Document:

Exhibit 10.6

 

EXECUTION VERSION

 

HERTZ VEHICLE FINANCING III LLC,

 

as Issuer,

 

THE HERTZ CORPORATION,

 

as Administrator,

 

and

 

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

as Trustee and Securities Intermediary

 

 

 

SERIES 2021-2 SUPPLEMENT

 

dated
as of June 30, 2021

 

to

 

BASE
INDENTURE

dated as of June 29, 2021

 

 

 

$1,420,000,000
Series 2021-2 1.68% Rental Car Asset Backed Notes, Class A

$180,000,000
Series 2021-2 2.12% Rental Car Asset Backed Notes, Class B

$140,000,000 Series 2021-2 2.52% Rental Car Asset Backed Notes, Class C

$260,000,000 Series 2021-2 4.34% Rental Car Asset Backed Notes, Class D

 

     

     

    

 

TABLE OF CONTENTS

 

	 	 	Page
	 	 	 
	Article I DEFINITIONS AND CONSTRUCTION	2
	Section 1.1	Defined Terms and References	2
	Section 1.2	Rules of Construction	2
	 	 	 
	Article II INITIAL ISSUANCE OF SERIES 2021-2 NOTES; FORM OF SERIES 2021-2 NOTES	3
	Section 2.1	Initial Issuance	3
	Section 2.2	Transfer Restrictions for Global Notes	4
	Section 2.3	Definitive Notes	11
	Section 2.4	Legal Final Payment Date	11
	Section 2.5	Required Series Noteholders	11
	Section 2.6	FATCA	11
	 	 	 
	Article III INTEREST AND INTEREST RATES	12 
	Section 3.1	Interest	12
	 	 	 
	Article IV SERIES-SPECIFIC COLLATERAL	12 
	Section 4.1	Granting Clause	12
	Section 4.2	Series 2021-2 Accounts	12
	Section 4.3	Trustee as Securities Intermediary	14
	Section 4.4	Demand Notes	16
	Section 4.5	Subordination	16
	Section 4.6	Duty of the Trustee	16
	Section 4.7	Representations of the Trustee	16
	 	 	 
	Article V PRIORITY OF PAYMENTS	16
	Section 5.1	[Reserved]	16
	Section 5.2	Collections Allocation	16
	Section 5.3	Application of Funds in the Series 2021-2 Interest Collection Account	17
	Section 5.4	Application of Funds in the Series 2021-2 Principal Collection Account	18
	Section 5.5	Class A/B/C/D Reserve Account Withdrawals	19
	Section 5.6	Class A/B/C/D Letters of Credit and Class A/B/C/D Demand Notes	20
	Section 5.7	Past Due Rental Payments	23
	Section 5.8	Class A/B/C/D Letters of Credit and Class A/B/C/D L/C Cash Collateral Account	23
	Section 5.9	Certain Instructions to the Trustee	26
	Section 5.10	HVF III’s Failure to Instruct the Trustee to Make a Deposit or Payment	26
	 	 	 
	Article VI REPRESENTATIONS AND WARRANTIES; COVENANTS; CLOSING CONDITIONS	26
	Section 6.1	Representations and Warranties	26
	Section 6.2	Covenants	27
	Section 6.3	Closing Conditions	28
	Section 6.4	Further Assurances	29
	 	 	 
	Article VII AMORTIZATION EVENTS	29
	Section 7.1	Amortization Events	29
	 	 	 
	Article VIII SUBORDINATION OF NOTES	32
	Section 8.1	Subordination of Class B Notes	32
	Section 8.2	Subordination of Class C Notes	32
	Section 8.3	Subordination of Class D Notes	32

 

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TABLE OF CONTENTS

(continued)

 

	 	 	Page
	Section 8.4	Subordination of Class E Notes	32
	Section 8.5	When Distribution Must be Paid Over	33
	 	 	 
	Article IX GENERAL	33
	Section 9.1	Optional Redemption of the Series 2021-2 Notes	33
	Section 9.2	Information	33
	Section 9.3	Confidentiality	34
	Section 9.4	Ratification of Base Indenture	34
	Section 9.5	Notice to the Rating Agencies	34
	Section 9.6	Third Party Beneficiary	34
	Section 9.7	Execution in Counterparts; Electronic Execution	35
	Section 9.8	Governing Law	35
	Section 9.9	Amendments	35
	Section 9.10	Administrator to Act on Behalf of HVF III	37
	Section 9.11	Successors	37
	Section 9.12	Termination of Series Supplement	37
	Section 9.13	Electronic Execution	38
	Section 9.14	Additional UCC Representations	38
	Section 9.15	Notices	38
	Section 9.16	Submission to Jurisdiction	39
	Section 9.17	Waiver of Jury Trial	39
	Section 9.18	Issuance of Class E Notes	39
	Section 9.19	Trustee Obligations under the Retention Requirements	41

 

	Schedule I TO THE SERIES 2021-2 SUPPLEMENT	 	44	 
	 	 	 	 
	Schedule II TO THE SERIES 2021-2 SUPPLEMENT	 	85	 

 

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TABLE OF CONTENTS

(continued)

 

 Page

 

EXHIBITS AND SCHEDULES

 

	Schedule
    I	List
    of Defined Terms
	Schedule
    II	Monthly
    Noteholders’ Statement Information
	 	 
	 	 
	 	 
	 	 
	Exhibit A-1-1	Form of
    Series 2021-2 144A Global Class A Note
	Exhibit A-1-2	Form of
    Series 2021-2 Regulation S Global Class A Note
	Exhibit A-2-1	Form of
    Series 2021-2 144A Global Class B Note
	Exhibit A-2-2	Form of
    Series 2021-2 Regulation S Global Class B Note
	Exhibit A-3-1	Form of
    Series 2021-2 144A Global Class C Note
	Exhibit A-3-2	Form of
    Series 2021-2 Regulation S Global Class C Note
	Exhibit A-4	Form of
    Series 2021-2 144A Global Class D Note
	Exhibit B-1	Form of
    Demand Notice
	Exhibit B-2	Form of
    Class A/B/C/D Demand Note
	Exhibit C	Form of
    Reduction Notice Request Class A/B/C/D Letter of Credit
	Exhibit D	Form of
    Lease Payment Deficit Notice
	Exhibit E-1	Form of
    Transfer Certificate of 144A Global Class D Note
	Exhibit E-2	Form of
    Transfer Certificate from 144A Global Note to Regulation S Global Note
	Exhibit E-3	Form of
    Transfer Certificate from Regulation S Global Note to 144A Global Note
	Exhibit F	Form of
    Class A/B/C/D Letter of Credit

 

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SERIES
2021-2 SUPPLEMENT dated as of June 30, 2021 (“Series 2021-2 Supplement”) among HERTZ VEHICLE FINANCING
III LLC, a special purpose limited liability company established under the laws of Delaware (“HVF III”), THE HERTZ
CORPORATION, a Delaware corporation (“Hertz” or, in its capacity as administrator with respect to the Notes, the “Administrator”)
and THE BANK OF NEW YORK MELLON TRUST COMPANY, N.A., a national banking association, as trustee (together with its successors in trust
thereunder as provided in the Base Indenture referred to below, the “Trustee”), and as securities intermediary (in
such capacity, the “Securities Intermediary”), to the Base Indenture, dated as of June 29, 2021 (as amended, modified
or supplemented from time to time, exclusive of Series Supplements, the “Base Indenture”), each between HVF III
and the Trustee.

 

PRELIMINARY STATEMENT

 

WHEREAS, Section 2.3
(Series Supplement for each Series of Notes) of the Base Indenture provides, among other things, that HVF III and the
Trustee may at any time and from time to time enter into a Series Supplement for the purpose of authorizing the issuance of one or
more Series of Notes;

 

WHEREAS, Hertz, in its capacity
as Administrator, has joined in this Series 2021-2 Supplement to confirm certain representations, warranties and covenants made by
it in such capacity for the benefit of the Series 2021-2 Noteholders;

 

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

 

DESIGNATION

 

There is hereby created a Series of
Notes to be issued pursuant to the Base Indenture and this Series 2021-2 Supplement, and such Series of Notes is hereby designated
as Series 2021-2 Rental Car Asset Backed Notes.

 

On the Series 2021-2 Closing
Date, the following classes of Series 2021-2 Rental Car Asset Backed Notes shall be issued:

 

		(i)	the Series 2021-2 1.68%
Rental Car Asset Backed Notes, Class A (as referred to herein, the “Class A Notes”);

 

		(ii)	the Series 2021-2 2.12%
Rental Car Asset Backed Notes, Class B (as referred to herein, the “Class B Notes”);

 

		(iii)	the Series 2021-2 2.52%
Rental Car Asset Backed Notes, Class C (as referred to herein, the “Class C Notes”); and

 

		(iv)	the Series 2021-2 4.34%
Rental Car Asset Backed Notes, Class D (as referred to herein, the “Class D Notes”).

 

Subsequent to the Series 2021-2
Closing Date, HVF III may on any date during the Series 2021-2 Revolving Period offer and sell additional Series 2021-2 Notes
in a single Class (which may, but is not required to be comprised of one or more Subclasses and/or Tranches), subject to satisfaction
of the conditions set forth in Section 9.18 (Issuance of Class E Notes) of this Series 2021-2 Supplement,
which, if issued, shall be designated as the Series 2021-2 Fixed Rate Rental Car Asset Backed Notes, Class E, and referred to
herein as the “Class E Notes”.

 

The Class A Notes, the
Class B Notes, the Class C Notes, and the Class D Notes, and, if issued, the Class E Notes, are referred to herein
collectively as the “Series 2021-2 Notes”. The Class A Notes, the Class B Notes, the Class C Notes
and the Class D Notes are referred to herein collectively as the “Class A/B/C/D Notes”.

 

    

     

    

 

The Class A/B/C Notes shall
be issued in minimum denominations of $100,000 and integral multiples of $1,000 in excess thereof. The Class D Notes shall be issued
in minimum denominations of $5,000,000 and integral multiples of $1,000 in excess thereof.

 

Article I

 

DEFINITIONS
AND CONSTRUCTION

 

Section 1.1          Defined
Terms and References. Capitalized terms used herein shall have the meanings assigned to such terms in Schedule I hereto, and
if not defined therein, shall have the meanings assigned thereto in the Base Indenture. All Article, Section or Subsection references
herein (including, for the avoidance of doubt, in Schedule I hereto) shall refer to Articles, Sections or Subsections of this Series 2021-2
Supplement, except as otherwise provided herein. Unless otherwise stated herein, as the context otherwise requires or if such term is
otherwise defined in the Base Indenture, each capitalized term used or defined herein shall relate only to the Series 2021-2 Notes
and not to any other Series of Notes issued by HVF III. Unless otherwise stated herein, all references herein to the “Series 2021-2
Supplement” shall mean the Base Indenture, as supplemented hereby.

 

Section 1.2          Rules of
Construction. In this Series 2021-2 Supplement, including the preamble, recitals, attachments, schedules, annexes, exhibits and
joinders hereto unless the context otherwise requires:

 

(a)         the
singular includes the plural and vice versa;

 

(b)        references
to an agreement or document shall include the preamble, recitals, all attachments, schedules, annexes, exhibits and joinders to such agreement
or document, and are to such agreement or document (including all such attachments, schedules, annexes, exhibits and joinders to such
agreement or document) as amended, supplemented, restated and otherwise modified from time to time and to any successor or replacement
agreement or document, as applicable (unless otherwise stated);

 

(c)         reference
to any Person includes such Person’s successors and assigns but, if applicable, only if such successors and assigns are not prohibited
by this Series 2021-2 Supplement, and reference to any Person in a particular capacity only refers to such Person in such capacity;

 

(d)        reference
to any gender includes the other gender;

 

(e)         reference
to any Requirement of Law means such Requirement of Law as amended, modified, codified or reenacted, in whole or in part, and in effect
from time to time;

 

(f)         “including”
(and with correlative meaning “include”) means including without limiting the generality of any description preceding such
term;

 

(g)        with
respect to the determination of any period of time, “from” means “from and including” and “to” means
 “to but excluding”;

 

(h)        references
to sections of the Code also refer to any successor sections;

 

(i)          reference
to any Related Document or other contract or agreement means such Related Document, contract or agreement as amended and restated, amended,
supplemented or otherwise modified from time to time, but if applicable, only if such amendment, supplement or modification is permitted
by the Base Indenture and the other applicable Related Documents; and

 

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(j)            the
language used in this Series 2021-2 Supplement will be deemed to be the language chosen by the parties hereto to express their mutual
intent, and no rule of strict construction will be applied against any party.

 

Article II

 

INITIAL
ISSUANCE OF SERIES 2021-2 NOTES; FORM OF SERIES 2021-2 NOTES

 

Section 2.1             Initial
Issuance.

 

(a)           Initial
Issuance. On the terms and conditions set forth in this Series 2021-2 Supplement, HVF III shall issue, and shall cause the Trustee
to authenticate, the initial Class A/B/C/D
Notes on the Series 2021-2 Closing Date. Such Class A/B/C/D Notes shall:

 

(i)            have,
with respect to each Class of Series 2021-2 Notes, the initial principal amount equal to the Class Initial Principal Amount
for such Class,

 

(ii)           have,
with respect to each Class of Series 2021-2 Notes, the interest rate set forth in the definition of Note Rate for such Class.

 

(iii)          be
dated the Series 2021-2 Closing Date,

 

(iv)          have,
with respect to each Class of Series 2021-2 Notes, the maturity date set forth in the definition of Legal Final Payment Date
for such Class.

 

(v)           be
rated, with respect to the Class A Notes, Class B Notes, Class C Notes and Class D Notes by Moody’s and DBRS,
and

 

(vi)          be
duly authenticated in accordance with the provisions of the Base Indenture and this Series 2021-2 Supplement.

 

(b)           Form of
the Class A/B/C/D Notes. The Class A/B/C/D Notes will be offered and sold by HVF III on the Series 2021-2 Closing Date
pursuant to the Class A/B/C/D Purchase Agreement. The Class A/B/C/D Notes will be resold initially only to (A) qualified
institutional buyers (as defined in Rule 144A) (“QIBs”) in reliance on Rule 144A and (B) Persons other
than U.S. Persons (as defined in Regulation S) in reliance on Regulation S. The Class A/B/C/D Notes following their initial resale
may be transferred to (A) QIBs or (B) purchasers in reliance on Regulation S in accordance with the procedures described herein.
The Class A/B/C/D Notes will be Book-Entry Notes and DTC will act as the Depository for the Class A/B/C/D Notes.

 

(c)           Initial
Payment Date. Notwithstanding anything herein or in any Series 2021-2 Related Document to the contrary, the initial Payment Date
with respect to the Series 2021-2 Notes shall be July 26, 2021.

 

(d)          144A
Global Notes. Each Class of the Class A/B/C/D Notes offered and sold in their initial distribution on the Series 2021-2
Closing Date in reliance upon Rule 144A will be issued in the form of one or more global notes in fully registered form, without
coupons, substantially in the form set forth with respect to the Class A Notes in Exhibit A-1-1 to this Series 2021-2
Supplement, with respect to the Class B Notes in Exhibit A-2-1 to this Series 2021-2 Supplement, with respect to
the Class C Notes in Exhibit A-3-1 to this Series 2021-2 Supplement and with respect to the Class D Notes in
Exhibit A-4 to this Series 2021-2 Supplement, in each case registered in the name of Cede & Co., as nominee
of DTC, and deposited with BNY, as custodian of DTC (collectively, the “144A Global Notes”). The aggregate principal
amount of the 144A Global Notes may from time to time be increased or decreased by adjustments made on the records of BNY, as custodian
for DTC, in connection with a corresponding decrease or increase in the aggregate principal amount of the corresponding class of Regulation
S Global Notes, as hereinafter provided. Each 144A Global Note shall represent such of the outstanding principal amount of the related
Class of Series 2021-2 Notes as shall be specified in the schedule attached thereto and each shall provide that it shall represent
the aggregate principal amount of such Class of Series 2021-2 Notes from time to time endorsed thereon and that the aggregate
principal amount of such Class of outstanding Series 2021-2 Notes represented thereby may from time to time be reduced or increased,
as applicable, to reflect exchanges and redemptions of such 144A Global Note. Any endorsement of a 144A Global Note to reflect the amount
of any increase or decrease in the aggregate principal amount of the Class of outstanding Series 2021-2 Notes represented thereby
shall be made by the Trustee in accordance with instructions given by HVF III thereof as required by Section 2.2 (Transfer
Restrictions for Global Notes) hereof.

 

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(e)            Regulation
S Global Notes. Each Class of the Class A/B/C Notes offered and sold on the Series 2021-2 Closing Date in reliance
upon Regulation S will be issued in the form of one or more global notes in fully registered form, without coupons, substantially in the
forms set forth with respect to the Class A Notes in Exhibit A-1-2 to this Series 2021-2 Supplement, with respect
to the Class B Notes in Exhibit A-2-2 to this Series 2021-2 Supplement, and with respect to the Class C Notes
in Exhibit A-3-2 to this Series 2021-2 Supplement, in each case registered in the name of Cede & Co., as nominee
of DTC, and deposited with BNY, as custodian of DTC, for credit to the respective accounts at DTC of the designated agents holding on
behalf of Euroclear and Clearstream (collectively, the “Regulation S Global Notes”). The aggregate principal amount
of the Regulation S Global Notes may from time to time be increased or decreased by adjustments made on the records of BNY, as custodian
for DTC, in connection with a corresponding decrease or increase of aggregate principal amount of the corresponding 144A Global Notes,
as hereinafter provided. Each Regulation S Global Note shall represent such of the outstanding principal amount of the related Class of
Series 2021-2 Notes as shall be specified in the schedule attached thereto and each shall provide that it shall represent the aggregate
principal amount of such Class of Series 2021-2 Notes from time to time endorsed thereon and that the aggregate principal amount
of such Class of outstanding Series 2021-2 Notes represented thereby may from time to time be reduced or increased, as applicable,
to reflect exchanges and redemptions of such Regulation S Global Note. Any endorsement of a Regulation S Global Note to reflect the amount
of any increase or decrease in the aggregate principal amount of the Class of outstanding Series 2021-2 Notes represented thereby
shall be made by the Trustee in accordance with instructions given by HVF III thereof as required by Section 2.2 (Transfer
Restrictions for Global Notes) hereof. For the avoidance of doubt, no interest in a Class D Note shall be represented by or in
the form of a Regulation S Global Note.

 

Section 2.2             Transfer
Restrictions for Global Notes.

 

(a)           A
Global Note may not be transferred, in whole or in part, to any Person other than DTC or a nominee thereof, or to a successor Depository
or to a nominee of a successor Depository, and no such transfer to any such other Person may be registered; provided, however,
that this Section 2.2(a) (Transfer Restrictions for Global Notes) shall not prohibit any transfer of a Class A
Note, a Class B Note, Class C Note or a Class D Note that is issued in exchange for the corresponding Global Note in accordance
with Section 2.8 (Transfer and Exchange) of the Base Indenture and shall not prohibit any transfer of a beneficial interest
in a Global Note effected in accordance with the other provisions of this Section 2.2 (Transfer Restrictions for Global
Notes).

 

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

 

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(c)           The
transfer by a Note Owner holding a beneficial interest in a Class D Global Note to a Person who wishes to take delivery thereof in
the form of a beneficial interest in such Class D Global Note shall be made upon receipt by the Registrar, at the office of the Registrar,
of a certificate in substantially the form set forth in Exhibit E-1 hereto containing the representations of such Person who
wishes to take delivery of such beneficial interest in such Class D Global Note. Any transfer that occurs without delivery of the
certificate referred to in the immediately preceding sentence will be void ab initio. The transfer by a Note Owner holding a beneficial
interest in a Class D Global Note to any purchaser that is a Benefit Plan shall be restricted to less than 25 percent of the Class D
Notes in the aggregate (excluding from such calculation any Class D Notes held by Controlling Persons). Any transfer in violation
of the immediately preceding sentence will be void ab initio.

 

(d)           If
a Note Owner holding a beneficial interest in a 144A Global Note (other than a Class D Global Note) wishes at any time to exchange
its interest in such 144A Global Note for an interest in the corresponding Regulation S Global Note, or to transfer such interest to a
Person who wishes to take delivery thereof in the form of a beneficial interest in a Regulation S Global Note, such exchange or transfer
may be effected, subject to the Applicable Procedures, only in accordance with the provisions of this Section 2.2(d) (Transfer
Restrictions for Global Notes). Upon receipt by the Registrar, at the office of the Registrar, of (i) written instructions given
in accordance with the Applicable Procedures from a Clearing Agency Participant directing the Registrar to credit or cause to be credited
to a specified Clearing Agency Participant’s account a beneficial interest in the Regulation S Global Note, in a principal amount
equal to that of the beneficial interest in such 144A Global Note to be so exchanged or transferred, (ii) a written order from HVF
III containing information regarding the account of the Clearing Agency Participant (and the Euroclear or Clearstream account, as the
case may be) to be credited with, and the account of the Clearing Agency Participant to be debited for, such beneficial interest and (iii) a
certificate in substantially the form set forth in Exhibit E-2 hereto given by the applicable Note Owner holding such beneficial
interest in such 144A Global Note, the Registrar shall instruct BNY, as custodian of DTC, to reduce the principal amount of the applicable
144A Global Note, and to increase the principal amount of the applicable Regulation S Global Note, by the principal amount of the beneficial
interest in such 144A Global Note to be so exchanged or transferred, and to credit or cause to be credited to the account of the Person
specified in such instructions (which shall be the Clearing Agency Participant for Euroclear or Clearstream or both, as the case may be)
a beneficial interest in such Regulation S Global Note having a principal amount equal to the amount by which the principal amount of
such 144A Global Note was reduced upon such exchange or transfer.

 

(e)           If
a Note Owner holding a beneficial interest in a Regulation S Global Note wishes at any time to exchange its interest in such Regulation
S Global Note for an interest in the corresponding 144A Global Note, or to transfer such interest to a Person who wishes to take delivery
thereof in the form of a beneficial interest in the corresponding 144A Global Note, such exchange or transfer may be effected, subject
to the Applicable Procedures, only in accordance with the provisions of this Section 2.2(e) (Transfer Restrictions
for Global Notes). Upon receipt by the Registrar, at the office of the Registrar, of (i) written instructions given in accordance
with the Applicable Procedures from a Clearing Agency Participant directing the Registrar to credit or cause to be credited to a specified
Clearing Agency Participant’s account a beneficial interest in such 144A Global Note in a principal amount equal to that of the
beneficial interest in such Regulation S Global Note to be so exchanged or transferred, (ii) a written order from HVF III containing
information regarding the account of the Clearing Agency Participant (and the Euroclear or Clearstream account, as the case may be) to
be credited with, and the account of the Clearing Agency Participant to be debited for, such beneficial interest, and (iii) a certificate
in substantially the form set forth in Exhibit E-3 hereto given by such Note Owner, as applicable, holding such beneficial
interest in such Regulation S Global Note, the Registrar shall instruct BNY, as custodian of DTC, to reduce the principal amount of such
Regulation S Global Note and to increase the principal amount of such 144A Global Note, by the principal amount of the beneficial interest
in such Regulation S Global Note to be so exchanged or transferred, and to credit or cause to be credited to the account of the Person
specified in such instructions (which shall be the Clearing Agency Participant for DTC) a beneficial interest in such 144A Global Note
having a principal amount equal to the amount by which the principal amount of such Regulation S Global Note was reduced upon such exchange
or transfer.

 

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

 

(g)           The
Class A/B/C Notes shall bear the following legends to the extent indicated:

 

(i)            The
Class A/B/C Notes represented by 144A Global Notes shall bear the following legend:

 

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

 

(ii)           The
Class A/B/C Notes represented by Regulation S Global Notes shall bear the following legend:

 

THIS NOTE HAS NOT BEEN REGISTERED UNDER
THE UNITED STATES SECURITIES ACT OF 1933, AS AMENDED (THE “SECURITIES ACT”), OR WITH ANY SECURITIES REGULATORY AUTHORITY
OF ANY STATE OR OTHER JURISDICTION OF THE UNITED STATES. THE HOLDER HEREOF, BY PURCHASING OR OTHERWISE ACQUIRING THIS NOTE, ACKNOWLEDGES
THAT THIS NOTE HAS NOT BEEN REGISTERED UNDER THE SECURITIES ACT AND AGREES FOR THE BENEFIT OF HERTZ VEHICLE FINANCING III LLC (“HVF
III”) THAT THIS NOTE MAY BE TRANSFERRED, RESOLD, PLEDGED OR OTHERWISE TRANSFERRED ONLY IN COMPLIANCE WITH THE SECURITIES
ACT AND OTHER APPLICABLE LAWS OF THE STATES, TERRITORIES AND POSSESSIONS OF THE UNITED STATES GOVERNING THE OFFER AND SALE OF SECURITIES
AND ONLY (1) IN AN OFFSHORE TRANSACTION IN ACCORDANCE WITH REGULATION S UNDER THE SECURITIES ACT, (2) PURSUANT TO AND IN ACCORDANCE
WITH RULE 144A UNDER THE SECURITIES ACT OR (3) TO HVF III.

 

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(iii)          All
Class A/B/C Notes represented by Global Notes shall bear the following legend:

 

A
PROSPECTIVE TRANSFEREE OF THE NOTES OR ANY INTEREST THEREIN MUST REPRESENT (AND SHALL BE DEEMED TO REPRESENT) THAT EITHER (I) IT
IS NOT AND IS NOT ACTING ON BEHALF OF, OR USING THE ASSETS OF (A) AN “EMPLOYEE BENEFIT PLAN” AS DEFINED IN SECTION 3(3) OF
THE EMPLOYEE RETIREMENT INCOME SECURITY ACT OF 1974, AS AMENDED (“ERISA”), THAT IS SUBJECT TO TITLE I OF ERISA, (b) A
 “PLAN” AS DEFINED IN SECTION 4975(e)(1) OF THE INTERNAL REVENUE CODE OF 1986, AS AMENDED (THE “INTERNAL
REVENUE CODE”), THAT IS SUBJECT TO SECTION 4975 OF THE INTERNAL REVENUE CODE, (C) AN ENTITY WHOSE UNDERLYING ASSETS
INCLUDE “PLAN ASSETS” BY REASON OF SUCH EMPLOYEE BENEFIT PLAN’S OR PLAN’S INVESTMENT IN THE ENTITY (WITHIN THE
MEANING OF DEPARTMENT OF LABOR REGULATION 29 C.F.R. 2510.3-101, AS MODIFIED BY SECTION 3(42) OF ERISA) (THE PLANS AND ENTITIES DESCRIBED
IN SUBSECTIONS (A) THROUGH (C), “BENEFIT PLANS”) OR (D) ANY GOVERNMENTAL, CHURCH, NON-U.S. OR OTHER PLAN
THAT IS SUBJECT TO ANY NON-U.S., FEDERAL, STATE OR LOCAL LAW THAT IS SUBSTANTIALLY SIMILAR TO SECTION 406 OF ERISA OR SECTION 4975
OF THE INTERNAL REVENUE CODE (“SIMILAR LAW”) OR AN ENTITY WHOSE UNDERLYING ASSETS INCLUDE ASSETS OF ANY SUCH PLAN,
OR (II) ITS ACQUISITION, CONTINUED HOLDING AND DISPOSITION OF SUCH NOTES (OR ANY INTEREST THEREIN) WILL NOT GIVE RISE TO A NON-EXEMPT
PROHIBITED TRANSACTION UNDER SECTION 406 OF ERISA OR SECTION 4975 OF THE INTERNAL REVENUE CODE (OR RESULT IN A NON-EXEMPT VIOLATION
OF ANY SIMILAR LAW).

 

IF A PROSPECTIVE TRANSFEREE OF THE NOTES
OR ANY INTEREST THEREIN IS A BENEFIT PLAN, IT MUST REPRESENT (AND SHALL BE DEEMED TO REPRESENT) THAT NONE OF HERTZ VEHICLE FINANCING
III LLC, THE INITIAL PURCHASERS OF THE NOTES OR THEIR RESPECTIVE AFFILIATES IS A “FIDUCIARY” (WITHIN THE MEANING OF SECTION 3(21)
OF ERISA OR ANY REGULATION THEREUNDER) OF SUCH PROSPECTIVE TRANSFEREE WITH RESPECT TO THE ACQUISITION, HOLDING OR DISPOSITION OF THE NOTES
OR AS A RESULT OF ANY EXERCISE BY IT OF ANY RIGHTS IN CONNECTION WITH THE NOTES, AND ANY COMMUNICATIONS FROM HVF III, THE INITIAL PURCHASERS
OF THE NOTES AND THEIR RESPECTIVE AFFILIATES TO ANY PROSPECTIVE TRANSFEREE OF THE NOTES IS RENDERED SOLELY IN ITS CAPACITY AS THE SELLER
OF THE NOTES AND NOT AS A FIDUCIARY TO ANY SUCH PROSPECTIVE TRANSFEREE.

 

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

 

    7

     

    

 

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

 

THE HOLDER OF THIS NOTE,
BY ACCEPTANCE OF THIS NOTE, AND EACH OWNER OF A BENEFICIAL INTEREST HEREIN, AGREES TO TREAT THE NOTES AS INDEBTEDNESS FOR APPLICABLE U.S.
FEDERAL, STATE, AND LOCAL INCOME AND FRANCHISE TAX LAW AND FOR PURPOSES OF ANY OTHER TAX IMPOSED ON, OR MEASURED BY, INCOME.

 

(h)           The
Class D Notes shall bear the following legend:

 

THIS NOTE HAS NOT BEEN REGISTERED UNDER
THE UNITED STATES SECURITIES ACT OF 1933, AS AMENDED (THE “SECURITIES ACT”), OR WITH ANY STATE SECURITIES LAWS. THE
HOLDER OF THIS NOTE BY ITS ACCEPTANCE HEREOF AGREES TO OFFER, SELL OR OTHERWISE TRANSFER SUCH NOTE ONLY (A) TO HERTZ VEHICLE FINANCING
III LLC (“HVF III”) OR (B) FOR SO LONG AS THE NOTES ARE ELIGIBLE FOR RESALE PURSUANT TO RULE 144A UNDER THE SECURITIES
ACT (“RULE 144A”), TO A PERSON IT REASONABLY BELIEVES IS A “QUALIFIED INSTITUTIONAL BUYER” AS DEFINED
IN RULE 144A (A “QIB”) THAT PURCHASES FOR ITS OWN ACCOUNT OR FOR THE ACCOUNT OF A QIB TO WHOM NOTICE IS GIVEN THAT THE TRANSFER
IS BEING MADE IN RELIANCE ON RULE 144A.

 

A PROSPECTIVE TRANSFEREE OF THE CLASS D
NOTES OR ANY INTEREST THEREIN MUST REPRESENT (AND SHALL BE DEEMED TO REPRESENT) THAT EITHER (I) IT IS NOT AND IS NOT ACTING ON BEHALF
OF, OR USING THE ASSETS OF (A) AN “EMPLOYEE BENEFIT PLAN” AS DEFINED IN SECTION 3(3) OF THE EMPLOYEE RETIREMENT
INCOME SECURITY ACT OF 1974, AS AMENDED (“ERISA”), THAT IS SUBJECT TO TITLE I OF ERISA, (b) A
 “PLAN” AS DEFINED IN SECTION 4975(e)(1) OF THE INTERNAL REVENUE CODE OF 1986, AS AMENDED (THE “INTERNAL
REVENUE CODE”), THAT IS SUBJECT TO SECTION 4975 OF THE INTERNAL REVENUE CODE, (C) AN ENTITY WHOSE UNDERLYING ASSETS
INCLUDE “PLAN ASSETS” BY REASON OF SUCH EMPLOYEE BENEFIT PLAN’S OR PLAN’S INVESTMENT IN THE ENTITY (WITHIN THE
MEANING OF DEPARTMENT OF LABOR REGULATION 29 C.F.R. 2510.3-101, AS MODIFIED BY SECTION 3(42) OF ERISA) (THE PLANS AND ENTITIES DESCRIBED
IN SUBSECTIONS (A) THROUGH (C), “BENEFIT PLANS”) OR (D) ANY GOVERNMENTAL, CHURCH, NON-U.S. OR OTHER PLAN
THAT IS SUBJECT TO ANY NON-U.S., FEDERAL, STATE OR LOCAL LAW THAT IS SUBSTANTIALLY SIMILAR TO SECTION 406 OF ERISA OR SECTION 4975
OF THE INTERNAL REVENUE CODE (“SIMILAR LAW”) OR AN ENTITY WHOSE UNDERLYING ASSETS INCLUDE ASSETS OF ANY SUCH PLAN,
OR, SOLELY IF SUCH PROSPECTIVE TRANSFEREE OF THE CLASS D NOTES OR ANY INTEREST THEREIN IS PURCHASING FROM AN INITIAL PURCHASER ON
THE SERIES 2021-2 CLOSING DATE AND HAS PROVIDED THE REGISTRAR WITH A CERTIFICATE IN SUBSTANTIALLY THE FORM SET FORTH IN THE INDENTURE,
(II) (A) THE TRANSFEREE IS ACQUIRING CLASS D NOTES AND (B) ITS ACQUISITION, CONTINUED HOLDING AND DISPOSITION OF SUCH
NOTES (OR ANY INTEREST THEREIN) WILL NOT GIVE RISE TO A NON-EXEMPT PROHIBITED TRANSACTION UNDER SECTION 406 OF ERISA OR SECTION 4975
OF THE INTERNAL REVENUE CODE (OR RESULT IN A NON-EXEMPT VIOLATION OF ANY SIMILAR LAW).

 

    8

     

    

 

IF A PROSPECTIVE TRANSFEREE OF THE CLASS D
NOTES OR ANY INTEREST THEREIN IS A BENEFIT PLAN, IT MUST REPRESENT (AND SHALL BE DEEMED TO REPRESENT) THAT NONE OF HERTZ VEHICLE
FINANCING III LLC, THE INITIAL PURCHASERS OF THE CLASS D NOTES OR THEIR RESPECTIVE AFFILIATES IS A “FIDUCIARY” (WITHIN
THE MEANING OF SECTION 3(21) OF ERISA OR ANY REGULATION THEREUNDER) OF SUCH PROSPECTIVE TRANSFEREE WITH RESPECT TO THE ACQUISITION,
HOLDING OR DISPOSITION OF THE CLASS D NOTES OR AS A RESULT OF ANY EXERCISE BY IT OF ANY RIGHTS IN CONNECTION WITH THE CLASS D
NOTES, AND ANY COMMUNICATIONS FROM HVF III, THE INITIAL PURCHASERS OF THE CLASS D NOTES AND THEIR RESPECTIVE AFFILIATES TO ANY PROSPECTIVE
TRANSFEREE OF THE CLASS D NOTES IS RENDERED SOLELY IN ITS CAPACITY AS THE SELLER OF THE CLASS D NOTES AND NOT AS A FIDUCIARY
TO ANY SUCH PROSPECTIVE TRANSFEREE.

 

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

 

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

 

THE
HOLDER OF THIS NOTE, BY ACCEPTANCE OF THIS NOTE, AND EACH OWNER OF A BENEFICIAL INTEREST HEREIN, AGREES TO TREAT THE NOTES AS INDEBTEDNESS
FOR APPLICABLE U.S. FEDERAL, STATE, AND LOCAL INCOME AND FRANCHISE TAX LAW AND FOR PURPOSES OF ANY OTHER TAX IMPOSED ON, OR MEASURED BY, INCOME.

 

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

 

    9

     

    

 

(j)            The
transfer by a Note Owner holding a beneficial interest in a Class A/B/C Note to another Person shall be made upon the deemed representation
of the transferee (and, for the avoidance of doubt, each such transferee shall be deemed to represent) that either (i) such transferee
is not, and is not acquiring or holding such Class A/B/C Notes (or any interest therein) for or on behalf, or with the assets, of,
(A) any “employee benefit plan” (as defined in Section 3(3) of ERISA) that is subject to Title I of ERISA,
(B) any “plan” (as defined in Section 4975(e)(1) of the Code) that is subject to Section 4975 of the Code,
(C) any entity whose underlying assets include “plan assets” by reason of such employee benefit plan’s or plan’s
investment in the entity (within the meaning of Department of Labor Regulation 29 C.F.R. 2510.3-101, as modified by Section 3(42)
of ERISA) or (D) any governmental, church, non-U.S. or other plan that is subject to any non-U.S. federal, state or local law that
is substantially similar to Section 406 of ERISA or Section 4975 of the Code (“Similar Law”) or any entity
whose underlying assets include assets of any such plan, or (ii) such transferee’s purchase, continued holding and disposition
of such Class A/B/C Notes (or any interest therein) will not constitute a non-exempt prohibited transaction under Section 406
of ERISA or Section 4975 of the Code or result in a non-exempt violation of any Similar Law.

 

(k)           The
transfer by a Note Owner holding a beneficial interest in a Class D Note to another Person shall be made upon the representation
of the transferee (and, for the avoidance of doubt, each such transferee shall be deemed to represent) that either (I) such
transferee is not and is not acting on behalf of, or using the assets of (A) an “employee
benefit plan” (as defined in Section 3(3) of ERISA), that is subject to Title I of ERISA, (B) a “plan”(as
defined in Section 4975(e)(1) of the Code), that is subject to Section 4975 of the Code, (C) an
entity whose underlying assets include “plan assets” by reason of such employee benefit plan’s or plan’s investment
in the entity (within the meaning of Department of Labor Regulation 29 C.F.R. 2510.3-101, as modified by Section 3(42) of
ERISA) or (D) any governmental, church, non-U.S. or other plan that is subject to any Similar Law or
an entity whose underlying assets include assets of any such plan, or, solely if such prospective
transferee of the Class D Notes or any interest therein is purchasing from HVF III or an Affiliate thereof, (II) such transferee’s
purchase, continued holding and disposition of such Class D Notes (or any interest therein) will not constitute a non-exempt prohibited
transaction under Section 406 of ERISA or Section 4975 of the Code or result in a non-exempt violation of any Similar Law.

 

(l)            Each
transferee of any beneficial interest in any Class A/B/C Note that is represented by a Global Note will be deemed to have represented
and agreed that such transferee is (A) a QIB and is acquiring such Class A/B/C Note for its own account or as a fiduciary or
agent for others (which others are also QIBs) for investment purposes and not for distribution in violation of the Securities Act, and
it is able to bear the economic risk of an investment in such Class A/B/C Note and has such knowledge and experience in financial
and business matters so as to be capable of evaluating the merits and risks of purchasing such Class A/B/C Note, or (B) not
a “U.S. person” (as defined in Regulation S) (and is not purchasing for the account or benefit of a “U.S. person”
as defined in Regulation S), is outside the United States and is acquiring such Class A/B/C Note pursuant to an exemption from registration
in accordance with Rule 903 or Rule 904 of Regulation S.

 

    10

     

    

 

(m)          Each
transferee of any beneficial interest in any Class D Note that is represented by a Global Note will be deemed to have represented
and agreed that such transferee is a QIB and is acquiring such Class D Note for its own account or as a fiduciary or agent for others
(which others are also QIBs) for investment purposes and not for distribution in violation of the Securities Act, and it is able to bear
the economic risk of an investment in such Class D Note and has such knowledge and experience in financial and business matters so
as to be capable of evaluating the merits and risks of purchasing such Class D Note.

 

 

Section 2.3             Definitive
Notes. No Note Owner will receive a Definitive Note representing such Note Owner’s interest in the Class A/B/C/D Notes
other than in accordance with Section 2.13 (Definitive Notes) of the Base Indenture. Definitive Notes shall have such insertions
and deletions as are necessary to give effect to the provisions of Section 2.13 (Definitive Notes) of the Base Indenture.

 

Section 2.4             Legal
Final Payment Date. The Principal Amount of the Series 2021-2 Notes shall be due and payable on the Legal Final Payment Date.

 

Section 2.5             Required
Series Noteholders. In accordance with Section 2.3 (Series Supplement for each
Series of Notes) of the Base Indenture, the Majority Series 2021-2 Noteholders shall be the “Required Series Noteholders”
with respect to the Series 2021-2 Notes.

 

Section 2.6             FATCA.
In the event that a Note Owner receives a Definitive Note representing such Note Owner’s interest in the Class A/B/C/D Notes
in accordance with Section 2.13 (Definitive Notes) of the Base Indenture:

 

(a)           Each
Series 2021-2 Noteholder (and any Note Owner of any Series 2021-2 Note) will be required to (i) provide HVF III, the Trustee
and their respective agents with any correct, complete and accurate information that may be required under applicable law (or reasonably
believed by HVF III to be required under applicable law) for such parties to comply with FATCA, (ii) take any other commercially
reasonable actions that HVF III, the Trustee or their respective agents deem necessary to comply with FATCA and (iii) update any
such information provided in the preceding clauses (i) or (ii) promptly upon learning that any such information previously provided
has become obsolete or incorrect or is otherwise required. Each such holder agrees, or by acquiring such Series 2021-2 Note or an
interest in such Series 2021-2 Note will be deemed to agree, that HVF III may provide such information and any other information
regarding its investment in such Series 2021-2 Notes to the U.S. Internal Revenue Service or other relevant governmental authority
in accordance with applicable law. Each Series 2021-2 Noteholder and Note Owner of any Series 2021-2 Notes also acknowledges
that the failure to provide information requested in connection with FATCA may cause HVF III to withhold on payments to such Series 2021-2
Noteholder (or Note Owner of such Series 2021-2 Notes) in accordance with applicable law. Any amounts withheld in order to comply
with FATCA will not be grossed up and will be deemed to have been paid in respect of the relevant Series 2021-2 Notes.

 

(b)           HVF
III, the Trustee and any other Paying Agent are hereby authorized to retain from amounts otherwise distributable to any Series 2021-2
Noteholder sufficient funds for the payment of any such tax that, in their respective sole discretion, is legally owed or required to
be withheld by them, including in connection with FATCA (but such authorization shall not prevent HVF III from contesting any such tax
in appropriate legal proceedings and withholding payment of such tax, if permitted by law, pending the outcome of such legal proceedings),
and to timely remit such amounts to the appropriate taxing authority. If any Series 2021-2 Noteholder or Note Owner of a Series 2021-2
Note wishes to apply for a refund of any such withholding tax, HVF III, the Trustee or such other Paying Agent shall reasonably cooperate
with such Person in providing readily available information so long as such Person agrees to reimburse HVF III, the Trustee or such Paying
Agent for any out-of-pocket expenses incurred. Nothing herein shall impose an obligation, nor relieve any obligation imposed under applicable
law, on the part of HVF III, the Trustee or any other Paying Agent to determine the amount of any tax or withholding obligation on their
part or in respect of the Series 2021-2 Notes.

 

    11

     

    

 

Article III

 

INTEREST
AND INTEREST RATES

 

Section 3.1             Interest.

 

(a)           Each
Class of Series 2021-2 Notes shall bear interest at the applicable Note Rate for such Class in accordance with the definition
of Class Interest Amount. On each Payment Date, the Class Interest Amount with respect to such Payment Date shall be paid in
accordance with the provisions hereof. If the amounts described in Section 5.3 (Application of Funds in the Series 2021-2
Interest Collection Account) are insufficient to pay the Class Interest Amount for any Class for any Payment Date, payments
of such Class Interest Amount to the Noteholders of such Class will be reduced by the amount of such insufficiency (the aggregate
amount, if any, of such insufficiency on such Payment Date, the “Class Deficiency Amount”), and interest shall
accrue on any such Class Deficiency Amount at the applicable Note Rate in accordance with the definition of Class Interest Amount.

 

Article IV

 

SERIES-SPECIFIC
COLLATERAL

 

Section 4.1             Granting
Clause. In order to secure and provide for the repayment and payment of the Note Obligations with respect to the Series 2021-2
Notes, HVF III hereby grants a security interest in and assigns, pledges, grants, transfers and sets over to the Trustee, for the benefit
of the Series 2021-2 Noteholders, all of HVF III’s right, title and interest in and to the following (whether now or hereafter
existing or acquired):

 

(a)           each
Series 2021-2 Account, including any security entitlement with respect to Financial Assets credited thereto, all funds, Financial
Assets or other assets on deposit in each Series 2021-2 Account from time to time;

 

(b)           all
certificates and instruments, if any, representing or evidencing any or all of each Series 2021-2 Account, the funds on deposit therein
or any security entitlement with respect to Financial Assets credited thereto from time to time;

 

(c)           all
Proceeds of any and all of the foregoing clauses (a) and (b), including cash (with respect to each Series 2021-2
Account, the items in the foregoing clauses (a) and (b) and this clause (c) with respect to such Series 2021-2
Account are referred to, collectively, as the “Series 2021-2 Account Collateral”);

 

(d)           each
Class A/B/C/D Demand Note, including all certificates and instruments, if any, representing or evidencing each Class A/B/C/D
Demand Note; and

 

(e)           all
Proceeds of any of the foregoing.

 

Section 4.2             Series 2021-2
Accounts. With respect to the Series 2021-2 Notes only, the following shall apply:

 

(a)           Establishment
of Series 2021-2 Accounts.

 

(i)            HVF
III has established and maintained, and shall continue to maintain, in the name of, and under the control of, the Trustee for the benefit
of the Series 2021-2 Noteholders three securities accounts: the Series 2021-2 Principal Collection Account (such account, the
 “Series 2021-2 Principal Collection Account”), the Series 2021-2 Interest Collection Account (such account,
the “Series 2021-2 Interest Collection Account”) and the Class A/B/C/D Reserve Account (such account, the
 “Class A/B/C/D Reserve Account”).

 

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(ii)           On
or prior to the date of any drawing under a Class A/B/C/D Letter of Credit pursuant to Section 5.6 (Class A/B/C/D
Letters of Credit and Class A/B/C/D Demand Notes) or Section 5.8 (Class A/B/C/D Letters of Credit and Class A/B/C/D
L/C Cash Collateral Account), HVF III shall establish and maintain in the name of, and under the control of, the Trustee for the benefit
of the Series 2021-2 Noteholders the Class A/B/C/D L/C Cash Collateral Account (the “Class A/B/C/D L/C Cash Collateral
Account”).

 

(iii)           HVF
III has established and maintained, and shall continue to maintain, in the name of, and under the control of, the Trustee for the benefit
of the Series 2021-2 Noteholders the Series 2021-2 Distribution Account (the “Series 2021-2 Distribution Account”,
and together with the Series 2021-2 Principal Collection Account, the Series 2021-2 Interest Collection Account, the Class A/B/C/D
Reserve Account and the Class A/B/C/D L/C Cash Collateral Account, the “Series 2021-2 Accounts”).

 

(b)           Series 2021-2
Account Criteria.

 

(i)            Each
Series 2021-2 Account shall bear a designation clearly indicating that the funds deposited therein are held for the benefit of the
Series 2021-2 Noteholders.

 

(ii)           Each
Series 2021-2 Account shall be an Eligible Account. If any Series 2021-2 Account is at any time no longer an Eligible Account,
HVF III shall, within ten (10) Business Days of an Authorized Officer of HVF III obtaining actual knowledge that such Series 2021-2
Account is no longer an Eligible Account, establish a new Series 2021-2 Account for such non-qualifying Series 2021-2 Account
that is an Eligible Account, and if a new Series 2021-2 Account is so established, HVF III shall instruct the Trustee in writing
to transfer all cash and investments from such non-qualifying Series 2021-2 Account into such new Series 2021-2 Account. Initially,
each of the Series 2021-2 Accounts will be established with The Bank of New York Mellon.

 

(c)            Administration
of the Series 2021-2 Accounts.

 

(i)            HVF
III may instruct (by standing instructions or otherwise) any institution maintaining any Series 2021-2 Account (other than the Series 2021-2
Distribution Account) to invest funds on deposit in such Series 2021-2 Account from time to time in Permitted Investments in the
name of the Trustee or the Securities Intermediary and Permitted Investments shall be credited to the applicable Series 2021-2 Account;
provided, however, that:

 

A.            any
such investment in the Class A/B/C/D Reserve Account shall mature not later than the Business Day following the date on which such
funds were received (including funds received upon a payment in respect of a Permitted Investment made with funds on deposit in the Class A/B/C/D
Reserve Account); and

 

B.             any
such investment in the Series 2021-2 Principal Collection Account, the Series 2021-2 Interest Collection Account or the Class A/B/C/D
L/C Cash Collateral Account shall mature not later than the Business Day prior to the first Payment Date following the date on which such
investment was made, unless in any such case any such Permitted Investment is held with the Trustee, then such investment may mature on
such Payment Date so long as such funds shall be available for withdrawal on such Payment Date.

 

(ii)           HVF
III shall not direct the Trustee to dispose of (or permit the disposal of) any Permitted Investments prior to the maturity thereof to
the extent such disposal would result in a loss of the initial purchase price of such Permitted Investment.

 

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(iii)          In
the absence of written investment instructions hereunder, funds on deposit in the Series 2021-2 Accounts shall remain uninvested.

 

(d)           Earnings
from Series 2021-2 Accounts. With respect to each Series 2021-2 Account, all interest and earnings (net of losses and investment
expenses) paid on funds on deposit in or on any security entitlement with respect to Financial Assets credited to such Series 2021-2
Account shall be deemed to be on deposit therein and available for distribution unless previously distributed pursuant to the terms hereof.

 

(e)           Termination
of Series 2021-2 Accounts.

 

(i)            On
or after the date on which the Series 2021-2 Notes are fully paid, the Trustee, acting in accordance with the written instructions
of HVF III, shall withdraw from each Series 2021-2 Account (other than the Class A/B/C/D L/C Cash Collateral Account) all remaining
amounts on deposit therein and pay such amounts to HVF III.

