Hertz 2015 Annual Report Download - page 116

Table of Contents
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The net proceeds from the sale of the Funding LP Series 2015-A Notes were used to pay in full the then-outstanding Hertz-Sponsored Canadian
Securitization and there are no longer any amounts outstanding under 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 (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.
The net proceeds from the sale of the Funding LP Series 2015-A Notes were used to pay in full the then-outstanding Dollar Thrifty-Sponsored
Canadian Securitization and there are no longer any amounts outstanding under 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
of AUD$250 million (subject to borrowing base availability) on a revolving basis under an asset-backed securitization facility (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.
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 (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 2015, the maturity date of the Brazilian Fleet Financing
Facility was extended to April 2016.
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References to the “Capitalized Leases” include the capitalized lease financings outstanding in the United Kingdom (the “U.K. Leveraged
Financing”), Australia, The Netherlands and the U.S. The amount committed under the U.K. Leveraged Financing is the largest portion of the
Capitalized Leases.
In May 2013, the U.K. Leveraged Financing was amended to create a commitment period running through October 2013 that provided for additional
amounts available under the U.K. Leveraged Financing of £25 million (subject to asset availability).
In July 2014, the U.K. Leveraged Financing was amended to extend the final maturity date to February 2015 and to provide for aggregate
maximum leasing capacity (subject to asset availability) of up to the equivalent of an additional £55 million for a seasonal commitment period
through November 2014.
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