agreement shall
be allocated to Exchangor for federal income tax purposes, and paid only as
directed by the applicable Legal Entity and the QI pursuant to the terms and
conditions of this Escrow Agreement, as supplemented by the terms of the Master
Exchange Agreement, and reported by Exchangor to the IRS or any other taxing
authority.  Notwithstanding any written
directions, the Escrow Agent shall report, and as required withhold, any taxes
it determines may be required by any law or regulation in effect at the time of
distribution.  If any earnings remain
undistributed at the end of any calendar year, the Escrow Agent shall report to
the IRS or such other authority such earnings as it deems appropriate or as
required by any applicable law or regulation. 
This Section 6.01(i) shall survive the termination of this Escrow
Agreement or the resignation or removal of the Escrow Agent.

(j)  The Escrow Agent shall be entitled to rely
upon any order, judgment, certification, demand, notice, instrument or other
writing delivered to it by a Legal Entity or otherwise hereunder without being
required to determine the authenticity or the correctness of any fact stated
therein or the propriety or validity or the service thereof.  Subject to Section 5.01(f) hereto, the Escrow
Agent may act in reliance upon, and shall be fully protected in relying upon,
any instrument or signature reasonably believed by it to be genuine and may
assume that any person purporting to give receipt or advice to make any
statement or execute any document in connection with the provisions hereof has
been duly authorized to do so.  All
written notices when received as provided pursuant to Section 6.03 hereof shall
be valid and accepted whether signed in counterparts or one document.

SECTION
6.02.  Conflicting Instructions;
Adverse Claims.  In the event of any
disagreement between any Legal Entity and the QI resulting in conflicting
instructions to (including the disapproval by the QI of a proposed Electronic
Funds Transfer pursuant to Section 3.01 or Section 3.02 hereof), or adverse
claims or demands by any Legal Entity and the QI upon,

 11
 

the Escrow Agent with respect to the release
of the Escrow Funds or any part thereof, then the Escrow Agent shall
immediately deliver a true copy thereof to the applicable Legal Entity, the QI
and, in the case of a disagreement involving HVF, the Trustee and, in the case
of a disagreement involving Hertz and Escrow Funds with respect to GE Financed
Vehicles, the GE Collateral Agent, along with such party’s written notice in
refusing to comply with the adverse claims or demands referred to above, or as
an alternative, wait for clarification from both such Legal Entity and the QI
before complying.  If the Escrow Agent
gives written notice to the applicable Legal Entity, the QI and, if required,
the Trustee or the GE Collateral Agent as referred to above, then the Escrow
Agent shall be entitled to and be fully protected in refusing to comply with
any claims or demands on it and shall continue to hold the Escrow Funds until
it receives either (i) a written notice signed by both the QI and the
applicable Legal Entity directing the delivery of the Escrow Funds or
(ii) a final order of a court of competent jurisdiction, entered in a
proceeding in which the QI and the applicable Legal Entity are named as
parties, directing the delivery of the Escrow Funds in accordance with the
terms of this Escrow Agreement, in either of which events the Escrow Agent
shall then deliver the Escrow Funds in accordance with said direction.  The Escrow Agent shall not be or become
liable in any way or to any person for its refusal to comply with any such
claims or demands until and unless it has received a direction of the nature
described in clause (i) or (ii) above.  Upon the taking by the Escrow Agent of any
action in accordance with clause (i) or (ii) above the
Escrow Agent shall be released of and from all liability hereunder with respect
to the Escrow Funds.

SECTION
6.03.  Notices.  All notices, requests, demands, waivers,
consents, approvals or other communications required or permitted hereunder
will be in writing, will be deemed given when actually received and will be
given by personal delivery, by facsimile transmission with receipt
acknowledged, by means of electronic mail, by same day or overnight courier
services or by registered or certified mail, postage prepaid, return receipt
requested, to the following addresses:

 12
 

The Escrow Agent
at:

                                              

                                              

                                              

Fax:                                       

The QI at:

J.P. Morgan
Property Exchange Inc.

1001 Hingham Street, Suite 300

Rockland, MA 02370

Attention:   William P. Lopriore, Jr.

Fax:  (781) 982-9558

Hertz, HVF or HGI, as applicable, at:

c/o The Hertz
Corporation

225 Brae Boulevard

Park Ridge, NJ 07656

Attention:   Treasurer

Fax:  (201) 307-2746

with a copy to the
Administrator at:

The Hertz
Corporation

225 Brae Boulevard

Park Ridge, NJ 07656

Attention:   Treasurer

Fax:  (201) 307-2746

OR

The Trustee at:

BNY Midwest Trust
Company

2 North LaSalle

Chicago, IL 60602

Attn:   Corporate Trust
Administrator-Structured Finance

Phone:  (312) 827-8569

Fax:  (312) 827-8562

 13
 

The GE Collateral
Agent at:

c/o GE Corporate
Financial Services

201 Merritt 7

Norwalk, CT 06856-5201

Attention: Operations Site Leader-2nd Floor

Tel: 203-956-4146

Fax: 203-229-5788

SECTION
6.04.  Notice of Claims Relating to
the Escrow Accounts.  If the Escrow
Agent receives a written notice signed by or on behalf of either the QI or a
Legal Entity advising the Escrow Agent that there is a pending litigation
between the QI and such Legal Entity or any other entity claiming entitlement
to the Escrow Funds, (i) the Escrow Agent may, on notice to the QI, such Legal
Entity, and in the case of litigation involving HVF, the Trustee and in the
case of litigation involving Hertz and Escrow Funds with respect to GE Financed
Vehicles, the GE Collateral Agent, deposit the Escrow Funds with the clerk of
the court in which said litigation is pending; or (ii) take such
affirmative steps as it elects in order to terminate its duties as escrow holder
hereunder, including, without limitation, the deposit of the Escrow Funds with
a court of competent jurisdiction and, if no action to which the QI and such
Legal Entity are parties is then pending with respect to the Escrow Funds, the
commencement of an action for interpleader, the costs thereof to be borne
jointly and severally by the QI and the applicable Legal Entity.

SECTION
6.05.  Limitation of Liabilities;
Indemnification.  (a)  The parties hereto hereby acknowledge and
agree that the duties of the Escrow Agent hereunder are purely ministerial, at
the request of the QI and each Legal Entity and for their convenience.  The Escrow Agent shall not be or be deemed to
be the agent or trustee for the QI or any Legal Entity, and neither the QI nor
any Legal Entity shall be or be deemed to be the agent or trustee of the Escrow
Agent.  The QI and each Legal Entity
agree that, notwithstanding any provision hereof to the contrary, the Escrow
Agent shall not incur any liability whatsoever for any action taken, suffered
or omitted or for any loss or injury resulting from its actions or the
performance or lack of performance of its duties hereunder in the absence of
gross negligence or willful misconduct on its part, and do hereby release and
waive any claim they may have against the Escrow Agent, which may result from
its performance of its obligations under this Escrow Agreement other than as a
result of gross negligence or willful misconduct.  Subject to the foregoing, the Escrow Agent
shall not be responsible or liable in any manner whatsoever for (a) acting
in accordance with or relying upon any instruction, notice, demand, certificate
or document from any Legal Entity or the QI or any entity acting on behalf of
any Legal Entity or the QI provided for herein, (b) the acts or omissions
in compliance and accordance with this Escrow Agreement of its nominees,
correspondents, designees, agents, subagents or subcustodians, so long as such
nominees, correspondents, designees, agents, subagents or subcustodians are selected
with due care, (c) the investment or reinvestment of any Escrow Funds held
by it hereunder in good faith in accordance with the terms hereof, (d) the
sufficiency, correctness, genuineness, validity or enforceability of any
document or instrument delivered to it, (e) the form of execution of any
such document or instrument, (f) the apparent identity, authority, or
rights of any person executing or delivering any such document or instrument,
(g) the terms and conditions of any document or instrument pursuant to
which the parties may act, (h) the validity or effectiveness of

 14
 

any of the transactions, or the treatment for
tax purposes of any of the transactions contemplated herein, (i) the sale
of the Relinquished Property or the selection or terms of acquisition of any
Replacement Property or other property, or the state of title, condition,
quality or value of any Relinquished Property, Replacement Property or other
property, (j) compliance with or monitoring the requirements of
Section 1031 of the Code and/or Revenue Procedure 2003-39, or
(k) the treatment for tax purposes of any Escrow Funds delivered or held
hereunder or the income, interest or other amounts which may be earned or
accrue relative to the Escrow Funds. 
Subject to Section 5.01(f), the Escrow Agent shall be entitled to rely
upon the authenticity of any signature purporting to be by the QI or any Legal
Entity received by it relating to this Escrow Agreement.

(b)  Hertz shall, and hereby does, indemnify,
protect, save, defend and hold harmless the Escrow Agent and its respective
officers, directors, employees, agents and attorneys from and against all
claims, loss, damage and costs, including reasonable attorney’s fees, incurred
in connection with the performance of the Escrow Agent’s duties hereunder,
except with respect to acts involving gross negligence or willful misconduct on
the part of the Escrow Agent.  The
provisions of this Section 6.05(b) shall survive the termination of this Escrow
Agreement.

(c)  The Escrow Agent shall not be required to
give any bond or other security hereunder. 
The QI and each Legal Entity hereby acknowledge that the Escrow Agent
shall not have any liability for any loss, cost or damage that the QI or any
Legal Entity or any other person or entity may sustain by reason of the failure
to pay, default, insolvency or bankruptcy of any entity or investment in which
the Escrow Funds may have been invested or deposited which prevents or delays
payment of the Escrow Funds or any interest, income or other amount earned or
accrued thereon as herein provided.

