Document:

Exhibit 4.18.1 HVFIIBaseIndenture

HERTZ VEHICLE FINANCING II LP,  
as Issuer 
 
 
and 
 
 
THE BANK OF NEW YORK MELLON TRUST COMPANY, N.A., 
as Trustee 
 
 
 
 
______________________________ 
 
 
 
BASE INDENTURE 
 
Dated as of November 25, 2013 
 
______________________________ 
 
 
 
 
Rental Car Asset Backed Notes 
(Issuable in Series)

TABLE OF CONTENTS 

	
						
	 
	 
	 
	 
	Page
	

	 
	 
	 
	 
	 

	ARTICLE I
	DEFINITIONS AND INCORPORATION BY REFERENCE
	2
	

	 
	Section 1.1.
	 
	Definitions
	2
	

	 
	Section 1.2.
	 
	Cross-References
	2
	

	 
	Section 1.3.
	 
	Accounting and Financial Determinations; No Duplication
	2
	

	 
	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 Within Groups
	3
	

	 
	Section 2.3.
	 
	Group Supplement for each Group of Notes
	4
	

	 
	Section 2.4.
	 
	Execution and Authentication
	6
	

	 
	Section 2.5.
	 
	Registrar and Paying Agent
	6
	

	 
	Section 2.6.
	 
	Paying Agent to Hold Money in Trust
	6
	

	 
	Section 2.7.
	 
	Noteholder List
	8
	

	 
	Section 2.8.
	 
	Transfer and Exchange
	8
	

	 
	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
	

	 
	 
	 
	 
	 

	ARTICLE III
	SECURITY
	14
	

	 
	 
	 

	ARTICLE IV
	Rule 144A Information
	14
	

	 
	 
	 

	ARTICLE V
	REPRESENTATIONS AND WARRANTIES
	15
	

	 
	Section 5.1.
	 
	Existence and Power
	15
	

	 
	Section 5.2.
	 
	Limited Liability Company and Governmental Authorization
	15
	

	 
	Section 5.3.
	 
	No Consent
	16
	

	 
	Section 5.4.
	 
	Binding Effect
	16
	

	 
	Section 5.5.
	 
	Litigation
	16
	

	 
	Section 5.6.
	 
	No ERISA Plan
	16
	

	 
	Section 5.7.
	 
	Tax Filings and Expenses
	16
	

	 
	Section 5.8.
	 
	Disclosure
	17
	

	 
	Section 5.9.
	 
	Solvency
	17
	

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TABLE OF CONTENTS 
(continued)
                                                                                                                                              

	
						
	 
	 
	 
	 
	Page
	

	 
	 
	 
	 
	 

	 
	Section 5.10.
	 
	Investment Company Act
	17
	

	 
	Section 5.11.
	 
	Regulations T, U and X
	17
	

	 
	Section 5.12.
	 
	Ownership of Limited Partnership Interests; Subsidiary
	17
	

	 
	Section 5.13.
	 
	Non-Existence of Other Agreements
	18
	

	 
	Section 5.14.
	 
	Compliance with Contractual Obligations and Laws
	18
	

	 
	 
	 
	 
	 

	ARTICLE VI
	COVENANTS
	18
	

	 
	Section 6.1.
	 
	Maintenance of Office or Agency
	18
	

	 
	Section 6.2.
	 
	Conduct of Business and Maintenance of Existence
	19
	

	 
	Section 6.3.
	 
	Compliance with Laws
	19
	

	 
	Section 6.4.
	 
	Inspection of Property, Books and Records
	19
	

	 
	Section 6.5.
	 
	Notice of Material Proceedings
	19
	

	 
	Section 6.6.
	 
	Liens
	19
	

	 
	Section 6.7.
	 
	Other Indebtedness
	20
	

	 
	Section 6.8.
	 
	No ERISA Plan
	20
	

	 
	Section 6.9.
	 
	Mergers
	20
	

	 
	Section 6.10.
	 
	Sales of Assets
	20
	

	 
	Section 6.11.
	 
	Acquisition of Assets
	20
	

	 
	Section 6.12.
	 
	Organizational Documents
	21
	

	 
	Section 6.13.
	 
	Investments
	21
	

	 
	Section 6.14.
	 
	No Other Agreements
	21
	

	 
	Section 6.15.
	 
	Other Business
	21
	

	 
	Section 6.16.
	 
	Maintenance of Separate Existence
	21
	

	 
	 
	 
	 
	 

	ARTICLE VII
	THE TRUSTEE
	22
	

	 
	Section 7.1.
	 
	Duties of the Trustee
	22
	

	 
	Section 7.2.
	 
	Rights of the Trustee
	25
	

	 
	Section 7.3.
	 
	Individual Rights of the Trustee
	27
	

	 
	Section 7.4.
	 
	Notice of Amortization Events and Potential Amortization Events
	27
	

	 
	Section 7.5.
	 
	Compensation
	27
	

	 
	Section 7.6.
	 
	Replacement of the Trustee
	28
	

	 
	Section 7.7.
	 
	Successor Trustee by Merger, etc.
	29
	

	 
	Section 7.8.
	 
	Eligibility Disqualification
	29
	

	 
	Section 7.9.
	 
	Appointment of Co-Trustee or Separate Trustee
	29
	

	 
	Section 7.10.
	 
	Representations and Warranties of Trustee
	30
	

	 
	Section 7.11.
	 
	HVF II Indemnification of the Trustee
	31
	

	 
	 
	 
	 
	 

	ARTICLE VIII
	DISCHARGE OF INDENTURE
	31
	

	 
	Section 8.1.
	 
	Termination of HVF II’s Obligations
	31
	

	 
	Section 8.2.
	 
	Application of Trust Money
	32
	

ii

TABLE OF CONTENTS 
(continued)
                                                                                                                                              

	
						
	 
	 
	 
	 
	Page
	

	 
	 
	 
	 
	 

	 
	Section 8.3.
	 
	Repayment to HVF II
	33
	

	 
	 
	 
	 
	 

	ARTICLE IX
	AMENDMENTS
	33
	

	 
	Section 9.1.
	 
	Without Consent of the Noteholders
	33
	

	 
	Section 9.2.
	 
	With Consent of the Noteholders
	34
	

	 
	Section 9.3.
	 
	Supplements and Amendments
	35
	

	 
	Section 9.4.
	 
	Revocation and Effect of Consents
	35
	

	 
	Section 9.5.
	 
	Notation on or Exchange of Notes
	36
	

	 
	Section 9.6.
	 
	The Trustee to Sign Amendments, etc.
	36
	

	 
	 
	 
	 
	 

	ARTICLE X
	MISCELLANEOUS
	36
	

	 
	Section 10.1.
	 
	Notices
	36
	

	 
	Section 10.2.
	 
	Certificate as to Conditions Precedent
	38
	

	 
	Section 10.3.
	 
	Statements Required in Certificate
	38
	

	 
	Section 10.4.
	 
	Rules by the Trustee
	39
	

	 
	Section 10.5.
	 
	Duplicate Originals
	39
	

	 
	Section 10.6.
	 
	Benefits of Indenture
	39
	

	 
	Section 10.7.
	 
	Payment on Business Day
	39
	

	 
	Section 10.8.
	 
	Governing Law
	39
	

	 
	Section 10.9.
	 
	Successors
	40
	

	 
	Section 10.10.
	 
	Severability
	40
	

	 
	Section 10.11.
	 
	Counterpart Originals
	40
	

	 
	Section 10.12.
	 
	Table of Contents, Headings, etc.
	40
	

	 
	Section 10.13.
	 
	Termination; Collateral
	40
	

	 
	Section 10.14.
	 
	No Bankruptcy Petition Against HVF II
	40
	

	 
	Section 10.15.
	 
	No Recourse
	41
	

	 
	Section 10.16.
	 
	Electronic Execution
	41
	

	 
	Section 10.17.
	 
	Waiver of Jury Trial
	42
	

	 
	Section 10.18.
	 
	Submission to Jurisdiction
	42
	

	 
	 
	 
	 
	 

	Schedule
	 
	 
	 

	 
	 
	 
	 

	Schedule I
	Definitions List
	 

iii

BASE INDENTURE, dated as of November 25, 2013, between HERTZ VEHICLE FINANCING II LP, a special purpose limited partnership established under the laws of Delaware, as issuer (“HVF II”), 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 II 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 II, in accordance with its terms, have been done, and HVF II proposes to do all the things necessary to make the Notes, when executed by HVF II and authenticated and delivered by the Trustee hereunder and duly issued by HVF II, the legal, valid and binding obligations of HVF II 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.
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 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 Master Related Documents shall be made without duplication.
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;

2

(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; and
(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.
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 Group/Series Supplement and shall bear, upon its face, the designation for such Series of Notes to which it belongs as selected by HVF II, with such appropriate insertions, omissions, substitutions and other variations as are required or permitted hereby or by the applicable Group/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 his execution of the Notes.  All Notes of any Series of Notes, except as specified in the applicable Group/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 Group/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 Group/Series Supplement.  
Section 2.2.    Notes Issuable in Series Within Groups.
(a)    The Notes may be issued in one or more Series of Notes.  Each Series of Notes shall be created by a Group/Series Supplement.
(b)    A Group Supplement from time to time may be executed by HVF II in connection with the issuance of the first Series of Notes forming a part of the applicable Group upon delivery by HVF II to the Trustee, and receipt by the Trustee, of the following:
(i)    a Group Supplement satisfying the criteria set forth in Section 2.3 executed by HVF II and the Trustee;

3

(ii)    written confirmation from each Rating Agency that the Rating Agency Condition with respect to each Series of Notes Outstanding (other than any such Series of Notes (i) 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 (ii) that is being repaid in full with the proceeds of the Notes issued pursuant to such Group Supplement) shall have been satisfied with respect to such execution;
(iii)    evidence that each of the parties to the Group Related Documents with respect to such Group has covenanted and agreed in such Group Related Documents (with the exception of the Group Supplement with respect to such Group) that, prior to the date that is one year and one 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 the Nominee, HVF II or the HVF II General Partner any bankruptcy, reorganization, arrangement, insolvency or liquidation proceedings, or other proceedings, under any Federal or state bankruptcy or similar law; 
(iv)    an Opinion of Counsel, subject to the assumptions and qualifications stated therein, and in a form substantially acceptable to the Trustee, dated the initial Series Closing Date with respect to such Group, substantially to the effect that such Group Supplement is a legal, valid and binding agreement of HVF II, enforceable in accordance with its terms, subject to bankruptcy, insolvency, reorganization, moratorium and other similar laws affecting creditors’ rights generally and to general principles of equity; and
(v)    such other documents, instruments, certifications, agreements or other items specified in the Group Related Documents and Series Related Documents with respect to such Series of Notes.
Section 2.3.    Group Supplement for each Group of Notes.
All Notes issued by HVF II shall be part of a Group. To establish any Group, the parties hereto shall execute a Group Supplement, which shall specify the relevant terms with respect to such new Group, which shall include:
(i)    its name or designation;
(ii)    the Initial Series Closing Date with respect to such Group;
(iii)    the method of allocating Group-Specific Collections with respect to such Group among the Series belonging to such Group;
(iv)    the names of any Group Accounts to be used by such Group and the terms governing the operation of any such account and the use of moneys therein;

4

(v)    any deposit of funds to be made in any Group Account with respect to such Group on the Initial Series Closing Date with respect to such Group;
(vi)    terms with respect to such Group’s Group-Specific Collateral providing:
		
	(A)
	for the definition of such Group-Specific Collateral;

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

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

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

(vii)    a condition precedent to the issuance of any Series of Notes pursuant to such Group Supplement requiring delivery by HVF II to the Trustee, and receipt by the Trustee, of the following:
		
	(A)
	written confirmation from each Rating Agency that the Rating Agency Condition with respect to each Series of Notes Outstanding of such Group (other than any such Series of Notes (i) 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 (ii) that is being repaid in full with the proceeds of the Notes issued pursuant to such Group Supplement) shall have been satisfied with respect to such issuance; 

		
	(B)
	evidence that each of the parties to the Series Related Documents with respect to such Series has covenanted and agreed in such Series Related Documents (with exception of the Series Supplement with respect to such Series) that, prior to the date that is one year and one 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 the Nominee, HVF II or the HVF II General Partner any bankruptcy, reorganization, arrangement, 

5

insolvency or liquidation proceedings, or other proceedings, under any Federal or state bankruptcy or similar law; and 
		
	(C)
	a Tax Opinion.

(viii)    any other relevant terms of such Group that do not change the terms of any Series of Notes Outstanding and that do not prevent the satisfaction of the Rating Agency Condition referenced in Section 2.3(vii)(A) above (all such terms, the “Principal Group Terms” of such Group).
Section 2.4.    Execution and Authentication.
The Notes, upon issuance pursuant to the Group/Series Supplement, shall be executed on behalf of HVF II by an Authorized Officer and delivered by HVF II to the Trustee for authentication and redelivery as provided in such Group/Series Supplement.  
Section 2.5.    Registrar and Paying Agent.
HVF II 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 7.8(a)) (“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 II 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 II may change any Paying Agent or Registrar without prior notice to any Noteholder.  HVF II 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.
Section 2.6.    Paying Agent to Hold Money in Trust.
(a)    HVF II 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, 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 II 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 taxes imposed thereon and with respect to any applicable reporting requirements in connection therewith.
(b)    HVF II 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 years after such amount has become due and payable shall be discharged from such trust and be paid to HVF II on Company Request; and the Noteholder of such Note shall thereafter, as an unsecured general creditor, look only to HVF II for payment thereof (but only to the extent of the amounts so paid to HVF II), 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 II, 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 and Luxembourg (if the related Series of Notes has been listed on the Luxembourg Stock Exchange), if applicable, notice that such money remains unclaimed and that, after a date specified therein, which shall not be less than 30 days from the date of such publication, any unclaimed balance of such money then remaining will be repaid to HVF II.  The Trustee may also adopt and employ, at the expense of HVF II, any other reasonable means of notification of such repayment.
Section 2.7.    Noteholder List.
The Trustee shall furnish or cause to be furnished by the Registrar to HVF II or the Paying Agent, within five Business Days after receipt by the Trustee of a request therefor from HVF II or the Paying Agent, respectively, in writing, a list in such form as HVF II or the Paying Agent may reasonably require, of the names and addresses of the Noteholders of each Series of Notes as of the most recent Record Date for payments to such Noteholders.  Unless otherwise provided in the applicable Series Supplement, holders of Notes 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 II notice that such request has been made.  Such list shall be as of a date no more than 45 days prior to the date of receipt of such Applicants’ request.  Every Noteholder, by receiving and holding an 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 II shall furnish to the Trustee at least seven 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 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) and Section 8-401(a) of the UCC are met, HVF II shall execute and after HVF II 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 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 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 of any Series of Notes are so surrendered for exchange, if the requirements of Section 8-401(a) of the UCC are met, HVF II shall execute and after HVF II 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 form satisfactory to the Trustee duly executed by, the Noteholder thereof or such Noteholder’s attorney duly authorized in writing, with a medallion signature guarantee, and (ii) accompanied by such other documents as the Trustee may require.  HVF II 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 II, 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 notwithstanding, the Trustee or the Registrar, as the case may be, shall not be required to register the transfer or exchange of any Note of any Series of Notes for a period of 15 days preceding the due date for payment in full of the Notes of such Series of Notes.
(e)    Unless otherwise provided in the applicable Group Supplement or Series Supplement, no service charge shall be payable for any registration of transfer or exchange of Notes, but HVF II 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 Group Supplement or 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 Group/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 and except as otherwise provided in Section 2.13, 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 II or to a nominee of such successor Clearing Agency, only if in accordance with this Section 2.8 and Section 2.12.
(g)    If the Notes are listed on the Luxembourg Stock Exchange, the Trustee or the Luxembourg Agent, as the case may be, shall send to HVF II upon any transfer or exchange of any Note information reflected in the copy of the register for the Notes maintained by the Registrar or the Luxembourg 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 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 beneficial owners of interests in 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 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 II 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 II 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 II and the Trustee harmless then, provided that the requirements of Section 8-405 of the UCC are met, HVF II 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 II 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 II 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 II or the Trustee in connection therewith.
(b)    Upon the issuance of any replacement Note under this Section 2.10, HVF II 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 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 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.

6

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 II or any Affiliate of HVF II (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 Group/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 Group/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.  Unless and until definitive, fully registered Notes of any Series of Notes (“Definitive Notes”) have been issued to Note Owners pursuant to Section 2.13:
(i)    the provisions of this Section 2.12 shall be in full force and effect with respect to each such Series of Notes;
(ii)    HVF II, 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 of Notes, and shall have no obligation to the Note Owners;
(iii)    to the extent that the provisions of this Section 2.12 conflict with any other provisions of this Base Indenture, the provisions of this Section 2.12 shall control with respect to each such Series of Notes;
(iv)    the rights of Note Owners of each such Series 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 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 of Notes) shall refer to distributions, notices, reports and statements to the Clearing Agency, as registered holder of the Notes of such Series 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, 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 of Notes, unless and until Definitive Notes of such Series of Notes are issued pursuant to Section 2.13, 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 Noteholders 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, the Trustee and HVF II 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 of Notes, to the extent provided in the related Group/Series Supplement, upon original issuance, may be issued in the form of Definitive Notes.  The applicable Group/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 of Notes issued in the form of typewritten Notes representing the Book-Entry Notes, if: 
(i) both (A) HVF II advises the Trustee in writing that the Clearing Agency with respect to any Series of Notes is no longer willing or able to discharge properly its responsibilities under the applicable Depository Agreement and (B) the Trustee or HVF II is unable to locate a qualified successor; 
(ii) HVF II, at its option, advises the Trustee in writing that it elects to terminate the book-entry system through the Clearing Agency with respect to any Series of Notes Outstanding; or 
(iii) after the occurrence of an Amortization Event with respect to any Series of Notes Outstanding, Note Owners holding a beneficial interest in excess of 50% of the aggregate Principal Amount of such Series of Notes advise the Trustee and the applicable Clearing Agency through the 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 such Note Owners, 
then the Trustee shall notify all Note Owners of such Series of 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 Series of Notes.  Upon surrender to the Trustee of the Notes of such Series of Notes by the applicable Clearing Agency, accompanied by registration instructions from the applicable Clearing Agency for registration, HVF II shall execute and the Trustee shall authenticate, upon receipt of a Company Order, and deliver the Definitive Notes in accordance with the instructions of the Clearing Agency.  Neither HVF II 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 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 of Notes as Noteholders of such Series of Notes hereunder.
Section 2.14.    Cancellation.
HVF II may at any time deliver to the Trustee for cancellation any Notes previously authenticated and delivered hereunder which HVF II 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 II 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 II 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 shall be payable at the times and in the amount set forth in the applicable Group/Series Supplement.
(b)    Each Series of Notes shall accrue interest as provided in the applicable Group/Series Supplement and such interest shall be payable at the times and in the amount set forth in the applicable Group/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.
(d)    If HVF II defaults in the payment of interest on the Notes of any Series of 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 II, shall cease to be payable to the Persons who were Noteholders of such Series of Notes on the applicable Record Date and HVF II 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 Series of 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 Group/Series Supplement and in the Notes of such Series of Notes.  HVF II 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 II (or the Trustee, in the name of and at the expense of HVF II) shall mail to Noteholders of such Series of 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 II has structured this Base Indenture and each Group/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.
                                                                  ARTICLE III     
 
SECURITY
Each Series of Notes shall be secured in accordance with its related Group/Series Supplement and the Collateral Agency Agreement.  
                                                                  ARTICLE IV     
 
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 II 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 holder or prospective purchaser to satisfy the conditions set forth in Rule 144A(d)(4) under the Securities Act.
ARTICLE V     
 
REPRESENTATIONS AND WARRANTIES
HVF II hereby represents and warrants, for the benefit of the Trustee and the Noteholders, as follows as of each Closing Date:
Section 5.1.    Existence and Power.
(a)    HVF II (i) is a limited partnership duly formed, validly existing and in good standing under the laws of the State of Delaware, (ii) is duly qualified to do business as a foreign limited partnership 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 Base Related Documents with respect to such date 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 (iii) has all limited partnership 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 the Base Related Documents with respect to such date, except to the extent that the failure to so qualify is not reasonably likely to result in a Material Adverse Effect.
(b)    The HVF II General Partner (i) is the sole general partner of HVF II, (ii) 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 Base Related Documents with respect to such date 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 (iii) 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 the Base Related Documents with respect to such date, except to the extent that the failure to so qualify is not reasonably likely to result in a Material Adverse Effect.
Section 5.2.    Limited Liability Company and Governmental Authorization.
The execution, delivery and performance by HVF II of this Base Indenture and the Base Related Documents with respect to such date to which it is a party (a) is within HVF II’s limited partnership powers, (b) have been duly authorized by all necessary limited partnership action, (c) requires no action by or in respect of, or filing with any Governmental Authority that has not been obtained, except to the extent that the failure to take such action or effect such filing is not reasonably likely to result in a Material Adverse Effect and (d) does not contravene, or constitute a default under, any Requirements of Law with respect to HVF II or any Contractual Obligation with respect to HVF II or result in the creation or imposition of any Lien (other than Base Permitted Liens) on any property of HVF II, except to the extent that such contravention or default is not reasonably likely to result in a Material Adverse Effect.  This Base Indenture and each of the other Base Related Documents with respect to such date to which HVF II is a party have been executed and delivered by a duly authorized officer of HVF II.
Section 5.3.    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 II of this Base Indenture or any other applicable Base Related Documents with respect to such date or for the performance of any of HVF II’s obligations hereunder or thereunder other than such consents, approvals, authorizations, registrations, declarations or filings as shall have been obtained by HVF II prior to such date 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 5.4.    Binding Effect.
This Base Indenture and each other Base Related Document is a legal, valid and binding obligation of HVF II enforceable against HVF II 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 5.5.    Litigation.
There is no action, suit or proceeding pending against or, to the knowledge of HVF II, threatened against or affecting HVF II 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. 
Section 5.6.    No ERISA Plan.
HVF II has not established and does not maintain or contribute to any Plan that is covered by Title IV of ERISA.
Section 5.7.    Tax Filings and Expenses.
HVF II has filed all federal, state and local tax returns and all other tax returns that, to the knowledge of HVF II, 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 II, 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 II 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 partnership authorized to do business in each State 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.
Section 5.8.    Disclosure.
All certificates, reports, statements, documents and other information furnished to the Trustee by or on behalf of HVF II pursuant to any provision of this Base Indenture or any other Base 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 Base Related Document with respect to such date, shall, at the time the same are so furnished, be complete and correct to the extent necessary to give the Trustee true and accurate knowledge of the subject matter thereof in all material respects, and the furnishing of the same to the Trustee shall constitute a representation and warranty by HVF II made on the date the same are furnished to the Trustee to the effect specified herein.
Section 5.9.    Solvency.
Both before and after giving effect to the transactions contemplated by the Base Related Documents, HVF II is solvent within the meaning of the Bankruptcy Code and HVF II 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 II.
Section 5.10.    Investment Company Act.
HVF II 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.
Section 5.11.    Regulations T, U and X.
The proceeds of the Notes will 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 II is not engaged in the business of extending credit for the purpose of purchasing or carrying any margin stock.
Section 5.12.    Ownership of Limited Partnership Interests; Subsidiary.
The sole general partner of HVF II is the HVF II General Partner and the sole limited partner of HVF II is Hertz, all of the issued and outstanding membership interests in the HVF II General Partner are owned by Hertz, all of which 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 Base Permitted Liens; provided, however, that such limited partnership interests in HVF II and/or such membership interest in the General Partner (collectively, 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 II has no subsidiaries and owns no capital stock of, or other equity interest in, any other Person.
Section 5.13.    Non-Existence of Other Agreements.
As of the date of the issuance of the first Series of Notes, other than as permitted by Section 6.14, (i) HVF II is not a party to any contract or agreement of any kind or nature and (ii) HVF II 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 II has not engaged in any business or enterprise or entered into any transaction, other than, in each case, as permitted by Section 6.15.
Section 5.14.    Compliance with Contractual Obligations and Laws.
HVF II is not (i) in violation of the HVF II LP Agreement, (ii) in violation of any Requirement of Law with respect to HVF II, 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 II, except to the extent any such violation is not reasonably likely to result in a Material Adverse Effect.
                                                                  ARTICLE VI     
 
COVENANTS
Section 6.1.    Maintenance of Office or Agency.
HVF II will maintain an office or agency (that 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 II in respect of the Notes and this Base Indenture may be served, and where, at any time when HVF II is obligated to make a payment of principal of, and premium, if any, upon, the Notes, the Notes may be surrendered for payment.  HVF II will 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 II 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 II hereby appoints the Trustee as its agent to receive all surrenders, notices and demands.
HVF II 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 II will give prompt written notice to the Trustee of any such designation or rescission.
HVF II hereby designates the Corporate Trust Office as one such office or agency of HVF II.
Section 6.2.    Conduct of Business and Maintenance of Existence.
HVF II will maintain its existence as a limited partnership under the laws of the State of Delaware and will obtain and preserve its qualification to do business in each jurisdiction in which the failure to so qualify would be reasonably likely to result in a Material Adverse Effect.  
Section 6.3.    Compliance with Laws.
HVF II will comply in all respects with all Requirements of Law with respect to HVF II, 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 (i) with respect to any such Lien on the property of HVF II not constituting (A) Group-Specific Collateral with respect to any Group of Notes or (B) Series-Specific Collateral with respect to any Series of Notes, Base Permitted Liens, (ii) with respect to any such Lien on the property of HVF II constituting Group-Specific Collateral with respect to any Group of Notes, Group Permitted Liens for such Group of Notes and (iii) with respect to any such Lien on the property of HVF II constituting Series-Specific Collateral with respect to any Series of Notes, Series Permitted Liens for such Series of Notes).  
Section 6.4.    Inspection of Property, Books and Records.
HVF II will 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 will permit the Trustee 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 and directors, all at such reasonable times upon reasonable notice and as often as may reasonably be requested.
Section 6.5.    Notice of Material Proceedings.
Within five (5) Business Days of any Authorized Officer of HVF II obtaining actual knowledge thereof, HVF II 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 II that is reasonably likely to have a Material Adverse Effect.
Section 6.6.    Liens.
HVF II will not create, incur, assume or permit to exist any Lien upon any of its property (including the Collateral), other than: (i) with respect to any such property not constituting (A) Group-Specific Collateral with respect to any Group of Notes or (B) Series-Specific Collateral with respect to any Series of Notes, Base Permitted Liens, (ii) with respect any such property constituting Group-Specific Collateral with respect to any Group of Notes, Group Permitted Liens for such Group of Notes and (iii) with respect to any such property constituting Series-Specific Collateral with respect to any Series of Notes, Series Permitted Liens for such Series of Notes.
Section 6.7.    Other Indebtedness.
HVF II will not create, assume, incur, suffer to exist or otherwise become or remain liable in respect of any Indebtedness other than under any Master Related Document.
Section 6.8.    No ERISA Plan.
HVF II shall not establish or maintain or contribute to any Plan that is covered by Title IV of ERISA.
Section 6.9.    Mergers.
HVF II will not be a party to any merger or consolidation, other than a merger or consolidation of HVF II into or with another Person if: 
(a)    the Person formed by such consolidation or into or with which HVF II is merged shall be a Person organized and existing under the laws of the United States of America or any state or the District of Columbia, and if HVF II 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 II hereunder and under all other Master Related Documents to which HVF II is a party; 
(b)    HVF II 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 6.9; 
(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 II has delivered to the Trustee an Opinion of Counsel stating that HVF II would not be substantively consolidated with any immediate and direct parent of such Person as a result of an Event of a Bankruptcy with respect to any such parent.  
Section 6.10.    Sales of Assets.
HVF II will not sell, lease, transfer, liquidate or otherwise dispose of any of its property except as contemplated by the Master Related Documents.
Section 6.11.    Acquisition of Assets.
HVF II will not acquire, by long-term or operating lease or otherwise, any property except in accordance with the terms of the Master Related Documents.
Section 6.12.    Organizational Documents.
Neither HVF II nor the HVF II General Partner will amend any of its organizational documents, including certificate of limited partnership or limited partnership agreement of HVF II and the certificate of incorporation and bylaws of the HVF II General Partner 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 6.13.    Investments.
Neither HVF II nor the HVF II General Partner will make, incur, or suffer to exist any loan, advance, extension of credit or other investment in any Person other than in accordance with the Master Related Documents and, in addition, without limiting the generality of the foregoing, HVF II will not direct the investment of funds in any Group-Specific Collection Account or Series-Specific Collection Account in a manner that would have the effect of causing HVF II to be an “investment company” within the meaning of the Investment Company Act.
Section 6.14.    No Other Agreements.
HVF II will not enter into or be a party to any agreement or instrument other than any Master Related Document, any documents related to any Enhancement, any document to effect a merger or consolidation permitted pursuant to Section 6.9 or any documents and agreements incidental or related to any of the foregoing.
Section 6.15.    Other Business.
HVF II will not engage in any business or enterprise or enter into any transaction other than the acquisition and funding of Group-Specific Collateral and Series-Specific Collateral, the related exercise of its rights under Group-Specific Collateral, Series-Specific Collateral and the Master 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 6.16.    Maintenance of Separate Existence.
Each of HVF II and the HVF II General Partner will:
(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 II will not be diverted to any other Person or for other than the use of HVF II, 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 Master Related Documents;
(b)    ensure that all transactions between HVF II 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 Master 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 II 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 II LP Agreement or the HVF II General Partner Certificate of Incorporation and by-laws, as applicable, and observe all necessary, appropriate and customary limited partnership or limited liability company formalities, as applicable, including, but not limited to, holding all regular and special meetings and/or adopting all written consents appropriate to authorize all actions of HVF II or the HVF II General Partner, as applicable, 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; 

7

(f)    only in the case of the HVF II General Partner, maintain at least two (2) Independent Directors on its Board of Directors; 
(g)    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 each of HVF II and the HVF II General Partner and (ii) stating that the assets of HVF II and the assets of the HVF II General Partner are owned by HVF II or the HVF II General Partner, as applicable, and are not available to satisfy obligations of Hertz or such Affiliate and identifying the amounts of the assets so owned.
                                                                 ARTICLE VII     
 
THE TRUSTEE
Section 7.1.    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 use the same degree of care and skill in their exercise, as a prudent man would exercise or use under the circumstances in the conduct of his own affairs.  The preceding sentence shall not have the effect of insulating the Trustee from liability arising out of the Trustee’s negligence or willful misconduct.
(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 Indenture and the Master Related Documents to which it is a party and no others, and no implied covenants or obligations shall be read into this Indenture or such Master 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 Indenture or any applicable Master 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 Indenture or such Master 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 II’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).