 

(ii)            Upon
the termination of this Series 2021-2 Supplement in accordance with its terms, the Trustee, acting in accordance with the written
instructions of HVF III, after the prior payment of all amounts due and owing to the Series 2021-2 Noteholders and payable from the
Class A/B/C/D L/C Cash Collateral Account as provided herein, shall withdraw from the Class A/B/C/D L/C Cash Collateral Account
all amounts on deposit therein and shall pay such amounts:

 

A.            first,
pro rata to the Class A/B/C/D Letter of Credit Providers, to the extent that there are unreimbursed Class A/B/C/D Disbursements
due and owing to such Class A/B/C/D Letter of Credit Providers, for application in accordance with the provisions of the respective
Class A/B/C/D Letters of Credit, and

 

B.             second,
to HVF III any remaining amounts.

 

Section 4.3             Trustee
as Securities Intermediary.

 

(a)            With
respect to each Series 2021-2 Account, the Trustee or other Person maintaining such Series 2021-2 Account shall be the “securities
intermediary” (as defined in Section 8-102(a)(14) of the New York UCC and a “bank” (as defined in Section 9-102(a)(8) of
the New York UCC), in such capacities, the “Securities Intermediary”) with respect to such Series 2021-2 Account.
If the Securities Intermediary in respect of any Series 2021-2 Account is not the Trustee, HVF III shall obtain the express agreement
of such Person to the obligations of the Securities Intermediary set forth in this Section 4.3 (Trustee as Securities Intermediary).

 

(b)           The
Securities Intermediary agrees that:

 

(i)            The
Series 2021-2 Accounts are accounts to which Financial Assets will be credited;

 

(ii)           All
securities or other property underlying any Financial Assets credited to any Series 2021-2 Account shall be registered in the name
of the Securities Intermediary, indorsed to the Securities Intermediary or in blank or credited to another securities account maintained
in the name of the Securities Intermediary and in no case will any Financial Asset credited to any Series 2021-2 Account be registered
in the name of HVF III, payable to the order of HVF III or specially endorsed to HVF III;

 

    14

     

    

 

(iii)          All
property delivered to the Securities Intermediary pursuant to this Series 2021-2 Supplement and all Permitted Investments thereof
will be promptly credited to the appropriate Series 2021-2 Account;

 

(iv)          Each
item of property (whether investment property, security, instrument or cash) credited to a Series 2021-2 Account shall be treated
as a Financial Asset;

 

(v)           If
at any time the Securities Intermediary shall receive any order or instructions from the Trustee directing transfer or redemption of any
Financial Asset relating to the Series 2021-2 Accounts or any instruction with respect to the disposition of funds therein, the Securities
Intermediary shall comply with such entitlement order or instruction without further consent by HVF III or Administrator;

 

(vi)          The
Series 2021-2 Accounts shall be governed by the laws of the State of New York, regardless of any provision of any other agreement.
For purposes of the New York UCC, New York shall be deemed to be the Securities Intermediary’s jurisdiction (within the meaning
of Section 9-304 and Section 8110 of the New York UCC) and the Series 2021-2 Accounts (as well as the securities entitlements
related thereto) shall be governed by the laws of the State of New York;

 

(vii)         The
Securities Intermediary has not entered into, and until termination of this Series 2021-2 Supplement, will not enter into, any agreement
with any other Person relating to the Series 2021-2 Accounts and/or any Financial Assets credited thereto pursuant to which it has
agreed to comply with Entitlement Orders or instructions (within the meaning of Section 9-104 of the New York UCC) of such other
Person and the Securities Intermediary has not entered into, and until the termination of this Series 2021-2 Supplement will not
enter into, any agreement with HVF III purporting to limit or condition the obligation of the Securities Intermediary to comply with Entitlement
Orders or instructions (within the meaning of Section 9-104 of the New York UCC) as set forth in Section 4.3(b)(v) (Trustee
as Securities Intermediary); and

 

(viii)        Except
for the claims and interest of the Trustee and HVF III in the Series 2021-2 Accounts, the Securities Intermediary knows of no claim
to, or interest in, the Series 2021-2 Accounts or in any Financial Asset credited thereto. If the Securities Intermediary has actual
knowledge of the assertion by any other person of any lien, encumbrance, or adverse claim (including any writ, garnishment, judgment,
warrant of attachment, execution or similar process) against any Series 2021-2 Account or in any Financial Asset carried therein,
the Securities Intermediary will promptly notify the Trustee, the Administrator and HVF III thereof.

 

(c)            The
Trustee shall possess all right, title and interest in all funds on deposit from time to time in the Series 2021-2 Accounts and in
all Proceeds thereof, and shall be the only person authorized to originate Entitlement Orders (within the meaning of Section 9-104
of the New York UCC) in respect of the Series 2021-2 Accounts.

 

(d)           Notwithstanding
anything in Section 4.1 (Granting Clause), Section 4.2 (Series 2021-2 Accounts) or this Section 4.3
(Trustee as Securities Intermediary) to the contrary, the parties hereto agree that as permitted by Section 8-504(c)(1) of
the New York UCC, with respect to any Series 2021-2 Account, the Securities Intermediary may satisfy the duty in Section 8-504(a) of
the New York UCC with respect to any cash credited to such Series 2021-2 Account by crediting such Series 2021-2 Account a general
unsecured claim against the Securities Intermediary, as a bank, payable on demand, for the amount of such cash.

 

(e)           Notwithstanding
anything in Section 4.1 (Granting Clause), Section 4.2 (Series 2021-2 Accounts) or this Section 4.3
(Trustee as Securities Intermediary) to the contrary, with respect to any Series 2021-2 Account and any credit balances not
constituting Financial Assets credited thereto, the Securities Intermediary shall be acting as a bank (as defined in Section 9-102(a)(8) of
the New York UCC) if such Series 2021-2 Account is deemed not to constitute a securities account.

 

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Section 4.4             Demand
Notes.

 

(a)           Trustee
Authorized to Make Demands. The Trustee, for the benefit of the Series 2021-2 Noteholders, shall be the only Person authorized
to make a demand for payment on any Class A/B/C/D Demand Note.

 

(b)           Modification
of Demand Note. Other than pursuant to a payment made upon a demand thereon by the Trustee pursuant to Section 5.6(c) (Class A/B/C/D
Letters of Credit and Class A/B/C/D Demand Notes), HVF III shall not reduce the amount of any Class A/B/C/D Demand Note
or forgive amounts payable thereunder so that the aggregate undrawn principal amount of the Class A/B/C/D Demand Notes after such
forgiveness or reduction is less than the greater of (i) the Class A/B/C/D Letter of Credit Liquidity Amount as of the date
of such reduction or forgiveness and (ii) an amount equal to 0.50% of the Class A/B/C/D Principal Amount as of the date of such
reduction or forgiveness. Other than in connection with a reduction or forgiveness in accordance with the first sentence of this Section 4.4(b) (Modification
of Demand Notes) or an increase in the stated amount of any Class A/B/C/D Demand Note, HVF III shall not agree to any amendment
of any Class A/B/C/D Demand Note without first obtaining the prior written consent of the Majority Series 2021-2 Controlling
Class.

 

Section 4.5            Subordination.
The Series-Specific 2021-2 Collateral has been pledged to the Trustee to secure the Series 2021-2 Notes. For all purposes hereunder
and for the avoidance of doubt, the Series-Specific 2021-2 Collateral and each Class A/B/C/D Letter of Credit will be held by the
Trustee solely for the benefit of the Noteholders of the Series 2021-2 Notes, and no Noteholder of any Series of Notes other
than the Series 2021-2 Notes will have any right, title or interest in, to or under the Series-Specific 2021-2 Collateral or any
Class A/B/C/D Letter of Credit. For the avoidance of doubt, if it is determined that the Series 2021-2 Noteholders have any
right, title or interest in, to or under the Series-Specific Collateral with respect to any Series of Notes other than Series 2021-2
Notes, then the Series 2021-2 Noteholders agree that their right, title and interest in, to or under such Series-Specific Collateral
shall be subordinate in all respects to the claims or rights of the Noteholders with respect to such other Series of Notes, and in
such case, this Series 2021-2 Supplement shall constitute a subordination agreement for purposes of Section 510(a) of the
Bankruptcy Code.

 

Section 4.6             Duty
of the Trustee. Except for actions expressly authorized by the Base Indenture or this Series 2021-2 Supplement, the Trustee shall
take no action reasonably likely to impair the security interests created hereunder in any of the Series-Specific 2021-2 Collateral now
existing or hereafter created or to impair the value of any of the Series-Specific 2021-2 Collateral now existing or hereafter created.

 

Section 4.7             Representations
of the Trustee. The Trustee represents and warrants to HVF III that the Trustee satisfies the requirements for a trustee set forth
in paragraph (a)(4)(i) of Rule 3a-7 under the Investment Company Act.

 

Article V

 

PRIORITY
OF PAYMENTS

 

Section 5.1            [Reserved].

 

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Section 5.2             Collections
Allocation. Subject to the Past Due Rental Payments Priorities, on each Series 2021-2 Deposit Date, HVF III shall direct the
Trustee in writing to apply, and, on such Series 2021-2 Deposit Date, the Trustee shall apply, all amounts deposited into the Collection
Account on such date as follows:

 

(a)            first,
withdraw the Series 2021-2 Daily Interest Allocation, if any, for such date from the Collection Account and deposit such amount in
the Series 2021-2 Interest Collection Account; and

 

(b)            second,
withdraw the Series 2021-2 Daily Principal Allocation, if any, for such date from the Collection Account and deposit such amount
into the Series 2021-2 Principal Collection Account.

 

Section 5.3             Application
of Funds in the Series 2021-2 Interest Collection Account. Subject to the Past Due Rental Payments Priorities, on each Payment
Date, HVF III shall direct the Trustee in writing to apply, and, on such Payment Date, the Trustee shall apply, all amounts then on deposit
in the Series 2021-2 Interest Collection Account (after giving effect to all deposits thereto pursuant to Sections 5.4 (Application
of Funds in the Series 2021-2 Principal Collection Account), 5.5 (Class A/B/C/D Reserve Account Withdrawals)
and 5.6 (Class A/B/C/D Letters of Credit and Class A/B/C/D Demand Notes)) as follows (and in each case only to
the extent of funds available in the Series 2021-2 Interest Collection Account):

 

(a)            first,
to the Series 2021-2 Distribution Account to pay to the Administrator the Series 2021-2 Capped Administrator Fee Amount with
respect to such Payment Date;

 

(b)            second,
to the Series 2021-2 Distribution Account to pay the Trustee the Series 2021-2 Capped Trustee Fee Amount with respect to such
Payment Date; provided, that following the occurrence and during the continuation of an Amortization Event, at the direction of
the Majority Series 2021-2 Noteholders, the Series 2021-2 Trustee Fee Amount shall not be subject to a cap or may be subject
to an increased cap as determined by the Majority Series 2021-2 Noteholders and the Trustee;

 

(c)            third,
to the Series 2021-2 Distribution Account to pay the Persons to whom the Series 2021-2 Capped Operating Expense Amount with
respect to such Payment Date are owing, on a pro rata basis (based on the amount owed to each such Person), such Series 2021-2
Capped Operating Expense Amounts owing to such Persons on such Payment Date;

 

(d)            fourth,
to the Series 2021-2 Distribution Account to pay the Class A Noteholders on a pro rata basis (based on the amount owed
to each such Class A Noteholder), the Class A Monthly Interest Amount with respect to such Payment Date;

 

(e)            fifth,
to the Series 2021-2 Distribution Account to pay the Class B Noteholders on a pro rata basis (based on the amount owed
to each such Class B Noteholder), the Class B Monthly Interest Amount with respect to such Payment Date;

 

(f)            sixth,
to the Series 2021-2 Distribution Account to pay the Class C Noteholders on a pro rata basis (based on the amount owed
to each such Class C Noteholder), the Class C Monthly Interest Amount with respect to such Payment Date;

 

(g)            seventh,
to the Series 2021-2 Distribution Account to pay the Class D Noteholders on a pro rata basis (based on the amount owed to each
such Class D Noteholder), the Class D Monthly Interest Amount with respect to such Payment Date;

 

(h)            eighth,
if the Class E Notes have been issued as of such date, then to the Series 2021-2 Distribution Account to pay the Class E
Noteholders on a pro rata basis (based on the amount owed to each such Class E Noteholder), the Class E Monthly Interest Amount
with respect to such Payment Date;

 

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(i)             ninth,
during the Series 2021-2 Revolving Period, other than on any such Payment Date on which a withdrawal has been made pursuant to Section 5.5(a) (Class A/B/C/D
Reserve Account Withdrawals), for deposit to the Class A/B/C/D Reserve Account in an amount equal to the Class A/B/C/D Reserve
Account Deficiency Amount, if any, and second, for deposit to the Class E Notes reserve account (if any) in an amount equal to the
Class E Notes reserve account deficiency amount, if any, in each case for such date (calculated after giving effect to any withdrawals
from the Class A/B/C/D Reserve Account pursuant to Section 5.5 (Class A/B/C/D Reserve Account Withdrawals));

 

(j)             tenth,
to the Series 2021-2 Distribution Account to pay to the Administrator the Series 2021-2 Excess Administrator Fee Amount with
respect to such Payment Date;

 

(k)            eleventh,
to the Series 2021-2 Distribution Account to pay to the Trustee the Series 2021-2 Excess Trustee Fee Amount with respect to
such Payment Date;

 

(l)             twelfth,
to the Series 2021-2 Distribution Account to pay the Persons to whom the Series 2021-2 Excess Operating Expense Amount with
respect to such Payment Date are owing, on a pro rata basis (based on the amount owed to each such Person), such Series 2021-2
Excess Operating Expense Amounts owing to such Persons on such Payment Date;

 

(m)            thirteenth,
during the Series 2021-2 Rapid Amortization Period, for deposit into the Series 2021-2 Principal Collection Account up to the
amount necessary to pay the Series 2021-2 Notes in full; and

 

(n)            fourteenth,
for deposit into the Series 2021-2 Principal Collection Account any remaining amount.

 

Section 5.4            Application
of Funds in the Series 2021-2 Principal Collection Account. Subject to the Past Due Rental Payments Priorities, on any Business
Day, HVF III may direct the Trustee in writing to apply, and, on each Payment Date, HVF III shall direct the Trustee in writing to apply,
and on each such date the Trustee shall apply, all amounts then on deposit in the Series 2021-2 Principal Collection Account on such
date (after giving effect to all deposits thereto pursuant to Sections 5.5 (Class A/B/C/D Reserve Account Withdrawals)
and 5.6 (Class A/B/C/D Letters of Credit and Class A/B/C/D Demand Notes)) as follows (and in each case only to
the extent of funds available in the Series 2021-2 Principal Collection Account on such date):

 

(a)            first,
if such date is a Payment Date, then for deposit into the Series 2021-2 Interest Collection Account an amount equal to the Senior
Interest Waterfall Shortfall Amount, if any, with respect to such Payment Date;

 

(b)            second,
during the Series 2021-2 Revolving Period, for deposit into the Class A/B/C/D Reserve Account an amount equal to the Class A/B/C/D
Reserve Account Deficiency Amount, if any, for such date (calculated after giving effect to any withdrawals from the Class A/B/C/D
Reserve Account pursuant to Section 5.5 (Class A/B/C/D Reserve Account Withdrawals) and deposits to the Class A/B/C/D
Reserve Account on such date pursuant to Section 5.3 (Application of Funds in the Series 2021-2 Interest Collection
Account(c)     ));

 

(c)            third,
if such date is a Redemption Date with respect to any Class of Series 2021-2 Notes, then for deposit into the Series 2021-2
Distribution Account to be paid on such date, pro rata, to all Noteholders of such Class to the extent necessary to pay the
Principal Amount of such Class, all accrued Class Interest Amount for such Class through the Redemption Date and any Make-Whole
Premium with respect to such Class, in each case as of such Redemption Date;

 

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(d)            fourth,
if such date is a Payment Date during the Series 2021-2 Controlled Amortization Period, then for deposit into the Series 2021-2
Distribution Account to be paid on such date (i) first, pro rata, to all Class A Noteholders to the extent necessary
to pay the Class Controlled Distribution Amount with respect to the Class A Notes on such Payment Date, (ii) second,
pro rata, to all Class B Noteholders to the extent necessary to pay the Class Controlled Distribution Amount with respect
to the Class B Notes on such Payment Date, (iii) third, pro rata, to all Class C Noteholders to the extent
necessary to pay the Class Controlled Distribution Amount with respect to the Class C Notes on such Payment Date, (iv) fourth,
pro rata, to all Class D Noteholders to the extent necessary to pay the Class Controlled Distribution Amount with respect
to the Class D Notes on such Payment Date and (v) fifth, if the Class E Notes have been issued, then, pro rata,
to all Class E Noteholders to the extent necessary to pay the Class Controlled Distribution Amount with respect to the Class E
Notes on such Payment Date;

 

(e)            fifth,
during the Series 2021-2 Rapid Amortization Period, (i) if such date is after a Payment Date and on or prior to the Determination
Date immediately succeeding such Payment Date, then for deposit into the Series 2021-2 Distribution Account to be paid on the Payment
Date immediately succeeding such deposit date (a) first, pro rata, to all Class A Noteholders to the extent necessary
to pay the Class A Principal Amount with respect to such date, (b) second, pro rata, to all Class B Noteholders
to the extent necessary to pay the Class B Principal Amount with respect to such date, (c) third, pro rata, to
all Class C Noteholders to the extent necessary to pay the Class C Principal Amount with respect to such date, (d) fourth,
pro rata, to all Class D Noteholders to the extent necessary to pay the Class D Principal Amount with respect to such
date and (e) fifth, if the Class E Notes have been issued as of such date, then, pro rata, to all Class E
Noteholders to the extent necessary to pay the Class E Principal Amount with respect to such date, and (ii) if such date is
after a Determination Date and on or prior to the Payment Date immediately succeeding such Determination Date, then for deposit into the
Series 2021-2 Distribution Account to be paid on the second Payment Date immediately succeeding such deposit date (a) first,
pro rata, to all Class A Noteholders to the extent necessary to pay the Class A Principal Amount with respect to such
date, (b) second, pro rata, to all Class B Noteholders to the extent necessary to pay the Class B Principal
Amount with respect to such date, (c) third, pro rata, to all Class C Noteholders to the extent necessary to pay
the Class C Principal Amount with respect to such date, (d) fourth, pro rata, to all Class D Noteholders
to the extent necessary to pay the Class D Principal Amount with respect to such date and (e) fifth, if the Class E
Notes have been issued as of such date, then, pro rata, to all Class E Noteholders to the extent necessary to pay the Class E
Principal Amount with respect to such date;

 

(f)             sixth,
used to pay, first, the principal amount of other Series of Notes that are then required to be paid and, second, at the option of
HVF III, to pay the principal amount of other Series of Notes that may be paid under the Base Indenture, in each case to the extent
that no Potential Amortization Event with respect to the Series 2021-2 Notes exists as of such date or would occur as a result of
such application; and

 

(g)            seventh,
the balance, if any, will be released to or at the direction of HVF III or, if ineligible for release to HVF III, will remain on deposit
in the Series 2021-2 Principal Collection Account.

 

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Section 5.5            Class A/B/C/D
Reserve Account Withdrawals. On each Payment Date, HVF III shall direct the Trustee in writing, prior to 12:00 noon (New York City
time) on such Payment Date, to apply, and the Trustee shall apply on such date, all amounts then on deposit (without giving effect to
any deposits thereto pursuant to Sections 5.3 (Application of Funds in the Series 2021-2 Interest Collection Account)
and 5.4 (Application of Funds in the Series 2021-2 Principal Collection Account)) in the Class A/B/C/D Reserve
Account as follows (and in each case only to the extent of funds available in the Class A/B/C/D Reserve Account):

 

(a)            first,
to the Series 2021-2 Interest Collection Account an amount equal to the excess, if any, of the Series 2021-2 Payment Date Interest
Amount for such Payment Date over the Series 2021-2 Payment Date Available Interest Amount for such Payment Date (with respect to
such Payment Date, the excess, if any, of such excess over the Class A/B/C/D Available Reserve Account Amount on such Payment Date,
the “Class A/B/C/D Reserve Account Interest Withdrawal Shortfall”);

 

(b)            second,
if the Class A/B/C/D Principal Deficit Amount is greater than zero on such Payment Date, then to the Series 2021-2 Principal
Collection Account an amount equal to such Class A/B/C/D Principal Deficit Amount; and

 

(c)            third,
if on the Legal Final Payment Date the amount to be distributed, if any, from the Series 2021-2 Distribution Account (prior to giving
effect to any withdrawals from the Class A/B/C/D Reserve Account pursuant to this clause) on such Legal Final Payment Date is insufficient
to pay the Class A/B/C/D Principal Amount in full on such Legal Final Payment Date, then to the Series 2021-2 Principal Collection
Account, an amount equal to such insufficiency;

 

provided
that, if no amounts are required to be applied pursuant to this Section 5.5 (Class A/B/C/D Reserve Account Withdrawals)
on such date, then HVF III shall have no obligation to provide the Trustee such written direction on such date.

 

Section 5.6            Class A/B/C/D
Letters of Credit and Class A/B/C/D Demand Notes.

 

(a)           Interest
Deficit and Lease Interest Payment Deficit Events — Draws on Class A/B/C/D Letters of Credit. If HVF III determines on
any Payment Date that there exists a Class A/B/C/D Reserve Account Interest Withdrawal Shortfall with respect to such Payment Date,
then HVF III shall instruct the Trustee in writing to draw on the Class A/B/C/D Letters of Credit, if any, and, upon receipt of such
notice by the Trustee on or prior to 10:30 a.m. (New York City time) on such Payment Date, the Trustee, by 12:00 noon (New York City
time) on such Payment Date, shall draw an amount, as set forth in such notice, equal to the least of (i) such Class A/B/C/D
Reserve Account Interest Withdrawal Shortfall, (ii) the Class A/B/C/D Letter of Credit Liquidity Amount as of such Payment Date
and (iii) the Series 2021-2 Lease Interest Payment Deficit for such Payment Date, by presenting to each Class A/B/C/D Letter
of Credit Provider a draft accompanied by a Class A/B/C/D Certificate of Credit Demand on the Class A/B/C/D Letters of Credit;
provided, that if the Class A/B/C/D L/C Cash Collateral Account has been established and funded, then the Trustee shall withdraw
from the Class A/B/C/D L/C Cash Collateral Account and deposit into the Series 2021-2 Interest Collection Account an amount
as set forth in such notice equal to the lesser of (1) the Class A/B/C/D L/C Cash Collateral Percentage on such Payment Date
of the least of the amounts described in clauses (i), (ii) and (iii) above and (2) the Class A/B/C/D Available L/C
Cash Collateral Account Amount on such Payment Date and draw an amount equal to the remainder of such amount on the Class A/B/C/D
Letters of Credit. The Trustee shall deposit, or cause the deposit of, the proceeds of any such draw on the Class A/B/C/D Letters
of Credit and the proceeds of any such withdrawal from the Class A/B/C/D L/C Cash Collateral Account into the Series 2021-2
Interest Collection Account on such Payment Date.

 

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(b)            Class A/B/C/D
Principal Deficit and Lease Principal Payment Deficit Events — Initial Draws on Class A/B/C/D Letters of Credit. If HVF
III determines on any Payment Date that there exists a Series 2021-2 Lease Principal Payment Deficit that exceeds the amount, if
any, withdrawn from the Class A/B/C/D Reserve Account pursuant to Section 5.5(b) (Class A/B/C/D Reserve
Account Withdrawals), then HVF III shall instruct the Trustee in writing to draw on the Class A/B/C/D Letters of Credit, if any,
in an amount as set forth in such notice equal to the least of:

 

(i)            such
excess;

 

(ii)           the
Class A/B/C/D Letter of Credit Liquidity Amount (after giving effect to any drawings on the Class A/B/C/D Letters of Credit
on such Payment Date pursuant to Section 5.6(a) (Class A/B/C/D Letters of Credit and Class A/B/C/D Demand
Notes)); and

 

(iii)          (x) on
any such Payment Date other than the Legal Final Payment Date, the excess, if any, of the Class A/B/C/D Principal Deficit Amount
over the amount, if any, withdrawn from the Class A/B/C/D Reserve Account pursuant to Section 5.5(b) (Class A/B/C/D
Reserve Account Withdrawals) and (y) on the Legal Final Payment Date, the excess, if any, of (i) the Class A/B/C/D
Principal Amount over (ii) the amount to be deposited into the Series 2021-2 Distribution Account (together with any amounts
to be deposited therein pursuant to the terms of this Series 2021-2 Supplement (other than this Section 5.6(b) (Class A/B/C/D
Letters of Credit and Class A/B/C/D Demand Notes) and Section 5.6(c) (Class A/B/C/D Letters of Credit
and Class A/B/C/D Demand Notes))) on the Legal Final Payment Date for payment of principal of the Class A/B/C/D Notes.

 

Upon receipt of a notice by
the Trustee from HVF III in respect of a Series 2021-2 Lease Principal Payment Deficit on or prior to 10:30 a.m. (New York City
time) on a Payment Date, the Trustee shall, by 12:00 noon (New York City time) on such Payment Date draw an amount as set forth in such
notice equal to the applicable amount set forth above on the Class A/B/C/D Letters of Credit by presenting to each Class A/B/C/D
Letter of Credit Provider a draft accompanied by a Class A/B/C/D Certificate of Credit Demand; provided however, that if the
Class A/B/C/D L/C Cash Collateral Account has been established and funded, the Trustee shall withdraw from the Class A/B/C/D
L/C Cash Collateral Account an amount equal to the lesser of (x) the Class A/B/C/D L/C Cash Collateral Percentage on such Payment
Date of the amount set forth in the notice provided to the Trustee by HVF III and (y) the Class A/B/C/D Available L/C Cash Collateral
Account Amount on such Payment Date (after giving effect to any withdrawals therefrom on such Payment Date pursuant to Section 5.6(a) (Class A/B/C/D
Letters of Credit and Class A/B/C/D Demand Notes)), and the Trustee shall draw an amount equal to the remainder of such amount
on the Class A/B/C/D Letters of Credit. The Trustee shall deposit, or cause the deposit of, the proceeds of any such draw on the
Class A/B/C/D Letters of Credit and the proceeds of any such withdrawal from the Class A/B/C/D L/C Cash Collateral Account into
the Series 2021-2 Principal Collection Account on such Payment Date.

 

(c)           Class A/B/C/D
Principal Deficit Amount — Draws on Class A/B/C/D Demand Note. If (A) on any Determination Date, HVF III determines
that the Class A/B/C/D Principal Deficit Amount on the next succeeding Payment Date (after giving effect to any withdrawals from
the Class A/B/C/D Reserve Account on such Payment Date pursuant to Section 5.5(b) (Class A/B/C/D Reserve
Account Withdrawals) and any draws on the Class A/B/C/D Letters of Credit on such Payment Date pursuant to Section 5.6(b) (Class A/B/C/D
Letters of Credit and Class A/B/C/D Demand Notes)) will be greater than zero or (B) on the Determination Date related to
the Legal Final Payment Date, HVF III determines that the Class A/B/C/D Principal Amount exceeds the amount to be deposited into
the Series 2021-2 Distribution Account (together with all amounts to be deposited therein pursuant to the terms of this Series 2021-2
Supplement (other than this Section 5.6(c) (Class A/B/C/D Letters of Credit and Class A/B/C/D Demand Notes)))
on the Legal Final Payment Date for payment of principal of the Class A/B/C/D Notes, then, prior to 10:00 a.m. (New York City
time) on the second Business Day prior to such Payment Date, HVF III shall instruct the Trustee in writing (and provide the requisite
information to the Trustee) to deliver a demand notice substantially in the form of Exhibit B-2 hereto (each a “Class A/B/C/D
Demand Notice”) on Hertz for payment under the Class A/B/C/D Demand Note in an amount equal to the lesser of (i) (x) on
any such Determination Date related to a Payment Date other than the Legal Final Payment Date, then the excess, if any, of such Class A/B/C/D
Principal Deficit Amount over the amount to be deposited into the Series 2021-2 Principal Collection Account in accordance with Section 5.5(b) (Class A/B/C/D
Reserve Account Withdrawals) and Section 5.6(b) (Class A/B/C/D Letters of Credit and Class A/B/C/D Demand
Notes) and (y) on the Determination Date related to the Legal Final Payment Date, the excess, if any, of (i) the Class A/B/C/D
Principal Amount over (ii) the amount to be deposited into the Series 2021-2 Distribution Account (together with any amounts
to be deposited therein pursuant to the terms of this Series 2021-2 Supplement (other than this Section 5.6(c) (Class A/B/C/D
Letters of Credit and Class A/B/C/D Demand Notes))) on the Legal Final Payment Date for payment of principal of the Class A/B/C/D
Notes, and (ii) the principal amount of the Class A/B/C/D Demand Note. The Trustee shall, prior to 12:00 noon (New York City
time) on the second Business Day preceding such Payment Date, deliver such Class A/B/C/D Demand Notice to Hertz; provided however,
that if an Event of Bankruptcy (or the occurrence of an event described in clause (a) of the definition thereto, without the lapse
of a period of sixty (60) consecutive days) with respect to Hertz shall have occurred and be continuing, the Trustee shall not be required
to deliver such Class A/B/C/D Demand Notice to Hertz. The Trustee shall cause the proceeds of any demand on the Class A/B/C/D
Demand Note to be deposited into the Series 2021-2 Principal Collection Account.

 

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(d)           Class A/B/C/D
Principal Deficit Amount — Draws on Class A/B/C/D Letters of Credit. If (i) the Trustee shall have delivered a Class A/B/C/D
Demand Notice as provided in Section 5.6(c) (Class A/B/C/D Letters of Credit and Class A/B/C/D Demand Notes)
and Hertz shall have failed to pay to the Trustee or deposit into the Series 2021-2 Distribution Account the amount specified in
such Class A/B/C/D Demand Notice in whole or in part by 12:00 noon (New York City time) on the Business Day following the making
of the Class A/B/C/D Demand Notice, (ii) due to the occurrence of an Event of Bankruptcy (or the occurrence of an event described
in clause (a) of the definition thereof, without the lapse of a period of sixty (60) consecutive days) with respect to Hertz, the
Trustee shall not have delivered such Class A/B/C/D Demand Notice to Hertz, or (iii) there is a Preference Amount, then the
Trustee shall draw on the Class A/B/C/D Letters of Credit, if any, by 12:00 noon (New York City time) on such Business Day in an
amount equal to the lesser of:

 

(i)            the
amount that Hertz failed to pay under the Class A/B/C/D Demand Note, or the amount that the Trustee failed to demand for payment
thereunder or the Preference Amount, as the case may be, and

 

(ii)           the
Class A/B/C/D Letter of Credit Amount on such Business Day, in each case by presenting to each Class A/B/C/D Letter of Credit
Provider a draft accompanied by a Class A/B/C/D Certificate of Unpaid Demand Note Demand or, in the case of a Preference Amount,
a Class A/B/C/D Certificate of Preference Payment Demand; provided however, that if the Class A/B/C/D L/C Cash Collateral
Account has been established and funded, the Trustee shall withdraw from the Class A/B/C/D L/C Cash Collateral Account an amount
equal to the lesser of (x) the Class A/B/C/D L/C Cash Collateral Percentage on such Business Day of the lesser of the amounts
set forth in clauses (i) and (ii) immediately above and (y) the Class A/B/C/D Available L/C Cash Collateral
Account Amount on such Business Day (after giving effect to any withdrawals therefrom on such Payment Date pursuant to Section 5.6(a) (Class A/B/C/D
Letters of Credit and Class A/B/C/D Demand Notes) and Section 5.6(b) (Class A/B/C/D Letters of Credit
and Class A/B/C/D Demand Notes)), and the Trustee shall draw an amount equal to the remainder of such amount on the Class A/B/C/D
Letters of Credit. The Trustee shall deposit, or cause the deposit of, the proceeds of any such draw on the Class A/B/C/D Letters
of Credit and the proceeds of any such withdrawal from the Class A/B/C/D L/C Cash Collateral Account into the Series 2021-2
Principal Collection Account on such date.

 

(e)           Draws
on the Class A/B/C/D Letters of Credit. If there is more than one Class A/B/C/D Letter of Credit on the date of any draw
on the Class A/B/C/D Letters of Credit pursuant to the terms of this Series 2021-2 Supplement (other than pursuant to Section 5.8(b) (Class A/B/C/D
Letters of Credit and Class A/B/C/D L/C Cash Collateral Account)), then HVF III shall instruct the Trustee, in writing, to draw
on each Class A/B/C/D Letter of Credit an amount equal to the Pro Rata Share for such Class A/B/C/D Letter of Credit of such
draw on such Class A/B/C/D Letter of Credit.

 

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Section 5.7            Past
Due Rental Payments. On each Series 2021-2 Deposit Date, HVF III will direct the Trustee in writing, prior to 1:00 p.m. (New
York City time) on such date, to, and the Trustee shall, withdraw from the Collection Account all Collections then on deposit representing
Series 2021-2 Past Due Rent Payments and deposit such amount into the Series 2021-2 Interest Collection Account, and immediately
thereafter, the Trustee shall withdraw such amount from the Series 2021-2 Interest Collection Account and apply the Series 2021-2
Past Due Rent Payment in the following order:

 

(i)            if
the occurrence of the related Series 2021-2 Lease Payment Deficit resulted in one or more Class A/B/C/D L/C Credit Disbursements
being made under any Class A/B/C/D Letters of Credit, then pay to or at the direction of Hertz for reimbursement to each Class A/B/C/D
Letter of Credit Provider who made such a Class A/B/C/D L/C Credit Disbursement an amount equal to the lesser of (x) the unreimbursed
amount of such Class A/B/C/D Letter of Credit Provider’s Class A/B/C/D L/C Credit Disbursement and (y) such Class A/B/C/D
Letter of Credit Provider’s pro rata portion, calculated on the basis of the unreimbursed amount of each such Class A/B/C/D
Letter of Credit Provider’s Class A/B/C/D L/C Credit Disbursement, of the amount of the Series 2021-2 Past Due Rent Payment;

 

(ii)            if
the occurrence of such Series 2021-2 Lease Payment Deficit resulted in a withdrawal being made from the Class A/B/C/D L/C Cash
Collateral Account, then deposit in the Class A/B/C/D L/C Cash Collateral Account an amount equal to the lesser of (x) the amount
of the Series 2021-2 Past Due Rent Payment remaining after any payments pursuant to clause (i) above and (y) the
amount withdrawn from the Class A/B/C/D L/C Cash Collateral Account on account of such Series 2021-2 Lease Payment Deficit;

 

(iii)           if
the occurrence of such Series 2021-2 Lease Payment Deficit resulted in a withdrawal being made from the Class A/B/C/D Reserve
Account pursuant to Section 5.5(b) (Class A/B/C/D Reserve Account Withdrawals), then deposit in the Class A/B/C/D
Reserve Account an amount equal to the lesser of (x) the amount of the Series 2021-2 Past Due Rent Payment remaining after any
payments pursuant to clauses (i) and (ii) above and (y) the Class A/B/C/D Reserve Account Deficiency Amount,
if any, as of such day; and

 

(iv)          any
remainder to be deposited into the Series 2021-2 Principal Collection Account.

 

Section 5.8            Class A/B/C/D
Letters of Credit and Class A/B/C/D L/C Cash Collateral Account.

 

(a)           Class A/B/C/D
Letter of Credit Expiration Date — Deficiencies. If as of the date that is sixteen (16) Business Days prior to the then scheduled
Class A/B/C/D Letter of Credit Expiration Date with respect to any Class A/B/C/D Letter of Credit, excluding such Class A/B/C/D
Letter of Credit from each calculation in clauses (i) through (iii) immediately below but taking into account
any substitute Class A/B/C/D Letter of Credit that has been obtained from a Class A/B/C/D Eligible Letter of Credit Provider
and is in full force and effect on such date:

 

(i)            the
Series 2021-2 Asset Amount would be less than the Series 2021-2 Adjusted Asset Coverage Threshold Amount, in each case as of
such date (after giving effect to all deposits to, and withdrawals from, the Class A/B/C/D Reserve Account and the Class A/B/C/D
L/C Cash Collateral Account on such date);

 

(ii)            the
Class A/B/C/D Adjusted Liquid Enhancement Amount would be less than the Class A/B/C/D Required Liquid Enhancement Amount, in
each case as of such date (after giving effect to all deposits to, and withdrawals from, the Class A/B/C/D Reserve Account and the
Class A/B/C/D L/C Cash Collateral Account on such date); or

 

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(iii)          the
Class A/B/C/D Letter of Credit Liquidity Amount would be less than the Class A/B/C/D Demand Note Payment Amount, in each case
as of such date (after giving effect to all deposits to, and withdrawals from, the Class A/B/C/D L/C Cash Collateral Account on such
date);

 

then HVF III shall notify the Trustee in writing
no later than fifteen (15) Business Days prior to such Class A/B/C/D Letter of Credit Expiration Date of:

 

A.            the
greatest of:

 

(i)            the
excess, if any, of the Series 2021-2 Adjusted Asset Coverage Threshold Amount over the Series 2021-2 Asset Amount, in each case
as of such date (after giving effect to all deposits to, and withdrawals from, the Class A/B/C/D Reserve Account and the Class A/B/C/D
L/C Cash Collateral Account on such date);

 

(ii)            the
excess, if any, of the Class A/B/C/D Required Liquid Enhancement Amount over the Class A/B/C/D Adjusted Liquid Enhancement Amount,
in each case as of such date (after giving effect to all deposits to, and withdrawals from, the Class A/B/C/D Reserve Account and
the Class A/B/C/D L/C Cash Collateral Account on such date); and

 

(iii)           the
excess, if any, of the Class A/B/C/D Demand Note Payment Amount over the Class A/B/C/D Letter of Credit Liquidity Amount, in
each case as of such date (after giving effect to all deposits to, and withdrawals from, the Class A/B/C/D L/C Cash Collateral Account
on such date);

 

provided,
that the calculations in each of clauses (A)(i) through (A)(iii) above shall be made on such date, excluding from
such calculation of each amount contained therein such Class A/B/C/D Letter of Credit but taking into account each substitute Class A/B/C/D
Letter of Credit that has been obtained from a Class A/B/C/D Eligible Letter of Credit Provider and is in full force and effect on
such date, and

 

B.            the
amount available to be drawn on such expiring Class A/B/C/D Letter of Credit on such date.

 

Upon receipt of such notice by the Trustee on
or prior to 10:30 a.m. (New York City time) on any Business Day, the Trustee shall, by 12:00 noon (New York City time) on such Business
Day (or, in the case of any notice given to the Trustee after 10:30 a.m. (New York City time), by 12:00 noon (New York City time)
on the next following Business Day), draw the lesser of the amounts set forth in clauses (A) and (B) above on such Class A/B/C/D
Letter of Credit by presenting a draft accompanied by a Class A/B/C/D Certificate of Termination Demand and shall cause the Class A/B/C/D
L/C Termination Disbursements to be deposited into the Class A/B/C/D L/C Cash Collateral Account. If the Trustee does not receive
either notice from HVF III described in above on or prior to the date that is fifteen (15) Business Days prior to each Class A/B/C/D
Letter of Credit Expiration Date, then the Trustee, by 12:00 noon (New York City time) on such Business Day, shall draw the full amount
of such Class A/B/C/D Letter of Credit by presenting a draft accompanied by a Class A/B/C/D Certificate of Termination Demand
and shall cause the Class A/B/C/D L/C Termination Disbursements to be deposited into the applicable Class A/B/C/D L/C Cash Collateral
Account.

 

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(b)           Class A/B/C/D
Letter of Credit Provider Downgrades. HVF III shall notify the Trustee in writing within one (1) Business Day of an Authorized
Officer of HVF III obtaining actual knowledge that any credit rating of any Class A/B/C/D Letter of Credit Provider has been downgraded
such that such Class A/B/C/D Letter of Credit Provider would fail to qualify as a Class A/B/C/D Eligible Letter of Credit Provider
were such Class A/B/C/D Letter of Credit Provider to issue a Class A/B/C/D Letter of Credit immediately following such downgrade
(with respect to any Class A/B/C/D Letter of Credit Provider, a “Class A/B/C/D Downgrade Event”). On the
thirtieth (30th) day after the occurrence of any Class A/B/C/D Downgrade Event with respect to any Class A/B/C/D Letter of Credit
Provider, or, if such date is not a Business Day, the next succeeding Business Day, HVF III shall notify the Trustee in writing (the “Class A/B/C/D
Downgrade Withdrawal Amount Notice”) on such date of (i) the greatest of (A) the excess, if any, of the Series 2021-2
Adjusted Asset Coverage Threshold Amount over the Series 2021-2 Asset Amount, (B) the excess, if any, of the Class A/B/C/D
Required Liquid Enhancement Amount over the Class A/B/C/D Adjusted Liquid Enhancement Amount, and (C) the excess, if any, of
the Class A/B/C/D Demand Note Payment Amount over the Class A/B/C/D Letter of Credit Liquidity Amount, in the case of each of
clauses (A) through (C) above, as of such date and excluding from the calculation of each amount referenced in
such clauses such Class A/B/C/D Letter of Credit but taking into account each substitute Class A/B/C/D Letter of Credit that
has been obtained from a Class A/B/C/D Eligible Letter of Credit Provider and is in full force and effect on such date, and (ii) the
amount available to be drawn on such Class A/B/C/D Letter of Credit on such date (the lesser of such (i) and (ii), the “Class A/B/C/D
Downgrade Withdrawal Amount”). Upon receipt by the Trustee on or prior to 10:30 a.m. (New York City time) on any Business
Day of a Class A/B/C/D Downgrade Withdrawal Amount Notice, the Trustee, by 12:00 noon (New York City time) on such Business Day (or,
in the case of any notice given to the Trustee after 10:30 a.m. (New York City time), by 12:00 noon (New York City time) on the next
following Business Day), shall draw on the Class A/B/C/D Letters of Credit issued by such Class A/B/C/D Letter of Credit Provider
in an amount (in the aggregate) equal to the Class A/B/C/D Downgrade Withdrawal Amount specified in such notice by presenting a draft
accompanied by a Class A/B/C/D Certificate of Termination Demand and shall cause the Class A/B/C/D L/C Termination Disbursement
to be deposited into a Class A/B/C/D L/C Cash Collateral Account.

 

(c)           Reductions
in Stated Amounts of the Class A/B/C/D Letters of Credit. If the Trustee receives a written notice from HVF III, substantially
in the form of Exhibit C hereto, requesting a reduction in the stated amount of any Class A/B/C/D Letter of Credit, then
the Trustee shall within two (2) Business Days of the receipt of such notice deliver to the Class A/B/C/D Letter of Credit Provider
who issued such Class A/B/C/D Letter of Credit a Class A/B/C/D Notice of Reduction requesting a reduction in the stated amount
of such Class A/B/C/D Letter of Credit in the amount requested in such notice effective on the date set forth in such notice; provided,
that on such effective date, immediately after giving effect to the requested reduction in the stated amount of such Class A/B/C/D
Letter of Credit, (i) the Class A/B/C/D Adjusted Liquid Enhancement Amount will equal or exceed the Class A/B/C/D Required
Liquid Enhancement Amount, (ii) the Class A/B/C/D Letter of Credit Liquidity Amount will equal or exceed the Class A/B/C/D
Demand Note Payment Amount and (iii) no Aggregate Asset Amount Deficiency will exist immediately after giving effect to such reduction.

 

(d)           Class A/B/C/D
L/C Cash Collateral Account Surpluses and Class A/B/C/D Reserve Account Surpluses.

 

(i)            On
each Payment Date, HVF III may direct the Trustee to, and the Trustee, acting in accordance with the written instructions of HVF III,
shall, withdraw from the Class A/B/C/D Reserve Account an amount equal to the Class A/B/C/D Reserve Account Surplus, if any,
and pay such Class A/B/C/D Reserve Account Surplus to HVF III.

 

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(ii)           On
each Payment Date on which there is a Class A/B/C/D L/C Cash Collateral Account Surplus, HVF III may direct the Trustee to, and the
Trustee, acting in accordance with the written instructions of HVF III, shall, subject to the limitations set forth in this Section 5.8(d) (Class A/B/C/D
Letters of Credit and Class A/B/C/D L/C Cash Collateral Account), withdraw the amount specified by HVF III from the Class A/B/C/D
L/C Cash Collateral Account specified by HVF III and apply such amount in accordance with the terms of this Section 5.8(d) (Class A/B/C/D
Letters of Credit and Class A/B/C/D L/C Cash Collateral Account). The amount of any such withdrawal from the Class A/B/C/D
L/C Cash Collateral Account shall be limited to the least of (a) the Class A/B/C/D Available L/C Cash Collateral Account Amount
on such Payment Date, (b) the Class A/B/C/D L/C Cash Collateral Account Surplus on such Payment Date and (c) the excess,
if any, of the Class A/B/C/D Letter of Credit Liquidity Amount on such Payment Date over the Class A/B/C/D Demand Note Payment
Amount on such Payment Date. Any amounts withdrawn from the Class A/B/C/D L/C Cash Collateral Account pursuant to this Section 5.8(d) (Class A/B/C/D
Letters of Credit and Class A/B/C/D L/C Cash Collateral Account) shall be paid:

 

first,
to the Class A/B/C/D Letter of Credit Providers, to the extent that there are unreimbursed Class A/B/C/D Disbursements due and
owing to such Class A/B/C/D Letter of Credit Providers in respect of the Class A/B/C/D Letters of Credit, for application in
accordance with the provisions of the respective Class A/B/C/D Letters of Credit, and

 

second,
to HVF III, any remaining amounts.

 

Section 5.9            Certain
Instructions to the Trustee.

 

(a)           If
on any date the Class A/B/C/D Principal Deficit Amount is greater than zero or HVF III determines that there exists a Series 2021-2
Lease Principal Payment Deficit, then HVF III shall promptly provide written notice thereof to the Trustee.

 

(b)           On
or before 10:00 a.m. (New York City time) on each Payment Date, HVF III shall notify the Trustee of the amount of any Series 2021-2
Lease Payment Deficit, such notification to be in the form of Exhibit D hereto (each a “Lease Payment Deficit Notice”).

 

Section 5.10          HVF
III’s Failure to Instruct the Trustee to Make a Deposit or Payment. If HVF III fails to give notice or instructions to make
any payment from or deposit into the Collection Account or any Series 2021-2 Account required to be given by HVF III, at the time
specified herein or in any other Series 2021-2 Related Document (including applicable grace periods), the Trustee shall make such
payment or deposit into or from the Collection Account or such Series 2021-2 Account without such notice or instruction from HVF
III; provided, that HVF III, upon request of the Trustee, promptly provides the Trustee with all information necessary to allow
the Trustee to make such a payment or deposit. When any payment or deposit hereunder or under any other Series 2021-2 Related Document
is required to be made by the Trustee at or prior to a specified time, HVF III shall deliver any applicable written instructions with
respect thereto reasonably in advance of such specified time. If HVF III fails to give instructions to draw on any Class A/B/C/D
Letters of Credit with respect to a Class of Series 2021-2 Notes required to be given by HVF III, at the time specified in this
Series 2021-2 Supplement, the Trustee shall draw on such Class A/B/C/D Letters of Credit with respect to such Class of
Series 2021-2 Notes without such instruction from HVF III; provided, that HVF III, upon request of the Trustee, promptly provides
the Trustee with all information necessary to allow the Trustee to draw on each such Class A/B/C/D Letter of Credit.

 

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Article VI

 

REPRESENTATIONS
AND WARRANTIES; COVENANTS; CLOSING

CONDITIONS

 

Section 6.1            Representations
and Warranties. Each of HVF III and the Administrator hereby make the representations and warranties applicable to it as set forth
below in this Section 6.1 (Representations and Warranties):

 

(a)           HVF
III. HVF III represents and warrants that each of its representations and warranties in the Series 2021-2 Related Documents is
true and correct as of the date hereof (unless stated to relate solely to an earlier date, in which case such representations and warranties
shall be true and correct as of such earlier date) and further represents and warrants, in each case for the benefit of the Trustee and
the Series 2021-2 Noteholders, that:

 

(i)            no
Amortization Event or Potential Amortization Event, in each case with respect to the Series 2021-2 Notes, is continuing; and

 

(ii)           on
the Series 2021-2 Closing Date, HVF III has furnished to the Trustee copies of all Series 2021-2 Related Documents to which
it is a party as of the Series 2021-2 Closing Date, all of which are in full force and effect as of the Series 2021-2 Closing
Date.

 

(b)           Administrator.
The Administrator represents and warrants that each representation and warranty made by it in each Series 2021-2 Related Document,
is true and correct in all material respects as of the date hereof (unless stated to relate solely to an earlier date, in which case such
representations and warranties shall be true and correct as of such earlier date).

 

Section 6.2            Covenants.
Each of HVF III and the Administrator each severally covenants and agrees that, until the Series 2021-2 Notes have been paid in full,
it will:

 

(a)           Performance
of Obligations. Duly and timely perform all of its covenants (both affirmative and negative) and obligations under each Series 2021-2
Related Document to which it is a party.

 

(b)           Margin
Stock. Not permit any (i) part of the proceeds of the sale of the Series 2021-2 Notes to be (x) used to purchase or
carry any “margin stock” (as defined or used in the regulations of the Board of Governors of the Federal Reserve System, including
Regulations T, U and X thereof) or (y) loaned to others for the purpose of purchasing or carrying any margin stock or (ii) amounts
owed with respect to the Series 2021-2 Notes to be secured, directly or indirectly, by any margin stock.

 

(c)           Series 2021-2
Third-Party Market Value Procedures. Comply with the Series 2021-2 Third-Party Market Value Procedures in all material respects.

 

(d)           [Reserved].

