Hertz 2015 Annual Report Download - page 120

Table of Contents
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As of December 31, 2015, the following facilities were available to the Company:






Corporate Debt
Senior ABL Facility $ 1,797
$ 1,668
Total Corporate Debt 1,797
1,668
Fleet Debt
HVF II U.S. Fleet Variable Funding Notes 2,550
—
HFLF Variable Funding Notes 130
—
European Revolving Credit Facility —
—
European Securitization 170
—
Canadian Securitization 105
—
Australian Securitization 84
—
Capitalized Leases 58
2
Total Fleet Debt 3,097
2
Total $ 4,894
$ 1,670
As of December 31, 2015, the Senior ABL Facility had $1,142 million available under the letter of credit facility sublimit, subject to borrowing base
restrictions.

As of December 31, 2015, there were outstanding standby letters of credit totaling $517 million. Of this amount, $503 million was issued under the
Senior Credit Facilities. As of December 31, 2015, none of these letters of credit have been drawn upon.
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Substantially all of the Company's revenue earning equipment and certain related assets are owned by special purpose entities, or are encumbered
in favor of its lenders under its various credit facilities, other secured financings and asset-backed securities programs. None of such assets
(including the assets owned by each of HVF II, HVF II GP Corp., HVF, RCFC, DNRS II LLC, HFLF, Donlen Trust and various international
subsidiaries that facilitate its international securitizations) are available to satisfy the claims of its general creditors.
The Company consolidates all special purpose entities for which it is the primary beneficiary, some of which are variable interest entities whose
sole purpose is to provide commitments to lend in various currencies subject to borrowing bases comprised of rental vehicles and related assets
of certain of Hertz International, Ltd.'s subsidiaries. As of December 31, 2015 and 2014, its International Fleet Financing No. 1 B.V., International
Fleet Financing No. 2 B.V. and HA Funding Pty, Ltd. variable interest entities had total assets of $418 million and $427 million, respectively,
primarily comprised of loans receivable and revenue earning equipment, and total liabilities of $418 million and $426 million, respectively, primarily
comprised of debt.

As of December 31, 2015 and 2014, accrued interest was $82 million and $95 million, respectively, which is reflected in the Company's
consolidated balance sheets in “Accrued liabilities.”
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
Qualified U.S. employees, after completion of specified periods of service, are eligible to participate in The Hertz Corporation Account Balance
Defined Benefit Pension Plan (the “Hertz Retirement Plan”) a cash balance plan. Under this qualified Hertz Retirement Plan, the Company pays the
entire cost and employees are not required to contribute.
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except to the extent such damages or losses cannot be limited or excluded by applicable law. Past financial performance is no guarantee of future results.