SECTION
6.06.  Entire Agreement; Successors
and Assigns.  This Escrow Agreement,
the Master Exchange Agreement and the other agreements referenced herein
contain the entire agreement between the parties relative to the subject matter
hereof and there are no verbal or collateral understandings, agreements,
representations or warranties not expressly set forth herein.  Except as expressly otherwise allowed herein,
no party may assign or otherwise transfer any of its rights or delegate any of
its duties or obligations under this Escrow Agreement without the prior written
consent of each other party, which consent shall not be unreasonably withheld; provided,
however, that no assignment shall be effective without satisfaction of
the Rating Agency Condition; provided further, however, that
(1) each Legal Entity may pledge all of its right, title and interest in
this Agreement to the extent not otherwise prohibited by the Related Documents
or by Treasury Regulation Section 1.1031(k)-1(g)(6) and (2) any party
hereto may assign (subject to the Rating Agency Condition) this Agreement,
without such written consent, other than the written consent of HVF and Hertz
in the case of an assignment by the Escrow Agent, to a successor or surviving
entity resulting from a merger or acquisition involving substantially all of a
party’s stock or assets.  To secure the
payment of the Note Obligations from time to time owing by HVF under the
Indenture, HVF has pledged and assigned to the Collateral Agent for the benefit
of the HVF Secured Parties a security interest in all of its right, title and
interest in, to and under this Escrow Agreement (but not the Escrow Accounts),
and the Escrow Agent, Hertz and HGI hereby consent to such assignment.  To secure HGI’s obligations under the HGI
Credit Facility and all other liabilities of HGI from time to time

 15
 

owing by HGI to Hertz thereunder, HGI has
pledged and assigned, to the Collateral Agent, for the benefit of the HGI
Secured Parties, a security interest in all of its right, title and interest
in, to and under this Escrow Agreement (but not the Escrow Accounts) and the
Escrow Agent, Hertz and HVF hereby consent to such assignment.  To secure Hertz’s obligations under the GE
Credit Agreement, the GE Collateral Agreement and the other GE Loan Documents,
Hertz has pledged and assigned to the GE Collateral Agent for the benefit of
the secured parties under the GE Collateral Agreement a security interest in
all of its right, title and interest in, to and under this Escrow Agreement
(but not the Escrow Accounts) insofar as it relates to GE Financed Vehicles and
the Escrow Agent, HVF and HGI hereby consent to such assignment.

SECTION
6.07.  Counterparts.  This Escrow Agreement may be executed in any
number of counterparts and any party hereto may execute any such counterpart,
each of which when executed and delivered will be deemed to be an original and
all of which counterparts when taken together will constitute but one and the
same instrument.  The execution of this
Agreement by any party hereto will not become effective until counterparts
hereof have been executed and delivered by each other party hereto.  It will not be necessary in making proof of
this Agreement or any counterpart hereof to produce or account for any other
counterparts.

SECTION
6.08.  No Third Party Beneficiaries.  Nothing contained in this Escrow Agreement is
intended, or will be construed, to confer upon or give to any Person, other
than the parties hereto and their respective successors and permitted assigns,
any rights or remedies under or by reason of this Escrow Agreement.

SECTION
6.09.  Authorization.  Each Person signing this Escrow Agreement and
any accompanying exhibits each represent and warrant that such Person has all
necessary power and authority to execute and deliver this Escrow Agreement and
any accompanying exhibits on behalf of the party for whom they are so executing
and delivering the same.

SECTION
6.10.  Termination.  (a) 
Upon delivery of all of the Escrow Funds and all interest earned thereon
as required or permitted hereunder and following written notice to each of the
Escrow Agent and the Trustee of termination of this Escrow Agreement, the
Escrow Agent shall be relieved and discharged from all obligations and liabilities
hereunder with respect thereto and this Escrow Agreement shall thereupon be
deemed terminated.

Notwithstanding
any provision herein to the contrary, the Escrow Agent shall have the right to
terminate this Escrow Agreement, as it relates to such party, at any time (the “Termination
Date”) prior to complete disbursement of all of the Escrow Funds upon not
less than ninety (90) Business Days’ notice to the QI, each Legal Entity
and the Trustee, provided, however, that if a notice to disburse
the Escrow Funds pursuant to Section 5.01 hereof is received by the Escrow
Agent and such disbursement is to occur prior to the Termination Date, then the
Escrow Agent will comply with the terms of this Escrow Agreement and make such
disbursement pursuant hereto.  If the
Escrow Agent gives notice setting a Termination Date, the Legal Entities and
the QI may, at their option and provided that the Rating Agency Condition with
respect to each Series of Notes Outstanding is satisfied with respect thereto,
appoint one or more new escrow agents pursuant to an escrow agreement
substantially in the form of this Escrow Agreement and, provided, the Escrow
Agent shall receive an instruction substantially in

 16
 

the form of Exhibit C-1 hereto not less
than two (2) Business Days prior to the Termination Date, the Escrow Agent
shall deliver the Escrow Funds in accordance with such instruction.

SECTION
6.11.  No Discretion.  The Escrow Agent may act through agents or
attorneys-in-fact, by and under a power of attorney duly executed by the Escrow
Agent in carrying out any of the powers and duties pursuant to this Escrow
Agreement, subject to clause (b) of Section 6.05(a) hereof.  The Escrow Agent shall not be required to
exercise any discretion hereunder.

SECTION
6.12.  GOVERNING LAW AND VENUE. 
THIS ESCROW AGREEMENT SHALL BE CONSTRUED IN ACCORDANCE WITH AND BE
GOVERNED BY THE LAWS OF THE STATE OF NEW YORK, AND THE OBLIGATIONS, RIGHTS AND
REMEDIES OF THE PARTIES HEREUNDER SHALL BE DETERMINED IN ACCORDANCE WITH SUCH
LAWS.  VENUE SHALL BE IN ANY STATE OR
FEDERAL COURT WITHIN THE STATE OF NEW YORK.

SECTION
6.13.  JURY TRIAL WAIVER.  EACH
LEGAL ENTITY, THE QI AND THE ESCROW AGENT HEREBY IRREVOCABLY AND
UNCONDITIONALLY WAIVES ITS RIGHT TO TRIAL BY JURY IN ANY LEGAL ACTION OR
PROCEEDING ARISING FROM THE SUBJECT MATTER OF THIS ESCROW AGREEMENT, INCLUDING
ANY COUNTERCLAIM THERETO.

SECTION
6.14.   Certain Bankruptcy Events.  If the Escrow Agent:

(a) 
suffers the entry against it of a judgment, decree or order for relief
by a court of competent jurisdiction or any regulatory agency in an involuntary
proceeding commenced under any applicable insolvency, receivership or other
similar law of any jurisdiction now or hereafter in effect, or has any such
proceeding commenced against it which remains undismissed for a period of
thirty (30) days, or

(b) 
commences a voluntary case under any applicable bankruptcy, insolvency,
receivership or similar law now or hereafter in effect; or applies for or
consents to the entry of an order for relief in an involuntary case under any
such law; or makes a general assignment for the benefit of creditors; or fails
generally to pay (or admits in writing its inability to pay) its debts as such
debts become due; or takes corporate or other action to authorize any of the
foregoing,

(c) 
then the Legal Entities may, immediately upon notice to the QI, the
Trustee, the GE Collateral Agent and the Escrow Agent (together with a copy of
the replacement escrow agreement referred to below), and subject to
satisfication of the Rating Agency Condition with respect to each Outstanding
Series of Notes, terminate this Escrow Agreement, appoint, or cause the QI to
appoint, a successor escrow agent and enter into a replacement escrow agreement
with such successor.

SECTION
6.15.  Force Majeure.  No party to this Escrow Agreement is liable
to any other party for losses due to, or if it is unable to perform its
obligations under the terms of this Escrow Agreement if such inability to
perform is caused by, circumstances reasonably beyond a party’s control, such
as natural disasters, fire, floods, third party strikes, failure of

 17
 

public utilities or telecommunications
infrastructure or any other causes reasonably beyond its control.

SECTION
6.16.  Treasury Regulations Disclosure
Requirements.  Each Legal Entity
represents that it does not intend to treat any transaction contemplated by
this Escrow Agreement as a reportable transaction within the meaning of
Section 1.6011-4 of the Treasury Regulations, and without limiting the
foregoing, will fully comply with the filing and reporting requirements
applicable to like-kind exchanges, including any requirement in applicable
regulations and forms.  In the event that
any Legal Entity determines to take any action inconsistent with such
intention, such Legal Entity will promptly notify the QI, and each Legal Entity
acknowledges that in this event, any other party to this Escrow Agreement may
treat the transaction as subject to Section 301.6112-1 of the Treasury
Regulations, and maintain the investor list and other records required by such
Treasury Regulation.

SECTION
6.17.  Power of Attorney.  Each of HVF and HGI shall execute on the date
hereof a power of attorney substantially in the form of Exhibit D
hereto, pursuant to which Hertz may exercise any of HVF’s or HGI’s rights under
this Escrow Agreement, including the right to execute any and all documents
pertaining to the transfer or release of Escrow Funds and to terminate the
Escrow Agreement.

SECTION
6.18.  No Petitions.  The Escrow Agent hereby covenants and agrees
that, prior to the date which is one year and one day after the payment in full
of all of the Notes, it will not institute against, or join any other Person in
instituting against HVF, the QI or Hertz, any bankruptcy, reorganization,
arrangement, insolvency or liquidation proceedings or other similar proceeding
under the laws of the United States or any state of the United States.  In the event that the Escrow Agent takes
action in violation of this Section 6.18, (i) each of the QI and HVF
agrees, for the benefit of the HVF Secured Parties, and (ii) Hertz agrees,
for the benefit of the parties to the GE Loan Documents, that it shall file an
answer with the bankruptcy court or otherwise properly contest the filing of
such a petition by the Escrow Agent against the QI, HVF or Hertz or the
commencement of such action and raise the defense that the Escrow Agent 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 6.18 shall survive the termination of this Agreement.