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(c)    Subject to Section 7.1(a), no provision of the 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 7.1.
(ii)    The Trustee shall not be liable for any error of judgment made in good faith by a Trust Officer, unless it is proved that the Trustee was negligent in ascertaining the pertinent facts nor shall the Trustee be liable with respect to any action it takes or omits to take in good faith in accordance with the Base Indenture.
(iii)    The Trustee shall not be charged with knowledge of any default by any Person in the performance of its obligations under any Master Related Document, unless a Trust Officer receives written notice of such failure from HVF II, Hertz, any Leasing Company Trustee or any Noteholder or otherwise has actual knowledge thereof.
(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 the Base Indenture, the Trustee shall be obligated to perform only such duties and obligations as are specifically set forth in the Base Indenture and no implied covenants or obligations shall be read into the 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 the 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 Master Related Documents.  
(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 7.3, 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 Master Related Documents.

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(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 7.1.
(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 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 securities 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 its own property 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 II 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 Master Related Document by HVF II or the Collateral Agent.
Section 7.2.    Rights of the Trustee.
Except as otherwise provided by Section 7.1:
(a)    The Trustee may conclusively rely and shall be fully protected in acting or refraining from acting based upon any document believed by it to be genuine and to have been signed by or presented by the proper person.
(b)    The Trustee may consult with counsel of its selection and the advice of such counsel or any Opinion of Counsel shall 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 

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care.  The appointment of agents (other than legal counsel) pursuant to this subsection (c) shall be subject to the prior consent of HVF II, 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, any Group Supplement or any Series Supplement, or to institute, conduct or defend any litigation hereunder or in relation hereto, at the request, order or direction of any of the Noteholders, pursuant to the provisions of this Base Indenture, any Group Supplement or any Series Supplement, unless such Noteholders shall have offered to the Trustee reasonable security or 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 any Leasing Company or HVF II (that, in any such case, has not been cured), to exercise such rights and powers vested in it by this Base Indenture, any Group Supplement or any Series Supplement, and to use the same degree of care and skill in their exercise as a prudent man would exercise or use under the circumstances in the conduct of his 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 so to do by the Required Noteholders of any Series of Notes. If the Trustee is so requested by the Required Noteholders 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 II, personally or by agent or attorney, at the sole cost of HVF II and the Trustee shall incur no liability by reason of such inquiry or investigation.
(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 be liable for the acts or omissions of any successor to the Trustee so long as such acts or omissions were not the result of the negligence, bad faith or willful misconduct of the predecessor Trustee.
(i)    The Trustee shall not be required to take any action pursuant to any request or direction of HVF II 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 

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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 its right to be indemnified, are extended to, and shall be enforceable by, the Trustee in each of its capacities hereunder, and each agent, custodian and other person employed to act hereunder.
(l)    The Trustee may request that HVF II 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 control, 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); 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 Indenture.
Section 7.3.    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 II or an Affiliate of HVF II with the same rights it would have if it were not Trustee.  Any Agent may do the same with like rights.
Section 7.4.    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) provide the Noteholders, HVF II 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 telephone and facsimile and otherwise by first class mail.
Section 7.5.    Compensation.
(a)    HVF II 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 II 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 II shall reimburse the Trustee promptly upon request for all reasonable disbursements, advances and expenses incurred or made by it in 

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addition to the compensation for its services.  Such expenses shall include (i) the reasonable compensation, disbursements and expenses of the Trustee’s agents and counsel and (ii) the reasonable expenses of the Trustee’s agents.
(b)    HVF II shall not be required to reimburse any expense or indemnify the Trustee against any loss, liability, or expense incurred by the Trustee through the Trustee’s own willful misconduct or negligence.
(c)    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.
(d)    The provisions of this Section 7.5 shall survive the termination of this Base Indenture and the resignation and removal of the Trustee.
Section 7.6.    Replacement of the Trustee.
(a)    The Trustee may, after giving forty-five (45) days prior written notice to HVF II, each Noteholder and each Rating Agency, resign at any time and be discharged from the trust hereby created.  The Requisite Indenture Investors, acting together, may remove the Trustee with respect to the trust hereby created at any time by so notifying the Trustee and HVF II.  So long as no Amortization Event has occurred and is continuing with respect to any Series of Notes Outstanding, HVF II may remove the Trustee at any time.  HVF II shall remove the Trustee if:
(i)    the Trustee fails to comply with Section 7.8;
(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 II shall promptly appoint a successor Trustee.  Within one year after the successor Trustee takes office, the Requisite Indenture Investors, acting together, may appoint a successor Trustee to replace the successor Trustee appointed by HVF II.
(c)    If a successor Trustee does not take office within 30 days after the retiring Trustee resigns or is removed, the retiring Trustee or any Noteholder, at the expense of HVF II, may petition any court of competent jurisdiction for the appointment of a successor Trustee.
(d)    If the Trustee after written request by any Noteholder fails to comply with Section 7.8, such Noteholder may petition any court of competent jurisdiction for the removal of the Trustee and the appointment of a successor Trustee.

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(e)    A successor Trustee shall deliver a written acceptance of its appointment to the retiring Trustee or removed Trustee and to HVF II.  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 mail a notice of its succession to 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 7.6, HVF II’s obligations under Section 7.5 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 this Section 7.6 and the assumption of obligations of the Trustee hereunder by such successor trustee.
Section 7.7.    Successor Trustee by Merger, etc.
Subject to Section 7.8, 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 7.8.    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 of America or of any state thereof 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)    At any time the Trustee shall cease to satisfy the eligibility requirements of Section 7.8(a) above, the Trustee shall resign immediately in the manner and with the effect specified in Section 7.6.
Section 7.9.    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 Collateral may at the time be located, the Trustee shall have the power and may 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 Collateral, and to vest in such Person or Persons, in such capacity and for the benefit of the Noteholders, such title to the Collateral, or any part thereof, and, subject to the other provisions of this Section 7.9, 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 7.8 and no notice to Noteholders of the appointment of any co-

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trustee or separate trustee shall be required under Section 7.6.  No co-trustee shall be appointed without the consent of HVF II 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;
(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 VII.  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, any Group Supplement 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 II.
(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 7.10.    Representations and Warranties of Trustee.
The Trustee represents and warrants to HVF II 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 of America;
(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 7.8; and
(v)    The Trustee shall remain primarily liable for the actions of any co-trustees.
Section 7.11.    HVF II Indemnification of the Trustee.
HVF II 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 Master 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 II, 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 7.11; provided, however, that, HVF II 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.

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                                                                ARTICLE VIII     
 
DISCHARGE OF INDENTURE
Section 8.1.    Termination of HVF II’s Obligations.
(a)    This Base Indenture shall cease to be of further effect (except that (i) HVF II’s obligations under Section 7.5 and Section 7.11, (ii) the Trustee’s and Paying Agent’s obligations under Section 8.3 and (iii) the Noteholders’ and the Trustee’s obligations under Section 10.14 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 II has paid all sums payable hereunder.
(b)    In addition, except as may be provided to the contrary in any Series Supplement, HVF II may terminate all of its obligations under this Base Indenture if:
(i)    HVF II irrevocably deposits in trust with the Trustee or at the option of the Trustee, with a trustee reasonably satisfactory to the Trustee and HVF II 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) the 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 II delivers to the Trustee an Officer’s Certificate signed by an Authorized Officer of HVF II stating that all conditions precedent to satisfaction and discharge of this Base Indenture have been complied with, and an Opinion of Counsel to the same effect;
(iii)    HVF II delivers to the Trustee an Officer’s Certificate signed by an Authorized Officer of HVF II 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 8.1.

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Then, this Base Indenture shall cease to be of further effect (except as provided in this Section 8.1), and the Trustee, on demand of HVF II, shall execute proper instruments acknowledging confirmation of and discharge under this Base Indenture.
(c)    After such irrevocable deposit made pursuant to Section 8.1(b) and satisfaction of the other conditions set forth herein, the Trustee upon request shall acknowledge in writing the discharge of HVF II’s obligations under this Base Indenture except for those surviving obligations specified above.
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 Business Day before such payment date in such amounts as will provide the necessary money.  U.S. Government Obligations shall not be callable at the issuer’s option.
(d)    The representations and warranties set forth in Article 5 of this Base Indenture shall survive for so long as any Series of Notes are Outstanding, and may not be waived with respect to any Series of Notes Outstanding.
Section 8.2.    Application of Trust Money.
The Trustee or a trustee satisfactory to the Trustee and HVF II shall hold in trust money or U.S. Government Obligations deposited with it pursuant to Section 8.1.  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 8.2 shall survive the expiration or earlier termination of this Base Indenture.
Section 8.3.    Repayment to HVF II.
The Trustee and the Paying Agent shall promptly pay to HVF II upon written request any excess money or, pursuant to Sections 2.10 and 2.14, return any Notes held by them at any time.
Subject to Section 2.6(c), the Trustee and the Paying Agent shall pay to HVF II upon written request any money held by them for the payment of principal or interest that remains unclaimed for two years after the date upon which such payment shall have become due.
The provisions of this Section 8.3 shall survive the expiration or earlier termination of this Base Indenture.
                                                                   ARTICLE IX     
 
AMENDMENTS
Section 9.1.    Without Consent of the Noteholders.
(a)    Without the consent of any Noteholder, HVF II and the Trustee, at any time and from time to time, may enter into one or more Indenture Supplements hereto, in form satisfactory to the Trustee, for any of the following purposes:
(i)    to create a new Group of Notes;
(ii)    to create a new Series of Notes;
(iii)    to add to the covenants of HVF II 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 II (provided, however, that HVF II will not pursuant to this subsection 9.1(a)(iii) surrender 

17

any right or power it has under any Group Related Document or Series Related Document);
(iv)    to mortgage, pledge, convey, assign and transfer to the Trustee any property or assets 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 the Base Indenture or as may, consistent with the provisions of the Base Indenture, be deemed appropriate by HVF II 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;
(v)    to cure any mistake, ambiguity, defect, or inconsistency or to correct or supplement any provision contained herein;
(vi)    to provide for uncertificated Notes in addition to certificated Notes;
(vii)    to add to or change any of the provisions of the 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;
(viii)    to evidence and provide for the acceptance of appointment hereunder by a successor Trustee with respect to the Notes of one or more Series of Notes and to add to or change any of the provisions of the Base Indenture as shall be necessary to provide for or facilitate the administration of the trusts hereunder by more than one Trustee; or
(ix)    to correct or supplement any provision herein that 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;
provided, however, that, as evidenced by an Officer’s Certificate of HVF II, such action shall not adversely affect in any material respect the interests of any Noteholder.
Section 9.2.    With Consent of the Noteholders.
(a)    Except as provided in Section 9.1 or any related provision in a Group Supplement, the provisions of this Base Indenture may from time to time be amended, modified or waived, if such amendment, modification or waiver is in writing and consented to in writing by HVF II, the Trustee and the Requisite Indenture Investors (or the Requisite Group Investors of each Outstanding Group of Notes, in respect of any amendment, modification or waiver to the Base Indenture that materially adversely affects only the Noteholders of such Group of Notes and does not materially adversely affect the Noteholders of any other Group of Notes, as substantiated by an Officer’s Certificate of HVF II to such effect); provided, that the Rating 

18

Agency Condition with respect to each Series of Notes Outstanding shall have been satisfied with respect to each such amendment or modification. 
(b)    Notwithstanding the foregoing (but subject to the proviso in the immediately preceding sentence):
(i)    any modification of this Section 9.2 or any requirement hereunder that any particular action be taken by Noteholders holding the relevant percentage in Principal Amount of the Notes shall require the consent of each Noteholder materially adversely affected thereby;
(ii)    any amendment, waiver or other modification to this Base Indenture that would (A) extend the due date for, or reduce the amount of any scheduled repayment or prepayment of principal of or interest on any Note (or reduce the principal amount of or rate of interest on any Note) shall require the consent of each materially adversely affected Noteholder; or (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; and
(iii) any amendment, waiver or other modification that would (A) approve the assignment or transfer by HVF II of any of its rights or obligations hereunder or under any other Base Related Documents to which it is a party, except pursuant to the express terms hereof or thereof; or (B) release any obligor under any Base Related Document to which it is a party, except pursuant to the express terms hereof or of such Base Related Document, shall require in each case the consent of Noteholders holding not less than 662⁄3% of the Aggregate Indenture Principal Amount; provided, however, that any such amendment, waiver, or other modification relating to a Base Related Document that relates solely to a single Series of Notes (as evidenced by an Officer’s Certificate of HVF II) shall require only the consent of Noteholders holding not less than 662⁄3% of the Principal Amount of such Series of Notes; provided, further that with respect to any such amendment, waiver or other modification relating to a Base Related Document or portion thereof that does not adversely affect in any material respect a Series of Notes, as evidenced by an Officer’s Certificate of HVF II, then such Series of Notes shall be deemed not to be outstanding for purposes of the foregoing consent (and the calculation of Aggregate Indenture Principal Amount shall be modified accordingly).
(c)    No failure or delay on the part of any Noteholder or the Trustee in exercising any power or right under this Base Indenture or any other Base Related Document 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.
Section 9.3.    Supplements and Amendments.
Each amendment or other modification to this Base Indenture shall be set forth in an Indenture Supplement.  The initial effectiveness of each Indenture Supplement shall be subject to the satisfaction of the Rating Agency Condition with respect to each Series of Notes Outstanding.
Section 9.4.    Revocation and Effect of Consents.
Until an amendment or waiver becomes effective, a consent to it by an Noteholder of a Note is a continuing consent by the Noteholder and every subsequent Noteholder of an 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.  However, any such Noteholder or subsequent Noteholder may revoke the consent as to his Note or portion of a Note if the Trustee receives written notice of revocation 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 II may fix a record date for determining which Noteholders must consent to such amendment or waiver.
Section 9.5.    Notation on or Exchange of Notes.
The Trustee may place an appropriate notation about an amendment or waiver on any Note thereafter authenticated.  HVF II, 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.

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Section 9.6.    The Trustee to Sign Amendments, etc.
The Trustee shall sign any Indenture Supplement authorized pursuant to this Article IX if such Indenture Supplement 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 such Indenture Supplement, the Trustee shall be entitled to receive, if requested, an indemnity reasonably satisfactory to it and to receive and, subject to Section 7.1, shall be fully protected in relying upon, an Officer’s Certificate of HVF II and an Opinion of Counsel as conclusive evidence that such Indenture Supplement is authorized or permitted by this Base Indenture and that all conditions precedent have been satisfied, and that it will be valid and binding upon HVF II in accordance with its terms.
                                                                   ARTICLE X     
 
MISCELLANEOUS
Section 10.1.    Notices.
(a)    Any notice or communication by HVF II 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), telex, telecopier or overnight air courier guaranteeing next day delivery, to the other’s address:
If to HVF II:
HERTZ VEHICLE FINANCING II LP 
c/o    The Hertz Corporation 
    225 Brae Boulevard 
    Park Ridge, NJ  07656 
 
Attn:    Treasury Department 
Phone:  (201) 307-2000 
Fax:  (201) 307-2746
If to the HVF II General Partner:
HVF II GP Corp. 
c/o    The Hertz Corporation 
    225 Brae Boulevard 
    Park Ridge, NJ  07656 
 
Attn:    Treasury Department 
Phone:  (201) 307-2000 
Fax:  (201) 307-2746

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If to the Trustee:
2 North LaSalle, Suite 1020  
Chicago, Illinois 60602   
Attn: Corporate Trust Administrator – Structured Finance  
Phone:  (312) 827-8569 
Fax:  (312) 827-8562
HVF II or the Trustee by notice to the other may designate additional or different addresses for subsequent notices or communications; provided, however, HVF II 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.
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 telex or telecopier shall be deemed given on the date of delivery of such notice, and (iv) delivered by overnight air courier shall be deemed delivered one 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 II mails a notice or communication to the Noteholders, it shall mail 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 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 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 agrees to 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.
(e)    Where the 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 mailed, 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 an Noteholder is given by mail, neither the failure to mail such notice, nor any defect in any notice so mailed, to any particular Noteholder shall affect the sufficiency of such notice with respect to 

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other Noteholders, and any notice that is mailed 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.
In the case by reason of the suspension of regular mail service or by reason of any other cause it shall be impracticable to give such notice by mail, then such notification as shall be made that is satisfactory to the Trustee shall constitute a sufficient notification for every purpose hereunder.
Section 10.2.    Certificate as to Conditions Precedent.
Upon any request or application by HVF II to the Trustee to take any action under this Base Indenture, HVF II shall furnish to the Trustee an Officer’s Certificate of HVF II in form and substance reasonably satisfactory to the Trustee (which shall include the statements set forth in Section 10.3) 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 10.3.    Statements Required in Certificate.
Each certificate with respect to compliance with a condition or covenant provided for in this Base Indenture shall include:
(a)    a statement that the Person giving such certificate has read such covenant or condition;
(b)    a brief statement as to the nature and scope of the examination or investigation upon which the statements contained in such certificate are based;
(c)    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
(d)    a statement as to whether, in the opinion of such Person, such condition or covenant has been complied with.
Section 10.4.    Rules by the Trustee.
The Trustee may make reasonable rules for action by or at a meeting of the Noteholders.
Section 10.5.    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 10.6.    Benefits of Indenture.
Except as set forth in a Group/Series Supplement, nothing in this Base Indenture or in the Notes, expressed or implied, shall give to any Person, other than the parties hereto and their successors hereunder and the Noteholders, any benefit or any legal or equitable right, remedy or claim under the Base Indenture.

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Section 10.7.    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.
Section 10.8.    Governing Law.
THIS BASE INDENTURE AND EACH GROUP/SERIES SUPPLEMENT, AND ALL MATTERS ARISING OUT OF OR RELATING TO THIS BASE INDENTURE OR ANY GROUP/SERIES 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 10.9.    Successors.
All agreements of HVF II in this Base Indenture and the Notes shall bind its successor; provided, however, except as provided in Section 9.2(b)(iii), HVF II may not assign its obligations or rights under this Base Indenture or any Base Related Document.  All agreements of the Trustee in this Base Indenture shall bind its successor.
Section 10.10.    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 10.11.    Counterpart Originals.
This Base Indenture may be executed in any number of counterparts and by different parties hereto on separate counterparts, each of which counterparts, when so executed and delivered, shall be deemed to be an original and all of which counterparts, taken together, shall constitute one and the same Base Indenture.  
Section 10.12.    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 10.13.    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 all Note Obligations have been fully paid and satisfied, at which time the Trustee, at the request of HVF II and upon receipt of an Officer’s Certificate of HVF II to the effect that all Note Obligations have been fully paid and satisfied, shall reassign (without recourse upon, or any representation or warranty whatsoever by, the Trustee) and deliver all Collateral and documents then in the custody or possession of the Trustee promptly to HVF II.
Section 10.14.    No Bankruptcy Petition Against HVF II.
Each of the Noteholders and the Trustee hereby covenants and agrees that, prior to the date that is one year and one 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 II, the HVF II General Partner, the Nominee or RCFC 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 10.14 shall constitute a waiver of any right to indemnification, reimbursement or other payment from HVF II pursuant to this Base Indenture.  In the event that any such Noteholder or the Trustee takes action in violation of this Section 10.14, HVF II, the HVF II General Partner or its Independent Director, 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 II, the HVF II General Partner or its Independent Director, 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 10.14 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 II, the HVF II General Partner or its Independent Director.
Section 10.15.    No Recourse.
The obligations of HVF II under this Base Indenture and any Group/Series Supplement are solely the obligations of HVF II.  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 Group/Series Supplement against any member, employee, officer or director of HVF II.  Fees, expenses, costs or other obligations payable by HVF II hereunder shall be payable by HVF II to the extent and only to the extent that HVF II is reimbursed therefor pursuant to any of the Master Related Documents, or funds are then available or thereafter become available for such purpose pursuant to the Master Related Documents.  In the event that HVF II is not reimbursed for such fees, expenses, costs or other obligations or that sufficient funds are not available for their payment pursuant to the Master 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 II. Nothing in this Section 10.15 shall be construed to limit the Trustee from exercising its rights hereunder with respect to the Collateral.
Section 10.16.    Electronic Execution.  This Base Indenture may be transmitted and/or signed by facsimile or other electronic means (i.e., a “pdf” or “tiff”).  The effectiveness of any such documents and signatures shall, subject to applicable law, have the same force and effect as manually signed originals and shall be binding on each party hereto.  The words “execution,” “signed,” “signature,” and words of like import in this Base Indenture or in any amendment or other modification hereof (including, without limitation, waivers and consents) shall be deemed to include electronic signatures or the keeping of records in electronic form, each of which shall be of the same legal effect, validity or enforceability as a manually executed signature or the use of a paper-based recordkeeping system, as the case may be.
Section 10.17.    Waiver of Jury Trial.
EACH OF HVF II 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 GROUP/SERIES SUPPLEMENT, THE NOTES OR THE TRANSACTIONS CONTEMPLATED HEREBY.
Section 10.18.    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 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 this Base Indenture or any Group/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 Group/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 10.1 (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).

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IN WITNESS WHEREOF, the Trustee and HVF II 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 II LP, a limited partnership, as Issuer 

By:    HVF II GP Corp., its General Partner
		
	By: /s/ R. Scott Massengill
	 
Name: R. Scott Massengill 
Title: Treasurer 

THE BANK OF NEW YORK MELLON TRUST COMPANY, N.A., 
  as Trustee
		
	By: /s/ Mitchell L. Brumwell
	 
Name: Mitchell L. Brumwell 
Title: Vice President 

SCHEDULE I
TO THE
BASE INDENTURE

DEFINITIONS LIST
“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 Indenture Principal Amount” means the sum of the Principal Amounts with respect to each Series of Notes Outstanding.  
“Amortization Event” has the meaning specified, with respect to any Group of Notes or Series of Notes, in the applicable Group/Series Supplement.
“Applicants” has the meaning set forth in Section 2.7.
“Authorized Officer” means, as to any Affiliate of Hertz, 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 such Affiliate.
“Back-up Group Administrator” shall have the meaning, with respect to any Group, set forth in the Group Supplement with respect to such Group. 
“Bankruptcy Code” means The Bankruptcy Reform Act of 1978.
“Base Indenture” means the Base Indenture, dated as of November 25, 2013, between HVF II and the Trustee, as amended, modified or supplemented from time to time, exclusive of Group Supplements and Series Supplements.  
“Base Permitted Lien” 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 days past due or are being 

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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 and (iii) Liens in favor of the Trustee pursuant to any Base Related Document and Liens in favor of the Collateral Agent pursuant to the Collateral Agency Agreement.
“Base Related Documents” means the Base Indenture, the LP Agreement, the HVF II General Partner Certificate of Incorporation and by-laws the HVF II General Partner, collectively.
“Board of Directors” means the Board of Directors of the HVF II General Partner or any authorized committee of the Board of Directors.
“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 of the 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.
“Cede” means Cede & Co., a nominee of DTC.
“Certificated Security” means a “certificated security” within the meaning of Section 8-102 of the applicable UCC.
“Chapter 11 Proceedings” means proceedings under chapter 11 of the Bankruptcy Code.
“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.
“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.
“Clearstream” means Clearstream Banking, societe anonyme.
“Closing Date” means the Initial Series Closing Date and each Series 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 

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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 Group-Specific Collateral with respect to each Group of Notes and the Series-Specific Collateral with respect to each Series of Notes.
“Collateral Agency Agreement” means the Fourth Amended and Restated Collateral Agency Agreement, dated as of November 25, 2013, among HVF, as grantor, HGI, as grantor, DTG Operations, Inc., as grantor, Hertz as grantor and collateral servicer, the Collateral Agent, and those various “Additional Grantors”, “Financing Sources” and “Beneficiaries” from time to time party thereto.
“Collateral Agent” means The Bank of New York Mellon Trust Company, N.A., in its capacity as collateral agent under the Collateral Agency Agreement.
“Company Order” and “Company Request” means a written order or request signed in the name of HVF II 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.
“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, 

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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 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 the Base Indenture is located at 2 North LaSalle Suite 1020, 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 II.
“DBRS” means DBRS, Inc. 
“Definitions List” means Schedule I to the Base Indenture.
“Definitive Notes” has the meaning set forth in Section 2.12.
“Depository” has the meaning set forth in Section 2.12.
“Depository Agreement” means, with respect to a Series of Notes having Book-Entry Notes, the agreement among HVF II, the Trustee and the Clearing Agency, or as otherwise provided in the applicable Series Supplement.
“Dollar” and the symbol “$” mean the lawful currency of the United States.
“DTC” means The Depository Trust Company.
“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 agreement.
“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. 
“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.

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“Euroclear” means Euroclear Bank, S.A./N.V., as operator of the Euroclear System.
“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 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.
“Exchange Act” means the Securities Exchange Act of 1934, as amended.
“FDIC” means the Federal Deposit Insurance Corporation.
“Fitch” means Fitch Ratings, Inc.
“GAAP” means generally accepted accounting principles in the United States of America 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.
“Governmental Authority” means any Federal, state, local or foreign court or governmental department, commission, board, bureau, agency, authority, instrumentality or regulatory body.

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“Group” or “Group of Notes” means a Group of Notes established pursuant to the Base Indenture and the applicable Group Supplement.
“Group Account” means, with respect to any Group, the account or accounts established pursuant to the related Group Supplement for the benefit of a Group of Notes.
“Group Administrator” shall have the meaning, with respect to any Group, set forth in the Group Supplement with respect to such Group. 
“Group Permitted Lien” shall have the meaning, with respect to any Group, set forth in the Group Supplement with respect to such Group.  
“Group Related Documents” shall have the meaning, with respect to any Group, set forth in the Group Supplement with respect to such Group.
“Group Supplement” means a supplement to the Base Indenture complying (to the extent applicable) with the terms of Section 2.3 of the Base Indenture.
“Group/Series Supplement” means a Series Supplement to a Group Supplement, together with such Group Supplement.
“Group-Specific Collateral” means, with respect to any Group, the collateral specified in the related Group Supplement as solely for the benefit of such Group of Notes.
“Group-Specific Collection Account” shall have the meaning, with respect to any Group, set forth in the Group Supplement with respect to such Group.  
“Group-Specific Collections” means, with respect to any Group-Specific Collateral, all payments with respect to such Group-Specific Collateral, as further specified in the related Group Supplement. 
“Hertz” means The Hertz Corporation, a Delaware corporation.
“Hertz Vehicles LLC” means Hertz Vehicles LLC, a Delaware limited liability company.
“HGI” means Hertz General Interest LLC, a Delaware limited liability company.
“HVF” means Hertz Vehicle Financing LLC, a Delaware limited liability company. 
“HVF II” means Hertz Vehicle Financing II LP, a Delaware limited partnership. 
“HVF II General Partner” means HVF II GP Corp., a Delaware corporation.
“HVF II General Partner Certificate of Incorporation” means the Certificate of Incorporation of HVF II GP Corp., dated as of September 27, 2013.  

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“HVF II LP Agreement” means the Limited Partnership Agreement of HVF II, dated as of November 25, 2013.
“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.
“Indenture” means the Base Indenture.
“Indenture Supplement” means a supplement to the Base Indenture complying (to the extent applicable) with the terms of Article 9 of the Base Indenture.
“Independent Director” has the meaning specified in the HVF II General Partner Certificate of Incorporation.
“Initial Series Closing Date” means the date on which the initial Series of Notes are issued under the Base Indenture.  
“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.
“Leasing Company” shall have the meaning, if any, specified, with respect to any Group, in the applicable Group Supplement.
“Leasing Company Trustee” shall have the meaning, if any, specified, with respect to any Group, in the applicable Group Supplement.  
“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 

7

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 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.
“Master Related Documents” means the Base Related Documents, the Group Related Documents and the Series Related Documents, collectively.
“Material Adverse Effect” means, with respect to any occurrence, event or condition, applicable to any party to any of the Base Related Documents:

1.a material adverse effect on the ability of HVF II or any Affiliate of HVF II that is a party to any of the Base Related Documents to perform its obligations under such Base Related Documents; or

2.a material adverse effect on the validity or enforceability of any Base Related Documents.

“Moody’s” means Moody’s Investors Service.
“Nominee” means the party named as such in the Nominee Agreement.
“Nominee Agreement” means the Third Amended and Restated Vehicle Title Nominee Agreement, dated as of November 25, 2013, by and among Hertz Vehicles LLC, HGI, Hertz, the Collateral Agent and those various “Nominating Parties” from time to time party thereto.
“Note” has the meaning set forth in the Recitals.  
“Note Obligations” means all principal and interest, at any time and from time to time, owing by HVF II on the Notes and all costs, fees and expenses payable by, or obligations of, HVF II under the Base Indenture and each other Master Related Documents.
“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).
“Note Register” has the meaning specified in Section 2.5.
“Noteholder” and “Holder” means the Person in whose name a Note is registered in the Note Register.
“Officer’s Certificate” means a certificate signed by an Authorized Officer of HVF II.

8

“Opinion of Counsel” means a written and signed opinion from legal counsel who is acceptable to the Trustee.  The counsel may be an employee of or counsel to Hertz or its any of its Affiliate, as the case may be.  For the avoidance of doubt, the term “Opinion of Counsel” shall not include any opinion not bearing a handwritten signature.
“Other Group Collateral” has the meaning set forth in Section 2.3 of this Base Indenture.
“Outstanding” has the meaning specified, with respect to any Series of Notes, in the applicable Group/Series Supplement.
“Paying Agent” has the meaning specified in Section 2.5.
“Payment Date” means, unless otherwise specified in any Group/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 December 26, 2013.  
“Permitted Investments” has the meaning specified (a) with respect to any Series of Notes, in the applicable Series Supplement and (b) with respect to any Group, in the applicable Group Supplement.  
“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.
“Physical Property” means banker’s acceptances, commercial paper, negotiable certificates of deposits and other obligations that constitute “instruments” within the meaning of Section 9-102(a)(47) of the applicable UCC and are susceptible to physical delivery and Certificated Securities.
“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 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 Stock 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.