 

(e)           Noteholder
Statement AUP. On or prior to the Payment Date occurring in February 2022 and in July of each subsequent year, the Administrator
shall cause a firm of independent certified public accountants or independent consultants (which may be designated by the Administrator
in its sole and absolute discretion) to deliver to HVF III, a report addressed to the Administrator and HVF III, summarizing the results
of certain procedures with respect to certain documents and records relating to the Eligible Vehicles during the preceding calendar year.
The procedures to be performed and reported upon by such firm of independent certified public accountants or independent consultants shall
be those determined by the Administrator in its sole and absolute discretion.

 

(f)            Financial
Statements and Other Reporting. Solely with respect to HVF III, furnish or cause to be furnished to each Series 2021-2 Noteholder:

 

(i)            commencing
on the Series 2021-2 Closing Date, within 120 days after the end of each of Hertz’s fiscal years, copies of the Annual Report
on Form 10-K filed by Hertz with the SEC or, if Hertz is not a reporting company, information equivalent to that which would be required
to be included in the financial statements contained in such an Annual Report if Hertz were a reporting company, including consolidated
financial statements consisting of a balance sheet of Hertz and its consolidated subsidiaries as at the end of such fiscal year and statements
of income, stockholders’ equity and cash flows of Hertz and its consolidated subsidiaries for such fiscal year, setting forth in
comparative form the corresponding figures for the preceding fiscal year (if applicable), certified by and containing an opinion, unqualified
as to scope, of a firm of independent certified public accountants of nationally recognized standing selected by Hertz; and

 

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(ii)           commencing
on the Series 2021-2 Closing Date, within sixty (60) days after the end of each of the first three quarters of each of Hertz’s
fiscal years, copies of the Quarterly Report on Form 10-Q filed by Hertz with the SEC or, if Hertz is not a reporting company, information
equivalent to that which would be required to be included in the financial statements contained in such a Quarterly Report if Hertz were
a reporting company, including (x) financial statements consisting of consolidated balance sheets of Hertz and its consolidated subsidiaries
as at the end of such quarter and statements of income, stockholders’ equity and cash flows of Hertz and its consolidated subsidiaries
for each such quarter, setting forth in comparative form the corresponding figures for the corresponding periods of the preceding fiscal
year (if applicable), all in reasonable detail and certified (subject to normal year-end audit adjustments) by a senior financial officer
of Hertz as having been prepared in accordance with GAAP.

 

The financial data that shall
be delivered to the Series 2021-2 Noteholders pursuant to the foregoing paragraphs (i) and (ii) shall be prepared in conformity
with GAAP.

 

Notwithstanding
the foregoing provisions of this Article VI (Representations and Warranties; Covenants; Closing Conditions),
if any audited or reviewed financial statements or information required to be included in any such filing are not reasonably available
on a timely basis as a result of such Hertz’s accountants not being “independent” (as defined pursuant to the Exchange
Act and the rules and regulations of the SEC thereunder), HVF III, in lieu of furnishing or causing to be furnished the information,
documents and reports so required to be furnished, may elect to make a filing on an alternative form or transmit or make available unaudited
or unreviewed financial statements or information substantially similar to such required audited or reviewed financial statements or information,
provided that HVF III shall in any event be required to furnish or cause to be furnished such filing and so transmit or make available
such audited or reviewed financial statements or information no later than the first anniversary of the date on which the same was otherwise
required pursuant to the preceding provisions of this Article VI (Representations and Warranties; Covenants; Closing Conditions).

 

Notwithstanding
the foregoing provisions of this Article VI (Representations and Warranties; Covenants; Closing Conditions),
HVF III’s obligations to furnish or cause to be furnished any documents, reports, notices or other information pursuant to this
Article VI (Representations and Warranties; Covenants; Closing Conditions) shall be deemed satisfied with respect to
such documents, reports, notices or other information upon (i) the same (or hyperlinks to the same) having been posted on Hertz’s
website (or such other website address as HVF III may specify by written notice to the Trustee from time to time) or (ii) the same
(or hyperlinks to same) having been posted on Hertz’s behalf on an internet or intranet website to which the Series 2021-2
Noteholders have access (whether a commercial, government (including, without limitation, EDGAR) or third-party website or whether sponsored
by or on behalf of the Series 2021-2 Noteholders). With respect to any documents, reports, notices or other information electronically
furnished in accordance with the preceding sentence, such documents, reports, notices or other information shall be deemed furnished on
the date posted in accordance with clause (i) or (ii), as the case may be, of the preceding sentence.

 

Section 6.3            Closing
Conditions. The effectiveness of this Series 2021-2 Supplement is subject to the conditions precedent set forth in Section 2.3
(Series Supplement for each Series of Notes) of the Base Indenture.

 

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Section 6.4            Further
Assurances.

 

(a)           HVF
III shall do such further acts and things, and execute and deliver to the Trustee such additional assignments, agreements, powers and
instruments, as are necessary or desirable to maintain the security interest of the Trustee in the Series-Specific 2021-2 Collateral on
behalf of the Series 2021-2 Noteholders as a perfected security interest subject to no prior Liens (other than Series 2021-2
Permitted Liens) and to carry into effect the purposes of this Series 2021-2 Supplement or the other Series 2021-2 Related Documents
or to better assure and confirm unto the Trustee or the Series 2021-2 Noteholders their rights, powers and remedies hereunder, including,
without limitation filing all UCC financing statements, continuation statements and amendments thereto necessary to achieve the foregoing.
If HVF III fails to perform any of its agreements or obligations under this Section 6.4(a) (Further Assurances),
the Trustee shall, at the direction of the Majority Series 2021-2 Noteholders, itself perform such agreement or obligation, and the
expenses of the Trustee incurred in connection therewith shall be payable by HVF III upon the Trustee’s demand therefor. The Trustee
is hereby authorized to execute and file any financing statements, continuation statements or other instruments necessary or appropriate
to perfect or maintain the perfection of the Trustee’s security interest in the Series-Specific 2021-2 Collateral.

 

(b)           Unless
otherwise specified in this Series 2021-2 Supplement, if any amount payable under or in connection with any of the Series-Specific
2021-2 Collateral shall be or become evidenced by any promissory note, chattel paper or other instrument, such note, chattel paper or
instrument shall be deemed to be held in trust and immediately pledged and physically delivered to the Trustee hereunder, and shall, subject
to the rights of any Person in whose favor a prior Lien has been perfected, be duly indorsed in a manner satisfactory to the Trustee and
delivered to the Trustee promptly.

 

(c)           HVF
III shall warrant and defend the Trustee’s right, title and interest in and to the Series-Specific 2021-2 Collateral and the income,
distributions and proceeds thereof, for the benefit of the Trustee on behalf of the Series 2021-2 Noteholders, against the claims
and demands of all Persons whomsoever.

 

(d)           On
or before March 31 of each calendar year, commencing with March 31, 2023, HVF III shall furnish to the Trustee an Opinion of
Counsel either stating that, in the opinion of such counsel, such action has been taken with respect to the recording, filing, re-recording
and refiling of this Series 2021-2 Supplement, any indentures supplemental hereto and any other requisite documents and with respect
to the execution and filing of any financing statements, continuation statements and amendments thereto as are necessary to maintain the
perfection of the lien and security interest created by this Series 2021-2 Supplement in the Series-Specific 2021-2 Collateral and
reciting the details of such action or stating that in the opinion of such counsel no such action is necessary to maintain the perfection
of such lien and security interest. Such Opinion of Counsel shall also describe the recording, filing, re-recording and refiling of this
Series 2021-2 Supplement, any indentures supplemental hereto and any other requisite documents and the execution and filing of any
financing statements, continuation statements and amendments thereto that will, in the opinion of such counsel, be required to maintain
the perfection of the lien and security interest of this Series 2021-2 Supplement in the Series-Specific 2021-2 Collateral until
March 31 in the following calendar year.

 

Article VII

 

AMORTIZATION
EVENTS

 

Section 7.1            Amortization
Events. If any one of the following events shall occur:

 

(a)           all
principal of and interest on the Series 2021-2 Notes is not paid in full on or prior to the Expected Final Payment Date;

 

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(b)           HVF
III defaults in the payment of any interest on, or other amount (for the avoidance of doubt, other than principal) payable in respect
of, the Series 2021-2 Notes when due and payable and such default continues for a period of five (5) consecutive Business Days;

 

(c)           a
Class A/B/C/D Liquid Enhancement Deficiency exists and continues to exist for at least five (5) consecutive Business Days;

 

(d)           any
Aggregate Asset Amount Deficiency exists and continues to exist for a period of five (5) consecutive Business Days;

 

(e)           the
Collection Account, any Collateral Account in which Collections are on deposit as of such date or any Series 2021-2 Account (other
than the Class A/B/C/D Reserve Account and the Class A/B/C/D L/C Cash Collateral Account) shall be subject to any injunction,
estoppel or other stay or a Lien (other than any Lien described in clause (iii) of the definition of Series 2021-2 Permitted
Lien) and thirty (30) consecutive days elapse without such Lien having been released or discharged;

 

(f)            (i) the
Class A/B/C/D Reserve Account is subject to an injunction, estoppel or other stay or a Lien (other than any Lien described in clause
(iii) of the definition of Series 2021-2 Permitted Liens) or (ii) other than as a result of a Series 2021-2 Permitted
Lien, the Trustee fails to have a valid and perfected first priority security interest in the Class A/B/C/D Reserve Account Collateral
(or HVF III or any Affiliate thereof so asserts in writing), in each case, for a period of thirty (30) days and during such period the
Class A/B/C/D Adjusted Liquid Enhancement Amount (excluding the Class A/B/C/D Available Reserve Account Amount) would be less
than the Class A/B/C/D Required Liquid Enhancement Amount;

 

(g)            after
the funding of the Class A/B/C/D L/C Cash Collateral Account, (i) the Class A/B/C/D L/C Cash Collateral Account is subject
to an injunction, estoppel or other stay or a Lien (other than any Lien described in clause (iii) of the definition of Series 2021-2
Permitted Liens) or (ii) other than as a result of a Series 2021-2 Permitted Lien, the Trustee fails to have a valid and perfected
first priority security interest in the Class A/B/C/D L/C Cash Collateral Account Collateral (or HVF III or any Affiliate thereof
so asserts in writing), in each case, for a period of thirty (30) days and during such period the Class A/B/C/D Adjusted Liquid Enhancement
Amount, excluding therefrom the Class A/B/C/D Available L/C Cash Collateral Account Amount, would be less than the Class A/B/C/D
Required Liquid Enhancement Amount;

 

(h)           other
than as a result of a Series 2021-2 Permitted Lien, the Trustee shall for any reason cease to have a valid and perfected first priority
security interest in the Series 2021-2 Collateral (other than the Class A/B/C/D Reserve Account Collateral, the Class A/B/C/D
L/C Cash Collateral Account Collateral or any Class A/B/C/D Letter of Credit) or HVF III or any Affiliate thereof so asserts in writing,
and in any such case such cessation shall continue for thirty (30) consecutive days or such assertion shall not have been rescinded within
thirty (30) consecutive days;

 

(i)            there
shall have been filed against HVF III a notice of (i) a U.S. federal tax lien from the Internal Revenue Service, (ii) a Lien
from the Pension Benefit Guaranty Corporation under the Code or Section 303(k) of ERISA for failure to make a required installment
or other payment to a plan to which such section applies, or (iii) any other Lien (other than a Series 2021-2 Permitted Lien)
that could reasonably be expected to attach to the assets of HVF III and, in each case, thirty (30) consecutive days elapse without such
notice having been effectively withdrawn or such Lien been released or discharged;

 

(j)            any
Administrator Default shall have occurred;

 

(k)           any
of the Series 2021-2 Related Documents or any material portion thereof shall cease, for any reason, to be in full force and effect,
enforceable in accordance with its terms (other than in accordance with the terms thereof or as otherwise expressly permitted in the Series 2021-2
Related Documents) or Hertz, any Lessee or HVF III shall so assert any of the foregoing in writing and such written assertion shall not
have been rescinded within ten (10) consecutive Business Days following the date of such written assertion, in each case, other than
any such cessation (i) resulting from the application of the Bankruptcy Code (other than as a result of an Event of Bankruptcy with
respect to HVF III, any Lessee, or Hertz in any capacity) or (ii) as a result of any waiver, supplement, modification, amendment
or other action not prohibited by the Series 2021-2 Related Documents;

 

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(l)            HVF
III fails to comply with any of its other agreements or covenants in any Series 2021-2 Related Document and the failure to so comply
materially and adversely affects the interests of the Series 2021-2 Noteholders and continues to materially and adversely affect
the interests of the Series 2021-2 Noteholders for a period of thirty (30) consecutive days after the earlier of (i) the date
on which an Authorized Officer of HVF III obtains actual knowledge thereof or (ii) the date on which written notice of such failure,
requiring the same to be remedied, shall have been given to HVF III by the Trustee or to HVF III and the Trustee by the Majority Series 2021-2
Controlling Class; or

 

(m)          any
representation made by HVF III in any Series 2021-2 Related Document is false and such false representation materially and adversely
affects the interests of the Series 2021-2 Noteholders and the event or condition that caused such representation to be false is
not cured for a period of thirty (30) consecutive days after the earlier of (i) the date on which an Authorized Officer of HVF III
obtains actual knowledge thereof or (ii) the date that written notice thereof is given to HVF III by the Trustee or to HVF III and
the Trustee by the Majority Series 2021-2 Controlling Class.

 

Then, in the case of:

 

(i)            any
event described in Sections 7.1(a) through (d) (Amortization Events), an “Amortization Event”
with respect to the Series 2021-2 Notes will immediately occur without any notice or other action on the part of the Trustee or any
Series 2021-2 Noteholder, and

 

(ii)           any
event described in Sections 7.1(e) through (m) (Amortization Events), so long as such event is continuing,
either the Trustee may, by written notice to HVF III, or the Majority Series 2021-2 Controlling Class may, by written notice
to HVF III and the Trustee, declare that an “Amortization Event” with respect to the Series 2021-2 Notes has occurred
as of the date of the notice.

 

An
Amortization Event, as well as any Potential Amortization Event related thereto, with respect to the Series 2021-2 Notes described
in Sections 7.1(c) through (m) (Amortization Events) above may be waived with the written consent
of the Majority Series 2021-2 Controlling Class. An Amortization Event, as well as any Potential Amortization Event related thereto,
with respect to the Series 2021-2 Notes described in Sections 7.1(a) and (b) (Amortization Events)
above may be waived with the written consent of the Class A Noteholders holding more than 50% of the Class A Principal Amount,
the Class B Noteholders holding more than 50% of the Class B Principal Amount, the Class C Noteholders holding more than
50% of the Class C Principal Amount, the Class D Noteholders holding more than 50% of the Class D Principal Amount and
the Class E Noteholders holding more than 50% of the Class E Principal Amount, if any, at the time of such Amortization Event
or Potential Amortization Event.

 

For the avoidance of doubt, with respect to any
Potential Amortization Event with respect to the Series 2021-2 Notes, if the event or condition giving rise (directly or indirectly)
to such Potential Amortization Event ceases to be continuing (through cure, waiver or otherwise), then such Potential Amortization Event
will cease to exist and will be deemed to have been cured for every purpose under the Series 2021-2 Related Documents.

 

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The Amortization Events set forth above are in
addition to, and not in lieu of, the Amortization Events set forth in the Base Indenture applicable to all Series of Notes.

 

Article VIII

 

SUBORDINATION
OF NOTES

 

Section 8.1            Subordination
of Class B Notes. Subject to Sections 5.3 (Application of Funds in the Series 2021-2 Interest Collection Account)
and 5.4 (Application of Funds in the Series 2021-2 Principal Collection Account), no payments on account of interest
with respect to the Class B Notes shall be made on any Payment Date until all payments of interest then due and payable with respect
to the Class A Notes on such Payment Date (including, without limitation, all accrued interest, all Class A Deficiency Amounts
and all interest accrued on such Class A Deficiency Amounts) have been paid in full, and during the Series 2021-2 Controlled
Amortization Period no payments of principal of Class B Notes shall be made unless and until the Class Controlled Distribution
Amounts payable to the Class A Notes has been paid in full and during the Series 2021-2 Rapid Amortization Period, no payments
of principal of the Class B Notes will be made unless and until the aggregate outstanding principal amount of the Class A Notes
has been paid in full.

 

Section 8.2            Subordination
of Class C Notes. Subject to Sections 5.3 (Application of Funds in the Series 2021-2 Interest Collection Account)
and 5.4 (Application of Funds in the Series 2021-2 Principal Collection Account), no payments on account of interest
with respect to the Class C Notes shall be made on any Payment Date until all payments of interest then due and payable with respect
to the Class A Notes and the Class B Notes on such Payment Date (including, without limitation, all accrued interest, all Class A
Deficiency Amounts and all Class B Deficiency Amounts and all interest accrued on such Class A Deficiency Amounts and Class B
Deficiency Amounts) have been paid in full, and during the Series 2021-2 Controlled Amortization Period, no payments of principal
with respect to the Class C Notes shall be made unless and until the Class Controlled Distribution Amounts payable to the Class A
Notes and Class B Notes have been paid in full and during the Series 2021-2 Rapid Amortization Period, no payments of principal
of Class C Notes will be made unless and until the aggregate outstanding principal amount of the Class A Notes and the Class B
Notes has been paid in full.

 

Section 8.3            Subordination
of Class D Notes. Subject to Sections 5.3 (Application of Funds in the Series 2021-2 Interest Collection Account)
and 5.4 (Application of Funds in the Series 2021-2 Principal Collection Account), no payments on account of interest
with respect to the Class D Notes shall be made on any Payment Date until all payments of interest then due and payable with respect
to the Class A Notes, the Class B Notes and the Class C Notes on such Payment Date (including, without limitation, all
accrued interest, all Class A Deficiency Amounts, Class B Deficiency Amounts and all Class C Deficiency Amounts and all
interest accrued on such Class A Deficiency Amounts, Class B Deficiency Amounts and Class C Deficiency Amounts) have been
paid in full, and during the Series 2021-2 Controlled Amortization Period no payments of principal of Class D Notes shall be
made unless and until the Class Controlled Distribution Amounts payable to the Class A Notes, Class B Notes and Class C
Notes have been paid in full and during the Series 2021-2 Rapid Amortization Period, no payments of principal of the Class D
Notes will be made unless and until the aggregate outstanding principal amount of the Class A Notes, Class B Notes and Class C
Notes has been paid in full.

 

Section 8.4            Subordination
of Class E Notes. Subject to Sections 5.3 (Application of Funds in the Series 2021-2 Interest Collection Account)
and 5.4 (Application of Funds in the Series 2021-2 Principal Collection Account), no payments on account of interest
with respect to the Class E Notes shall be made on any Payment Date until all payments of interest then due and payable with respect
to the Class A Notes, the Class B Notes, the Class C Notes and the Class D Notes on such Payment Date (including,
without limitation, all accrued interest, all Class A Deficiency Amounts, all Class B Deficiency Amounts, all Class C Deficiency
Amounts and all Class D Deficiency Amounts and all interest accrued on such Class A Deficiency Amounts, Class B Deficiency
Amounts, Class C Deficiency Amounts and Class D Deficiency Amounts) have been paid in full; provided, that if any irrevocable
letters of credit and/or reserve accounts are issued and/or established solely for the benefit of the Class E Noteholders, any amounts
available thereunder or therein may be applied to pay interest on the Class E Notes on any Payment Date notwithstanding that interest
may not be paid in full on the Class A Notes, the Class B Notes, the Class C Notes and/or the Class D Notes on such
Payment Date, and no payments on account of principal with respect to the Class E Notes shall be made on any Payment Date until all
Class Controlled Distribution Amounts payable and all payments of principal then due and payable with respect to the Class A
Notes, the Class B Notes, the Class C Notes and the Class D Notes on such Payment Date has been paid in full.

 

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Section 8.5             When
Distribution Must be Paid Over. In the event that any Series 2021-2 Noteholder (or Series 2021-2 Note Owner) receives any
payment of any principal, interest or other amounts with respect to the Series 2021-2 Notes at a time when such Series 2021-2
Noteholder (or Series 2021-2 Note Owner, as the case may be) has actual knowledge that such payment is prohibited by the preceding
sections of this Article VIII (Subordination of Notes), such payment shall be held by such Series 2021-2 Noteholder
(or Series 2021-2 Note Owner, as the case may be) in trust for the benefit of, and shall be paid forthwith over and delivered to,
the Trustee for application consistent with the preceding sections of this Article VIII (Subordination of Notes).

 

Article IX

 

GENERAL

 

Section 9.1         Optional
Redemption of the Series 2021-2 Notes.

 

(a)           On
any Business Day prior to the Expected Final Payment Date, HVF III may, at its option, redeem any Class of Class A/B/C/D Notes
(such date, with respect to such Class of Notes, the “Redemption Date”), in whole but not in part, at a redemption
price equal to 100% of the outstanding Principal Amount thereof plus any Make-Whole Premium (including accrued and unpaid Class Interest
Amount with respect to such Class through such Redemption Date based upon the number of days of unpaid interest divided by
360) due with respect to such Class as of such Redemption Date, each of which amounts shall be payable in accordance with Section 5.4
(Application of Funds in the Series 2021-2 Principal Collection Account); provided that no Class of Class A/B/C/D
Notes may be redeemed pursuant to the foregoing if any Senior Class of Series 2021-1 Notes with respect to such Class of
Series 2021-2 Notes would remain outstanding immediately after giving effect to such redemption.

 

(b)           If
HVF III elects to redeem any Class of Series 2021-2 Notes pursuant to Sections 9.1(a) (Optional Redemption of
the Series 2021-2 Notes), then HVF III shall notify the Trustee in writing at least seven (7) days prior to the intended
date of redemption of (i) such intended date of redemption (which may be an estimated date, confirmed to the Series 2021-2
Noteholders no later than three (3) Business Days prior to the date of redemption), and (ii) the applicable Class of Series 2021-2
Notes subject to redemption and the CUSIP number with respect to such Class. Upon receipt of a notice of redemption from HVF III, the
Trustee shall give notice of such redemption to the Series 2021-2 Noteholders of the Class of Series 2021-2 Notes to be
redeemed. Such notice by the Trustee shall be given not less than three (3) days prior to the intended date of redemption.

 

Section 9.2         Information.

 

(a)           On
or before 12:00 p.m. eastern standard time of the fourth Business Day prior to each Payment Date (unless otherwise agreed to by
the Trustee), HVF III shall furnish to the Trustee a Monthly Noteholders’ Statement with respect to the Series 2021-2 Notes
setting forth the information set forth on Schedule II (Monthly Noteholders’ Statement Information) hereto (including
reasonable detail of the materially constituent terms thereof, as determined by HVF III) in any reasonable format.

 

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(b)           Upon
any amendment to any of the Series 2021-2 Related Documents, HVF III shall, not more than five (5) Business Days thereafter,
provide the amended version of such Series 2021-2 Related Document to the Trustee, and the Trustee shall furnish a copy of such
amended Series 2021-2 Related Document no later than the second (2nd) succeeding Business Day following such receipt
by the Trustee, which obligation to furnish shall be deemed satisfied upon the Trustee’s posting, or causing to be posted, such
amended Series 2021-2 Related Document to the website specified in clause (a) above (or any successor or replacement
website, in accordance with such clause (a)).

 

Section 9.3          Confidentiality.
The Trustee and each Series 2021-2 Note Owner agrees, by its acceptance and holding of a beneficial interest in a Series 2021-2
Note, that it shall not disclose any Confidential Information to any Person without the prior written consent of HVF III, which such consent
must be evident in a writing signed by an Authorized Officer of HVF III, other than (a) such person’s directors, trustees,
officers, employees, agents, attorneys, independent or internal auditors and affiliates who agree to hold confidential the Confidential
Information; (b) such person’s financial advisors and other professional advisors who agree to hold confidential the Confidential
Information; (c) any other Series 2021-2 Note Owner; (d) any person of the type that would be, to such person’s knowledge,
permitted to acquire an interest in the Series 2021-2 Notes in accordance with the requirements of this Series 2021-2 Supplement
to which such person sells or offers to sell any such interest in the Series 2021-2 Notes or any part thereof and that agrees to
hold confidential the Confidential Information in accordance with this Series 2021-2 Supplement; (e) any federal or state or
other regulatory, governmental or judicial authority having jurisdiction over such person; (f) the National Association of Insurance
Commissioners or any similar organization, or any nationally-recognized rating agency that requires access to information about the investment
portfolio or such person; (g) any reinsurers or liquidity or credit providers that agree to hold confidential the Confidential Information;
(h) any other person with the consent of HVF III; or (i) any other person to which such delivery or disclosure may be necessary
or appropriate (A) to effect compliance with any law, rule, regulation, statute or order applicable to such person, (B) in response
to any subpoena or other legal process upon prior notice to HVF III (unless prohibited by applicable law or other requirement having the
force of law), (C) in connection with any litigation to which such person is a party upon prior notice to HVF III (unless prohibited
by applicable law or other requirement having the force of law) or (D) if an Amortization Event with respect to the Series 2021-2
Notes has occurred and is continuing, to the extent such person may reasonably determine such delivery and disclosure to be necessary
or appropriate in the enforcement or for the protection of the rights and remedies under the Series 2021-2 Notes, this Series 2021-2
Supplement or any other document relating to the Series 2021-2 Notes.

 

Section 9.4         Ratification
of Base Indenture. As supplemented by this Series 2021-2 Supplement, the Base Indenture is in all respects ratified and confirmed
and the Base Indenture as so supplemented by this Series 2021-2 Supplement shall be read, taken, and construed as one and the same
instrument (except as otherwise specified herein).

 

Section 9.5         Notice
to the Rating Agencies. The Trustee shall provide to each Rating Agency a copy of each notice to the Series 2021-2 Noteholders
delivered to the Trustee pursuant to this Series 2021-2 Supplement or any other Related Document. The Trustee shall provide notice
to each Rating Agency of any consent by the Series 2021-2 Noteholders to the waiver of the occurrence of any Amortization Event with
respect to the Series 2021-2 Notes. HVF III will provide each Rating Agency rating the Series 2021-2 Notes with a copy of any
operative Manufacturer Program upon written request by such Rating Agency.

 

Section 9.6         Third
Party Beneficiary. Nothing in this Series 2021-2 Supplement, expressed or implied, shall be construed to confer upon any Person
(other than the parties hereto and their successors and assigns expressly permitted herein) any legal or equitable right, remedy or claim
under or by reason of this Series 2021-2 Supplement.

 

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Section 9.7         Execution
in Counterparts; Electronic Execution. This Series 2021-2 Supplement may be executed in any number of counterparts (including
by facsimile or electronic transmission (including .pdf file, .jpeg file, Adobe Sign, or DocuSign)), each of which so executed shall be
deemed to be an original, but all of such counterparts shall together constitute but one and the same instrument. Delivery of an executed
counterpart signature page of this Series 2021-2 Supplement by facsimile or any such electronic transmission shall be effective
as delivery of a manually executed counterpart of this Series 2021-2 Supplement and shall have the same legal validity and enforceability
as a manually executed signature to the fullest extent permitted by applicable law. Any electronically signed document delivered via email
from a person purporting to be an authorized officer shall be considered signed or executed by such authorized officer on behalf of the
applicable person and will be binding on all parties hereto to the same extent as if it were manually executed.

 

Section 9.8         Governing
Law. THIS SERIES 2021-2 SUPPLEMENT, AND ALL MATTERS ARISING OUT OF OR RELATING TO THIS SERIES 2021-2 SUPPLEMENT, SHALL BE GOVERNED
BY, AND CONSTRUED AND INTERPRETED IN ACCORDANCE WITH, THE INTERNAL LAW OF THE STATE OF NEW YORK, AND THE OBLIGATIONS, RIGHTS AND REMEDIES
OF THE PARTIES HERETO SHALL BE DETERMINED IN ACCORDANCE WITH SUCH LAW.

 

Section 9.9         Amendments.
This Series 2021-2 Supplement may be amended or modified, and any provision may be waived, in accordance with the following paragraphs
of this Section 9.9 (Amendments):

 

(a)            Without
the Consent of the Series 2021-2 Noteholders. Without the consent of any Series 2021-2 Noteholder, HVF III and the Trustee,
at any time and from time to time, may enter into one or more amendments, modifications or waivers, in form satisfactory to the Trustee,
for any of the following purposes:

 

(i)            to
add to the covenants of HVF III for the benefit of any Series 2021-2 Noteholder or to surrender any right or power herein conferred
upon HVF III (provided, however, that HVF III shall not pursuant to this Section 9.9(a)(i) (Without
Consent of the Noteholders) surrender any right or power it has under any Related Document other than to the Trustee or the Series 2021-2
Noteholders);

 

(ii)            to
cure any mistake, ambiguity, defect, or inconsistency or to correct or supplement any provision contained in any Series Supplement
or in any Notes issued thereunder;

 

(iii)          to
provide for uncertificated Series 2021-2 Notes in addition to certificated Series 2021-2 Notes;

 

(iv)          to
add to or change any of the provisions of this Series 2021-2 Supplement to such extent as shall be necessary to permit or facilitate
the issuance of Series 2021-2 Notes in bearer form, registrable or not registrable as to principal, and with or without interest
coupons;

 

(v)           to
conform this Series 2021-2 Supplement to the terms of the offering document(s) for the Series 2021-2 Notes;

 

(vi)          to
correct or supplement any provision in this Series 2021-2 Supplement which may be inconsistent with any other provision herein or
in the Base Indenture or to make any other provisions with respect to matters or questions arising under this Series 2021-2 Supplement
or in the Base Indenture;

 

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(vii)         to
evidence and provide for the addition of medium-duty trucks in the Indenture Collateral and/or the Series Collateral; and

 

(viii)        to
effect any other amendment that does not materially adversely affect the interests of the Series 2021-2 Noteholders;

 

provided,
however, that (i) as evidenced by an Officer’s Certificate of HVF III, such action shall not materially adversely affect
the interests of the Series 2021-2 Noteholders, (ii) any amendment or modification shall not be effective until the Series 2021-2
Rating Agency Condition has been satisfied with respect to such amendment or modification (unless 100% of the Series 2021-2 Noteholders
have consented thereto) and (iii) HVF III shall provide each Rating Agency notice of such amendment or modification promptly after
its execution.

 

(b)           With
the Consent of the Majority Series 2021-2 Noteholders. Except as provided in Section 9.9(a) (Amendments)
or Section 9.9(c) (Amendments), this Series 2021-2 Supplement may from time to time be amended, modified
or waived, if (i) such amendment, modification or waiver is in writing and is consented to in writing by HVF III, the Trustee and
the Majority Series 2021-2 Noteholders, (ii) in the case of an amendment or modification, the Series 2021-2 Rating Agency
Condition is satisfied (unless otherwise consented to in writing by 100% of the Series 2021-2 Noteholders) with respect to such
amendment or modification and (iii) HVF III shall provide each Rating Agency notice of such amendment or modification promptly after
its execution; provided that the consent of any Series 2021-2 Noteholder shall not be required to provide for the issuance
of any Class E Notes in accordance with Section 9.18 (Issuance of Class E Notes), subject to the satisfaction
of the Series 2021-2 Rating Agency Condition with respect to such amendment or modification;

 

(c)            With
the Consent of 100% of the Series 2021-2 Noteholders. Notwithstanding the foregoing Sections 9.9(a) and (b) (Amendments),
without the consent of 100% of the Series 2021-2 Noteholders affected by such amendment, modification or waiver and upon notice to
DBRS, no amendment, modification or waiver (other than any waiver effected pursuant to Section 7.1 (Amortization Events)
shall:

 

(i)            amend
or modify the definition of “Majority Series 2021-2 Noteholders” or Section 2.5 (Required Series Noteholders)
in this Series 2021-2 Supplement or otherwise reduce the percentage of Series 2021-2 Noteholders whose consent is required to
take any particular action hereunder;

 

(ii)           extend
the due date for, or reduce the amount of any scheduled repayment or prepayment of principal of or interest on any Series 2021-2
Note (or reduce the principal amount of or rate of interest on any Series 2021-2 Note or otherwise change the manner in which interest
is calculated); or

 

(iii)          amend
or modify Section 2.1(a) (Initial Issuance), Section 4.1 (Granting Clause), Section 5.3
(Application of Funds in the Series 2021-2 Interest Collection Account), Section 5.4 (Application of Funds
in the Series 2021-2 Principal Collection Account), Section 5.5 (Class A/B/C/D Reserve Account Withdrawals),
Section 7.1 (Amortization Events) (other than pursuant to any waiver effected pursuant to Section 7.1
(Amortization Events) of this Series 2021-2 Supplement), Section 9.9(a), (b) or (c) (Amendments)
or Section 9.19 (Trustee Obligations under the Retention Requirements), or otherwise amend or modify any provision
relating to the amendment or modification of this Series 2021-2 Supplement or that pursuant to the Series 2021-2 Related Documents
expressly requires the consent of 100% of the Series 2021-2 Noteholders or each Series 2021-2 Noteholder affected by such amendment
or modification;

 

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(d)           Series 2021-2
Supplemental Indentures. Each amendment or other modification to this Series 2021-2 Supplement shall be set forth in a Series 2021-2
Supplemental Indenture. The initial effectiveness of each Series 2021-2 Supplemental Indenture shall be subject to the delivery to
the Trustee of an Opinion of Counsel (which may be based on an Officer’s Certificate) that such Series 2021-2 Supplemental
Indenture is authorized or permitted by this Series 2021-2 Supplement.

 

(e)           The
Trustee to Sign Amendments, etc. The Trustee shall sign any Series 2021-2 Supplemental Indenture authorized or permitted
pursuant to this Section 9.9 (Amendments) if such Series 2021-2 Supplemental Indenture does not adversely affect
the rights, duties, liabilities or immunities of the Trustee, and if such Series 2021-2 Supplemental Indenture does adversely affect
the rights, duties, liabilities or immunities of the Trustee, then the Trustee may, but need not, sign it. In signing such Series 2021-2
Supplemental Indenture, the Trustee shall be entitled to receive, if requested, and, subject to Section 7.2 (Limited Liability
Company and Governmental Authorization) of the Base Indenture, shall be fully protected in relying upon, an Officer’s Certificate
of HVF III and an Opinion of Counsel (which may be based on an Officer’s Certificate) as conclusive evidence that such Series 2021-2
Supplemental Indenture is authorized or permitted by this Section 9.9 (Amendments) and that all conditions precedent
specified in this Section 9.9 (Amendments) have been satisfied, and that it will be valid and binding upon HVF III
in accordance with its terms.

 

Section 9.10       Administrator
to Act on Behalf of HVF III. Pursuant to the Administration Agreement, the Administrator has agreed to provide certain services to
HVF III and to take certain actions on behalf of HVF III, including performing or otherwise satisfying any action, determination, calculation,
direction, instruction, notice, delivery or other performance obligation, in each case, permitted or required by HVF III pursuant to this
Series 2021-2 Supplement. Each Noteholder by its acceptance of a Note and the Trustee by its execution hereof, hereby consents to
the provision of such services and the taking of such action by the Administrator in lieu of HVF III and hereby agrees that HVF III’s
obligations hereunder with respect to any such services performed or action taken shall be deemed satisfied to the extent performed or
taken by the Administrator and to the extent so performed or taken by the Administrator shall be deemed for all purposes hereunder to
have been so performed or taken by HVF III; provided, that for the avoidance of doubt, none of the foregoing shall create any payment
obligation of the Administrator or relieve HVF III of any payment obligation hereunder; provided, further, that if an Amortization
Event with respect to the Series 2021-2 Notes has occurred and is continuing or if a Limited Liquidation Event of Default has occurred
and the Administrator has failed to take any action on behalf of HVF III that HVF III is required to take pursuant to the this Series 2021-2
Supplement, all or any determinations, calculations, directions, instructions, notices, deliveries or other actions required to be effected
by HVF III or the Administrator hereunder may be effected or directed by the Majority Series 2021-2 Noteholders or any appointed
agent or representative thereof, and HVF III shall, and shall cause the Administrator to, provide reasonable assistance in furtherance
of the foregoing, and the Trustee shall follow any such direction as if delivered by the Administrator or by the Administrator on behalf
of HVF III, in each case to the extent such direction is consistent with this Series 2021-2 Supplement and the Related Documents.

 

Section 9.11       Successors.
All agreements of HVF III in this Series 2021-2 Supplement and with respect to the Series 2021-2 Notes shall bind its successor;
provided, however, except as provided in Section 9.9 (Amendments), HVF III may not assign its obligations
or rights under this Series 2021-2 Supplement or any Series 2021-2 Note. All agreements of the Trustee in this Series 2021-2
Supplement shall bind its successor.

 

Section 9.12       Termination
of Series Supplement. This Series 2021-2 Supplement shall cease to be of further effect when (i) all Outstanding Series 2021-2
Notes theretofore authenticated and issued have been delivered (other than destroyed, lost, or stolen Series 2021-2 Notes that have
been replaced or paid) to the Trustee for cancellation, (ii) HVF III has paid all sums payable hereunder, and (iii) the Class A/B/C/D
Demand Note Payment Amount is equal to zero or the Class A/B/C/D Letter of Credit Liquidity Amount is equal to zero.

 

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Section 9.13       Electronic
Execution. This Series 2021-2 Supplement may be transmitted and/or signed in accordance with Section 9.7 (Execution
in Counterparts, Electronic Execution) hereto.

 

Section 9.14       Additional
UCC Representations. Without limiting any other representation or warranty given by HVF III in the Base Indenture, HVF III hereby
makes the representations and warranties set forth below in this Section 9.14 (Additional UCC Representations) for
the benefit of the Trustee and the Series 2021-2 Noteholders, in each case, as of the date hereof.

 

(a)            General.

 

(i)            The
Series 2021-2 Supplement creates a valid and continuing security interest (as defined in the applicable UCC) in the Class A/B/C/D
Demand Note and all of its proceeds (the “Series Collateral”) in favor of the Trustee for the benefit of the Series 2021-2
Noteholders and in the case of each of clause (a) and (b) is prior to all other Liens on such Indenture Collateral
and Series Collateral, as applicable, except for Series 2021-2 Permitted Liens, respectively, and is enforceable as such against
creditors and purchasers from HVF III.

 

(ii)            HVF
III owns and has good and marketable title to the Indenture Collateral and the Series Collateral free and clear of any lien, claim,
or encumbrance of any Person, except for Series 2021-2 Permitted Liens, respectively.

 

(b)           Characterization.
The Class A/B/C/D Demand Note constitutes an “instrument” within the meaning of the applicable UCC and (b) all
Manufacturer Receivables constitute “accounts” or “general intangibles” within the meaning of the applicable
UCC.

 

(c)           Perfection
by Filing. HVF III has caused or will have caused, within ten (10) days after the Series 2021-2 Closing Date, the filing
of all appropriate financing statements in the proper filing office in the appropriate jurisdictions under applicable law in order to
perfect the security interest in any accounts and general intangibles included in the Series Collateral granted to the Trustee.

 

(d)           Perfection
by Possession. All original copies of the Class A/B/C/D Demand Note that constitute or evidence the Class A/B/C/D Demand
Note have been delivered to the Trustee.

 

(e)           Priority.

 

(i)            Other
than the security interest granted to the Trustee pursuant to the Series 2021-2 Supplement, HVF III has not pledged, assigned, sold
or granted a security interest in, or otherwise conveyed, any of the Series Collateral. HVF III has not authorized the filing of
and is not aware of any financing statements against HVF III that include a description of collateral covering the Series Collateral,
other than any financing statement relating to the security interests granted to the Trustee, as secured party under the Series 2021-2
Supplement, respectively, or that has been terminated. HVF III is not aware of any judgment or tax lien filings against HVF III.

 

(ii)            The
Class A/B/C/D Demand Note does not contain any marks or notations indicating that it has been pledged, assigned or otherwise conveyed
to any Person other than the Trustee.

 

Section 9.15       Notices.
Unless otherwise specified herein, all notices, requests, instructions and demands to or upon any party hereto to be effective shall be
given (i) in the case of HVF III and the Trustee, in the manner set forth in Section 13.1 (Notices) of the Base Indenture,
and (ii) in the case of the Administrator, unless otherwise specified by the Administrator by notice to the respective parties hereto,
in writing and delivered in person or mailed by first-class mail (registered or certified, return receipt requested), e-mail, facsimile
or overnight air courier guaranteeing next day delivery, to:

 

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The Hertz Corporation

8501 Williams Road

Estero, Florida 33928

Attention: Treasury Department / General Counsel

Phone: (239) 301-7000

Fax:      (239) 301-6906

E-mail:  hertzlawdepartment@hertz.com

 

Any notice (i) given in
person shall be deemed delivered on the date of delivery of such notice, (ii) given by first class mail shall be deemed given five
(5) days after the date that such notice is mailed, (iii) delivered by e-mail or facsimile shall be deemed given on the date
of delivery of such notice if received before 12:00 noon ET or the next Business Day if received at or after 12:00 noon ET, and (iv) delivered
by overnight air courier shall be deemed delivered one (1) Business Day after the date that such notice is delivered to such overnight
courier.

 

Section 9.16       Submission
to Jurisdiction. Each of the parties hereto hereby irrevocably and unconditionally (i) submits, for itself and its property,
to the nonexclusive jurisdiction of any New York State court in New York County or federal court of the United States of America for the
Southern District of New York, and any appellate court from any thereof, in any action or proceeding arising out of or relating to the
Base Indenture, this Series 2021-2 Supplement, the Series 2021-2 Notes or the transactions contemplated hereby, or for recognition
or enforcement of any judgment arising out of or relating to the Base Indenture, this Series 2021-2 Supplement, the Series 2021-2
Notes or the transactions contemplated hereby; (ii) agrees that all claims in respect of any such action or proceeding may be heard
and determined in such New York State court or, to the extent permitted by law, federal court; (iii) agrees that a final judgment
in any such action or proceeding shall be conclusive and may be enforced in other jurisdictions by suit on the judgment or in any other
manner provided by law; (iv) consents that any such action or proceeding may be brought in such courts and waives any objection it
may now or hereafter have to the laying of venue of any such action or proceeding in any such court and any objection it may now or hereafter
have that such action or proceeding was brought in an inconvenient court, and agrees not to plead or claim the same; and (v) consents
to service of process in the manner provided for notices in Section 9.15 (Notices) (provided that, nothing in
this Series 2021-2 Supplement shall affect the right of any such party to serve process in any other manner permitted by law).

 

Section 9.17       Waiver
of Jury Trial. EACH OF THE PARTIES HERETO HEREBY IRREVOCABLY WAIVES, TO THE FULLEST EXTENT PERMITTED BY APPLICABLE LAW, ANY AND ALL
RIGHT TO TRIAL BY JURY IN ANY LEGAL PROCEEDING ARISING OUT OF OR RELATING TO THE BASE INDENTURE, THIS SERIES 2021-2 SUPPLEMENT, THE SERIES
2021-2 NOTES OR THE TRANSACTIONS CONTEMPLATED HEREBY.

 

Section 9.18       Issuance
of Class E Notes. No Class E Notes shall be issued on the Series 2021-2 Closing Date. On any date during the Series 2021-2
Revolving Period, HVF III may issue Class E Notes, subject only to the satisfaction of the following conditions precedent:

 

(a)           HVF
III and the Trustee shall have entered into an amendment to this Series 2021-2 Supplement providing (a) that the Class E
Notes will bear a fixed rate of interest, determined on or prior to the Class E Notes Closing Date, (b) that the expected final
payment date for the Class E Notes will be the Expected Final Payment Date, (c) that the principal amount of the Class E
Notes will be due and payable on the Legal Final Payment Date, (d) Class Controlled Amortization Amount with respect to the
Class E Notes will be the Series 2021-2 Controlled Amortization Period and (e) payment mechanics with respect to the Class E
Notes substantially similar to those with respect to the Class A/B/C/D Notes (other than as set forth below) and such other provisions
with respect to the Class E Notes as may be required for such issuance;

 

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

 

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

 

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

 

(i)            no
Amortization Event with respect to the Series 2021-2 Notes, Series 2021-1 Liquidation Event, Aggregate Asset Amount Deficiency,
or Class A/B/C/D Liquid Enhancement Deficiency is then continuing or will occur as a result of the issuance of such Proposed Class E
Notes;

 

(ii)            all
conditions precedent provided in this Series 2021-2 Supplement with respect to the authentication and delivery of such Proposed Class E
Notes have been complied with or waived; and

 

(iii)           the
issuance of such Proposed Class E Notes and any related amendments to this Series 2021-2 Supplement and any Series 2021-2
Related Documents will not reduce the availability of the Class A/B/C/D Liquid Enhancement Amount to support the payment of interest
on or principal of the Class A/B/C/D Notes;

 

(e)            No
amendments to this Series 2021-2 Supplement or any Series 2021-2 Related Documents in connection with the issuance of the Proposed
Class E Notes may provide for:

 

(i)            the
application of amounts available under the Class A/B/C/D Letters of Credit or the Class A/B/C/D Reserve Account to support the
payment of interest on or principal of the Class E Notes while any of the Class A/B/C/D Notes remain outstanding;

 

(ii)            payment
of interest to any Class E Notes on any Payment Date until all interest due on the Class A/B/C/D Notes on such Payment Date
has been paid, provided, that such amendment may provide for the provision of demand notes, irrevocable letters of credit and/or
the establishment of a reserve account, in each case solely for the benefit of the Class E Noteholders, and any amounts available
thereunder or therein may be applied to pay interest on the Class E Notes on any Payment Date notwithstanding that interest may not
be paid in full on any of the Class A/B/C/D Notes on such Payment Date, subject only to the requirement that such amendment may not
reduce the availability of the Class A/B/C/D Liquid Enhancement Amount to support the payment of interest on or principal of the
Class A/B/C/D Notes in any material respect;

 

(iii)          during
the Series 2021-2 Rapid Amortization Period, payment of principal of the Class E Notes until the principal amount of the Class A/B/C/D
Notes has been paid in full, unless such payment is made with proceeds of incremental enhancement provided solely for the benefit of
the Class E Notes;

 

     40

     

    

 

(iv)          any
incremental voting rights in respect of the Class E Notes, for so long as any Class A/B/C/D Notes remain outstanding, other
than (x) with respect to amendments to the Base Indenture or this Series 2021-2 Supplement that expressly require the consent
of each Noteholder or Series 2021-2 Noteholder, as the case may be, materially adversely affected thereby or (y) with respect
to amendments to this Series 2021-2 Supplement, any amendment that relates solely to the Class E Notes (as evidenced by an
Officer’s Certificate of HVF III); or

 

(v)           the
addition of any Amortization Event with respect to the Series 2021-2 Notes other than those related to payment defaults on the Class E
Notes similar to those in respect of the Class A/B/C/D Notes and credit enhancement or liquid enhancement deficiencies in respect
of the credit enhancement or liquid enhancement solely supporting the Class E Notes similar to those in respect of the Class A/B/C/D
Notes;

 

(f)            The
Trustee shall have received Opinions of Counsel (which, as to factual matters, may be based upon an Officer’s Certificate of HVF
III) substantially similar to those received in connection with the initial issuance of the Class A/B/C/D Notes substantially to
the effect that:

 

(i)            the
issuance of the Proposed Class E Notes will not adversely affect the U.S. federal income tax characterization of any Series of
Notes outstanding or Class thereof that was (based upon an Opinion of Counsel) characterized as indebtedness for U.S. federal income
tax purposes at the time of their issuance and HVF III will not be classified as an association or as a publicly traded partnership taxable
as a corporation for U.S. federal income tax purposes as a result of such issuance;

 

(ii)           all
conditions precedent provided for in this Section 9.18 (Issuance of Class E Notes) of this Series 2021-2
Supplement with respect to the issuance of the Proposed Class E Notes have been complied with or waived; and

 

(iii)           the
Proposed Class E Notes, when executed, authenticated and delivered by the Trustee, and issued by HVF III in the manner and paid for
and subject to any conditions specified in such Opinion of Counsel, will constitute valid and binding obligations of HVF III, enforceable
against HVF III in accordance with their terms, subject, in the case of enforcement, to normal qualifications regarding bankruptcy, insolvency,
reorganization, moratorium and other similar laws affecting creditors’ rights generally and to general principles of equity; and

 

(g)           The
Series 2021-2 Rating Agency Condition shall have been satisfied with respect to the issuance of the Proposed Class E Notes and
the execution of any related amendments to this Series 2021-2 Supplement and/or any other Series 2021-2 Related Document.

 

Section 9.19       Trustee
Obligations under the Retention Requirements. In no event shall the Trustee have any responsibility to monitor compliance with or
enforce compliance with credit risk retention requirements for asset-backed securities or other rules or regulations relating to
risk retention. The Trustee shall not be charged with knowledge of such rules, nor shall it be liable to any Series 2021-2 Noteholder
or any other party for violation of such rules now or hereafter in effect.

 

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IN WITNESS WHEREOF, HVF III,
the Trustee and the Administrator have caused this Series 2021-2 Supplement to be duly executed by their respective officers hereunto
duly authorized as of the day and year first above written.

 

	 	HERTZ VEHICLE FINANCING III LLC, as Issuer
	 	 
	 	 
	 	By:	 /s/ M David Galainena
	 	Name: M David Galainena
	 	Title:   Vice President, General Counsel and Secretary
	 	 
	 	THE HERTZ CORPORATION, as Administrator
	 	 
	 	 
	 	By:	 /s/ M David Galainena
	 	Name: M David Galainena
	 	Title:   Executive Vice President, General Counsel and Secretary

 

Signature Page to HVF
III Series 2021-2 Supplement

 

     

     

    

 

 

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

	 	as Trustee

 

	 	By:	/s/ Michele R. Shrum
	 	 	Name: Michele R. Shrum
	 	 	Title: Vice President

 

Signature Page to HVF III Series 2021-2
Supplement

 

     

     

    

 

Schedule
I

TO THE SERIES 2021-2 SUPPLEMENT

 

DEFINITIONS LIST

 

“144A Global Notes”
has the meaning specified in Section 2.1(d) (Initial Issuance) of this Series 2021-2 Supplement.