SECTION
6.19.  Waiver of Setoff.  The Escrow Agent agrees that all monies,
checks, instruments and other items of payment deposited into the Escrow Accounts
shall not be subject to deduction, setoff, banker’s lien, or any other right in
favor of any Person, except that such party may setoff (i) any checks
credited to the Escrow Accounts and thereafter returned unpaid because of
uncollected or insufficient funds and (ii) items, including, without
limitation any Automated Clearing House transactions, which are returned for
any reason or any adjustments.

SECTION
6.20.  Electronic Documentation.  Each of the parties hereto agrees that any
instruction required to be delivered in the form of Exhibit A may be
provided in an

 18
 

electronic form so long as the form of
electronic documentation used is sufficient to constitute a legal and binding
instruction.

SECTION
6.21.  Servicer.  The parties to this Escrow Agreement
acknowledge and agree that Hertz acts as Servicer of HVF and HGI pursuant to
this Escrow Agreement, and, in such capacity, as the agent of HVF and HGI, for
purposes of performing certain duties of HVF and HGI under this Escrow
Agreement.  The parties to this Escrow
Agreement acknowledge and agree that Hertz, as Servicer, may take any action to
be taken by HVF or HGI under this Escrow Agreement.

SECTION
6.22.  Amendments.  This Escrow Agreement may be amended and
supplemented only by a written instrument duly executed by all the parties
hereto upon satisfaction of the Rating Agency Condition with respect to each
Series of Notes Outstanding.

SECTION
6.23.  Availability of Funds for
Payments.  Notwithstanding any
provisions contained in this Escrow Agreement to the contrary, HVF shall not,
and shall not be obligated to, pay any amount pursuant to this Escrow Agreement
unless HVF has funds which are not required to repay any Notes Outstanding when
due.  Prior to the commencement of an
insolvency proceeding by or against HVF, any amount which HVF does not pay
pursuant to the operation of the preceding sentence shall not constitute a
claim (as defined in § 101 of the Bankruptcy Code) against or obligation
of HVF for any such insufficiency unless and until HVF satisfies the provisions
of such preceding sentence.

(signature page follows)

 19

IN WITNESS WHEREOF, the parties hereto have caused
this Agreement to be duly executed by their respective authorized officers as
of the day and year first above written.

	
  

  	
  THE HERTZ CORPORATION,

  
	
   

  	
   

  
	
   

  	
  by

  
	
   

  	
   

  	
  /s/ Elyse
  Douglas

  
	
   

  	
   

  	
  Name: Elyse Douglas

  
	
   

  	
   

  	
  Title: Treasurer

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
  HERTZ VEHICLE FINANCING LLC,

  
	
   

  	
   

  	
   

  
	
   

  	
  by

  
	
   

  	
   

  	
  /s/ Elyse
  Douglas

  
	
   

  	
   

  	
  Name: Elyse Douglas

  
	
   

  	
   

  	
  Title: Vice President & Treasurer

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
  HERTZ GENERAL INTEREST LLC,

  
	
   

  	
   

  	
   

  
	
   

  	
  by

  
	
   

  	
   

  	
  /s/ Elyse
  Douglas

  
	
   

  	
   

  	
  Name: Elyse Douglas

  
	
   

  	
   

  	
  Title: Vice President & Treasurer

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
  HERTZ CAR EXCHANGE INC.,

  
	
   

  	
   

  	
   

  
	
   

  	
  by

  
	
   

  	
   

  	
  /s/ William P.
  Lopriore, Jr.

  
	
   

  	
   

  	
  Name: William P. Lopriore, Jr.

  
	
   

  	
   

  	
  Title: Senior Vice President

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
  J.P. MORGAN CHASE BANK, N.A.,

  
	
   

  	
   

  	
   

  
	
   

  	
  by

  
	
   

  	
   

  	
  /s/ William P.
  Lopriore, Jr.

  
	
   

  	
   

  	
  Name: William P. Lopriore, Jr.

  
	
   

  	
   

  	
  Title: Senior Vice President

  
				

 

Exhibit A

To:                                                                                                                                                                                       

Escrow Agent Account Number #:                        

Legal Entity:  [                           ]
[                              ]
[                              ]

Legal Entity’s Taxpayer
Identification Number:

Instructions for Receipt of Escrow Funds and
Disbursement of Funds for Acquisition of Replacement Property 

Description of Relinquished Property and Deposit into
Disbursement Account:

$                           
will be transferred to the above-referenced escrow account on or about                            .  These funds are the net proceeds from the
sale of the Relinquished Property by the Legal Entity to a buyer or Additional
Subsidies provided by the Legal Entity. 
The funds will be delivered in the form of (check one):

       
federal funds wire         cashier’s check

Disbursement for Purchase of Replacement Property:

Be advised that
the Legal Entity has followed the notification and closing procedures relative
to a Replacement Property in accordance with the requirements of Internal
Revenue Code Section 1031 and the regulations promulgated thereunder.  As a result, please attend to the following
transfer upon this instruction.  Please
make the following wire transfer:

AMOUNT:  $                          

FROM ACCOUNT #:                          

TO:  [Include
Wiring Instructions]

FOR VALUE:                          

Authorization to Disburse Funds for Acquisition of a
Replacement Property from Exchange Account:

Be advised that the Legal Entity has followed the
notification and closing procedures relative to a Replacement Property in
accordance with the requirements of Internal Revenue Code Section 1031 and
the regulations promulgated thereunder. 
As a result, please attend to the following transfer upon receipt of
this instruction.

You are hereby authorized to liquidate the investment
previously specified and disburse the proceeds, if any, of the Escrow Funds
from the appropriate account as follows:

AMOUNT:  $                         

FROM EXCHANGE
ACCOUNT #:                           

TO DISBURSEMENT ACCOUNT
#:                          

FOR VALUE:                          

Return of Funds from
Disbursement Accounts:

Please return funds from the following accounts, as
instructed below:

AMOUNT:  $                                                                                                                                           

FROM EXCHANGE
ACCOUNT #:                                                                                               

TO ACCOUNT #:                                                                                                                                    

FOR VALUE:                              

AMOUNT: $                                                                                                                                           

FROM DISBURSEMENT
ACCOUNT #:                                                                                             

TO ACCOUNT #:                                                                                                                                   

FOR VALUE:                          

Authorized by:

[The undersigned hereby certifies to the Escrow Agent
and                                                      
that this instruction has been provided to the Escrow Agent and                                                       
simultaneously, and the Escrow Agent may rely upon this certification in
compliance with Sections 3.01 and 3.02 of the Escrow
Agreement when making transfers from the Escrow Accounts without the signature
of                                                
upon this written instruction](1)

Legal Entity:                                                                 ,
[on its own behalf] [as Servicer for                                                         ]
[                                                               ]
[                                                 ]

	
  By:

  	
   

  	
   

  	
  Date:

  	
   

  
	
  Print Name:

  	
   

  	
   

  	
   

  
	
  Title:

  	
   

  	
   

  	
   

  
							

 

	
  By:

  	
   

  	
   

  	
  Date:

  	
   

  
	
  Print Name:

  	
   

  	
   

  	
   

  
	
  Title:

  	
   

  	
   

  	
   

  
							

 

[Qualified Intermediary:                                          ](2)

	
  By:

  	
   

  	
   

  	
  Date:

  	
   

  
	
  Print Name:

  	
   

  	
   

  	
   

  
	
  Title:

  	
   

  	
   

  	
   

  
							

 

(1) Certification may be removed for any instruction
executed by both                                                        
and                                                        .

(2) No signature required if certification above is
included

Authorization to Terminate Escrow — Failure
to Identify Replacement Property

Description of Relinquished Property:

The Legal Entity has failed to identify a Replacement
Property within the required period after transfer of title to the Relinquished
Property in accordance with the requirements of Section 1031 of the Internal
Revenue Code of 1986, as amended.  As a
result, the exchange relating to the funds in this escrow account shall
terminate effective                                            .

You are hereby authorized to liquidate the entire
investment and disburse the net proceeds, if any, of the Escrow Funds as
follows:

For                                                                        ,
for the benefit of                                     ,
as Trustee, Invoice Number:                                                                

Amount:  $                                                                    

Bank Information:

ABA/Routing Number:

Account Name:

Account Number: *                                              

For Value:                     

Remit the balance, plus
accrued income, to:

Bank:    

ABA Number:                                                                                           

Account Name:                                                                                          

Account Number:                                                                                       

For Value:                                  

Authorized by:

Qualified
Intermediary:                                                                              

	
  By:

  	
   

  	
   

  	
  Date:

  	
   

  
	
  Print Name:

  	
   

  	
   

  	
   

  
	
  Title:

  	
   

  	
   

  	
   

  
							

 

Legal Entity:                                                                 ,
[on its own behalf] [as Servicer for                                                         ]
[                                                               ]
[                                                      ]

	
  By:

  	
   

  	
   

  	
  Date:

  	
   

  
	
  Print Name:

  	
   

  	
   

  	
   

  
	
  Title:

  	
   

  	
   

  	
   

  
							

 

	
  By:

  	
   

  	
   

  	
  Date:

  	
   

  
	
  Print Name:

  	
   

  	
   

  	
   

  
	
  Title:

  	
   

  	
   

  	
   

  
							

 

Authorization to Terminate Escrow - Failure to
Acquire within 180 Days

Description of Relinquished Property:

The Legal Entity has failed to acquire title to a
Replacement Property within the required period after transfer of title to the
Relinquished Property in accordance with the requirements of
Section 1031.  As a result, the
exchange relating to the funds in this escrow account shall terminate effective
                                         .