9

“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” has the meaning specified, with respect to any Group of Notes or Series of Notes, in the applicable Group/Series Supplement.
“Principal Amount” has the meaning specified, with respect to any Series of Notes, in the applicable Group/Series Supplement.  
“Principal Group Terms” has the meaning set forth in Section 2.3.
“Proceeds” has the meaning specified in Section 9-102(a)(64) of the applicable UCC.
“Qualified Intermediary” means a Person satisfying the requirements for a “qualified intermediary” within the meaning of Section 1031 of the Code and the regulations thereunder.
“Rating Agency” with respect to any Series of Notes, has the meaning specified in the applicable Group/Series Supplement; provided, that, if a Rating Agency ceases to rate the Notes of any Series of Notes, such Rating Agency shall be deemed to no longer constitute a Rating Agency for all purposes with respect to such Series of Notes.  
“Rating Agency Condition” with respect to any Series of Notes, has the meaning, if any, specified in the applicable Group/Series Supplement.  
“RCFC” means Rental Car Finance Corp., an Oklahoma corporation (for the avoidance of doubt, including its successors by operation of a statutory conversion to a limited liability company).
“Record Date” means, with respect to any Series of Notes and any Payment Date, the date specified in the applicable Group/Series Supplement.  
“Registrar” has the meaning set forth in Section 2.5.
“Reportable Event” has the meaning set forth in Title IV of ERISA.
“Required Noteholders” has the meaning specified, with respect to any Series of Notes, in the applicable Series Supplement.
“Required Standstill Provisions” means with respect to any Pledged Equity Security Agreement and with respect to any Pledged Equity Secured Party and Pledged Stock Collateral Agent thereunder, terms pursuant to which such Pledged Equity Secured Party and Pledged Equity Collateral Agent agree substantially to the effect that:

10

(a) prior to the date that is one year and one day after the payment in fill 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 II or the HVF II General Partner 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 II or the HVF II General Partner 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 II or the HVF II General Partner 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 II or the HVF II General Partner 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 II or the HVF II General Partner, 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 II or the HVF II General Partner to any Person as other than a “true lease”; 
(b) upon the transfer by Hertz or any of its Subsidiaries (other than HVF II or the HVF II General Partner or any other special purpose subsidiary of Hertz) of securitization assets to HVF II or the HVF II General Partner 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 

11

HVF II or the HVF II General Partner to breach any of its covenants in its certificate of formation, limited liability company agreement, limited partnership agreement or in any other Mater 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 II or the HVF II General Partner 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 II or the HVF II General Partner from lawful sources and in accordance with the Master Related Documents and the rights of a partner of HVF II or a member of the HVF II General Partner; 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).
“Requirements of Law” means, with respect to any Person or any of its property (other than its Subsidiaries), 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 (other than its Subsidiaries), 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 (other than its Subsidiaries) or to which such Person or any of its property (other than its Subsidiaries) is subject, whether Federal, state or local.
“Requisite Group Investors” has the meaning specified, with respect to any Group, in the applicable Group Supplement.
“Requisite Indenture Investors” means Noteholders holding in excess of 50% of the Aggregate Indenture Principal Amount; 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.
“Responsible Officer” means, with respect to the 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 

12

the time shall be such officers, or to whom any corporate trust matter is referred because of his 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.
“S&P” or “Standard & Poor’s” means Standard & Poor’s Ratings Services, a division of The McGraw-Hill Companies, Inc.
“Securities Act” means the Securities Act of 1933, as amended.
“Series Closing Date” means, with respect to any Series of Notes, the date specified as such in the applicable Series Supplement.
“Series of Notes” means, each Series of Notes issued and authenticated pursuant to the Base Indenture and a Group/Series Supplement.
“Series Permitted Lien” shall have the meaning, with respect to any Series of Notes, set forth in the Series Supplement with respect to such Series.
“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, with respect to any Group Supplement, a supplement to such Group Supplement complying (to the extent applicable) with the terms of such Group Supplement pursuant to which a Series of Notes is issued.
“Series-Specific Collateral” means, with respect to any Series of Notes, the collateral specified in the related Series Supplement as solely for the benefit of such Series of Notes.
“Series-Specific Collection Account” shall have the meaning, with respect to any Series of Notes, set forth in the Series Supplement with respect to such Series of Notes.  
“SPV Issuer Equity” has the meaning specified in Section 5.12.
“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.

13

“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) 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 (ii) HVF II will not be classified as an association or as a publicly traded partnership taxable as a corporation for United States federal income tax purposes.
“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 knowledge of and familiarity with a particular subject, or any successor thereto responsible for the administration of the Base Indenture.
“Trustee” means The Bank of New York Mellon Trust Company, N.A., a national banking association, as trustee under the Base Indenture and under each Group/Series Supplement. 
“U.S. Government Obligations” means direct obligations of the United States of America, or any agency or instrumentality thereof for the payment of which the full faith and credit of the United States of America 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.
“written” or “in writing” means any form of written communication, including, without limitation, by means of telex, telecopier device, telegraph or cable.

14Exhibit 4.18.2 HVFIIGroupISupplement

EXECUTION COPY

HERTZ VEHICLE FINANCING II LP,  
as Issuer 
 
 
and 
 
 
THE BANK OF NEW YORK MELLON TRUST COMPANY, N.A., 
as Trustee and as Securities Intermediary 
 
 
 
______________________________ 
 
 
GROUP I SUPPLEMENT,
dated as of November 25, 2013
to
 
BASE INDENTURE 
 
dated as of November 25, 2013 
 
______________________________ 
 
 
 
 
Rental Car Asset Backed Notes 
(Issuable in Series)

TABLE OF CONTENTS 

                                                                                                                                                  

	
						
	 
	 
	 
	 
	 
	Page

	ARTICLE I
	DEFINITIONS AND INCORPORATION BY REFERENCE
	 
	2

	 
	Section 1.1.
	 
	Definitions
	 
	2

	 
	Section 1.2.
	 
	Cross-References
	 
	2

	 
	Section 1.3.
	 
	Accounting and Financial Determinations; No Duplication
	 
	2

	 
	Section 1.4.
	 
	Rules of Construction
	 
	2

	ARTICLE II
	THE NOTES
	 
	3

	 
	Section 2.1.
	 
	Designation and Terms of Group I Notes
	 
	3

	 
	Section 2.2.
	 
	Group I Notes Issuable in Series
	 
	4

	 
	Section 2.3.
	 
	Series Supplement for Each Series of Notes
	 
	6

	 
	Section 2.4.
	 
	Execution and Authentication
	 
	7

	ARTICLE III
	SECURITY
	 
	8

	 
	Section 3.1.
	 
	Grant of Security Interest
	 
	8

	 
	Section 3.2.
	 
	Certain Rights and Obligations of HVF II Unaffected
	 
	10

	 
	Section 3.3.
	 
	Performance of Group I Leasing Company Related Documents
	 
	11

	 
	Section 3.4.
	 
	Release of Collateral
	 
	11

	 
	Section 3.5.
	 
	Opinions of Counsel
	 
	12

	 
	Section 3.6.
	 
	Stamp, Other Similar Taxes and Filing Fees
	 
	12

	 
	Section 3.7.
	 
	Duty of the Trustee
	 
	12

	ARTICLE IV
	REPORTS
	 
	13

	 
	Section 4.1.
	 
	Reports and Instructions to Trustee
	 
	13

	 
	Section 4.2.
	 
	Reports to Noteholders
	 
	13

	 
	Section 4.3.
	 
	Group I Administrator
	 
	14

	 
	Section 4.4.
	 
	Reports
	 
	14

	ARTICLE V
	ALLOCATION AND APPLICATION OF COLLECTIONS
	 
	14

	 
	Section 5.1.
	 
	Group I Collection Account
	 
	14

	 
	Section 5.2.
	 
	Trustee as Securities Intermediary
	 
	15

	 
	Section 5.3.
	 
	Group I Collections and Allocations
	 
	17

	 
	Section 5.4.
	 
	Determination of Monthly Interest
	 
	18

	 
	Section 5.5.
	 
	Determination of Monthly Principal
	 
	18

	ARTICLE VI
	DISTRIBUTIONS
	 
	19

	ARTICLE VII
	REPRESENTATIONS AND WARRANTIES
	 
	19

	 
	Section 7.1.
	 
	Security Interests
	 
	19

	 
	Section 7.2.
	 
	Group I Leasing Company Related Documents
	 
	21

	 
	Section 7.3.
	 
	Other Representations
	 
	21

i

TABLE OF CONTENTS
(continued)

	
						
	 
	 
	 
	 
	 
	Page

	 
	 
	 
	 
	 
	 

	ARTICLE VIII
	COVENANTS
	 
	21

	 
	Section 8.1.
	 
	Payment of Notes
	 
	21

	 
	Section 8.2.
	 
	Compliance with Related Documents
	 
	21

	 
	Section 8.3.
	 
	Notice of Defaults
	 
	22

	 
	Section 8.4.
	 
	Further Requests
	 
	22

	 
	Section 8.5.
	 
	Further Assurances
	 
	22

	 
	Section 8.6.
	 
	Dividends, Officers’ Compensation, etc
	 
	23

	 
	Section 8.7.
	 
	Legal Name; Location Under Section 9-307
	 
	24

	 
	Section 8.8.
	 
	Information
	 
	24

	 
	Section 8.9.
	 
	Additional Leasing Companies
	 
	24

	 
	Section 8.10.
	 
	Payment of Taxes and Governmental Obligations
	 
	24

	ARTICLE IX
	AMORTIZATION EVENTS AND REMEDIES
	 
	24

	 
	Section 9.1.
	 
	Amortization Events
	 
	24

	 
	Section 9.2.
	 
	Rights of the Trustee upon Amortization Event or Certain Other Events of Default
	 
	25

	 
	Section 9.3.
	 
	Other Remedies
	 
	27

	 
	Section 9.4.
	 
	Waiver of Past Events
	 
	27

	 
	Section 9.5.
	 
	Control by Requisite Investors
	 
	28

	 
	Section 9.6.
	 
	Limitation on Suits
	 
	28

	 
	Section 9.7.
	 
	Right of Holders to Bring Suit
	 
	28

	 
	Section 9.8.
	 
	Collection Suit by the Trustee
	 
	29

	 
	Section 9.9.
	 
	The Trustee May File Proofs of Claim
	 
	29

	 
	Section 9.10.
	 
	Priorities
	 
	29

	 
	Section 9.11.
	 
	Rights and Remedies Cumulative
	 
	29

	 
	Section 9.12.
	 
	Delay or Omission Not Waiver
	 
	30

	 
	Section 9.13.
	 
	Reassignment of Surplus
	 
	30

	ARTICLE X
	AMENDMENTS
	 
	30

	 
	Section 10.1.
	 
	Without Consent of the Noteholders
	 
	30

	 
	Section 10.2.
	 
	With Consent of the Noteholders
	 
	32

	 
	Section 10.3.
	 
	Supplements and Amendments
	 
	33

	 
	Section 10.4.
	 
	Revocation and Effect of Consents
	 
	33

	 
	Section 10.5.
	 
	Notation on or Exchange of Notes
	 
	34

	 
	Section 10.6.
	 
	The Trustee to Sign Amendments, etc
	 
	34

	ARTICLE XI
	MISCELLANEOUS
	 
	34

	 
	Section 11.1.
	 
	Benefits of Indenture
	 
	34

	 
	Section 11.2.
	 
	Successors
	 
	34

	 
	Section 11.3.
	 
	Severability
	 
	35

	 
	Section 11.4.
	 
	Counterpart Originals
	 
	35

	 
	 
	 
	 
	 
	 

ii

TABLE OF CONTENTS
(continued)

	
						
	 
	 
	 
	 
	 
	Page

	 
	 
	 
	 
	 
	 

	 
	Section 11.5.
	 
	Table of Contents, Headings, etc
	 
	35

	 
	Section 11.6.
	 
	Termination; Collateral
	 
	35

	 
	Section 11.7.
	 
	Governing Law
	 
	35

	 
	Section 11.8.
	 
	Electronic Execution
	 
	36

	 
	Section 11.9.
	 
	Notices
	 
	36

	 
	 
	 
	 
	 
	 

	Schedule
	 
	 
	 
	 

	SCHEDULE I TO THE GROUP I SUPPLEMENT - DEFINITIONS LIST
	 
	 

	 
	 
	 
	 
	 
	 

	Exhibits
	 
	 
	 
	 

	 
	 
	 
	 
	 
	 

	Exhibit A
	Form of RCFC Nominee Agreement
	 
	 

	Exhibit B
	Form of RCFC Organizational Documents
	 
	 

iii

GROUP I SUPPLEMENT, dated as of November 25, 2013 (this “Group I Supplement”), between HERTZ VEHICLE FINANCING II LP, a special purpose limited partnership established under the laws of Delaware, as issuer (“HVF II”), and THE BANK OF NEW YORK MELLON TRUST COMPANY, N.A., a national banking association, as trustee (in such capacity, the “Trustee”) and as securities intermediary (in such capacity, the “Securities Intermediary”) to the Base Indenture, dated as of November 25, 2013, between HVF II and the Trustee (as amended, modified or supplemented from time to time, exclusive of Group Supplements and Series Supplements,  the “Base Indenture”).
W I T N E S S E T H:
WHEREAS, Sections 2.2 and 9.1 of the Base Indenture provide, among other things, that HVF II and the Trustee may at any time and from time to time enter into a supplement to the Base Indenture for the purpose of authorizing the creation of one or more Groups of Notes.
NOW, THEREFORE, in consideration of the foregoing premises, and other good and valuable consideration, the receipt and sufficiency of which are hereby acknowledged by the parties hereto, the parties hereto agree as follows:
DESIGNATION
There is hereby created a Group under which various Series of Notes may from time to time be issued pursuant to the Base Indenture and this Group I Supplement, and such Group shall be designated generally as Group I.  Each Series of Notes issued pursuant to the Group I Indenture and a Group I Series Supplement shall be designated as a Series of Group I Notes (such notes, collectively, the “Group I Notes”).

ARTICLE I 
 
DEFINITIONS AND INCORPORATION BY REFERENCE
Section 1.1.    Definitions.  
(a)    Certain 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 Base Indenture Definitions List, as amended, modified, restated or supplemented from time to time in accordance with the terms of the Base Indenture.  All Article, Section or Subsection references herein shall refer to Articles, Sections or Subsections of this Group I 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 Group I Notes and not to any other Group of Notes issued by HVF II.  
Section 1.2.    Cross-References.
Unless otherwise specified, references in this Group I Supplement and in each other Group I Related Document to any Article or Section are references to such Article or Section of this Group I Supplement or such other Group I Related Document, as the case may be and, unless otherwise specified, references in any Article, Section or definition 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 Group I Supplement, such determination or calculation shall be made, to the extent applicable and except as otherwise specified in this Group I Supplement, 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 Group I Related Documents shall be made without duplication.
Section 1.4.    Rules of Construction.
In this Group I 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 

2

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 Group I 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; and 
(i)    the language used in this Group I 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     
 
THE NOTES
Section 2.1.    Designation and Terms of Group I Notes.
Each Series of Group I Notes shall be substantially in the form specified in the applicable Group I Series Supplement and shall bear, upon its face, the designation for such Series of Group I Notes to which it belongs as selected by HVF II, with such appropriate insertions, omissions, substitutions and other variations as are required or permitted hereby or by the applicable Group I Series Supplement and may have such letters, numbers or other marks of identification and such legends or indorsements placed thereon as may, consistently herewith, be determined to be appropriate by the Authorized Officer executing such Group I Notes, as evidenced by his execution of the Group I Notes.  All Group I Notes of any Series of Group I Notes shall, except as specified in the applicable Group I Series Supplement, 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 the Group I Indenture and the applicable Group I Series Supplement.  The aggregate principal amount of Group I Notes that may be authenticated and delivered under this Group I Supplement is unlimited.  The Group I Notes of each Series of Group I Notes shall be issued in the denominations set forth in the applicable Group I Series Supplement.  Each Series of Group I Notes which are designated as a Series of Group I Notes in the applicable Group I Series Supplement shall be secured by the Group I Indenture Collateral.
Section 2.2.    Group I Notes Issuable in Series.
(a)    The Group I Notes shall be issued in one or more Series of Group I Notes.  Each Series of Group I Notes shall be created by a Group I Series Supplement.
(b)    Group I Notes of a new Series of Group I Notes may from time to time be executed by HVF II and delivered to the Trustee for authentication and thereupon the same shall be authenticated and delivered by the Trustee upon delivery by HVF II to the Trustee, and receipt by the Trustee, of the following:
(i)    a Company Order authorizing and directing the authentication and delivery of the Group I Notes of such new Series of Group I Notes by the Trustee and specifying the designation of such new Series of Group I Notes, the Initial Principal Amount (or the method for calculating the Initial Principal Amount) of such new Series of Group I Notes to be authenticated and the Note Rate with respect to such new Series of Group I Notes;
(ii)    a Group I Series Supplement satisfying the criteria set forth in Section 2.3 executed by HVF II, the Trustee and any other parties thereto and specifying the Group I Series Principal Terms of such new Series of Group I Notes;
(iii)    each related Group I Series Enhancement Agreement, if any, executed by each of the parties thereto, other than the Trustee;
(iv)    written confirmation from each Rating Agency that the Rating Agency Condition with respect to each Series of Group I Notes Outstanding (other than any such Series of Group I 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 Group I Notes or will occur as a result of the issuance of the new Series of Group I Notes or (B) that is being repaid in full with the proceeds of the Notes issued pursuant to such Group I Series Supplement) shall have been satisfied with respect to such issuance;
(v)    an Officer’s Certificate of HVF II dated as of the applicable Series Closing Date to the effect that (A) consent has been obtained from the Required Series Noteholders of each Series of Group I 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 Group I Notes or will occur as a result of the issuance of the new Series of Group I Notes, if, in any such case, such existing Series of Group I Notes will not be refinanced with the proceeds of the issuance of such new Series of Notes, (B) all conditions precedent set forth in the Group I Indenture and the related Group I Series Supplement with respect to the authentication and delivery of the new Series of Group I Notes have been satisfied and (C) all conditions precedent set forth in the Group I Indenture with respect to the execution of the related Group I Series Supplement have been complied with in all material respects;
(vi)    a Tax Opinion; 
(vii)    evidence that each of the parties to the Series Related Documents with respect to the new Series of Group I Notes has covenanted and agreed in such Series Related Documents that, prior to the date that is one year and one 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 II or the HVF II General Partner 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 Group I 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 Closing Date, substantially to the effect that:
		
	(A)
	all conditions precedent provided for in the Group I Indenture and the related Group I Series Supplement with respect to the authentication and delivery of the new Series of Group I Notes have been complied with in all material respects, and all conditions precedent set forth in the Group I Indenture with respect to the execution of the related Group I Series Supplement have been complied with in all material respects;

		
	(B)
	the related Group I Series Supplement has been duly authorized, executed and delivered by HVF II and the HVF II General Partner;

		
	(C)
	the new Series of Group I Notes has been duly authorized and executed and, when authenticated and delivered in accordance with the provisions of the Group I Indenture and the related Group I Series Supplement, will constitute valid, binding and enforceable obligations of HVF II entitled to the benefits of the Group I Indenture and the related Group I Series Supplement, subject, in the case of enforcement, to bankruptcy, insolvency, reorganization, moratorium and other similar laws affecting creditors’ rights generally and to general principles of equity; 

		
	(D)
	the related Group I Series Supplement has been duly authorized, executed and delivered, and is a legal, valid and binding agreement of HVF II, enforceable in accordance with its terms, subject to bankruptcy, insolvency, reorganization, moratorium and other similar laws affecting creditors’ rights generally and to general principles of equity; and

		
	(E)
	that the new Series of Group I Notes is secured by a valid and perfected security interest in the Group I Indenture Collateral; and 

(ix)    such other documents, instruments, certifications, agreements or other items as the Trustee may reasonably require.
Upon satisfaction of such conditions, the Trustee shall authenticate and deliver, as provided above, such Series of Group I Notes upon execution thereof by HVF II.
Section 2.3.    Series Supplement for Each Series of Notes.  In conjunction with the issuance of a new Series of Group I Notes, the parties hereto shall execute a Group I Series Supplement, which shall specify the relevant terms with respect to such new Series of Group I Notes, which may 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 Group I Notes;
(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 Group I Collections to such Series of Group I Notes;
(ix)    whether the Group I Notes of such Group I Series will be issued in multiple Classes and, if so, the method of allocating Group I Collections allocated to such Group I Series among such Classes and the rights and priorities of each such Class;
(x)    the method by which the principal amount of the Group I Notes of such Series of Group I Notes shall amortize or accrete;
(xi)    the names of any Group I Series Accounts to be used by such Series of Group I 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 Group I Series Account on the applicable Series Closing Date;
(xiii)    the terms of any related Group I Series Enhancement and the Group I Series Enhancement Provider thereof, if any;
(xiv)    whether the Group I Notes of such Series of Group I Notes may be issued in bearer form and any limitations imposed thereon;
(xv)    its Legal Final Payment Date; and
(xvi)    any other relevant terms of such Series of Group I Notes that do not change the terms of any Series of Group I Notes Outstanding (all such terms, the “Group I Series Principal Terms” of such Series of Group I Notes).

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Section 2.4.    Execution and Authentication.
(a)    Each Series of Group I Notes shall, upon issue pursuant to Section 2.2, be executed on behalf of HVF II by an Authorized Officer and delivered by HVF II to the Trustee for authentication and redelivery as provided herein.  If an Authorized Officer whose signature is on a Group I Note no longer holds that office at the time the Group I Note is authenticated, such Group I Note shall nevertheless be valid.
(b)    At any time and from time to time after the execution and delivery of this Group I Supplement, HVF II may deliver Group I Notes of any particular Series of Group I Notes executed by HVF II to the Trustee for authentication, together with one or more Company Orders for the authentication and delivery of such Group I Notes, and the Trustee, in accordance with such Company Order and this Group I Supplement, shall authenticate and deliver such Group I Notes.
(c)    No Group I Note shall be entitled to any benefit under the Group I Indenture or be valid for any purpose unless there appears on such Group I Note a certificate of authentication substantially in the form provided for herein, duly executed by the Trustee by the manual signature of a Trust Officer (and the Luxembourg agent (the “Luxembourg Agent”), if the Group I Notes of the Series of Group I Notes to which such Group I Note belongs are listed on the Luxembourg Stock Exchange).  Such signatures on such certificate shall be conclusive evidence, and the only evidence, that the Group I Note has been duly authenticated under this Group I Supplement.  The Trustee may appoint an authenticating agent acceptable to HVF II to authenticate Group I Notes.  Unless limited by the term of such appointment, an authenticating agent may authenticate Group I Notes whenever the Trustee may do so.  Each reference in this Group I Supplement 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 Group I Notes of a Series of Group I Notes issued under the within mentioned Group I Indenture.
THE BANK OF NEW YORK MELLON TRUST COMPANY, N.A., as Trustee 
 
By:                                                  
    Authorized Signatory
(d)    Each Group I Note shall be dated and issued as of the date of its authentication by the Trustee.
(e)    Notwithstanding the foregoing, if any Group I Note shall have been authenticated and delivered hereunder but never issued and sold by HVF II, and HVF II shall deliver such Group I Note to the Trustee for cancellation as provided in Section 2.4 of the Base Indenture together with a written statement (which need not comply with Section 10.3 of the Base Indenture and need not be accompanied by an Opinion of Counsel) stating that such Group I Note has never been issued and sold by HVF II, for all purposes of the Group I Indenture such 

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Group I Note shall be deemed never to have been authenticated and delivered hereunder and shall not be entitled to the benefits of the Group I Indenture.
(f)    The Trustee shall have the right to decline to authenticate and deliver any Group I Notes under this Section 2.4 if the Trustee, based on the written advice of counsel, determines that such action may not lawfully be taken.
                                                                  ARTICLE III     
 
SECURITY
Section 3.1.    Grant of Security Interest.
(a)    To secure the Group I Note Obligations, HVF II hereby pledges, assigns, conveys, delivers, transfers and sets over to the Trustee, for the benefit of the Group I Noteholders, and hereby grants to the Trustee, for the benefit of such Group I Noteholders, a security interest in, all of the following property now owned or at any time hereafter acquired by HVF II or in which HVF II now has or at any time in the future may acquire any right, title or interest (collectively, the “Group I Indenture Collateral”):
(i)    the Group I Leasing Company Notes, including, without limitation, all monies due and to become due to HVF II from any Group I Leasing Company under or in connection with any Group I Leasing Company Note, whether payable as principal, interest, fees, expenses, costs, indemnities, insurance recoveries, damages for the breach of any provision of any Group I Leasing Company Note or otherwise, all security for amounts payable thereunder and all rights, remedies, powers, privileges and claims of HVF II against any other party under or with respect to any Group I Leasing Company Note (whether arising pursuant to the terms of such Group I Leasing Company Note or otherwise available to HVF II at law or in equity), the right to enforce any Group I Leasing Company Note 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 Group I Leasing Company Note or the obligations of any party thereunder;
(ii)    the Group I Related Documents (other than the Group I Indenture), including all monies due and to become due to HVF II under or in connection with any Group I Related Document, whether payable as fees, expenses, costs, indemnities, insurance recoveries, damages for the breach of any provision of any Group I Related Document, all security for amounts payable thereunder and all rights, remedies, powers, privileges and claims of HVF II against any other party under or with respect to any Group I Related Document (whether arising pursuant to the terms of such Group I Related Document or otherwise available to HVF II at law or in equity), the right to enforce any Group I 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 Group I Related Document or the obligations of any party thereunder; 

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(iii)    the Group I Collection Account, all monies on deposit from time to time in the Group I Collection Account and all proceeds thereof;
(iv)    all additional property that may from time to time hereafter (pursuant to the terms of the Group I Supplement or otherwise) be subjected to the grant and pledge hereof by HVF II or by anyone on its behalf; and
(v)    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.
(b)    The foregoing grant is made in trust to secure the Group I Note Obligations and to secure compliance with the provisions of the Group I Indenture and any Group I Series Supplement, all as provided in the Group I Indenture.  The Trustee, as trustee on behalf of the Group I Noteholders, acknowledges such grant, accepts the trusts under the Group I Indenture in accordance with the provisions of the Group I Indenture agrees to perform its duties required in the Group I Indenture.  Except as otherwise stated in any Group I Series Supplement, the Group I Indenture Collateral shall secure the Group I Notes equally and ratably without prejudice, priority or distinction.
(c)    The Group I Indenture Collateral has been pledged to the Trustee to secure each Series of Group I Notes.  For all purposes hereunder and for the avoidance of doubt, the Group I Indenture Collateral will be held by the Trustee solely for the benefit of the Holders of the Group I Notes, and no Noteholder of any Series of Notes that is not a Series of Group I Notes will have any right, title or interest in, to or under the Group I Indenture Collateral.  For the avoidance of doubt, if it is determined that the Group I Noteholders have any right, title or interest in, to or under the Group-Specific Collateral with respect to any Group of Notes other than Group I Notes, then the Group I Noteholders agree that their right, title and interest in, to or under such Group-Specific Collateral shall be subordinate in all respects to the claims or rights of the Noteholders with respect to such other Group of Notes, and in such case, this Group I Supplement shall constitute a subordination agreement for purposes of Section 510(a) of the Bankruptcy Code.
(d)    On the Initial Group I Closing Date, HVF II shall deliver or cause to be delivered to the Trustee as security for the Group I Note Obligations, the HVF Series 2013-G1 Note.  The Trustee shall take possession of the HVF Series 2013-G1 Note in New York, New York and shall at all times during the period of the Group I Indenture maintain custody of the HVF Series 2013-G1 Note in New York, New York. The HVF Series 2013-G1 Note shall be accompanied by the indorsement of the HVF Series 2013-G1 Note in blank by an effective indorsement.
(e)    On any date after the Initial Group I Closing Date on which HVF II acquires an Additional Group I Leasing Company Note, HVF II shall deliver or cause to be delivered to the Trustee as security for the Group I Note Obligations, such Additional Group I Leasing Company Note.  The Trustee shall take possession of such Additional Group I Leasing Company Note in New York, New York and shall at all times during the period of the Group I 

6

Indenture maintain custody of such Additional Group I Leasing Company Note in New York, New York. Such Additional Group I Leasing Company Note shall be accompanied by the indorsement of such Additional Group I Leasing Company Note in blank by an effective indorsement.
Section 3.2.    Certain Rights and Obligations of HVF II Unaffected.
(a)    Actions With Respect to Base Related Documents and Group I Related Documents.  Without derogating from the absolute nature of the assignment granted to the Trustee under this Group I Supplement or the rights of the Trustee hereunder, unless a Group I Liquidation Event has occurred and is continuing and except to the extent prohibited by Section 8.2, HVF II shall be permitted to give all requests, notices, directions or approvals, 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 Base Related Documents and Group I Related Documents) to any Person in accordance with the terms of the Base Related Documents and Group I Related Documents.
(b)    Assignment of Group I Indenture Collateral to Trustee.  The assignment of the Group I Indenture Collateral to the Trustee on behalf of the Group I Noteholders shall not (i) relieve HVF II from the performance of any term, covenant, condition or agreement on HVF II’s part to be performed or observed under or in connection with any of the Group I Leasing Company Related Documents or from any liability to any Person thereunder or (ii) impose any obligation on the Trustee or any such Group I Noteholders to perform or observe any such term, covenant, condition or agreement on HVF II’s part to be so performed or observed or impose any liability on the Trustee or any of the Group I Noteholders for any act or omission on the part of HVF II or from any breach of any representation or warranty on the part of HVF II.
(c)    Indemnification of Trustee.  HVF II shall indemnify 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 the Group I Indenture or any Group I Related Document or preserving any of its rights to, or realizing upon, any of the Group I Indenture 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) shall survive the removal of, or a resignation by, such Person as Trustee as well as the termination of this Group I Supplement or any Group I Series Supplement.
Section 3.3.    Performance of Group I Leasing Company Related Documents.
Upon the occurrence of a Group I Leasing Company Amortization Event, promptly following a request from the Trustee to do so and at HVF II’s expense, HVF II agrees to take all such lawful action as the Trustee may request to compel or secure the performance and observance by such party to any of the Base Related Documents and Group I Related Documents, in each case, in accordance with the applicable terms thereof, and to exercise any and all rights, remedies, powers and privileges lawfully available to HVF II to the extent and in the manner directed by the Trustee, including the transmission of notices of default thereunder 

7

and the institution of legal or administrative actions or proceedings to compel or secure performance by such party to any of the Base Related Documents and Group I Related Documents, as applicable, of each of its obligations under such Base Related Documents and Group I Related Documents, as applicable.  
If (i) HVF II shall have failed, within five (5) Business Days of receiving the direction of the Trustee, to take commercially reasonable action to accomplish such directions of the Trustee, (ii) HVF II refuses to take any such action, (iii) the Trustee reasonably determines that such action must be taken immediately or (iv) an Amortization Event with respect to any Series of Group I Notes or any Group I Liquidation Event has occurred and is continuing, then the Trustee may take such previously directed action and any related action permitted under the Group I Indenture that the Trustee thereafter determines is appropriate (without the need under this provision or any other provision under the Group I Indenture to direct HVF II to take such action), on behalf of HVF II and the Group I Noteholders.  
HVF II does hereby make, constitute and appoint the Trustee its true and lawful Attorney-in-Fact for it and in its name, stead and behalf to exercise any and all rights, remedies, powers and privileges lawfully available to HVF II with respect to any Group I Leasing Company Note pursuant to this Section 3.3.
Section 3.4.    Release of Collateral.
(a)    The Trustee shall, when required by the provisions of this Group I Supplement or any Group I Series Supplement, execute instruments to release property from the lien of this Group I Supplement or any or all Group I 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 Group I Supplement or such Group I Series Supplements, as applicable.  No party relying upon an instrument executed by the Trustee as provided in this Section 3.4 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)    The Trustee shall, at such time as there are no Group I Notes Outstanding, release any remaining portion of the Group I Indenture Collateral from the lien of the Group I Supplement and release to HVF II any amounts then on deposit in or credited to the Group I Collection Account.  The Trustee shall release property from the lien of this Group I Supplement pursuant to this Section 3.4(b) only upon receipt of a Company Order accompanied by an Officer’s Certificate and an Opinion of Counsel meeting the applicable requirements of Section 3.5.
Section 3.5.    Opinions of Counsel.
The Trustee shall receive at least seven (7) days’ notice when requested by HVF II to take any action pursuant to Section 3.4, accompanied by copies of any instruments involved and an Opinion of Counsel (which may be based on 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 Group I Notes or the rights of the Group I Noteholders in a manner not permitted under the Master Related Documents; provided, however that such Opinion of Counsel shall not be required to express an opinion as to the fair value of the Group I Indenture Collateral.  Counsel rendering any such opinion may rely, without independent investigation, on the accuracy and validity of any certificate or other instrument delivered to the Trustee in connection with any such action.  For the avoidance of doubt, any action pursuant to Section 3.4(a) relating to the release of Group I Indenture Collateral or the conveyance by the Trustee of its security interest in the same shall be deemed not to materially and adversely impair the security for any Series of Notes that is not a Series of Group I Notes.

