Hertz 2012 Annual Report Download - page 144

HERTZ GLOBAL HOLDINGS, INC. AND SUBSIDIARIES
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (Continued)
$2,438.8 million (subject to borrowing base availability) on a revolving basis under an asset-backed
variable funding note facility.
In April 2012, HVF paid the HVF Series 2011-2 notes in full and terminated the related asset-backed
variable funding note facility.
In May 2012, HVF amended the HVF Series 2009-1 Notes to permit aggregate maximum borrowings of
$2,188.0 million (subject to borrowing base availability).
In October 2012, HVF amended the HVF Series 2009-1 Notes to permit aggregate maximum borrowings
of $2,238.8 million (subject to borrowing base availability) and extend the expected final maturity by one
year to March 2014.
In December 2012, HVF paid the HVF Series 2010-2 Notes in full and terminated the related asset-
backed variable funding note facility. At the same time, HVF amended the HVF Series 2009-1 Notes to
permit aggregate maximum borrowings of $2,438.8 million (subject to borrowing base availability).
HVF U.S. Fleet Medium Term Notes
References to the ‘‘HVF U.S. Fleet Medium Term Notes’’ include HVF’s Series 2009-2 Notes,
Series 2010-1 Notes and Series 2011-1 Notes, collectively.
Series 2009-2 Notes: In October 2009, HVF issued the Series 2009-2 Rental Car Asset Back Notes,
Class A, or the ‘‘HVF Series 2009-2 Class A Notes,’’ in an aggregate original principal amount of
$1.2 billion. In June 2010, HVF issued the Subordinated Series 2009-2 Rental Car Asset Backed Notes,
Class B, or the ‘‘HVF Series 2009-2 Class B Notes,’’ and together with the Series 2009-2 Class A, or the
‘‘HVF Series 2009-2 Notes,’’ in an aggregate original principal amount of $184.3 million.
Series 2010-1 Notes: In July 2010, HVF issued the Series 2010-1 Rental Car Asset Backed Notes, or the
‘‘HVF Series 2010-1 Notes,’’ in an aggregate original principal amount of $749.8 million.
Series 2011-1 Notes: In June 2011, HVF issued the Series 2011-1 Rental Car Asset Backed Notes, or
the ‘‘HVF Series 2011-1 Notes,’’ in an aggregate original principal amount of $598.0 million.
See Note 18—Subsequent Events.
RCFC U.S. ABS Program
Rental Car Finance Corporation, or ‘‘RCFC,’’ became an insolvency remote, indirect, wholly-owned,
special purpose subsidiary of Hertz when Hertz acquired Dollar Thrifty. RCFC is the issuer under the
RCFC U.S. ABS Program. RCFC has entered into a base indenture that permits it to issue term and
revolving rental car asset-backed securities, the collateral for which consists primarily of a substantial
portion of the rental car fleet used in Dollar Thrifty’s (and through fleet sharing arrangements, a portion of
the fleet used in Hertz’s) domestic car rental operations and contractual rights related to such vehicles.
References to the ‘‘RCFC U.S. ABS Program’’ include RCFC’s U.S. Fleet Variable Funding Notes
together with RCFC’s U.S. Fleet Medium Term Notes.
RCFC U.S. Fleet Variable Funding Notes
References to the ‘‘RCFC U.S. Fleet Variable Funding Notes’’ are to the RCFC Series 2010-3 Variable
Funding Rental Car Asset Backed Notes, as amended, or the ‘‘RCFC Series 2010-3 Notes,’’ which, as of
December 31, 2012, permit aggregate maximum borrowings of $600.0 million (subject to borrowing
base availability) on a revolving basis under an asset-backed variable funding note facility.
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