You are hereby authorized to liquidate the entire
investment and disburse not later than 2 Business Days after receipt of this
notice, the net proceeds, if any, of the Escrow Funds as follows:

For                                                                
Invoice Number:       

Amount: $                                                      

Bank Information:

ABA/Routing Number:

Account Name:

Account Number: *                                                         

For Value:                                   

Remit the balance, plus accrued income, to:

Bank:                                                 

ABA Number:                                                                    

Account Name:                                                                    

Account Number:                                                                 

For Value:                                                         

Authorized by:

Qualified
Intermediary:                                                                

	
  By:

  	
   

  	
   

  	
  Date:

  	
   

  
	
  Print Name:

  	
   

  	
   

  	
   

  
	
  Title:

  	
   

  	
   

  	
   

  
							

 

Legal Entity:                                                                 ,
[on its own behalf] [as Servicer for                                                         ]
[                                                               ]
[                                                     ]

	
  By:

  	
   

  	
   

  	
  Date:

  	
   

  
	
  Print Name:

  	
   

  	
   

  	
   

  
	
  Title:

  	
   

  	
   

  	
   

  
							

 

	
  By:

  	
   

  	
   

  	
  Date:

  	
   

  
	
  Print Name:

  	
   

  	
   

  	
   

  
	
  Title:

  	
   

  	
   

  	
   

  
							

 

Exhibit B

Person(s) Authorized to Execute Escrow Agreement and
Exhibits

To:                                                                                                                                                                               

Escrow Agent Account Numbers ######## and [                             ]

Legal Entities:                                                      ,
                                                                ,

                                                                
and                                            

Legal Entities’ Taxpayer Identification Numbers:

Description of
Relinquished Property:

The following person is
authorized to execute the Escrow Agreement on behalf of each Legal Entity:

	
  Authorized Signature:

  	
   

  	
   

  
	
  Print Name:

  	
   

  	
   

  
	
  Title:

  	
   

  	
   

  
					

 

Any of the following
persons are authorized to execute the instructions on behalf of any Legal
Entity:

	
  Authorized Signature:

  	
   

  	
   

  
	
  Print Name:

  	
   

  	
   

  
	
  Title:

  	
   

  	
   

  
					

 

	
  Authorized Signature:

  	
   

  	
   

  
	
  Print Name:

  	
   

  	
   

  
	
  Title:

  	
   

  	
   

  
					

 

	
  Authorized
  Signature:

  	
   

  	
   

  
	
  Print Name:

  	
   

  	
   

  
	
  Title:

  	
   

  	
   

  
					

 

	
  Authorized Signature:

  	
   

  	
   

  
	
  Print Name:

  	
   

  	
   

  
	
  Title:

  	
   

  	
   

  
					

 

 

	
  Authorized Signature:

  	
   

  	
   

  
	
  Print Name:

  	
   

  	
   

  
	
  Title:

  	
   

  	
   

  
					

 

Any of the following persons are authorized to execute
the Escrow Agreement and instructions on behalf of the QI.

	
  Authorized Signature:

  	
   

  	
   

  
	
  Print Name:

  	
   

  	
   

  
	
  Title:

  	
   

  	
   

  
					

 

	
  Authorized Signature:

  	
   

  	
   

  
	
  Print Name:

  	
   

  	
   

  
	
  Title:

  	
   

  	
   

  
					

 

	
  Authorized Signature:

  	
   

  	
   

  
	
  Print Name:

  	
   

  	
   

  
	
  Title:

  	
   

  	
   

  
					

 

THIS EXHIBIT MUST BE
SIGNED AND RETURNED WITH THE ESCROW AGREEMENT

Exhibit C-1

Instruction to Transfer Escrow Funds to New Escrowee

To:                                                                                                                                                                           

Escrow Agent Account Number

Legal Entity:                                ,
                                           ,
                                           

                                                               

                                       
and                                                  

Legal Entity’s Taxpayer Identification Numbers:

Description of
Relinquished Property:

We hereby acknowledge or initiate notice of
termination of the Escrow Agreement with you relative to the above account
effective                                       .  You are hereby advised that the undersigned
have appointed a new escrow holder. 
Therefore, the Escrow Funds are to be redeemed or otherwise liquidated
and disbursed on                                       .

You are hereby authorized to liquidate the entire
investment, deduct any fees for your services or expenses, and disburse the net
proceeds of the Escrow Funds as follows:

Bank:                                                                                                

ABA Number:                                                                                  

Account Name:                                                                                

Account Number:                                                                             

For Value:                                                 

Authorized by:

Qualified Intermediary:                                                                                        

	
  By:

  	
   

  	
   

  	
  Date:

  	
   

  
	
  Print Name:

  	
   

  	
   

  	
   

  
	
  Title:

  	
   

  	
   

  	
   

  
							

 

Legal Entity:                                                                 ,
[on its own behalf] [as Servicer for][                                                        ]
[                                                               ]
[                                              ]

	
  By:

  	
   

  	
   

  	
  Date:

  	
   

  
	
  Print Name:

  	
   

  	
   

  	
   

  
	
  Title:

  	
   

  	
   

  	
   

  
							

 

 

	
  By:

  	
   

  	
   

  	
  Date:

  	
   

  
	
  Print Name:

  	
   

  	
   

  	
   

  
	
  Title:

  	
   

  	
   

  	
   

  
							

 

Acknowledged and
consented to by:

                                                          

	
  By:

  	
   

  	
   

  	
  Date:

  	
   

  
	
  Print Name:

  	
   

  	
   

  	
   

  
	
  Title:

  	
   

  	
   

  	
   

  
							

 

Exhibit C-2

Instruction to Transfer Escrow Funds

To:                                                                                                                                                                        

Escrow Agent Account Number

Legal Entity:                                                     ,
                                                                  ,

                                                      

                                                   
and                                                 

Legal Entity’s Taxpayer Identification Numbers:

Description of
Relinquished Property:

We hereby acknowledge or initiate notice of
termination of the Escrow Agreement with you relative to the above account
effective                               .  You are hereby advised that the undersigned
have not appointed a new escrow holder. 
Therefore, the Escrow Funds are to be redeemed or otherwise liquidated
and disbursed on                                .

You are hereby authorized to liquidate the entire
investment, deduct any fees for your services or expenses, and disburse the net
proceeds of the Escrow Funds as follows:

Funds in the HVF
Exchange Accounts

Bank:                                                                                                

ABA Number:                                                                                  

Account Name:                                                                                 

Account Number:                                                                              

For Value:                                           

Funds in the HGI
Exchange Accounts

Bank:                                                                                                

ABA Number:                                                                                  

Account Name:                                                                                

Account Number:                                                                              

For Value:                                             

Funds in the Hertz
Exchange Accounts

Bank:                                                                                                

ABA Number:                                                                                  

Account Name:                                                                                 

Account Number:                                                                              

For Value:                                             

Funds in the
Disbursement Accounts

Bank:                                                                                                

ABA Number:                                                                                  

Account Name:                                                                                

Account Number:                                                                             

For Value:                                                     

Authorized by:

Qualified Intermediary:                                                                             

	
  By:

  	
   

  	
   

  	
  Date:

  	
   

  
	
  Print Name:

  	
   

  	
   

  	
   

  
	
  Title:

  	
   

  	
   

  	
   

  
							

 

Legal
Entity:                                                                            ,
[on its own behalf] [as Servicer for][                                                    ][
                                         ][                                        ]

	
  By:

  	
   

  	
   

  	
  Date:

  	
   

  
	
  Print Name:

  	
   

  	
   

  	
   

  
	
  Title:

  	
   

  	
   

  	
   

  
							

 

	
  By:

  	
   

  	
   

  	
  Date:

  	
   

  
	
  Print Name:

  	
   

  	
   

  	
   

  
	
  Title:

  	
   

  	
   

  	
   

  
							

 

Acknowledged and
consented to by:

                                                            

	
  By:

  	
   

  	
   

  	
  Date:

  	
   

  
	
  Print Name:

  	
   

  	
   

  	
   

  
	
  Title:

  	
   

  	
   

  	
   

  
							

 

Exhibit D

Form of Power of Attorney

KNOW ALL MEN BY
THESE PRESENTS, that

[                                                                      ]
[                                                                 ]
does hereby make, constitute and appoint                                           (“          ”)
its true and lawful Attorney-in-Fact for it and in its name, stead and behalf,
to exercise any of its rights under the Escrow Agreement (the “Escrow
Agreement”), dated as of                 X,
200X, among                                       ,
                                                       ,
                               ,
                 ,
                            
and                                 ,
including but not limited to, the right to execute any and all documents
pertaining to the transfer or release of Escrow Funds (as defined in the Escrow
Agreement) and to terminate the Escrow Agreement.  This power is limited to the foregoing and
specifically does not authorize the creation of any liens or encumbrances on
any of said Escrow Funds.

The powers and
authority granted hereunder shall be effective as of the [      ]
day of          , 200X and unless
sooner terminated, revoked or extended, shall cease eight (8) years from
such date.

IN WITNESS
WHEREOF, [                                                    ]
[                                                                ]
has caused this instrument to be executed on its behalf by its duly authorized
officer this              
day of               ,
200X.

[                                                ]
]                       

                                           ]

	
  By:

  	
   

  

 

State of                           )

County of                       )

Subscribed and
sworn before me, a notary public, in and for said county and state, this         
day of                        ,
20   .

 

	
  

  	
  Notary Public

  

 

My Commission Expires:EXHIBIT 4.9.25

SUPPLEMENT TO

SECOND AMENDED AND RESTATED COLLATERAL AGENCY
AGREEMENT

among

THE HERTZ CORPORATION,

as grantor,

GELCO CORPORATION

d/b/a GE FLEET SERVICES,

as secured party,

and

BNY MIDWEST TRUST COMPANY

not in its individual capacity but solely

as Collateral Agent,

Dated as of January 26, 2007

	
  ARTICLE I

  	
   

  
	
   

  	
   

  
	
  CERTAIN
  DEFINITIONS

  	
   

  
	
   

  
	
  SECTION 1.1.

  	
   

  	
  Certain Definitions

  	
   

  	
  1

  
	
   

  	
   

  	
   

  	
   

  	
   

  
	
  SECTION 1.2.