 

“Applicable Procedures”
has the meaning specified in Section 2.2(f) (Transfer Restrictions for Global Notes) of this Series 2021-2
Supplement.

 

“Applicable Procedures”
means the provisions of the rules and procedures of DTC, the “Operating Procedures of the Euroclear System” and “Terms
and Conditions Governing Use of Euroclear” and the “General Terms and Conditions of Clearstream Banking” and “Customer
Handbook” of Clearstream, as in effect from time to time.

 

“Base Indenture”
has the meaning specified in the Preamble.

 

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

 

“Benefit Plan”
means (i) an “employee benefit plan” (as defined in Section 3(3) of ERISA) that is subject to Title I of ERISA,
(ii) any “plan” (as defined in Section 4975(E)(1) of the Code) that is subject to Section 4975 of the
Code or (iii) any entity deemed to hold the “assets” of any such employee benefit plan or plan (within the meaning of
29 C.F.R. Section 2510.3-101, as modified by Section 3(42) of ERISA, or otherwise under ERISA).

 

“Blackbook Guide”
has the meaning specified in the Lease.

 

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

 

“Class” means
a class of the Series 2021-2 Notes, which may be the Class A Notes, the Class B Notes, the Class C Notes, the Class D
Notes or, if issued, the Class E Notes.

 

“Class A Deficiency
Amount” means the Class Deficiency Amount for the Class A Notes.

 

“Class A Global
Note” means a Class A Note that is a Regulation S Global Note or a 144A Global Note.

 

“Class A
Monthly Interest Amount” means, with respect to any Series 2021-2 Interest Period, an amount equal to the Class Interest
Amount for the Class A Notes.

 

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

 

“Class A Notes”
means any one of the Series 2021-2 Fixed Rate Rental Car Asset Backed Notes, Class A, executed by HVF III and authenticated
by or on behalf of the Trustee, substantially in the form of Exhibit A-1-1 or Exhibit A-1-2 to this Series 2021-2
Supplement.

 

“Class A Principal
Amount” means, when used with respect to any date, an amount equal to the Class Principal Amount for the Class A Notes.

 

“Class A/B/C Notes”
means the Class A Notes, the Class B Notes, and the Class C Notes, collectively.

 

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“Class A/B/C/D
Adjusted Liquid Enhancement Amount” means, as of any date of determination, the Class A/B/C/D Liquid Enhancement Amount,
as of such date, excluding from the calculation thereof the amount available to be drawn under any Class A/B/C/D Defaulted Letter
of Credit, as of such date.

 

“Class A/B/C/D
Adjusted Principal Amount” means, as of any date of determination, the excess, if any, of (A) the Class A/B/C/D Principal
Amount as of such date over (B) the Series 2021-2 Principal Collection Account Amount as of such date.

 

“Class A/B/C/D
Available L/C Cash Collateral Account Amount” means, as of any date of determination, the amount of cash on deposit in and Permitted
Investments credited to the Class A/B/C/D L/C Cash Collateral Account as of such date.

 

“Class A/B/C/D
Available Reserve Account Amount” means, as of any date of determination, the amount of cash on deposit in and Permitted Investments
credited to the Class A/B/C/D Reserve Account as of such date.

 

“Class A/B/C/D
Certificate of Credit Demand” means a certificate substantially in the form of Annex A to a Class A/B/C/D Letter of Credit.

 

“Class A/B/C/D
Certificate of Preference Payment Demand” means a certificate substantially in the form of Annex C to a Class A/B/C/D Letter
of Credit.

 

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

 

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

 

“Class A/B/C/D
Defaulted Letter of Credit” means, as of any date of determination, each Class A/B/C/D Letter of Credit that, as of such
date, an Authorized Officer of the Administrator has actual knowledge that:

 

(A)          such
Class A/B/C/D Letter of Credit is not in full force and effect (other than in accordance with its terms or otherwise as expressly
permitted in such Class A/B/C/D Letter of Credit),

 

(B)           an
Event of Bankruptcy has occurred with respect to the Class A/B/C/D Letter of Credit Provider of such Class A/B/C/D Letter of
Credit and is continuing,

 

(C)           such
Class A/B/C/D Letter of Credit Provider has repudiated such Class A/B/C/D Letter of Credit or such Class A/B/C/D Letter
of Credit Provider has failed to honor a draw thereon made in accordance with the terms thereof, or

 

(D)           a
Class A/B/C/D Downgrade Event has occurred and is continuing for at least thirty (30) consecutive days with respect to the Class A/B/C/D
Letter of Credit Provider of such Class A/B/C/D Letter of Credit.

 

“Class A/B/C/D
Demand Note” means each demand note made by Hertz, substantially in the form of Exhibit B-2 to this Series 2021-2
Supplement.

 

     45

     

    

 

“Class A/B/C/D
Demand Note Payment Amount” means, as of any date of determination, the excess, if any, of (a) the aggregate amount of
all proceeds of demands made on the Class A/B/C/D Demand Note that were deposited into the Series 2021-2 Distribution Account
and paid to the Series 2021-2 Noteholders during the one (1) year period ending on such date of determination over (b) the
amount of any Preference Amount relating to such proceeds that has been repaid to HVF III (or any payee of HVF III) with the proceeds
of any Class A/B/C/D L/C Preference Payment Disbursement (or any withdrawal from any Class A/B/C/D L/C Cash Collateral Account);
provided, however, that if an Event of Bankruptcy (or the occurrence of an event described in clause (a) of
the definition thereof, without the lapse of a period of sixty (60) consecutive days) with respect to Hertz shall have occurred on or
before such date of determination, the Class A/B/C/D Demand Note Payment Amount shall equal (i) on any date of determination
until the conclusion or dismissal of the proceedings giving rise to such Event of Bankruptcy without continuing jurisdiction by the court
in such proceedings (or on any earlier date upon which the statute of limitations in respect of avoidance actions in such proceedings
has run or when such actions otherwise become unavailable to the bankruptcy estate), the Class A/B/C/D Demand Note Payment Amount
as if it were calculated as of the date of the occurrence of such Event of Bankruptcy and (ii) on any date of determination thereafter,
$0.

 

“Class A/B/C/D
Demand Notice” has the meaning specified in Section 5.6(c) (Class A/B/C/D Letters of Credit and Class A/B/C/D
Demand Notes) of this Series 2021-2 Supplement.

 

“Class A/B/C/D
Disbursement” shall mean any Class A/B/C/D L/C Credit Disbursement, any Class A/B/C/D L/C Preference Payment Disbursement,
any Class A/B/C/D L/C Termination Disbursement or any Class A/B/C/D L/C Unpaid Demand Note Disbursement under the Class A/B/C/D
Letters of Credit or any combination thereof, as the context may require.

 

“Class A/B/C/D
Downgrade Event” has the meaning specified in Section 5.8(b) (Class A/B/C/D Letters of Credit and Class A/B/C/D
Demand Notes) of this Series 2021-2 Supplement.

 

“Class A/B/C/D
Downgrade Withdrawal Amount” has the meaning specified in Section 5.8(b) (Class A/B/C/D Letters of
Credit and Class A/B/C/D Demand Notes) of this Series 2021-2 Supplement.

 

“Class A/B/C/D
Downgrade Withdrawal Amount Notice” has the meaning specified in Section 5.8(b) (Class A/B/C/D Letters
of Credit and Class A/B/C/D Demand Notes) of this Series 2021-2 Supplement.

 

“Class A/B/C/D
Eligible Letter of Credit Provider” means a Person having, at the time of the issuance of the related Class A/B/C/D Letter
of Credit, (i) if such Person has a long-term senior unsecured debt rating (or the equivalent thereof) from DBRS and DBRS is rating
any Class of Series 2021-2 Notes at such time, then a long-term senior unsecured debt rating (or the equivalent thereof) from
DBRS of at least “A (high)”, (ii) if such Person has a short-term senior unsecured debt credit rating (or the
equivalent thereof) from DBRS and DBRS is rating any Class of Series 2021-2 Notes at such time, then a short-term senior unsecured
debt credit rating (or the equivalent thereof) from DBRS of at least “R-1”, (iii) if such Person has a long-term senior
unsecured debt rating (or the equivalent thereof) from Moody’s and Moody’s is rating any Class of Series 2021-2
Notes at such time, then a long-term senior unsecured debt rating (or the equivalent thereof) from Moody’s of at least “A1”,
and (iv) if such Person has a short-term senior unsecured debt credit rating (or the equivalent thereof) from Moody’s and Moody’s
is rating any Class of Series 2021-2 Notes at such time, then a short-term senior unsecured debt credit rating (or the equivalent
thereof) from Moody’s of at least “P-1”.

 

“Class A/B/C/D
L/C Cash Collateral Account” has the meaning specified in Section 4.2(a)(ii) (Series 2021-2 Accounts)
of this Series 2021-2 Supplement.

 

“Class A/B/C/D
L/C Cash Collateral Account Collateral” means the Series 2021-2 Account Collateral with respect to the Class A/B/C/D
L/C Cash Collateral Account.

 

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“Class A/B/C/D
L/C Cash Collateral Account Surplus” means, with respect to any Payment Date, the lesser of (a) the Class A/B/C/D
Available L/C Cash Collateral Account Amount and (b) the excess, if any, of the Class A/B/C/D Adjusted Liquid Enhancement Amount
over the Class A/B/C/D Required Liquid Enhancement Amount on such Payment Date.

 

“Class A/B/C/D
L/C Cash Collateral Percentage” means, as of any date of determination, the percentage equivalent of a fraction, the numerator
of which is the Class A/B/C/D Available L/C Cash Collateral Account Amount as of such date and the denominator of which is the Class A/B/C/D
Letter of Credit Liquidity Amount as of such date.

 

“Class A/B/C/D
L/C Credit Disbursement” means an amount drawn under a Class A/B/C/D Letter of Credit pursuant to a Class A/B/C/D
Certificate of Credit Demand.

 

“Class A/B/C/D
L/C Preference Payment Disbursement” means an amount drawn under a Class A/B/C/D Letter of Credit pursuant to a Class A/B/C/D
Certificate of Preference Payment Demand.

 

“Class A/B/C/D
L/C Termination Disbursement” means an amount drawn under a Class A/B/C/D Letter of Credit pursuant to a Class A/B/C/D
Certificate of Termination Demand.

 

“Class A/B/C/D
L/C Unpaid Demand Note Disbursement” means an amount drawn under a Class A/B/C/D Letter of Credit pursuant to a Class A/B/C/D
Certificate of Unpaid Demand Note Demand.

 

“Class A/B/C/D
Letter of Credit” means an irrevocable letter of credit (i) substantially in the form of Exhibit F to this
Series 2021-2 Supplement and issued by a Class A/B/C/D Eligible Letter of Credit Provider in favor of the Trustee for the benefit
of the Series 2021-2 Noteholders or (ii) if issued after the Series 2021-2 Closing Date and not substantially in the form
of Exhibit F to this Series 2021-2 Supplement, that satisfies the Series 2021-2 Rating Agency Condition.

 

“Class A/B/C/D
Letter of Credit Amount” means, as of any date of determination, the lesser of (a) the sum of (i) the aggregate amount
available to be drawn as of such date under the Class A/B/C/D Letters of Credit, as specified therein, and (ii) if the Class A/B/C/D
L/C Cash Collateral Account has been established and funded pursuant to Section 4.2(a)(ii) (Series 2021-2 Accounts),
the Class A/B/C/D Available L/C Cash Collateral Account Amount as of such date and (b) the aggregate undrawn principal amount
of the Class A/B/C/D Demand Note as of such date.

 

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

 

“Class A/B/C/D
Letter of Credit Liquidity Amount” means, as of any date of determination, the sum of (a) the aggregate amount available
to be drawn as of such date under each Class A/B/C/D Letter of Credit, as specified therein, and (b) if a Class A/B/C/D
L/C Cash Collateral Account has been established pursuant to Section 4.2(a)(ii) (Series 2021-2 Accounts),
the Class A/B/C/D Available L/C Cash Collateral Account Amount as of such date.

 

“Class A/B/C/D
Letter of Credit Provider” means each issuer of a Class A/B/C/D Letter of Credit.

 

“Class A/B/C/D
Liquid Enhancement Amount” means, as of any date of determination, the sum of (a) the Class A/B/C/D Letter of Credit
Liquidity Amount and (b) the Class A/B/C/D Available Reserve Account Amount as of such date.

 

     47

     

    

 

“Class A/B/C/D
Liquid Enhancement Deficiency” means, as of any date of determination, the Class A/B/C/D Adjusted Liquid Enhancement Amount
is less than the Class A/B/C/D Required Liquid Enhancement Amount as of such date.

 

“Class A/B/C/D
Notes” means the Class A Notes, the Class B Notes, the Class C Notes, and the Class D Notes, collectively.

 

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

 

“Class A/B/C/D
Principal Amount” means, as of any date of determination, the sum of the Class A Principal Amount, the Class B Principal
Amount, the Class C Principal Amount and the Class D Principal Amount, in each case, as of such date.

 

“Class A/B/C/D
Principal Deficit Amount” means, on any date of determination, the excess, if any, of (a) the Class A/B/C/D Adjusted
Principal Amount on such date over (b) the Series 2021-2 Asset Amount on such date; provided, however, the Class A/B/C/D
Principal Deficit Amount on any date that is prior to the Legal Final Payment Date occurring during the period commencing on and
including the date of the filing by Hertz of a petition for relief under Chapter 11 of the Bankruptcy Code to but excluding the date on
which Hertz shall have resumed making all payments of Monthly Variable Rent required to be made by it under the Leases, shall mean the
excess, if any, of (x) the Class A/B/C/D Adjusted Principal Amount on such date over (y) the sum of (1) the Series 2021-2
Asset Amount on such date and (2) the lesser of (a) the Class A/B/C/D Liquid Enhancement Amount on such date and (b) the
Class A/B/C/D Required Liquid Enhancement Amount on such date.

 

“Class A/B/C/D
Purchase Agreement” means the Purchase Agreement in respect of the Class A/B/C/D Notes, dated June 24, 2021,
by and among HVF III, Hertz and Deutsche Bank Securities Inc., Barclays Capital Inc., BNP Paribas Securities Corp. and RBC Capital Markets,
LLC,, as initial purchasers of the Class A/B/C/D Notes.

 

“Class A/B/C/D
Required Liquid Enhancement Amount” means, as of any date of determination, an amount equal to the product of (a) 2.0%
and (b) the Class A/B/C/D Adjusted Principal Amount as of such date.

 

“Class A/B/C/D
Required Reserve Account Amount” means, with respect to any date of determination, an amount equal to the greater of:

 

(a)            the
excess, if any, of

 

(i)            the
Class A/B/C/D Required Liquid Enhancement Amount over

 

(ii)           the
Class A/B/C/D Letter of Credit Liquidity Amount, in each case, as of such date,

 

excluding from the calculation of such
excess the amount available to be drawn under any Class A/B/C/D Defaulted Letter of Credit as of such date, and:

 

(b)            the
excess, if any, of:

 

(i)            the
Series 2021-2 Adjusted Asset Coverage Threshold Amount (excluding therefrom the Class A/B/C/D Available Reserve Account Amount)
over

 

(ii)           the
Series 2021-2 Asset Amount, in each case as of such date.

 

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“Class A/B/C/D
Reserve Account” has the meaning specified in Section 4.2(a)(i) (Series 2021-2 Accounts) of this
Series 2021-2 Supplement.

 

“Class A/B/C/D
Reserve Account Collateral” means the Series 2021-2 Account Collateral with respect to the Class A/B/C/D Reserve Account.

 

“Class A/B/C/D
Reserve Account Deficiency Amount” means, as of any date of determination, the excess, if any, of the Class A/B/C/D Required
Reserve Account Amount for such date over the Class A/B/C/D Available Reserve Account Amount for such date.

 

“Class A/B/C/D
Reserve Account Interest Withdrawal Shortfall” has the meaning specified in Section 5.5(a) (Class A/B/C/D
Reserve Account Withdrawals) of this Series 2021-2 Supplement.

 

“Class A/B/C/D
Reserve Account Surplus” means, as of any date of determination, the excess, if any, of the Class A/B/C/D Available Reserve
Account Amount (after giving effect to any deposits thereto and withdrawals and releases therefrom on such date) over the Class A/B/C/D
Required Reserve Account Amount, in each case, as of such date.

 

“Class B Deficiency
Amount” means the Class Deficiency Amount for the Class B Notes.

 

“Class B Global
Note” means a Class B Note that is a Regulation S Global Note or a 144A Global Note.

 

“Class B Monthly
Interest Amount” means, with respect to any Series 2021-2 Interest Period, an amount equal to the Class Interest Amount
for the Class B Notes.

 

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

 

“Class B Notes”
means any one of the Series 2021-2 Fixed Rate Rental Car Asset Backed Notes, Class B, executed by HVF III and authenticated
by or on behalf of the Trustee, substantially in the form of Exhibit A-2-1 or Exhibit A-2-2 to this Series 2021-2
Supplement.

 

“Class B Principal
Amount” means, when used with respect to any date, an amount equal to the Class Principal Amount for the Class B Notes.

 

“Class C Deficiency
Amount” means the Class Deficiency Amount for the Class C Notes.

 

“Class C Global
Note” means a Class C Note that is a Regulation S Global Note or a 144A Global Note.

 

“Class C Monthly
Interest Amount” means, with respect to any Series 2021-2 Interest Period, an amount equal to the Class Interest Amount
for the Class C Notes.

 

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

 

“Class C Notes”
means any one of the Series 2021-2 Fixed Rate Rental Car Asset Backed Notes, Class C, executed by HVF III and authenticated
by or on behalf of the Trustee, substantially in the form of Exhibit A-3-1 or Exhibit A-3-2 to this Series 2021-2
Supplement.

 

“Class C Principal
Amount” means, when used with respect to any date, an amount equal to the Class Principal Amount of the Class C Notes.

 

     49

     

    

 

“Class Carryover
Controlled Amortization Amount” means, with respect to any Payment Date during the Series 2021-2 Controlled Amortization
Period and any Class of Series 2021-2 Notes, the amount, if any, by which the amount paid to the Noteholders of such Class pursuant
to Section 5.4(c) (Application of Funds in the Series 2021-2 Principal Collection Account) on the previous
Payment Date was less than the Class Controlled Distribution Amount for the previous Payment Date for such Class.

 

“Class Controlled
Amortization Amount” means, (i) with respect to the first Payment Date during the Series 2021-2 Controlled Amortization
Period, for each class, zero and (ii) with respect to any other Payment Date during the Series 2021-2 Controlled Amortization
Period, for each Class, one-sixth of the Class Initial Principal Amount of such Class.

 

“Class Controlled
Distribution Amount” means, with respect to any Payment Date and any Class of Series 2021-2 Notes during the Series 2021-2
Controlled Amortization Period, an amount equal to the sum of the Class Controlled Amortization Amount for such Class and such
Payment Date and any Class Carryover Controlled Amortization Amount for such Class and such Payment Date.

 

“Class D Deficiency
Amount” means the Class Deficiency Amount for the Class D Notes.

 

“Class D Global
Note” means a Class D Note that is a 144A Global Note.

 

“Class D Monthly
Interest Amount” means, with respect to any Series 2021-2 Interest Period, an amount equal to the Class Interest Amount
for the Class D Notes.

 

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

 

“Class D Notes”
means any one of the Series 2021-2 Fixed Rate Rental Car Asset Backed Notes, Class D, executed by HVF III and authenticated
by or on behalf of the Trustee, substantially in the form of Exhibit A-4 to this Series 2021-2 Supplement.

 

“Class D Principal
Amount” means the Class Principal Amount of the of Class D Notes.

 

“Class Deficiency
Amount” has the meaning specified in Section 3.1 (Interest) of this Series 2021-2 Supplement.

 

“Class E Adjusted
Asset Coverage Threshold Amount” will have the meaning set forth in an amendment to this Series 2021-2 Supplement entered
into in accordance with Section 9.18 (Issuance of Class E Notes) of this Series 2021-2 Supplement.

 

“Class E
Initial Principal Amount” will have the meaning set forth in an amendment to this Series 2021-2 Supplement entered into
in accordance with Section 9.18 (Issuance of Class E Notes) of this Series 2021-2 Supplement.

 

“Class E Monthly
Interest Amount” will have the meaning set forth in an amendment to this Series 2021-2 Supplement entered into in accordance
with Section 9.18 (Issuance of Class E Notes) of this Series 2021-2 Supplement.

 

“Class E Note
Rate” will have the meaning set forth in an amendment to this Series 2021-2 Supplement entered into in accordance with
Section 9.18 (Issuance of Class E Notes) of this Series 2021-2 Supplement.

 

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

 

“Class E Notes”
has the meaning specified in the Preamble to this Series 2021-2 Supplement.

 

“Class E Notes
Closing Date” has the meaning specified in Section 9.18(b) (Issuance of Class E Notes) of this
Series 2021-2 Supplement.

 

     50

     

    

 

“Class E
Principal Amount” will have the meaning set forth in an amendment to this Series 2021-2 Supplement entered into in accordance
with Section 9.18 (Issuance of Class E Notes) of this Series 2021-2 Supplement.

 

“Class Initial
Principal Amount” mean, for each Class of the Series 2021-2 Notes, the amount set forth in the following table:

 

	Class	 	Initial Principal Amount	 
	A	 	$	1,420,000,000	 
	B	 	$	180,000,000	 
	C	 	$	140,000,000	 
	D	 	$	260,000,000	 

 

“Class Interest
Amount” means, for each Class of Notes for any Series 2021-2 Interest Period (a) with respect to the initial
Series 2021-2 Interest Period, an amount equal to the product of (i) the applicable Note Rate for such Class, (ii) the
Class Initial Principal Amount for such Class, and (iii) 27/360, and (b) with respect to each Series 2021-2 Interest
Period thereafter, an amount equal to sum of (i) the product of (A) one-twelfth of the applicable Note Rate for such Class,
and (B) the Class Principal Amount for such Class as of the first day of such Series 2021-2 Interest Period,
after giving effect to any principal payments made on such date, plus (ii) the aggregate amount of any unpaid Class Deficiency
Amounts for such Class, after giving effect to all payments made on the preceding Payment Date (together with any accrued interest on
such Class Deficiency Amounts at the applicable Note Rate for such Class).

 

“Class Principal
Amount” means, when used with respect to Class and any date, an amount equal to (a) Class Initial Principal Amount
with respect to such Class minus (b) the sum of the amount of principal payments made to the Noteholders of such Class on
or prior to such date minus (c) the principal amount of any Series 2021-2 Notes of such Class that have been delivered
to the Trustee for cancellation pursuant to the Base Indenture and for which no replacement Series 2021-2 Note was issued on or prior
to such date.

 

“Confidential Information”
means information that Hertz or any Affiliate thereof (or any successor to any such Person in any capacity) furnishes to a Noteholder
or a Note Owner, but does not include any such information (i) that is or becomes generally available to the public other than as
a result of a disclosure by a Noteholder or a Note Owner or other Person to which a Noteholder or a Note Owner delivered such information,
(ii) that was in the possession of a Noteholder or a Note Owner prior to its being furnished to such Noteholder or Note Owner by
Hertz or any Affiliate thereof; provided that, there exists no obligation of any such Person to keep such information confidential,
or (iii) that is or becomes available to a Noteholder or a Note Owner from a source other than Hertz or an Affiliate thereof; provided
that, such source is not (1) known, or would not reasonably be expected to be known, to a Noteholder or a Note Owner to be bound
by a confidentiality agreement with Hertz or any Affiliate thereof, as the case may be, or (2) known, or would not reasonably be
expected to be known, to a Noteholder or a Note Owner to be otherwise prohibited from transmitting the information by a contractual, legal
or fiduciary obligation.

 

“Controlling Person”
means a Person (other than a Benefit Plan) that has discretionary authority or control with respect to the assets of HVF III or that provides
investment advice for a fee (direct or indirect) with respect to such assets (or an “affiliate” of such a Person (as defined
in the Plan Assets Regulation)).

 

     51

     

    

 

“Corresponding DBRS
Rating” means, for each Equivalent Rating Agency Rating for any Person, the DBRS rating designation corresponding to the row
in which such Equivalent Rating Agency Rating appears in the table set forth below.

 

	DBRS	Moody’s	S&P	Fitch
	AAA	Aaa	AAA	AAA
	AA(H)	Aa1	AA+	AA+
	AA	Aa2	AA	AA
	AA(L)	Aa3	AA-	AA-
	A(H)	A1	A+	A+
	A	A2	A	A
	A(L)	A3	A-	A-
	BBB(H)	Baa1	BBB+	BBB+
	BBB	Baa2	BBB	BBB
	BBB(L)	Baa3	BBB-	BBB-
	BB(H)	Ba1	BB+	BB+
	BB	Ba2	BB	BB
	BB(L)	Ba3	BB-	BB-
	B-High	B1	B+	B+
	B	B2	B	B
	B(L)	B3	B-	B-
	CCC(H)	Caa1	CCC+	CCC
	CCC	Caa2	CCC	CC
	CCC(L)	Caa3	CCC-	C

 

“DBRS” means
DBRS, Inc. or any successor thereto.

 

“DBRS Equivalent Rating”
means, with respect to any date and any Person with respect to whom DBRS does not maintain a public Relevant DBRS Rating as of such date,

 

		(a)	if such Person has an Equivalent Rating Agency Rating from three of the Equivalent Rating Agencies as
of such date, then the median of the Corresponding DBRS Ratings for such Person as of such date;

 

		(b)	if such Person has an Equivalent Rating Agency Rating from only two of the Equivalent Rating Agencies
as of such date, then the lower Corresponding DBRS Rating for such Person as of such date; and

 

		(c)	if such Person has an Equivalent Rating Agency Rating from only one of the Equivalent Rating Agencies
as of such date, then the Corresponding DBRS Rating for such Person as of such date.

 

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

 

“Disposition Proceeds”
means, with respect to each Non-Program Vehicle, the net proceeds from the sale or disposition of such Non-Program Vehicle to any Person
(other than any portion of such proceeds payable by the Lessee thereof pursuant to any Lease).

 

“Equivalent Rating
Agency” means each of Fitch, Moody’s and S&P.

 

“Equivalent Rating
Agency Rating” means, with respect to any Equivalent Rating Agency and any Person as of any date of determination, the Relevant
Rating by such Equivalent Rating Agency with respect to such Person as of such date.

 

     52

     

    

 

“ERISA” means
the Employee Retirement Income Security Act of 1974, as amended.

 

“Expected Final Payment
Date” means, with respect to the Series 2021-2 Notes, December 2026.

 

“FATCA” means
Sections 1471 through 1474 of the Code, any current or future regulations or official interpretations thereof, any agreement entered into
pursuant to Section 1471(b) of the Code, or any U.S. or non-U.S. fiscal or regulatory legislation, rules, guidelines or practices
adopted pursuant to any intergovernmental agreement entered into in connection with the implementation of such sections of the Code or
analogous provisions of non-U.S. law.

 

“Final Base Rent”
has the meaning specified in the Lease.

 

“Global Notes”
means, collectively, the Class A Global Notes, the Class B Global Notes, the Class C Global Notes and the Class D
Global Notes that are Regulation S Global Notes or 144A Global Notes.

 

“Lease Payment Deficit
Notice” has the meaning specified in Section 5.9(b) (Certain Instructions to the Trustee) of this Series 2021-2
Supplement.

 

“Legal Final Payment
Date” means, with respect to the Series 2021-2 Notes, December 2027.

 

“Majority Series 2021-2
Controlling Class” means (i) for so long as the Class A Notes are outstanding, Class A Noteholders holding more
than 50% of the principal amount of the Class A Notes, (ii) if no Class A Notes are outstanding, Class B Noteholders
holding more than 50% of the principal amount of the Class B Notes, (iii) if no Class A Notes or Class B Notes are
outstanding, Class C Noteholders holding more than 50% of the principal amount of the Class C Notes, (iv) if no Class A
Notes, Class B Notes or Class C Notes are outstanding, Class D Noteholders holding more than 50% of the principal amount
of the Class D Notes, and (v) if (x) no Class A Notes, Class B Notes, Class C Notes or Class D Notes
are outstanding and (y) Class E Notes have been issued and are outstanding, Class E Noteholders holding more than 50% of
the principal amount of the Class E Notes.

 

“Majority Series 2021-2
Noteholders” means Series 2021-2 Noteholders holding more than 50% of the Series 2021-2 Principal Amount (excluding
any other Series 2021-2 Notes held by HVF III or any Affiliate of HVF III (other than Series 2021-2 Notes held by an Affiliate
Issuer)). The Majority Series 2021-2 Noteholders shall be the “Required Series Noteholders” with respect to the
Series 2021-2 Notes.

 

“Make-Whole End Date”
means, with respect to the Series 2021-2 Notes, the date that is six months prior to the commencement of the Series 2021-2 Controlled
Amortization Period.

 

“Make-Whole Premium”
means, with respect to any Class A/B/C/D Note on its related Redemption Date, (a) for any Redemption Date occurring prior to
the Make-Whole End Date the present value on such Redemption Date of all required remaining scheduled interest payments due on such Class A/B/C/D
Note on each Payment Date occurring prior to the Make-Whole End Date (excluding accrued and unpaid interest through such Redemption Date),
computed using a discount rate equal to the Treasury Rate plus 0.25%, as calculated by HVF III (or by the HVF III’s designee) and
(b) for any Redemption Date after the Make-Whole End Date, zero.

 

“Monthly Blackbook
Mark” has the meaning specified in the Lease.

 

“Monthly NADA Mark”
has the meaning specified in the Lease.

 

    53

    

    

 

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

 

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

 

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

 

“Note Rate”
means, with respect to each Class of Series 2021-2 Notes, the rate set forth in the following table:

 

	Class	 	Note Rate	 
	A	 	 	1.68	%
	B	 	 	2.12	%
	C	 	 	2.52	%
	D	 	 	4.34	%

 

“Outstanding”
means with respect to the Series 2021-2 Notes (or any Class of Series 2021-2 Notes), all Series 2021-2 Notes (or Series 2021-2
Notes of a particular Class, as applicable) theretofore authenticated and delivered under the Base Indenture and this Series 2021-2
Supplement, except (a) Series 2021-2 Notes theretofore cancelled or delivered to the Registrar for cancellation, (b) Series 2021-2
Notes that have not been presented for payment but funds for the payment of which are on deposit in the Series 2021-2 Distribution
Account and are available for payment in full of such Series 2021-2 Notes, and Series 2021-2 Notes that are considered paid
pursuant to Section 8.1 (Payment of Notes) of the Base Indenture, and (c) Series 2021-2 Notes in exchange for or
in lieu of other Series 2021-2 Notes that have been authenticated and delivered pursuant to the Base Indenture unless proof satisfactory
to the Trustee is presented that any such Series 2021-2 Notes are held by a purchaser for value.

 

“Past Due Rent Payment”
means, with respect to any Series 2021-2 Lease Payment Deficit and any Lessee, any payment of Base Rent, Monthly Variable Rent or
other amounts payable by such Lessee under any Lease with respect to which such Series 2021-2 Lease Payment Deficit applied, which
payment occurred on or prior to the fifth Business Day after the occurrence of such Series 2021-2 Lease Payment Deficit and which
payment is in satisfaction (in whole or in part) of such Series 2021-2 Lease Payment Deficit.

 

“Past Due Rental Payments
Priorities” means the priorities of payments set forth in Section 5.7 (Past Due Rental Payments) of this
Series 2021-2 Supplement.

 

“Permitted Investments”
means negotiable instruments or securities, payable in Dollars, represented by instruments in bearer or registered in book-entry form
which evidence:

 

		(i)	obligations the full and timely payment of which are to be made by or is fully guaranteed by the United
States of America other than financial contracts whose value depends on the values or indices of asset values;

 

		(ii)	demand deposits of, time deposits in, or certificates of deposit issued by, any depositary institution
or trust company incorporated under the laws of the United States of America or any state thereof whose short-term debt is rated “P-1”
by Moody’s and “A-1+” by S&P and subject to supervision and examination by Federal or state banking or depositary
institution authorities; provided, however, that at the earlier of (x) the time of the investment and (y) the
time of the contractual commitment to invest therein, the certificates of deposit or short-term deposits, if any, or long-term unsecured
debt obligations (other than such obligation whose rating is based on collateral or on the credit of a Person other than such institution
or trust company) of such depositary institution or trust company shall have a credit rating from S&P of “A-1+” and a
credit rating from Moody’s of “P-1” in the case of certificates of deposit or short-term deposits, or a rating from
S&P not lower than “AA” and a rating from Moody’s not lower than “Aa2” in the case of long-term unsecured
obligations;

 

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		(iii)	commercial paper having, at the earlier of (x) the time of the investment and (y) the time of
the contractual commitment to invest therein, a rating from S&P of “A-1+” and a rating from Moody’s of “P-1”;

 

		(iv)	bankers’ acceptances issued by any depositary institution or trust company described in clause
(ii) above;

 

		(v)	investments in money market funds rated “AAAm” by S&P and “Aaa-mf” by Moody’s,
or otherwise approved in writing by S&P or Moody’s, as applicable;

 

		(vi)	Eurodollar time deposits having a credit rating from S&P of “A-1+” and a credit rating
from Moody’s of “P-1”;

 

		(vii)	repurchase agreements involving any of the Permitted Investments described in clauses (i) and
(vi) above and the certificates of deposit described in clause (ii) above which are entered into with a depository
institution or trust company, having a commercial paper or short-term certificate of deposit rating of “A-1+” by S&P and
 “P-1” by Moody’s; and

 

		(viii)	any other instruments or securities, if each Rating Agency then rating any outstanding Class of Series 2021-2
Notes at the request of HVF III will not have advised in writing that the investment in such instruments or securities will result in
the reduction or withdrawal of its then-current rating of such outstanding Class of Series 2021-2 Notes.

 

“Plan Assets Regulation”
means United States Department of Labor Regulation Section 2510.3-101, as modified by Section 3(42) of ERISA.

 

“Preference Amount”
means any amount previously paid by Hertz pursuant to the Class A/B/C/D Demand Note and distributed to the Series 2021-2 Noteholders
in respect of amounts owing under the Series 2021-2 Notes that is recoverable or that has been recovered (and not subsequently repaid)
as a voidable preference by the trustee in a bankruptcy proceeding of Hertz pursuant to the Bankruptcy Code in accordance with a final
nonappealable order of a court having competent jurisdiction.

 

“Pro
Rata Share” means, with respect to each Class A/B/C/D Letter of Credit issued by any Class A/B/C/D Letter of Credit
Provider, as of any date, the fraction (expressed as a percentage) obtained by dividing (A) the available amount under such Class A/B/C/D
Letter of Credit as of such date by (B) an amount equal to the aggregate available amount under all Class A/B/C/D Letters of
Credit as of such date; provided, that solely for purposes of calculating the Pro Rata Share with respect to any Class A/B/C/D
Letter of Credit Provider as of any date, if the related Class A/B/C/D Letter of Credit Provider has not complied with its obligation
to pay the Trustee the amount of any draw under such Class A/B/C/D Letter of Credit made prior to such date, the available
amount under such Class A/B/C/D Letter of Credit as of such date shall be treated as reduced (for calculation purposes only) by the
amount of such unpaid demand and shall not be reinstated for purposes of such calculation unless and until the date as of which such Class A/B/C/D
Letter of Credit Provider has paid such amount to the Trustee and been reimbursed by Hertz for such amount (provided that the foregoing
calculation shall not in any manner reduce a Class A/B/C/D Letter of Credit Provider’s actual liability in respect of any failure
to pay any demand under any of its Class A/B/C/D Letters of Credit).

 

    55

    

    

 

“Proposed Class E
Notes” has the meaning specified in Section 9.18(b) (Issuance of Class E Notes) of this Series 2021-2
Supplement.

 

“QIB” has
the meaning specified in Section 2.1(b) (Initial Issuance) of this Series 2021-2 Supplement.

 

“Rating Agencies”
means (a) with respect to the Class A Notes, Class B Notes, the Class C Notes and the Class D Notes, DBRS and
Moody’s, and (b) with respect to any Class of Series 2021-2 Notes, any other nationally recognized rating agency
rating the Series 2021-2 Notes at the request of HVF III; provided, that if at any time any nationally recognized rating agency
shall cease to rate any Class of Series 2021-2 Notes, such rating agency shall be deemed not to be a Rating Agency with respect
to such Class of Series 2021-2 Notes for so long as such rating agency continues not to rate such Class of Series 2021-2
Notes.

 

“Record Date”
means, with respect to any Payment Date, the last day of the Related Month; provided that the Record Date with respect to the initial
Payment Date shall be the Series 2021-2 Closing Date.

 

“Redemption Date”
has the meaning specified in Section 9.1(a) (Optional Redemption of the Series 2021-2 Notes) of this Series 2021-2
Supplement.

 

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

 

“Regulation S Global
Notes” has the meaning specified in Section 2.1(e) (Initial Issuance) of this Series 2021-2 Supplement.

 

“Related Month”
means, (i) with respect to any Payment Date or Determination Date, the most recently ended calendar month and (ii) with respect
to any other date, the calendar month in which such date occurs.

 

“Relevant DBRS Rating”
means, with respect to any Person as of any date of determination: (a) if such Person has both a long term issuer rating by DBRS
and a senior unsecured rating by DBRS as of such date, then the higher of such two ratings as of such date and (b) if such Person
has only one of a long term issuer rating by DBRS and a senior unsecured rating by DBRS as of such date, then such rating of such Person
as of such date; provided that if such Person does not have any of such ratings as of such date, then there shall be no Relevant
DBRS Rating with respect to such Person as of such date.

 

“Relevant Fitch Rating”
means, with respect to any Person as of any date of determination, (a) if such Person has both a senior unsecured rating by Fitch
and a long term issuer default rating by Fitch as of such date, then the higher of such two ratings as of such date, and (b) if such
Person has only one of a senior unsecured rating by Fitch and a long term issuer default rating by Fitch as of such date, then such rating
of such Person as of such date; provided that if such Person does not have any of such ratings as of such date, then there shall
be no Relevant Fitch Rating with respect to such Person as of such date.

 

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“Relevant Moody’s
Rating” means, with respect to any Person as of any date of determination, (a) if such Person has both a long term senior
unsecured rating by Moody’s and a long term corporate family rating by Moody’s as of such date, then the higher of such two
ratings as of such date, and (b) if such Person has only one of a long term senior unsecured rating by Moody’s and a long term
corporate family rating by Moody’s as of such date, then such rating of such Person as of such date; provided that if such
Person does not have any of such ratings as of such date, then there shall be no Relevant Moody’s Rating with respect to such Person
as of such date.

 

“Relevant Rating”
means, with respect to any Equivalent Rating Agency and any Person as of any date of determination, (a) with respect to Moody’s,
the Relevant Moody’s Rating with respect to such Person as of such date, (b) with respect to Fitch, the Relevant Fitch Rating
with respect to such Person as of such date and (c) with respect to S&P, the Relevant S&P Rating with respect to such Person
as of such date.

 

“Relevant S&P Rating”
means, with respect to any Person as of any date of determination, the long term local issuer rating by S&P of such Person as of such
date; provided that if such Person does not have a long term local issuer rating by S&P as of such date, then there shall be
no Relevant S&P Rating with respect to such Person as of such date.

 

“Restricted
Notes” means the Global Notes and all other Series 2021-2 Notes evidencing the obligations, or any portion of the obligations,
initially evidenced by the Global Notes, other than certificates transferred or exchanged upon certification as provided in Article II
of this Series 2021-2 Supplement.

 

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

 

“SEC” means
the U.S. Securities and Exchange Commission.

 

“Securities Intermediary”
has the meaning specified in Section 4.3(a) (Trustee as Securities Intermediary) of this Series 2021-2 Supplement.

 

“Senior Class of
Series 2021-2 Notes” means (a) with respect to the Class B Notes, the Class A Notes, (b) with respect
to the Class C Notes, the Class A Notes and the Class B Notes, (c) with respect to the Class D Notes, the Class A
Notes, the Class B Notes and the Class C Notes and (d) with respect to the Class E Notes (if issued), the Class A
Notes, the Class B Notes, the Class C Notes and the Class D Notes.

 

“Senior Interest Waterfall
Shortfall Amount” means, with respect to any Payment Date, the excess, if any, of (a) the sum of the amounts payable (without
taking into account availability of funds) pursuant to Sections 5.3(a) through (h) (Application of Funds in
the Series 2021-2 Interest Collection Account) on such Payment Date over (b) the sum of (i) the Series 2021-2
Payment Date Available Interest Amount with respect to the Series 2021-2 Interest Period ending on such Payment Date and (ii) the
aggregate amount of all deposits into the Series 2021-2 Interest Collection Account with proceeds of the Class A/B/C/D Reserve
Account, each Class A/B/C/D Demand Note, each Class A/B/C/D Letter of Credit and each Class A/B/C/D L/C Cash Collateral
Account, in each case made since the immediately preceding Payment Date; provided that the amount calculated pursuant to the preceding
clause (b)(ii) shall be calculated on a pro forma basis and prior to giving effect to any withdrawals from the Series 2021-2
Principal Collection Account for deposit into the Series 2021-2 Interest Collection Account on such Payment Date.

 

“Series 2021-2
Account Collateral” has the meaning specified in Section 4.1 (Granting Clause) of this Series 2021-2
Supplement.

 

“Series 2021-2
Accounts” has the meaning specified in Section 4.2(a)(iii) (Series 2021-2 Accounts) of this Series 2021-2
Supplement.

 

    57

    

    

 

“Series 2021-2
Accrued Amounts” means, on any date of determination, the sum of the amounts payable (without taking into account availability
of funds) pursuant to Sections 5.3(a) through (l) (Application of Funds in the Series 2021-2 Interest
Collection Account) that have accrued and remain unpaid as of such date. The Series 2021-2 Accrued Amounts shall be the “Accrued
Amounts” with respect to the Series 2021-2 Notes.

 

“Series 2021-2
Adjusted Asset Coverage Threshold Amount” means, as of any date of determination, the greater of (x) the greater of (a) the
excess, if any, of (i) the Series 2021-2 Asset Coverage Threshold Amount over (ii) the sum of (A) the Class A/B/C/D
Letter of Credit Amount and (B) the Class A/B/C/D Available Reserve Account Amount and (b) the Class A/B/C/D
Adjusted Principal Amount, in each case, as of such date and (y) the Class E Adjusted Asset Coverage Threshold Amount as of
such date. The Series 2021-2 Adjusted Asset Coverage Threshold Amount shall be the “Asset Coverage Threshold Amount”
with respect to the Series 2021-2 Notes.

 

“Series 2021-2
Adjusted Principal Amount” means, as of any date of determination, the excess, if any, of (A) the Series 2021-2 Principal
Amount as of such date over (B) the Series 2021-2 Principal Collection Account Amount as of such date. The Series 2021-2
Adjusted Principal Amount shall be the “Series Adjusted Principal Amount” with respect to the Series 2021-2 Notes.

 

“Series 2021-2
Administrator Fee Amount” means, with respect to any Payment Date, an amount equal to the Series 2021-2 Percentage of fees
payable to the Administrator pursuant to the Administration Agreement on such Payment Date.

 

“Series 2021-2
Asset Amount” means, as of any date of determination, the product of (i) the Series 2021-2 Floating Allocation Percentage
as of such date and (ii) the Aggregate Asset Amount as of such date.

 

“Series 2021-2
Asset Coverage Threshold Amount” means, as of any date of determination, the Class A/B/C/D Adjusted Principal Amount divided
by the Series 2021-2 Blended Advance Rate, in each case as of such date.

 

“Series 2021-2
Blended Advance Rate” means as of any date of determination, the least of the Series 2021-2 DBRS Blended Advanced Rate
as of such date, the Series 2021-2 Moody’s Blended Advance Rate as of such date and 88.95%.

 

“Series 2021-2
Capped Administrator Fee Amount” means, with respect to any Payment Date, an amount equal to the lesser of (i) the Series 2021-2
Administrator Fee Amount with respect to such Payment Date and (ii) $600,000.

 

“Series 2021-2
Capped Operating Expense Amount” means, with respect to any Payment Date the lesser of (i) the Series 2021-2 Operating
Expense Amount, with respect to such Payment Date and (ii) the excess, if any, of (x) $600,000 over (y) the sum of the
Series 2021-2 Administrator Fee Amount and the Series 2021-2 Trustee Fee Amount, in each case with respect to such Payment Date.

 

“Series 2021-2
Capped Trustee Fee Amount” means, with respect to any Payment Date, an amount equal to the lesser of (i) the Series 2021-2
Trustee Fee Amount, with respect to such Payment Date and (ii) the excess, if any, of $600,000 over the Series 2021-2 Administrator
Fee Amount with respect to such Payment Date.

 

    58

    

    

 

“Series 2021-2
Carrying Charges” means, as of any day, the sum of (in each case, exclusive of any Carrying Charges):

 

(i)            all
fees or other costs, expenses and indemnity amounts, if any, payable by HVF III to:

 

(a)            the
Trustee (other than Series 2021-2 Trustee Fee Amounts),

 

(b)            the
Administrator (other than Series 2021-2 Administrator Fee Amounts),

 

(c)            the
Back-Up Disposition Agent, or

 

(c)            any
other party to a Series 2021-2 Related Document,

 

in each case under and in accordance with such
Series 2021-2 Related Document, plus

 

(ii)           any
other operating expenses of HVF III that have been invoiced as of such date and are then payable by HVF III relating the Series 2021-2
Notes.

 

“Series 2021-2
Closing Date” means June 30, 2021.

 

“Series 2021-2
Collateral” means the Indenture Collateral, each Class A/B/C/D Letter of Credit, the Series 2021-2 Account Collateral
with respect to each Series 2021-2 Account and each Class A/B/C/D Demand Note.

 

“Series 2021-2
Controlled Amortization Period” means the period commencing upon the close of business on May 31, 2024 (or, if such day
is not a Business Day, the Business Day immediately preceding such day), and, in each case, continuing to the earliest of (i) the
commencement of the Series 2021-2 Rapid Amortization Period, (ii) the date on which the Series 2021-2 Notes are fully paid
and (iii) the termination of this Series 2021-2 Supplement.

 

“Series 2021-2
Daily Interest Allocation” means, on each Series 2021-2 Deposit Date, the Series 2021-2 Invested Percentage (as of
such date) of the aggregate amount of Interest Collections deposited into the Collection Account on such date.

 

“Series 2021-2
Daily Principal Allocation” means, on each Series 2021-2 Deposit Date, an amount equal to the Series 2021-2 Invested
Percentage (as of such date) of the aggregate amount of Principal Collections deposited into the Collection Account on such date.

 

“Series 2021-2
DBRS AAA Components” means each of:

 

(i)            the
Series 2021-2 DBRS Eligible Investment Grade Program Vehicle Amount;

 

(ii)           the
Series 2021-2 DBRS Eligible Investment Grade Program Receivable Amount;

 

(iii)          the
Series 2021-2 DBRS Eligible Non-Investment Grade Program Vehicle Amount;

 

(iv)          the
Series 2021-2 DBRS Eligible Non-Investment Grade (High) Program Receivable Amount;

 

(v)           the
Series 2021-2 DBRS Eligible Non-Investment Grade (Low) Program Receivable Amount;

 

(vi)          the
Series 2021-2 DBRS Eligible Investment Grade Non-Program Vehicle Amount;

 

    59

    

    

 

(vii)         the
Series 2021-2 DBRS Eligible Non-Investment Grade Non-Program Vehicle Amount;

 

(viii)        the
Cash Amount;

 

(ix)           the
Due and Unpaid Lease Payment Amount; and

 

(x)            the
Series 2021-2 DBRS Remainder AAA Amount.

 

“Series 2021-2
DBRS AAA Select Component” means each Series 2021-2 DBRS AAA Component other than the Due and Unpaid Lease Payment Amount.

 

“Series 2021-2
DBRS Adjusted Advance Rate” means, as of any date of determination, with respect to any Series 2021-2 DBRS AAA Select Component,
a percentage equal to the greater of:

 

(a)

 

(i)            the
Series 2021-2 DBRS Baseline Advance Rate with respect to such Series 2021-2 DBRS AAA Select Component as of such date, minus

 

(ii)           the
Series 2021-2 DBRS Concentration Excess Advance Rate Adjustment as of such date, if any, with respect to such Series 2021-2
DBRS AAA Select Component, minus

 

(iii)          the
Series 2021-2 DBRS MTM/DT Advance Rate Adjustment as of such date, if any, with respect to such Series 2021-2 DBRS AAA Select
Component; and

 

(b)            zero.

 

“Series 2021-2
DBRS Baseline Advance Rate” means, with respect to each Series 2021-2 DBRS AAA Select Component, the percentage set forth
opposite such Series 2021-2 DBRS AAA Select Component in the following table:

 

	Series 2021-2 DBRS AAA Select Component	 	Series 2021-2 DBRS 
 Baseline Advance Rate	 
	Series 2021-2 DBRS Eligible Investment Grade Program Vehicle Amount	 	 	91.00	%
	Series 2021-2 DBRS Eligible Investment Grade Program Receivable Amount	 	 	91.00	%
	Series 2021-2 DBRS Eligible Non-Investment Grade Program Vehicle Amount	 	 	89.00	%
	Series 2021-2 DBRS Eligible Non-Investment Grade (High) Program Receivable Amount	 	 	89.00	%
	Series 2021-2 DBRS Eligible Non-Investment Grade (Low) Program Receivable Amount	 	 	0.00	%
	Series 2021-2 DBRS Eligible Investment Grade Non-Program Vehicle Amount	 	 	86.75	%
	Series 2021-2 DBRS Eligible Non-Investment Grade Non-Program Vehicle Amount	 	 	82.55	%
	Series 2021-2 Medium-Duty Truck Amount	 	 	65.00	%
	Cash Amount	 	 	100.00	%
	2021-2 DBRS Remainder AAA Amount	 	 	0.00	%

 

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“Series 2021-2
DBRS Blended Advance Rate” means, as of any date of determination, the percentage equivalent of a fraction, the numerator of
which is the Series 2021-2 DBRS Blended Advance Rate Weighting Numerator and the denominator of which is the Series 2021-2 DBRS
Blended Advance Rate Weighting Denominator, in each case as of such date.