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Section 3.6.    Stamp, Other Similar Taxes and Filing Fees.  
HVF II shall indemnify and hold harmless the Trustee and each Group I 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 the Group I Indenture.  HVF II shall pay, or reimburse the Trustee for, 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 reasonably determined to be payable in respect of the execution, delivery, performance and/or enforcement of the Group I Indenture.
Section 3.7.    Duty of the Trustee.  
Except for actions expressly authorized by the Group I Indenture, the Trustee shall take no action reasonably likely to impair the security interests created hereunder in any of the Group I Indenture Collateral now existing or hereafter created or to impair the value of any of the Group I Indenture 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 Group I Closing Date, HVF II shall prepare and maintain, or cause to be prepared and maintained, a record (each, a “Daily Group I Collection Report”) setting forth the aggregate of the amounts deposited in the Group I Collection Account on the immediately preceding Business Day.  HVF II shall deliver a copy of the Daily Group I Collection Report for each Business Day to the Trustee.
(b)    Quarterly Compliance Certificates.  On the Payment Date in each of March, June, September and December, commencing in December 2013, HVF II shall deliver to the Trustee an Officer’s Certificate of HVF II to the effect that, except as provided in a notice delivered pursuant to Section 8.3, no Amortization Event or Potential Amortization Event with respect to any Series of Group I Notes Outstanding has occurred or is continuing.
(c)    Instructions as to Withdrawals and Payments.  HVF II will furnish, or cause to be furnished, to the Trustee or the Paying Agent, as applicable, written instructions to make withdrawals and payments from the Group I Collection Account and any other accounts specified in a Group I Series Supplement and to make drawings under any Group I Series Enhancement, as contemplated herein and in any Group I Series Supplement.  The Trustee and the Paying Agent shall promptly follow any such written instructions.
Section 4.2.    Reports to Noteholders.
(a)    On each Payment Date, the Paying Agent shall forward to each Group I Noteholder of record as of the immediately preceding Record Date of each Series of Group I Notes Outstanding the Monthly Noteholders’ Statement with respect to such Series of Group I Notes, with a copy to the Rating Agencies and any Group I Series Enhancement Provider with respect to such Series of Group I 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 Group I Noteholders, the Rating Agencies and such Group I 

9

Series Enhancement Providers or by any other reasonable means of electronic transmission (including, without limitation, e-mail, file transfer protocol or otherwise).
(b)    Annual Noteholders’ Tax Statement.  Unless otherwise specified in the applicable Group I Series Supplement, on or before January 31 of each calendar year, beginning with calendar year 2013, the Paying Agent shall furnish to each Person who at any time during the preceding calendar year was a Group I Noteholder a statement prepared by or on behalf of HVF II containing the information that is required to be contained in the Monthly Noteholders’ Statements with respect to such Series of Group I Notes aggregated for such calendar year or the applicable portion thereof during which such Person was a Group I Noteholder, together with such other customary information (consistent with the treatment of the Group I Notes as debt) as HVF II deems necessary or desirable to enable the Group I Noteholders to prepare their tax returns (each such statement, an “Annual Noteholders’ Tax Statement”).  Such obligations of HVF II to prepare and the Paying Agent to distribute the Annual Noteholders’ Tax Statement shall be deemed to have been satisfied to the extent that substantially comparable information shall be provided by the Paying Agent pursuant to any requirements of the Code as from time to time in effect.
Section 4.3.    Group I Administrator.
Pursuant to the Group I Administration Agreement, the Group I Administrator has agreed to provide certain services to HVF II and to take certain actions on behalf of HVF II, 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 II pursuant to this Group I Supplement.  Each Group I Noteholder by its acceptance of a Group I 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 Group I Administrator in lieu of HVF II and hereby agrees that HVF II’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 Group I Administrator and to the extent so performed or taken by the Group I Administrator shall be deemed for all purposes hereunder to have been so performed or taken by HVF II; provided that, for the avoidance of doubt, none of the foregoing shall create any payment obligation of the Group I Administrator or relieve HVF II of any payment obligation hereunder.
Section 4.4.    Reports.  
Delivery of reports 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 II’s compliance with any of its covenants hereunder (as to which the Trustee is entitled to rely exclusively on Officer’s Certificates).

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                                                                ARTICLE V     
 
ALLOCATION AND APPLICATION OF COLLECTIONS
Section 5.1.    Group I Collection Account.
(a)    Establishment of Group I Collection Account.  On or prior to the Initial Group I Closing Date, HVF II, the Securities Intermediary and the Trustee shall have established a securities account (the “Group I Collection Account”) in the name of, and under the control of, the Trustee that shall be maintained for the benefit of the Group I Noteholders.  If at any time a Trust Officer obtains actual knowledge or receives written notice that the Group I Collection Account is no longer an Eligible Account, the Trustee, within ten (10) Business Days of obtaining such knowledge, shall cause the Group I Collection Account to be moved to a Qualified Institution or a Qualified Trust Institution and cause the depositary maintaining the new Group I Collection Account to assume the obligations of the existing Securities Intermediary hereunder.  
(b)    Administration of the Group I Collection Account.  HVF II may instruct (by standing instructions or otherwise) the institution maintaining the Group I Collection Account to invest funds on deposit in such Group I Collection Account from time to time in Permitted Investments; provided, however, that any such investment in the Group I 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 Group I Collection Account).  Investments of funds on deposit in administrative sub-accounts of the Group I Collection Account established in respect of particular Group I Notes shall be required to mature on or before the dates specified in the applicable Group I Series Supplement.  In the absence of written investment instructions hereunder, funds on deposit in the Group I Collection Account shall remain uninvested.  HVF II 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 II, and the Trustee shall have no responsibility to monitor the investment rating of any Permitted Investment.
(c)    Earnings from Group I Collection Account.  All interest and earnings (net of losses and investment expenses) paid on amounts on deposit in or credited to the Group I Collection Account shall be deemed to be available and on deposit for distribution.
(d)    Establishment of Group I Series Accounts.  To the extent specified in the Group I Series Supplement with respect to any Series of Group I Notes, the Trustee may establish and maintain one or more Group I Series Accounts and/or administrative sub-accounts of the Group I Collection Account to facilitate the proper allocation of Group I Collections in accordance with the terms of such Group I Series Supplement.

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Section 5.2.    Trustee as Securities Intermediary.
(a)    With respect to the Group I Collection Account, the Trustee or other Person maintaining such Group I 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 Group I Collection Account.  If the Securities Intermediary is not the Trustee, HVF II shall obtain the express agreement of such Person to the obligations of the Securities Intermediary set forth in this Section 5.2.
(b)    The Securities Intermediary agrees that:
(i)    The Group I 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 Group I Collection 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 the Group I Collection Account be registered in the name of HVF II, payable to the order of HVF II or specially indorsed to HVF II;
(iii)    All property delivered to the Securities Intermediary pursuant to this Group I Supplement and all Permitted Investments thereof will be promptly credited to the Group I Collection Account;
(iv)    Each item of property (whether investment property, security, instrument or cash) credited to the Group I Collection Account shall be treated as a Financial Asset;
(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 Group I 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 II or the Group I Administrator;
(vi)    The Group I 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 Group I Collection Account (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 Group I Supplement, will not enter into, any agreement with any other 

12

Person relating to the Group I 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 Group I Supplement will not enter into, any agreement with HVF II 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); and
(viii)    Except for the claims and interest of the Trustee and HVF II in the Group I Collection Account, the Securities Intermediary knows of no claim to, or interest in, the Group I 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 Group I Collection Account or in any Financial Asset carried therein, the Securities Intermediary will promptly notify the Trustee, the Group I Administrator and HVF II thereof.
(c)    The Trustee shall possess all right, title and interest in all funds on deposit from time to time in the Group I Collection Account and in all Proceeds thereof, and shall be the only person authorized to originate Entitlement Orders in respect of the Group I Collection Account.
(d)    The Securities Intermediary will promptly send copies of all statements for the Group I Collection Account, which statements shall reflect any financial assets credited thereto simultaneously to each of HVF II, the Group I Administrator, and the Trustee at the addresses set forth in Section 11.9.
(e)    In the event that the Securities Intermediary has or subsequently obtains by agreement, operation of law or otherwise a security interest in the Group I 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 Group I Noteholders.  The financial assets and other items deposited to the Group I 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 Group I Noteholders.
(f)    Notwithstanding anything in Section 5.1 or this Section 5.2 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 Group I 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 Group I Collection Account by crediting to such Group I Collection Account a general unsecured claim against the Securities Intermediary, as a bank, payable on demand, for the amount of such cash.
(g)    Notwithstanding anything in Section 5.1 or this Section 5.2 to the contrary, with respect to the Group I Collection Account and any credit balances not constituting Financial Assets credited thereto, the Securities Intermediary shall be acting as a bank (as defined in 

13

Section 9-102(a)(8) of the New York UCC) if the Group I Collection Account is deemed not to constitute a securities account.
Section 5.3.    Group I Collections and Allocations.
(a)    Group I Collections in General.  Until this Group I Supplement is terminated pursuant to Section 11.6, HVF II shall, and the Trustee is authorized (upon written instructions) to, cause all Group I Collections due and to become due to HVF II or the Trustee, as the case may be, to be deposited to the Group I Collection Account at such times as such amounts are due.  HVF II agrees that if any such monies, instruments, cash or other proceeds shall be received by HVF II in an account other than the Group I Collection Account or in any other manner, such monies, instruments, cash and other proceeds will not be commingled by HVF II 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 II for, and immediately (but in any event within two (2) Business Days from receipt) remitted to, the Trustee, with any necessary indorsement.  Subject to Section 9.11, all monies, instruments, cash and other proceeds received by the Trustee pursuant to this Group I Supplement shall be promptly deposited in the Group I Collection Account and shall be applied as provided in this Article V.
(b)    Allocations for Group I Noteholders.  On each day on which Group I Collections are deposited into the Group I Collection Account, HVF II shall allocate Group I Collections deposited into the Group I Collection Account in accordance with this Article V and shall instruct the Trustee in writing to withdraw the required amounts from the Group I Collection Account and make the required deposits in any Group I Series Account in accordance with this Article V, as modified by each Group I Series Supplement.  HVF II shall make such deposits or payments on the date indicated therein in immediately available funds or as otherwise provided in the applicable Group I Series Supplement for any Series of Group I Notes.
(c)    Sharing Group I Collections.  In the manner described in the applicable Group I Series Supplement, to the extent that Group I Principal Collections that are allocated to any Series of Group I Notes on a Payment Date are not needed to make payments to Group I Noteholders of such Series of Group I Notes or required to be deposited in a Group I Series Account for such Series of Group I Notes on such Payment Date, such Group I Principal Collections may, at the direction of HVF II, be applied to cover principal payments due to or for the benefit of Group I Noteholders of another Series of Group I Notes.  Any such reallocation will not result in a reduction in the Principal Amount of the Series of Group I Notes to which such Group I Principal Collections were initially allocated.
(d)    Unallocated Group I Principal Collections.  If, after giving effect to Section 5.3(c), Group I Principal Collections allocated to any Series of Group I Notes on any Payment Date are in excess of the amount required to be paid in respect of such Series of Group I Notes on such Payment Date, then any such excess Group I Principal Collections shall be allocated to HVF II or such other party as may be entitled thereto as set forth in any Group I Series Supplement.  Notwithstanding anything to the contrary contained herein, no Series of Notes that are not Group I Notes shall have any right or claim to any such excess Group I Principal Collections.
Section 5.4.    Determination of Monthly Interest.
Monthly payments of interest on each Series of Group I Notes shall be determined, allocated and distributed in accordance with the procedures set forth in the applicable Group I Series Supplement.
Section 5.5.    Determination of Monthly Principal.
Monthly payments of principal of each Series of Group I Notes shall be determined, allocated and distributed in accordance with the procedures set forth in the applicable Group I Series Supplement.  All principal of or interest on any Series of Group I Notes, however, shall be due and payable no later than the Legal Final Payment Date with respect to such Series of Group I Notes.

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                                                                   ARTICLE VI     
 
DISTRIBUTIONS
Unless otherwise specified in the applicable Group I Series Supplement, on each Payment Date, the Paying Agent shall pay to the Group I Noteholders of each Series of Group I Notes of record on the preceding Record Date the amounts payable thereto hereunder by check mailed first-class postage prepaid to such Group I Noteholder at the address for such Group I Noteholder appearing in the Note Register except that with respect to Group I 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 Trustee or the Paying Agent from the applicable Group I Series Account no later than Noon (New York City time) 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 Group I Note shall only be paid to the Group I Noteholder of a Definitive Note on due presentment of such Definitive Note for cancellation in accordance with the provisions of the Group I Note.
                                                                ARTICLE VII     
 
REPRESENTATIONS AND WARRANTIES
HVF II hereby represents and warrants, for the benefit of the Trustee and the Group I Noteholders, as follows as of the Initial Group I Closing Date and each Series Closing Date with respect to any Series of Group I Notes:
Section 7.1.    Security Interests.
(a)    This Group I Supplement creates a valid and continuing Lien on the Group I Indenture Collateral in favor of the Trustee on behalf of the Group I Noteholders, which Lien on the Group I Indenture Collateral has been perfected and is prior to all other Liens (other than Group I Permitted Liens), and is enforceable as such as against creditors of and purchasers from HVF II 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 II has received all consents and approvals required by the terms of the Group I Indenture Collateral to the pledge of the Group I Indenture Collateral to the Trustee.
(c)    Each of the Group I Leasing Company Notes is registered in the name of the Trustee and has been delivered to the Trustee.  All other action necessary (including the filing of UCC-1 financing statements) to protect and perfect the Trustee’s security interest for the benefit of the Group I Noteholders in the Group I Indenture Collateral now in existence and hereafter acquired or created has been duly and effectively taken.

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(d)    Other than the security interest granted to the Trustee hereunder, HVF II has not pledged, assigned, sold or granted a security interest in the Group I Indenture Collateral.  No security agreement, financing statement, equivalent security or lien instrument or continuation statement listing HVF II as debtor covering all or any part of the Group I Indenture Collateral is on file or of record in any jurisdiction, except such as may have been filed, recorded or made by HVF II in favor of the Trustee on behalf of the Group I Noteholders in connection with this Group I Supplement, and HVF II has not authorized any such filing.
(e)    HVF II’s legal name is Hertz Vehicle Financing II LP and its location within the meaning of Section 9-307 of the applicable UCC is the State of Delaware.
(f)    Except for a change made pursuant to Section 8.7, (i) HVF II’s sole place of business and chief executive office shall be at 225 Brae Boulevard, Park Ridge, New Jersey 07656, and the places where its records concerning the Collateral are kept are at: (A) 225 Brae Boulevard, Park Ridge, New Jersey 07656 and (B) 14501 Hertz Quail Springs Parkway, Oklahoma City, OK 73134 and (ii) HVF II’s jurisdiction of organization is Delaware.  HVF II does not transact, and has not transacted, business under any other name.
(g)    All authorizations in this Group I Supplement for the Trustee to indorse checks, instruments and securities and to execute financing statements, continuation statements, security agreements and other instruments with respect to the Group I Indenture Collateral and to take such other actions with respect to the Group I Indenture Collateral authorized by this Indenture are powers coupled with an interest and are irrevocable.
(h)    The Group I General Intangibles Collateral constitutes “general intangibles” within the meaning of the New York UCC.
(i)    HVF II owns and has good and marketable title to the Group I Indenture Collateral free and clear of any Liens (other than Group I Permitted Liens).
(j)    HVF II has caused or will have caused, within ten (10) days of the date hereof, 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 Group I General Intangibles Collateral and the Group I Indenture Collateral constituting Investment Property granted to the Trustee in favor of the Group I Noteholders hereunder.
(k)    HVF II has not authorized the filing of and is not aware of any financing statements against HVF II that include a description of collateral covering the Group I Indenture 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 Group I Noteholders hereunder or that has been terminated.  HVF II is not aware of any judgment or tax lien filings against HVF II.
(l)    HVF II is a Registered Organization.
Section 7.2.    Group I Leasing Company Related Documents.
There are no Group I Leasing Company Amortization Events or Group I Potential Leasing Company Amortization Events continuing.
Section 7.3.    Other Representations.
All representations and warranties of HVF II made in each Group I 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.  All representations and warranties of HVF II made in the Base Indenture 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, but replacing each reference therein to “Base Related Documents” with “Base Related Documents and Group I Related Documents”.

16

                                                                 ARTICLE VIII     
 
COVENANTS
Section 8.1.    Payment of Notes.
HVF II shall pay the principal of and interest on the Group I Notes pursuant to the provisions of the Group I Indenture and any applicable Group I 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.    Compliance with Related Documents.
HVF II agrees that it will not:
(i)    amend, modify, waive, supplement, terminate, surrender, or discharge, or agree to any amendment, modification, supplement, termination, waiver, surrender, or discharge of, the terms of any Group I Indenture Collateral, including any of the Group I Related Documents (other than the Group I Indenture in accordance with the provisions of Article X),
(ii)    take any action to compel or secure performance or observation by any such obligor of its obligations applicable to any Group I Leasing Company or HVF II or
(iii)    consent to the assignment of any such Group I Related Document by any other party thereto 
(each action described in foregoing clauses (i), (ii) and (iii), the “Group I Related Document Actions”), in each case, without (A) the prior written consent of the Requisite Group I Investors, (B) satisfying the Rating Agency Condition with respect to each Series of Group I Notes Outstanding and (C) satisfaction of any other applicable conditions as may be set forth in any Group I Series Supplement; provided that, if any such Group I Related Document Action does not materially adversely affect the Group I Noteholders of one or more, but not all, Series of Group I Notes, as evidenced by an Officer’s Certificate of HVF II, any such Series of Group I Notes that is not materially adversely affected by such Group I Related Document Action shall be deemed not Outstanding for purposes of obtaining such consent (and the related calculation of Requisite Group I Investors shall be modified accordingly); provided further that, if any such Group I Related Document Action does not materially adversely affect any Group I Noteholders, as evidenced by an Officer’s Certificate of HVF II, HVF II shall be entitled to effect such Group I Related Document Action without the prior written consent of the Trustee or any Group I Noteholder.
For the avoidance of doubt, and notwithstanding anything herein or in any Group I Related Document to the contrary, any amendment, modification, waiver, supplement, termination or surrender of any Group I Related Document relating solely to a particular Series of Group I Notes shall be deemed not to materially adversely affect the Group I Noteholders of any other Series of Group I Notes.
Section 8.3.    Notice of Defaults.
Within five (5) Business Days of any Authorized Officer of HVF II obtaining actual knowledge of any Potential Amortization Event or Amortization Event with respect to any Series of Group I Notes Outstanding, HVF II shall give the Trustee and the Rating Agencies with respect to each Series of Group I Notes Outstanding notice thereof, together with an Officer’s Certificate of HVF II setting forth the details thereof and any action with respect thereto taken or contemplated to be taken by HVF II.
Section 8.4.    Further Requests.
HVF II will promptly furnish to the Trustee such other information relating to the Group I Notes as, and in such form as, the Trustee may reasonably request in connection with the transactions contemplated hereby or by any Group I Series Supplement.
Section 8.5.    Further Assurances.
(a)    HVF II 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 Group I Indenture Collateral on behalf of the Group I Noteholders as a perfected security interest subject to no prior Liens (other than Group I Permitted Liens) and to carry into effect the purposes of this Group I Supplement or the other Group I Related Documents or to better assure and confirm unto the Trustee or the Group I 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 II fails to perform any of its agreements or obligations under this Section 8.5(a), the Trustee shall, at the direction of the Required Series Noteholders of any Series of Group I Notes, itself perform such agreement or obligation, and the expenses of the Trustee incurred in connection therewith shall be payable by HVF II 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 Group I Indenture Collateral.
(b)    Unless otherwise specified in a Group I Series Supplement, if any amount payable under or in connection with any of the Group I 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 indorsed in a manner satisfactory to the Trustee and delivered to the Trustee promptly.
(c)    HVF II shall warrant and defend the Trustee’s right, title and interest in and to the Group I Indenture Collateral and the income, distributions and proceeds thereof, for the benefit of the Trustee on behalf of the Group I Noteholders, against the claims and demands of all Persons whomsoever.
(d)    On or before March 31 of each calendar year, commencing with March 31, 2015, HVF II 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 Group I 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 Group I Supplement in the Group I 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 Group I 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 Group I Supplement in the Group I Indenture Collateral until March 31 in the following calendar year. 
Section 8.6.    Dividends, Officers’ Compensation, etc.
HVF II will not declare or pay any distributions on any of its partnership interests or membership interest; provided, however, that so long as no Amortization Event or Potential Amortization Event has occurred and is continuing with respect to any Series of Group I Notes Outstanding or would result therefrom, HVF II and the HVF II General Partner may declare and pay distributions out of capital or earnings computed in accordance with GAAP applied on a consistent basis.  HVF II will 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.
Section 8.7.    Legal Name; Location Under Section 9-307.
HVF II will 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 and the Collateral Agent.  In the event that HVF II desires to so change its location or change its legal name, HVF II will make any required filings and prior to actually changing its location or its legal name HVF II will deliver to the Trustee (i) an Officer’s Certificate of HVF II 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 Collateral in respect of the new location or new legal name of HVF II 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 8.8.    Information.  Upon request by the Trustee, HVF II will deliver or cause to be delivered to the Trustee:
(a)    a copy of any notice, financial information, certificates, statements, reports and other materials delivered by any Group I Leasing Company to HVF II pursuant to the related Group I Leasing Company Related Documents; and
(b)    such additional information regarding the financial position, results of operations or business of any Group I Leasing Company or any Group I Lessee as the Trustee may reasonably request to the extent that such Group I Leasing Company or Group I Lessee, as the case may be, delivers such information to HVF II pursuant to any Group I Leasing Company Related Documents.
Section 8.9.    Additional Leasing Companies.
HVF II will not designate any Additional Group I Leasing Company or acquire any Additional Group I Leasing Company Notes, in each case, without first satisfying the Rating Agency Condition with respect to each Series of Group I Notes Outstanding.  
Section 8.10.    Payment of Taxes and Governmental Obligations.
HVF II will 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 will maintain, in accordance with GAAP, reserves as appropriate for the accrual of any of the same. 
                                                                  ARTICLE IX     
 