  	
   

  	
  Interpretation and Construction

  	
   

  	
  1

  
	
   

  	
   

  	
   

  	
   

  	
   

  
	
  ARTICLE
  II

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
  COLLATERAL
  AGENT AS LIENHOLDER FOR THE SECURED PARTY

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
   

  
	
  SECTION 2.1.

  	
   

  	
  Security Interest

  	
   

  	
  2

  
	
   

  	
   

  	
   

  	
   

  	
   

  
	
  ARTICLE
  III

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
  REPRESENTATIONS,
  WARRANTIES AND COVENANTS

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
   

  
	
  SECTION 3.1.

  	
   

  	
  Representations and Warranties of the Grantor

  	
   

  	
  3

  
	
   

  	
   

  	
   

  	
   

  	
   

  
	
  SECTION 3.2.

  	
   

  	
  Covenants of the Grantor

  	
   

  	
  3

  
	
   

  	
   

  	
   

  	
   

  	
   

  
	
  ARTICLE
  IV

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
   

  
	
  THE
  COLLATERAL AGENT

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
   

  
	
  SECTION 4.1.

  	
   

  	
  Appointment

  	
   

  	
  4

  
	
   

  	
   

  	
   

  	
   

  	
   

  
	
  SECTION 4.2.

  	
   

  	
  Representations

  	
   

  	
  5

  
	
   

  	
   

  	
   

  	
   

  	
   

  
	
  SECTION 4.3.

  	
   

  	
  Exculpatory Provisions

  	
   

  	
  5

  
	
   

  	
   

  	
   

  	
   

  	
   

  
	
  SECTION 4.4.

  	
   

  	
  Limitations on Duties of the Collateral Agent

  	
   

  	
  5

  
	
   

  	
   

  	
   

  	
   

  	
   

  
	
  SECTION 4.5.

  	
   

  	
  Resignation and Removal of the Collateral Agent

  	
   

  	
  7

  
	
   

  	
   

  	
   

  	
   

  	
   

  
	
  SECTION 4.6.

  	
   

  	
  Merger of the Collateral Agent

  	
   

  	
  8

  
	
   

  	
   

  	
   

  	
   

  	
   

  
	
  SECTION 4.7.

  	
   

  	
  Compensation and Expenses

  	
   

  	
  8

  
	
   

  	
   

  	
   

  	
   

  	
   

  
	
  SECTION 4.8.

  	
   

  	
  Stamp, Other Similar Taxes and Filing Fees

  	
   

  	
  8

  
	
   

  	
   

  	
   

  	
   

  	
   

  
	
  SECTION 4.9.

  	
   

  	
  Indemnification

  	
   

  	
  8

  
	
   

  	
   

  	
   

  	
   

  	
   

  
	
  SECTION 4.10.

  	
   

  	
  Waiver of Set-Off by the Collateral Agent

  	
   

  	
  9

  
	
   

  	
   

  	
   

  	
   

  	
   

  
						

 

 i
 

 

	
  ARTICLE V

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
   

  
	
  MISCELLANEOUS

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
   

  
	
  SECTION 5.1.

  	
   

  	
  Amendments, Supplements and Waivers

  	
   

  	
  9

  
	
   

  	
   

  	
   

  	
   

  	
   

  
	
  SECTION 5.2.

  	
   

  	
  Notices

  	
   

  	
  9

  
	
   

  	
   

  	
   

  	
   

  	
   

  
	
  SECTION 5.3.

  	
   

  	
  Headings

  	
   

  	
  9

  
	
   

  	
   

  	
   

  	
   

  	
   

  
	
  SECTION 5.4.

  	
   

  	
  Severability

  	
   

  	
  9

  
	
   

  	
   

  	
   

  	
   

  	
   

  
	
  SECTION 5.5.

  	
   

  	
  Counterparts

  	
   

  	
  10

  
	
   

  	
   

  	
   

  	
   

  	
   

  
	
  SECTION 5.6.

  	
   

  	
  Binding Effect

  	
   

  	
  10

  
	
   

  	
   

  	
   

  	
   

  	
   

  
	
  SECTION 5.7.

  	
   

  	
  Governing Law

  	
   

  	
  10

  
	
   

  	
   

  	
   

  	
   

  	
   

  
	
  SECTION 5.8.

  	
   

  	
  Effectiveness

  	
   

  	
  10

  
	
   

  	
   

  	
   

  	
   

  	
   

  
	
  SECTION 5.9.

  	
   

  	
  Termination of this Agreement

  	
   

  	
  10

  
	
   

  	
   

  	
   

  	
   

  	
   

  
	
  SECTION 5.10.

  	
   

  	
  No Waiver; Cumulative Remedies

  	
   

  	
  10

  
	
   

  	
   

  	
   

  	
   

  	
   

  
	
  SECTION 5.11.

  	
   

  	
  Submission To Jurisdiction; Waivers

  	
   

  	
  11

  
	
   

  	
   

  	
   

  	
   

  	
   

  
	
  SECTION 5.12.

  	
   

  	
  Waiver of Jury Trial

  	
   

  	
  11

  
	
   

  	
   

  	
   

  	
   

  	
   

  
	
  SECTION 5.13.

  	
   

  	
  No Recourse

  	
   

  	
  11

  

 

 ii

SUPPLEMENT TO SECOND

AMENDED AND RESTATED 

COLLATERAL AGENCY AGREEMENT

THIS SUPPLEMENT TO THE SECOND AMENDED AND RESTATED
COLLATERAL AGENCY AGREEMENT, dated as of January 26, 2007 (as the same may be amended, supplemented,
restated or otherwise modified from time to time in accordance with the terms
hereof, this “Agreement”), among THE HERTZ CORPORATION, a Delaware
corporation, as the grantor (the “Grantor”), GELCO CORPORATION d/b/a GE
FLEET SERVICES, including in its capacity as Domestic Collateral Agent, as the
secured party (the “Secured Party”), and BNY MIDWEST TRUST COMPANY, an
Illinois trust company, as collateral agent for the Secured Party (in such
capacity, the “Collateral Agent”).

The parties are entering into this Agreement to
supplement the Second Amended and Restated Collateral Agency Agreement, dated
as of the date hereof (as the same may be amended, supplemented, restated or
otherwise modified from time to time in accordance with the terms thereof, the “Base
Agreement”), among Hertz Vehicle Financing LLC (“HVF”), Hertz
General Interest LLC (“HGI”), the Grantor, BNY Midwest Trust Company
(not in its individual capacity, but solely as trustee for holders of HVF
notes) and the Collateral Agent.

In consideration of the premises, the Grantor hereby agrees
with the Collateral Agent for the benefit of the Secured Party as follows:

ARTICLE I

CERTAIN
DEFINITIONS

SECTION 1.1. Certain Definitions.  (a) 
Unless otherwise specified herein, capitalized terms used herein shall
have the meanings assigned to such terms in the Base Agreement, either directly
or by reference to other agreements.

(b) As used herein “Other Hertz Assets” means all right, title
and interest of the Grantor in, to and under the following, whether now
existing or hereafter acquired: (i) all monies on deposit from time to
time in the Collateral Accounts constituting Proceeds from the disposition of
or otherwise arising from, related to or in respect of Vehicles owned by the
Grantor that are not GE Financed Vehicles, and all Proceeds thereof; and
(ii) to the extent not otherwise included, all Proceeds and products of
any and all of the foregoing and all collateral security and guarantees given
by any Person with respect to any of the foregoing.

SECTION 1.2. Interpretation and Construction.  Unless the context of this Agreement
otherwise clearly requires, references to the plural include the singular, to
the singular include the plural and to the part include the whole.  The words “hereof”, “herein”, “hereunder” and
similar terms in this Agreement refer to this Agreement as a whole and not to
any particular provision of this Agreement. 
Unless otherwise stated in this Agreement, in the

 1
 

computation of
a period of time from a specified date to a later specified date, the word “from”
means “from and including” and the words “to” and “until” each means “to but
excluding”.  Sections and other headings
contained in this Agreement are for reference purposes only and shall not
control or affect the construction of this Agreement or the interpretation hereof
in any respect.  Section and subsection
references are to this Agreement unless otherwise specified.  As used in this Agreement, the masculine,
feminine or neuter gender shall each be deemed to include the others whenever
the context so indicates.

ARTICLE
II

COLLATERAL
AGENT AS LIENHOLDER

FOR THE SECURED PARTY

SECTION 2.1. Security Interest. 
(a) As security for the payment of the obligations from time to time
owing by Hertz under the GE Loan Documents, the Grantor hereby grants, pledges
and assigns to the Collateral Agent for the benefit of the Secured Party a
security interest in all right, title and interest of Hertz in, to and under
the following, whether now existing or hereafter acquired (the “Hertz
Collateral”):

(i) the
Collateral Accounts, all monies on deposit from time to time in the Collateral
Accounts constituting Proceeds from the disposition of or otherwise arising
from, related to or in respect of GE Financed Vehicles, and all Proceeds
thereof; and

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

The Collateral Agent agrees that all of its right,
title and interest in and to the Hertz Collateral shall be solely for the
benefit of the Secured Party.

(b) The Secured Party hereby agrees that it shall be entitled to the
benefits of this Agreement and, to the extent provided therein, the Base
Agreement, only with respect to the Hertz Collateral.  The Secured Party hereby acknowledges that it
shall have no interest in (i) any funds in a Collateral Account that are
Proceeds of any HVF Vehicle or HGI Vehicle or that are Other Hertz Assets or
(ii) any other portion of the HVF Vehicle Collateral or the HGI Vehicle
Collateral or of the Other Hertz Assets, in each case regardless of the time,
order, manner or nature of attachment or perfection of security interests in
the GE Financed Vehicles, the HVF Vehicles or the HGI Vehicles (including the
giving of or failure to give any purchase money security interest or other
notice, or the order of filing financing statements), or any provision of the
UCC, the Bankruptcy Code, or other applicable law.