 

“Series 2021-2
DBRS Blended Advance Rate Weighting Denominator” means, as of any date of determination, an amount equal to the sum of each
Series 2021-2 DBRS AAA Select Component, in each case as of such date.

 

“Series 2021-2
DBRS Blended Advance Rate Weighting Numerator” means, as of any date of determination, an amount equal to the sum of an amount
with respect to each Series 2021-2 DBRS AAA Select Component equal to the product of such Series 2021-2 DBRS AAA Select Component
and the Series 2021-2 DBRS Adjusted Advance Rate with respect to such Series 2021-2 DBRS AAA Select Component, in each case
as of such date.

 

“Series 2021-2
DBRS Concentration Adjusted Advance Rate” means as of any date of determination,

 

(i)            with
respect to the Series 2021-2 DBRS Eligible Investment Grade Non-Program Vehicle Amount, the excess, if any, of the Series 2021-2
DBRS Baseline Advance Rate with respect to such Series 2021-2 DBRS Eligible Investment Grade Non-Program Vehicle Amount over the
Series 2021-2 DBRS Concentration Excess Advance Rate Adjustment with respect to such Series 2021-2 DBRS Eligible Investment
Grade Non-Program Vehicle Amount, in each case as of such date, and

 

(ii)           with
respect to the Series 2021-2 DBRS Eligible Non-Investment Grade Non-Program Vehicle Amount, the excess, if any, of the Series 2021-2
DBRS Baseline Advance Rate with respect to such Series 2021-2 DBRS Eligible Non-Investment Grade Non-Program Vehicle Amount
over the Series 2021-2 DBRS Concentration Excess Advance Rate Adjustment with respect to such Series 2021-2 DBRS Eligible Non-Investment
Grade Non-Program Vehicle Amount, in each case as of such date.

 

“Series 2021-2
DBRS Concentration Excess Advance Rate Adjustment” means, with respect to any Series 2021-2 DBRS AAA Select Component as
of any date of determination, the lesser of (a) the percentage equivalent of a fraction, the numerator of which is (I) the product
of (A) the portion of the Series 2021-2 DBRS Concentration Excess Amount, if any, allocated to such Series 2021-2 DBRS
AAA Select Component by HVF III and (B) the Series 2021-2 DBRS Baseline Advance Rate with respect to such Series 2021-2
DBRS AAA Select Component, and the denominator of which is (II) such Series 2021-2 DBRS AAA Select Component, in each case as
of such date, and (b) the Series 2021-2 DBRS Baseline Advance Rate with respect to such Series 2021-2 DBRS AAA Component;
provided that the portion of the Series 2021-2 DBRS Concentration Excess Amount allocated pursuant to the preceding clause
(a)(I)(A) shall not exceed the portion of such Series 2021-2 DBRS AAA Select Component that was included in determining whether
such Series 2021-2 DBRS Concentration Excess Amount exists.

 

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“Series 2021-2
DBRS Concentration Excess Amount” means, as of any date of determination, the sum of (i) the Series 2021-2 DBRS Manufacturer
Concentration Excess Amount with respect to each Manufacturer as of such date, if any, (ii) the Series 2021-2 DBRS Non-Liened
Vehicle Concentration Excess Amount as of such date, if any, (iii) the Series 2021-2 DBRS Medium-Duty Truck Concentration Excess
Amount and (iv) the Series 2021-2 DBRS Non-Investment Grade (High) Program Receivable Concentration Excess Amount as of such
date, if any; provided that, for purposes of calculating this definition as of any such date (i) the Net Book Value of any
Eligible Vehicle and the amount of Series 2021-2 DBRS Eligible Manufacturer Receivables, in each case, included in the Series 2021-2
DBRS Manufacturer Amount for the Manufacturer of such Eligible Vehicle for purposes of calculating the Series 2021-2 DBRS Manufacturer
Concentration Excess Amount and designated by HVF III to constitute Series 2021-2 DBRS Manufacturer Concentration Excess Amounts,
as of such date, shall not be included in the Series 2021-2 Non-Liened Vehicle Amount for purposes of calculating the Series 2021-2
DBRS Non-Liened Vehicle Concentration Excess Amount as of such date, the Series 2021-2 Medium-Duty Truck Amount for purposes of calculating
the Series 2021-2 DBRS Medium-Duty Truck Concentration Excess Amount as of such date or the Series 2021-2 DBRS Eligible Non-Investment
Grade (High) Program Receivable Amount for purposes of calculating the Series 2021-2 DBRS Non-Investment Grade (High) Program Receivable
Concentration Excess Amount as of such date, (ii) the Net Book Value of any Eligible Vehicle included in the Series 2021-2 Non-Liened
Vehicle Amount for purposes of calculating the Series 2021-2 DBRS Non-Liened Vehicle Concentration Excess Amount and designated by
HVF III to constitute Series 2021-2 DBRS Non-Liened Vehicle Concentration Excess Amounts as of such date, shall not be included in
the Series 2021-2 DBRS Manufacturer Amount for the Manufacturer of such Eligible Vehicle for purposes of calculating the Series 2021-2
DBRS Manufacturer Concentration Excess Amount, as of such date or the Series 2021-2 Medium-Duty Truck Amount for purposes of calculating
the Series 2021-2 DBRS Medium-Duty Truck Concentration Excess Amount as of such date, (iii) the Net Book Value of any Eligible
Vehicle that is a medium-duty truck included in the Series 2021-2 Medium-Duty Truck Amount for purposes of calculating the Series 2021-2
DBRS Medium-Duty Truck Concentration Excess Amount and designated by HVF III to constitute Series 2021-2 DBRS Medium-Duty Truck Concentration
Excess Amounts as of such date, shall not be included in the Series 2021-2 DBRS Manufacturer Amount for the Manufacturer of such
Eligible Vehicle for purposes of calculating the Series 2021-2 DBRS Manufacturer Concentration Excess Amount, as of such date or
the Series 2021-2 Non-Liened Vehicle Amount for purposes of calculating the Series 2021-2 DBRS Non-Liened Vehicle Concentration
Excess Amount as of such date, (iv) the amount of any Series 2021-2 DBRS Eligible Manufacturer Receivables included in the Series 2021-2
DBRS Eligible Non-Investment Grade (High) Program Receivable Amount for purposes of calculating the Series 2021-2 DBRS Non-Investment
Grade (High) Program Receivable Concentration Excess Amount and designated by HVF III to constitute Series 2021-2 DBRS Non-Investment
Grade (High) Program Receivable Concentration Excess Amounts as of such date, shall not be included in the Series 2021-2 DBRS Manufacturer
Amount for the Manufacturer with respect to such Series 2021-2 DBRS Eligible Manufacturer Receivable for purposes of calculating
the Series 2021-2 DBRS Manufacturer Concentration Excess Amount, as of such date, and (v) the determination of which
Eligible Vehicles (or the Net Book Value thereof) or Series 2021-2 DBRS Eligible Manufacturer Receivables are designated as constituting
(A) Series 2021-2 DBRS Non-Liened Vehicle Concentration Excess Amounts, (B) Series 2021-2 DBRS Medium-Duty Truck Concentration
Excess Amounts, (C) Series 2021-2 DBRS Manufacturer Concentration Excess Amounts and (D) Series 2021-2 DBRS Non-Investment
Grade (High) Program Receivable Concentration Excess Amounts, in each case, as of such date shall be made iteratively by HVF III in its
reasonable discretion.

 

“Series 2021-2
DBRS Eligible Investment Grade Non-Program Vehicle Amount” means, as of any date of determination, the sum of the Net Book Value
as of such date of each Series 2021-2 DBRS Investment Grade Non-Program Vehicle for which the Disposition Date has not occurred as
of such date.

 

“Series 2021-2
DBRS Eligible Investment Grade Program Receivable Amount” means, as of any date of determination, the sum of all Series 2021-2
DBRS Eligible Manufacturer Receivables, in each case, as of such date by all Series 2021-2 DBRS Investment Grade Manufacturers.

 

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“Series 2021-2
DBRS Eligible Investment Grade Program Vehicle Amount” means, as of any date of determination, the sum of the Net Book Value
as of such date of each Series 2021-2 DBRS Investment Grade Program Vehicle for which the Disposition Date has not occurred as of
such date.

 

“Series 2021-2
DBRS Eligible Manufacturer Receivable” means, as of any date of determination:

 

(i)            each
Manufacturer Receivable due from any Manufacturer that has a Relevant DBRS Rating as of such date of at least “A(L)” (or,
if such Manufacturer does not have a Relevant DBRS Rating as of such date, then a DBRS Equivalent Rating of at least “A(L)”)
pursuant to a Manufacturer Program that, as of such date, has not remained unpaid for more than 150 calendar days past the Disposition
Date with respect to the Eligible Vehicle giving rise to such Manufacturer Receivable;

 

(ii)           each
Manufacturer Receivable due from any Manufacturer that (a) has a Relevant DBRS Rating as of such date of (i) less than “A(L)”
and (ii) at least “BBB(L)” or (b) if such Manufacturer does not have a Relevant DBRS Rating as of such date,
then has a DBRS Equivalent Rating as of such date of (i) less than “A(L)” and (ii) at least “BBB(L)”,
in either such case of the foregoing clause (a) or (b), pursuant to a Manufacturer Program that, as of such date, has not remained
unpaid for more than 120 calendar days past the Disposition Date with respect to the Eligible Vehicle giving rise to such Manufacturer
Receivable; and

 

(iii)          each
Manufacturer Receivable due from a Series 2021-2 DBRS Non-Investment Grade (High) Manufacturer or a Series 2021-2 DBRS Non-Investment
Grade (Low) Manufacturer, in any case, pursuant to a Manufacturer Program, that, as of such date, has not remained unpaid for more than
90 calendar days past the Disposition Date with respect to the Eligible Vehicle giving rise to such Manufacturer Receivable.

 

“Series 2021-2
DBRS Eligible Non-Investment Grade (High) Program Receivable Amount” means, as of any date of determination, the sum of all
Series 2021-2 DBRS Eligible Manufacturer Receivables, in each case, as of such date by all Series 2021-2 DBRS Non-Investment
Grade (High) Manufacturers.

 

“Series 2021-2
DBRS Eligible Non-Investment Grade (Low) Program Receivable Amount” means, as of any date of determination, the sum of all Series 2021-2
DBRS Eligible Manufacturer Receivables, in each case, as of such date by all Series 2021-2 DBRS Non-Investment Grade (Low) Manufacturers.

 

“Series 2021-2
DBRS Eligible Non-Investment Grade Non-Program Vehicle Amount” means, as of any date of determination, the sum of the Net Book
Value of each Series 2021-2 DBRS Non-Investment Grade Non-Program Vehicle for which the Disposition Date has not occurred as of such
date.

 

“Series 2021-2
DBRS Eligible Non-Investment Grade Program Vehicle Amount” means, as of any date of determination, the sum of Net Book Values
as of such date of each Series 2021-2 DBRS Non-Investment Grade (High) Program Vehicle and each Series 2021-2 DBRS Non-Investment
Grade (Low) Program Vehicle, in each case, for which the Disposition Date has not occurred as of such date.

 

“Series 2021-2
DBRS Investment Grade Manufacturer” means, as of any date of determination, any Manufacturer that has a Relevant DBRS Rating
as of such date of at least “BBB(L)” (or, if such Manufacturer does not have a Relevant DBRS Rating as of such date, then
a DBRS Equivalent Rating of “BBB(L)”)as of such date; provided that, upon any withdrawal or downgrade of any rating
of any Manufacturer by DBRS (or, if such Manufacturer is not rated by DBRS, any Equivalent Rating Agency), such Manufacturer may, in HVF
III’s sole discretion, be deemed to have the rating applicable thereto immediately preceding such withdrawal or downgrade (as applicable)
by DBRS (or, if such Manufacturer is not rated by DBRS, such DBRS Equivalent Rating) for a period of thirty (30) days following
the earlier of (x) the date on which an Authorized Officer of any of the Administrator, HVF III or the Servicer obtains actual knowledge
of such withdrawal or downgrade (as applicable) and (y) the date on which the Trustee notifies the Administrator in writing of such
withdrawal or downgrade (as applicable).

 

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“Series 2021-2
DBRS Investment Grade Non-Program Vehicle” means, as of any date of determination, any Eligible Vehicle manufactured by a Series 2021-2
DBRS Investment Grade Manufacturer that is not a Series 2021-2 DBRS Investment Grade Program Vehicle as of such date.

 

“Series 2021-2
DBRS Investment Grade Program Vehicle” means, as of any date of determination, any Program Vehicle manufactured by a Series 2021-2
DBRS Investment Grade Manufacturer that is subject to a Manufacturer Program on the Vehicle Operating Lease Commencement Date for such
Program Vehicle unless it has been redesignated (and as of such date remains so designated) as a Non-Program Vehicle pursuant to Section 2.5
(Redesignation of Vehicles) of the Lease (or such other similar section of another Lease, as applicable) as of such date.

 

“Series 2021-2
DBRS Manufacturer Amount” means, as of any date of determination and with respect to any Manufacturer, the sum of:

 

(i)            the
aggregate Net Book Value of all Eligible Vehicles manufactured by such Manufacturer as of such date; and

 

(ii)           the
aggregate amount of all Series 2021-2 DBRS Eligible Manufacturer Receivables due from such Manufacturer.

 

“Series 2021-2
DBRS Manufacturer Concentration Excess Amount” means, with respect to any Manufacturer as of any date of determination, the
excess, if any, of the Series 2021-2 DBRS Manufacturer Amount with respect to such Manufacturer as of such date over the Series 2021-2
Maximum Manufacturer Amount with respect to such Manufacturer as of such date; provided that, for purposes of calculating such
excess as of any such date (i) the Net Book Value of any Eligible Vehicle included in the Series 2021-2 DBRS Manufacturer Amount
for the Manufacturer of such Eligible Vehicle for purposes of calculating the Series 2021-2 DBRS Manufacturer Concentration Excess
Amount and designated by HVF III to constitute Series 2021-2 DBRS Manufacturer Concentration Excess Amounts, as of such date, shall
not be included in either of (x) the Series 2021-2 Non-Liened Vehicle Amount for purposes of calculating the Series 2021-2
DBRS Non-Liened Vehicle Concentration Excess Amount as of such date or (y) the Series 2021-2 Medium-Duty Truck Amount for purposes
of calculating the Series 2021-2 DBRS Medium-Duty Truck Concentration Excess Amount as of such date, (ii) the Net Book Value
of any Eligible Vehicle included in the Series 2021-2 Non-Liened Vehicle Amount for purposes of calculating the Series 2021-2
DBRS Non-Liened Vehicle Concentration Excess Amount and designated by HVF III to constitute Series 2021-2 DBRS Non-Liened Vehicle
Concentration Excess Amounts as of such date, shall not be included in the Series 2021-2 DBRS Manufacturer Amount for the
Manufacturer of such Eligible Vehicle for purposes of calculating the Series 2021-2 DBRS Manufacturer Concentration Excess Amount,
as of such date, (iii) the Net Book Value of any Eligible Vehicle included in the Series 2021-2 Medium-Duty Truck Amount for
purposes of calculating the Series 2021-2 DBRS Medium-Duty Truck Concentration Excess Amount and designated by HVF III to constitute
Series 2021-2 DBRS Medium-Duty Truck Concentration Excess Amounts as of such date, shall not be included in the Series 2021-2
DBRS Manufacturer Amount for the Manufacturer of such Eligible Vehicle for purposes of calculating the Series 2021-2 DBRS Manufacturer
Concentration Excess Amount, as of such date, (iv) the amount of any Series 2021-2 DBRS Eligible Manufacturer Receivables included
in the Series 2021-2 DBRS Eligible Non-Investment Grade (High) Program Receivable Amount for purposes of calculating the Series 2021-2
DBRS Non-Investment Grade (High) Program Receivable Concentration Excess Amount and designated by HVF III to constitute Series 2021-2
DBRS Non-Investment Grade (High) Program Receivable Concentration Excess Amounts as of such date, shall not be included in the Series 2021-2
DBRS Manufacturer Amount for the Manufacturer with respect to such Series 2021-2 DBRS Eligible Manufacturer Receivable for purposes
of calculating the Series 2021-2 DBRS Manufacturer Concentration Excess Amount, as of such date, and (v) the determination of
which Eligible Vehicles (or the Net Book Value thereof) or Series 2021-2 DBRS Eligible Manufacturer Receivables are to be designated
as constituting (A) Series 2021-2 DBRS Non-Liened Vehicle Concentration Excess Amounts, (B) Series 2021-2 DBRS Medium-Duty
Truck Concentration Excess Amounts, (C) Series 2021-2 DBRS Manufacturer Concentration Excess Amounts and (D) Series 2021-2
DBRS Non-Investment Grade (High) Program Receivable Concentration Excess Amounts, in each case as of such date shall be made iteratively
by HVF III in its reasonable discretion.

 

    64 

     

    

 

“Series 2021-2
DBRS Medium-Duty Truck Concentration Excess Amount” means, as of any date of determination, the excess, if any,
of the Series 2021-2 Medium-Duty Truck Amount as of such date over 5.0% of the Aggregate Asset Amount as of such date; provided
that, for purposes of calculating such excess as of any such date (i) the Net Book Value of any Eligible Vehicle included in the
Series 2021-2 Medium-Duty Truck Amount for purposes of calculating the Series 2021-2 DBRS Medium-Duty Truck Concentration Excess
Amount and designated by HVF III to constitute Series 2021-2 DBRS Medium-Duty Truck Concentration Excess Amounts, as of such date,
shall not be included in the Series 2021-2 DBRS Manufacturer Amount for the Manufacturer of such Eligible Vehicle for purposes of
calculating the Series 2021-2 DBRS Manufacturer Concentration Excess Amount, as of such date, (ii) the Net Book Value of any
Eligible Vehicle included in the Series 2021-2 Medium-Duty Truck Amount for purposes of calculating the Series 2021-2 DBRS Medium-Duty
Truck Concentration Excess Amount and designated by HVF III to constitute Series 2021-2 DBRS Medium-Duty Truck Concentration Excess
Amounts, as of such date, shall not be included in the Series 2021-2 Non-Liened Vehicle Amount for purposes of calculating the Series 2021-2
DBRS Non-Liened Vehicle Concentration Excess Amount, as of such date, (iii) the Net Book Value of any Eligible Vehicle included in
the Series 2021-2 DBRS Manufacturer Amount for the Manufacturer of such Eligible Vehicle for purposes of calculating the Series 2021-2
DBRS Manufacturer Concentration Excess Amount and designated by HVF III to constitute Series 2021-2 DBRS Manufacturer Concentration
Excess Amounts, as of such date, shall not be included in the Series 2021-2 Medium-Duty Truck Amount for purposes of calculating
the Series 2021-2 DBRS Medium-Duty Truck Concentration Excess Amount as of such date, and (iv) the determination of which Eligible
Vehicles (or the Net Book Value thereof) are to be designated as constituting (A) Series 2021-2 DBRS Non-Liened Vehicle Concentration
Excess Amounts, (B) Series 2021-2 DBRS Non-Liened Vehicle Concentration Excess Amount and (C) Series 2021-2 DBRS Manufacturer
Concentration Excess Amounts, in each case as of such date shall be made iteratively by HVF III in its reasonable discretion.

 

“Series 2021-2
DBRS MTM/DT Advance Rate Adjustment” means, as of any date of determination,

 

(i)            with
respect to the Series 2021-2 DBRS Eligible Investment Grade Non-Program Vehicle Amount, a percentage equal to the product of (i) the
Series 2021-2 Failure Percentage as of such date and (ii) the Series 2021-2 DBRS Concentration Adjusted Advance Rate with
respect to the Series 2021-2 DBRS Eligible Investment Grade Non-Program Vehicle Amount, in each case as of such date;

 

(ii)           with
respect to the Series 2021-2 DBRS Eligible Non-Investment Grade Non-Program Vehicle Amount, a percentage equal to the product of
(i) the Series 2021-2 Failure Percentage as of such date and (ii) the Series 2021-2 DBRS Concentration Adjusted Advance
Rate with respect to the Series 2021-2 DBRS Eligible Non-Investment Grade Non-Program Vehicle Amount, in each case as of such date;
and

 

(iii)          with
respect to any other Series 2021-2 DBRS AAA Component, zero.

 

“Series 2021-2
DBRS Non-Investment Grade (High) Manufacturer” means, as of any date of determination, any Manufacturer that (a) has a
Relevant DBRS Rating as of such date of (i) less than “BBB(L)” and (ii) at least “BB(L)”, or (b) if
such Manufacturer does not have a Relevant DBRS Rating as of such date, then has a DBRS Equivalent Rating of (i) less than “BBB(L)”
as of such date and (ii) at least “BB(L)” as of such date; provided that, upon any withdrawal or downgrade of
any rating of any Manufacturer by DBRS (or, if such Manufacturer is not rated by DBRS, any Equivalent Rating Agency), such Manufacturer
may, in HVF III’s sole discretion, be deemed to have the rating applicable thereto immediately preceding such withdrawal
or downgrade (as applicable) by DBRS (or, if such Manufacturer is not rated by DBRS, such Equivalent Rating Agency) for a period of thirty
(30) days following the earlier of (x) the date on which an Authorized Officer of any of the Administrator, HVF III or the Servicer
obtains actual knowledge of such withdrawal or downgrade (as applicable) and (y) the date on which the Trustee notifies the Administrator
in writing of such withdrawal or downgrade (as applicable).

 

    65 

     

    

 

“Series 2021-2
DBRS Non-Investment Grade (High) Program Receivable Concentration Excess Amount” means, with respect to any Series 2021-2
DBRS Non-Investment Grade (High) Manufacturer, as of any date of determination, the excess, if any, of the Series 2021-2 DBRS Eligible
Non-Investment Grade (High) Program Receivable Amount with respect to such Series 2021-2 DBRS Non-Investment Grade (High) Manufacturer
as of such date over 7.5% of the Aggregate Asset Amount as of such date; provided that, for purposes of calculating such excess
as of any such date (i) the amount of any Series 2021-2 DBRS Eligible Manufacturer Receivables with respect to any Series 2021-2
DBRS Non-Investment Grade (High) Manufacturer included in the Series 2021-2 DBRS Manufacturer Amount for purposes of calculating
the Series 2021-2 DBRS Manufacturer Concentration Excess Amount and designated by HVF III to constitute Series 2021-2 DBRS Manufacturer
Concentration Excess Amounts as of such date, shall not be included in the Series 2021-2 DBRS Eligible Non-Investment Grade (High)
Program Receivable Amount for purposes of calculating the Series 2021-2 DBRS Non-Investment Grade (High) Program Receivable Concentration
Excess Amount, as of such date and (ii) the determination of which receivables are to be designated as constituting (A) Series 2021-2
DBRS Non-Investment Grade (High) Program Receivable Concentration Excess Amounts and (B) Series 2021-2 DBRS Manufacturer Concentration
Excess Amounts, in each case as of such date, shall be made iteratively by HVF III in its reasonable discretion.

 

“Series 2021-2
DBRS Non-Investment Grade (High) Program Vehicle” means, as of any date of determination, any Program Vehicle manufactured by
a Series 2021-2 DBRS Non-Investment Grade (High) Manufacturer that is or was subject to a Manufacturer Program on the Vehicle Operating
Lease Commencement Date for such Program Vehicle unless it has been redesignated (and as of such date remains so designated) as a Non-Program
Vehicle pursuant to Section 2.5 (Redesignation of Vehicles) of the Lease (or such other similar section of another Lease,
as applicable) as of such date.

 

“Series 2021-2
DBRS Non-Investment Grade (Low) Manufacturer” means, as of any date of determination, any Manufacturer that has a Relevant DBRS
Rating as of such date of less than “BB(L)”(or, if such Manufacturer does not have a Relevant DBRS Rating as of such date,
a DBRS Equivalent Rating of “BB(L)”) as of such date; provided that, upon any withdrawal or downgrade of any rating
of any Manufacturer by DBRS (or, if such Manufacturer is not rated by DBRS, any DBRS Equivalent Rating), such Manufacturer may, in HVF
III’s sole discretion, be deemed to have the rating applicable thereto immediately preceding such withdrawal or downgrade (as applicable)
DBRS (or, if such Manufacturer is not rated by DBRS, such Equivalent Rating Agency) for a period of thirty (30) days following
the earlier of (x) the date on which any of the Administrator, HVF III or the Servicer obtains actual knowledge of such withdrawal
or downgrade (as applicable) and (y) the date on which the Trustee notifies the Administrator in writing of such withdrawal or downgrade
(as applicable).

 

“Series 2021-2
DBRS Non-Investment Grade (Low) Program Vehicle” means, as of any date of determination, any Program Vehicle manufactured by
a Series 2021-2 DBRS Non-Investment Grade (Low) Manufacturer that is or was subject to a Manufacturer Program on the Vehicle Operating
Lease Commencement Date for such Program Vehicle unless it has been redesignated (and as of such date remains so designated) as a Non-Program
Vehicle pursuant to Section 2.5 (Redesignation of Vehicles) of the Lease (or such other similar section of another master
motor vehicle operating lease, as applicable) as of such date.

 

    66 

     

    

 

“Series 2021-2
DBRS Non-Investment Grade Non-Program Vehicle” means, as of any date of determination, any Eligible Vehicle that (i) was
manufactured by a Series 2021-2 DBRS Non-Investment Grade (High) Manufacturer or a Series 2021-2 DBRS Non-Investment Grade (Low)
Manufacturer and (ii) is not a Series 2021-2 DBRS Non-Investment Grade (High) Program Vehicle or a Series 2021-2 DBRS Non-Investment
Grade (Low) Program Vehicle, in each case as of such date.

 

“Series 2021-2
DBRS Non-Liened Vehicle Concentration Excess Amount” means, as of any date of determination, the excess, if any,
of the Series 2021-2 Non-Liened Vehicle Amount as of such date over (x) from the Series 2021-2 Closing Date until the first
anniversary of the Series 2021-2 Closing Date, 15.00% of the Aggregate Asset Amount as of such date and (y) from the first anniversary
of the Series 2021-2 Closing Date and thereafter, the lesser of (1) $350 million or (2) 10.0% of the Aggregate Asset Amount
as of such date; provided that, for purposes of calculating such excess as of any such date (i) the Net Book Value of any
Eligible Vehicle included in the Series 2021-2 Non-Liened Vehicle Amount for purposes of calculating the Series 2021-2 DBRS
Non-Liened Vehicle Concentration Excess Amount and designated by HVF III to constitute Series 2021-2 DBRS Non-Liened Vehicle Concentration
Excess Amounts, as of such date, shall not be included in the Series 2021-2 DBRS Manufacturer Amount for the Manufacturer of such
Eligible Vehicle for purposes of calculating the Series 2021-2 DBRS Manufacturer Concentration Excess Amount, as of such date, (ii) the
Net Book Value of any Eligible Vehicle included in the Series 2021-2 Non-Liened Vehicle Amount for purposes of calculating the Series 2021-2
DBRS Non-Liened Vehicle Concentration Excess Amount and designated by HVF III to constitute Series 2021-2 DBRS Non-Liened Vehicle
Concentration Excess Amounts, as of such date, shall not be included in the Series 2021-2 Medium-Duty Truck Amount for purposes of
calculating the Series 2021-2 DBRS Medium-Duty Truck Concentration Excess Amount, as of such date, (iii) the Net Book Value
of any Eligible Vehicle included in the Series 2021-2 DBRS Manufacturer Amount for the Manufacturer of such Eligible Vehicle for
purposes of calculating the Series 2021-2 DBRS Manufacturer Concentration Excess Amount and designated by HVF III to constitute Series 2021-2
DBRS Manufacturer Concentration Excess Amounts, as of such date, shall not be included in the Series 2021-2 Non-Liened Vehicle Amount
for purposes of calculating the Series 2021-2 DBRS Non-Liened Vehicle Concentration Excess Amount as of such date, and (iv) the
determination of which Eligible Vehicles (or the Net Book Value thereof) are to be designated as constituting (A) Series 2021-2
DBRS Non-Liened Vehicle Concentration Excess Amounts, (B) Series 2021-2 DBRS Medium-Duty Truck Concentration Excess Amount and
(C) Series 2021-2 DBRS Manufacturer Concentration Excess Amounts, in each case as of such date shall be made iteratively by
HVF III in its reasonable discretion.

 

“Series 2021-2
DBRS Remainder AAA Amount” means, as of any date of determination, the excess, if any, of:

 

(a)            the
Aggregate Asset Amount as of such date over

 

(b)            the
sum of:

 

(i)       the
Series 2021-2 DBRS Eligible Investment Grade Program Vehicle Amount as of such date,

 

(ii)      the
Series 2021-2 DBRS Eligible Investment Grade Program Receivable Amount as of such date,

 

(iii)     the
Series 2021-2 DBRS Eligible Non-Investment Grade Program Vehicle Amount as of such date,

 

    67 

     

    

 

(iv)     the
Series 2021-2 DBRS Eligible Non-Investment Grade (High) Program Receivable Amount as of such date,

 

(v)      the
Series 2021-2 DBRS Eligible Non-Investment Grade (Low) Program Receivable Amount as of such date,

 

(vi)     the
Series 2021-2 DBRS Eligible Investment Grade Non-Program Vehicle Amount as of such date,

 

(vii)    the
Series 2021-2 DBRS Eligible Non-Investment Grade Non-Program Vehicle Amount as of such date,

 

(viii)   the
Cash Amount as of such date, and

 

(ix)      the
Due and Unpaid Lease Payment Amount as of such date.

 

“Series 2021-2
Deposit Date” means each Business Day on which any Collections are deposited into the Collection Account.

 

“Series 2021-2
Disposed Vehicle Threshold Number” means (a) for any Determination Date on which the sum of the Net Book Values for all
Eligible Vehicles as of the last day of the calendar month immediately preceding such Determination Date is greater than or equal to $6,000,000,000,
13,500 vehicles, (b) for any Determination Date on which the sum of the Net Book Values for all Eligible Vehicles as of the last
day of the calendar month immediately preceding such Determination Date is less than $6,000,000,000 and greater than or equal to $4,500,000,000,
10,000 vehicles and (c) for any Determination Date on which the sum of the Net Book Values for all Eligible Vehicles as of the last
day of the calendar month immediately preceding such Determination Date is less than $4,500,000,000, 6,500 vehicles.

 

“Series 2021-2
Distribution Account” has the meaning specified in Section 4.2(a)(iii) (Series 2021-2 Accounts)
of this Series 2021-2 Supplement.

 

“Series 2021-2
Excess Administrator Fee Amount” means, with respect to any Payment Date, an amount equal to the excess, if any, of (i) the
Series 2021-2 Administrator Fee Amount with respect to such Payment Date over (ii) the Series 2021-2 Capped Administrator
Fee Amount with respect to such Payment Date.

 

“Series 2021-2
Excess Operating Expense Amount” means, with respect to any Payment Date the excess, if any, of (i) the Series 2021-2
Operating Expense Amount with respect to such Payment Date over (ii) the Series 2021-2 Capped Operating Expense Amount with
respect to such Payment Date.

 

“Series 2021-2
Excess Trustee Fee Amount” means, with respect to any Payment Date, an amount equal to the excess, if any, of (i) the Series 2021-2
Trustee Fee Amount with respect to such Payment Date over (ii) the Series 2021-2 Capped Trustee Fee Amount with respect to such
Payment Date.

 

“Series 2021-2
Failure Percentage” means, as of any date of determination, a percentage equal to 100% minus the lower of (x) the
lowest Series 2021-2 Non-Program Vehicle Disposition Proceeds Percentage Average for any Determination Date (including such date
of determination) within the preceding twelve (12) calendar months (or such fewer number of months as have elapsed since the Series 2021-2
Closing Date) and (y) the lowest Series 2021-2 Market Value Average as of any Determination Date within the preceding twelve
(12) calendar months (or such fewer number of months as have elapsed since the Series 2021-2 Closing Date).

 

    68 

     

    

 

“Series 2021-2
Floating Allocation Percentage” means, as of any date of determination, a fraction, expressed as a percentage, the numerator
of which is the Series 2021-2 Adjusted Asset Coverage Threshold Amount as of such date and the denominator of which is the Aggregate
Asset Coverage Threshold Amount as of such date.

 

“Series 2021-2
Interest Collection Account” has the meaning specified in Section 4.2(a)(i) (Series 2021-2 Accounts)
of this Series 2021-2 Supplement.

 

“Series 2021-2
Interest Period” means a period commencing on and including a Payment Date and ending on and including the day preceding the
next succeeding Payment Date; provided, however, that the initial Series 2021-2 Interest Period shall commence on and
include the Series 2021-2 Closing Date and end on and include July 26, 2021.

 

“Series 2021-2
Invested Percentage” means, on any date of determination:

 

(a) when used
with respect to Principal Collections, the percentage equivalent (which percentage shall never exceed 100%) of a fraction,

 

(i)             the
numerator of which shall be equal to:

 

(x)            during
the Series 2021-2 Revolving Period, the Series 2021-2 Adjusted Asset Coverage Threshold Amount as of the close of business on
the last day of the immediately preceding Related Month (or, until the end of the initial Related Month after the Series 2021-2 Closing
Date, on the Series 2021-2 Closing Date),

 

(y)            during
any Series 2021-2 Controlled Amortization Period and the Series 2021-2 Rapid Amortization Period, but prior to the first date
on which an Amortization Event has been declared or has automatically occurred with respect to all Series of Notes, the Series 2021-2
Adjusted Asset Coverage Threshold Amount as of the close of business on the last day of the Series 2021-2 Revolving Period, and

 

(z)            on
and after the first date on which an Amortization Event has been declared or automatically occurred with respect to all Series of
Notes, the Series 2021-2 Adjusted Asset Coverage Threshold Amount as of the close of business on the day immediately prior to such
first date on which an Amortization Event has been declared or automatically occurred with respect to all Series of Notes,
and

 

(ii)            the
denominator of which shall be the Aggregate Asset Coverage Threshold Amount as of the same date used to determine the numerator in clause
(i); provided that, if the principal amount of any other Series of Notes shall have been reduced to zero on any date after
the date used to determine the numerator in clause (i)(z), then the Asset Coverage Threshold Amount with respect to such Series of
Notes shall be excluded from the calculation of the Aggregate Asset Coverage Threshold Amount pursuant to this clause (ii) for
any date of determination following the date on which the principal amount of such other Series of Notes shall have been reduced
to zero;

 

(b) when used
with respect to Interest Collections, the percentage equivalent of a fraction, the numerator of which shall be the Series 2021-2
Accrued Amounts on such date of determination, and the denominator of which shall be the aggregate Accrued Amounts with respect to all
Series of Notes on such date of determination.

 

    69 

     

    

 

Notwithstanding the foregoing
and for the avoidance of doubt, on any date of determination after the date on which the Series 2021-2 Principal Amount shall have
been reduced to zero, the Series 2021-2 Invested Percentage shall equal zero.

 

“Series 2021-2
Lease Interest Payment Deficit” means on any Payment Date an amount equal to the excess, if any, of (a) the aggregate amount
of Interest Collections that pursuant to Section 5.2(a) (Collections Account) would have been deposited into the
Series 2021-2 Interest Collection Account if all payments of Monthly Variable Rent required to have been made under the Leases from
but excluding the preceding Payment Date to and including such Payment Date were made in full over (b) the aggregate amount of Interest
Collections that pursuant to Section 5.2(a) (Collections Account) have been received for deposit into the Series 2021-2
Interest Collection Account from but excluding the preceding Payment Date to and including such Payment Date.

 

“Series 2021-2
Lease Payment Deficit” means either a Series 2021-2 Lease Interest Payment Deficit or a Series 2021-2 Lease Principal
Payment Deficit.

 

“Series 2021-2
Lease Principal Payment Carryover Deficit” means (a) for the initial Payment Date, zero and (b) for any other Payment
Date, the excess, if any, of (x) the Series 2021-2 Lease Principal Payment Deficit, if any, on the preceding Payment Date over
(y) all amounts deposited into the Series 2021-2 Principal Collection Account on or prior to such Payment Date on account of
such Series 2021-2 Lease Principal Payment Deficit.

 

“Series 2021-2
Lease Principal Payment Deficit” means on any Payment Date the sum of (a) the Series 2021-2 Monthly Lease Principal
Payment Deficit for such Payment Date and (b) the Series 2021-2 Lease Principal Payment Carryover Deficit for such Payment Date.

 

“Series 2021-2
Liquidation Event” means, so long as such event or condition continues:

 

(a)           any
Amortization Event with respect to the Series 2021-2 Notes described in clauses (a) through (d) of Section 7.1
(Amortization Events) of this Series 2021-2 Supplement that continues for thirty (30) consecutive days (without double counting
the cure period, if any, provided therein);

 

(b)           any
Amortization Event with respect to the Series 2021-2 Notes described in clauses (e) through (g) of Section 7.1
(Amortization Events) of this Series 2021-2 Supplement that continues for thirty (30) consecutive days (without double counting
the cure period, if any, provided therein) after declaration thereof by the Majority Series 2021-2 Controlling Class; or

 

(c)           any
Amortization Event specified in clauses (a) or (b) of Article IX of the Base Indenture after declaration thereof by the
Majority Series 2021-2 Controlling Class.

 

Each Series 2021-2
Liquidation Event shall be a “Liquidation Event” with respect to the Series 2021-2 Notes.

 

    70 

     

    

 

“Series 2021-2
Manufacturer Percentage” means, for any Manufacturer listed in the table below, the percentage set forth opposite such Manufacturer
in such table.

 

	Manufacturer	 	Manufacturer Limit	 
	Audi	 	 	12.50	%
	BMW	 	 	12.50	%
	Chrysler	 	 	55.00	%
	Fiat	 	 	12.50	%
	Ford	 	 	55.00	%
	GM	 	 	55.00	%
	Honda	 	 	55.00	%
	Hyundai	 	 	55.00	%
	Jaguar	 	 	12.50	%
	Kia	 	 	55.00	%
	Land Rover	 	 	12.50	%
	Lexus	 	 	12.50	%
	Mazda	 	 	35.00	%
	Mercedes	 	 	12.50	%
	Nissan	 	 	55.00	%
	Subaru	 	 	12.50	%
	Toyota	 	 	55.00	%
	Volkswagen	 	 	55.00	%
	Volvo	 	 	35.00	%
	Hyundai & Kia Combined	 	 	55.00	%
	Chrysler & Fiat Combined	 	 	55.00	%
	Volkswagen & Audi Combined	 	 	55.00	%
	Any other individual Manufacturer	 	 	10.00	%

 

“Series 2021-2
Market Value Average” means, as of any date of determination, the percentage equivalent (not to exceed 100% for purposes of
determining additional enhancement) of a fraction, the numerator of which is the average of the Series 2021-2 Non-Program Fleet Market
Value as of the three (3) preceding Determination Dates and the denominator of which is the average of the aggregate Net Book Value
of all Non-Program Vehicles as of such three (3) preceding Determination Dates.

 

“Series 2021-2
Maximum Manufacturer Amount” means, as of any date of determination and with respect to any Manufacturer, an amount equal to
the product of (a) the Series 2021-2 Manufacturer Percentage for such Manufacturer and (b) the Aggregate Asset Amount as
of such date.

 

“Series 2021-2
Measurement Month” on any Determination Date, means each complete calendar month, or the smallest number of consecutive complete
calendar months preceding such Determination Date, in which at least the Series 2021-2 Disposed Vehicle Threshold Number of vehicles
were sold to unaffiliated third parties (provided that, HVF III, in its sole discretion, may exclude salvage sales); provided,
however, that no calendar month included in a single Series 2021-2 Measurement Month shall be included in any other Series 2021-2
Measurement Month.

 

“Series 2021-2
Medium-Duty Truck Amount” means, as of any date of determination, the sum of the Net Book Value as of such date of each Eligible
Vehicle that is a medium-duty truck for which the Disposition Date has not occurred as of such date.

 

“Series 2021-2
Monthly Lease Principal Payment Deficit” means on any Payment Date an amount equal to the excess, if any, of (a) the aggregate
amount of Principal Collections that pursuant to Section 5.2(b) (Collections Allocation) would have been
deposited into the Series 2021-2 Principal Collection Account if all payments required to have been made under the Leases from but
excluding the preceding Payment Date to and including such Payment Date were made in full over (b) the aggregate amount of Principal
Collections that pursuant to Section 5.2(b) (Collections Allocation) have been received for deposit into the Series 2021-2
Principal Collection Account from but excluding the preceding Payment Date to and including such Payment Date.

 

    	 	71	 

     

    

 

“Series 2021-2
Moody’s AAA Components” means each of:

 

(i)            the
Series 2021-2 Moody’s Eligible Investment Grade Program Vehicle Amount;

 

(ii)           the
Series 2021-2 Moody’s Eligible Investment Grade Program Receivable Amount;

 

(iii)          the
Series 2021-2 Moody’s Eligible Non-Investment Grade Program Vehicle Amount;

 

(iv)          the
Series 2021-2 Moody’s Eligible Non-Investment Grade (High) Program Receivable Amount;

 

(v)           the
Series 2021-2 Moody’s Eligible Non-Investment Grade (Low) Program Receivable Amount;

 

(vi)          the
Series 2021-2 Moody’s Eligible Investment Grade Non-Program Vehicle Amount;

 

(vii)         the
Series 2021-2 Moody’s Eligible Non-Investment Grade Non-Program Vehicle Amount;

 

(viii)        the
Cash Amount;

 

(ix)           the
Due and Unpaid Lease Payment Amount; and

 

(x)            the
Series 2021-2 Moody’s Remainder AAA Amount.

 

“Series 2021-2
Moody’s AAA Select Component” means each Series 2021-2 Moody’s AAA Component other than the Due and Unpaid
Lease Payment Amount.

 

“Series 2021-2
Moody’s Adjusted Advance Rate” means, as of any date of determination, with respect to any Series 2021-2 Moody’s
AAA Select Component, a percentage equal to the greater of:

 

(a)

 

(i)             the
Series 2021-2 Moody’s Baseline Advance Rate with respect to such Series 2021-2 Moody’s AAA Select Component as of
such date, minus

 

(ii)            the
Series 2021-2 Moody’s Concentration Excess Advance Rate Adjustment as of such date, if any, with respect to such Series 2021-2
Moody’s AAA Select Component, minus

 

(iii)           the
Series 2021-2 Moody’s MTM/DT Advance Rate Adjustment as of such date, if any, with respect to such Series 2021-2 Moody’s
AAA Select Component; and

 

(b)           zero.

 

    72 

     

    

 

 

“Series 2021-2
Moody’s Baseline Advance Rate” means, with respect to each Series 2021-2 Moody’s AAA Select Component, the
percentage set forth opposite such Series 2021-2 Moody’s AAA Select Component in the following table:

 

	Series 2021-2 Moody’s AAA Select Component	 	Series 2021-2 Moody’s

Baseline Advance Rate	 
	Series 2021-2 Moody’s Eligible Investment Grade Program Vehicle Amount	 	 	95.00	%
	Series 2021-2 Moody’s Eligible Investment Grade Program Receivable Amount	 	 	95.00	%
	Series 2021-2 Moody’s Eligible Non-Investment Grade Program Vehicle Amount	 	 	92.00	%
	Series 2021-2 Moody’s Eligible Non-Investment Grade (High) Program Receivable Amount	 	 	92.00	%
	Series 2021-2 Moody’s Eligible Non-Investment Grade (Low) Program Receivable Amount	 	 	0.00	%
	Series 2021-2 Moody’s Eligible Investment Grade Non-Program Vehicle Amount	 	 	85.00	%
	Series 2021-2 Moody’s Eligible Non-Investment Grade Non-Program Vehicle Amount	 	 	85.00	%
	Series 2021-2 Medium-Duty Truck Amount	 	 	65.00	%
	Cash Amount	 	 	100.00	%
	Series 2021-2 Moody’s Remainder AAA Amount	 	 	0.00	%

 

“Series 2021-2
Moody’s Blended Advance Rate” means, as of any date of determination, the percentage equivalent of a fraction, the numerator
of which is the Series 2021-2 Moody’s Blended Advance Rate Weighting Numerator and the denominator of which is the Series 2021-2
Moody’s Blended Advance Rate Weighting Denominator, in each case as of such date.

 

“Series 2021-2
Moody’s Blended Advance Rate Weighting Denominator” means, as of any date of determination, an amount equal to the sum
of each Series 2021-2 Moody’s AAA Select Component, in each case as of such date.

 

“Series 2021-2
Moody’s Blended Advance Rate Weighting Numerator” means, as of any date of determination, an amount equal to the sum of
an amount with respect to each Series 2021-2 Moody’s AAA Select Component equal to the product of such Series 2021-2 Moody’s
AAA Select Component and the Series 2021-2 Moody’s Adjusted Advance Rate with respect to such Series 2021-2 Moody’s
AAA Select Component, in each case as of such date.

 

“Series 2021-2
Moody’s Concentration Adjusted Advance Rate” means as of any date of determination,

 

(i)            with
respect to the Series 2021-2 Moody’s Eligible Investment Grade Non-Program Vehicle Amount, the excess, if any, of the Series 2021-2
Moody’s Baseline Advance Rate with respect to such Series 2021-2 Moody’s Eligible Investment Grade Non-Program Vehicle
Amount over the Series 2021-2 Moody’s Concentration Excess Advance Rate Adjustment with respect to such Series 2021-2
Moody’s Eligible Investment Grade Non-Program Vehicle Amount, in each case as of such date, and

 

    73

     

    

 

(ii)            with
respect to the Series 2021-2 Moody’s Eligible Non-Investment Grade Non-Program Vehicle Amount, the excess, if any, of the Series 2021-2
Moody’s Baseline Advance Rate with respect to such Series 2021-2 Moody’s Eligible Non-Investment Grade Non-Program Vehicle
Amount over the Series 2021-2 Moody’s Concentration Excess Advance Rate Adjustment with respect to such Series 2021-2
Moody’s Eligible Non-Investment Grade Non-Program Vehicle Amount, in each case as of such date.

 

“Series 2021-2
Moody’s Concentration Excess Advance Rate Adjustment” means, with respect to any Series 2021-2 Moody’s AAA
Select Component as of any date of determination, the lesser of (a) the percentage equivalent of a fraction, the numerator of which
is (I) the product of (A) the portion of the Series 2021-2 Moody’s Concentration Excess Amount, if any, allocated
to such Series 2021-2 Moody’s AAA Select Component by HVF III and (B) the Series 2021-2 Moody’s Baseline Advance
Rate with respect to such Series 2021-2 Moody’s AAA Select Component, and the denominator of which is (II) such Series 2021-2
Moody’s AAA Select Component, in each case as of such date, and (b) the Series 2021-2 Moody’s Baseline Advance Rate
with respect to such Series 2021-2 Moody’s AAA Component; provided that, the portion of the Series 2021-2 Moody’s
Concentration Excess Amount allocated pursuant to the preceding clause (a)(I)(A) shall not exceed the portion of such Series 2021-2
Moody’s AAA Select Component that was included in determining whether such Series 2021-2 Moody’s Concentration
Excess Amount exists.

 

“Series 2021-2
Moody’s Concentration Excess Amount” means, as of any date of determination, the sum of (i) the Series 2021-2
Moody’s Manufacturer Concentration Excess Amount with respect to each Manufacturer as of such date, if any, (ii) the Series 2021-2
Moody’s Non-Liened Vehicle Concentration Excess Amount as of such date, if any, (iii) the Series 2021-2 Moody’s
Medium-Duty Truck Concentration Excess Amount and (iv) the Series 2021-2 Moody’s Non-Investment Grade (High) Program Receivable
Concentration Excess Amount as of such date, if any; provided that, for purposes of calculating this definition as of any such
date (i) the Net Book Value of any Eligible Vehicle and the amount of Series 2021-2 Moody’s Eligible Manufacturer Receivables,
in each case, included in the Series 2021-2 Moody’s Manufacturer Amount for the Manufacturer of such Eligible Vehicle for purposes
of calculating the Series 2021-2 Moody’s Manufacturer Concentration Excess Amount and designated by HVF III to constitute Series 2021-2
Moody’s Manufacturer Concentration Excess Amounts, as of such date, shall not be included in the Series 2021-2 Non-Liened Vehicle
Amount for purposes of calculating the Series 2021-2 Moody’s Non-Liened Vehicle Concentration Excess Amount as of such date,
the Series 2021-2 Medium-Duty Truck Amount for purposes of calculating the Series 2021-2 Moody’s Medium-Duty Truck Concentration
Excess Amount as of such date or the Series 2021-2 Moody’s Eligible Non-Investment Grade (High) Program Receivable Amount for
purposes of calculating the Series 2021-2 Moody’s Non-Investment Grade (High) Program Receivable Concentration Excess Amount
as of such date, (ii) the Net Book Value of any Eligible Vehicle included in the Series 2021-2 Non-Liened Vehicle Amount for
purposes of calculating the Series 2021-2 Moody’s Non-Liened Vehicle Concentration Excess Amount and designated by HVF III
to constitute Series 2021-2 Moody’s Non-Liened Vehicle Concentration Excess Amounts as of such date, shall not be included
in the Series 2021-2 Moody’s Manufacturer Amount for the Manufacturer of such Eligible Vehicle for purposes of calculating
the Series 2021-2 Moody’s Manufacturer Concentration Excess Amount, as of such date or the Series 2021-2 Medium-Duty Truck
Amount for purposes of calculating the Series 2021-2 Moody’s Medium-Duty Truck Concentration Excess Amount as of such date,
(iii) the Net Book Value of any Eligible Vehicle that is a medium-duty truck included in the Series 2021-2 Medium-Duty Truck
Amount for purposes of calculating the Series 2021-2 Moody’s Medium-Duty Truck Concentration Excess Amount and designated by
HVF III to constitute Series 2021-2 Moody’s Medium-Duty Truck Concentration Excess Amounts as of such date, shall not be included
in the Series 2021-2 Moody’s Manufacturer Amount for the Manufacturer of such Eligible Vehicle for purposes of calculating
the Series 2021-2 Moody’s Manufacturer Concentration Excess Amount, as of such date or the Series 2021-2 Non-Liened Vehicle
Amount for purposes of calculating the Series 2021-2 Moody’s Non-Liened Vehicle Concentration Excess Amount as of such date,
(iv) the amount of any Series 2021-2 Moody’s Eligible Manufacturer Receivables included in the Series 2021-2 Moody’s
Eligible Non-Investment Grade (High) Program Receivable Amount for purposes of calculating the Series 2021-2 Moody’s Non-Investment
Grade (High) Program Receivable Concentration Excess Amount and designated by HVF III to constitute Series 2021-2 Moody’s Non-Investment
Grade (High) Program Receivable Concentration Excess Amounts as of such date, shall not be included in the Series 2021-2 Moody’s
Manufacturer Amount for the Manufacturer with respect to such Series 2021-2 Moody’s Eligible Manufacturer Receivable for purposes
of calculating the Series 2021-2 Moody’s Manufacturer Concentration Excess Amount, as of such date and (v) the determination
of which Eligible Vehicles (or the Net Book Value thereof) or Series 2021-2 Moody’s Eligible Manufacturer Receivables are designated
as constituting (A) Series 2021-2 Moody’s Non-Liened Vehicle Concentration Excess Amounts, (B) Series 2021-2
Moody’s Medium-Duty Truck Concentration Excess Amounts, (C) Series 2021-2 Moody’s Manufacturer Concentration Excess
Amounts and (D) Series 2021-2 Moody’s Non-Investment Grade (High) Program Receivable Concentration Excess Amounts, in
each case, as of such date shall be made iteratively by HVF III in its reasonable discretion.

