Hertz 2011 Annual Report Download - page 179

HERTZ GLOBAL HOLDINGS, INC.
NOTES TO PARENT COMPANY FINANCIAL STATEMENTS (Continued)
payment with a combination of cash on hand and proceeds from the repayment of an inter-company
loan from Hertz, and dividends received Hertz Holdings subsidiaries.
In the future, if our cash on hand and proceeds from the repayment of inter- company loans from Hertz is
not sufficient to pay the semi-annual interest payment, we would need to receive a dividend, loan or
advance from our subsidiaries. However, none of our subsidiaries are obligated to make funds available
to us and certain of Hertz’s credit facilities have requirements that must be met prior to it making
dividends, loans or advances to us. In addition, Delaware law imposes requirements that may restrict
Hertz’s ability to make funds available to Hertz Holdings.
For a discussion of the debt obligations of the indirect subsidiaries of Hertz Holdings, see Note 4 to the
Notes to the consolidated financial statements included in this Annual Report under the caption
‘‘Item 8—Financial Statements and Supplementary Data.’’
Note 3—Commitments and Contingencies
Hertz Holdings has no direct commitments and contingencies, but its indirect subsidiaries do. For a
discussion of the commitments and contingencies of the indirect subsidiaries of Hertz Holdings, see
Notes 9 and 11 to the Notes to the consolidated financial statements included in this Annual Report
under the caption ‘‘Item 8—Financial Statements and Supplementary Data.’’
Note 4—Dividends
During 2011 and 2010, Hertz Holdings received approximately $23 million and $23 million, respectively,
of cash dividends from its subsidiaries, primarily for interest payments on the Convertible Senior Notes.
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