(c) The Collateral Agent agrees that (i) with respect to the Hertz
Collateral, it is acting hereunder and under the Base Agreement on behalf of
the Secured Party and (ii) with respect to the Other Hertz Assets, it is acting
hereunder and under the Base Agreement on behalf of the Grantor.

 2
 

ARTICLE
III

REPRESENTATIONS,
WARRANTIES AND COVENANTS

SECTION 3.1. Representations and Warranties of the Grantor.  The Grantor represents and warrants to the
Collateral Agent and the Secured Party as follows:

(a) The
execution, delivery and performance by the Grantor of this Agreement (i) is
within the Grantor’s corporate powers and has been duly authorized by all
necessary corporate action, (ii) requires no action by or in respect of, or
filing with, any Governmental Authority which has not been obtained and (iii)
does not contravene, or constitute a default under, any Requirements of Law
with respect to the Grantor or any Contractual Obligation with respect to the
Grantor or result in the creation or imposition of any Lien on any property of
the Grantor, except for Liens created by this Agreement.  This Agreement has been executed and
delivered by a duly authorized officer of the Grantor.

(b) No
consent, action by or in respect of, approval or other authorization of, or
registration, declaration or filing with, any Governmental Authority or other
Person is required for the valid execution and delivery by the Grantor of this
Agreement or for the performance of any of the Grantor’s obligations hereunder
other than such consents, approvals, authorizations, registrations,
declarations or filings as shall have been obtained by the Grantor prior to the
date hereof.

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

SECTION 3.2. Covenants of the Grantor.  The Grantor hereby agrees that:

(a) It shall
take all action necessary to maintain and to perfect the Collateral Agent’s
security interest on behalf of the Secured Party in the Hertz Collateral now in
existence and hereafter acquired or created, including, without limitation, the
filing of any financing or continuation statements under the UCC in effect in
any jurisdiction with respect to the liens and security interests granted hereunder.

(b) At any
time and from time to time, upon the written request of the Collateral Agent,
and at its sole expense, it will promptly and duly execute and deliver any and
all such further instruments and documents and take such further action as the
Collateral Agent may reasonably deem desirable in obtaining the full benefits
of this Collateral Agreement and of the rights and powers herein granted,
including, without limitation, the filing of any financing or continuation
statements under the UCC in effect in any jurisdiction with respect to the
liens and security interests granted hereby. 
It also hereby authorizes the Collateral Agent to file any such
financing or continuation statement, at its

 3
 

expense, it being understood that the
Collateral Agent shall have no obligation whatsoever to prepare or file such
financing statements.  If any amount
payable under or in connection with any of the Hertz Collateral shall be or
become evidenced by any promissory note, chattel paper or other instrument,
such note, chattel paper or instrument shall be deemed to be held in trust and
promptly pledged to the Collateral Agent hereunder, and shall, subject to the
rights of any Person in whose favor a prior Lien has been perfected, be duly
endorsed in a manner satisfactory to the Collateral Agent and delivered to the
Collateral Agent promptly.

(c) It shall
warrant and defend the Collateral Agent’s right, title and interest in and to
the Hertz Collateral and the Proceeds thereof, for the benefit of the Secured
Party against the claims and demands of all Persons whomsoever.

ARTICLE
IV

THE
COLLATERAL AGENT

SECTION 4.1. Appointment. 
(a) Each of the Secured Party and the Grantor, by its execution of
this Agreement, appoints the Collateral Agent as its agent under and for purposes
of this Agreement and the Base Agreement. 
Each of the Secured Party and the Grantor authorizes the Collateral
Agent to act on behalf of the Secured Party or the Grantor, as the case may be,
under this Agreement and the Base Agreement and, in the absence of other
written instructions from the Secured Party with respect to the Hertz
Collateral or the Grantor with respect to the Other Hertz Assets as may be
received from time to time by the Collateral Agent (with respect to which the
Collateral Agent agrees that it will comply) to exercise such powers hereunder
and thereunder as are specifically delegated to or required of the Collateral
Agent by the terms hereof or thereof and such powers as may be reasonably
incidental thereto.  The Collateral Agent
is hereby irrevocably appointed the true and lawful attorney-in-fact of the
Secured Party, in its name and stead, for such purposes as are necessary or
desirable to effectuate the provisions of this Agreement and the Base
Agreement, including, without limitation, in exercising remedies upon or
otherwise dealing with the Hertz Collateral. 
Such power of attorney is irrevocable and coupled with an interest.

(b) If the Secured Party represents in writing to the Collateral Agent
that it has the right to act with respect to the Hertz Collateral pursuant to
the GE Loan Documents, the Collateral Agent may conclusively rely upon such
representation and shall exercise any and all rights, remedies, powers and
privileges available to the Secured Party with respect to the Hertz Collateral
to the extent and in the manner directed by the Secured Party, at the expense
of the Grantor and subject to the other provisions of this Agreement (including
without limitation Section 4.4(d)), as permitted under the GE Loan
Documents, including, without limitation, the institution of legal or
administrative actions or proceedings. 
Each of the Grantor and the Secured Party agrees that the Collateral
Agent may exercise such rights, remedies, powers and privileges in lieu of the
Secured Party in accordance with the provisions of the preceding sentence.

(c) At any time after the occurrence and during the continuance of an
Event of Default, if the Collateral Agent shall default in its obligation to
exercise the rights, remedies,

 4
 

powers or
privileges of the Secured Party with respect to the Hertz Collateral in
accordance with the direction of the Secured Party (including any rights under Section
4.1(b)), the Collateral Agent shall, upon the written request of the
Secured Party, assign to the Secured Party the Collateral Agent’s security
interest in the Hertz Collateral and shall, at the Collateral Agent’s expense,
execute those instruments and documents necessary to effectuate such
assignment.

SECTION 4.2. Representations. 
The Collateral Agent hereby represents and warrants that (i) it is an
Illinois trust company, duly organized, validly existing and in good standing
under the laws of the State of Illinois and it has all requisite power and
authority to enter into and perform its obligations under this Agreement and
(ii) the execution, delivery and performance by it of this Agreement have been
duly authorized by all necessary corporate action on its part, and this
Agreement is the legal, valid and binding obligation of the Collateral Agent,
enforceable against it in accordance with its terms, except as such enforcement
may be limited by applicable bankruptcy, insolvency, moratorium or similar laws
affecting creditors’ rights generally and by the application of equitable
principles.

SECTION 4.3. Exculpatory Provisions.  The Collateral Agent makes no representations
as to the value or condition of the Hertz Collateral or any part thereof, as to
the title of the Grantor thereto, as to the protection afforded by this
Agreement or the Base Agreement, as to any statements, representations or
warranties made by any Person (other than itself) in or in connection with this
Agreement, the Base Agreement or any GE Loan Document, as to the validity,
execution (except its own execution), enforceability (except enforceability
against itself), priority, perfection, legality or sufficiency of this
Agreement, the Base Agreement or any GE Loan Document or any documents or
instruments referred to herein or therein, or the sufficiency or effectiveness
or perfection or priority of any Lien on any collateral described in this
Agreement, or as to the validity or collectibility of any obligation
contemplated by this Agreement or the Base Agreement, and the Collateral Agent
shall incur no liability or responsibility in respect of any such matters.  The Collateral Agent shall not be responsible
for insuring the Hertz Collateral or for the payment of taxes, charges,
assessments or Liens upon the Hertz Collateral or for filing any financing or
continuation statements or recording any documents or instruments in any public
office at any time or otherwise perfecting or maintaining the perfection of its
security interest in the Hertz Collateral purported to be granted hereby or
otherwise as to the maintenance of the Hertz Collateral.

SECTION 4.4. Limitations on Duties of the Collateral Agent.  (a) The Collateral Agent undertakes to
perform only the duties expressly set forth herein and in the Base Agreement
and no implied duties shall be read into this Agreement or the Base Agreement.  Nothing herein shall be deemed to constitute
the Collateral Agent a trustee or fiduciary for the Secured Party.

(b) The Collateral Agent may exercise the rights and powers granted to
it by this Agreement and the Base Agreement, together with such powers as are
reasonably incidental thereto, but only pursuant to the terms of this Agreement
and the Base Agreement.

(c) The Collateral Agent’s duty of care shall be solely to deal with
the Hertz Collateral as it would deal with property of its own, and the Collateral
Agent shall not be liable for any error of judgment made in good faith by an
officer thereof, or for any action taken or

 5
 

omitted to be
taken by it in accordance with this Agreement or the Base Agreement, except to
the extent caused by the gross negligence or willful misconduct of the
Collateral Agent.

(d) Except as required by the specific terms of this Agreement or the
Base Agreement, the Collateral Agent shall not be required to exercise any
discretion and shall have no duty to exercise or to refrain from exercising any
right, power, remedy or privilege granted to it hereby or by the Base
Agreement, or to take any affirmative action or refrain from taking any
affirmative action hereunder or thereunder, unless directed to do so by the
Secured Party or, as provided in the Base Agreement, the Servicer (and shall be
fully protected in acting or refraining from acting pursuant to or in
accordance with such directions, which shall be binding on the Secured
Party).  Notwithstanding anything herein
to the contrary, the Collateral Agent shall not be required to take any action
(a) that in its reasonable opinion is or may be contrary to law or to the terms
of this Agreement, the Base Agreement, any GE Loan Document or any other
agreement or instrument relating to the Hertz Collateral, or (b) which might or
would in its reasonable opinion subject it or any of its directors, officers,
employees or agents to personal or financial liability unless it is indemnified
hereunder or under the Base Agreement to its satisfaction (and if any indemnity
should become, in the reasonable determination of the Collateral Agent,
inadequate, the Collateral Agent may call for additional indemnity and cease to
act until such additional indemnity is given).