 

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“Series 2021-2
Moody’s Eligible Investment Grade Non-Program Vehicle Amount” means, as of any date of determination, the sum of the Net
Book Value as of such date of each Series 2021-2 Moody’s Investment Grade Non-Program Vehicle for which the Disposition
Date has not occurred as of such date.

 

“Series 2021-2
Moody’s Eligible Investment Grade Program Receivable Amount” means, as of any date of determination, the sum of all Series 2021-2
Moody’s Eligible Manufacturer Receivables, in each case, as of such date by all Series 2021-2 Moody’s Investment Grade
Manufacturers.

 

“Series 2021-2
Moody’s Eligible Investment Grade Program Vehicle Amount” means, as of any date of determination, the sum of the Net Book
Value as of such date of each Series 2021-2 Moody’s Investment Grade Program Vehicle for which the Disposition Date has not
occurred as of such date.

 

“Series 2021-2
Moody’s Eligible Manufacturer Receivable” means, as of any date of determination:

 

(i)            each
Manufacturer Receivable by any Manufacturer that has a Relevant Moody’s Rating as of such date of at least “A3” pursuant
to a Manufacturer Program that, as of such date, has not remained unpaid for more than 150 calendar days past the Disposition Date with
respect to the Eligible Vehicle giving rise to such Manufacturer Receivable;

 

(ii)           each
Manufacturer Receivable by any Manufacturer that (a) has a Relevant Moody’s Rating as of such date of (i) less than “A3”
and (ii) at least “Baa3”, pursuant to a Manufacturer Program that, as of such date, has not remained unpaid for more
than 120 calendar days past the Disposition Date with respect to the Eligible Vehicle giving rise to such Manufacturer Receivable; and

 

(iii)          each
Manufacturer Receivable by a Series 2021-2 Moody’s Non-Investment Grade (High) Manufacturer or a Series 2021-2 Moody’s
Non-Investment Grade (Low) Manufacturer, in any case, pursuant to a Manufacturer Program, that, as of such date, has not remained unpaid
for more than 90 calendar days past the Disposition Date with respect to the Eligible Vehicle giving rise to such Manufacturer Receivable.

 

“Series 2021-2
Moody’s Eligible Non-Investment Grade (High) Program Receivable Amount” means, as of any date of determination, the sum
of all Series 2021-2 Moody’s Eligible Manufacturer Receivables, in each case, as of such date by all Series 2021-2 Moody’s
Non-Investment Grade (High) Manufacturers.

 

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“Series 2021-2
Moody’s Eligible Non-Investment Grade (Low) Program Receivable Amount” means, as of any date of determination, the sum
of all Series 2021-2 Moody’s Eligible Manufacturer Receivables, in each case, as of such date by all Series 2021-2
Moody’s Non-Investment Grade (Low) Manufacturers.

 

“Series 2021-2
Moody’s Eligible Non-Investment Grade Non-Program Vehicle Amount” means, as of any date of determination, the sum of the
Net Book Value of each Series 2021-2 Moody’s Non-Investment Grade Non-Program Vehicle for which the Disposition Date has not
occurred as of such date.

 

“Series 2021-2
Moody’s Eligible Non-Investment Grade Program Vehicle Amount” means, as of any date of determination, the sum of Net Book
Values as of such date of each Series 2021-2 Moody’s Non-Investment Grade (High) Program Vehicle and each Series 2021-2
Moody’s Non-Investment Grade (Low) Program Vehicle, in each case, for which the Disposition Date has not occurred as of such date.

 

“Series 2021-2
Moody’s Investment Grade Manufacturer” means, as of any date of determination, (a) any Manufacturer that has a Relevant
Moody’s Rating as of such date of at least “Baa3”, and (b) any Manufacturer that (i) does not have a Relevant
Moody’s Rating of at least “Baa3” as of such date, (ii) does not have a long-term corporate family rating from
Moody’s as of such date, and (iii) has a long-term senior unsecured debt rating from Moody’s of at least “Ba1”
as of such date; provided that, upon any withdrawal or downgrade of any rating of any Manufacturer by Moody’s, such Manufacturer
may, in HVF III’s sole discretion, be deemed to have the rating applicable thereto immediately preceding such withdrawal or downgrade
(as applicable) by Moody’s for a period of thirty (30) days following the earlier of (x) the date on which an Authorized Officer
of any of the Administrator, HVF III or the Servicer obtains actual knowledge of such withdrawal or downgrade (as applicable) and (y) the
date on which the Trustee notifies the Administrator in writing of such withdrawal or downgrade (as applicable).

 

“Series 2021-2
Moody’s Investment Grade Non-Program Vehicle” means, as of any date of determination, any Eligible Vehicle manufactured
by a Series 2021-2 Moody’s Investment Grade Manufacturer that is not a Series 2021-2 Moody’s Investment Grade Program
Vehicle as of such date.

 

“Series 2021-2
Moody’s Investment Grade Program Vehicle” means, as of any date of determination, any Program Vehicle manufactured by
a Series 2021-2 Moody’s Investment Grade Manufacturer that is subject to a Manufacturer Program on the Vehicle Operating Lease
Commencement Date for such Program Vehicle unless it has been redesignated (and as of such date remains so designated) as a Non-Program
Vehicle pursuant to Section 2.5 (Redesignation of Vehicles) of the Lease (or such other similar section of another Lease,
as applicable) as of such date.

 

“Series 2021-2
Moody’s Manufacturer Amount” means, as of any date of determination and with respect to any Manufacturer, the sum of:

 

(i)            the
aggregate Net Book Value of all Eligible Vehicles manufactured by such Manufacturer as of such date; and

 

(ii)           the
aggregate amount of all Series 2021-2 Moody’s Eligible Manufacturer Receivables with respect to such Manufacturer.

 

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“Series 2021-2
Moody’s Manufacturer Concentration Excess Amount” means, with respect to any Manufacturer as of any date of determination,
the excess, if any, of the Series 2021-2 Moody’s Manufacturer Amount with respect to such Manufacturer as of such date over
the Series 2021-2 Maximum Manufacturer Amount with respect to such Manufacturer as of such date; provided that, for purposes
of calculating such excess as of any such date (i) the Net Book Value of any Eligible Vehicle included in the Series 2021-2
Moody’s Manufacturer Amount for the Manufacturer of such Eligible Vehicle for purposes of calculating the Series 2021-2 Moody’s
Manufacturer Concentration Excess Amount and designated by HVF III to constitute Series 2021-2 Moody’s Manufacturer Concentration
Excess Amounts, as of such date, shall not be included in either of (x) the Series 2021-2 Non-Liened Vehicle Amount for purposes
of calculating the Series 2021-2 Moody’s Non-Liened Vehicle Concentration Excess Amount as of such date or (y) the Series 2021-2
Medium-Duty Truck Amount for purposes of calculating the Series 2021-2 Moody’s Medium-Duty Truck Concentration Excess Amount
as of such date, (ii) the Net Book Value of any Eligible Vehicle included in the Series 2021-2 Non-Liened Vehicle Amount for
purposes of calculating the Series 2021-2 Moody’s Non-Liened Vehicle Concentration Excess Amount and designated by HVF III
to constitute Series 2021-2 Moody’s Non-Liened Vehicle Concentration Excess Amounts as of such date, shall not be included
in the Series 2021-2 Moody’s Manufacturer Amount for the Manufacturer of such Eligible Vehicle for purposes of calculating
the Series 2021-2 Moody’s Manufacturer Concentration Excess Amount, as of such date, (iii) the Net Book Value of
any Eligible Vehicle included in the Series 2021-2 Medium-Duty Truck Amount for purposes of calculating the Series 2021-2 Moody’s
Medium-Duty Truck Concentration Excess Amount and designated by HVF III to constitute Series 2021-2 Moody’s Medium-Duty Truck
Concentration Excess Amounts as of such date, shall not be included in the Series 2021-2 Moody’s Manufacturer Amount for the
Manufacturer of such Eligible Vehicle for purposes of calculating the Series 2021-2 Moody’s Manufacturer Concentration Excess
Amount, as of such date, (iv) the amount of any Series 2021-2 Moody’s Eligible Manufacturer Receivables included in the
Series 2021-2 Moody’s Eligible Non-Investment Grade (High) Program Receivable Amount for purposes of calculating the Series 2021-2
Moody’s Non-Investment Grade (High) Program Receivable Concentration Excess Amount and designated by HVF III to constitute Series 2021-2
Moody’s Non-Investment Grade (High) Program Receivable Concentration Excess Amounts as of such date, shall not be included in the
Series 2021-2 Moody’s Manufacturer Amount for the Manufacturer with respect to such Series 2021-2 Moody’s Eligible
Manufacturer Receivable for purposes of calculating the Series 2021-2 Moody’s Manufacturer Concentration Excess Amount, as
of such date, and (v) the determination of which Eligible Vehicles (or the Net Book Value thereof) or Series 2021-2 Moody’s
Eligible Manufacturer Receivables are to be designated as constituting (A) Series 2021-2 Moody’s Non-Liened Vehicle Concentration
Excess Amounts, (B) Series 2021-2 Moody’s Medium-Duty Truck Concentration Excess Amounts, (C) Series 2021-2
Moody’s Manufacturer Concentration Excess Amounts and (D) Series 2021-2 Moody’s Non-Investment Grade (High) Program
Receivable Concentration Excess Amounts, in each case as of such date shall be made iteratively by HVF III in its reasonable discretion.

 

“Series 2021-2
Moody’s Medium-Duty Truck Concentration Excess Amount” means, as of any date of determination, the excess,
if any, of the Series 2021-2 Medium-Duty Truck Amount as of such date over 5.0% of the Aggregate Asset Amount as of such date; provided
that, for purposes of calculating such excess as of any such date (i) the Net Book Value of any Eligible Vehicle included in the
Series 2021-2 Medium-Duty Truck Amount for purposes of calculating the Series 2021-2 Moody’s Medium-Duty Truck Concentration
Excess Amount and designated by HVF III to constitute Series 2021-2 Moody’s Medium-Duty Truck Concentration Excess Amounts,
as of such date, shall not be included in the Series 2021-2 Moody’s Manufacturer Amount for the Manufacturer of such Eligible
Vehicle for purposes of calculating the Series 2021-2 Moody’s Manufacturer Concentration Excess Amount, as of such date, (ii) the
Net Book Value of any Eligible Vehicle included in the Series 2021-2 Medium-Duty Truck Amount for purposes of calculating the Series 2021-2
Moody’s Medium-Duty Truck Concentration Excess Amount and designated by HVF III to constitute Series 2021-2 Moody’s Medium-Duty
Truck Concentration Excess Amounts, as of such date, shall not be included in the Series 2021-2 Non-Liened Vehicle Amount for purposes
of calculating the Series 2021-2 Moody’s Non-Liened Vehicle Concentration Excess Amount, as of such date,(iii) the Net
Book Value of any Eligible Vehicle included in the Series 2021-2 Moody’s Manufacturer Amount for the Manufacturer of such Eligible
Vehicle for purposes of calculating the Series 2021-2 Moody’s Manufacturer Concentration Excess Amount and designated by HVF
III to constitute Series 2021-2 Moody’s Manufacturer Concentration Excess Amounts, as of such date, shall not be included in
the Series 2021-2 Medium-Duty Truck Amount for purposes of calculating the Series 2021-2 Moody’s Medium-Duty Truck Concentration
Excess Amount as of such date, and (iv) the determination of which Eligible Vehicles (or the Net Book Value thereof) are to be designated
as constituting (A) Series 2021-2 Moody’s Non-Liened Vehicle Concentration Excess Amounts, (B) Series 2021-2
Moody’s Non-Liened Vehicle Concentration Excess Amount and (C) Series 2021-2 Moody’s Manufacturer Concentration
Excess Amounts, in each case as of such date shall be made iteratively by HVF III in its reasonable discretion.

 

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“Series 2021-2
Moody’s MTM/DT Advance Rate Adjustment” means, as of any date of determination,

 

(i)            with
respect to the Series 2021-2 Moody’s Eligible Investment Grade Non-Program Vehicle Amount, a percentage equal to the product
of (i) the Series 2021-2 Failure Percentage as of such date and (ii) the Series 2021-2 Moody’s Concentration
Adjusted Advance Rate with respect to the Series 2021-2 Moody’s Eligible Investment Grade Non-Program Vehicle Amount, in each
case as of such date;

 

(ii)           with
respect to the Series 2021-2 Moody’s Eligible Non-Investment Grade Non-Program Vehicle Amount, a percentage equal to the product
of (i) the Series 2021-2 Failure Percentage as of such date and (ii) the Series 2021-2 Moody’s Concentration
Adjusted Advance Rate with respect to the Series 2021-2 Moody’s Eligible Non-Investment Grade Non-Program Vehicle Amount, in
each case as of such date; and

 

(iii)           with
respect to any other Series 2021-2 Moody’s AAA Component, zero.

 

“Series 2021-2
Moody’s Non-Investment Grade (High) Manufacturer” means, as of any date of determination, any Manufacturer that (a) is
not a Series 2021-2 Moody’s Investment Grade Manufacturer as of such date and (b) has a Relevant Moody’s Rating
of at least “Ba3” as of such date; provided that, upon any withdrawal or downgrade of any rating of any Manufacturer
by Moody’s, such Manufacturer may, in HVF III’s sole discretion, be deemed to have the rating applicable thereto immediately
preceding such withdrawal or downgrade (as applicable) by Moody’s for a period of thirty (30) days following the earlier of (x) the
date on which an Authorized Officer of any of the Administrator, HVF III or the Servicer obtains actual knowledge of such withdrawal or
downgrade (as applicable) and (y) the date on which the Trustee notifies the Administrator in writing of such withdrawal or downgrade
(as applicable).

 

“Series 2021-2
Moody’s Non-Investment Grade (High) Program Receivable Concentration Excess Amount” means, with respect to any Series 2021-2
Moody’s Non-Investment Grade (High) Manufacturer, as of any date of determination, the excess, if any, of the Series 2021-2
Moody’s Eligible Non-Investment Grade (High) Program Receivable Amount with respect to such Series 2021-2 Moody’s Non-Investment
Grade (High) Manufacturer as of such date over 7.5% of the Aggregate Asset Amount as of such date; provided that, for purposes
of calculating such excess as of any such date (i) the amount of any Series 2021-2 Moody’s Eligible Manufacturer Receivables
with respect to any Series 2021-2 Moody’s Non-Investment Grade (High) Manufacturer included in the Series 2021-2 Moody’s
Manufacturer Amount for purposes of calculating the Series 2021-2 Moody’s Manufacturer Concentration Excess Amount and designated
by HVF III to constitute Series 2021-2 Moody’s Manufacturer Concentration Excess Amounts as of such date, shall not be included
in the Series 2021-2 Moody’s Eligible Non-Investment Grade (High) Program Receivable Amount for purposes of calculating the
Series 2021-2 Moody’s Non-Investment Grade (High) Program Receivable Concentration Excess Amount, as of such date and (ii) the
determination of which receivables are to be designated as constituting (A) Series 2021-2 Moody’s Non-Investment Grade
(High) Program Receivable Concentration Excess Amounts and (B) Series 2021-2 Moody’s Manufacturer Concentration Excess
Amounts, in each case as of such date, shall be made iteratively by HVF III in its reasonable discretion.

 

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“Series 2021-2
Moody’s Non-Investment Grade (High) Program Vehicle” means, as of any date of determination, any Program Vehicle manufactured
by a Series 2021-2 Moody’s Non-Investment Grade (High) Manufacturer that is or was subject to a Manufacturer Program on the
Vehicle Operating Lease Commencement Date for such Program Vehicle unless it has been redesignated (and as of such date remains so designated)
as a Non-Program Vehicle pursuant to Section 2.5 (Redesignation of Vehicles) of the Lease (or such other similar section of
another Lease, as applicable) as of such date.

 

“Series 2021-2
Moody’s Non-Investment Grade (Low) Manufacturer” means, as of any date of determination, any Manufacturer that has a Relevant
Moody’s Rating as of such date of less than “Ba3”; provided that, upon any withdrawal or downgrade of any rating
of any Manufacturer by Moody’s, such Manufacturer may, in HVF III’s sole discretion, be deemed to have the rating applicable
thereto immediately preceding such withdrawal or downgrade (as applicable) Moody’s for a period of thirty (30) days following the
earlier of (x) the date on which any of the Administrator, HVF III or the Servicer obtains actual knowledge of such withdrawal or
downgrade (as applicable) and (y) the date on which the Trustee notifies the Administrator in writing of such withdrawal or downgrade
(as applicable).

 

“Series 2021-2
Moody’s Non-Investment Grade (Low) Program Vehicle” means, as of any date of determination, any Program Vehicle manufactured
by a Series 2021-2 Moody’s Non-Investment Grade (Low) Manufacturer that is or was subject to a Manufacturer Program on the
Vehicle Operating Lease Commencement Date for such Program Vehicle unless it has been redesignated (and as of such date remains so designated)
as a Non-Program Vehicle pursuant to Section 2.5 (Redesignation of Vehicles) of the Lease (or such other similar section of
another Lease, as applicable) as of such date.

 

“Series 2021-2
Moody’s Non-Investment Grade Non-Program Vehicle” means, as of any date of determination, any Eligible Vehicle that (i) was
manufactured by a Series 2021-2 Moody’s Non-Investment Grade (High) Manufacturer or a Series 2021-2 Moody’s Non-Investment
Grade (Low) Manufacturer and (ii) is not a Series 2021-2 Moody’s Non-Investment Grade (High) Program Vehicle or a Series 2021-2
Moody’s Non-Investment Grade (Low) Program Vehicle, in each case as of such date.

 

“Series 2021-2
Moody’s Non-Liened Vehicle Concentration Excess Amount” as of any date of determination, the excess, if any, of
the Series 2021-2 Non-Liened Vehicle Amount as of such date over (x) from the Series 2021-2 Closing Date until the first
anniversary of the Series 2021-2 Closing Date, 15.00% of the Aggregate Asset Amount as of such date and (y) from the first anniversary
of the Series 2021-2 Closing Date and thereafter, the lesser of (1) $350 million or (2) 10.0% of the Aggregate Asset Amount
as of such date; provided that, for purposes of calculating such excess as of any such date (i) the Net Book Value of any
Eligible Vehicle included in the Series 2021-2 Non-Liened Vehicle Amount for purposes of calculating the Series 2021-2 Moody’s
Non-Liened Vehicle Concentration Excess Amount and designated by HVF III to constitute Series 2021-2 Moody’s Non-Liened Vehicle
Concentration Excess Amounts, as of such date, shall not be included in the Series 2021-2 Moody’s Manufacturer Amount for the
Manufacturer of such Eligible Vehicle for purposes of calculating the Series 2021-2 Moody’s Manufacturer Concentration Excess
Amount, as of such date, (ii) the Net Book Value of any Eligible Vehicle included in the Series 2021-2 Non-Liened Vehicle Amount
for purposes of calculating the Series 2021-2 Moody’s Non-Liened Vehicle Concentration Excess Amount and designated by HVF
III to constitute Series 2021-2 Moody’s Non-Liened Vehicle Concentration Excess Amounts, as of such date, shall not be included
in the Series 2021-2 Medium-Duty Truck Amount for purposes of calculating the Series 2021-2 Moody’s Medium-Duty Truck
Concentration Excess Amount, as of such date, (iii) the Net Book Value of any Eligible Vehicle included in the Series 2021-2
Moody’s Manufacturer Amount for the Manufacturer of such Eligible Vehicle for purposes of calculating the Series 2021-2 Moody’s
Manufacturer Concentration Excess Amount and designated by HVF III to constitute Series 2021-2 Moody’s Manufacturer Concentration
Excess Amounts, as of such date, shall not be included in the Series 2021-2 Non-Liened Vehicle Amount for purposes of calculating
the Series 2021-2 Moody’s Non-Liened Vehicle Concentration Excess Amount as of such date, and (iv) the determination of
which Eligible Vehicles (or the Net Book Value thereof) are to be designated as constituting (A) Series 2021-2 Moody’s
Non-Liened Vehicle Concentration Excess Amounts, (B) Series 2021-2 Moody’s Medium-Duty Truck Concentration Excess Amount
and (C) Series 2021-2 Moody’s Manufacturer Concentration Excess Amounts, in each case as of such date shall be made iteratively
by HVF III in its reasonable discretion.

 

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“Series 2021-2
Moody’s Remainder AAA Amount” means, as of any date of determination, the excess, if any, of:

 

(a)           the
Aggregate Asset Amount as of such date over

 

(b)           the
sum of:

 

(i)            the
Series 2021-2 Moody’s Eligible Investment Grade Program Vehicle Amount as of such date,

 

(ii)           the
Series 2021-2 Moody’s Eligible Investment Grade Program Receivable Amount as of such date,

 

(iii)          the
Series 2021-2 Moody’s Eligible Non-Investment Grade Program Vehicle Amount as of such date,

 

(iv)          the
Series 2021-2 Moody’s Eligible Non-Investment Grade (High) Program Receivable Amount as of such date,

 

(v)           the
Series 2021-2 Moody’s Eligible Non-Investment Grade (Low) Program Receivable Amount as of such date,

 

(vi)          the
Series 2021-2 Moody’s Eligible Investment Grade Non-Program Vehicle Amount as of such date,

 

(vii)         the
Series 2021-2 Moody’s Eligible Non-Investment Grade Non-Program Vehicle Amount as of such date,

 

(viii)        the
Cash Amount as of such date, and

 

(ix)           the
Due and Unpaid Lease Payment Amount as of such date.

 

“Series 2021-2
Non-Liened Vehicle Amount” means, as of any date of determination, the sum of the Net Book Value as of such date of each Eligible
Vehicle for which the Disposition Date has not occurred as of such date and with respect to which the Certificate of Title does not note
the Collateral Agent as the first lienholder (and, the Certificate of Title with respect to which has not been submitted to the appropriate
state authorities for such notation or the fees due in respect of such notation have not yet been paid).

 

“Series 2021-2
Non-Program Fleet Market Value” means, with respect to all Non-Program Vehicles as of any date of determination, the sum of
the respective Series 2021-2 Third-Party Market Values of each such Non-Program Vehicle as of such date.

 

“Series 2021-2
Non-Program Vehicle Disposition Proceeds Percentage Average” means, with respect to any Series 2021-2 Measurement Month,
commencing with the third Series 2021-2 Measurement Month following the Series 2021-2 Closing Date, the percentage equivalent
(not to exceed 100%) of a fraction, the numerator of which is the aggregate amount of Disposition Proceeds paid or payable in respect
of all Non-Program Vehicles that are sold to unaffiliated third parties (excluding salvage sales) during such Series 2021-2 Measurement
Month and the two Series 2021-2 Measurement Months preceding such Series 2021-2 Measurement Month and the denominator of which
is the excess, if any, of the aggregate Net Book Values of such Non-Program Vehicles on the dates of their respective sales over the aggregate
Final Base Rent with respect such Non-Program Vehicles.

 

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“Series 2021-2
Noteholders” means the Class A Noteholders, the Class B Noteholders, the Class C Noteholders, the Class D
Noteholders and, if the Class E Notes have been issued, the Class E Noteholders, collectively.

 

“Series 2021-2
Notes” means the Class A Notes, the Class B Notes, the Class C Notes, the Class D Notes and, if the Class E
Notes have been issued, the Class E Notes, collectively.

 

“Series 2021-2
Operating Expense Amount” means, with respect to any Payment Date, the sum (without duplication) of (a) the aggregate amount
of Series 2021-2 Carrying Charges on such Payment Date (excluding any Series 2021-2 Carrying Charges payable to the Series 2021-2
Noteholders) and (b) the Series 2021-2 Percentage of the Carrying Charges, if any, payable by HVF III on such Payment Date (excluding
any Carrying Charges payable to the Series 2021-2 Noteholders).

 

“Series 2021-2
Past Due Rent Payment” means, (a) with respect to any Past Due Rent Payment in respect of a Series 2021-2 Lease Principal
Payment Deficit, an amount equal to the Series 2021-2 Invested Percentage with respect to Principal Collections (as of the Payment
Date on which such Series 2021-2 Lease Payment Deficit occurred) of such Past Due Rent Payment and (b) with respect to any Past
Due Rent Payment in respect of a Series 2021-2 Lease Interest Payment Deficit, an amount equal to the Series 2021-2 Invested
Percentage with respect to Interest Collections (as of the Payment Date on which such Series 2021-2 Lease Payment Deficit occurred)
of such Past Due Rent Payment.

 

“Series 2021-2
Payment Date Available Interest Amount” means, with respect to each Series 2021-2 Interest Period, the sum of the Series 2021-2
Daily Interest Allocation for each Series 2021-2 Deposit Date in such Series 2021-2 Interest Period.

 

“Series 2021-2
Payment Date Interest Amount” means, with respect to each Payment Date, the sum (without duplication) of the amounts payable
pursuant to Sections 5.3(a) through (g) (Application of Funds in the Series 2021-2 Interest Collection
Account).

 

“Series 2021-2
Percentage” means, as of any date of determination, a fraction, expressed as a percentage, the numerator of which is the Series 2021-2
Principal Amount as of such date and the denominator of which is the Aggregate Principal Amount as of such date.

 

“Series 2021-2
Permitted Liens” means (i) Liens for current taxes not delinquent or for taxes being contested in good faith and by appropriate
proceedings, and with respect to which adequate reserves have been established, and are being maintained, in accordance with GAAP, (ii) mechanics’,
materialmen’s, landlords’, warehousemen’s and carriers’ Liens, and other Liens imposed by law, securing obligations
that are not more than thirty (30) days past due or are being contested in good faith and by appropriate proceedings and with respect
to which adequate reserves have been established, and are being maintained, in accordance with GAAP, (iii) Liens in favor of the
Trustee pursuant to any Series 2021-2 Related Document, Related Document or any other Series Related Document and Liens in favor
of the Collateral Agent pursuant to the Collateral Agency Agreement and (iv) any Lien on any Vehicle arising out of or in connection
with the sale of a Vehicle in the ordinary course. Series 2021-2 Permitted Liens shall be “Series Permitted Liens”
with respect to the Series 2021-2 Notes.

 

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“Series 2021-2
Principal Amount” means, as of any date of determination, the sum of the Class A Principal Amount, the Class B Principal
Amount, the Class C Principal Amount, the Class D Principal Amount and, if the Class E Notes have been issued as of such
date, the Class E Principal Amount, in each case, as of such date. The Series 2021-2 Principal Amount shall be the “Principal
Amount” with respect to the Series 2021-2 Notes. For the avoidance of doubt, when “Principal Amount” is used in
connection with any Class of Series 2021-2 Notes it means the Class A Principal Amount, the Class B Principal Amount,
the Class C Principal Amount, the Class D Principal Amount or the Class E Principal Amount, as applicable.

 

“Series 2021-2
Principal Collection Account” has the meaning specified in Section 4.2(a)(i) (Series 2021-2 Accounts)
of this Series 2021-2 Supplement.

 

“Series 2021-2
Principal Collection Account Amount” means, as of any date of determination, the amount of cash on deposit in and Permitted
Investments credited to the Series 2021-2 Principal Collection Account as of such date.

 

“Series 2021-2
Rapid Amortization Period” means the period beginning on the earlier to occur of (i) the close of business on the Business
Day immediately preceding the Expected Final Payment Date and (ii) the close of business on the Business Day immediately preceding
the day on which an Amortization Event with respect to the Series 2021-2 Notes is deemed to have occurred with respect to the Series 2021-2
Notes, and ending upon the earlier to occur of (i) the date on which the Series 2021-2 Notes are paid in full and (ii) the
termination of this Series 2021-2 Supplement.

 

“Series 2021-2
Rating Agency Condition” means (a) the notification in writing by each Rating Agency then rating any Class of Series 2021-2
Notes at the request of HVF III that a proposed action will not result in a reduction or withdrawal by such Rating Agency of the rating
or credit risk assessment of such Class, or (b) each Rating Agency then rating any Class of Series 2021-2 Notes at the
request of HVF III shall have been given notice of such event at least ten (10) days prior to the occurrence of such event (or, if
ten (10) day’s advance notice is impracticable, as much advance notice as is practicable) and such Rating Agency shall not
have issued any written notice prior to the occurrence of such event that the occurrence of such event will itself cause such Rating Agency
to downgrade, qualify, or withdraw its rating assigned to such Class. The Series 2021-2 Rating Agency Condition shall be the “Rating
Agency Condition” with respect to the Series 2021-2 Notes.

 

“Series 2021-2
Related Documents” means the Related Documents, this Series 2021-2 Supplement and each Class A/B/C/D Demand Note.

 

“Series 2021-2
Revolving Period” means the period from the Series 2021-2 Closing Date to the earlier of (i) the commencement of the
Series 2021-2 Controlled Amortization Period and (ii) the commencement of the Series 2021-2 Rapid Amortization Period.

 

“Series 2021-2
Supplement” has the meaning specified in the Preamble of this Series 2021-2 Supplement.

 

“Series 2021-2
Supplemental Indenture” means a supplement to this Series 2021-2 Supplement complying (to the extent applicable) with the
terms of Section 9.9 (Amendments) of this Series 2021-2 Supplement.

 

    82

     

    

 

“Series 2021-2
Third-Party Market Value” means, with respect to each Non-Program Vehicle, as of any date of determination during a calendar
month:

 

(a)            if
the Series 2021-2 Third-Party Market Value Procedures have been completed for such month, then

 

(i)            the
Monthly NADA Mark, if any, for such Non-Program Vehicle obtained in such calendar month in accordance with such Series 2021-2 Third-Party
Market Value Procedures;

 

(ii)           if,
pursuant to the Series 2021-2 Third-Party Market Value Procedures, no Monthly NADA Mark for such Non-Program Vehicle was obtained
in such calendar month, then the Monthly Blackbook Mark, if any, for such Non-Program Vehicle obtained in such calendar month in accordance
with such Series 2021-2 Third-Party Market Value Procedures; and

 

(iii)          if,
pursuant to the Series 2021-2 Third-Party Market Value Procedures, neither a Monthly NADA Mark nor a Monthly Blackbook Mark for such
Non-Program Vehicle was obtained for such calendar month (regardless of whether such value was not obtained because (A) neither a
Monthly NADA Mark nor a Monthly Blackbook Mark was obtained in undertaking the Series 2021-2 Third-Party Market Value Procedures
or (B) such Non-Program Vehicle experienced its Vehicle Operating Lease Commencement Date on or after the first day of such calendar
month), then the Administrator’s reasonable estimation of the fair market value of such Non-Program Vehicle as of such date of determination;
and

 

(b)           until
the Series 2021-2 Third-Party Market Value Procedures have been completed for such calendar month:

 

(i)            if
such Non-Program Vehicle experienced its Vehicle Operating Lease Commencement Date prior to the first day of such calendar month, the
Series 2021-2 Third-Party Market Value obtained in the immediately preceding calendar month, in accordance with the Series 2021-2
Third-Party Market Value Procedures for such immediately preceding calendar month, and

 

(ii)           if
such Non-Program Vehicle experienced its Vehicle Operating Lease Commencement Date on or after the first day of such calendar month, then
the Administrator’s reasonable estimation of the fair market value of such Non-Program Vehicle as of such date of determination.

 

“Series 2021-2
Third-Party Market Value Procedures” means, with respect to each calendar month and each Non-Program Vehicle, on or prior to
the Determination Date for such calendar month:

 

(a)           HVF
III shall make one attempt (or cause the Administrator to make one attempt) to obtain a Monthly NADA Mark for each Non-Program Vehicle
that was a Non-Program Vehicle as of the first day of such calendar month, and

 

(b)           if
no Monthly NADA Mark was obtained for any such Non-Program Vehicle described in clause (a) above upon such attempt, then HVF
III shall make one attempt (or cause the Administrator to make one attempt) to obtain a Monthly Blackbook Mark for any such Non-Program
Vehicle.

 

    83

     

    

 

“Series 2021-2
Trustee Fee Amount” means, with respect to any Payment Date, an amount equal to the Series 2021-2 Percentage of fees payable
to the Trustee with respect to the Notes on such Payment Date.

 

“Series-Specific 2021-2
Collateral” means the Series 2021-2 Account Collateral with respect to each Series 2021-2 Account and each Class A/B/C/D
Demand Note. The Series-Specific 2021-2 Collateral shall be the “Series-Specific Collateral” with respect to the Series 2021-2
Notes.

 

“Similar Law”
has the meaning specified in Section 2.2(j) (Transfer Restrictions for Global Notes) of this Series 2021-2
Supplement.

 

“Treasury Rate”
means with respect a Redemption Date, the yield to maturity at the time of computation of United States Treasury securities with a constant
maturity (as compiled and published in the most recent Federal Reserve Statistical Release H.15(519) that has become publicly available
at least two (2) business days prior to such Redemption Date (or, if such statistical release is no longer published, any publicly
available source of similar market data)) most nearly equal to the period from such Redemption Date to the Expected Final Payment Date;
provided that, if the period from the Redemption Date to the Expected Final Payment Date is not equal to the constant maturity
of a United States Treasury security for which a weekly average yield is given, then the Treasury Rate will be obtained by linear interpolation
(calculated to the nearest one-twelfth of a year) from the weekly average yields of United States Treasury securities for which such yields
are given, except that if the period from such Redemption Date to the Expected Final Payment Date is less than one (1) year, then
the weekly average yield on actually traded United States Treasury securities adjusted to a constant maturity of one (1) year will
be used.

 

    84

     

    

 

Schedule
II

TO THE SERIES 2021-2 SUPPLEMENT

 

MONTHLY NOTEHOLDERS’ STATEMENT INFORMATION

 

		·	Aggregate Principal Amount

 

		·	Class A Monthly Interest Amount

 

		·	Class A Principal Amount

 

		·	Class A/B/C/D Adjusted Principal Amount

 

		·	Class A/B/C/D Available L/C Cash Collateral Account Amount

 

		·	Class A/B/C/D Available Reserve Account Amount

 

		·	Class A/B/C/D Letter of Credit Amount

 

		·	Class A/B/C/D Letter of Credit Liquidity Amount

 

		·	Class A/B/C/D Liquid Enhancement Amount

 

		·	Class A/B/C/D Principal Amount

 

		·	Class A/B/C/D Required Liquid Enhancement Amount

 

		·	Class A/B/C/D Required Reserve Account Amount

 

		·	Class A/B/C/D Reserve Account Deficiency Amount

 

		·	Class B Monthly Interest Amount

 

		·	Class B Principal Amount

 

		·	Class C Monthly Interest Amount

 

		·	Class C Principal Amount

 

		·	Class D Monthly Interest Amount

 

		·	Class D Principal Amount

 

		·	Class E Monthly Interest Amount (if applicable)

 

		·	Class E Principal Amount (if applicable)

 

		·	Determination Date

 

		·	Aggregate Asset Amount

 

		·	Aggregate Asset Amount Deficiency

 

		·	Aggregate Asset Coverage Threshold Amount

 

		·	Asset Coverage Threshold Amount

 

		·	Carrying Charges

 

		·	Cash Amount

 

		·	Collections

 

		·	Due and Unpaid Lease Payment Amount

 

    85

     

    

 

		·	Interest Collections

 

		·	Percentage

 

		·	Principal Collections

 

		·	Advance Rate

 

		·	Asset Coverage Threshold Amount

 

		·	Payment Date

 

		·	Series 2021-2 Accrued Amounts

 

		·	Series 2021-2 Adjusted Asset Coverage Threshold Amount

 

		·	Series 2021-2 Asset Amount

 

		·	Series 2021-2 Asset Coverage Threshold Amount

 

		·	Series 2021-2 Blended Advance Rate

 

		·	Series 2021-2 Capped Administrator Fee Amount

 

		·	Series 2021-2 Capped Operating Expense Amount

 

		·	Series 2021-2 Capped Trustee Fee Amount

 

		·	Series 2021-2 DBRS Adjusted Advance Rate

 

		·	Series 2021-2 DBRS Blended Advance Rate

 

		·	Series 2021-2 DBRS Concentration Adjusted Advance Rate

 

		·	Series 2021-2 DBRS Concentration Excess Advance Rate Adjustment

 

		·	Series 2021-2 DBRS Concentration Excess Amount

 

		·	Series 2021-2 DBRS Eligible Investment Grade Non-Program Vehicle Amount

 

		·	Series 2021-2 DBRS Eligible Investment Grade Program Receivable Amount

 

		·	Series 2021-2 DBRS Eligible Investment Grade Program Vehicle Amount

 

		·	Series 2021-2 DBRS Eligible Non-Investment Grade (High) Program Receivable Amount

 

		·	Series 2021-2 DBRS Eligible Non-Investment Grade (Low) Program Receivable Amount

 

		·	Series 2021-2 DBRS Eligible Non-Investment Grade Non-Program Vehicle Amount

 

		·	Series 2021-2 DBRS Eligible Non-Investment Grade Program Vehicle Amount

 

		·	Series 2021-2 DBRS Manufacturer Concentration Excess Amount

 

		·	Series 2021-2 DBRS Medium-Duty Truck Concentration Excess Amount

 

		·	Series 2021-2 DBRS MTM/DT Advance Rate Adjustment

 

		·	Series 2021-2 DBRS Non-Investment Grade (High) Program Receivable Concentration Excess Amount

 

		·	Series 2021-2 DBRS Non-Liened Vehicle Concentration Excess Amount

 

		·	Series 2021-2 DBRS Remainder AAA Amount

 

    86

     

    

 

		·	Series 2021-2 Excess Administrator Fee Amount

 

		·	Series 2021-2 Excess Operating Expense Amount

 

		·	Series 2021-2 Excess Trustee Fee Amount

 

		·	Series 2021-2 Failure Percentage

 

		·	Series 2021-2 Floating Allocation Percentage

 

		·	Series 2021-2 Administrator Fee Amount

 

		·	Series 2021-2 Trustee Fee Amount

 

		·	Series 2021-2 Interest Period

 

		·	Series 2021-2 Invested Percentage

 

		·	Series 2021-2 Market Value Average

 

		·	Series 2021-2 Medium-Duty Truck Amount

 

		·	Series 2021-2 Moody’s Adjusted Advance Rate

 

		·	Series 2021-2 Moody’s Blended Advance Rate

 

		·	Series 2021-2 Moody’s Concentration Adjusted Advance Rate

 

		·	Series 2021-2 Moody’s Concentration Excess Advance Rate Adjustment

 

		·	Series 2021-2 Moody’s Concentration Excess Amount

 

		·	Series 2021-2 Moody’s Eligible Investment Grade Non-Program Vehicle Amount

 

		·	Series 2021-2 Moody’s Eligible Investment Grade Program Receivable Amount

 

		·	Series 2021-2 Moody’s Eligible Investment Grade Program Vehicle Amount

 

		·	Series 2021-2 Moody’s Eligible Non-Investment Grade (High) Program Receivable Amount

 

		·	Series 2021-2 Moody’s Eligible Non-Investment Grade (Low) Program Receivable Amount

 

		·	Series 2021-2 Moody’s Eligible Non-Investment Grade Non-Program Vehicle Amount

 

		·	Series 2021-2 Moody’s Eligible Non-Investment Grade Program Vehicle Amount

 

		·	Series 2021-2 Moody’s Manufacturer Concentration Excess Amount

 

		·	Series 2021-2 Moody’s Medium-Duty Truck Concentration Excess Amount

 

		·	Series 2021-2 Moody’s MTM/DT Advance Rate Adjustment

 

		·	Series 2021-2 Moody’s Non-Investment Grade (High) Program Receivable Concentration Excess Amount

 

		·	Series 2021-2 Moody’s Non-Liened Vehicle Concentration Excess Amount

 

		·	Series 2021-2 Moody’s Remainder AAA Amount

 

		·	Series 2021-2 Non-Liened Vehicle Amount

 

		·	Series 2021-2 Non-Program Fleet Market Value

 

		·	Series 2021-2 Non-Program Vehicle Disposition Proceeds Percentage Average

 

    87

     

    

 

		·	Series 2021-2 Percentage

 

		·	Series 2021-2 Principal Amount

 

		·	Series 2021-2 Principal Collection Account Amount

 

		·	Series 2021-2 Rapid Amortization Period

 

On or before the second Business Day following
the Trustee’s receipt of a Monthly Noteholders’ Statement, the Trustee shall post, or cause to be posted, a copy of such Monthly
Noteholders’ Statement to https://gctinvestorreporting.bnymellon.com (or such other website maintained by the Trustee and available
to the Series 2021-2 Noteholders, as designated from time to time by the Trustee).

 

    88Exhibit 10.7

 

EXECUTION VERSION

  

HERTZ VEHICLE FINANCING III LLC,

as Issuer

 

and

 

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

as Trustee and as Securities Intermediary

 

 

 

BASE INDENTURE

 

Dated as of June 29, 2021

 

 

 

Rental Car Asset Backed Notes

(Issuable in Series)

 

     

     

    

 

	Table of Contents
	 	 	 	 
	 	 	 	Page
	 	 	 	 
	Article I DEFINITIONS AND INCORPORATION BY REFERENCE	1
	 	Section 1.1.	Definitions	1
	 	Section 1.2.	Cross-References	1
	 	Section 1.3.	Accounting and Financial Determinations; No Duplication	1
	 	Section 1.4.	Rules of Construction	2
	 	 	 	 
	Article II THE NOTES	3
	 	 
	 	Section 2.1.	Designation and Terms of Notes	3
	 	Section 2.2.	Notes Issuable in Series	3
	 	Section 2.3.	Series Supplement for each Series of Notes	5
	 	Section 2.4.	Execution and Authentication	6
	 	Section 2.5.	Registrar and Paying Agent	7
	 	Section 2.6.	Paying Agent to Hold Money in Trust	8
	 	Section 2.7.	Noteholder List	9
	 	Section 2.8.	Transfer and Exchange	9
	 	Section 2.9.	Persons Deemed Owners	10
	 	Section 2.10.	Replacement Notes	10
	 	Section 2.11.	Treasury Notes	11
	 	Section 2.12.	Book-Entry Notes	11
	 	Section 2.13.	Definitive Notes	12
	 	Section 2.14.	Cancellation	13
	 	Section 2.15.	Principal and Interest	13
	 	Section 2.16.	Tax Treatment	14
	 	Section 2.17.	Special Voting Provisions	14
	 	 	 	 
	Article III SECURITY	14
	 	 
	 	Section 3.1.	Grant of Security Interest	14
	 	Section 3.2.	Certain Rights and Obligations of HVF III Unaffected	16
	 	Section 3.3.	Performance of Related Documents	17
	 	Section 3.4.	Release of Indenture Collateral	18
	 	Section 3.5.	Opinion of Counsel and Officer’s Certificates	19
	 	Section 3.6.	Stamp, Other Similar Taxes and Filing Fees	19
	 	Section 3.7.	Duty of the Trustee	19
	 	 	 	 
	Article IV REPORTS	19
	 	 
	 	Section 4.1.	Reports and Instructions to Trustee	19
	 	Section 4.2.	Reports to Noteholders	20
	 	Section 4.3.	Rule 144A Information	21
	 	Section 4.4.	Administrator	21
	 	Section 4.5.	Termination of Article IV	21
	 	 	 	 
	Article V ALLOCATION AND APPLICATION OF COLLECTIONS	21
	 	 
	 	Section 5.1.	Collection Account	21
	 	Section 5.2.	Trustee as Securities Intermediary	22
	 	Section 5.3.	Collections and Allocations	24
	 	Section 5.4.	Determination of Monthly Interest	25
	 	Section 5.5.	Determination of Monthly Principal	25

 

    i

     

    

 

Table of Contents

(Continued)

 

	 	Page
	 	 
	Article VI DISTRIBUTIONS	26
	 	 
	 	Section 6.1.	Distributions in General	26
	 	Section 6.2.	Optional Repurchase of Notes	26
	 	 	 	 
	Article VII REPRESENTATIONS AND WARRANTIES	27
	 	 
	 	Section 7.1.	Existence and Power	27
	 	Section 7.2.	Limited Liability Company and Governmental Authorization	27
	 	Section 7.3.	No Consent	27
	 	Section 7.4.	Binding Effect	27
	 	Section 7.5.	Litigation	27
	 	Section 7.6.	No ERISA Plan	28
	 	Section 7.7.	Tax Filings and Expenses	28
	 	Section 7.8.	Disclosure	28
	 	Section 7.9.	Solvency	28
	 	Section 7.10.	Investment Company Act	28
	 	Section 7.11.	Regulations T, U and X	28
	 	Section 7.12.	Ownership of Limited Liability Company Interests; Subsidiary	29
	 	Section 7.13.	Security Interests	29
	 	Section 7.14.	Related Documents	30
	 	Section 7.15.	Non-Existence of Other Agreements	31
	 	Section 7.16.	Compliance with Contractual Obligations and Laws	31
	 	Section 7.17.	Other Representations	31
	 	 	 	 
	Article VIII COVENANTS	31
	 	 
	 	Section 8.1.	Payment of Notes	31
	 	Section 8.2.	Maintenance of Office or Agency	31
	 	Section 8.3.	Payment of Obligations	31
	 	Section 8.4.	Conduct of Business and Maintenance of Existence	32
	 	Section 8.5.	Compliance with Laws	32
	 	Section 8.6.	Inspection of Property, Books and Records	32
	 	Section 8.7.	Actions under the Related Documents	32
	 	Section 8.8.	Notice of Defaults	32
	 	Section 8.9.	Notice of Material Proceedings	33
	 	Section 8.10.	Further Requests	33
	 	Section 8.11.	Further Assurances	33
	 	Section 8.12.	Liens	33
	 	Section 8.13.	Other Indebtedness	34
	 	Section 8.14.	No ERISA Plan	34
	 	Section 8.15.	Mergers	35
	 	Section 8.16.	Sales of Assets	35
	 	Section 8.17.	Acquisition of Assets	35
	 	Section 8.18.	Dividends, Officers’ Compensation, etc	35
	 	Section 8.19.	Legal Name; Location Under Section 9-307	35
	 	Section 8.20.	Organizational Documents	35
	 	Section 8.21.	Investments	36
	 	Section 8.22.	No Other Agreements	36
	 	Section 8.23.	Other Business	36

 

    ii

     

    

 

Table of Contents

(Continued)

 

	 	 	 	Page
	 	 	 	 
	 	Section 8.24.	Maintenance of Separate Existence	36
	 	Section 8.25.	Manufacturer Programs	36
	 	Section 8.26.	Disposition of Vehicles	37
	 	Section 8.27.	Insurance	38
	 	Section 8.28.	Payment of Taxes and Governmental Obligations	38
	 	Section 8.29.	Tax Matters	38
	 	Section 8.30.	Market Value Procedures.	38
	 	Section 8.31.	Information.	38
	 	 	 	 
	Article IX
    AMORTIZATION EVENTS AND REMEDIES	39
	 	 
	 	Section 9.1.	Amortization Events	39
	 	Section 9.2.	Rights of the Trustee upon Amortization Event or Certain
    Other Events of Default.	40
	 	Section 9.3.	Other Remedies	44
	 	Section 9.4.	Waiver of Past Events	45
	 	Section 9.5.	Control by Majority Indenture Investors	45
	 	Section 9.6.	Limitation on Suits	45
	 	Section 9.7.	Right of Noteholders to Bring Suit	46
	 	Section 9.8.	Collection Suit by the Trustee	46
	 	Section 9.9.	The Trustee May File Proofs of Claim	46
	 	Section 9.10.	Priorities	47
	 	Section 9.11.	Rights and Remedies Cumulative	47
	 	Section 9.12.	Delay or Omission Not Waiver	47
	 	Section 9.13.	Reassignment of Surplus	47
	 	 	 	 
	Article X
    THE TRUSTEE	47
	 	 
	 	Section 10.1.	Duties of the Trustee	47
	 	Section 10.2.	Rights of the Trustee	50
	 	Section 10.3.	Individual Rights of the Trustee	51
	 	Section 10.4.	Notice of Amortization Events and Potential Amortization
    Events	52
	 	Section 10.5.	Compensation	52
	 	Section 10.6.	Replacement of the Trustee	53
	 	Section 10.7.	Successor Trustee by Merger, etc	54
	 	Section 10.8.	Eligibility Disqualification	54
	 	Section 10.9.	Appointment of Co-Trustee or Separate Trustee	54
	 	Section 10.10.	Representations and Warranties of Trustee	55
	 	Section 10.11.	Foreign Account Tax Compliance Act (FATCA)	55
	 	 	 	 
	Article XI
    DISCHARGE OF INDENTURE	56
	 	 
	 	Section 11.1.	Termination of HVF III’s Obligations	56
	 	Section 11.2.	Application of Trust Money	57
	 	Section 11.3.	Repayment to HVF III	57
	 	 	 	 
	Article XII
    AMENDMENTS	57
	 	 
	 	Section 12.1.	Without Consent of the Noteholders	57
	 	Section 12.2.	With Consent of the Noteholders	58
	 	Section 12.3.	Supplements and Amendments	59

 

    iii

     

    

 

Table of Contents

(Continued)

 

	 	 	 	Page
	 	 	 	 
	 	Section 12.4.	Revocation and Effect of Consents	59
	 	Section 12.5.	Notation on or Exchange of Notes	60
	 	Section 12.6.	The Trustee to Sign Amendments, etc	60
	 	Section 12.7.	Amendments to Series Supplements	60
	 	Section 12.8.	Amendments and Waivers to Related Documents.	60
	 	 	 	 
	Article XIII
    MISCELLANEOUS	61
	 	 
	 	Section 13.1.	Notices	61
	 	Section 13.2.	Communications by Noteholders with Other Noteholders	63
	 	Section 13.3.	Certificate as to Conditions Precedent	63
	 	Section 13.4.	Statements Required in Certificate and Opinion of Counsel	63
	 	Section 13.5.	Rules by the Trustee	63
	 	Section 13.6.	Duplicate Originals	63
	 	Section 13.7.	Third-Party Beneficiaries	63
	 	Section 13.8.	Payment on Business Day	63
	 	Section 13.9.	Governing Law	64
	 	Section 13.10.	Successors	64
	 	Section 13.11.	Severability	64
	 	Section 13.12.	Execution in Counterparts; Electronic Execution	64
	 	Section 13.13.	Table of Contents, Headings, etc	64
	 	Section 13.14.	Termination; Collateral	64
	 	Section 13.15.	No Bankruptcy Petition Against HVF III	65
	 	Section 13.16.	No Recourse	65
	 	Section 13.17.	Waiver of Jury Trial	65
	 	Section 13.18.	Submission to Jurisdiction	66
	 	 	 	 
	Schedules	 	 
	 	Schedule I	Definitions List	 
	 	 	 	 
	Exhibits	 	 
	 	Exhibit A	Form of Monthly Servicing
    Certificate	 
	 	 	 	 
	 	Exhibit B	Form of Officer’s Certificate	 

 

    iv

     

    

 

 

This BASE INDENTURE, dated as
of June 29, 2021, between HERTZ VEHICLE FINANCING III LLC, a special purpose limited liability company established under the laws
of Delaware, as issuer (“HVF III” or the “Issuer”), and THE BANK OF NEW YORK MELLON TRUST COMPANY,
N.A., a national banking association, as trustee (in such capacity, the “Trustee”).

