Hertz 2014 Annual Report Download - page 143

Table of Contents
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See Note 20, "Subsequent Events" regarding additional waivers related to the European Securitization.
Hertz Sponsored Canadian Securitization
In May 2007, certain of the Company's foreign subsidiaries entered into a facility agreement that initially provided for aggregate maximum
borrowings of CAD $225 million (subject to borrowing base availability) on a revolving basis under an asset-backed securitization facility, or as
amended, the “Canadian Securitization.” The Canadian Securitization is the primary fleet financing for its car rental operations in Canada. The
lender under the Canadian Securitization has been granted an indirect security interest primarily in the owned rental car fleet used in its car rental
operations in Canada and certain contractual rights related to such vehicles as well as certain other assets owned by its entities connected to the
financing.
In June 2013, the maturity date of the Canadian Securitization was extended to March 2014. In February 2014, the maturity date was extended to
March 2015 and in October 2014, the maturity date was extended to October 2016.
See Note 20, "Subsequent Events" regarding additional waivers related to the Hertz Sponsored Canadian Securitization.
Dollar Thrifty Sponsored Canadian Securitization
In March 2012, certain foreign subsidiaries of Dollar Thrifty entered into a trust indenture that permits the issuance of term and revolving rental car
asset-backed securities, the collateral for which consists primarily of the rental car fleet used in Dollar Thrifty’s Canadian car rental operations and
contractual rights related to such vehicles. These subsidiaries became indirect wholly-owned subsidiaries of Hertz when Hertz acquired Dollar
Thrifty.
Also in March 2012, these subsidiaries issued asset-backed variable funding notes that provide for aggregate maximum borrowings of CAD $150
million (subject to borrowing base availability) on a revolving basis, or the “Dollar Thrifty-Sponsored Canadian Securitization.” In February 2014, the
maturity date was extended to March 2015 and in October, 2014, the maturity date was extended to October 2016.
See Note 20, "Subsequent Events" regarding additional waivers related to the Dollar Thrifty Sponsored Canadian Securitization.
Australian Securitization
In November 2010, certain of the Company's foreign subsidiaries entered into a facility agreement that provides for aggregate maximum borrowings
o f $250 million (subject to borrowing base availability) on a revolving basis under an asset-backed securitization facility, or the “Australian
Securitization.” The Australian Securitization is the primary fleet financing for Hertz's car rental operations in Australia. The lender under the
Australian Securitization has been granted a security interest primarily in the owned rental car fleet used in its car rental operations in Australia and
certain contractual rights related to such vehicles.
In October 2014, the maturity date of the Australian Securitization was extended to December 2016.
See Note 20, "Subsequent Events" regarding additional waivers related to the Australian Securitization.
Brazilian Fleet Financing Facility
Through its Brazilian operating subsidiary, the Company is party to certain local financing arrangements, which are collateralized by certain of its
assets, which the Company refers to as the "Brazilian Fleet Financing Facility."
In October 2013, the Company entered into a new Brazilian Fleet Financing Facility with a maturity date of October 2014. Proceeds from the new
facility were used to repay the then-existing facility that was set to mature. In October 2014, the maturity date of the Brazilian Fleet Financing
Facility was extended to October 2015.
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Source: HERTZ GLOBAL HOLDINGS INC, 10-K, July 16, 2015 Powered by Morningstar® Document Research℠
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