(e) The Collateral Agent may, in its sole discretion, retain counsel,
independent accountants and other experts selected by it and may act in
reliance upon the advice of such counsel, independent accountants and other
experts concerning all matters pertaining to the agencies hereby and by the
Base Agreement created and its duties hereunder and thereunder, and shall be
held harmless and shall not be liable for any action taken or omitted to be
taken by it in good faith in reliance upon or in accordance with the statements
and advice of such counsel (or counsel to the Grantor), accountants and other
experts.

(f) In the event that the Collateral Agent receives conflicting
instructions delivered in accordance with this Agreement or the Base Agreement,
the Collateral Agent shall have the right to seek instructions concerning its
duties and actions under this Agreement or the Base Agreement from any court of
competent jurisdiction.  If the
Collateral Agent receives unclear or conflicting instructions, it shall be
entitled to refrain from taking action until clear or non-conflicting
instructions are received, but shall inform the instructing party or parties
promptly of its decision to refrain from taking such action.  Without limiting the foregoing, in the event
that there is any disagreement between the parties hereto resulting in adverse
claims and demands being made in connection with the Hertz Collateral, or in
the event that the Collateral Agent in good faith is in doubt as to what action
it should take hereunder or under the Base Agreement, the Collateral Agent
shall be entitled to retain the Hertz Collateral until the Collateral Agent
shall have received (i) a final order of a court of competent jurisdiction
directing delivery of the Hertz Collateral or (ii) a written agreement executed
by the other parties hereto directing delivery of the Hertz Collateral in which
event the Collateral Agent shall disburse the Hertz Collateral in accordance
with such order or agreement.  Upon
request of the Collateral Agent, any such court order shall be accompanied by a
legal opinion by counsel for the presenting party satisfactory to the
Collateral Agent to the effect that such order is final.

 6
 

(g) The Collateral Agent shall not have any duty to ascertain or to
inquire as to the performance or observance of any of the terms, covenants or
conditions of this Agreement, the Base Agreement, any GE Loan Document or any
other agreements or instruments relating to the Hertz Collateral on the part of
any party hereto or thereto or to inspect any books and records relating to the
Hertz Collateral other than as it determines necessary in the fulfillment of
its own obligations hereunder.

(h) The Collateral Agent shall be entitled to rely on any
communication, certificate, instrument, opinion, report, notice, paper or other
document reasonably believed by it to be genuine and correct and to have been
signed, given or sent by the proper Person or Persons.  The Collateral Agent shall be entitled to
assume that a Collateral Account, and any funds on deposit in or to the credit
of a Collateral Account, are not subject to any writ, order, judgment, warrant
of attachment, execution or similar process (collectively, a “writ”),
unless (i) the Collateral Agent has actual knowledge thereof or (ii) the
Collateral Agent has received written notice from the Grantor or the Secured
Party that such writ has been issued and, in each case, continues to be in
effect, which notice specifies the nature thereof.

(i) The Collateral Agent, in its individual capacity, may accept
deposits from, lend money to and generally engage in any kind of business with
the Servicer, the Grantor, any Manufacturer and their respective Affiliates as
if it were not the agent of the Secured Party.

(j) The Collateral Agent may act through agents, custodians and nominees
and shall not be liable for any negligent act on the part of, or for the
supervision of, any such agent, custodian or nominee so long as such agent,
custodian or nominee is appointed with due care.  The appointment of agents, custodians and
nominees (other than legal counsel) pursuant to this subsection (j)
shall be subject to the prior written consent of the Grantor and the Secured
Party, which consent shall not be unreasonably withheld, and any consents
required under the Base Agreement.  The
possession of the Hertz Collateral by such agents, custodians or nominees shall
be deemed to be the possession by the Collateral Agent.  No provision of this Agreement or the Base
Agreement shall require the Collateral Agent to expend or risk its own funds or
otherwise incur any financial or other liability in the performance of any
duties hereunder or under the Base Agreement or in the exercise of any rights
and powers hereunder or thereunder unless the Collateral Agent is provided with
an indemnity from the Secured Party or other Persons, satisfactory to the
Collateral Agent in its sole discretion.

SECTION 4.5. Resignation and Removal of the Collateral Agent.  (a)  If
the Collateral Agent resigns or is removed as “collateral agent” under the Base
Agreement, the Collateral Agent shall concurrently therewith resign as
Collateral Agent hereunder.  Any removed
Collateral Agent shall be entitled to its reasonable fees and expenses to the
date the successor Collateral Agent assumes the Collateral Agent’s duties
hereunder.  The indemnification of Section
4.9 shall survive the termination of the other provisions of this Agreement
as to the predecessor Collateral Agent. 
Any successor “collateral agent” under the Base Agreement shall also be
designated as Collateral Agent hereunder.

(b) The designation referred to in Section 4.5(a) shall, after
any required filing, be full evidence of the right and authority to make the
same, and this Agreement shall vest in such successor Collateral Agent, without
any further act, deed or conveyance, all of the estate and title

 7
 

of its
predecessors and upon such filing for record the successor Collateral Agent
shall become fully vested with all the estates, properties, rights, powers,
duties, authority and title of its predecessors; but any predecessor Collateral
Agent shall nevertheless, on the written request of the Secured Party, the
Servicer, the Grantor or any successor Collateral Agent empowered to act as
such at the time any such request is made, execute and deliver an instrument
without recourse or representation transferring to such successor all the
estates, properties, rights, powers, duties, authority and title of such
predecessor hereunder and shall deliver all securities and moneys held by it to
such successor Collateral Agent.  Upon
the appointment of a successor Collateral Agent hereunder, the predecessor
Collateral Agent shall be discharged of and from any and all further
obligations arising in connection with this Agreement.

SECTION 4.6. Merger of the Collateral Agent.  Any corporation into which the Collateral
Agent may be merged, or with which it may be converted or consolidated, or any
corporation resulting from any merger, conversion or consolidation to which the
Collateral Agent shall be a party shall be the Collateral Agent under this
Agreement without the execution or filing of any paper or any further act on
the part of the parties hereto.

SECTION 4.7. Compensation and Expenses.  The Grantor shall pay to the Collateral
Agent, from time to time (i) compensation for its services hereunder for
administering the Hertz Collateral and the Other Hertz Assets as the Collateral
Agent and the Grantor shall from time to time agree in writing, and (ii) all
reasonable out-of-pocket costs and expenses of the Collateral Agent (including reasonable
fees and expenses of counsel) (A) arising in connection with the preparation,
execution, delivery, or modification of this Agreement and/or the enforcement
of any of the provisions hereof or (B) incurred in connection with the
administration of the Hertz Collateral, the sale or other disposition of the
Hertz Collateral or the Other Hertz Assets and/or the preservation, protection
or defense of the Collateral Agent’s rights under this Agreement and in and to
the Hertz Collateral or the Other Hertz Assets.

SECTION 4.8. Stamp, Other Similar Taxes and Filing Fees.  The Grantor shall indemnify and hold harmless
the Collateral Agent from any present or future claim for liability for any
stamp or other similar tax and any penalties or interest with respect thereto,
that may be assessed, levied or collected by any jurisdiction in connection
with this Agreement or any Hertz Collateral. 
The Grantor shall pay, or reimburse the Collateral Agent for, any and
all amounts in respect of, all search, filing, recording and registration fees,
taxes, excise taxes and other similar imposts payable in respect of the
execution, delivery, performance and/or enforcement of this Agreement.

SECTION 4.9. Indemnification. 
The Grantor shall pay, and indemnify and hold the Collateral Agent and
each of the officers, employees, directors and agents thereof harmless from and
against, any and all liabilities (including liabilities for penalties and
liabilities arising or resulting from actions or suits), obligations, losses,
judgments, demands, damages, claims, costs or expenses of any kind or nature
whatsoever that may at any time be imposed on, incurred by, or asserted
against, the Collateral Agent or any such officers, employees, directors or
agents in any way relating to or arising out of the Hertz Collateral and the
execution, delivery, amendment, enforcement, performance and/or administration
of this Agreement (and any agreements related thereto, including the Base
Agreement), including reasonable fees and expenses of counsel and other
experts, and the Grantor shall reimburse the Secured Party for any payments
made by the

 8
 

Secured Party
to the Collateral Agent or any such officers, employees, directors or agents
for any of the foregoing; provided, however, that the Grantor shall not be
liable for the payment of any portion of such liabilities (including
liabilities for penalties and liabilities arising or resulting from actions or
suits), obligations, losses, judgments, demands, damages, claims, costs or
expenses of the Collateral Agent or any such officers, employees, directors or
agents which are determined by a court of competent jurisdiction in a final
proceeding to have resulted from the gross negligence or willful misconduct of
the Collateral Agent or any such agent.

The Secured Party agrees
to indemnify and hold the Collateral Agent and each of its officers, employees,
directors and agents harmless to the same extent as the Grantor in accordance
with the foregoing paragraph but only to the extent that the Collateral Agent has
not been paid by the Grantor pursuant to such paragraph or pursuant to the Base
Agreement.

SECTION 4.10. Waiver
of Set-Off by the Collateral Agent. 
The Collateral Agent hereby expressly waives any and all rights of
setoff, abatement, diminution or deduction that it may otherwise at any time
have under applicable law with respect to the Hertz Collateral, provided,
however, that this waiver shall not apply to obligations, if any, owed to the
Collateral Agent as an agent for the Secured Party; and agrees that all Hertz
Collateral shall at all times be held and applied in accordance with the
provisions hereof.

ARTICLE V

MISCELLANEOUS

SECTION 5.1. Amendments,
Supplements and Waivers.  This
Agreement may be amended, waived, terminated, supplemented or otherwise modified
pursuant to a writing executed by the Collateral Agent, the Secured Party and
the Grantor.  The initial effectiveness
of any amendment or other modification to this Agreement shall be subject to
the satisfaction of the Rating Agency Condition with respect to each Series of
Notes Outstanding.