 

W
I T N E S S E T H:

 

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

 

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

 

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

 

Article I

 

DEFINITIONS
AND INCORPORATION BY REFERENCE

 

Section 1.1.     
       Definitions.

 

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

 

Section 1.2.            Cross-References.

 

Unless otherwise specified,
references in this Base Indenture to any Article or Section are references to such Article or Section of this Base
Indenture, and, unless otherwise specified, references in any Article, Section or definition herein to any clause are references
to such clause of such Article, Section or definition.

 

Section 1.3.            Accounting
and Financial Determinations; No Duplication.

 

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

 

    1

     

    

 

Section 1.4.            Rules of
Construction.

 

In this Base Indenture, including
the preamble, recitals, attachments, schedules, annexes, exhibits and joinders hereto, unless the context otherwise requires:

 

(a)           the
singular includes the plural and vice versa;

 

(b)           references
to an agreement or document shall include the preamble, recitals, all attachments, schedules, annexes, exhibits and joinders to such agreement
or document, and are to such agreement or document (including all such attachments, schedules, annexes, exhibits and joinders to such
agreement or document) as amended, supplemented, restated and otherwise modified from time to time and to any successor or replacement
agreement or document, as applicable (unless otherwise stated);

 

(c)           reference
to any Person includes such Person’s successors and assigns but, if applicable, only if such successors and assigns are not prohibited
by this Base Indenture, and reference to any Person in a particular capacity only refers to such Person in such capacity;

 

(d)           reference
to any gender includes the other gender;

 

(e)           reference
to any Requirement of Law means such Requirement of Law as amended, modified, codified or reenacted, in whole or in part, and in effect
from time to time;

 

(f)            “including”
(and with correlative meaning “include”) means including without limiting the generality of any description preceding such
term;

 

(g)           with
respect to the determination of any period of time, “from” means “from and including” and “to” means
 “to but excluding”;

 

(h)           references
to sections of the Code also refer to any successor sections;

 

(i)            the
language used in this Base Indenture will be deemed to be the language chosen by the parties hereto to express their mutual intent, and
no rule of strict construction will be applied against any party;

 

(j)            reference
to any Related Document or other contract or agreement means such Related Document, contract or agreement as amended and restated, amended,
supplemented or otherwise modified from time to time, but if applicable, only if such amendment, supplement or modification is permitted
by this Base Indenture and the other applicable Related Documents; and

 

(k)           the
use of Subclass designations, Tranche designations or other designations to differentiate Note characteristics (including, but not
limited to interest rate and/or legal final maturity) within a Class will not alter the requirement that distributions to Noteholders
of all Classes within a Series have the same priority unless expressly provided for in the Series Supplement for a Subclass or
Tranche of such Class.

 

    2

     

    

 

Article II

 

THE NOTES

 

Section 2.1.            Designation
and Terms of Notes.

 

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

 

Section 2.2.            Notes
Issuable in Series.

 

(a)           The
Notes shall be issued in one or more Series of Notes. Each Series of Notes shall be created by a Series Supplement. A Series of
Notes may include separate Classes, Subclasses or Tranches as set forth in the Series Supplement for such Series. Any reference to
a Series shall, unless the context requires otherwise, also include any Class, Subclass or Tranche of such Series.

 

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

 

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

 

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

 

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

 

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

 

(v)           an
Officer’s Certificate of HVF III dated as of the applicable Series Closing Date to the effect that (A) no Limited Liquidation
Event of Default or Enhancement Deficiency with respect to any Series of Notes Outstanding is continuing or will occur as a result
of the issuance of a new Series of Notes, (B) no Liquidation Event of Default, Aggregate Asset Amount Deficiency, Operating
Lease Event of Default or Potential Operating Lease Event of Default is continuing or will occur as a result of the issuance of a new
Series of Notes, (C) consent has been obtained from the Required Series Noteholders of each Series of Notes with respect
to which an Amortization Event or Potential Amortization Event is continuing as of the date of the issuance of the new Series of
Notes or will occur as a result of the issuance of the new Series of Notes, if, in any such case, such existing Series of Notes
will not be refinanced with the proceeds of the issuance of such new Series of Notes, (D) all conditions precedent set forth
in this Section 2.2 (Notes Issuable in Series) of this Base Indenture and the related Series Supplement with respect
to the authentication and delivery of the new Series of Notes have been satisfied and (E) all conditions precedent set forth
in Section 2.3 (Series Supplement for each Series of Notes) of this Base Indenture with respect to the execution
of the related Series Supplement have been complied with in all material respects;

 

    3

     

    

 

(vi)          a
Tax Opinion;

 

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

 

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

 

		(A)	all conditions precedent provided for in Section 2.2 (Notes Issuable in Series) of
this Base Indenture and in any conditions precedent section specified in the related Series Supplement with respect to the authentication
and delivery of the new Series of Notes have been complied with in all material respects, and all conditions precedent set forth
in Section 2.2 (Notes Issuable in Series) of this Base Indenture and in any conditions precedent section of the related
Series Supplement with respect to the execution of the related Series Supplement have been complied with in all material respects;
provided no such Opinion of Counsel shall be required on the Initial Closing Date or on the closing occurring on June 30,
2021;

 

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

 

		(C)	the new Series of Notes when executed, authenticated and delivered by the Trustee, and issued by
HVF III in the manner and paid for and subject to any conditions specified in such Opinion of Counsel, will constitute valid and binding
obligations of HVF III, enforceable against HVF III in accordance with their terms, subject, in the case of enforcement, to normal qualifications
regarding bankruptcy, insolvency, reorganization, moratorium and other similar laws affecting creditors’ rights generally and to
general principles of equity;

 

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

 

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

 

    4

     

    

 

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

 

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

 

(c)           Upon
satisfaction of the conditions set forth in clause (b) above, the Trustee shall authenticate and deliver, as provided above, such
Series of Notes upon execution thereof by HVF III.

 

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

 

Section 2.3.            Series Supplement
for each Series of Notes.

 

In conjunction with the issuance
of a new Series of Notes, the parties hereto shall execute a Series Supplement, which shall specify the relevant terms with
respect to such new Series of Notes (or, to the extent applicable, each Class, Subclass or Tranche of Notes), which shall include:

 

(i)             its
name or designation;

 

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

 

(iii)           its
Note Rate;

 

(iv)           its
Series Closing Date;

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

    5

     

    

 

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

 

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

 

(xv)          the
Legal Final Payment Date(s) for such Notes;

 

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

 

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

 

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

 

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

 

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

 

(xvii)        the
method by which the Required Series Noteholders are determined for such Series of Notes for purposes of voting and directions
under this Base Indenture;

 

(xviii)       any
special voting provision permitted by Section 2.17 (Special Voting Provisions) of this Base Indenture; and

 

(xix)         any
other relevant terms of such Series of Notes that do not change the terms of any Series of Notes Outstanding (all such terms
in this Section 2.3 (Series Supplement for each Series of Notes), the “Principal Terms”
of such Series of Notes).

 

Section 2.4.            Execution
and Authentication.

 

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

 

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

 

    6

     

    

 

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

 

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

 

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

 

(e)           Notwithstanding
the foregoing, if any Note shall have been authenticated and delivered hereunder but never issued and sold by HVF III as contemplated
by the applicable Series Supplement, and HVF III shall deliver such Note to the Trustee for cancellation as provided in Section 2.14
(Cancellation) of this Base Indenture together with a written statement (which need not comply with Section 13.4 (Statements
Required in Certificate and Opinion of Counsel) of this Base Indenture and need not be accompanied by an Opinion of Counsel) stating
that such Note has never been issued and sold by HVF III as contemplated by the applicable Series Supplement, for all purposes of
this Base Indenture such Note shall be deemed never to have been authenticated and delivered hereunder and shall not be entitled to the
benefits of this Base Indenture.

 

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

 

Section 2.5.            Registrar
and Paying Agent.

 

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

 

    7

     

    

 

Section 2.6.            Paying
Agent to Hold Money in Trust.

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

    8

     

    

 

Section 2.7.            Noteholder
List.

 

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

 

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

 

Section 2.8.            Transfer
and Exchange.

 

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

 

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

 

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

 

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

 

    9

     

    

 

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

 

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

 

(g)           If,
as specified in the Series Supplement, the Notes are listed on any exchange, the Trustee or its agent, as the case may be, shall
send to HVF III upon any transfer or exchange of any Note information reflected in the copy of the register for the Notes maintained by
the Registrar or its agent, as the case may be.

 

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

 

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

 

Section 2.9.            Persons
Deemed Owners.

 

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

 

Section 2.10.          Replacement
Notes.

 

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

 

    10

     

    

 

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

 

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

 

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

 

Section 2.11.          Treasury
Notes.

 

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

 

Section 2.12.          Book-Entry
Notes.

 

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

 

(i)             the
provisions of this Section 2.12 (Book-Entry Notes) shall be in full force and effect with respect to each such Series,
Class, Subclass or Tranche of Notes;

 

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

 

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(iii)           to
the extent that the provisions of this Section 2.12 (Book-Entry Notes) conflict with any other provisions of this Base
Indenture, the provisions of this Section 2.12 (Book-Entry Notes) shall control with respect to each such Series, Class,
Subclass or Tranche of Notes;

 

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

 

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

 

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

 

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

 

Section 2.13.          Definitive
Notes.

 

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

 

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

 

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

 

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(ii)            the
Required Series Noteholders with respect to any Series, Class, Subclass or Tranche of Notes Outstanding direct the Trustee in
writing to terminate the book-entry system through the Clearing Agency with respect to such Series, Class, Subclass or Tranche of
Notes; or

 

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

 

Section 2.14.          Cancellation.

 

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

 

Section 2.15.          Principal
and Interest.

 

(a)           The
principal of each Series of Notes (and each Class, Subclass or Tranche to the extent applicable) shall be payable at the times
and in the amount set forth in the applicable Series Supplement.

 

(b)           Each
Series of Notes (and each Class, Subclass or Tranche to the extent applicable) shall accrue interest as provided in the applicable
Series Supplement and such interest shall be payable at the times and in the amount set forth in the applicable Series Supplement.

 

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

 

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

 

Section 2.16.          Tax
Treatment.

 

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

 

Section 2.17.          Special
Voting Provisions.

 

For purposes of any vote or
direction to the Trustee under this Base Indenture (and not, for the avoidance of doubt, any vote or direction to the Trustee that relates
to one or more Series of Notes but not all Series of Notes), including for the purposes of determining a vote of the Majority
Indenture Investors, a Series Supplement may specify a method of voting the principal amount of any Notes of such Series for
which the Trustee has not received responses from Noteholders of such Series, including designating a representative to vote or using
a formula to vote the principal amount of such Notes; provided that, such voting provision will be inapplicable to all votes or
directions (including for the purposes of determining a vote of the Majority Indenture Investors) if either (1) the Required Series Noteholders
of any Series of Notes instructs the Trustee to disregard such method of voting for all Series of Notes Outstanding or (2) HVF
III instructs the Trustee to disregard such method of voting for all Series of Notes Outstanding.

 

Article III

 

SECURITY

 

Section 3.1.            Grant
of Security Interest.

 

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

 

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

 

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

 

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

 

(iv)          (A) the
Collection Account, including any security entitlement with respect to any Financial Assets credited thereto, (B) all monies on deposit
from time to time in the Collection Account, (C) all certificates and instruments, if any, representing or evidencing any or all
of the Collection Account or the funds on deposit therein from time to time, (D) all investments made at any time and from time to
time with monies in the Collection Account, whether constituting securities, instruments, general intangibles, investment property, Financial
Assets or other property, (E) all interest, dividends, cash, instruments and other property from time to time received, receivable
or otherwise distributed in respect of or in exchange for the Collection Account, the funds on deposit therein from time to time or the
investments made with such funds and (F) all proceeds of any and all of the foregoing, including cash (the items in the foregoing
clauses (A) through (F), the “Account Collateral”);

 

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(v)             all
Investment Property;

 

(vi)            all
Incentive Receivables, all monies payable to HVF III thereunder or in connection therewith, all rights, remedies, powers, privileges and
claims of HVF III against the related Manufacturer or any other party under or with respect to any such Incentive Receivables and the
right to enforce such Incentive Receivables and the obligations of the Manufacturer or any party thereunder or with respect thereto;

 

(vii)           all
additional property that may from time to time hereafter (pursuant to the terms of this Base Indenture or otherwise) be subjected to the
grant and pledge hereof by HVF III or by anyone on its behalf; and

 

(viii)          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,

 

provided
that the foregoing shall exclude any Series-Specific Collateral and all Proceeds and products thereof.

 

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

 

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

 

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

 

Section 3.2.             Certain
Rights and Obligations of HVF III Unaffected.

 

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

 

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

 

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

 

Section 3.3.             Performance
of Related Documents.

 

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

 

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Section 3.4.             Release
of Indenture Collateral.

 

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

 

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

 

(c)          The
Trustee shall, at such time when (a) there are no Notes Outstanding, (b) all Note Obligations due shall have been fully paid
and satisfied, (c) the obligations of each Enhancement Provider under any Enhancement and Related Documents have terminated, and
(d) any Enhancement shall have terminated, release any remaining portion of the Collateral from the lien of this Base Indenture and
release to HVF III any amounts then on deposit in or credited to the Collection Account. The Trustee shall release property from the lien
of this Base Indenture pursuant to this Section 3.4(c) (Release of Indenture Collateral) only upon receipt of
a Company Order accompanied by an Officer’s Certificate and an Opinion of Counsel meeting the applicable requirements of Sections
3.5 (Opinion of Counsel and Officer’s Certificates) and 13.14 (Termination; Collateral) of this Base Indenture.

 

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

 

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

 

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

 

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

 

Section 3.7.             Duty
of the Trustee.

 

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

 

Article IV

 

REPORTS

 

Section 4.1.             Reports
and Instructions to Trustee.

 

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

 

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

 

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

 

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

 

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

 

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(f)          Quarterly
Compliance Certificates. On the Payment Date in each of March, June, September and December, commencing in September 2021,
HVF III shall deliver to the Trustee an Officer’s Certificate of HVF III to the effect that, except as provided in a notice delivered
pursuant to Section 8.8 (Notice of Defaults) of this Base Indenture, no Amortization Event or Potential Amortization
Event with respect to any Series of Notes Outstanding has occurred or is continuing and no Operating Lease Event of Default or Potential
Operating Lease Event of Default has occurred or is continuing.

 

(g)         Non-Program
Vehicle Report. On the Payment Date in May of each year, commencing in May 2022, HVF III shall cause a nationally recognized
firm of independent certified public accountants or a nationally recognized firm of independent consultants to furnish a report to the
Trustee and the Rating Agencies to the effect that they have performed certain agreed upon procedures on a statistical sample designed
to provide a ninety-five percent (95%) confidence level confirming the calculations of (i) the Disposition Proceeds received by HVF
III from the sale or other disposition of all Non-Program Vehicles (other than Casualties) sold or otherwise disposed of during the Related
Month, (ii) the respective Net Book Values of such Non-Program Vehicles and (iii) the Market Values of such Non-Program Vehicles
on the date of such sale or other disposition.

 

(h)         Verification
of Title. On or prior to May 30 of each year, commencing May 2022, HVF III shall cause a nationally recognized firm of independent
certified public accountants or a nationally recognized firm of independent consultants to furnish a report to the Trustee and the Rating
Agencies to the effect that they have performed certain agreed upon procedures on a statistical sample designed to provide a ninety-five
percent (95%) confidence level confirming that the Vehicles are titled in the name of Hertz Vehicles LLC and the Certificates of Title
show a first lien in the name of the Collateral Agent or the Vehicle-Only Collateral Agent, as the case may be, except for such exceptions
as shall be set forth in such report.

 

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

 

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

 

Section 4.2.             Reports
to Noteholders.

 

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

 

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Section 4.3.              Rule 144A
Information.

 

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

 

Section 4.4.             Administrator.

 

Pursuant
to the Administration Agreement, the Administrator has agreed to provide certain services to HVF III and to take certain actions on behalf
of HVF III, including performing or otherwise satisfying any action, determination, calculation, direction, instruction, notice, delivery
or other performance obligation, in each case, permitted or required by HVF III pursuant to this Base Indenture. Each Noteholder by its
acceptance of a Note and each of the parties hereto by its execution hereof, hereby consents to the provision of such services
and the taking of such action by the Administrator in lieu of HVF III and hereby agrees that HVF III’s obligations hereunder with
respect to any such services performed or action taken shall be deemed satisfied to the extent performed or taken by the Administrator
and to the extent so performed or taken by the Administrator shall be deemed for all purposes hereunder to have been so performed or taken
by HVF III; provided that, for the avoidance of doubt, none of the foregoing shall create any payment obligation of the Administrator
or relieve HVF III of any payment obligation hereunder; provided, further, that if an Amortization Event has occurred and
is continuing or if a Liquidation Event of Default has occurred and the Administrator has failed to take any action on behalf of HVF III
that HVF III is required to take pursuant to the Related Documents, all or any determinations, calculations, directions, instructions,
notices, deliveries or other actions required to be effected by HVF III or the Administrator hereunder or under any Related Document may
be effected or directed by the Majority Indenture Investors or any appointed agent or representative thereof, and HVF III shall, and shall
cause the Administrator to, provide reasonable assistance in furtherance of the foregoing, and the Trustee shall follow any such direction
as if delivered by the Administrator or by the Administrator on behalf of HVF III, in each case to the extent such direction is consistent
with the Related Documents.

 

Section 4.5.             Termination
of Article IV (Reports).

 

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

 

Article V

 

ALLOCATION
AND APPLICATION OF COLLECTIONS

 

Section 5.1.             Collection
Account.

 

(a)          Establishment
of Collection Account. On or prior to the Initial Closing Date, HVF III, the Securities Intermediary and the Trustee shall have established
a securities account no. 128039 (such account, or if succeeded or replaced by another account then such successor or replacement account,
the “Collection Account”) in the name of, and under the control of, the Trustee that shall be maintained for the benefit
of the Noteholders. If at any time a Trust Officer obtains actual knowledge or receives written notice that the Collection Account is
no longer an Eligible Account, the Trustee, within ten (10) Business Days of obtaining such knowledge, shall cause the Collection
Account to be moved to a Qualified Institution or a Qualified Trust Institution and cause the depositary maintaining the new Collection
Account to assume the obligations of the existing Securities Intermediary hereunder.

 

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

 

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

 

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

 

Section 5.2.             Trustee
as Securities Intermediary.

 

(a)         With
respect to the Collection Account, the Trustee or other Person maintaining such Collection Account shall be the “securities intermediary”
(as defined in Section 8-102(a)(14) of the New York UCC and a “bank” (as defined in Section 9-102(a)(8) of
the New York UCC), in such capacities, the “Securities Intermediary”) with respect to the Collection Account. If the
Securities Intermediary is not the Trustee, HVF III shall obtain the express agreement of such Person to the obligations of the Securities
Intermediary set forth in this Section 5.2 (Trustee as Securities Intermediary).

 

(b)         The
Securities Intermediary agrees that:

 

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

 

(ii)            All
securities or other property underlying any Financial Assets credited to the Collection Account shall be registered in the name of the
Securities Intermediary, endorsed to the Securities Intermediary or in blank or credited to another securities account maintained in the
name of the Securities Intermediary and in no case will any Financial Asset credited to the Collection Account be registered in the name
of HVF III, payable to the order of HVF III or specially endorsed to HVF III;

 

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

 

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

 

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

 

(vi)            The
Collection Account shall be governed by the laws of the State of New York, regardless of any provision of any other agreement. For purposes
of the New York UCC, New York shall be deemed to be the Securities Intermediary’s jurisdiction within the meaning of Section 9-304
and Section 8-110 of the New York UCC and the Collection Account (as well as the Security Entitlements related thereto) shall be
governed by the laws of the State of New York;

 

(vii)          The
Securities Intermediary has not entered into, and until termination of this Base Indenture, will not enter into, any agreement with any
other Person relating to the Collection Account and/or any Financial Assets credited thereto pursuant to which it has agreed to comply
with Entitlement Orders or instructions (within the meaning of Section 9-104 of the New York UCC) of such other Person and the Securities
Intermediary has not entered into, and until the termination of this Base Indenture will not enter into, any agreement with HVF III purporting
to limit or condition the obligation of the Securities Intermediary to comply with Entitlement Orders or instructions (within the meaning
of Section 9-104 of the New York UCC) as set forth in Section 5.2(b)(v) (Trustee as Securities Intermediary)
of this Base Indenture; and

 

(viii)         Except
for the claims and interest of the Trustee and HVF III in the Collection Account, the Securities Intermediary knows of no claim to, or
interest in, the Collection Account or in any Financial Asset credited thereto. If the Securities Intermediary has actual knowledge of
the assertion by any other person of any lien, encumbrance, or adverse claim (including any writ, garnishment, judgment, warrant of attachment,
execution or similar process) against the Collection Account or in any Financial Asset carried therein, the Securities Intermediary shall
promptly notify the Trustee, the Administrator and HVF III thereof.

 

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

 

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

 

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

 

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

 

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(g)         Notwithstanding
anything in Section 5.1 (Collection Account) of this Base Indenture or this Section 5.2 (Trustee as
Securities Intermediary) to the contrary, with respect to the Collection Account and any credit balances not constituting Financial
Assets credited thereto, the Securities Intermediary shall be acting as a bank (as defined in Section 9-102(a)(8) of the New
York UCC) if the Collection Account is deemed not to constitute a securities account.

 

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

 

Section 5.3.             Collections
and Allocations.

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

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Notwithstanding
clause (iii) above, unless an Amortization Event with respect to any Series of Notes has occurred and is continuing or would
be known to result from a failure to make such deposit, insurance proceeds and warranty payments with respect to the Vehicles shall not
be required to be deposited in a Collateral Account or the Collection Account, and may be held by HVF III or paid to Hertz. HVF III agrees
that if any Collections shall be received by HVF III in an account other than a Collateral Account or the Collection Account or in any
other manner, such monies, instruments, cash and other proceeds will not be commingled by HVF III with any of its other funds or property,
if any, but will be held separate and apart therefrom and shall be held in trust by HVF III for, and immediately (but in any event
within two (2) Business Days from receipt) paid over to the Trustee or the Collateral Agent, as applicable, with any necessary endorsement.
All Collections deposited into a Collateral Account shall be allocated and distributed to the Trustee as provided in the Collateral Agency
Agreement and this Section 5.3 (Collections and Allocations). Subject to Section 9.11 (Rights and Remedies
Cumulative) of this Base Indenture, all monies, instruments, cash and other proceeds received by the Trustee pursuant to this Base
Indenture (including amounts received from the Collateral Agent) shall be immediately deposited in the Collection Account and shall be
applied as provided in this Article V (Allocation and Application of Collections).

 

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

 

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

 

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

 

Section 5.4.             Determination
of Monthly Interest.

 

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

 

Section 5.5.             Determination
of Monthly Principal.

 

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

 

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Article VI

 

DISTRIBUTIONS

 

Section 6.1.             Distributions
in General.

 

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

 

(b)         Unless
otherwise specified in the applicable Series Supplement (i) all distributions to Noteholders of all Classes within a Series of
Notes will have the same priority and (ii) in the event that on any date of determination the amount available to make payments to
the Noteholders of a Series of Notes is not sufficient to pay all sums required to be paid to such Noteholders on such date, then
each Class of Noteholders will receive its ratable share (based upon the aggregate amount due to such Class of Noteholders as
determined by, and set forth in, a written instruction from HVF III to the Trustee) of the aggregate amount available to be distributed
in respect of the Notes of such Series. The use of Subclass designations or Tranche designations or other designations to differentiate
Note characteristics (including, but not limited to, interest rate and/or legal final maturity) within a Class shall not alter priority
of distributions to Noteholders of all Classes within a Series of Notes unless expressly provided for in the applicable Series Supplement.

 

Section 6.2.             Optional
Repurchase of Notes.

 

Unless otherwise specified in
the related Series Supplement, on or after the date (if any) set forth in the Series Supplement related to a Series of
Notes, HVF III shall have the option to purchase all Outstanding Notes of such Series, or Class, Subclass or Tranche of such Series,
at a purchase price set forth in such Series Supplement; provided that if an Amortization Event has occurred and is continuing
with respect to any Series of Notes or a Liquidation Event of Default or Limited Liquidation Event of Default has occurred, HVF III
shall also be required to purchase the Outstanding Notes of all other Series concurrently with the exercise of such option. Unless
otherwise specified in the related Series Supplement, HVF III shall give the Trustee at least thirty (30) days’ prior written
notice of the date on which HVF III intends to exercise such option to purchase. Unless otherwise specified in the related Series Supplement,
not later than 12:00 noon, New York City time, on the date set for purchase, an amount equal to the purchase price for the Notes of such
Series, Class, Subclass or Tranche will be deposited into the Collection Account for such Series, Class, Subclass or Tranche
in immediately available funds. Unless otherwise specified in the related Series Supplement, the funds deposited into the Collection
Account or distributed to the Trustee or the Paying Agent will be passed through in full to the Noteholders of such Series on such
date.

 

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Article VII

 

REPRESENTATIONS
AND WARRANTIES

 

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

 

Section 7.1.             Existence
and Power.

 

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

 

Section 7.2.             Limited
Liability Company and Governmental Authorization.

 

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

 

Section 7.3.             No
Consent.

 

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

 

Section 7.4.             Binding
Effect.

 

This Base Indenture and each
other Related Document is a legal, valid and binding obligation of HVF III enforceable against HVF III 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 7.5.             Litigation.

 

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

 

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Section 7.6.             No
ERISA Plan.

 

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

 

Section 7.7.             Tax
Filings and Expenses.

 

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

 

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

 

Section 7.8.             Disclosure.

 

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

 

Section 7.9.             Solvency.

 

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

 

Section 7.10.            Investment
Company Act.

 

HVF III is not, and is not controlled
by, an “investment company” within the meaning of, and is not required to register as an “investment company”
under the Investment Company Act. HVF III does not meet the definition of “investment company” in Section 3(a)(1) of
the Investment Company Act.

 

Section 7.11.           Regulations
T, U and X.

 

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

 

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

 

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

 

Section 7.13.           Security
Interests.

 

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

 

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

 

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

 

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

 

(e)          Except
for a change made pursuant to Section 8.19 (Legal Name; Location Under Section 9-307) of this Base Indenture,
(i) HVF III’s sole place of business and chief executive office shall be at 8501 Williams Road, Estero, Florida 33928, and
the place where its records concerning the Collateral are kept is at: 8501 Williams Road, Estero, Florida 33928 and (ii) HVF III’s
jurisdiction of organization is Delaware. HVF III does not transact, and has not transacted, business under any other name.

 

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

 

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

 

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

 

(i)           HVF
III owns and has good and marketable title to the Account Collateral, the Collateral constituting Investment Property and the General
Intangibles Collateral free and clear of any Liens (other than Permitted Liens), claim or encumbrance of any Person.

 

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

 

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

 

(l)          HVF
III is a Registered Organization.

 

Section 7.14.           Related
Documents.

 

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

 

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Section 7.15.          Non-Existence
of Other Agreements.

 

As of the date of the issuance
of the first Series of Notes, other than as permitted by Section 8.22 (No Other Agreements) of this Base Indenture,
(i) HVF III is not a party to any contract or agreement of any kind or nature and (ii) HVF III is not subject to any material
obligations or liabilities of any kind or nature in favor of any third party, including Contingent Obligations. As of the date of the
issuance of the first Series of Notes, HVF III has not engaged in any activities since its formation (other than those incidental
to its formation, the authorization and the issue of Notes, the execution of the Related Documents to which it is a party and the performance
of the activities referred to in or contemplated by such agreements) and has not engaged in any business or enterprise or entered into
any transaction, other than, in each case, as permitted by Section 8.23 (Other Business) of this Base Indenture.

 

Section 7.16.          Compliance
with Contractual Obligations and Laws.

 

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

 

Section 7.17.          Other
Representations.

 

All representations and warranties
of HVF III made in each Related Document to which it is a party are true and correct (in all material respects to the extent any such
representations and warranties do not incorporate a materiality limitation in their terms) as of such date (unless stated to relate solely
to an earlier date, in which case such representations and warranties shall be true and correct as of such earlier date) and are repeated
herein as though fully set forth herein.

 

Section 7.18.          Exchange
Act.

 

Payments on the Notes issued
pursuant to this Base Indenture and any Series Supplement will not depend primarily on cash flow from self-liquidating financial
assets within the meaning of Section 3(a)(79) of the Exchange Act.

 

Article VIII

 

COVENANTS

 

Section 8.1.            Payment
of Notes.

 

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

 

Section 8.2.           Maintenance
of Office or Agency.

 

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

 

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

 

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

 

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

 

Section 8.3.            Payment
of Obligations.

 

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

 

Section 8.4.            Conduct
of Business and Maintenance of Existence.

 

HVF III shall maintain its existence
as a limited liability company validly existing, and in good standing under the laws of the State of Delaware and duly qualified as a
foreign limited liability company licensed under the laws of each state in which the failure to so qualify would be reasonably likely
to result in a Material Adverse Effect.

 

Section 8.5.            Compliance
with Laws.

 

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

 

Section 8.6.             Inspection
of Property, Books and Records.

 

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

 

Section 8.7.            Actions
under the Related Documents.

 

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

 

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

 

(c)         No
Termination of Servicer. Upon the occurrence of a Servicer Default, HVF III shall not, without the prior written consent of the Trustee
acting at the written direction of the Majority Indenture Investors, terminate the Servicer or appoint a successor Servicer in accordance
with the Lease and the Collateral Agency Agreement, and HVF III shall terminate the Servicer and appoint a successor servicer in accordance
with the Lease and the Collateral Agency Agreement if and when so directed by the Trustee acting at the written direction of the Majority
Indenture Investors. For the avoidance of doubt, HVF III shall not at any time terminate the Servicer or appoint a successor Servicer
in accordance with the Lease or the Collateral Agency Agreement, in any such case, if a Servicer Default is not continuing at such time.

 

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Section 8.8.            Notice
of Defaults.

 

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

 

Section 8.9.            Notice
of Material Proceedings.

 

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

 

Section 8.10.           Further
Requests.

 

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

 

Section 8.11.           Further
Assurances.

 

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

 

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

 

(c)         HVF
III shall warrant and defend the Trustee’s right, title and interest in and to the Indenture Collateral and the income, distributions
and proceeds thereof, for the benefit of the Trustee on behalf of the Noteholders, against the claims and demands of all Persons whomsoever.

 

(d)          On
or before March 31 of each calendar year, commencing with March 31, 2023, HVF III shall furnish to the Trustee an Opinion of
Counsel either stating that, in the opinion of such counsel, such action has been taken with respect to the recording, filing, re-recording
and refiling of this Base Indenture, any Series Supplements and any indentures supplemental hereto or thereto and any other requisite
documents and with respect to the execution and filing of any financing statements, continuation statements and amendments thereto as
are necessary to maintain the perfection of the lien and security interest created by this Base Indenture, any Series Supplement
or the Collateral Agency Agreement in the Indenture Collateral and reciting the details of such action or stating that in the opinion
of such counsel no such action is necessary to maintain the perfection of such lien and security interest. Such Opinion of Counsel shall
also describe the recording, filing, re-recording and refiling of this Base Indenture, any Series Supplements and any indentures
supplemental hereto or thereto and any other requisite documents and the execution and filing of any financing statements, continuation
statements and amendments thereto that will, in the opinion of such counsel, be required to maintain the perfection of the lien and security
interest of this Base Indenture and any Series Supplement in the Indenture Collateral until March 31 in the following calendar
year.

 

Section 8.12.          Liens.

 

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

 

Section 8.13.          Other
Indebtedness.

 

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

 

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Section 8.14.          No
ERISA Plan.

 

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

 

Section 8.15.         Mergers.

 

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

 

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

 

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

 

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

 

(d)         HVF
III has delivered to the Trustee an Opinion of Counsel stating that (i) HVF III would not be substantively consolidated with any
immediate and direct parent of such Person as a result of an Event of Bankruptcy with respect to any such parent and (ii) that, in
the opinion of such counsel, either (1) all financing statements, or other documents of similar import, and amendments thereto have
been executed and filed that are necessary fully to preserve and protect the interest of the Noteholders and the Trustee in the Collateral,
or (2) no such action shall be necessary to preserve and protect such interest.

 

Section 8.16.          Sales
of Assets.

 

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

 

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

 

Section 8.17.          Acquisition
of Assets.

 

HVF III shall not acquire, by
long-term or operating lease or otherwise, any property except in accordance with the terms of the Related Documents. HVF III shall not
pay a greater purchase price than as specified in the Master Purchase and Sale Agreement.

 

Section 8.18.          Dividends,
Officers’ Compensation, etc.

 

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

 

    35

     

    

 

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

 

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

 

Section 8.20.          Organizational
Documents.

 

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

 

Section 8.21.           Investments.

 

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

 

Section 8.22.          No
Other Agreements.

 

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

 

Section 8.23.          Other
Business.

 

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

 

Section 8.24.          Maintenance
of Separate Existence.

 

HVF III shall:

 

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

 

    36

     

    

 

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

 

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

 

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

 

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

 

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

 

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

 

HVF
III acknowledges its receipt of a copy of that certain opinion letter issued by White & Case LLP dated June 30, 2021
addressing the issue of substantive consolidation as it may relate to each of Hertz, the Nominee and HVF III. HVF III hereby agrees to
maintain in place all policies and procedures in all material respects, and take and continue to take all action, described in the factual
assumptions set forth in such opinion letter and relating to such Person, except as may be confirmed as not required in a subsequent or
supplemental opinion of White & Case LLP or other law firm of recognized national standing that is counsel to Hertz, the Nominee
and/or HVF III addressing the issue of substantive consolidation as it may relate to each of Hertz, the Nominee and HVF III.

 

Section 8.25.          Manufacturer
Programs.

 

(a)         Prior
to the leasing of any Program Vehicles under the Lease for any model year commencing with the 2022 model year, HVF III shall cause the
Lessee to deliver to the Trustee and the Lessor an Officer’s Certificate of the Lessee substantially in the form of Exhibit B.

 

(b)         No
later than six (6) months following the leasing of any Program Vehicles under the Lease for any model year commencing with the 2022
model year, HVF III shall (x) deliver to the Trustee an executed copy of the Manufacturer Program for such model year and (y) have
received an executed Assignment Agreement with respect to such Manufacturer Program for such model year.

 

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

 

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Section 8.26.          Disposition
of Vehicles.

 

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

 

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

 

Section 8.27.           Insurance.

 

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

 

Section 8.28.           Payment
of Taxes and Governmental Obligations.

 

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

 

Section 8.29.          Tax
Matters.

 

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

 

Section 8.30.         Market
Value Procedures. HVF III shall comply with the Market Value Procedures in all material respects.

 

Section 8.31.           Information.
Upon request by the Trustee, HVF III will deliver or cause to be delivered to the Trustee:

 

(a)         copy
of any notice, financial information, certificates, statements, reports and other materials delivered by any Lessee to HVF III pursuant
to the related Lease Related Agreements; and

 

(b)         such
additional information regarding the financial position, results of operations or business of any Lessee as the Trustee may reasonably
request to the extent that such Lessee, as the case may be, delivers such information to HVF III pursuant to any Lease Related Agreements.

 

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Section 8.32.          Purchase
of Eligible Vehicles. HVF III shall make good faith efforts to negotiate agreements with Manufacturers that provide for the purchase
of Eligible Vehicles from Manufacturers directly by the Issuer with purchase money funds in an account held by the Issuer until payment
for an Eligible Vehicle.

 

Article IX

 

AMORTIZATION
EVENTS AND REMEDIES

 

Section 9.1.            Amortization
Events.

 

If any one of the following
events shall occur with respect to any Series of Notes:

 

(a)          the
occurrence of an Event of Bankruptcy with respect to Hertz, Hertz Vehicles LLC, HGI or HVF III;

 

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

 

(c)          the
Lease is terminated for any reason;

 

(d)         any
Lease Payment Default shall have occurred;

 

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

 

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

 

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

 

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

 

(i)          the
Collection Account or any Collateral Account shall be subject to an injunction, estoppel or other stay or a Lien (other than any Lien
described in clause (iii) of the definition of Permitted Lien) and thirty (30) consecutive days shall have elapsed without such Lien
having been released or discharged;

 

(j)          other
than as a result of a Permitted Lien, either (i) the Trustee shall for any reason cease to have a valid and perfected first priority
security interest in the Collateral or (ii) the Collateral Agent or the Vehicle-Only Collateral Agent (as the case may be) shall
for any reason cease to have a valid and perfected first priority security interest in the applicable HVF III Master Collateral, or with
respect to either of the foregoing clause (i) or (ii), any of any Lessee, HVF III or any Affiliate of either so asserts in writing;

 

(k)         HVF
III fails to comply with any of its other agreements or covenants in this Base Indenture and the failure to so comply materially and adversely
affects the interests of the Noteholders and continues to materially and adversely affect the interests of the Noteholders for at least
thirty (30) consecutive days after the earlier of (i) the date on which an Authorized Officer of HVF III obtains actual knowledge
thereof or (ii) the date on which written notice of such failure, requiring the same to be remedied, shall have been given to an
Authorized Officer of HVF III by the Trustee or to an Authorized Officer of HVF and the Trustee by the Administrator;

 

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(l)           any
representation made by HVF III in this Base Indenture or any other Related Document is false and such false representation materially
and adversely affects the interests of the Noteholders and the event or condition that caused such representation to have been false continues
for at least thirty (30) consecutive days after the earlier of (i) the date on which an Authorized Officer of HVF III obtains knowledge
thereof or (ii) the date that written notice thereof is given to an Authorized Officer of HVF III by the Trustee or to an Authorized
Officer of HVF III and the Trustee by the Administrator;

 

(m)         there
shall have been filed against Hertz, Hertz Vehicles LLC, HGI or HVF III (i) a notice of a federal tax lien from the Internal Revenue
Service, (ii) a notice of a Lien from the Pension Benefit Guaranty Corporation under Section 412(n) of the Code or Section 302(f) of
ERISA for a failure to make a required installment or other payment to a Plan to which either of such sections applies or (iii) a
notice of any other Lien (other than a Permitted Lien) that could reasonably be expected to attach to the assets of Hertz Vehicles LLC
or HVF III and thirty (30) days shall have elapsed without such notice having been effectively withdrawn or such Lien having been released
or discharged;

 

(n)         subject
to Section 12.8(b) (Amendments and Waivers to Related Documents) herein, any of the Related Documents or any material
portion thereof relating to any of the Series of Notes or the Collateral shall cease, for any reason, to be in full force and effect
(other than in accordance with its terms or at otherwise expressly permitted in the Related Documents), or Hertz, the Nominee, HGI or
HVF III shall so assert in writing and such written assertion shall not have been rescinded within thirty (30) consecutive Business Days
following the date of such written assertion, in each case, other than any such cessation (1) resulting from the application of the
Bankruptcy Code (other than as a result of an Event of Bankruptcy with respect to any party to any such agreement (other than HVF III
or Hertz in any capacity)) or (2) as a result of any waiver, supplement, modification, amendment or other action not prohibited by
the Related Documents;

 

(o)         with
respect to any Series of Notes, any other event shall occur that may be specified in any Series Supplement for such Series of
Notes as an “Amortization Event”;

 

then, (i) in the case of any event described
in clauses (a), (b), (c), (d), (h), (i), (j), (m) or (n) above,
an “Amortization Event” with respect to all Series of Notes then outstanding shall immediately occur without any
notice or other action on the part of the Trustee, any Noteholder or any other Person, and (ii) in the case of any event described
in clauses (e), (f), (g), (k), (l) or (o) above, an “Amortization Event”
with respect to such Series of Notes shall occur in accordance with, and subject to the conditions (including, without limitation,
any conditions with respect to notice, other action, the continuation of such event, grace or cure periods, or otherwise) specified in,
the Series Supplement with respect to such Series of Notes. Upon the occurrence of any Amortization Event (other than clause
(o)), the Trustee shall act in accordance with the instructions of the Majority Indenture Investors. Upon the occurrence of any
Amortization Event under clause (o) above, the Trustee shall act in accordance with the instructions of the Required Series Noteholders.

 

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

 

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

 

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

 

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

 

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(ii)            In
addition to, and not in limitation of, the remedies and duties of the Trustee set forth in subsection (i) above or (iii) below,
if a Liquidation Event of Default or a Limited Liquidation Event of Default shall have occurred and be continuing, the Trustee may, and
at the written direction of the Majority Indenture Investors (in the case of a Liquidation Event of Default) or at the direction of the
Required Series Noteholders of the applicable Series of Notes with respect to which such Limited Liquidation Event of Default
has occurred (in the case of a Limited Liquidation Event of Default) shall direct the Collateral Agent (acting on behalf of itself and
the Vehicle-Only Collateral Agent) to exercise (either by itself or acting through the Back-up Disposition Agent), or cause HVF III to
exercise, to the extent necessary, all rights, remedies, powers, privileges and claims of HVF III or the Collateral Agent or the Vehicle-Only
Collateral Agent (as applicable), to the extent such rights, remedies, powers, privileges and claims relate to the Collateral, against
the Manufacturers under or in connection with the Manufacturer Programs; provided, that the Collateral Agent and the Vehicle-Only
Collateral Agent may liquidate through any Back-up Disposition Agent or, if no Back-up Disposition Agent has been appointed, through an
agent that has been appointed by the Collateral Agent (acting on behalf of itself and the Vehicle-Only Collateral Agent) or by the Majority
Indenture Investors.

 

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

 

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(d)         Failure
of HVF III, the Collateral Agent or the Vehicle-Only Collateral Agent to Take Action. If (i) HVF III or the Collateral Agent
(acting on behalf of itself and the Vehicle-Only Collateral Agent) shall have failed, within five (5) Business Days of receiving
the direction of the Trustee, to take commercially reasonable action to accomplish directions of the Trustee given pursuant to clauses
(b) or (c) above, (ii) HVF III or the Collateral Agent (acting on behalf of itself and the Vehicle-Only Collateral
Agent) refuses to take such action or (iii) the Trustee reasonably determines or is directed by the Majority Indenture Investors
or the Required Series Noteholders of the affected Series of Notes, as applicable, that such action must be taken immediately,
the Trustee may (and at the written direction of the Required Series Noteholders of the affected Series of Notes (with respect
to any Limited Liquidation Event of Default) or the Majority Indenture Investors (with respect to any Liquidation Event of Default) shall)
take such previously directed action (and any related action as permitted under this Base Indenture thereafter determined by the Trustee
to be appropriate without the need under this provision or any other provision under this Base Indenture to direct HVF III or the Collateral
Agent (on behalf of itself and the Vehicle-Only Collateral Agent) to take such action). The Trustee may direct the Collateral Agent (on
behalf of itself and the Vehicle-Only Collateral Agent) to institute legal proceedings for the appointment of a receiver or receivers
to take possession of the Vehicles pending the sale thereof pursuant either to the powers of sale granted by this Base Indenture, the
Collateral Agency Agreement and the other Related Documents or to a judgment, order or decree made in any judicial proceeding for the
foreclosure or involving the enforcement of this Base Indenture.

 

(e)         Sale
of Collateral. Upon any sale of any of the Collateral (in accordance with the written direction of the Required Series Noteholders
or the Majority Indenture Investors, as applicable) by the Trustee, or by the Collateral Agent (acting on behalf of itself and the Vehicle-Only
Collateral Agent) at the direction of the Trustee, whether made under the power of sale given under this Section 9.2 (Rights
of the Trustee upon Amortization Event or Certain Other Events of Default) or under judgment, order or decree in any judicial proceeding
for the foreclosure or involving the enforcement of this Base Indenture:

 

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

 

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

 

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

 

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

 

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

 

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

 

(g)         Amortization
Event.

 

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

 

(ii)            Any
amounts relating to the Collateral or the Note Obligations obtained by the Trustee on account of or as a result of the exercise by the
Trustee of any rights or remedies specified in this Article IX (Amortization Events and Remedies) shall be held by
the Trustee as additional collateral for the repayment of Note Obligations with respect to each Series of Notes with respect to which
such rights or remedies were exercised and shall be applied as provided in Article V (Allocation and Application of Collections).

 

Section 9.3.            Other
Remedies.

 

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

 

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

 

Section 9.4.            Waiver
of Past Events.

 

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

 

Section 9.5.            Control
by Majority Indenture Investors.

 

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

 

Section 9.6.            Limitation
on Suits.

 

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

 

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

 

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(b)           the
Noteholders of at least 25% of the aggregate Principal Amount of all such Series of Notes make a written request to the Trustee to
pursue the remedy;

 

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

 

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

 

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

 

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

 

Section 9.7.          Right
of Noteholders to Bring Suit.

 

Subject to Section 9.6
(Limitation on Suits) and Section 13.17 (Waiver of Jury Trial) of this Base Indenture, the right of any Noteholder
to receive payment of principal of and interest on, or to bring suit for the enforcement of any payment of principal of or interest on,
any Note, in each case, on or after the respective due dates therefor expressed in such Note, is absolute and unconditional and shall
not be impaired or affected without the consent of such Noteholder.

 

Section 9.8.          Collection
Suit by the Trustee.

 

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

 

Section 9.9.          The
Trustee May File Proofs of Claim.

 

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

 

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Section 9.10.        Priorities.

 

If the Trustee collects any
money pursuant to this Article IX (Amortization Events and Remedies), the Trustee shall pay out the money in accordance
with the provisions of Article V (Allocation and Application of Collections).

 

Section 9.11.        Rights
and Remedies Cumulative.

 

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

 

Section 9.12.        Delay
or Omission Not Waiver.

 

No delay or omission of the
Trustee or of any Noteholder to exercise any right or remedy accruing upon any Amortization Event shall impair any such right or remedy
or constitute a waiver of any such Amortization Event or acquiescence thereto (other than any such right or remedy that by its terms requires
such Amortization Event to be continuing at the time of exercising such right or remedy). Every right and remedy given by this Article IX
(Amortization Events and Remedies) or by law to the Trustee or to each Noteholder may be exercised from time to time, and as often
as may be deemed expedient, by the Trustee or such Noteholder, as the case may be. For the avoidance of doubt, this Section 9.12
(Delay or Omission Not Waiver) shall be subject to and qualified in its entirety by Section 12.2(c) (With Consent
of the Noteholders) of this Base Indenture.