AMORTIZATION EVENTS AND REMEDIES
Section 9.1.    Amortization Events.
(i) If any one of the following events shall occur during the Revolving Period or the Controlled Amortization Period with respect to any Series of Group I Notes (each, an “Amortization Event”):
(a)    the occurrence of an Event of Bankruptcy with respect to HVF II or the HVF II General Partner; or 
(b)    the Securities and Exchange Commission or other regulatory body having jurisdiction reaches a final determination that HVF II is an “investment company” or is under the “control” of an “investment company” under the Investment Company Act; or
(c)    any other event shall occur that may be specified in any Group I Series Supplement as an “Amortization Event” with respect to the related Series of Group I Notes;
(i)    in the case of any event described in Section 9.1(c) above (only to the extent such Amortization Event is subject to waiver as set forth in the applicable Group I Series Supplement) that is continuing, either the Trustee, by written notice to HVF II, or the Required Series Noteholders of the applicable Series of Group I Notes, by written notice to HVF II and the Trustee, may declare that an Amortization Event has occurred with respect to such Series of Group I Notes as of the date of the notice, and
(ii)     in the case of any event described in clause (a) or (b) above, an Amortization Event with respect to all Series of Group I Notes then outstanding shall immediately occur without any notice or other action on the part of the Trustee or any Noteholder.
Section 9.2.    Rights of the Trustee upon Amortization Event or Certain Other Events of Default.
(a)    General and Group I Leasing Company Related Documents.  If any Amortization Event shall have occurred and be continuing, then the Trustee, at the written direction of the Requisite Group I Investors (in the case where such Amortization Event is with respect to all Series of Group I Notes) or Required Series Noteholders with respect to any Series of Group I Notes with respect to which such Amortization Event has occurred and is continuing (in the case where such Amortization Event is with respect to less than all Series of Group I Notes), shall exercise (and HVF II agrees to exercise) from time to time any rights and remedies available to it on behalf of the applicable Group I Noteholders under applicable law or any Group I Related Documents, including the rights and remedies available to the Trustee as a Beneficiary under the Collateral Agency Agreement, and all other rights, remedies, powers, privileges and claims of HVF II relating to the Group I Indenture Collateral against any party to any Group I Leasing Company Related Documents, including the right or power to take any action to compel performance or observance by any Leasing Company and to give any consent, request, notice, direction, approval, extension or waiver in respect of the Group I Leasing Company Related Documents.
(b)    Group I Liquidation Event.  If any Group I Liquidation Event shall have occurred and be continuing with respect to any Series of Group I Notes, then the Trustee may or, at the direction of the Requisite Group I Investors (in the case where such Group I Liquidation Event is with respect to all Series of Group I Notes) or at the direction of the Required Series Noteholders of any Series of Group I Notes with respect to which such Group I Liquidation Event shall have occurred (in the case where such Group I Liquidation Event is with respect to less than all Series of Group I Notes), shall, exercise from time to time any rights and remedies available to it as the result of such occurrence under the Group I Leasing Company Related Documents (including the rights and remedies available to it as a Beneficiary under the Collateral Agency Agreement).      
(c)    Failure of Leasing Company Trustee, Leasing Companies, Collateral Agent or Lessees to Take Action.  If, after the occurrence of any Group I Liquidation Event with respect to any Series of Group I Notes, any Group I Leasing Company Trustee, the Collateral Agent or any Group I Lessee fails to take action to accomplish any instructions given to it by the Trustee within fifteen (15) Business Days of receipt thereof, then the Trustee may or, at the direction of the Requisite Group I Investors (in the case where such Group I Liquidation Event is with respect to all Series of Group I Notes) or at the direction of the Required Series Noteholders of any Series of Group I Notes with respect to which such Group I Liquidation Event shall have occurred (in the case where such Group I Liquidation Event is with respect to less than all Series of Group I Notes), shall take such action or such other appropriate action on behalf of such Group I Leasing Company Trustee, the Collateral Agent or such Group I Lessee.  In the event that the Trustee determines to take action pursuant to the immediately preceding sentence, the Trustee may direct the Collateral Agent to institute legal proceedings for the appointment of a receiver or receivers to take possession of some or all of the Group I Eligible Vehicles pending the sale thereof, and the Trustee may institute legal proceedings for the appointment of a receiver or receivers pursuant to the powers of sale granted by this Group I Supplement or to a judgment, order or decree made in any judicial proceeding for the foreclosure or involving the enforcement of this Group I Supplement.
(d)    Additional Remedies.  In addition to any rights and remedies now or hereafter granted hereunder or under applicable law with respect to the Group I Indenture Collateral, the Trustee shall have all of the rights and remedies of a secured party under the UCC as enacted in any applicable jurisdiction.
(e)    Amortization Event.
(i)    Upon the occurrence of an Amortization Event with respect to one or more, but not all, Outstanding Series of Group I Notes, the Trustee shall exercise all remedies hereunder to the extent necessary to pay all interest on and principal of the related Series of Group I Notes up to the Principal Amount of each such Series of Group I Notes; provided that, any such actions shall not adversely affect in any material respect the interests of the Group I Noteholders of any Series of Group I Notes Outstanding with respect to which no Amortization Event shall have occurred.
(ii)    Any amounts relating to the Group I Indenture Collateral or the Group I 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 shall be held by the Trustee as additional collateral for the repayment of Group I Note Obligations with respect to each Series of Group I Notes with respect to which such rights or remedies were exercised and shall be applied as provided in Article V.  If so specified in the applicable Group I 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 Group I Notes to the extent set forth therein.
Section 9.3.    Other Remedies.
Subject to the terms and conditions of the Group I Indenture, if an Amortization Event occurs and is continuing, the Trustee may pursue any remedy available to it on behalf of the Group I Noteholders under applicable law or in equity to collect the payment of principal of or interest on the Group I Notes (or the applicable Series of Group I Notes, in the case of an Amortization Event with respect to less than all Series of Group I Notes) or to enforce the performance of any provision of such Group I Notes, the Group I Indenture, any Group I Series Supplement or any other Group I Related Document, in each case, with respect to such Series of Group I Notes.
The Trustee may maintain a proceeding even if it does not possess any of the Group I 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 Section 9.1(c), any such Potential Amortization Event or Amortization Event (and, in any such case, any consequences thereof) with respect to such Series of Group I Notes may be waived as set forth in the related Group I Series Supplement.  Upon any such waiver, such Potential Amortization Event shall cease to exist with respect to such Series of Group I Notes, and any Amortization Event with respect to such Series of Group I Notes arising therefrom shall be deemed to have been cured for every purpose of the Group I Indenture and related Group I 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 Section 9.1(a) or (b), any such Potential Amortization Event or Amortization Event (and, in any such case, the consequences thereof) with respect to the Group I Notes shall only be waived with the written consent of each Group I Noteholder.  Upon any such waiver, such Potential Amortization Event shall cease to exist with respect to each Series of Group I Notes, and any Amortization Event with respect to each Series of Group I Notes arising therefrom shall be deemed to have been cured for every purpose of the Group I Indenture and each Group I 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 Group I Noteholders of any Series of Group I Notes pursuant to this Section 9.4. 
Section 9.5.    Control by Requisite Investors.
The Requisite Group I Investors (or, where such remedy relates only to one or more particular Series of Group I Notes, the Required Series Noteholders of any such Series of Group I Notes) may direct the time, method and place of conducting any proceeding for any remedy available to the Trustee on behalf of such Group I Noteholders or exercising any trust or power conferred on the Trustee.  Subject to Section 7.1 of the Base Indenture, the Trustee may, however, refuse to follow any direction that conflicts with law or the Group I Indenture, that the Trustee determines may be unduly prejudicial to the rights of other Group I Noteholders, or that may involve the Trustee in personal liability.
Section 9.6.    Limitation on Suits.
Any other provision of the Group I Indenture to the contrary notwithstanding, no Group I Noteholder of any Series of Group I Notes shall have any right to institute a proceeding, judicial or otherwise, (x) with respect to the Group I Indenture or (y) for any other remedy with respect to the Group I Indenture or such Series of Group I Notes unless:
(a)    such Group I Noteholder gives to the Trustee written notice of a continuing Amortization Event with respect to such Series of Group I Notes;
(b)    the Group I Noteholders of at least 25% of the Aggregate Group I Principal Amount of such Series of Group I Notes make a written request to the Trustee to pursue the remedy;
(c)    such Group I Noteholder or Group I Noteholders offer and, if requested, provide to the Trustee indemnity satisfactory to the Trustee against any loss, liability or expense;
(d)    the Trustee does not comply with the request within 60 days after receipt of the request and the offer and, if requested, the provision of indemnity; and
(e)    during such 60-day period the Required Noteholders of such Series of Group I Notes do not give the Trustee a direction inconsistent with the request.
A Group I Noteholder may not use the Group I Indenture to prejudice the rights of another Group I Noteholder or to obtain a preference or priority over another Group I Noteholder.
Section 9.7.    Right of Holders to Bring Suit.
Subject to Section 9.6 and Section 10.15 of the Base Indenture, the right of any Group I Noteholder to bring suit for the enforcement of any payment of principal of or interest on any Group I Note, in each case, on or after the respective due dates therefor expressed in such Group I Note, is absolute and unconditional and shall not be impaired or affected without the consent of such Group I 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 Group I 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 II for the whole amount of principal and interest remaining unpaid on the Group I Notes of such Series of Group I 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 Group I Noteholders relating to the Group I Indenture Collateral or the Group I Note Obligations allowed in any judicial proceedings relative to HVF II (or any other obligor upon the Group I 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 Group I 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 Group I 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 7.5 of the 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 7.5 of the 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 Group I 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 Group I Noteholder any plan of reorganization, arrangement, adjustment or composition affecting the Group I Notes of any Group I Noteholder or the rights of any such Group I Noteholder thereof, or to authorize the Trustee to vote in respect of the claim of any such Group I Noteholder in any such proceeding.
Section 9.10.    Priorities.
If the Trustee collects any money pursuant to this Article, the Trustee shall pay out the money in accordance with the provisions of Article V.
Section 9.11.    Rights and Remedies Cumulative.
No right or remedy herein conferred upon or reserved to the Trustee or to the holders of Group I Notes 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 the Group I Indenture or now or hereafter existing at law or in equity or otherwise.  The assertion or employment of any right or remedy under the Group I 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 Group I 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 or by law to the Trustee or to each Group I Noteholder may be exercised from time to time, and as often as may be deemed expedient, by the Trustee or such Group I Noteholder, as the case may be.
Section 9.13.    Reassignment of Surplus.
After termination of this Group I Supplement and the payment in full of the Group I Note Obligations, any proceeds of the Group I Indenture Collateral received or held by the Trustee shall be turned over to HVF II and the Group I Indenture Collateral shall be reassigned to HVF II by the Trustee without recourse to the Trustee and without any representations, warranties or agreements of any kind.
                                                                    ARTICLE X     
 
AMENDMENTS
Section 10.1.    Without Consent of the Noteholders.
(a)    Without the consent of any Group I Noteholder, at any time and from time to time, HVF II and the Trustee may amend, modify, or waive the provisions of this Group I Supplement or any Group I Series Supplement:
(i)    to create a new Series of Group I Notes;
(ii)    to add to the covenants of HVF II for the benefit of any Group I Noteholders (and if such covenants are to be for the benefit of less than all Series of Group I Notes, stating that such covenants are expressly being included solely for the benefit of such Series of Group I Notes) or to surrender any right or power herein conferred upon HVF II (provided, however, that HVF II will not pursuant to this Section 10.1(a)(ii) surrender any right or power it has under any Group I Related Documents);
(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 Group I Notes and to specify the terms and conditions upon which such additional 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 the Group I Supplement or as may, consistent with the provisions of the Group I Supplement, be deemed appropriate by HVF II and the Trustee, or to correct or amplify the description of any such property or assets at any time so mortgaged, pledged, conveyed and transferred to the Trustee on behalf of the Group I Noteholders;
(iv)    to cure any mistake, ambiguity, defect, or inconsistency or to correct or supplement any provision contained in this Group I Supplement or in any Group I Series Supplement or in any Group I Notes issued hereunder;
(v)    to provide for uncertificated Group I Notes in addition to certificated Group I Notes;
(vi)    to add to or change any of the provisions of this Group I Supplement to such extent as shall be necessary to permit or facilitate the issuance of Group I 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 with respect to the Group I Notes of one or more Series of Group I Notes and to add to or change any of the provisions of this Group I Supplement as shall be necessary to provide for or facilitate the administration of the trusts hereunder by more than one Trustee; 

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(viii)    to correct or supplement any provision herein that 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 Group I Supplement or in any Group I Series Supplement; or
(ix)    to effect any amendments hereto reasonably necessary to accommodate the purchase of any Additional Group I Leasing Company Note purchased in accordance with Section 8.9 hereof;
provided, however, that, as evidenced by an Officer’s Certificate of HVF II, such action shall not adversely affect in any material respect the interests of any Group I Noteholder or Group I Series Enhancement Provider.
(b)    Group I Series Supplements.  Upon the request of HVF II and receipt by the Trustee of the documents described in Section 2.2, the Trustee shall join with HVF II in the execution of any Group I Series Supplement authorized or permitted by the terms of the Group I Supplement 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 Group I Series Supplement that affects its own rights, duties or immunities under the Group I Indenture or otherwise.
Section 10.2.    With Consent of the Noteholders.
(a)    Except as provided in Section 10.1, the provisions of this Group I 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 II, the Trustee and, unless otherwise specified in a Group I Series Supplement for a Series of Group I Notes, the Group I Noteholders holding in excess of 50% of the aggregate Principal Amount of each Series of Group I Notes materially adversely affected thereby, as evidenced by an Officer’s Certificate of HVF II to such effect and (ii) the Rating Agency Condition is satisfied with respect to such amendment, modification, or waiver; provided that, (x) any amendment, modification or waiver of this Group I Supplement that materially and adversely affects all the Group I Notes, as evidenced by an Officer’s Certificate of HVF II, shall require the consent of the Requisite Group I Investors rather than the Required Series Noteholders of each Series of Group I Notes; and (y) HVF II shall be permitted to issue any Subordinated Series of Group I Notes and effect any amendments hereto reasonably necessary to effect such issuance without the consent of any Group I Noteholder (other than the Required Noteholders of each such previously issued Subordinated Series of Group I Notes); provided that the Rating Agency Condition with respect to each Series of Group I Notes Outstanding shall have been satisfied with respect to such issuance of such Subordinated Series of Group I Notes and that each Subordinated Series of Group I Notes shall be deemed to be subordinated in all material respects to each Series of Group I 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 Group I Notes Outstanding):
(i)    any modification of this Section 10.2 or any requirement hereunder that any particular action be taken by Group I Noteholders holding the relevant percentage in Principal Amount of the Group I Notes shall require the consent of each Group I Noteholder materially adversely affected thereby;
(ii)    any amendment, waiver or other modification to this Group I Supplement or any Group I Series Supplement that would (A) extend the due date for, or reduce the interest rate or principal amount of any Group I Note, or the amount of any scheduled repayment or prepayment of interest on any Group I Note (or reduce the principal amount of or rate of interest on any Group I Note) shall require the consent of each holder of such Group I Note materially adversely affected thereby; (B) affect adversely in any material respect the interests, rights or obligations of any Group I Noteholder individually in comparison to any other Group I Noteholder shall require the consent of such Group I Noteholder; or (C) amend or otherwise modify any Amortization Event shall require the consent of each Group I Noteholder to which such Amortization Event applies that would be materially adversely affected thereby; and 
(iii)    any amendment, waiver or other modification that would (A) approve the assignment or transfer by HVF II of any of its rights or obligations hereunder or under any other Group I Related Document to which it is a party, except in each case pursuant to the express terms hereof or thereof or (B) release any obligor under any Group I Related Documents to which it is a party, except pursuant to the express terms hereof or of such Related Document, shall require in each case the consent of the Group I Required Noteholders, unless, with respect to any such case set forth in the preceding clauses (A) and (B), as otherwise set forth in the Group I Series Supplement with respect to such Group I Noteholders; provided, however, that if any such amendment, waiver, or other modification relating to a Group I Related Document that relates solely to a single Series of Group I Notes (as evidenced by an Officer’s Certificate of HVF II), then all other Series of Group I Notes shall be deemed not to be Outstanding for purposes of obtaining the foregoing consent (and the related calculation of Group I Required Noteholders shall be modified accordingly); provided, further that with respect to any such amendment, waiver or other modification relating to a Group I Related Document or portion thereof that does not adversely affect in any material respect a Series of Group I Notes, as evidenced by an Officer’s Certificate of HVF II, then such Series of Group I Notes shall be deemed not to be Outstanding for purposes of the foregoing consent (and the calculation of Group I Required Noteholders shall be modified accordingly).
(c)    No failure or delay on the part of any Group I Noteholder or the Trustee in exercising any power or right under this Group I Supplement or any other Group I Related Document 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.

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(d)    It shall not be necessary for the consent of any Person pursuant to this Section for such Person to approve the particular form of any proposed amendment, but it shall be sufficient if such Person consents to the substance thereof.
(e)    HVF II will not consent to the issuance of any series of notes by a Leasing Company under its Leasing Company Indenture that is secured by the same pool of assets that is direct collateral for a Group I Leasing Company Note without the prior written consent of the Requisite Group I Investors.
Section 10.3.    Supplements and Amendments.
Each amendment or other modification to this Group I Supplement shall be set forth in a Group I Supplemental Indenture.  The initial effectiveness of each Group I Supplemental Indenture shall be subject to the satisfaction of the Rating Agency Condition with respect to each Series of Group I Notes Outstanding and the delivery to the Trustee of an Officer’s Certificate and an Opinion of Counsel that such Group I Supplemental Indenture is authorized or permitted by this Group I Supplement.  Subject to the terms hereof, each Group I Series Supplement may be amended as provided in such Group I Series Supplement.
Section 10.4.    Revocation and Effect of Consents.
Until an amendment or waiver becomes effective, a consent to it by a Group I Noteholder of a Group I Note is a continuing consent by the Group I Noteholder and every subsequent Group I Noteholder of a Group I Note or portion of a Group I Note that evidences the same debt as the consenting Group I Noteholder’s Group I Note, even if notation of the consent is not made on any Group I Note.  Any such Group I Noteholder or subsequent Group I Noteholder may, however, revoke the consent as to his Group I Note or portion of a Group I Note if the Trustee receives written notice of revocation before the date the amendment or waiver becomes effective.  An amendment or waiver becomes effective in accordance with its terms and thereafter binds every Group I Noteholder.  HVF II may fix a record date for determining which Group I Noteholders are eligible to consent to any amendment or waiver.

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Section 10.5.    Notation on or Exchange of Notes.
The Trustee may place an appropriate notation about an amendment or waiver on any Group I Note thereafter authenticated.  HVF II, in exchange for all Group I Notes, may issue and the Trustee shall authenticate new Group I Notes that reflect the amendment or waiver.  Failure to make the appropriate notation or issue a new Group I Note shall not affect the validity and effect of such amendment or waiver.
Section 10.6.    The Trustee to Sign Amendments, etc.
The Trustee shall sign any Group I Supplemental Indenture authorized pursuant to this Article X if the Group I Supplemental Indenture 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 such Group I Supplemental Indenture, the Trustee shall be entitled to receive, if requested, an indemnity reasonably satisfactory to it and to receive and, subject to Section 7.2 of the Base Indenture, shall be fully protected in relying upon, an Officer’s Certificate of HVF II and an Opinion of Counsel as conclusive evidence that such Group I Supplemental Indenture is authorized or permitted by this Group I Supplement and that all conditions precedent have been satisfied, and that it will be valid and binding upon HVF II in accordance with its terms.
                                                                  ARTICLE XI     
 
MISCELLANEOUS
Section 11.1.    Benefits of Indenture.
Except as set forth in a Group I Series Supplement, nothing in the Group I Indenture or in the Group I Notes, expressed or implied, shall give to any Person, other than the parties hereto and their successors hereunder and the Group I Noteholders, any benefit or any legal or equitable right, remedy or claim under the Group I Indenture.
Section 11.2.    Successors.
All agreements of HVF II in this Group I Supplement and each Group I Related Document shall bind its successor; provided, however, that except as provided in Section 10.2(b)(iii), HVF II may not assign its obligations or rights under this Group I Supplement or any Group I Related Document.  All agreements of the Trustee in this Group I Supplement shall bind its successor.
Section 11.3.    Severability.
In case any provision in this Group I Supplement or in the Group I 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 11.4.    Counterpart Originals.
This Group I Supplement may be executed in any number of counterparts and by different parties hereto on separate counterparts, each of which counterparts, when so executed and delivered, shall be deemed to be an original and all of which counterparts, taken together, shall constitute one and the same Group I Supplement.   
Section 11.5.    Table of Contents, Headings, etc.
The Table of Contents and headings of the Articles and Sections of this Group I Supplement 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 11.6.    Termination; Collateral.  
This Group I Supplement, and any grants, pledges and assignments hereunder, shall become effective concurrently with the issuance of the first Series of Group I Notes and shall terminate when (a) all Group I Note Obligations shall have been fully paid and satisfied, (b) the obligations of each Group I Series Enhancement Provider under any Group I Series Enhancement, Group I Related Documents and each Group I Series Supplement have terminated, and (c) any Group I Series Enhancement shall have terminated, at which time the Trustee, at the 

21

request of HVF II and upon receipt of an Officer’s Certificate of HVF II to the effect that the conditions in clauses (a), (b) and (c) above have been complied with and upon receipt of a certificate from the Trustee and each Group I Series Enhancement Provider to the effect that the conditions in clauses (a), (b) and (c) above have been complied with, shall reassign (without recourse upon, or any warranty whatsoever by, the Trustee) and deliver all Group I Indenture Collateral and documents then in the custody or possession of the Trustee promptly to HVF II.
HVF II and the Group I Noteholders hereby agree that, if any funds remain on deposit in or credited to the Group I Collection Account on any date on which no Series of Group I Notes is Outstanding or each Group I Series Supplement related to a Series of Group I Notes has been terminated, such amounts shall be released by the Trustee and paid to HVF II.
Section 11.7.    Governing Law.  THIS GROUP I SUPPLEMENT, AND ALL MATTERS ARISING OUT OF OR RELATING TO THIS GROUP I 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 11.8.    Electronic Execution.  This Group I Supplement may be transmitted and/or signed by facsimile or other electronic means (i.e., a “pdf” or “tiff”).  The effectiveness of any such documents and signatures shall, subject to applicable law, have the same force and effect as manually signed originals and shall be binding on each party hereto.  The words “execution,” “signed,” “signature,” and words of like import in this Group I Supplement or in any amendment or other modification hereof (including, without limitation, waivers and consents) shall be deemed to include electronic signatures or the keeping of records in electronic form, each of which shall be of the same legal effect, validity or enforceability as a manually executed signature or the use of a paper-based recordkeeping system, as the case may be.
Section 11.9.    Notices.
Any notice or communication by any party hereunder shall be delivered in accordance with Section 10.1 of the Base Indenture.  The address for notices to be delivered to the Securities Intermediary or the Group I Administrator shall be:
If to the Group I Administrator:
The Hertz Corporation 
225 Brae Boulevard 
Park Ridge, NJ  07656 
 
Attn:    Treasury Department 
Phone:  (201) 307-2000 
Fax:  (201) 307-2746

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If to the Securities Intermediary:
2 North LaSalle, Suite 1020  
Chicago, Illinois  60602 
Attn: Corporate Trust Administrator – Structured Finance 
Phone:  (312) 827-8569 
Fax:  (312) 827-8562
The Securities Intermediary and the Group I Administrator from time to time may designate additional or different addresses for subsequent notices or communications by notice to each of the parties hereto.

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IN WITNESS WHEREOF, the Trustee and HVF II have caused this Indenture to be duly executed by their respective duly authorized officers as of the day and year first written above.
HERTZ VEHICLE FINANCING II LP, a limited partnership, as Issuer 
 
By:      HVF II GP Corp., its general partner
		
	By:  /s/ R. Scott Massengill
	 
Name: R. Scott Massengill 
Title:   Treasurer

THE BANK OF NEW YORK MELLON TRUST COMPANY, N.A., 
  as Trustee
		
	By:  /s/ Mitchell L. Brumwell
	 
Name: Mitchell L. Brumwell 
Title:   Vice President

Weil Draft 11/24/13

SCHEDULE I
TO THE
GROUP I SUPPLEMENT
DEFINITIONS LIST
“Additional Group I Lease” means a master motor vehicle lease and servicing agreement among an Additional Leasing Company, one or more Additional Group I Lessees, and Hertz or an Affiliate of Hertz), as servicer (provided such Affiliate’s obligations as servicer are guaranteed by Hertz).
“Additional Group I Leasing Company” means a special purpose Affiliate of Hertz (other than HVF) that is engaged in the business of acquiring, financing, refinancing and/or leasing Vehicles designated as such by HVF II subject to Section 8.9.
“Additional Group I Leasing Company Indenture” means an indenture, base indenture and supplement, credit agreement or other documented financing arrangement entered into by an Additional Group I Leasing Company, pursuant to which such Additional Group I Leasing Company can issue or incur indebtedness that is secured by such Additional Group I Leasing Company’s rights under an Additional Group I Lease.
“Additional Group I Leasing Company Note” means a variable funding rental car asset backed note or other indebtedness owing from an Additional Group I Leasing Company to HVF II and issued or incurred pursuant to an Additional Group I Leasing Company Indenture.
“Additional Group I Lessee” means any Affiliate of Hertz that has entered into any Group I Lease, whose obligations under such Group I Lease are guaranteed by Hertz.
“Aggregate Group I Leasing Company Note Principal Amount” means, as of any date of determination, the sum of the Group I Leasing Company Note Principal Amounts with respect to each Group I Leasing Company Note Outstanding as of such date.
“Aggregate Group I Principal Amount” means, as of any date of determination, the sum of the Principal Amounts with respect to each Series of Group I Notes Outstanding as of such date.  
“Aggregate Group I Series Adjusted Principal Amount” means, as of any date of determination, the sum of the Group I Adjusted Series Principal Amounts with respect to each Series of Group I Notes Outstanding as of such date.
“Amortization Event” has the meaning specified, with respect to each Series of Group I Notes, in Section 9 of the Group I Supplement and with respect to any Series of Group I Notes, in the related Group I Series Supplement.
“Amortization Period” means, with respect to any Series of Group I Notes, the period following the Revolving Period, which shall be the Controlled Amortization Period or the Rapid Amortization Period, each as defined in the applicable Group I Series Supplement.

“Annual Noteholders’ Tax Statement” has the meaning set forth in Section 4.2.
“Base Indenture” has the meaning set forth in the Preamble.
“Beneficiary” has the meaning set forth in the Collateral Agency Agreement.
“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 statute of the jurisdiction applicable to such Vehicle.
“Class(es)” means, with respect to any Series of Group I Notes, any one of the classes of Group I Notes of that Series of Group I Notes as specified in the applicable Series Supplement.
“Collateral Account” has the meaning set forth in the Collateral Agency Agreement.
“Committed Note Purchaser” has the meaning specified, with respect to each Series of Group I Notes, in the Group I Series Supplement with respect to such Series of Group I Notes.
“Controlled Amortization Period” means, with respect to any Series of Group I Notes, the period specified in the applicable Group I Series Supplement.
“Daily Group I Collection Report” has the meaning set forth in Section 4.1.
“Disposition Date” means, with respect to any Group I Eligible Vehicle: 
(i) if such Group I Eligible Vehicle was returned to a Manufacturer for repurchase pursuant to a Group I Repurchase Program, the Group I Turnback Date with respect to such Group I Eligible Vehicle; 
(ii) if such Group I Eligible Vehicle was sold to the Manufacturer thereof pursuant to such Group I Manufacturer’s Group I Guaranteed Depreciation Program, the Group I Backstop Date with respect to such Group I Eligible Vehicle; 
(iii) if such Group I Eligible Vehicle was sold to any Person (other than to the Manufacturer thereof pursuant to such Group I Manufacturer’s Group I Manufacturer Program) the date on which the proceeds of such sale are deposited in the Group I Collection Account or the Group I Exchange Account; and 
(iv) if such Group I Eligible Vehicle becomes a Group I Casualty or a Group I Ineligible Vehicle (except as a result of a sale thereof), the last day of the calendar month in which such Group I Eligible Vehicle suffers a Group I Casualty or becomes a Group I Ineligible Vehicle.
“Disposition Proceeds” means, with respect to each Group I Non-Program Vehicle, the net proceeds from the sale or disposition of such Group I Eligible Vehicle to any Person (other than any portion of such proceeds payable by the Group I Lessee thereof pursuant to any Group I Lease).

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“DTG Operations” means DTG Operations, Inc., an Oklahoma corporation.
“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.
“Entitlement Order” means “entitlement order” within the meaning of Section 8-102(a)(8) of the New York UCC.
“Final Base Rent” has the meaning specified, with respect to any Group I Lease, in such Group I Lease.
“Financial Asset” means “financial asset” within the meaning of Section 8-102(a)(9) of the New York UCC.
“Group I Account Collateral” means HVF II’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)(iii) of the Group I Supplement. 
“Group I Accrued Amounts” means, with respect to any Series of Group I Notes (or any class of such Series of Group I Notes), the amount, if any, specified in the applicable Group I Series Supplement.
“Group I Administration Agreement” means the Group I Administration Agreement, dated as November 25, 2013, by and among the Group I Administrator, HVF II and the Trustee.  
“Group I Administrator” means Hertz, in its capacity as the administrator under the Group I Administration Agreement.  
“Group I Administrator Default” means any of the events described in Section 9(c) of the Group I Administration Agreement.
“Group I Aggregate Asset Amount” means, as of any date of determination, the amount equal to the sum of each of the following:
		
	i.
	the aggregate Group I Net Book Value of all Group I Eligible Vehicles as of such date;

		
	ii.
	the aggregate amount of all Group I Manufacturer Receivables as of such date;

		
	iii.
	the Group I Cash Amount as of such date; and

		
	iv.
	the Group I Due and Unpaid Lease Payment Amount as of such date.

“Group I Aggregate Asset Amount Deficiency” means, as of any date of determination, the Group I Aggregate Asset Coverage Threshold Amount as of such date is greater than the Group I Aggregate Asset Amount as of such date.  

4

“Group I Aggregate Asset Coverage Threshold Amount” means, on any date of determination, the sum of the Group I Asset Coverage Threshold Amounts with respect to each Series of Group I Notes Outstanding as of such date.
“Group I Asset Coverage Threshold Amount” has the meaning specified, with respect to each Series of Group I Notes, in the Group I Series Supplement with respect to such Series of Group I Notes.
“Group I Backstop Date” means, with respect to any Group I Program Vehicle that has been turned back under the related Group I Manufacturer Program, the date on which the Group I Manufacturer of such Group I Program Vehicle is obligated to purchase such Group I Program Vehicle in accordance with the terms of such Group I Manufacturer Program.
“Group I Back-Up Administration Agreement” means that certain Group I Back-Up Administration Agreement dated as of November 25, 2013, by and among the Group I Administrator, HVF II and Lord Securities Corporation, as back-up administrator.
“Group I Carrying Charges” means for any Payment Date, without duplication, the aggregate of: 
(i) all Trustee fees and other fees and expenses and indemnity amounts, if any, payable by HVF II under the Group I Related Documents, 
(ii) the Group I Percentage of all Trustee fees and other fees and expenses and indemnity amounts, if any, payable by HVF II under the Base Related Documents, and 
(iii) the Group I Percentage of all other operating expenses of HVF II (including any management fees) arising in connection therewith, in each case, that have become payable since the immediately preceding Determination Date and any such amounts that had become payable as of such immediately preceding Determination Date and remain unpaid.
“Group I Cash Amount” means, as of any date of determination, the sum of the amount of cash on deposit in and Permitted Investments credited to any of the Group I Collection Account and any Group I Leasing Company Collection Account and the amount of cash on deposit in and Permitted Investments credited to any Group I Exchange Account.
“Group I Casualty” means, with respect to any Group I Eligible Vehicle, that 
(a)    such Group I Eligible Vehicle is destroyed, seized or otherwise rendered permanently unfit or unavailable for use, or
(b)    such Group I Eligible Vehicle is lost or stolen and is not recovered for 180 days following the occurrence thereof.
“Group I Collection Account” has the meaning set forth in Section 5.1(a).  The Group I Collection Account shall be the “Group-Specific Collection Account” with respect to the Group I Notes.  

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“Group I Collections” means all payments on or in respect of the Group I Indenture Collateral.  
“Group I Depreciation Charge” means, with respect to each Group I Eligible Vehicle, “Depreciation Charge” under and as defined in the Group I Leasing Company Related Documents that include the Group I Lease with respect to such Group I Eligible Vehicle.
“Group I Due and Unpaid Lease Payment Amount” means, as of any date of determination, the sum of: 
		
	(a)
	all amounts (other than Monthly Variable Rent) known by the Group I Servicer with respect to the Group I HVF Lease to be due and payable by the Group I Lessees to HVF on either of the next two succeeding Payment Dates pursuant to Section 4.7 of the Group I HVF 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 Group I Lessees to HVF pursuant to Section 4.7 of the Group I HVF Lease; and

		
	(b)
	all amounts (other than Monthly Variable Rent) known by the applicable Group I Servicer to be due and payable by any Group I Lessee to any Group I Leasing Company on either of the next two succeeding Payment Dates pursuant any Group I Lease (other than the Group I HVF 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 any Group I Lessee to any Group I Leasing Company pursuant to any Group I Lease (other than the Group I HVF Lease). 

“Group I Eligible Vehicle” means a passenger automobile, van or light-duty truck that is owned by a Group I Leasing Company and leased by such Group I Leasing Company to any Group I Lessee pursuant to a Group I Lease: 
		
	i.
	that is not older than seventy-two (72) months from December 31 of the calendar year preceding the model year of such passenger automobile, van or light-duty truck;

		
	ii.
	the Certificate of Title for which is in the name of: 

		
	a.
	such Group I Leasing Company (or, the application therefor has been submitted to the appropriate state authorities for such titling or retitling);

		
	b.
	the Nominee, as nominee titleholder for such Group I Leasing Company (or, the application therefor has been submitted to the appropriate state authorities for such titling or retitling); or

		
	c.
	on any date on or after the RCFC Nominee Trigger Date, RCFC, as nominee titleholder for such Group I Leasing Company (or, the application therefor has been submitted to the appropriate state authorities for such titling or retitling);

6

		
	iii.
	that is owned by such Group I Leasing Company free and clear of all Liens other than Group I Permitted Liens; and

		
	iv.
	that is designated on the Collateral Servicer’s (as defined under the Collateral Agency Agreement) computer systems as leased under such Group I Lease in accordance with the Collateral Agency Agreement.