SECTION 5.2. 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 on the signature pages hereof or at
such other address or facsimile number as may be designated by such party in a
notice to the other parties.  Any notice,
if mailed by certified or registered mail 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 such,
and shall be addressed at the address specified for such party on the signature
pages hereto.

SECTION 5.3. Headings.  Section, subsection and other headings used
in this Agreement are for convenience only and shall not affect the
construction of this Agreement.

SECTION 5.4. Severability.  Any provision of this Agreement that is
prohibited or unenforceable in any jurisdiction shall not invalidate the
remaining provisions hereof, and any such prohibition or unenforceability in
any jurisdiction shall not invalidate or render unenforceable such provision in
any other jurisdiction.

 9
 

SECTION 5.5. Counterparts.  This Agreement may be executed in separate
counterparts and by the different parties on different counterparts, each of
which shall be an original and all of which taken together shall constitute one
and the same instrument. Delivery of an executed signature page of this
Agreement by facsimile transmission shall be effective as delivery of a
manually executed counterpart hereof.

SECTION 5.6. Binding
Effect.  This Agreement shall be
binding upon and inure to the benefit of each of the parties hereto and their
respective successors and assigns.  The
parties hereto may not assign either this Agreement or any of their respective
rights, interests or obligations hereunder. 
Nothing herein is intended or shall be construed to give any other
Person any right, remedy or claim under, to or in respect of this Agreement or
the Hertz Collateral.

SECTION 5.7. Governing
Law.  THIS AGREEMENT AND THE RIGHTS AND OBLIGATIONS OF THE PARTIES UNDER THIS
AGREEMENT SHALL BE GOVERNED BY, AND CONSTRUED AND INTERPRETED IN ACCORDANCE
WITH, THE LAW OF THE STATE OF NEW YORK.

SECTION 5.8. Effectiveness.  This Agreement shall become effective on the
execution and delivery hereof and shall remain in effect until the Secured
Party shall not have any claim on the Hertz Collateral.

SECTION 5.9. Termination
of this Agreement.  At any time that
no amounts are then owing to the Secured Party under the GE Loan Documents, no
commitments to lend exist under the GE Loan Documents and the GE Loan Documents
shall have been terminated, the Secured Party shall, upon the request of the
Grantor, terminate this Agreement upon notice to the Collateral Agent (with a
copy thereof to the Grantor), and the Collateral Agent shall, following receipt
of such notice from the Secured Party, take all actions thereafter reasonably
requested by the Grantor or the Secured Party, at the Grantor’s expense, to
evidence the termination of this Agreement and the Collateral Agent’s interest
in the Hertz Collateral, including, without limitation, execute such documents
and instruments as the Grantor or the Secured Party may reasonably request in
connection with such reassignment; provided, however, that Sections 4.3,
4.4(a) and (c) through (h), 4.7, and the
indemnification set forth in Sections 4.8 and 4.9 shall survive
the termination of this Agreement.

SECTION 5.10. No
Waiver; Cumulative Remedies.  No
failure to exercise and no delay in exercising, on the part of the Collateral
Agent or the Secured Party, any right, remedy, power or privilege hereunder
shall operate as a waiver thereof; nor shall any single or partial exercise of
any right, remedy, power or privilege hereunder preclude any other or further
exercise thereof or the exercise of any other right, remedy, power or
privilege.  The rights, remedies, powers
and privileges herein provided are cumulative and not exclusive of any rights,
remedies, powers and privileges provided by law.

 10
 

SECTION 5.11. Submission
To Jurisdiction; Waivers.  Each of
the Grantor, the Collateral Agent and the Secured Party hereby irrevocably and
unconditionally:

(a) submits for itself and its property in
any legal action or proceeding relating to this Agreement or for recognition
and enforcement of any judgment in respect thereof, to the non-exclusive
general jurisdiction of the courts of the State of New York, County of New
York, the courts of the United States for the Southern District of New York,
and appellate courts from any thereof;

(b) consents that any such action or
proceeding may be brought in such courts and waives any objection that it may
now or hereafter have to the venue of any such action or proceeding in any such
court or that such action or proceeding was brought in an inconvenient court
and agrees not to plead or claim the same;

(c) agrees that service of process in any
such action or proceeding may be effected by mailing a copy thereof by
registered or certified mail (or any substantially similar form of mail),
postage prepaid, to such party at its address set forth in Section 5.2
or (i) in the case of the Grantor and the Secured Party, at such other address
of which the Collateral Agent shall have been notified pursuant thereto and
(ii) in the case of the Collateral Agent, at such other address of which the
Collateral Agent shall have notified the Grantor and the Secured Party;

(d) agrees that nothing herein shall affect
the right to effect service of process in any other manner permitted by law or
shall limit the right to sue in any other jurisdiction; and

(e) waives, to the maximum extent not
prohibited by law, any right it may have to claim or recover in any legal
action or proceeding referred to in this Section any special, exemplary,
punitive or consequential damages.

SECTION 5.12. Waiver
of Jury Trial.  THE COLLATERAL AGENT, THE GRANTOR AND THE SECURED
PARTY HEREBY IRREVOCABLY AND UNCONDITIONALLY WAIVE TRIAL BY JURY IN ANY LEGAL
ACTION OR PROCEEDING RELATING TO THIS AGREEMENT AND FOR ANY COUNTERCLAIM
THEREIN.

SECTION 5.13. No
Recourse.  The obligations of the
Grantor under this Agreement are solely the obligations of the Grantor.  No recourse shall be had for the payment of
any amount owing in respect of any fee hereunder or any other obligation or
claim arising out of or based upon this Agreement against any employee, officer
or director of the Grantor.

[Signature pages follow]

 11
 

IN WITNESS WHEREOF, each
party hereto has executed this Agreement or caused this Agreement to be duly
executed by its officer thereunto duly authorized as of the day and year first
above written.

	
  

  	
   

  	
  THE HERTZ CORPORATION,

  
	
   

  	
   

  	
  as Grantor

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
  By:

  	
  /s/ Elyse
  Douglas

  	
   

  
	
   

  	
   

  	
   

  	
  Name: Elyse Douglas

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
  Title: Treasurer

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
  Address:

  	
   

  	
  225 Brae Boulevard

  
	
   

  	
   

  	
   

  	
   

  	
  Park Ridge, NJ 07656

  
	
   

  	
   

  	
  Attention:

  	
   

  	
  Treasury Department

  
	
   

  	
   

  	
  Telephone:

  	
   

  	
  (201) 307-2000

  
	
   

  	
   

  	
  Facsimile:

  	
   

  	
  (201) 307-2746

  
									

 

	
  

  	
   

  	
  GELCO
  CORPORATION d/b/a GE FLEET 

  SERVICES,

  
	
   

  	
   

  	
  as Secured Party

  	
   

  	
   

  
	
   

  	
   

  
	
   

  	
   

  	
  By: 

  	
  /s/ Vivek
  Kaushal

  	
   

  
	
   

  	
   

  	
  Name: Vivek Kaushal

  	
   

  	
   

  
	
   

  	
   

  	
  Title: Chief Risk Officer

  	
   

  	
   

  
	
   

  	
   

  
	
   

  	
   

  	
  Address:

  	
   

  	
  c/o GE Corporate
  Financial Services

  
	
   

  	
   

  	
   

  	
   

  	
  201 Merritt 7

  
	
   

  	
   

  	
   

  	
   

  	
  Norwalk, CT 06856-5201

  
	
   

  	
   

  	
  Attention:

  	
   

  	
  Operations Site Leader-2nd Floor

  
	
   

  	
   

  	
  Telephone:

  	
   

  	
  203-956-4146

  
	
   

  	
   

  	
  Facsimile:

  	
   

  	
  203-229-5788

  
	
   

  	
   

  	
   

  	
   

  	
   

  
										

 

 12
 

 

	
  

  	
   

  	
  BNY MIDWEST
  TRUST COMPANY,

  
	
   

  	
   

  	
  not in its
  individual capacity but solely as

  
	
   

  	
   

  	
  Collateral Agent

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
  By: 

  	
  /s/ Marian
  Onischak

  	
   

  
	
   

  	
   

  	
   

  	
  Name: Marian Onischak

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
  Title: Vice President

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
  Address:

  	
   

  	
  2 North LaSalle
  Street, Suite 1020

  
	
   

  	
   

  	
   

  	
   

  	
  Chicago, IL
  60602

  
	
   

  	
   

  	
  Attention:

  	
   

  	
  Corporate Trust Administration —

  
	
   

  	
   

  	
   

  	
   

  	
  Structured
  Finance

  
	
   

  	
   

  	
  Telephone:

  	
   

  	
  (312) 827-8569

  
	
   

  	
   

  	
  Facsimile:

  	
   

  	
  (312) 827-8562

  
	
   

  	
   

  	
   

  	
   

  	
   

  
									

 

ACKNOWLEDGED:

HERTZ VEHICLE FINANCING LLC,

	
  By:

  	
  /s/ Elyse
  Douglas

  	
   

  
	
   

  	
  Name: Elyse Douglas

  
	
   

  	
  Title: Vice
  President & Treasurer

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
  HERTZ GENERAL INTEREST LLC,

  
	
   

  
	
   

  
	
  By:

  	
  /s/ Elyse
  Douglas

  	
   

  
	
   

  	
  Name: Elyse
  Douglas

  
	
   

  	
  Title: Vice
  President & Treasurer

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
  BNY MIDWEST TRUST COMPANY,

  
	
  not in its
  individual capacity, but solely as

  
	
  Trustee for
  Holders of HVF Notes

  
	
   

  
	
   

  
	
  By:

  	
  /s/ Marian
  Onischak

  	
   

  
	
   

  	
  Name: Marian
  Onischak

  
	
   

  	
  Title: Vice
  President

  
				

 

 13

Source: [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00120-of-00352.parquet"}, [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00120-of-00352.parquet"}]]