Hertz 2014 Annual Report Download - page 140

Table of Contents
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RCFC U.S. ABS Program
RCFC became a bankruptcy 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 secured by one or more shared or segregated collateral pools consisting primarily of portions of the rental car fleet used in
Hertz's, Dollar Thrifty's and Firefly's U.S. car rental operations and contractual rights related to such vehicles that have been allocated as the
collateral for RCFC's financings.
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.” In November 2013, the net proceeds from the sale of the HVF II Series 2013-B Notes were used to
refinance the RCFC Series 2010-3 Notes. Following the establishment of the HVF II platform described herein, HVF II became the sole noteholder
of the RCFC Series 2010-3 Notes and such notes became part of the overall HVF II transaction structure as further described in the "HVF II U.S.
ABS Program" section of this footnote.
RCFC U.S. Fleet Medium Term Notes
References to the RCFC U.S. Fleet Medium Term Notes include RCFCs Series 2011-1 Notes and RCFC's Series2011-2 Notes, collectively.
  In July 2011, RCFC issued the Series 2011-1 Rental Car Asset-Backed Notes, or the RCFC Series2011-1 Notes, in
an aggregate original principal amount of $500 million.
    In October 2011, RCFC issued the Series2011-2 Rental Car Asset-Backed Notes, or the RCFC Series2011-2
Notes, in an aggregate original principal amount of $400 million.
See Note 20, "Subsequent Events" regarding the repayment of the RCFC U.S. Fleet Medium Term Notes.
Donlen ABS Program
Hertz Fleet Lease Funding LP, a bankruptcy remote, indirect, wholly-owned, special purpose subsidiary of Donlen, or “HFLF,” is the issuer under
the Donlen U.S. ABS Program. HFLF has entered into a base indenture that permits it to issue term and revolving fleet lease asset-backed
securities. HFLF uses proceeds from its note issuances to make loans to DNRS II LLC, a bankruptcy remote, direct, wholly-owned, special
purpose subsidiary of Donlen, pursuant to a loan agreement, on a continuing basis. Donlen utilizes the HFLF securitization platform to finance its
U.S. fleet leasing operations.
References to the Donlen ABS Program include HFLFs Variable Funding Notes together with HFLFs Medium Term Notes.
HFLF Variable Funding Notes
        In connection with the establishment of the HFLF financing platform, in September
2013 HFLF executed a $1,100 million committed financing arrangement, comprised of a one year variable funding note facility with an expected
maturity date in September 2014, or the HFLF Series 2013-1 Notes, and a two year variable funding note facility with an expected maturity date
in September 2015, or the HFLF Series 2013-2 Notes. The proceeds of the HFLF Series 2013-1 Notes and the HFLF Series 2013-2 Notes were
used to refinance the GN Funding II L.L.C. facility, which was due to mature and the GN Funding II L.L.C. facility was terminated.
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Source: HERTZ GLOBAL HOLDINGS INC, 10-K, July 16, 2015 Powered by Morningstar® Document Research℠
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