“Group I Exchange Account” means (i) the “Series 2013-G1 HVF Segregated Exchange Account” as defined in the Group I Leasing Company Related Documents with respect to the HVF Series 2013-G1 Note and (ii) any Exchange Account (as defined in the Master Exchange Agreement) that receives funds from a Joint Collection Account (as defined in the Master Exchange Agreement) or another Exchange Account relating solely to Relinquished Property Proceeds (as defined in the Master Exchange Agreement) of Group I Eligible Vehicles.
“Group I General Intangibles Collateral” means the Group I Indenture Collateral described in Sections 3.1(a)(i) and (ii). 
“Group I Guaranteed Depreciation Program” means a guaranteed depreciation program pursuant to which a Group I Manufacturer has agreed to:
(a)    cause Group I Eligible Vehicles manufactured by it or one of its Affiliates that are turned back during a specified period to be sold by the buyer, or any agent of the buyer, of such Group I Eligible Vehicle,
(b)    cause the proceeds of any such sale to be deposited in a Collateral Account by the buyer, or any agent of the buyer, of such Group I Eligible Vehicle, promptly following such sale and
(c)    pay to HVF II or the Intermediary the excess, if any, of the guaranteed payment amount with respect to any such Group I Eligible Vehicle calculated as of the Group I Turnback Date in accordance with the provisions of such guaranteed depreciation program over the amount deposited in a Collateral Account by the buyer, or any agent of the buyer, of such Group I Eligible Vehicle pursuant to clause (b) above.
“Group I HVF Lease” means that certain Master Motor Vehicle Operating Lease and Servicing Agreement (Series 2013-G1), dated as of November 25, 2013, by and among HVF, as lessor, DTG Operations, as a lessee, Hertz as a lessee, as servicer and as guarantor, and those other “Permitted Lessees” from time to time becoming “Lessees” thereunder, if any.
“Group I Indenture” means the Base Indenture together with this Group I Supplement.
“Group I Indenture Collateral” has the meaning set forth in Section 3.1.
“Group I Ineligible Vehicle” means a passenger automobile, van or light-duty truck that is owned by a Group I Leasing Company and leased by such Group I Leasing Company to any Group I Lessee pursuant to a Group I Lease that is not a Group I Eligible Vehicle.

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“Group I Interest Collections” means on any date of determination, all Group I Collections that represent interest payments on the Group I Leasing Company Notes plus any amounts earned on Permitted Investments in the Group I Collection Account that are available for distribution on such date.
“Group I Lease” means each of the Group I HVF Lease and each Additional Group I Lease, if any.
“Group I Lease Servicer” means, with respect to any Group I Lease, the “Servicer” under and as defined in such Group I Lease.
“Group I Leasing Company” means each of HVF and each Additional Group I Leasing Company.  
“Group I Leasing Company Amortization Event” means, with respect to any Group I Leasing Company Note, an “Amortization Event” as defined in the Group I Leasing Company Related Documents with respect to such Group I Leasing Company Note.  
“Group I Leasing Company Collection Account” means (i) the “Series 2013-G1 Collection Account” as defined in the Group I Leasing Company Related Documents with respect to the HVF Series 2013-G1 Note and (ii) with respect to any Additional Group I Leasing Company Note, any “Collection Account” under and as defined in the Group I Leasing Company Related Documents with respect to such Additional Group I Leasing Company Note.
“Group I Leasing Company Note” means the HVF Series 2013-G1 Note and any Additional Group I Leasing Company Note.
“Group I Leasing Company Note Principal Amount” means with respect to each Group I Leasing Company Note, the “Principal Amount” as defined in such Group I Leasing Company Note. 
“Group I Leasing Company Related Documents” means (i) with respect to the HVF Series 2013-G1 Note, the “Series 2013-G1 Related Documents” (under and as defined in the HVF Series 2013-G1 Supplement), and (ii) with respect to any other Group I Leasing Company Note, the “Related Documents” under and as defined in the Additional Group I Leasing Company Indenture pursuant to which such Group I Leasing Company Note was issued.
“Group I Lessee” means, as of any date of determination, each “Lessee” under any Group I Lease, in each case as of such date. 
“Group I Liquidation Event” has the meaning specified, with respect to each Series of Group I Notes, in the applicable Group I Series Supplement.  
“Group I Manufacturer” means each Person that has manufactured a Group I Eligible Vehicle.
“Group I Manufacturer Program” means at any time any Group I Repurchase Program or Group I Guaranteed Depreciation Program that is in full force and effect with a Group I Manufacturer and that, in any such case, satisfies the Group I Required Contractual Criteria.

8

“Group I Manufacturer Receivable” means any amount payable to a Group I Leasing Company or the Intermediary by a Group I Manufacturer in respect of or in connection with the disposition of a Group I Program Vehicle, other than any such amount that does not (directly or indirectly) constitute any portion of the Group I Indenture Collateral.
“Group I Net Book Value” means, with respect to each Group I Eligible Vehicle, “Net Book Value” under and as defined in the Group I Leasing Company Related Documents that include Group I Lease with respect to such Group I Eligible Vehicle.
“Group I Non-Program Vehicle” means, as of any date of determination, a Group I Eligible Vehicle that is not a Group I Program Vehicle as of such date.
“Group I Note Obligations” means all principal and interest, at any time and from time to time, owing by HVF II on the Group I Notes and all costs, fees and expenses payable by, or obligations of, HVF II under the Group I Indenture and/or the Group I Related Documents and/or the Group I Series Supplements.
“Group I Noteholder” means the Person in whose name a Group I Note is registered in the Note Register.  
“Group I Notes” has the meaning set forth in the Recitals.
“Group I Percentage” means, as of any date of determination, a fraction, expressed as a percentage, the numerator of which is the Aggregate Group I Principal Amount as of such date and the denominator of which is the Aggregate Indenture Principal Amount as of such date.
“Group I 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 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 and (iii) Liens in favor of the Trustee pursuant to any Group I Related Document or Base Related Document and Liens in favor of the Collateral Agent pursuant to the Collateral Agency Agreement.  Group I Permitted Liens shall be “Group Permitted Liens” with respect to the Group I Notes. 
“Group I Potential Leasing Company Amortization Event” means any occurrence or event that, with the giving of notice, the passage of time or both, would constitute a Group I Leasing Company Amortization Event.
“Group I Principal Collections” means any Group I Collections other than Group I Interest Collections.  

9

“Group I Program Vehicle” means, as of any date of determination, a Group I Eligible Vehicle that is a “Program Vehicle” (as defined in the Group I Leasing Company Related Documents with respect to such Group I Eligible Vehicle) as of such date.
“Group I Related Document Actions” has the meaning set forth in Section 8.2.
“Group I Related Documents” means the Group I Supplement, the Group I Administration Agreement, the Group I Back-up Administration Agreement, the Group I Leasing Company Related Documents and, to the extent it relates to the Group I Eligible Vehicles and the Related Master Collateral with respect thereto, the Collateral Agency Agreement.
“Group I Repurchase Program” means a program pursuant to which a Group I Manufacturer or one or more of its Affiliates has agreed to repurchase (prior to any attempt to sell to an unaffiliated third party) Group I Eligible Vehicles manufactured by such Group I Manufacturer or one or more of its Affiliates during a specified period.
“Group I Required Contractual Criteria” means, with respect to any Group I Repurchase Program or Group I Guaranteed Depreciation Program as of any date of determination, terms therein pursuant to which:
(i) such Group I Repurchase Program or Group I Guaranteed Depreciation Program, as applicable, is in full force and effect as of such date with a Manufacturer, 
(ii) the repurchase price or guaranteed auction sale price with respect to each Group I Eligible Vehicle subject thereto is at least equal to the Capitalized Cost of such Group I Eligible Vehicle, minus all Depreciation Charges accrued with respect to such Group I Eligible Vehicle prior to the date that such Group I Eligible Vehicle is submitted for repurchase, minus Group I Excess Mileage Charges, minus Group I Excess Damage Charges, 
(iii) such Group I Repurchase Program or Group I Guaranteed Depreciation Program, as applicable, cannot be unilaterally amended or terminated with respect to any Group I Eligible Vehicle subject thereto after the purchase of such Group I Eligible Vehicle, and 
(iv) the assignment of the benefits (but not the burdens) of which to a Group I Leasing Company and the Collateral Agent has been acknowledged in writing by the related Manufacturer.
“Group I Required Noteholders” means, with respect to an amendment, waiver or other modification, Group I Noteholders materially and adversely affected thereby holding not less than 662⁄3% of the sum of (a) the Aggregate Group I Principal Amount held by all Group I Noteholders materially and adversely affected thereby and (b) the sum of the unutilized purchase commitments of all Committed Note Purchasers materially and adversely affected thereby (excluding, for the purposes of making the foregoing calculation, any Group I Notes held by any Affiliate of HVF II  (other than an Affiliate Issuer)); provided, however, that, upon the 

10

occurrence and during the continuance of an Amortization Event with respect to any Series of Group I Notes held by a Committed Note Purchaser, the unutilized purchase commitment of such Committed Note Purchaser with respect to such Series of Group I Notes shall be deemed to be zero.
“Group I Series Account” means any account or accounts established pursuant to a Group I Series Supplement for the benefit of the related Series of Group I Notes.
“Group I Series Adjusted Principal Amount” means, with respect to any Series of Group I Notes (or any class of such Series of Group I Notes), the “Adjusted Principal Amount” as defined in such Series of Group I Notes.  
“Group I Series Enhancement” means, with respect to any Series of Group I Notes, the rights and benefits provided to the Group I Noteholders of such Series of Group I Notes pursuant to any letter of credit, surety bond, cash collateral account, overcollateralization, issuance of Subordinated Series of Group I Notes, spread account, guaranteed rate agreement, maturity guaranty facility, tax protection agreement, interest rate swap, hedging instrument or any other similar arrangement.
“Group I Series Enhancement Agreement” means any contract, agreement, instrument or document governing the terms of any Group I Series Enhancement or pursuant to which any Group I Series Enhancement is issued or outstanding.
“Group I Series Enhancement Provider” means the Person providing any Group I Series Enhancement as designated in the applicable Group I Series Supplement, other than any Group I Noteholders the Group I Notes of which are subordinated to any Class of the Group I Notes of the same Series of Group I Notes.
“Group I Series Principal Terms” has the meaning set forth in Section 2.3.
“Group I Series Supplement” means a supplement to the Group I Supplement complying (to the extent applicable) with the terms of Section 2.3 of the Group I Supplement.
“Group I Series-Specific Collateral” means, with respect to any Series of Group I Notes, the collateral specified in the related Group I Series Supplement as solely for the benefit of such Series of Group I Notes.
“Group I Supermajority Noteholders” means, with respect to each Series of Group I Notes, Group I Noteholders of such Series of Group I Notes holding 662⁄3% of the Principal Amount of such Series of Group I Notes.
“Group I Supplement” has the meaning set forth in the Preamble.
“Group I Supplemental Indenture” means a supplement to the Group I Indenture complying (to the extent applicable) with the terms of Article X of this Group I Supplement.

11

“Group I Turnback Date” means, with respect to any Group I Program Vehicle, the date on which such Group I Eligible Vehicle is accepted for return by a Group I Manufacturer or its agent pursuant to its Group I Manufacturer Program and the Group I Depreciation Charges cease to accrue pursuant to its Group I Manufacturer Program.
“Group I Vehicle Operating Lease Commencement Date” means, with respect to each Group I Eligible Vehicle, “Vehicle Operating Lease Commencement Date” under and as defined in the Group I Lease with respect to such Group I Eligible Vehicle.
“HVF Series 2013-G1 Note” means that certain Series 2013-G1 Variable Funding Rental Car Asset Backed Note, dated as of November 25, 2013, issued by HVF to HVF II.
“HVF Series 2013-G1 Supplement” means that certain Series 2013-G1 Supplement, dated as of November 25, 2013, by and among HVF, HVF II and the Bank of New York Mellon Trust Company, N.A., as trustee. 
“Initial Group I Closing Date” means November 25, 2013 
“Initial Principal Amount” has the meaning specified, with respect to each Series of Group I Notes, in the Group I Series Supplement with respect to such Series of Group I Notes. 
“Intermediary” means the Person acting in the capacity of Qualified Intermediary pursuant to the Master Exchange Agreement.
“Investment Property” means “investment property” within the meaning of Section 9-102(49) of the New York UCC.
“Legal Final Payment Date” has the meaning specified, with respect to each Series of Group I Notes, in the Group I Series Supplement with respect to such Series of Group I Notes.  
“Luxembourg Agent” has the meaning specified in Section 2.4.
“Majority in Interest” has the meaning specified, with respect to any Series of Group I Notes, in the applicable Group I Series Supplement.
“Manufacturer” means a manufacturer or distributor of passenger automobiles and/or light-duty trucks.
“Master Exchange Agreement” means the Third Amended and Restated Master Exchange Agreement, dated as of November 25, 2013, among Hertz, HVF, HGI, the Intermediary and DB Services Americas, Inc.
“Material Adverse Effect” means, with respect to any occurrence, event or condition, applicable to any party to any of the Group I Related Documents:

12

1.a material adverse effect on the ability of HVF II or any Affiliate of HVF II that is a party to any of the Group I Related Documents to perform its obligations under such Group I Related Documents; or

2.a material adverse effect on (i) the validity or enforceability of any Group I Related Documents or (ii) on the validity, perfection or priority of the lien of the trustee in the Group I Indenture Collateral, other than, in each case, a material adverse effect on any such priority arising due to the existence of a Group I Permitted Lien.

“Monthly Base Rent” has the meaning specified, with respect to any Group I Lease, in such Group I Lease.
“Monthly Noteholders’ Statement” means, with respect to any Series of Group I Notes, a statement substantially in the form of the applicable exhibit to the applicable Group I Series Supplement.  
“Monthly Variable Rent” has the meaning specified, with respect to each Group I Lease, in such Group I Lease.
“New York UCC” means the UCC in effect in the State of New York.
“Note Rate” has the meaning specified, with respect to each Series of Group I Notes, in the Group I Series Supplement with respect to such Series of Group I Notes.
“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;

13

(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 the Rating Agencies confirm in writing that the investment in such instruments or securities will not adversely affect the then-current ratings with respect to any Series of Group I Notes.
“Potential Amortization Event” means, with respect to any Series of Group I Notes, any occurrence or event which, with the giving of notice, the passage of time or both, would constitute an Amortization Event with respect to such Series of Group I Notes.
“Principal Amount” means, with respect to each Series of Group I Notes, the amount specified in the applicable Group I Series Supplement.
“Qualified Institution” means a depository institution organized under the laws of the United States of America or any State thereof or incorporated under the laws of a foreign jurisdiction with a branch or agency located in the United States of America or any State thereof and subject to supervision and examination by federal or state banking authorities that at all times (i) has the Required Rating and (ii) in the case of any such institution organized under the laws of the United States of America, whose deposits are insured by the FDIC.
“Qualified Trust Institution” means an institution organized under the laws of the United States of America or any State thereof or incorporated under the laws of a foreign jurisdiction with a branch or agency located in the United States of America or any State thereof and subject to supervision and examination by federal or state banking authorities that 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 the Required Trust Rating.

14

“Rapid Amortization Period” means, with respect to any Series of Group I Notes, the period specified in the applicable Group I Series Supplement.
“Rating Agency” with respect to any Series of Group I Notes, has the meaning, if any, specified in the applicable Group I Series Supplement; provided that, if a Rating Agency ceases to rate the Group I Notes of any Series of Group I Notes, such Rating Agency shall be deemed to no longer constitute a Rating Agency for all purposes with respect to such Series of Group I Notes.  
“Rating Agency Condition” with respect to any Series of Group I Notes, has the meaning, if any, specified in the applicable Group I Series Supplement.
“RCFC Nominee Agreement” means the executed agreement substantively in the form attached as Exhibit A hereto. 
“RCFC Nominee Applicability Period” means the period commencing on and including the RCFC Nominee Trigger Date and ending on and including the date immediately preceding the RCFC Nominee Sunset Date.

“RCFC Nominee Non-Qualified Period” means the period commencing on and including the RCFC Nominee Trigger Date and ending on and including the date immediately preceding the RCFC Nominee Qualification Date.

“RCFC Nominee Qualification Date” means the first date to occur following the RCFC Nominee Trigger Date on which fewer than 500 Vehicles are titled in the name of RCFC pursuant to the RCFC Nominee Agreement.

“RCFC Nominee Sunset Date” means the first date to occur following the RCFC Nominee Trigger Date on which no Vehicle is titled in the name of RCFC pursuant to the RCFC Nominee Agreement.

“RCFC Nominee Trigger Date” means the first date on which (i) the RCFC Nominee Agreement has been executed, (ii) the organizational documents of RCFC have been revised to be substantially in the form attached as Exhibit B hereto, (iii) HVF II has delivered or caused to be delivered to the Trustee an Opinion of Counsel stating that RCFC would not be substantively consolidated with any immediate and direct parent (as of such date) of RCFC as a result of an Event of a Bankruptcy with respect to any such parent, (iv) RCFC has delivered to HVF and the Trustee a written acknowledgment of RCFC’s obligations under Section 15 of the Group I HVF Lease, (v) an Authorized Officer of HVF II has certified in writing to the Trustee that RCFC has no Indebtedness outstanding (other than any contingent indemnification obligations to financing parties under the RCFC Securitization Documents that by their terms survive the termination thereof), (vi) an Authorized Officer of HVF II has certified in writing to the Trustee that RCFC is not subject to any Liens (other than Group I Permitted Liens) and, together with such certification, has delivered UCC lien search results in its jurisdiction of incorporation consistent with such certification, and (vii) RCFC shall have delivered or caused to be delivered to the Trustee an Opinion of Counsel stating that a United States court of appropriate jurisdiction 

15

would determine that only bare legal title in the vehicles titled in the name of RCFC pursuant to the RCFC Nominee Agreement, as opposed to any beneficial economic interest in such vehicles, would become property of RCFC’s bankruptcy estate if RCFC were to become a debtor under the Bankruptcy Code.

“RCFC Securitization Documents” means the amended and restated base indenture dated as of February 14, 2007 between RCFC, as issuer and Deutsche Bank Trust Company Americas, as trustee, as amended through the RCFC Nominee Trigger Date, together with each series supplement thereunder.

“Record Date” means, with respect to any Series of Group I Notes and any Payment Date related thereto, the date specified in the applicable Group I Series Supplement. 
“Registered Organization” means “registered organization” within the meaning of Section 9-102(a)(70) of Revised Article 9.
“Required Rating” means:
(i) for so long as DBRS is a Rating Agency with respect to any Series of Group I Notes Outstanding, a short-term certificate of deposit rating of at least “R-1H” from DBRS and a long-term unsecured debt rating of at least “AA(L)” from DBRS;
(ii) for so long as Moody’s is a Rating Agency with respect to any Series of Group I Notes Outstanding, a short-term certificate of deposit rating of at least “P-1” from Moody’s and a long-term unsecured debt rating of at least “A2” from Moody’s;
(iii) for so long as Fitch is a Rating Agency with respect to any Series of Group I Notes Outstanding, a short-term certificate of deposit rating of at least “F1+” from Fitch and a long-term unsecured debt rating of at least “AA-” from Fitch; and
(iv) for so long as S&P is a Rating Agency with respect to any Series of Group I Notes Outstanding, a short-term certificate of deposit rating of at least “A-1+” from S&P and a long-term unsecured debt rating of at least “AA-” from S&P.
“Required Series Noteholders” has the meaning specified, with respect to each Series of Group I Notes, in the Group I Series Supplement with respect to such Series of Group I Notes. 
“Required Trust Rating” means:
(i) for so long as DBRS is a Rating Agency with respect to any Series of Group I Notes Outstanding, a long term deposits rating of at least “BBB(L)” from DBRS;
(ii) for so long as Moody’s is a Rating Agency with respect to any Series of Group I Notes Outstanding, a long term deposits rating of at least “Baa3” from Moody’s;
(iii) for so long as Fitch is a Rating Agency with respect to any Series of Group I Notes Outstanding, a long term deposits rating of at least “BBB-” from Fitch; and

16

(iv) for so long as S&P is a Rating Agency with respect to any Series of Group I Notes Outstanding, a long term deposits rating of at least “BBB-” from S&P.
“Requisite Group I Investors” means Group I Noteholders holding in excess of 50% of the Aggregate Group I Principal Amount (voting in a single class); provided, however, that, upon the occurrence and during the continuance of an Amortization Event with respect to any Series of Group I Notes held by a Committed Note Purchaser, the purchase commitment of such Committed Note Purchaser shall be deemed to be zero.  The Requisite Group I Investors shall be the “Requisite Group Investors” with respect to the Group I Notes.
“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 of Group I Notes, in the Group I Series Supplement with respect to such Series of Group I Notes.  
“Securities Intermediary” has the meaning set forth in Section 5.2.
“Security Entitlement” means “security entitlement” within the meaning of Section 8-102(a)(17) of the New York UCC.
“Series of Group I Notes” means each Series of Group I Notes issued and authenticated pursuant to the Group I Indenture and the applicable Group I Series Supplement.
“Subordinated Series of Group I Notes” means a subordinated Series of Group I Notes (other than, for the avoidance of doubt, a subordinated Class of Group I Notes issued pursuant to a Group I Series Supplement) which is fully subordinated to each Series of Group I Notes Outstanding (other than any other previously issued Subordinated Series of Group I Notes).
“Vehicle” means a passenger automobile, van or light-duty truck.

17

EXHIBIT A 
FORM OF RCFC NOMINEE AGREEMENT
VEHICLE TITLE NOMINEE AGREEMENT
among
THE HERTZ CORPORATION,
as Nominee-Servicer,
HERTZ VEHICLE FINANCING LLC,
[RENTAL CAR FINANCE [    ]],
as Nominee,
and
THE BANK OF NEW YORK MELLON TRUST COMPANY, N.A., 
as Collateral Agent

Dated as of [_], [_]

18

Table of Contents

                                                                              Page

Exhibit A: Form of Power of Attorney
Schedule 1: Nominee Vehicles

i

THIS VEHICLE TITLE NOMINEE AGREEMENT (as amended, modified or supplemented from time to time in accordance with the provisions hereof, this “Agreement”) is made as of this [_] day of [_], [_], by and among [RENTAL CAR FINANCE [    ]] (the “Nominee”), HERTZ VEHICLE FINANCING LLC, a Delaware limited liability company (“HVF” or the “Nominating Party”), THE HERTZ CORPORATION, a Delaware corporation (“Hertz”), THE BANK OF NEW YORK MELLON TRUST COMPANY, N.A., a national banking association, as Collateral Agent.
RECITALS
WHEREAS, HVF has acquired certain vehicles from the Nominee and desires to appoint the Nominee to act as its nominee titleholder with respect to such vehicles and the Nominee is willing to act as nominee titleholder with respect to such vehicles;
WHEREAS, Hertz has agreed to act as Nominee-Servicer and perform the tasks and functions required of the Nominee-Servicer under this Agreement;
WHEREAS, the parties hereto desire to confirm their respective interests in and obligations with respect to the Nominee Vehicles and to provide for certain other matters relating to the use and disposition of the Nominee Vehicles; and
NOW THEREFORE, in consideration of the mutual promises herein contained and for other good and valuable consideration, the receipt and sufficiency of which are hereby acknowledged, the parties hereto, intending to be legally bound, hereby agree as follows:
ARTICLE I 
 
AGREEMENT
SECTION 1.1    Definitions and Construction.
(a)    Definitions.  As used herein, the following terms shall have the following meanings:
“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.
“Agreement” has the meaning set forth in the Preamble hereto. 
“Authorized Officer” means any of the President, any Vice President, the Treasurer, any Assistant Treasurer, the Secretary or any Assistant Secretary of HVF.

“Base Indenture” means that certain Fourth Amended and Restated Base Indenture, dated as November 25, 2013 by and between HVF, as issuer, and the Trustee.
“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.
“Certificate of Title” means, with respect to each Nominee Vehicle, the certificate of title or similar evidence of ownership applicable to such Nominee Vehicle duly issued in accordance with the certificate of title act or other applicable statute of the jurisdiction applicable to such Nominee Vehicle.
“Collateral Agency Agreement” means the Fourth Amended and Restated Collateral Agency Agreement, dated as of November 25, 2013, by and among HVF, as grantor, HGI, as grantor, DTG Operations, Inc., as grantor, Hertz as grantor and collateral servicer, the Collateral Agent, as secured party, and those various “Additional Grantors”, “Financing Sources” and “Beneficiaries” from time to time party thereto.
“Collateral Agent” means The Bank of New York Mellon Trust Company, N.A., in its capacity as collateral agent under the Collateral Agency Agreement.
“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 Person if the primary purpose or intent thereof by such Person incurring such liability is to provide assurance to the obligee of an obligation of another Person that such obligation of such other Person 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 such Person or for which such 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 Person and (b) any liability of such Person for the obligations of another Person 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 Person 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 of any Person shall be deemed to be equal to the amount of the obligation of another Person guaranteed or otherwise supported as described above.
“GAAP” means generally accepted accounting principles in the United States of America as in effect from time to time set forth in the Accounting Codification Standards 

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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. 
“Governmental Authority” means any Federal, state, local or foreign court or governmental department, commission, board, bureau, agency, authority, instrumentality or regulatory body.
“HVF” has the meaning set forth in the Preamble hereto.
“Indebtedness” as applied to any Person, means, 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 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 relating to another Person.
“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 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.
“Material Adverse Effect” means, with respect to any occurrence, event or condition applicable to the Nominating Party:
1.a material adverse effect on the ability of HVF to perform its obligations hereunder;
2.a material adverse effect on HVF’s interest in or title to the Nominee Vehicles or on the ability of HVF to grant a Lien on the Nominee Vehicles; or

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3.a material adverse effect on (A) the validity or enforceability of this Agreement with respect to HVF or (B) the validity, perfection or priority of any Lien granted by HVF on HVF’s interest in the Nominee Vehicles (other than in an immaterial portion of the Nominee Vehicles), other than, in each case, a material adverse effect on such priority arising due to the existence of a Permitted Lien. 
“Nominee” has the meaning set forth in the Preamble hereto.
“Nominee-Servicer” means The Hertz Corporation.
“Nominee Determination Date” means the date five (5) Business Days prior to each Nominee Payment Date.
“Nominee LLC Agreement” means the [_] of the Nominee, dated as of [_].
“Nominee Payment Date” means the 25th day of each calendar month, or if such date is not a Business Day, the next succeeding Business Day, commencing on [_], [_].
“Nominee Vehicle” means each Vehicle owned by HVF that is included on Schedule 1 hereto.
“Officer's Certificate” means, with respect to the Nominating Party, a certificate signed by an Authorized Officer of the Nominating Party.
“Permitted Lien” 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 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, and (iii) Liens in favor of the Trustee pursuant to the Base Indenture and any Series Supplement (as defined in the Base Indenture) and Liens in favor of the Collateral Agent pursuant to the Collateral Agency Agreement. 
“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.
“POA Revocation Party” means the Collateral Agent.  
“Power of Attorney” has the meaning set forth in Section 2.2.
“Requirements 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 

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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.
“Title Fees and Costs” has the meaning set forth in Section 5.1.
“Trustee” means, The Bank of New York Mellon Trust Company, N.A., as trustee under the Base Indenture and any related series supplement.
“Vehicle” means a passenger automobile, van or light-duty truck.
SECTION 1.2    Construction.  In this Agreement, including the preamble, recitals, attachments, annexes, exhibits and joinders hereto, unless the context otherwise requires, 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, annexes, exhibits and joinders to such agreement or document, and are to such agreement or document (including all such attachments, 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 Agreement, 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)    the language used in this Agreement 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; and
(i)    unless specified otherwise, “titling” will be deemed to include the acts of registering a vehicle, including the registering of the license plates of a vehicle.

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                                                                 ARTICLE II     
 
APPOINTMENT OF THE NOMINEE AS NOMINEE TITLEHOLDER, DESIGNATION AND REDESIGNATION; POWERS OF ATTORNEY
SECTION 2.1    Appointment of Nominee.
(j)    HVF hereby appoints the Nominee as nominee titleholder of each Vehicle identified on Schedule 1 hereto, and the Nominee hereby agrees to serve as the designated agent of HVF in such capacity as described and pursuant to the terms set forth herein.
SECTION 2.2    Powers of Attorney.  
(a)    HVF hereby directs the Nominee to grant, and the Nominee hereby agrees to so grant, one or more powers of attorney to Hertz, as Nominee-Servicer and as Collateral Servicer under and as defined in the Collateral Agency Agreement, substantially in the form of Exhibit A attached hereto (each a “Power of Attorney”) to:
(i)    execute any and all documents and instruments pertaining to the titling of all or a portion of the Nominee Vehicles in the name of the Nominee and the licensing and registration of the Nominee Vehicles, and 
(ii)    transfer the title to any of the Nominee Vehicles from the name of the Nominee to the name of HVF or the name of a third party or any other Person at any time and to execute such other documents and instruments as may be necessary to effect any such transfer.  
(b)    The Nominee hereby agrees to revoke such Power of Attorney at any time at the written direction of HVF or the POA Revocation Party, and if the Nominee so revokes the Power of Attorney, the Nominee hereby agrees to grant a Power of Attorney relating to the Nominee Vehicles to or at the direction of HVF or the POA Revocation Party, as applicable.
SECTION 2.3    Collateral Agent Powers of Attorney.  The Collateral Agent hereby grants to the Nominee a power of attorney, substantially in the form of Exhibit [C] to the Collateral Agency Agreement, to take any and all actions, in the name of the Collateral Agent, (i) to note the Collateral Agent as the holder of a first lien on the Certificates of Title for the Nominee Vehicles subject to the Collateral Agency Agreement, and/or otherwise ensure that the first lien shown on any and all such Certificates of Title is in the name of the Collateral Agent and (ii) to release the Collateral Agent’s Lien on any such Certificate of Title in connection with the release of any such Nominee Vehicle from the Lien of the Collateral Agency Agreement in accordance with Section 2.7 of the Collateral Agency Agreement.  Nothing in this Agreement shall be construed as authorization from the Collateral Agent to the Nominee to release any Lien on any such Certificates of Title except in compliance with the terms of the Collateral Agency Agreement.  The parties hereto agree that Hertz, as Collateral Servicer under the Collateral Agency Agreement, will perform all activities set forth in subsections (i) and (ii) above on behalf of the Nominee.