 

Section 9.13.        Reassignment
of Surplus.

 

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

 

Article X

 

THE TRUSTEE

 

Section 10.1.        Duties
of the Trustee.

 

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

 

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

 

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

 

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

 

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

 

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

 

(ii)          The
Trustee shall not be liable with respect to any action it takes or omits to take in good faith in accordance with a direction received
by it pursuant to Section 9.3 (Other Remedies).

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

(i)           If
an Amortization has occurred and is continuing or if a Liquidation Event of Default or a Limited Liquidation Event of Default has occurred
with respect to any Series of Notes (i) the Trustee will consult with each and any Person appointed by the Required Series Noteholders
of any Series and/or the Majority Indenture Investors (and such Person, a “Noteholder Intermediary”) with respect
to the exercise of its rights hereunder (including its communications with the Issuer, Hertz and any of its Affiliates), in each case
as reasonably requested by such Noteholder Intermediary, (ii) will promptly provide each Noteholder Intermediary with copies of all
documents and written communications provided to the Trustee by the Issuer, Hertz or any of its Affiliates to the extent such information
is not already required to be provided to such Person or all Noteholders pursuant to the Related Documents and (iii) will not follow
any direction of the Issuer, Hertz of any of its Affiliates except to the extent expressly required pursuant to the terms of the Related
Documents without the prior consent of (x) the Majority Indenture Investors (or the Noteholder Intermediary appointed by such Majority
Indenture Investors) in the case of an Amortization Event with respect to all Series of Notes and (y) the Required Series Noteholders
(or each Noteholder Intermediary appointed by such Required Series Noteholders) of each Series of Notes (if less than all Series of
Notes) with respect to which an Amortization Event has occurred and is continuing or with respect to which a Limited Liquidation Event
of Default has occurred.

 

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Section 10.2.        Rights
of the Trustee.

 

Except as otherwise provided
by Section 10.1 (Duties of the Trustee) of this Base Indenture:

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

(m)          In
no event shall the Trustee be responsible or liable for any failure or delay in the performance of its obligations hereunder arising out
of or caused by, directly or indirectly, forces beyond its reasonable ability to control or mitigate, including, without limitation, strikes,
work stoppages, accidents, acts of war or terrorism, civil or military disturbances, nuclear or natural catastrophes or acts of God, and
interruptions, loss or malfunctions of utilities, communications or computer (software or hardware) services, pandemics or epidemics;
it being understood that the Trustee shall use reasonable efforts that are consistent with accepted practices in the banking industry
to resume performance as soon as practicable under the circumstances.

 

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

 

(o)           The
Trustee shall not be deemed to have notice of any Potential Amortization Event or Amortization Event unless a Trust Officer has actual
knowledge thereof or unless written notice of any event which is in fact such a default is received by the Trustee at the Corporate Trust
Office of the Trustee and such notice references the Notes or this Base Indenture.

 

Section 10.3.        Individual
Rights of the Trustee.

 

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

 

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

 

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

 

Section 10.5.        Compensation.

 

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

 

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

 

(c)           HVF
III further agrees to indemnify and hold harmless the Trustee from and against any and all losses, liabilities (including liabilities
for penalties), claims, demands, actions, suits, judgments, reasonable out-of-pocket costs and expenses arising out of or resulting from
the assignment granted by this Base Indenture or, solely with respect to the HVF III Master Collateral, by the Collateral Agency Agreement,
whether arising by virtue of any act or omission on the part of HVF III or otherwise, including, without limitation, the reasonable out-of-pocket
costs, expenses, and disbursements (including reasonable attorneys’ fees and expenses) incurred by the Trustee in enforcing this
Base Indenture or any other Related Document or in preserving any of its rights to, or realizing upon, any of the Collateral; provided,
however, the foregoing indemnification shall not extend to any action by the Trustee which constitutes negligence or willful misconduct
by the Trustee. The indemnification provided for in this Section 10.05 (Compensation) shall survive the removal of,
or a resignation by, such Person as Trustee as well as the termination of this Base Indenture or any Related Document.

 

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

 

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

 

Section 10.6.        Replacement
of the Trustee.

 

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

 

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

 

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

 

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

 

(iv)        the
Trustee becomes incapable of acting.

 

(b)          If
the Trustee resigns or is removed or if a vacancy exists in the office of the Trustee for any reason, HVF III shall promptly appoint a
successor Trustee; provided that if an Amortization Event is continuing at such time, any such appointment shall be subject to
approval by the Majority Indenture Investors. Within one year after the successor Trustee takes office, the Majority Indenture Investors,
acting together, may appoint a successor Trustee to replace the successor Trustee appointed by HVF III.

 

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

 

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

 

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

 

(f)            A
resignation or removal of the Trustee and appointment of a successor Trustee shall become effective only upon the successor trustee’s
acceptance of appointment as provided in Section 10.6(e) (Replacement of the Trustee) of this Base Indenture and
the assumption of obligations of the Trustee hereunder by such successor trustee.

 

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Section 10.7.        Successor
Trustee by Merger, etc.

 

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

 

Section 10.8.        Eligibility
Disqualification.

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

Section 10.10.       Representations
and Warranties of Trustee.

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

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Article XI

 

DISCHARGE
OF INDENTURE

 

Section 11.1.        Termination
of HVF III’s Obligations.

 

(a)           This
Base Indenture shall cease to be of further effect (except that (i) HVF III’s obligations under Section 10.5 (Compensation)
and Section 10.11 (Foreign Account Tax Compliance Act (FATCA)) of this Base Indenture, (ii) the Trustee’s
and Paying Agent’s obligations under Section 11.3 (Repayment to HVF III) of this Base Indenture and (iii) the
Noteholders’ and the Trustee’s obligations under Section 13.15 (No Bankruptcy Petition Against HVF) of
this Base Indenture shall survive) when all Outstanding Notes theretofore authenticated and issued (other than destroyed, lost or stolen
Notes which have been replaced or paid) have been delivered to the Trustee for cancellation and HVF III has paid all sums payable hereunder.

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

Section 11.2.        Application
of Trust Money.

 

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

 

Section 11.3.        Repayment
to HVF III.

 

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

 

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

 

The provisions of this Section 11.3
(Repayment to HVF III) shall survive the expiration or earlier termination of this Base Indenture.

 

Article XII

 

AMENDMENTS

 

Section 12.1.        Without
Consent of the Noteholders.

 

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

 

(i)           to
create a new Series of Notes (including a segregated Series of Notes);

 

(ii)          to
add to the covenants of HVF III for the benefit of any Noteholders (and if such covenants are to be for the benefit of less than all Series of
Notes, stating that such covenants are expressly being included solely for the benefit of such Series of Notes) or to surrender any
right or power herein conferred upon HVF III (provided, however, that HVF III shall not pursuant to this Section 12.1(a)(ii) (Without
Consent of the Noteholders) surrender any right or power it has under any Related Document other than to the Trustee or the Noteholders);

 

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

 

    	 	57	 

     

    

 

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

 

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

 

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

 

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

 

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

 

(ix)          to
establish one or more Collateral Accounts in the name of, or for the benefit of HVF III, that is collaterally assigned or pledged for
the benefit of the Noteholders to receive proceeds with respect to the Manufacturer Receivables or any other payments received in connection
with the purchase, sale or disposition of Vehicles;

 

(x)           to
evidence and provide for electronic titling of Vehicles; or

 

(xi)          to
evidence and provide for the establishment of one or more limited special purpose entities (including additional affiliates of the Servicer)
that will either serve as dealers of used Vehicles or acquire Vehicles from HVF III, in each case in the ordinary course of HVF III’s
business.

 

provided,
however, that, as evidenced by an Officer’s Certificate of HVF III, such action shall not adversely affect in any material
respect the interests of any Noteholder or Enhancement Provider. The effectiveness of any amendment shall be subject to satisfaction of
the Rating Agency Condition with respect to each Series of Notes Outstanding.

 

Section 12.2.        With
Consent of the Noteholders.

 

(a)           Except
as provided in Section 12.1 (Without Consent of the Noteholders) of this Base Indenture, the provisions of this Base
Indenture may from time to time be amended, modified or waived, if (i) such amendment, modification or waiver is in writing and is
consented to in writing by HVF III, the Trustee and the Majority Indenture Investors, provided that, with respect to any such amendment,
modification or waiver that does not adversely affect in any material respect one or more Series of Notes, as evidenced by an Officer’s
Certificate of HVF III, each such Series of Notes will be deemed not Outstanding for purposes of the foregoing consent (and the calculation
of the Majority Indenture Investors (including the Aggregate Principal Amount) will be modified accordingly) and (ii) the Rating
Agency Condition with respect to each Series of Notes Outstanding is satisfied with respect to such amendment, modification, or waiver;
provided that, HVF III shall be permitted to issue any Subordinated Series of Notes and effect any amendments hereto reasonably
necessary to effect such issuance without the consent of any Noteholder (other than any previously issued Subordinated Series of
Notes if required by the related Series Supplement); provided, further, that, the Rating Agency Condition with respect
to each Series of Notes Outstanding shall have been satisfied with respect to such issuance of such Subordinated Series of Notes
and that each Subordinated Series of Notes shall be deemed to be subordinated in all material respects to each Series of Notes.

 

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

 

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

 

(ii)          any
amendment, waiver or other modification to this Base Indenture that would (A) extend the due date for, or reduce the interest rate
or principal amount of any Note, or the amount of any scheduled repayment or prepayment of interest on any Note shall require the consent
of each Noteholder materially adversely affected thereby; (B) affect adversely in any material respect the interests, rights or obligations
of any Noteholder individually in comparison to any other Noteholder shall require the consent of such Noteholder; or (C) amend or
otherwise modify (but not waive, which shall be governed by Section 9.4 (Waiver of Past Events)) any Amortization Event
shall require the consent of each Noteholder to which such Amortization Event applies that would be materially adversely affected thereby.

 

(c)           No
failure or delay on the part of any Noteholder or the Trustee in exercising any power or right under this Base Indenture shall operate
as a waiver thereof, nor shall any single or partial exercise of any such power or right preclude any other or further exercise thereof
or the exercise of any other power or right. Unless otherwise specified in Section 12.1 (Without Consent of the Noteholders),
Section 12.2 (With Consent of the Noteholders) or Section 9.4 (Waiver of Past Events), the Majority
Indenture Investors may waive any provision of this Base Indenture.

 

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

 

Section 12.3.        Supplements
and Amendments.

 

Each
amendment or other modification to this Base Indenture shall be set forth in a Supplemental Indenture. The initial effectiveness
of each Supplemental Indenture to this Base Indenture shall be subject to satisfaction of the conditions set forth therein and the Rating
Agency Condition with respect to any Series of Notes Outstanding, and the delivery to the Trustee of an Officer’s Certificate
and an Opinion of Counsel that such Supplemental Indenture is authorized or permitted by Article XII (Amendments) of
this Base Indenture.

 

Section 12.4.        Revocation
and Effect of Consents.

 

Until an amendment or waiver
becomes effective, a consent to it by a Noteholder of a Note is a continuing consent by the Noteholder and every subsequent Noteholder
of a Note or portion of a Note that evidences the same debt as the consenting Noteholder’s Note, even if notation of the consent
is not made on any Note. Any such Noteholder or subsequent Noteholder may, however, revoke the consent as to his or her Note or portion
of a Note if the Trustee receives written notice of revocation at least three (3) Business Days before the date the amendment or
waiver becomes effective. An amendment or waiver becomes effective in accordance with its terms and thereafter binds every Noteholder.
HVF III may fix a record date for determining which Noteholders are eligible to consent to any amendment or waiver.

 

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Section 12.5.        Notation
on or Exchange of Notes.

 

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

 

Section 12.6.        The
Trustee to Sign Amendments, etc.

 

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

 

Section 12.7.        Amendments
to Series Supplements. A Series Supplement may be amended or modified, and any provision may be waived in accordance with
the terms of such Series Supplement.

 

Section 12.8.        Amendments
and Waivers to Related Documents.

 

(a)           Except
as permitted in Section 3.2(a) (Certain Rights and Obligations of HVF III Unaffected) of this Base Indenture,
HVF III agrees that it shall not, without the prior written consent of the Trustee, acting at the direction of the Majority Indenture
Investors, exercise any right, remedy, power or privilege available to it with respect to any obligor under a Related Document or under
any instrument or agreement included in the Collateral, take any action to compel or secure performance or observance by any such obligor
of its obligations to HVF III or give any consent, request, notice, direction, approval, extension or waiver with respect to any such
obligor.

 

(b)           Subject
to Section 12.2 (With Consent of the Noteholders) of this Base Indenture, HVF III agrees that it shall not, without
(i) the prior written consent of the Trustee, acting at the direction of the Majority Indenture Investors and (ii) the satisfaction
of the Rating Agency Condition with respect to each Series of Notes Outstanding, amend, modify, waive, supplement, terminate or surrender,
or agree to any amendment, modification, supplement, termination, waiver or surrender of, the terms of any of the Related Documents or
consent to the assignment of any of the Related Documents by any other party thereto (collectively, the “Related Document Actions”);
provided that, if any such Related Document Action does not materially adversely affect the Noteholders of one or more, but not
all, Series of Notes, as evidenced by an Officer’s Certificate of HVF III, any such Series of Notes that is not materially
adversely affected by such Related Document Action shall be deemed not to be Outstanding for purposes of such obtaining such consent (and
the related calculation of Majority Indenture Investors shall be modified accordingly); provided, further, that, if any
such Related Document Action does not materially adversely affect the Noteholders, as evidenced by an Officer’s Certificate of HVF
III, HVF III shall be entitled to effect such Related Document Action without the prior written consent of the Trustee so long as the
Rating Agency Condition is satisfied with respect to each Series of Notes Outstanding.

 

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(c)          For
the avoidance of doubt, and notwithstanding anything herein or in any Related Document to the contrary, any amendment, modification, waiver,
supplement, termination or surrender of any Related Document in connection with the foregoing clauses (a) and (b) relating solely
to a particular Series of Notes shall be deemed not to materially adversely affect the Noteholders of any other Series of Notes.
HVF III shall provide each Rating Agency with notice of such amendment or modification promptly after its execution.

 

Article XIII

 

MISCELLANEOUS

 

Section 13.1.         Notices.

 

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

 

If to HVF III:

 

HERTZ VEHICLE FINANCING III
LLC

		c/o	The Hertz Corporation

8501 Williams Road

Estero, Florida 33928

 

	 	Attn:	Treasury Department / General Counsel
	 	Phone:	(239) 301-7000
	 	Fax:	(239) 301-6906
	 	E-mail:	hertzlawdepartment@hertz.com

 

If to the Trustee:

 

2 North LaSalle Street, Suite 700

Chicago, Illinois 60602

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

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

 

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

 

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

 

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Any notice (i) given in
person shall be deemed delivered on the date of delivery of such notice, (ii) given by first class mail shall be deemed given five
(5) days after the date that such notice is mailed, (iii) delivered by e-mail or facsimile shall be deemed given on the date
of delivery of such notice if received before 12:00 noon ET or the next Business Day if received at or after 12:00 noon ET, and (iv) delivered
by overnight air courier shall be deemed delivered one (1) Business Day after the date that such notice is delivered to such overnight
courier.

 

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

 

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

 

In addition to the foregoing,
the Trustee agrees to accept and act upon notice, instructions or directions pursuant to this Base Indenture sent by unsecured e-mail,
facsimile transmission or other similar unsecured electronic methods. If the party elects to give the Trustee e-mail or facsimile instructions
(or instructions by a similar electronic method) and such e-mail or facsimile appears on its face to be genuine and the Trustee in its
discretion elects to act upon such instructions, the Trustee’s understanding of such instructions shall be deemed controlling. The
Trustee shall not be liable for any losses, costs or expenses arising directly or indirectly from the Trustee’s reliance upon and
compliance with such instructions notwithstanding such instructions conflict or are inconsistent with a subsequent written instruction.
The party providing electronic instructions understands and agrees that the Trustee cannot determine the identity of the actual sender
of such instructions and that the Trustee shall conclusively presume that directions that purport to have been sent by an Authorized Officer
listed on the incumbency certificate provided to the Trustee have been sent by such Authorized Officer. The party providing such electronic
instruction shall be responsible for ensuring that only Authorized Officers transmit them to the Trustee and that the Issuer and all Authorized
Officers are solely responsible to safeguard the use and confidentiality of applicable user and authorization codes, passwords and/or
authentication keys upon receipt by the Issuer. The party providing electronic instructions agrees to (i) assume all risks arising
out of the use of such electronic methods to submit instructions and directions to the Trustee, including without limitation the risk
of the Trustee acting on unauthorized instructions, and the risk or interception and misuse by third parties, (ii) that it is fully
informed of the protections and risks associated with the various methods of transmitting electronic instructions to the Trustee and that
there may be more secure methods of transmitting Instructions than the method(s) selected by the Issuer; (iii) that the security
procedures (if any) to be followed in connection with its transmission of electronic instructions provide to it a commercially reasonable
degree of protection in light of its particular needs and circumstances; and (iv) to notify the Trustee immediately upon learning
of any compromise or unauthorized use of the security procedures.

 

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

 

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Section 13.2.         Communications
by Noteholders with Other Noteholders.

 

Noteholders may communicate
with other Noteholders with respect to their rights under this Base Indenture or the Notes.

 

Section 13.3.         Certificate
as to Conditions Precedent.

 

Upon any request or application
by HVF III to the Trustee to take any action under this Base Indenture, HVF III shall furnish to the Trustee an Officer’s Certificate
of HVF III in form and substance reasonably satisfactory to the Trustee (which shall include the statements set forth in Section 13.4
(Statements Required in Certificate and Opinion of Counsel) of this Base Indenture) stating that, in the opinion of the signers,
all conditions precedent and covenants, if any, provided for in this Base Indenture relating to the proposed action have been complied
with.

 

Section 13.4.         Statements
Required in Certificate and Opinion of Counsel.

 

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

 

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

 

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

 

(c)          a
statement as to whether or not, in the opinion of such Person, such Section(s) or Article(s) has been complied with.

 

Section 13.5.         Rules by
the Trustee.

 

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

 

Section 13.6.         Duplicate
Originals.

 

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

 

Section 13.7.         Third-Party
Beneficiaries.

 

This Base Indenture will not
confer any rights or remedies upon any Person other than the parties hereto and their respective successors and permitted assigns and
the Noteholders, any benefit or any legal or equitable right, remedy or claim under this Base Indenture.

 

Section 13.8.         Payment
on Business Day.

 

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

 

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Section 13.9.         Governing
Law.

 

THIS
BASE INDENTURE AND EACH SERIES SUPPLEMENT, AND ALL MATTERS ARISING OUT OF OR RELATING TO THIS BASE INDENTURE OR ANY SERIES SUPPLEMENT,
SHALL BE GOVERNED BY, AND CONSTRUED AND INTERPRETED IN ACCORDANCE WITH, THE INTERNAL LAW OF THE STATE OF NEW YORK WITHOUT REGARD TO CONFLICTS
OF LAWS PRINCIPLES (OTHER THAN SECTION 5-1401 OF THE NEW YORK GENERAL OBLIGATIONS LAW), AND THE OBLIGATIONS, RIGHTS AND REMEDIES
OF THE PARTIES HERETO SHALL BE DETERMINED IN ACCORDANCE WITH SUCH LAW.

 

Section 13.10.       Successors.

 

All agreements of HVF III in
this Base Indenture and the Notes shall bind its successor; provided, however, except as provided in Section 12.2(b)(iii) (With
Consent of the Noteholders) of this Base Indenture, HVF III may not assign its obligations or rights under this Base Indenture or
any Related Document (other than for the benefit of the Trustee and the Noteholders). All agreements of the Trustee in this Base Indenture
shall bind its successor.

 

Section 13.11.       Severability.

 

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

 

Section 13.12.       Execution
in Counterparts; Electronic Execution.

 

This Base Indenture may be executed
in any number of counterparts (including by facsimile or electronic transmission (including .pdf file, .jpeg file, Adobe Sign, or DocuSign)),
each of which so executed shall be deemed to be an original, but all of such counterparts shall together constitute but one and the same
instrument. Delivery of an executed counterpart signature page of this Base Indenture by e-mail, facsimile or any such other electronic
transmission shall be effective as delivery of a manually executed counterpart of this Base Indenture and shall have the same legal validity
and enforceability as a manually executed signature to the fullest extent permitted by applicable law. Any electronically signed document
delivered via e-mail from a person purporting to be an authorized officer shall be considered signed or executed by such authorized officer
on behalf of the applicable person and will be binding on all parties hereto to the same extent as if it were manually executed.

 

Section 13.13.       Table
of Contents, Headings, etc.

 

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

 

Section 13.14.       Termination;
Collateral.

 

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

 

    	 	64	 

     

    

 

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

 

Section 13.15.       No
Bankruptcy Petition Against HVF III.

 

Each of the Noteholders and
the Trustee hereby covenants and agrees that, prior to the date which is one year and one (1) day after the payment in full of the
latest maturing Note, it will not institute against, or join with, encourage or cooperate with any other Person in instituting, against
HVF III, Hertz Vehicles LLC or HGI any bankruptcy, reorganization, arrangement, insolvency or liquidation proceedings, or other proceedings,
under any federal or state bankruptcy or similar law; provided, however, that nothing in this Section 13.15
(No Bankruptcy Petition Against HVF) shall constitute a waiver of any right to indemnification, reimbursement or other payment
from HVF III pursuant to this Base Indenture. In the event that any such Noteholder or the Trustee takes action in violation of this Section 13.15
(No Bankruptcy Petition Against HVF), HVF III, Hertz Vehicles LLC or HGI as the case may be, shall file or cause to be filed an
answer with the bankruptcy court or otherwise properly contesting the filing of such a petition by any such Noteholder or the Trustee
against HVF III, Hertz Vehicles LLC or HGI, as the case may be, or the commencement of such action and raising the defense that such Noteholder
or the Trustee has agreed in writing not to take such action and should be estopped and precluded therefrom and such other defenses, if
any, as its counsel advises that it may assert. The provisions of this Section 13.15 (No Bankruptcy Petition Against HVF)
shall survive the termination of this Base Indenture, and the resignation or removal of the Trustee. Nothing contained herein shall
preclude participation by any Noteholder or the Trustee in the assertion or defense of its claims in any such proceeding involving HVF
III, Hertz Vehicles LLC or HGI.

 

Section 13.16.       No
Recourse.

 

The obligations of HVF III under
this Base Indenture and any Series Supplement are solely the obligations of HVF III. No recourse shall be had for the payment of
any amount owing in respect of any fee hereunder or any other obligation or claim arising out of or based upon this Base Indenture or
any Series Supplement against any member, employee, officer or director of HVF III. Fees, expenses, costs or other obligations payable
by HVF III hereunder shall be payable by HVF III to the extent and only to the extent that HVF III is reimbursed therefor pursuant to
any of the Related Documents, or funds are then available or thereafter become available for such purpose pursuant to the Related Documents.
In the event that HVF III is not reimbursed for such fees, expenses, costs or other obligations or that sufficient funds are not available
for their payment pursuant to the Related Documents, the excess unpaid amount of such fees, expenses, costs or other obligations shall
in no event constitute a claim (as defined in Section 101 of the Bankruptcy Code) against, or corporate obligation of, HVF III. Nothing
in this Section 13.16 (No Recourse) shall be construed to limit the Trustee from exercising its rights hereunder with
respect to the Collateral.

 

Section 13.17.       Waiver
of Jury Trial.

 

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

 

    	 	65	 

     

    

 

Section 13.18.       Submission
to Jurisdiction.

 

Each of the parties hereto hereby
irrevocably and unconditionally (i) submits, for itself and its property, to the nonexclusive jurisdiction of any New York State
court in New York County or federal court of the United States for the Southern District of New York, and any appellate court from any
thereof, in any action or proceeding arising out of or relating to this Base Indenture or any Series Supplement, the Notes or the
transactions contemplated hereby, or for recognition or enforcement of any judgment arising out of or relating to this Base Indenture
or any Series Supplement, the Notes or the transactions contemplated hereby; (ii) agrees that all claims in respect of any such
action or proceeding may be heard and determined in such New York State court or, to the extent permitted by law, federal court; (iii) agrees
that a final judgment in any such action or proceeding shall be conclusive and may be enforced in other jurisdictions by suit on the judgment
or in any other manner provided by law; (iv) consents that any such action or proceeding may be brought in such courts and waives
any objection it may now or hereafter have to the laying of venue of any such action or proceeding in any such court and any objection
it may now or hereafter have that such action or proceeding was brought in an inconvenient court, and agrees not to plead or claim the
same; and (v) consents to service of process in the manner provided for notices in Section 13.1 (Notices) of this
Base Indenture (provided that, nothing in this Base Indenture shall affect the right of any such party to serve process in any
other manner permitted by law).

 

Section 13.19.       Office
of Foreign Assets Control.

 

The Issuer covenants and represents
that neither it nor any of its affiliates, subsidiaries, directors or officers are the target or subject of any sanctions enforced by
the U.S. Government, (including, without limitation, the Office of Foreign Assets Control of the U.S. Department of the Treasury or the
U.S. Department of State), the United Nations Security Council, the European Union, Her Majesty’s Treasury, or other relevant sanctions
authority (collectively “Sanctions”). The Issuer covenants and represents that neither it nor any of its affiliates,
subsidiaries, directors or officers will directly or indirectly use any repayments/reimbursements made pursuant to this Base Indenture,
(i) to fund or facilitate any activities of or business with any person who, at the time of such funding or facilitation, is the
subject or target of Sanctions, (ii) to fund or facilitate any activities of or business with any country or territory that is the
target or subject of Sanctions, or (iii) in any other manner that will result in a violation of Sanctions by any person.

 

[Signature pages follow]

 

    	 	66	 

     

    

 

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

 

 

	 	HERTZ VEHICLE FINANCING III LLC, 

as Issuer
	 	 
	 	 
	 	By:	/s/ M David Galainena
	 	 	Name:	M David Galainena
	 	 	Title:	Vice President, General Counsel and Secretary

 

Signature Page to Base Indenture

 

    	 	 	 

     

    

 

	 	THE BANK OF NEW YORK MELLON TRUST COMPANY, N.A.,
	 	as Trustee
	 	 
	 	 
	 	By:	/s/ Michele R. Shrum
	 	 	Name:	Michele R. Shrum
	 	 	Title:	Vice President 

 

Signature Page to Base Indenture

 

    	 	 	 

     

    

 

 

Schedule
I

TO THE

BASE INDENTURE

 

DEFINITIONS LIST

 

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

 

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

 

“Administration Agreement”
means the Administration Agreement, dated as of the Initial Closing Date, by and among the Administrator, HVF III and the Trustee, as
amended, modified or supplemented from time to time in accordance with its terms.

 

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

 

“Administrator Default”
means any of the events described in Section 9(c) (Term of Agreement; Resignation and Removal of Administrator) of the
Administration Agreement.

 

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

 

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

 

“Agent” means
any Registrar or Paying Agent.

 

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

 

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

 

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

 

(iii)          the
Cash Amount as of such date; plus

 

(iv)          the
Due and Unpaid Lease Payment Amount as of such date; minus

 

(v)           any
Ineligible Asset Amount on such date.

 

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

 

    Schedule I - 1

     

    

 

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

 

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

 

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

 

“Applicable Law”
has the meaning specified in Section 10.11 (Foreign Account Tax Compliance Act (FATCA)) of this Base Indenture.

 

“Applicants”
has the meaning specified in Section 2.7 (Noteholder List) of this Base Indenture

 

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

 

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

 

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

 

“Back-up Administrator”
means Lord Securities Corporation, in its capacity as back-up administrator under the Back-up Administration Agreement.

 

“Back-up Administration
Agreement” means the Back-up Administration Agreement, dated as of the Initial Closing Date, by and among the Administrator,
HVF III, the Trustee and the Back-up Administrator.

 

“Back-up Disposition
Agent” means defi AUTO, LLC, in its capacity as back-up disposition agent pursuant to the Back-up Disposition Agent Agreement
and any successor thereto.

 

“Back-up Disposition
Agent Agreement” means the Back-up Disposition Agent Agreement, dated as of the Initial Closing Date, by and among HVF III,
the Back-up Disposition Agent, Hertz, as Servicer and the Trustee (as the same may be amended, restated, modified or supplemented from
time to time in accordance with its terms), and any successor agreement entered into with a successor back-up disposition agent in accordance
with its terms.

 

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

 

    Schedule I - 2

     

    

 

“Base Indenture”
means this Base Indenture, dated as of the Initial Closing Date, between HVF III and the Trustee, as amended, modified or supplemented
from time to time, exclusive of Series Supplements.

 

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

 

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

 

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

 

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

 

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

 

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

 

“Carrying Charges”
has the meaning specified in the Lease.

 

“Cash Amount”
means, as of any date of determination, the sum of the amount of cash and cash equivalents on deposit in and Permitted Investments credited
to the Collection Account and any Qualifying Collateral Account.

 

“Casualty”
has the meaning specified in the Lease.

 

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

 

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

 

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

 

“Chrysler”
means FCA US LLC (f/k/a Chrysler Group LLC), a Delaware limited liability company, and its successors.

 

“Class” means,
with respect to any Series of Notes, any one of the classes of Notes of that Series of Notes as specified in the applicable
Series Supplement, which may include Subclasses or Tranches.

 

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

 

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

 

    Schedule I - 3

     

    

 

“Clearstream”
means Clearstream Banking, societe anonyme or any successor thereto.

 

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

 

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

 

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

 

“Collateral Account”
means a “Collateral Account” (as such term is defined in Section 2.6(a) (Collateral Accounts) of the Collateral
Agency Agreement) into which amounts relating to Vehicle Collateral are deposited pursuant to the terms of the Collateral Agency Agreement.

 

“Collateral Agency
Agreement” means the Fifth Amended and Restated Collateral Agency Agreement, to be dated as of June 30, 2021, by and among
HVF III, as grantor, HGI, as grantor, DTG Operations, Inc., as grantor, Hertz, as grantor and collateral servicer, the Collateral
Agent, as secured party, The Bank of New York Mellon Trust Company, N.A., in its capacity as Trustee, as secured party, any party thereto
from time to time acting as the vehicle-only collateral agent, and those various “Additional Grantors”, “Financing Sources”
and “Beneficiaries” (each as defined therein) from time to time party thereto, as amended, restated, modified or supplemented
from time to time in accordance with its terms.

 

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

 

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

 

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

 

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

 

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

 

    Schedule I - 4

     

    

 

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

 

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

 

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

 

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

 

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

 

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

 

“DBRS” means
DBRS, Inc. or any successor thereto.

 

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

 

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

 

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

 

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

 

    Schedule I - 5

     

    

 

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

 

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

 

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

 

“Disposition Proceeds”
means, with respect to each Non-Program Vehicle, the net proceeds from the sale or disposition of such Non-Program Vehicle to any Person
(other than any portion of such proceeds payable by the Lessee thereof pursuant to the Lease).

 

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

 

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

 

“DTC” means
The Depository Trust Company.

 

“Due
and Unpaid Lease Payment Amount” means, as of any date of determination, all amounts (other than Monthly Variable Rent)
known by the Servicer with respect to the Lease to be due and payable by the Lessees to HVF III on either of the next two succeeding Payment
Dates pursuant to Section 4.7 (Payments) of the Lease as of such date (other than (i) Monthly Base Rent payable on the
second such succeeding Payment Date and (ii) Monthly Variable Rent), together with all amounts (other than Monthly Variable Rent)
due and unpaid as of such date by the Lessees to HVF III pursuant to Section 4.7 (Payments) of the Lease.

 

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

 

“Electronic Means”
means the following communications methods: S.W.I.F.T., e-mail, facsimile transmission, secure electronic transmission containing applicable
authorization codes, passwords and/or authentication keys issued by the Trustee hereunder, or another method or system specified by the
Trustee hereunder as available for use in connection with its services hereunder.

 

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

 

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

 

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

 

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

 

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

 

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

 

    Schedule I - 6

     

    

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

“FDIC” means
the Federal Deposit Insurance Corporation.

 

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

 

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

 

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

 

    Schedule I - 7

     

    

 

“Fitch” means
Fitch Ratings, Inc. and any successor thereto.

 

“Ford” means
Ford Motor Company and its successors.

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

“Hertz” means
The Hertz Corporation, a Delaware corporation and any successor thereto.

 

“HGI” means
Hertz General Interest LLC, a Delaware limited liability company and any successor thereto.

 

“HVF” means
Hertz Vehicle Financing LLC, a Delaware limited liability company and any successor thereto.

 

“HVF III”
means Hertz Vehicle Financing III LLC, a Delaware limited liability company and any successor thereto.

 

“HVF III LLC Agreement”
means the Amended and Restated Limited Liability Company Agreement of HVF III, dated as of the Initial Closing Date, as amended, modified
or supplemented from time to time in accordance with its terms.

 

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

 

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

 

    Schedule I - 8

     

    

 

“HVF Purchase Agreement”
means the Purchase Agreement to be dated as of June 30, 2021, by and among HVF, as transferor, HVF III, as transferee and Hertz,
as servicer, as the same may be amended, restated, modified or supplemented from time to time in accordance with its terms.

 

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

 

“HVIF Purchase Agreement”
means the Purchase Agreement to be dated as of June 30, 2021, by and among HVIF, as transferor, HVF III, as transferee and Hertz,
as servicer, as the same may be amended, restated, modified or supplemented from time to time in accordance with its terms.

 

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

 

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

 

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

 

“Indemnification Agreement”
means the Indemnification Agreement dated as of the Initial Closing Date, by and among Hertz, the Nominee, HGI, HVF III and the Trustee,
as the same may be amended, restated, modified or supplemented from time to time in accordance with its terms.

 

“Indenture Collateral”
has the meaning specified in Section 3.1 (Grant of Security Interest) of this Base Indenture.

 

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

 

“Ineligible Asset Amount”
means, as of any date of determination, an amount equal to the sum (without duplication) of the following amounts to the extent that such
amounts are included in clauses (i) through (iv) of the definition of Aggregate Asset Amount for such date: 
(a) the aggregate amount of all Manufacturer Receivables as of such date payable to HVF III by a Manufacturer with respect to which
a Manufacturer Event of Default specified in clause (i) or (ii) of the definition thereof is continuing, plus
(b)  the aggregate amount of Ineligible Incentive Receivables as of such date, plus (c) the aggregate amount of Ineligible
Sale Receivables as of such date, plus (d) the aggregate amount of Incentive Receivables (if any) in which the Trustee does
not have a first priority perfected security interest.

 

    Schedule I - 9

     

    

 

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

 

“Ineligible
Sale Receivable” means each Sale Receivable due from any Manufacturer (A) that asserts a right to net amounts owing
to it under a Manufacturer Program against amounts owing to HVF III pursuant to a Manufacturer Program, (B) that owes HVF III any
Sale Receivable that remains unpaid on the date that is 60 days past the Due Date (C) that disputes or otherwise repudiates its obligation
to pay any incentives or rebates that meet the definition of Sale Receivable or (D) that has a right to recover previously paid Sale
Receivables for any reason, and seeks such recovery, or in any way asserts any right of recovery, in each case, from HVF III.

 

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

 

“Initial Closing Date”
means June 29, 2021.

 

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

 

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

 

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

 

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

 

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

 

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

 

“Investment Property”
has the meaning specified in Section 9-102(a)(49) of the applicable UCC.

 

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

 

“Lease Payment Default”
means the occurrence of any event described in Section 9.1 (Events of Default) of the Lease.

 

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

 

    Schedule I - 10

     

    

 

“Lease Related Agreements”
means the Lease, the Supplemental Documents, the Assignment Agreements, the Master Purchase and Sale Agreement, the Nominee LLC Agreement,
the Administration Agreement, the Nominee Agreement and any other agreement designated in writing by HVF III to the Trustee as a “Lease
Related Agreement,” and agreed to by the Majority Indenture Investors.

 

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

 

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

 

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

 

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

 

“Lien Holiday”
means, with respect to any Vehicle, either (x) in the case of new vehicles, the period of twenty-eight (28) days after payment has
been made for such Vehicle (as extended to the period specified in the column labeled “Extended Lien Holiday” in the table
below for such state after payment has been made for such Vehicle) or (y) in the case of used vehicles, the period of forty-five
(45) days after payment has made for such Vehicle with respect to Vehicles.

 

	Vehicle Type	State	Extended Lien Holiday
	New	Alaska	45 days
	New 	Hawaii	45 days
	New 	Texas	45 days
	New 	California	45 days

 

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

 

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

 

“Majority Indenture
Investors” means, as of any date of determination, the Noteholders holding more than 50% of the aggregate Principal Amount of
all Series of Notes Outstanding as of such date; provided, however, that, upon the occurrence and during the continuance
of an Amortization Event with respect to any Series of Notes held by a committed purchaser, the purchase commitment of such committed
purchaser shall be deemed to be zero.

 

    Schedule I - 11

     

    

 

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

 

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

 

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

 

“Manufacturer Receivable”
means (i) each Sale Receivable and any other amount due from a Manufacturer (other than any Excluded Payment) or an auction dealer
under a Manufacturer Program in respect of or in connection with a Program Vehicle disposed of in accordance with such Manufacturer Program
and (ii) each Incentive Receivable. Any Manufacturer Receivable shall be treated as principal proceeds for the purposes of this Base
Indenture and any Series Supplement.

 

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

 

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

 

“Master Purchase and
Sale Agreement” means the Amended and Restated Master Purchase and Sale Agreement to be dated as of June 30, 2021, by and
among HVF III, as transferor, HGI, as transferor, Hertz, as transferor, and the new transferors party thereto from time to time, as amended,
modified or supplemented from time to time in accordance with its terms.

 

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

 

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

 

2.         a
material adverse effect on the ability of HVF III or any Affiliate of HVF III that is a party to any of the Related Documents to perform
its obligations under any of the Related Documents;

 

3.         a
material adverse effect on the validity and enforceability of any Related Documents;

 

4.         a
material adverse effect on HVF III’s interest in the Vehicles or the related Manufacturer Receivables; or

 

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

 

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

 

    Schedule I - 12

     

    

 

“Mercedes”
means Mercedes-Benz AG and its successors.

 

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

 

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

 

“Monthly Casualty Report”
has the meaning specified in the Lease.

 

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

 

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

 

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

 

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

 

“Moody’s”
means Moody’s Investors Service, Inc. or any successor thereto.

 

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

 

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

 

“Nominee”
means the party named as such in the Nominee Agreement and any successor thereto.

 

“Nominee Agreement”
means the Fifth Amended and Restated Vehicle Title Nominee Agreement, to be dated as of June 30, 2021, by and among Hertz Vehicles
LLC, HGI, HVF III, Hertz, the Collateral Agent, any party thereto from time to time acting as vehicle-only collateral agent, and those
various “Nominating Parties” from time to time party thereto, as amended, modified or supplemented from time to time in accordance
with its terms.

 

“Nominee LLC Agreement”
means the Fourth Amended and Restated Limited Liability Company Agreement of Hertz Vehicles LLC, to be dated as June 30, 2021, as
amended, modified or supplemented from time to time in accordance with its terms.

 

“Nominee-Servicer”
has the meaning specified in the Nominee Agreement and any successor thereto.

 

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

 

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

 

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

 

    Schedule I - 13

     

    

 

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

 

“Note Register”
has the meaning specified in Section 2.5 (Registrar and Paying Agent) of this Base Indenture.

 

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

 

“Noteholder Intermediary”
has the meaning specified in Section 10.1(i) (Duties of the Trustee).

 

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

 

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

 

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

 

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

 

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

 

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

 

“Other Series Collateral”
has the meaning specified in Section 2.3 (Series Supplement for each Series of Notes) of this Base Indenture.

 

“Outstanding”
has the meaning specified, with respect to any Series of Notes, in the applicable Series Supplement, but subject to the provisions
of Section 2.11.

 

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

 

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

 

“Payment Date”
means, unless otherwise specified in any Series Supplement for the related Series of Notes, the 25th day of each calendar month,
or if such day is not a Business Day, the next succeeding Business Day, commencing on July 26, 2021.

 

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

 

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

 

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

 

    Schedule I - 14

     

    

 

“Permitted Liens”
means (i) Liens for current taxes not delinquent or for taxes being contested in good faith and by appropriate proceedings, and with
respect to which adequate reserves have been established, and are being maintained, in accordance with GAAP, (ii) mechanics’,
materialmen’s, landlords’, warehousemen’s and carriers’ Liens, and other Liens imposed by law, securing obligations
arising in the ordinary course of business that are not more than thirty (30) days past due or are being contested in good faith and by
appropriate proceedings and with respect to which adequate reserves have been established, and are being maintained, in accordance with
GAAP, (iii) Liens in favor of the Trustee pursuant to this Base Indenture and any Series Supplement, Liens in favor of the Collateral
Agent or the Vehicle-Only Collateral Agent (as applicable) pursuant to the Collateral Agency Agreement, (iv) Liens in favor of an
Enhancement Provider, provided, however, that such Liens referred to in this clause (iv) are subordinate to
the Liens in favor of the Trustee, the Collateral Agent and have been consented to by the Trustee, and (v) any Lien or interest in
or right with respect to any Vehicle arising out of or in connection with the sale of a Vehicle in the ordinary course.

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

    Schedule I - 15

     

    

 

 

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

 

“Principal Terms”
has the meaning specified in Section 2.3 (Series Supplement for each Series of Notes) of this Base Indenture.

 

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

 

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

 

“Qualified Institution”
means a depository institution organized under the laws of the United States or any state thereof or incorporated under the laws of a
foreign jurisdiction with a branch or agency located in the United States or any state thereof and subject to supervision and examination
by federal or state banking authorities which at all times has the Required Rating and, in the case of any such institution organized
under the laws of the United States, whose deposits are insured by the FDIC.

 

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

 

“Qualified Trust Institution”
means an institution organized under the laws of the United States or any state thereof or incorporated under the laws of a foreign jurisdiction
with a branch or agency located in the United States or any state thereof and subject to supervision and examination by federal or state
banking authorities which at all times (i) is authorized under such laws to act as a trustee or in any other fiduciary capacity,
(ii) has capital, surplus and undivided profits of not less than $50,000,000 as set forth in its most recent published annual report
of condition, and (iii) has a long term deposits rating of not less than “BBB-” by S&P, “Baa3” by Moody’s
and, unless otherwise agreed to by Fitch, “BBB-” by Fitch.

 

“Qualifying Collateral
Account” means any account held by a special purpose entity (i) that is used for the purchase of Vehicles and pledged to
the Issuer, (ii) is subject to an account control agreement in favor of the Issuer and (iii) where the security interest in
such account granted to the Issuer is assigned to the Trustee for the benefit of the Noteholders.

 

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

 

“Rating Agency Condition”
with respect to any Series, Class, Subclass or Tranche of Notes, has the meaning, if any, specified in the applicable Series Supplement;
provided, to the extent any Series, Class, Subclass or Tranche of Notes is not rated by a Rating Agency, the “Rating
Agency Condition” with respect to such Series, Class, Subclass and/or Tranche of Notes, as applicable, shall be deemed satisfied.

 

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

 

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

 

    Schedule I - 16

     

    

 

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

 

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

 

“Related Document Actions”
has the meaning specified in Section 12.8(b) (Amendments and Waivers to Related Documents) of this Base Indenture.

 

“Related Documents”
means, collectively, this Base Indenture, any Series Supplements, any Notes, the Master Purchase and Sale Agreement, the HVF Purchase
Agreement, the HVIF Purchase Agreement, the Indemnification Agreement, the HVF III LLC Agreement, any HVF III Management Agreement, any
Enhancement Agreement, any Swap Agreement, the Depository Agreements, the Collateral Agency Agreement, the Back-up Disposition Agent Agreement,
the Back-up Administration Agreement, the Administration Agreement, the Lease Related Agreements and any other agreement designated in
writing by HVF III to the Trustee as a “Related Document” and agreed to by the Majority Indenture Investors.

 

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

 

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

 

“Rent” has
the meaning specified in the Lease.

 

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

 

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

 

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

 

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

 

“Required Rating”
means (i) a short-term certificate of deposit rating from Moody’s of “P-1,” from S&P of at least “A-1+”
and, if rated by Fitch, from Fitch of at least “F1+” and (ii) a long-term unsecured debt rating of not less than “Aa3”
by Moody’s, not less than “AA-” by S&P and, unless otherwise agreed to by Fitch, not less than “AA-”
by Fitch.

 

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

 

    Schedule I - 17

     

    

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

    Schedule I - 18

     

    

 

“Required Contractual
Criteria” has the meaning specified in the Lease.

 

“Requirement of Law”
means, with respect to any Person or any of its property, the certificate of incorporation or articles of association and by-laws, limited
liability company agreement, partnership agreement or other organizational or governing documents of such Person or any of its property,
and any law, treaty, rule or regulation, or determination of any arbitrator or Governmental Authority, in each case applicable to
or binding upon such Person or any of its property or to which such Person or any of its property is subject, whether federal, state or
local (including, without limitation, usury laws, the Federal Truth in Lending Act and retail installment sales acts).

 

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

 

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

 

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

 

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

 

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

 

“Sale
Receivables” means an amount required to be paid (although such payment may be contingent upon achieving certain fleet
purchase volumes and mix requirements) by a Manufacturer relating to the sale of any Vehicle pursuant to the respective Manufacturer’s
Repurchase Program or Guaranteed Depreciation Programs, which amount required to be paid has been properly assigned to HVF III and in
which the Collateral Agent or the Trustee has a first priority perfected security interest and would properly be recorded as a receivable
in accordance with GAAP.

 

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

 

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

 

“Series Account”
means any account or accounts established pursuant to a Series Supplement for the benefit of a Series, Class, Subclass or Tranche
of Notes.

 

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

 

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

 

    Schedule I - 19

     

    

 

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

 

“Series Supplement”
means, a supplement to this Base Indenture in conjunction with the issuance of a Series of Notes complying (to the extent applicable)
with the terms of Section 2.3 (Series Supplement for each Series of Notes) of this Base Indenture.

 

“Series Supplemental
Indenture” means a supplement to a Series Supplement complying with the terms of the related Series Supplement or,
to the extent applicable, with the terms of Article XII (Amendments) of this Base Indenture.

 

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

 

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

 

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

 

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

 

“SPV Issuer Equity”
has the meaning specified in Section 7.12 (Ownership of Limited Liability Company Interests; Subsidiary) of this Base
Indenture.

 

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

 

“Subclass”
means, with respect to any Class of any Series of Notes, any one of the subclasses of Notes of such Class as specified
in the Series Supplement for such Series.

 

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

 

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

 

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

 

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

 

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

 

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

 

    Schedule I - 20

     

    

 

“Tax Opinion”
means an Opinion of Counsel to be delivered in connection with the issuance of a new Series of Notes to the effect that, for United
States federal income tax purposes, (i) such new Series of Notes will be treated as indebtedness (or, to the extent that any
portion of such Series of Notes is not expected to be investment grade, should be treated as indebtedness), (ii) the issuance
of such new Series of Notes will not affect adversely the United States federal income tax characterization of any Series of
Notes Outstanding or Class thereof that was (based upon an Opinion of Counsel) characterized as debt at the time of their issuance
and (iii) HVF III will not be classified as an association or as a publicly traded partnership taxable as a corporation for United
States federal income tax purposes; provided that no such Opinion of Counsel shall be required for any Notes held by Hertz or one
of its Affiliates.

 

“Tranche”
means, with respect to any Class of Notes, any one of the tranches of Notes of such Class as specified in the Series Supplement
for such Series.

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

“Vehicle-Only Collateral
Agent” means a newly created special purpose entity, in its capacity as vehicle-only collateral agent under the Collateral Agency
Agreement, and any successor thereto or permitted assign in such capacity thereunder.

 

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

 

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

 

“VIN” means
vehicle identification number.

 

    Schedule I - 21

     

    

 

Exhibit A

TO BASE INDENTURE

 

FORM OF MONTHLY SERVICING CERTIFICATE

 

HERTZ VEHICLE FINANCING III LLC

 

Pursuant
to Section 4.1(c) (Reports and Instructions to Trustee) of the Base Indenture dated as of June 29, 2021 for
Rental Car Asset Backed Notes (Issuable in Series) by and between Hertz Vehicle Financing III LLC, as Issuer, and The Bank of New York
Mellon Trust Company, N.A., as Trustee (the “Base Indenture”), the undersigned __________________, __________________
of Hertz Vehicle Financing III LLC, does hereby certify to the best of his or her knowledge after due investigation that:

 

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

 

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

 

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

 

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

 

	 	 
	 	Name:
	 	Title:

 

    Exhibit A - 1

     

    

 

Exhibit B

TO BASE INDENTURE

 

FORM OF OFFICER’S CERTIFICATE

 

______________________

 

The
undersigned, [                  ], a [                  ]
of Hertz Vehicle Financing III LLC, a Delaware limited liability company (the “Company”), pursuant to Section 8.25(a) (Manufacturer
Programs) of the Base Indenture dated as of June 29, 2021 (the “Base Indenture”), between the Company and
The Bank of New York Mellon Trust Company, N.A., as trustee (the “Trustee”), hereby certifies that (i) the Company
is in receipt of the preliminary Manufacturer Program (as defined in Schedule I (Definitions List) to the Base Indenture) for [name
of manufacturer] for the [ ] model year, (ii) upon review of such Manufacturer Program, there are no changes to the terms and conditions
of the Manufacturer Program as compared to the Manufacturer Program for the previous model year that are likely to have a material adverse
effect on HVF III and (iii) the undersigned has no reason to believe that there will be any changes to the terms and conditions of
the final Manufacturer Program for the [ ] model year as compared to the Manufacturer Program for the previous model year that would be
likely to have a material adverse effect on HVF III.

 

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

 

	 	[Name]
	 	 
	[Title]	 

 

    Exhibit B - 1

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