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                                                                  ARTICLE III     
 
INTERESTS IN THE NOMINEE VEHICLES
SECTION 3.1    Interests in the Nominee Vehicles.  Notwithstanding the fact that title to the Nominee Vehicles will be recorded in the name of the Nominee and that the Collateral Agent will be noted as the lienholder on the titles with respect to certain of the Nominee Vehicles pursuant to the Collateral Agency Agreement, the parties hereto each hereby acknowledge that:
(a)    except as set forth in subsection (b) below, HVF is entitled to all incidents, benefits and risks of ownership of the Nominee Vehicles, including, without limitation, the sole right to operate, rent, sell, lease and otherwise transfer and dispose of the Nominee Vehicles; and
(b)    the Nominee has no direct or indirect ownership or other interest in the Nominee Vehicles, except such rights and obligations with respect to the Nominee Vehicles as are required by the appointment of the Nominee as nominee titleholder with respect to the Nominee Vehicles as set forth herein.
                                                                   ARTICLE IV     
 
TRANSFER OF TITLE
SECTION 4.1    Transfer of Title for the Nominee Vehicles Pledged.  With respect to each Nominee Vehicle that is pledged to the Collateral Agent pursuant to the Collateral Agency Agreement (as evidenced in the Collateral Servicer’s records pursuant to the Collateral Agency Agreement) as of any date of determination, the Nominee hereby agrees on any such date to transfer title to any such Nominee Vehicle at the direction of HVF, the Collateral Agent or Nominee-Servicer from the name of the Nominee to the name of HVF, any Affiliate of HVF or an unaffiliated third party identified by HVF, the Collateral Agent or the Nominee-Servicer.
SECTION 4.2    Transfer of Title for the Nominee Vehicles Not Pledged.  With respect to each Nominee Vehicle that is not pledged to the Collateral Agent pursuant to the Collateral Agency Agreement as of any date of determination, the Nominee hereby agrees on any such date to transfer title to any such Nominee Vehicle at the direction of HVF or the POA Revocation Party.
SECTION 4.3    Limits on Nominee Ability to Transfer Nominee Vehicles.  The Nominee hereby agrees not to transfer title to any Nominee Vehicle from the name of the Nominee other than as directed by HVF or the POA Revocation Party pursuant to Sections 4.1 and 4.2 above.
                                                                    ARTICLE V     
 
EXPENSES
SECTION 5.1    HVF Fees and Expenses.  HVF shall be responsible for causing the payment of any registration fees, title fees, license fees or other similar governmental fees and 

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taxes (including the cost of any recording or registration fees or other similar governmental charges payable with respect to the notation on the title of the interest of the Collateral Agent) and all costs and expenses in connection with the transfer of title of, or reflection of the interest of any lienholder in, any of the Nominee Vehicles (collectively, “Title Fees and Costs”).  The Nominee-Servicer may, but is not required to, pay the Title Fees and Costs on behalf of the Nominee; provided that, if the Nominee-Servicer pays such Title Fees and Costs on behalf of the Nominee, the Nominee-Servicer shall be entitled to monies received by the Nominee in respect thereof from HVF.  
SECTION 5.2    Submission of Monthly Bills.  The Nominee or, on behalf of the Nominee, the Nominee-Servicer, shall submit a monthly bill to HVF for any Title Fees and Costs incurred by the Nominee in respect of the Nominee Vehicles during the calendar month immediately preceding each Nominee Determination Date.  Payments shall be due on the following Nominee Payment Date.  Such payments shall be made to or at the direction of the Nominee.
                                                                   ARTICLE VI     
 
[RESERVED]
                                                                  ARTICLE VII     
 
FEES
SECTION 7.1    Nominee Fee.  As compensation for services performed by the Nominee pursuant to this Agreement, HVF shall pay a fee of [$_] to the Nominee, payable [annually on an accrual basis], on the Nominee Payment Date falling in December of each calendar year during the term of this Agreement.
SECTION 7.2    Nominee-Servicer Fee.  As compensation for the services performed by the Nominee-Servicer pursuant to this Agreement, HVF shall pay a fee of $[_] to the Nominee-Servicer on the Nominee Payment Date falling in December of each calendar year during the term of this Agreement.
                                                                  ARTICLE VIII     
 
ACKNOWLEDGEMENTS
SECTION 8.1    Acknowledgements.  The Nominee and HVF hereby acknowledge the following with respect to each Nominee Vehicle that is pledged to the Collateral Agent pursuant to the Collateral Agency Agreement:
(a)    pursuant to the Collateral Agency Agreement, HVF may assign, pledge and grant to the Collateral Agent a security interest in any and all of the right, title and interest of HVF in and to, among other things, (i) any or all of the Nominee Vehicles and all proceeds thereof, (ii) any or all manufacturer programs to the extent relating to the Nominee Vehicles and (iii) this Agreement to the extent relating to the Nominee Vehicles; and

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(b)    the Collateral Agent, as assignee of HVF’s rights hereunder pursuant to the Collateral Agency Agreement, shall be entitled to enforce such rights against the Nominee.
                                                                  ARTICLE IX     
 
FURTHER ASSURANCES
SECTION 9.1    Further Assurances.  Each of the parties hereto shall, from time to time, execute and deliver such further instruments and render such further assistance as any other party may reasonably request in order to carry out the transactions contemplated herein or to protect the interests of the parties hereto in the Nominee Vehicles in accordance with the terms hereof; provided however that, such instruments will be prepared by HVF and all costs and expenses in connection with such execution, delivery or other assistance will be borne by HVF.
                                                                   ARTICLE X     
 
REMITTANCE OF PROCEEDS
SECTION 10.1    Remittance of Proceeds.  In the event that the Nominee receives any payments or proceeds in respect of any Nominee Vehicles other than any payments received pursuant to Section 5.2 or Section 7.1, the Nominee shall promptly upon receipt, but in no event later than two (2) business days from receipt, (i) with respect to any such payments or proceeds that relate to a Nominee Vehicle that is pledged to the Collateral Agent pursuant to the Collateral Agency Agreement (as evidenced in the Collateral Servicer’s records pursuant to the Collateral Agency Agreement), deposit such payments or proceeds in accordance with the Collateral Agency Agreement or (ii) with respect to any payment or proceeds that relate to a Nominee Vehicle that is not pledged to the Collateral Agent pursuant to the Collateral Agency Agreement, remit such payments or proceeds to or at the direction of HVF with respect to such Nominee Vehicle.
                                                                   ARTICLE XI     
 
CERTAIN COVENANTS
SECTION 11.1    Limits on Activity of Nominee.  The Nominee hereby agrees (i) that it will not engage in any business or other activity other than (A) acting as titleholder of record for the Nominee Vehicles and (B) entering into documents related to various financing arrangements related to the Nominee Vehicles, and (ii) that it will not own any property or hold title to any vehicles other than the Nominee Vehicles (other than rights under contracts incidental to the Nominee’s appointment as nominee titleholder with respect to the Nominee Vehicles).
SECTION 11.2    Liens and Indebtedness.  The Nominee shall not incur any Indebtedness or otherwise do any act that would subject it, the Nominee Vehicles or any of its assets to any Lien (other than Permitted Liens), and the Nominee agrees not to permit any Lien (other than Permitted Liens) to be created or suffer to exist any Lien (other than Permitted Liens) on the 

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Nominee Vehicles or the proceeds thereof.  The Nominee shall use its best efforts to remove any Lien (other than a Permitted Lien) that attaches to any Nominee Vehicle.
SECTION 11.3    Compliance.  The Nominee agrees to comply in all material respects with all Requirements of Law except to the extent that the failure to comply with such Requirements of Law is not reasonably likely to have a Material Adverse Effect.
SECTION 11.4    Notices of Proceedings.  Promptly upon becoming aware thereof, the Nominee agrees to give HVF, Hertz and the Collateral Agent written notice of the commencement or existence of any proceeding by or before any Governmental Authority against or affecting the Nominee that is reasonably likely to have a Material Adverse Effect.
SECTION 11.5    Maintenance of Separate Existence.  The Nominee acknowledges its receipt of a copy of that certain opinion letter issued by [_] dated [_] addressing the issue of substantive consolidation as it may relate to each of Hertz, the Nominee and HVF.  The Nominee 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 [_] or other law firm of recognized national standing that is counsel to Hertz, the Nominee and/or HVF addressing the issue of substantive consolidation as it may relate to each of Hertz, the Nominee and HVF.
                                                               ARTICLE XII     
 
REPRESENTATIONS, WARRANTIES AND COVENANTS
SECTION 12.1    Representations, Warranties and Covenants.  The Nominee represents, warrants and covenants as follows:
(a)    It is a limited liability company duly formed, validly existing and in good standing under the laws of [_].  It 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 hereunder make such qualification necessary.
(b)    It has all requisite power and authority to execute, deliver and perform this Agreement and to carry out the provisions hereof.  Its execution, delivery and performance of this Agreement have been duly authorized by all necessary action on its part, and this Agreement has been duly executed and delivered by it and constitutes its legal, valid and binding obligation, enforceable against it in accordance with the terms of this Agreement, except as the same may be limited by (i) applicable bankruptcy, insolvency, reorganization or similar laws affecting the enforcement of creditors rights and (ii) general principles of equity.
(c)    There are no actions, suits, investigations or proceedings pending or, to its knowledge after reasonable inquiry, threatened against it before any Governmental Authority that question the validity or enforceability of this Agreement or any action taken or to be taken 

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pursuant hereto, or that, if adversely determined, would materially affect its execution, delivery and performance of this Agreement.
(d)    Neither it nor any of its properties or assets are subject to any contract or agreement, any provision of its certificate of formation or the Nominee LLC Agreement, or other restriction, any law or any order, rule, ruling, certificate, license, regulation, judgment, injunction or demand of any country, state, territory or political subdivision thereof or of any Governmental Authority that would materially affect its execution, delivery and performance of this Agreement.
(e)    The valid and binding execution, and delivery of, and compliance with, this Agreement will not contravene any provision of any presently effective law, rule, regulation, decree, ruling, judgment, order or injunction applicable to or binding upon it or of its certificate of formation or the Nominee LLC Agreement or any contract or agreement to which it is a party or by which its property or assets are bound, the contravention of any of which would materially impair the valid and binding nature of, or its ability to perform, any of its obligations under this Agreement.
(f)    It 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.
                                                                 ARTICLE XIII     
 
MISCELLANEOUS
SECTION 13.1    No Third Party Beneficiaries.  This Agreement will not confer any rights or remedies upon any Person other than the parties hereto and their respective successors and permitted assigns.
SECTION 13.2    Entire Agreement.  This Agreement and the other agreements specifically referenced herein constitute the entire agreement among the parties hereto and supersede any prior understandings, agreements, or representations by or among the parties hereto, written or oral, to the extent they related in any way to the subject matter hereof.
SECTION 13.3    Succession and Assignment.  This Agreement will be binding upon and inure to the benefit of the parties hereto and their respective successors and permitted assigns.  Except as provided in Section 8.1, the parties hereto may not assign either this Agreement or any of their respective rights, interest, or obligations hereunder without the prior written approval of the other parties.
SECTION 13.4    Delegation.  Notwithstanding anything to the contrary contained in this Agreement, the Nominee-Servicer may delegate to any Affiliate of the Nominee-Servicer the performance of the Nominee-Servicer’s obligations as Nominee-Servicer pursuant to this Agreement (but the Nominee-Servicer shall remain fully liable for its obligations under this Agreement).

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SECTION 13.5    Counterparts.  This Agreement may be executed in separate counterparts including in electronic form and by different parties on different counterparts, each of which will be deemed an original but all of which together will constitute one and the same instrument.  Delivery of an executed counterpart of a signature page of this Agreement by facsimile transmission or electronic transmission (in “.pdf” format) shall be as effective as delivery of a manually executed counterpart of this Agreement.  
SECTION 13.6    Headings.  The section, subsection and other headings contained in this Agreement are inserted for convenience only and will not affect in any way the meaning or interpretation of this Agreement.
SECTION 13.7    Notices.  All notices, requests, demands, claims and other communications hereunder will be in writing.  Any notice, request demand, claim, or other communication hereunder will be deemed duly given if it is sent by registered or certified mail, return receipt requested, postage prepaid, and addressed to the intended recipient as set forth below:
If to the Nominee-Servicer, HVF or the Nominee:
225 Brae Boulevard 
Park Ridge, NJ 07656 
Attention:  Treasury Department 
Telephone no. (201) 307-2000 
Facsimile no. (201) 307-2746
If to the Trustee:
The Bank of New York Mellon Trust Company, N.A. 
2 North LaSalle Street, Suite 1020 
Chicago, IL 60602 
Attention:  Corporate Trust Administration — Structured Finance 
Telephone no. (312) 827-8569 
Facsimile no. (312) 827-8562
Any party hereto may give any notice, request, demand, claim, or other communication hereunder using any other means (including personal delivery, expedited courier, messenger service, telecopy, telex, ordinary mail, or electronic mail), but no such notice, request, demand, claim, or other communication will be deemed to have been duly given unless and until it actually is received by the intended recipient.  Any party hereto may change the address to which notices, requests, demands, claims and other communications hereunder are to be delivered by giving the other parties notice in the manner herein as set forth.
SECTION 13.8    GOVERNING LAW.  THIS AGREEMENT AND ALL MATTERS ARISING OUT OF OR IN ANY MANNER RELATING TO THIS AGREEMENT WILL BE GOVERNED BY AND CONSTRUED IN ACCORDANCE WITH THE DOMESTIC LAW OF THE STATE OF NEW YORK.

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SECTION 13.9    Amendments and Waivers.  No amendment of any provision of this Agreement will be valid unless the same will be in writing and signed by each of the parties hereto.  No waiver by any party hereto of any default, misrepresentation, or breach of warranty or covenant hereunder, whether intentional or not, will be deemed to extend to any prior or subsequent default, misrepresentation, or breach of warranty or covenant hereunder or affect in any way any rights arising by virtue of any prior or subsequent such occurrence.   
SECTION 13.10    Severability.  Any term or provision of this Agreement that is invalid or unenforceable in any situation in any jurisdiction will not affect the validity or enforceability of the remaining terms and provisions hereof or the validity or enforceability of the offending term or provision in any other situation or in any other jurisdiction.
SECTION 13.11    Nonpetition Covenants.  Each of the Nominee, HVF, Hertz and the Collateral Agent hereby covenants and agrees that, prior to the date that is one year and one day after the payment in full of all of the debt obligations of each of HVF, it will not institute against, or join with, encourage or cooperate with any other Person in instituting against, any of the Nominee or HVF any bankruptcy, reorganization, arrangement, insolvency or liquidation proceedings or other similar proceeding under the laws of the United States or any state of the United States.  The provisions of this Section 13.11 shall survive the termination of this Agreement

13

IN WITNESS WHEREOF, the parties hereto have duly executed this Vehicle Title Nominee Agreement as of the date first above written.
[RENTAL CAR FINANCE [     ]] 
 
 
    By         
        Scott Massengill 
        Vice President & Treasurer
HERTZ VEHICLE FINANCING LLC 
 
 
    By         
        Scott Massengill 
        Vice President & Treasurer
THE HERTZ CORPORATION 
 
 
    By         
        Scott Massengill 
        Senior Vice President & Treasurer
THE BANK OF NEW YORK MELLON TRUST COMPANY, N.A., as Collateral Agent 
 
 
    By         
        Name: 
        Title:

HE Draft 11/14/2013

EXHIBIT A

Power of Attorney
KNOW ALL MEN BY THESE PRESENTS, that RENTAL CAR FINANCE [_] (the “Nominee”), under that certain Vehicle Title Nominee Agreement, dated as of [_], by and among the Nominee, HERTZ VEHICLE FINANCING LLC, THE HERTZ CORPORATION and THE BANK OF NEW YORK MELLON TRUST COMPANY, N.A. (as amended, supplemented, restated or otherwise modified from time to time in accordance with the terms thereof, the “Nominee Agreement”), does hereby make, constitute and appoint THE HERTZ CORPORATION its true and lawful Attorney-in-Fact for it and in its name, stead and behalf, to (a) execute any and all documents and instruments pertaining to the titling of the Nominee Vehicles in the name of the Nominee and the licensing and registration of motor vehicles, (b) transfer title of the Nominee Vehicles from the name of the Nominee to the name of a third party at any time and to execute any and all documents and instruments as may be necessary to effect any such transfer, (c) appoint individual representatives of Hertz as attorneys-in-fact to fulfill the purposes of this Power of Attorney and (d) grant further powers of attorney to facilitate or effect any of the foregoing.  This power is limited to the foregoing and specifically does not authorize the creation of any liens or encumbrances on any of said motor vehicles.  
Capitalized terms used herein and not otherwise defined herein shall have the meanings ascribed to such terms in the Nominee Agreement.
Each such person named as attorney-in-fact and any officers or employees of any such person shall have the full power and authority to do and perform each and every act and thing whatsoever, requisite, necessary or proper to be done in furtherance of the foregoing.  This Power of Attorney is granted pursuant to, and governed by, the Nominee Agreement.
This Power of Attorney shall, unless sooner terminated, revoked or extended in accordance with the Nominee Agreement, cease upon the termination of the Nominee Agreement. All powers of attorney for this purpose filed or executed by the Nominee in respect of the Nominee Vehicles prior to the date hereof are hereby revoked.
THIS POWER OF ATTORNEY SHALL BE GOVERNED BY AND CONSTRUED IN ACCORDANCE WITH THE LAW OF THE STATE OF NEW YORK.

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IN WITNESS WHEREOF, the undersigned has caused this instrument to be executed on its behalf on this _____ day of ________, _____.

RENTAL CAR FINANCE [_] 
 
 
By:             
    Name: 
    Title:

STATE OF NEW YORK    )
:  ss.:
COUNTY OF NEW YORK    )
Subscribed and sworn before me, a notary public, in and for said county and state, this____ day of _________, 20__.
Notary Public
My Commission Expires:

 2     

EXHIBIT B FORM OF RCFC ORGANIZATIONAL DOCUMENTS

FIRST AMENDED AND RESTATED LIMITED LIABILITY COMPANY AGREEMENT 
OF 
RENTAL CAR FINANCE LLC
This First Amended and Restated Limited Liability Company Agreement (together with the schedules attached hereto, this “Agreement”) of Rental Car Finance LLC (the “Company”), is entered into by Dollar Thrifty Automotive Group, Inc., a Delaware corporation, as the sole member (the “Member”).  Capitalized terms used and not otherwise defined herein have the meanings set forth on Schedule A hereto.
The Member, by execution of this Agreement, (i) hereby continues the Company as a limited liability company pursuant to and in accordance with the Oklahoma Limited Liability Company Act, Okla. Stat. (2011), tit. 18, §2200 et seq., as amended from time to time, and any successor to such act (the “Act”), and this Agreement, (ii) hereby amends and restates in its entirety the Limited Liability Company Agreement of the Company, dated as of _____________, 20__, and (iii) hereby agrees as follows:
SECTION 1.Name.  The name of the limited liability company continued hereby is Rental Car Finance LLC.
SECTION 2.    Principal Business Office.  The principal business office of the Company shall be located at 5330 East 31st Street, Tulsa, Oklahoma 74135, or such other location as may hereafter be determined by the Member.
SECTION 3.    Registered Office.  The address of the registered office of the Company in the State of Oklahoma is c/o The Corporation Company, 1833 South Morgan Road, in the City of Oklahoma City, County of Oklahoma, Oklahoma 73128.
SECTION 4.    Registered Agent.  The name and address of the registered agent of the Company for service of process on the Company in the State of Oklahoma is The Corporation Company, 1833 South Morgan Road, Oklahoma City, Oklahoma 73128.
SECTION 5.    Member.  (a)  The mailing address of the Member is set forth on Schedule B attached hereto.
(b)    Subject to Section 8(j), the Member may act by written consent.

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(c)    Notwithstanding any provision in this Agreement to the contrary, if there is only one Member, upon the occurrence of any event that causes the Member to cease to be a member of the Company (other than (i) upon an assignment by the Member of all of its limited liability company interest in the Company and the admission of the transferee pursuant to Sections 20 and 22, or (ii) the resignation of the Member and the admission of an additional member of the Company pursuant to Sections 21 and 22), the natural persons acting as the Independent Directors pursuant to Section 9 shall, without any action of any Person and simultaneously with the Member ceasing to be a member of the Company, automatically be admitted to the Company as Special Members and shall continue the Company without dissolution. No Special Member may resign from the Company or transfer its rights as Special Member unless (i) a successor Special Member has been admitted to the Company as Special Member by executing a counterpart to this Agreement, and (ii) such successor has also accepted its appointment as an Independent Director pursuant to Section 9; provided, that, any Special Member shall automatically cease to be a member of the Company upon the admission to the Company of a substitute Member but shall not thereby cease to be an Independent Director. A Special Member shall be a member of the Company that has no interest in the profits, losses and capital of the Company and has no right to receive any distributions of Company assets. Pursuant to Section 2023 of the Act, a Special Member shall not be required to make any capital contributions to the Company and shall not receive a limited liability company interest in the Company. A Special Member, in its capacity as a Special Member, may not bind the Company. Except as required by any mandatory provision of the Act, a Special Member, in its capacity as a Special Member, shall have no right to vote on, approve or otherwise consent to any action by, or matter relating to, the Company, including, without limitation, the merger, consolidation or conversion of the Company. In order to implement the future, contingent admission to the Company of Special Members, any individual acting as an Independent Director pursuant to Section 9 shall execute a counterpart to this Agreement upon his or her appointment as an Independent Director. Prior to its admission to the Company as a Special Member, any individual acting as an Independent Director pursuant to Section 9 shall not be a member of the Company.
SECTION 6.    Purposes.  (a)  The purpose to be conducted or promoted by the Company is to engage in the following activities:
(i)    to hold title to passenger vehicles and light-duty trucks that are owned by the Member (the “Vehicles”) or any Affiliate of the Member;
(ii)    to execute, deliver and perform its obligations under the Basic Documents and any other agreement or instrument relating to the activity set forth in clause (i) above; and
(iii)    to engage in any lawful act or activity and to exercise any powers permitted to limited liability companies organized under the laws of the State of 

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Oklahoma that are related or incidental to the foregoing and necessary, convenient or advisable to accomplish the foregoing.
(b)    The Company, by or through any Member, Director or Officer on behalf of the Company, may enter into and perform its Obligations under the Basic Documents and all documents, agreements, certificates, or financing statements contemplated thereby or related thereto, all without any further act, vote or approval of the Member or any Director or Officer notwithstanding any other provision of this Agreement, the Act or applicable law, rule or regulation.  The foregoing authorization shall not be deemed a restriction on the powers of any Member, Director or Officer to enter into other agreements on behalf of the Company.
SECTION 7.    Powers.  Subject to Section 8(j), the Company, and the Board of Directors and the Officers on behalf of the Company, (a) shall have and exercise all powers necessary, convenient or incidental to accomplish its purposes as set forth in Section 6, and (b) shall have and exercise all of the powers and rights conferred upon limited liability companies formed pursuant to the Act.
SECTION 8.    Management.  (a)  Board of Directors.  Subject to Section 8(j), the business and affairs of the Company shall be managed by or under the direction of a Board of one or more Directors designated by the Member.  Subject to Section 9, the Member may determine at any time in its sole and absolute discretion the number of Directors to constitute the Board.  The authorized number of Directors may be increased or decreased by the Member at any time in its sole and absolute discretion, upon notice to all Directors, and subject in all cases to Section 9.  The initial number of Directors shall be four (4), two (2) of which shall be Independent Directors pursuant to Section 9.  Each Director elected, designated or appointed by the Member shall hold office until a successor is elected and qualified or until such Director’s earlier death, resignation, expulsion or removal.  Each Director shall execute and deliver the Management Agreement.  Directors need not be a Member.  The initial Directors designated by the Member are listed on Schedule D hereto.
(b)    Powers.  Subject to Section 8(j), the Board of Directors shall have the power to do any and all acts necessary, convenient or incidental to or for the furtherance of the purposes described herein, including all powers, statutory or otherwise.  Subject to Section 6, the Board of Directors has the authority to bind the Company.
(c)    Meeting of the Board of Director.  The Board of Directors of the Company may hold meetings, both regular and special, within or outside the State of Oklahoma.  Regular meetings of the Board may be held at such time and at such place as shall from time to time be determined by the Board.  Special meetings of the Board may be called by the President on not less than one day’s notice to each Director by telephone, facsimile, mail, telegram or any other means of communication, and special meetings shall be called by the President or Secretary in like manner and with like notice upon the written request of any one or more of the Directors.

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(d)    Quorum; Acts of the Board.  At all meetings of the Board, a majority of the Directors shall constitute a quorum for the transaction of business and, except as otherwise provided in any other provision of this Agreement, the act of a majority of the Directors present at any meeting at which there is a quorum shall be the act of the Board.  If a quorum shall not be present at any meeting of the Board, the Directors present at such meeting may adjourn the meeting from time to time, without notice other than announcement at the meeting, until a quorum shall be present.  Any action required or permitted to be taken at any meeting of the Board or of any committee thereof may be taken without a meeting if all members of the Board or committee, as the case may be, consent thereto in writing, and the writing or writings are filed with the minutes of proceedings of the Board or committee, as the case may be.
(e)    Electronic Communications.  Members of the Board, or any committee designated by the Board, may participate in meetings of the Board, or any committee, by means of telephone conference or similar communications equipment that allows all persons participating in the meeting to hear each other, and such participation in a meeting shall constitute presence in person at the meeting.  If all the participants are participating by telephone conference or similar communications equipment, the meeting shall be deemed to be held at the principal place of business of the Company.
(f)    Committees of Directors.  (i)  The Board may, by resolution passed by a majority of the whole Board, designate one or more committees, each committee to consist of one or more of the Directors of the Company.  The Board may designate one or more Directors as alternate members of any committee, who may replace any absent or disqualified member at any meeting of the committee.
(ii)    In the absence or disqualification of a member of a committee, the member or members thereof present at any meeting and not disqualified from voting, whether or not such members constitute a quorum, may unanimously appoint another member of the Board to act at the meeting in the place of any such absent or disqualified member.
(iii)    Any such committee, to the extent provided in a resolution of the Board, shall have and may exercise all the powers and authority of the Board in the management of the business and affairs of the Company.  Such committee or committees shall have such name or names as may be determined from time to time by resolution adopted by the Board.  Each committee shall keep regular minutes of its meetings and report the same, to the Board when required.
(g)    Compensation of Directors; Expenses.  The Board shall have the authority to fix the compensation of Directors.  The Directors may be paid their expenses, if any, of attendance at meetings of the Board, which may be a fixed sum for attendance at each meeting of the Board or a stated salary as Director.  No such payment shall preclude any Director from serving the Company in any other capacity and receiving compensation 

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therefor.  Members of special or standing committees may be allowed like compensation for attending committee meetings.
(h)    Removal of Directors.  Unless otherwise restricted by law and subject to Section 9, any Director or the entire Board of Directors may be removed or expelled, with or without cause, at any time by the Member, and any vacancy caused by any such removal or expulsion may be filled by action of the Member.
(i)    Directors as Agents.  To the extent of their powers set forth in this Agreement and subject to Section 8(j), the Directors are agents of the Company for the purpose of the Company’s business, and the actions of the Directors taken in accordance with such powers set forth in this Agreement shall bind the Company.  Except as provided in this Agreement, a Director may not bind the Company.
(j)    Limitations on the Company’s Activities.
(i)    This Section 8(j) is being adopted in order to comply with certain provisions required in order to qualify the Company as a “special purpose entity”.
(ii)    The Member shall not, so long as any Note Obligation is outstanding, amend, alter, change or repeal the definition of “Independent Director” or Sections 5(c), 6, 7, 8, 9, 15, 19, 20, 21, 22, 23, 24, 25 or 30 or Schedule A of this Agreement without the unanimous written consent of the Board (including the Independent Directors).  Subject to this Section 8(j), the Member reserves the right to amend, alter, change or repeal any provisions contained in this Agreement in accordance with Section 30.
(iii)    Notwithstanding any other provision of this Agreement and any provision of law that otherwise so empowers the Company, the Member, the Board, any Officer or any other Person, neither the Member nor the Board nor any Officer nor any other Person shall be authorized or empowered, nor shall they permit the Company, without the prior unanimous written consent of the Member and the Board (including the Independent Directors), to take any Material Action; provided, that, the Board may not vote on, or authorize the taking of, any Material Action unless there are at least two Independent Directors then serving in such capacity.
(iv)    So long as any Note Obligation is outstanding, the Board and the Member shall cause the Company to do or cause to be done all things necessary to preserve and keep in full force and effect its existence, rights (charter and statutory) and franchises; provided, that, the Company shall not be required to preserve any such right or franchise if:  (1) the Board shall determine that the preservation thereof is no longer desirable for the conduct of its business and that the loss thereof is not disadvantageous in any material respect to the Company and (2) the Rating Agency 

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Condition with respect to each Series of Notes is satisfied.  The Board also shall cause the Company to:
(A)    maintain its own separate books and records and bank accounts;
(B)    at all times hold itself out to the public and all other Persons as a legal entity separate from the Member and any other Person;
(C)    have a Board of Directors separate from that of the Member and any other Person;
(D)    file its own tax returns, if any, as may be required under applicable law, to the extent (1) not part of a consolidated group filing a consolidated return or returns, or (2) not treated as a division for tax purposes of another taxpayer, and pay any taxes so required to be paid under applicable law;
(E)    except as contemplated by the Basic Documents, not commingle its assets with assets of any other Person;
(F)    conduct its business in its own name and strictly comply with all organizational formalities to maintain its separate existence;
(G)    maintain separate financial statements;
(H)    pay its own liabilities only out of its own funds;
(I)    maintain an arm’s length relationship with its Affiliates and the Member;
(J)    pay the salaries of its own employees, if any;
(K)    not hold out its credit or assets as being available to satisfy the obligations of others;
(L)    allocate fairly and reasonably any overhead for shared office space;
(M)    use separate invoices and checks;
(N)    except as contemplated by the Basic Documents, not pledge its assets for the benefit of any other Person;

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(O)    correct any known misunderstanding regarding its separate identity;
(P)    maintain adequate capital in light of its contemplated business purpose, transactions and liabilities;
(Q)    cause its Board of Directors to meet at least annually or act pursuant to written consent and keep minutes of such meetings and actions and observe all other Oklahoma limited liability company formalities; and
(R)    not acquire any securities of the Member.
Failure of the Company, or the Board on behalf of the Company, to comply with any of the foregoing covenants shall not affect the status of the Company as a separate legal entity or the limited liability of the Member, the Special Members, if any, and the Directors.
(v)    So long as any Note Obligation is outstanding, the Board shall not cause or permit the Company to:
(A)    guarantee any obligation of any Person, including any Affiliate;
(B)    engage, directly or indirectly, in any business other than the actions required or permitted to be performed under Section 6, the Basic Documents or this Section 8(j);
(C)    incur, create or assume any indebtedness other than the Obligations or as otherwise expressly permitted under the Basic Documents;
(D)    make or permit to remain outstanding any loan or advance to, or own or acquire any stock or securities of, any Person except as permitted by the Basic Documents;
(E)    to the fullest extent permitted by law, engage in any consolidation, merger or asset sale other than such activities as are expressly permitted pursuant to any provision of the Basic Documents; or
(F)    form, acquire or hold any subsidiary (whether corporate, partnership, limited liability company or other).
SECTION 9.    Independent Director.  As long as any Note Obligation is outstanding, the Member shall cause the Company at all times to have at least two 

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Independent Directors who will be appointed by the Member.  To the fullest extent permitted by Section 2017 of the Act, the Independent Directors shall consider only the interests of the Company, including its respective creditors, in acting or otherwise voting on the matters referred to in Section 8(j)(iii).  No resignation or removal of an Independent Director, and no appointment of a successor Independent Director, shall be effective until the successor Independent Director shall have accepted his or her appointment by a written instrument, which may be a counterpart signature page to the Management Agreement.  All right, power and authority of an Independent Director shall be limited to the extent necessary to exercise those rights and perform those duties specifically set forth in this Agreement.  No Independent Director shall at any time serve as trustee in bankruptcy for any Affiliate of the Company.
SECTION 10.    Officers.  (a)  Officers.  The initial Officers of the Company designated by the Member are listed on Schedule E hereto.  The additional or successor Officers of the Company shall be chosen by the Board and shall consist of at least a President, a Secretary and a Treasurer.  The Board of Directors may also choose one or more Vice Presidents, Assistant Secretaries and Assistant Treasurers.  One or more Vice Presidents may be designated a Vice President, Fleet Operations.  Any number of offices may be held by the same person.  The Board may appoint such other Officers and agents as it shall deem necessary or advisable who shall hold their offices for such terms and shall exercise such powers and perform such duties as shall be determined from time to time by the Board.  The salaries of all Officers and agents of the Company shall be fixed by or in the manner prescribed by the Board.  The Officers of the Company shall hold office until their successors are chosen and qualified. Any Officer elected or appointed by the Board may be removed at any time, with or without cause, by the affirmative vote of a majority of the Board.  Any vacancy occurring in any office of the Company shall be filled by the Board.
(b)    President.  The President shall be the chief executive officer of the Company, shall preside at all meetings of the Board, shall be responsible for the general and active management of the business of the Company and shall see that all orders and resolutions of the Board are carried into effect.  The President or any other Officer authorized by the President or the Board shall execute all bonds, mortgages and other contracts, except:  (i) where required or permitted by law or this Agreement to be otherwise signed and executed, including Section 6(b); (ii) where signing and execution thereof shall be expressly delegated by the Board to some other Officer or agent of the Company; and (iii) as otherwise permitted in Section 10(c).
(c)    Vice President.  In the absence of the President or in the event of the President’s inability to act, the Vice President, if any (or in the event there be more than one Vice President, the Vice Presidents in the order designated by the Directors, or in the absence of any designation, then in the order of their election), shall perform the duties of the President, and when so acting, shall have all the powers of and be subject to all the restrictions upon the President.  The Vice Presidents, if any, shall perform such other duties and have such other powers as the Board may from time to time prescribe.

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(d)    Secretary and Assistant Secretary.  The Secretary shall be responsible for filing legal documents and maintaining records for the Company.  The Secretary shall attend all meetings of the Board and record all the proceedings of the meetings of the Company and of the Board in a book to be kept for that purpose and shall perform like duties for the standing committees when required.  The Secretary shall give, or shall cause to be given, notice of all meetings of the Member, if any, and special meetings of the Board, and shall perform such other duties as may be prescribed by the Board or the President, under whose supervision the Secretary shall serve.  The Assistant Secretary, or if there be more than one, the Assistant Secretaries in the order determined by the Board (or if there be no such determination, then in order of their election), shall, in the absence of the Secretary or in the event of the Secretary’s inability to act, perform the duties and exercise the powers of the Secretary and shall perform such other duties and have such other powers as the Board may from time to time prescribe.
(e)    Treasurer and Assistant Treasurer.  The Treasurer shall have the custody of the Company funds and securities and shall keep full and accurate accounts of receipts and disbursements in books belonging to the Company and shall deposit all moneys and other valuable effects in the name and to the credit of the Company in such depositories as may be designated by the Board.  The Treasurer shall disburse the funds of the Company as may be ordered by the Board, taking proper vouchers for such disbursements, and shall render to the President and to the Board, at its regular meetings or when the Board so requires, an account of all of the Treasurer’s transactions and of the financial condition of the Company.  The Assistant Treasurer, or if there shall be more than one, the Assistant Treasurers in the order determined by the Board (or if there be no such determination, then in the order of their election), shall, in the absence of the Treasurer or in the event of the Treasurer’s inability to act, perform the duties and exercise the powers of the Treasurer and shall perform such other duties and have such other powers as the Board may from time to time prescribe.
(f)    Officers as Agents.  The Officers, to the extent of their powers set forth in this Agreement or otherwise vested in them by action of the Board not inconsistent with this Agreement, are agents of the Company for the purpose of the Company’s business and, subject to Section 8(j), the actions of the Officers taken in accordance with such powers shall bind the Company.
(g)    Duties of Board and Officers.  Except to the extent otherwise provided herein and as expressly modified by Section 9 hereof, in exercising his or her rights and performing his or her duties under this Agreement, each Director and Officer shall have a fiduciary duty of loyalty and care similar to that of directors and officers of business corporations organized under the Oklahoma General Corporation Act.
SECTION 11.    Limited Liability.  Except as otherwise expressly provided by the Act, the debts, obligations and liabilities of the Company, whether arising in contract, tort or otherwise, shall be the debts, obligations and liabilities solely of the Company, and neither the Member nor the Special Members, if any, nor any Director or Officer shall be 

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obligated personally for any such debt, obligation or liability of the Company solely by reason of being a Member, Special Member, Director or Officer of the Company.
SECTION 12.    Capital Contributions.  The Member has made a capital contribution to the Company in the amount of $1,000, as listed on Schedule B attached hereto.  In accordance with Section 5(c), no Special Member shall be required to make any capital contributions to the Company.
SECTION 13.    Additional Contributions.  The Member is not required to make any additional capital contribution to the Company.  However, the Member may make capital contributions to the Company at any time.  The provisions of this Agreement, including this Section 13, are intended solely to benefit the Member and the Special Members, if any, and, to the fullest extent permitted by law, shall not be construed. as conferring any benefit upon any creditor of the Company (and no such creditor of the Company shall be a third-party beneficiary of this Agreement) and the Member and the Special Members, if any, shall not have any duty or obligation to any creditor of the Company to make any contribution to the Company or to issue any call for capital pursuant to this Agreement.  All or any part of additional capital contributions may be returned to the Member subject to the terms of the Basic Documents.
SECTION 14.    Allocation of Profits and Losses.  The Company’s profits and losses shall be allocated to the Member.
SECTION 15.    Distributions.  Distributions shall be made to the Member at the times and in the aggregate amounts determined by the Member.  Notwithstanding any provision to the contrary contained in this Agreement, the Company shall not be permitted or required to make a distribution to the Member on account of its interest in the Company if such distribution would violate the Act or any other applicable law or any Basic Document.
SECTION 16.    Books and Records.  The Board shall keep or cause to be kept complete and accurate books of account and records with respect to the Company’s business.  The books of the Company shall at all times be maintained by the Board.  The Member and its duly authorized representatives shall have the right to examine the Company books, records and documents during normal business hours.  The Company’s books of account shall be kept using the method of accounting determined by the Member.  The Company’s independent auditor, if any, shall be an independent public accounting fine selected by the Member.
SECTION 17.    Reports.  (a)  The Board shall use diligent efforts to cause to be prepared and mailed to the Member, within 120 days after the end of each fiscal year, an audited or unaudited report setting forth as of the end of such fiscal year.
(i)    a balance sheet of the Company;
(ii)    an income statement of the Company for such fiscal year; and 

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(iii)    a statement of the Member’s capital account.
(b)    The Board shall, after the end of each fiscal year, use diligent efforts to cause to be prepared and transmitted to the Member as promptly as possible any tax information as may be reasonably necessary to enable the Member to prepare their federal, state and local income tax returns, if any, relating to such fiscal year.
SECTION 18.    Other Business.  The Member and any Affiliate of the Member may engage in or possess an interest in other business ventures (unconnected with the Company) of every kind and description, independently or with others.  The Company shall not have any rights in or to such independent ventures or the income or profits therefrom by virtue of this Agreement.
SECTION 19.    Exculpation and Indemnification.  (a) Neither the Member nor a Special Member, if any, nor any Officer, Director, employee or agent of the Company nor any employee, representative, agent or Affiliate of the Member or a Special Member, if any (collectively, the “Covered Persons”) shall be liable to the Company or any other Person who has an interest in or claim against the Company for any loss, damage or claim incurred by reason of any act or omission performed or omitted by such Covered Person in good faith on behalf of the Company and in a manner reasonably believed to be within the scope of the authority conferred on such Covered Person by this Agreement, except that a Covered Person shall be liable for any such loss, damage or claim incurred by reason of such Covered Person’s gross negligence or willful misconduct.
(b)    To the fullest extent permitted by applicable law, a Covered Person shall be entitled to indemnification from the Company for any loss, damage or claim incurred by such Covered Person by reason of any act or omission performed or omitted by such Covered Person in good faith on behalf of the Company and in a manner reasonably believed to be within the scope of the authority conferred on such Covered Person by this Agreement, except that no Covered Person shall be, entitled to be indemnified in respect of any loss, damage or claim incurred by such Covered Person by reason of such Covered Person’s gross negligence or willful misconduct with respect to such acts or omissions; provided, that, any indemnity under this Section 19 by the Company shall be provided out of and to the extent of Company assets only, and no Member or Special Member, if any, shall have personal liability on account thereof; and provided further, that so long as any Note Obligation is outstanding no indemnity payment from funds of the Company (as distinct from funds from other sources, such as insurance) of any indemnity under this Section 19 shall be payable from amounts allocable to any other Person pursuant to the Basic Documents.
(c)    To the fullest extent permitted by applicable law, expenses (including legal fees) incurred by any Covered Person defending any claim, demand, action, suit or proceeding shall, from time to time, be advanced by the Company prior to the final disposition of such claim, demand, action, suit or proceeding upon receipt by the Company of an undertaking by or on behalf of the Covered Person to repay such amount if it shall be 

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determined that the Covered Person is not entitled to be indemnified as authorized in this Section 19; provided, that, any such advance shall be subordinated to any amounts payable to any other Person pursuant to the Basic Documents.
(d)    Each Covered Person shall be fully protected in relying in good faith upon the records of the Company and upon such information, opinions, reports or statements presented to the Company by any Person as to matters such Covered Person reasonably believes are within such other Person’s professional or expert competence and who has been selected with reasonable care by or on behalf of the Company, including information, opinions, reports or statements as to the value and amount of the assets, liabilities, or any other facts pertinent to the existence and amount of assets from which distributions to the Member might properly be paid.
(e)    To the extent that, at law or in equity, a Covered Person has duties (including fiduciary duties) and liabilities relating thereto to the Company or to any other Covered Person, a Covered Person acting under this Agreement shall not be liable to the Company or to any other Covered Person for its good faith reliance on the provisions of this Agreement or any approval or authorization granted by the Company or any other Covered Person.  The provisions of this Agreement, to the extent that they restrict the duties and liabilities of a Covered Person otherwise existing at law or in equity, are agreed by the Member and the Special Members to replace such other duties and liabilities of such Covered Person.
(f)    The foregoing provisions of this Section 19 shall survive any termination of this Agreement.
SECTION 20.    Assignments.  The Member may assign in whole or in part its limited liability company interest in the Company.  Subject to Section 22, if a Member transfers all of its limited liability company interest in the Company pursuant to this Section 20, the transferee shall be admitted to the Company as a member of the Company upon its execution of an instrument signifying its agreement to be bound by the terms and conditions of this Agreement, which instrument may be a counterpart signature page to this Agreement.  Such admission shall be deemed effective immediately prior to the transfer and, immediately following such admission, the transferor Member shall cease to be a member of the Company.  Notwithstanding anything in this Agreement to the contrary, any successor to the Member by merger or consolidation shall, without further act, be the Member hereunder, and such merger or consolidation shall not constitute an assignment for purposes of this Agreement and the Company shall continue without dissolution.
SECTION 21.    Resignation.  So long as any Note Obligation is outstanding, the Member may not resign, unless as additional member of the Company shall be admitted concurrently with or prior to such resignation to the Company, upon its execution of an instrument signifying its agreement to be bound by the terms and conditions of this Agreement, which instrument may be a counterpart signature page to this Agreement.  Upon 

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its resignation in accordance with the requirements of this Section 21, the resigning Member shall cease to be a member of the Company. 
SECTION 22.    Admission of Additional Members.  One or more additional members of the Company may be admitted to the Company with the written consent of the Member; provided, however, that notwithstanding the foregoing, so long as any Note Obligation remains outstanding, no additional or substitute Member may be admitted to the Company pursuant to Sections 20, 21 or 22 unless the Rating Agency Condition with respect to each Series of Notes is satisfied.
SECTION 23.    Dissolution.  (a) Subject to Section 8(j), the Company shall be dissolved, and its affairs shall be wound up upon the first to occur of the following:  (i) the termination of the legal existence of the last remaining member or the occurrence of any other event which terminates the continued membership of the last remaining member in the Company unless the Company is continued without dissolution in a manner permitted by this Agreement or the Act, or (ii) the entry of a decree of judicial dissolution under Section 2038 of the Act.  Upon the occurrence of any event that causes the last remaining Member of the Company to cease to be a member of the Company, to the fullest extent permitted by law, the personal representative of such Member is hereby authorized to, and shall, within 90 days after the occurrence of the event that terminated the continued membership of such Member in the Company, agree in writing (i) to continue the Company, and (ii) to the admission of the personal representative or its nominee or designee, as the case may be, as a substitute Member of the Company, effective as of the occurrence of the event that terminated the continued membership of the last remaining Member of the Company in the Company.
(b)    Notwithstanding any other provision of this Agreement, the Bankruptcy of the Member or a Special Member, if any, shall not cause the Member or any Special Member to cease to be a member of the Company and upon the occurrence of such an event, the Company shall continue without dissolution.
(c)    Notwithstanding any other provision of this Agreement, each of the Member and Special Members, if any, waives any right it might have to agree in writing to dissolve the Company upon the Bankruptcy of the Member or any Special Member, or the occurrence of an event that causes the Member or any Special Member to cease to be a member of the Company.
(d)    In the event of dissolution, the Company shall conduct only such activities as are necessary to wind up its affairs (including the sale of the assets of the Company in an orderly manner), and the assets of the Company shall be applied in the manner, and in the order of priority, set forth in Section 2040 of the Act.
(e)    The Company shall terminate when (i) all of the assets of the Company, after payment of or due provision for all debts, liabilities and Obligations of the Company shall have been distributed to the Member in the manner provided for in this 

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Agreement, and (ii) the Articles of Organization shall have been canceled in the manner required by the Act.
SECTION 24.    Waiver of Partition; Nature of Interest.  Except as otherwise expressly provided in this Agreement, to the fullest extent permitted by law, each of the Member and Special Member, if any, hereby irrevocably waives any right or power that the Member or Special Member, if any, might have to cause the Company or any of its assets to be partitioned, to cause the appointment of a receiver for all or any portion of the assets of the Company, to compel any sale of all or any portion of the assets of the Company pursuant to any applicable law or to file a complaint or to institute any proceeding at law or in equity to cause the dissolution, liquidation, winding up or termination of the Company.  The Member shall not have any interest in any specific assets of the Company, and neither Member shall have the status of a creditor with respect to any distribution pursuant to Section 15 hereof.  The interests of the Member in the Company is personal property.
SECTION 25.    Benefits of Agreement; No Third Party Rights.  None of the provisions of this Agreement shall be for the benefit of or enforceable by any creditor of the Company or by any creditor of the Member or the Special Members, if any, and this Agreement shall not be construed in any respect to be a contract in whole or in part for the benefit of any third Person, except as provided in Section 28.
SECTION 26.    Severability of Provisions.  Each provision of this Agreement shall be considered severable and if for any reason any provision or provisions herein are determined to be invalid, unenforceable or illegal under any existing or future law, such invalidity, unenforceability or illegality shall not impair the operation of or affect those portions of this Agreement which are valid, enforceable and legal.
SECTION 27.    Entire Agreement.  This Agreement constitutes the entire agreement of the parties with respect to the subject matter hereof.
SECTION 28.    Binding Agreement.  Notwithstanding any other provision of this Agreement, the Member agrees that this Agreement, including, without limitation, Sections 6, 7, 8, 9, 19, 20, 21, 22, 23, 25, 28 and 30, constitutes a legal, valid and binding agreement of the Member, and is enforceable against the Member by each Independent Director, in accordance with its terms.  In addition, the Independent Directors shall be intended beneficiaries of this Agreement.
SECTION 29.    Governing Law.  This Agreement shall be governed by and construed under the laws of the State of Oklahoma (without regard to conflict of laws principles), all rights and remedies being governed by said laws.
SECTION 30.    Amendments.  Subject to Section 8(j), this Agreement may not be modified, altered, supplemented or amended except pursuant to a written agreement executed and delivered by the Member.  Notwithstanding anything to the contrary in this Agreement, so long as any Note Obligation is outstanding, this Agreement may not be 

 16     

modified, altered, supplemented or amended unless the Rating Agency Condition with respect to each Series of Notes is satisfied except:  (i) to cure any ambiguity, or (ii) to convert or supplement any provision in a manner consistent with the intent of this Agreement and the other Basic Documents.
SECTION 31.    Counterparts.  This Agreement may be executed in any number of counterparts, each of which shall be deemed an original of this Agreement and all of which together shall constitute one and the same instrument.
SECTION 32.    Notices.  Any notices required to be delivered hereunder shall be in writing and personally delivered, mailed or sent by telecopy, electronic mail or other similar form of rapid transmission, and shall be deemed to have been duly given upon receipt (a) in the case of the Company, to the Company at its address in Section 2, (b) in the case of the Member, to the Member at its address as listed on Schedule B attached hereto, and (c) in the case of either of the foregoing at such other address as may be designated by written notice to the other party.
SECTION 33.    Tax Matters.  It is intended that the Company will not be an “association” for U.S. Federal income tax purposes.  The President, Treasurer, Secretary, any Assistant Treasurer, any Vice President, or any Assistant Secretary of the Company is hereby authorized to file any election on IRS Form 8832 or successor form, or similar form under state or local law, that is necessary to treat the Company as an entity other than an association for tax purposes.

 17     

IN WITNESS WHEREOF, the undersigned, intending to be legally bound hereby, has duly executed this First Amended and Restated Limited Liability Company Agreement as of the ____ day of ___________, 20__.
MEMBER:
DOLLAR THRIFTY AUTOMOTIVE GROUP, INC., a Delaware corporation 

By:     
Name:  
Title:    
INDEPENDENT DIRECTOR/SPECIAL MEMBER: 

By:     
       [                ]

INDEPENDENT DIRECTOR/SPECIAL MEMBER: 

By:    
      [                ]

 18     

SCHEDULE A 
 
Definitions
A.    Definitions
When used in this Agreement, the following terms not otherwise defined herein have the following meanings:
“Act” has the meaning set forth in the preamble to this Agreement.
“Affiliate” means, with respect to any Person, any other Person that, directly or indirectly, is in Control of, is Controlled by or is under common Control with such Person or is a director or officer of such Person.
“Agreement” means this First Amended and Restated Limited Liability Company Agreement of the Company, together with the schedules attached hereto, as amended, restated or supplemented or otherwise modified from time to time.
“Articles of Organization” means the Articles of Organization of the Company filed with the Secretary of State of the State of Oklahoma on ___________, 20__, as amended or amended and restated from time to time.
“Assignment” has the meaning set forth in the preamble to this Agreement.
“Bankruptcy” means, with respect to any Person, if such Person (i) makes an assignment for the benefit of creditors, (ii) files a voluntary petition in bankruptcy, (iii) is adjudged a bankrupt or insolvent, or has entered against it an order for relief, in any bankruptcy or insolvency proceedings, (iv) files a petition or answer seeking for itself any reorganization, arrangement, composition, readjustment, liquidation, dissolution or similar relief under any statute, law or regulation, (v) files an answer or other pleading admitting or failing to contest the material allegations of a petition filed against it in any proceeding of this nature, (vi) seeks, consents to or acquiesces in the appointment of a trustee, receiver or liquidator of the Person or of all or any substantial part of its properties, or (vii) if 120 days after the commencement of any proceeding against the Person seeking reorganization, arrangement, composition, readjustment, liquidation, dissolution or similar relief under any statute, law or regulation, if the proceeding has not been dismissed, or if within 60 days after the appointment without such Person’s consent or acquiescence of a trustee, receiver or liquidator of such Person or of all or any substantial part of its properties, the appointment is not vacated or stayed, or within 60 days after the expiration of any such stay, the appointment is not vacated The foregoing definition of “Bankruptcy” is intended to replace and shall supersede and replace the definition of “Bankrupt” set forth in Section 2001(2) of the Act.

 1     

“Basic Documents” means this Agreement, the Management Agreement, the Nominee Agreement, and all documents, agreements and certificates delivered in connection therewith.
“Board” or “Board of Directors” means the Board of Directors of the Company.
 “Company” means Rental Car Finance LLC, an Oklahoma limited liability company.
“Control” means the possession, directly or indirectly, or the power to direct or cause the direction of the management or policies of a Person, whether through the ownership of voting securities or general partnership or managing member interests, by contract or otherwise.  “Controlling” and “Controlled” shall have correlative meanings.  Without limiting the generality of the foregoing, a Person shall be deemed to Control any other Person in which it owns, directly or indirectly, a majority of the ownership interests.
“Covered Persons” has the meaning set forth in Section 19(a).
“Directors” means the Persons elected or appointed to the Board of Directors from time to time by the Member, including the Independent Directors.  A Director is hereby designated as a “manager” of the Company within the meaning of Section 2001(13) of the Act.
“DTAG” means Dollar Thrifty Automotive Group, Inc., a Delaware corporation and its successors.
 “HVF” means Hertz Vehicle Financing LLC, a Delaware limited liability company, and its successors.
“Indenture” means the Fourth Amended and Restated Base Indenture, executed as of October [29], 2013, between HVF and The Bank of New York Mellon Trust Company, N.A., as trustee, as amended, restated or supplemented or otherwise modified from time to time.
“Independent Director” means a director who is not currently and has not been during the five years prior to his or her appointment as Independent Director (a) a director, officer, employee, Affiliate, franchisee, major customer or major supplier of Hertz or any of its Affiliates (other than in his or her capacity as Independent Director hereunder or with respect to any special purpose vehicle Affiliate), (b) any Person owning beneficially, directly or indirectly, any outstanding shares of common stock of Hertz or any of its Affiliates or (c) a director, officer, employee, member, partner or member of the immediate family of, or a Person otherwise owning a direct or indirect ownership interest in, any Person described in clauses (a) or (b).  The terms “major customer” and “major 

 2     

supplier” shall mean a Person who is a customer or supplier, respectively, of Hertz or any of Hertz’s Affiliates and who conducts business with Hertz or any of its Affiliates to such a significant extent as would reasonably be expected to influence the decisions of such Person or any Person described in clause (c) with respect to such Person, in any such case, in his or her capacity as a director of Hertz or any of its Affiliates (including the Company).
“Management Agreement” means the agreement of the Directors substantially in the form attached hereto as Schedule C.  The Management Agreement shall be deemed incorporated into, and a part of, this Agreement.
“Material Action” means to consolidate or merge the Company with or into any Person, or sell all or substantially all of the assets of the Company, or to institute proceedings to have the Company be adjudicated bankrupt or insolvent, or consent to, encourage, or cooperate with, the institution of bankruptcy or insolvency proceedings against the Company or file a petition seeking, or consent to, reorganization or relief with respect to the Company under any applicable federal or state law relating to bankruptcy, or consent to the appointment of a receiver, liquidator, assignee, trustee, sequestrator (or other similar official) of the Company or a substantial part of its property, or make any assignment for the benefit of creditors of the Company, or admit in writing the Company’s inability to pay its debts generally as they become due, or take action in furtherance of any such action, or, to the fullest extent permitted by law, dissolve, terminate or liquidate the Company.
“Member” means DTAG, and includes any Person admitted as an additional member of the Company or a substitute member of the Company pursuant to the provisions of this Agreement, each in their capacity as a member of the Company; provided, that, the term “Member” shall not include any Special Member.
“Nominee Agreement” means the Vehicle Title Nominee Agreement, dated as of _________, 20__, among Hertz, as nominee servicer, HVF, as a nominating party, the Company and The Bank of New York Mellon Trust Company, N.A., as collateral agent, as amended, restated, modified or supplemented from time to time in accordance with its terms.
“Note Obligations” shall mean the indebtedness, liabilities and obligations of HVF under or in connection with the Indenture, the Basic Documents or any related agreement in effect as of any date of determination.
“Notes” means notes issued by HVF pursuant to the Indenture.
“Obligations” shall mean the indebtedness, liabilities and obligations of the Company under or in connection with this Agreement, the other Basic Documents or any related document in effect as of any date of determination.

 3     

“Officer” means an officer of the Company described in Section 10.
“Person” means any individual, corporation, partnership, joint venture, limited liability company, limited partnership, limited liability partnership, association, joint stock company, trust, unincorporated organization, or other organization, whether or not a legal entity, and any governmental authority.
“Rating Agency Condition” with respect to any Series of Notes, has the meaning set forth in the applicable Series Supplement.
“Series” means any series of Notes issued by HVF.
“Series Supplement” means a supplement to the Indenture that authorizes a particular Series of Notes.
“Special Member” means, upon such person’s admission to the Company as a member of the Company pursuant to Section 5(c), any person acting as an Independent Director, in such person’s capacity as a member of the Company.  A Special Member shall only have the rights and duties expressly set forth in this Agreement.
“Vehicles” has the meaning set forth in Section 6 of this Agreement.
B.    Rules of Construction
Definitions in this Agreement apply equally to both the singular and plural forms of the defined terms.  The words “include” and “including” shall be deemed to be followed by the phrase “without limitation.”  The terms “herein,” “hereof’ and “hereunder” and other words of similar import refer to this Agreement as a whole and not to any particular Section, paragraph or subdivision.  The Section titles appear as a matter of convenience only and shall not affect the interpretation of this Agreement.  All Section, paragraph, clause, Exhibit or Schedule references not attributed to a particular document shall be references to such parts of this Agreement.

 4     

SCHEDULE B 
 
Members
	
				
	 
 
Name
	 
 
Mailing Address
	Agreed Value of 
Capital 
Contribution
	 
Membership 
Interest

	Dollar Thrifty Automotive Group, Inc.
	5330 East 31st Street 
Tulsa, Oklahoma  74135
	$1,000
	100%

 5     

SCHEDULE C 
 
Management Agreement 
 
[______________], 20__
For good and valuable consideration, each of the undersigned persons, who have been designated as directors of Rental Car Finance LLC, an Oklahoma limited liability company (the “Company”), in accordance with the First Amended and Restated Limited Liability Company Agreement of the Company, dated as of __________, 20__ as it may be amended or restated from time to time (the “LLC Agreement”), hereby agree as follows:
1.  Each of the undersigned accepts such person’s rights and authority as a Director (as defined in the LLC Agreement) under the LLC Agreement and agrees to perform and discharge such person’s duties and obligations as a Director under the LLC Agreement, and further agrees that such rights, authorities, duties and obligations under the LLC Agreement shall continue until such person’s successor as a Director is elected and qualified or until such person’s resignation or removal as a Director in accordance with the LLC Agreement Each of the undersigned agrees and acknowledges that it has been designated as a “manager” of the Company within the meaning of the Oklahoma Limited Liability Company Act.
2.  So long as any Note Obligation (as defined in the LLC Agreement) is outstanding, each of the undersigned agrees, solely in its capacity as a creditor of the Company on account of any indemnification or other payment owing to the undersigned by the Company, not to acquiesce, petition or otherwise invoke or cause the Company to invoke the process of any court or governmental authority for the purpose of commencing or sustaining a case against the Company under any federal or state bankruptcy, insolvency or similar law or appointing a receiver, liquidator, assignee, trustee, custodian, sequestrator or other similar official of the Company or any substantial part of the property of the Company, or ordering the winding up or liquidation of the affairs of the Company.
3.  This Management Agreement hereby replaces that certain Management Agreement of the Company, dated as of ____________, 20__, by and among the Company, [            ], [            ], [            ] and [            ].
4.  THIS MANAGEMENT AGREEMENT SHALL BE GOVERNED BY AND CONSTRUED IN ACCORDANCE WITH THE LAWS OF THE STATE OF OKLAHOMA, AND ALL RIGHTS AND REMEDIES SHALL BE GOVERNED BY SUCH LAWS WITHOUT REGARD TO PRINCIPLES OF CONFLICTS OF LAWS.

 1     

This Management Agreement may be executed in any number of counterparts, each of which shall, be deemed an original of this Management Agreement and all of which together shall constitute one and the same instrument.
IN WITNESS WHEREOF, the undersigned have executed this Management Agreement as of the day and year first above written.
    
[            ]
    
[            ]
    
[            ]
    
[            ]

 2     

SCHEDULE D
Directors
1.  [            ]
2.  [            ]
3.  [            ]

4.  [            ]

 1     

SCHEDULE E

Officers

1.    Executive Vice President and Secretary    [            ]
2.    Vice President    [            ]
3.    Assistant Treasurer    [            ]
4.    Assistant Treasurer    [            ]
5.    Assistant Treasurer    [            ]
6.    Assistant Secretary    [            ]
7.    Assistant Secretary    [            ]
8.    Assistant Secretary    [            ]
9.    Assistant Secretary    [            ]
10.    Assistant Secretary    [            ]
11.    Assistant Secretary    [            ]
12.    Assistant Secretary    [            ]
13.    Assistant Secretary    [            ]
14.    Assistant Secretary    [            ]
15.    Assistant Secretary    [            ]
16.    Assistant Secretary    [            ]
17.    Assistant Secretary    [            ]

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