Thrifty Car Rental 2010 Annual Report Download - page 97

Download and view the complete annual report

Please find page 97 of the 2010 Thrifty Car Rental annual report below. You can navigate through the pages in the report by either clicking on the pages listed below, or by using the keyword search tool below to find specific information within the annual report.

Page out of 117

  • 1
  • 2
  • 3
  • 4
  • 5
  • 6
  • 7
  • 8
  • 9
  • 10
  • 11
  • 12
  • 13
  • 14
  • 15
  • 16
  • 17
  • 18
  • 19
  • 20
  • 21
  • 22
  • 23
  • 24
  • 25
  • 26
  • 27
  • 28
  • 29
  • 30
  • 31
  • 32
  • 33
  • 34
  • 35
  • 36
  • 37
  • 38
  • 39
  • 40
  • 41
  • 42
  • 43
  • 44
  • 45
  • 46
  • 47
  • 48
  • 49
  • 50
  • 51
  • 52
  • 53
  • 54
  • 55
  • 56
  • 57
  • 58
  • 59
  • 60
  • 61
  • 62
  • 63
  • 64
  • 65
  • 66
  • 67
  • 68
  • 69
  • 70
  • 71
  • 72
  • 73
  • 74
  • 75
  • 76
  • 77
  • 78
  • 79
  • 80
  • 81
  • 82
  • 83
  • 84
  • 85
  • 86
  • 87
  • 88
  • 89
  • 90
  • 91
  • 92
  • 93
  • 94
  • 95
  • 96
  • 97
  • 98
  • 99
  • 100
  • 101
  • 102
  • 103
  • 104
  • 105
  • 106
  • 107
  • 108
  • 109
  • 110
  • 111
  • 112
  • 113
  • 114
  • 115
  • 116
  • 117

ITEM 9B. OTHER INFORMATION
Entry into a material definitive agreement –Series 2010-1 VFN, Series 2010-2 VFN and Series
2010-3 VFN
On February 23, 2011, RCFC entered into amendments of the Series 2010-1 VFN, the Series 2010-
2 VFN and the Series 2010-3 VFN (collectively, the “VFN Amendments”) which eliminated the
requirements to maintain a minimum of $100 million of cash and cash equivalents and a minimum of
$150 million in adjusted tangible net worth. The VFN Amendments replaced these covenants with a
maximum leverage ratio of 2.25 to 1.00 and a minimum interest coverage ratio of 2.00 to 1.00,
consistent with the terms of the recent amendment of the Senior Secured Credit Facilities.
PART III
ITEM 10. DIRECTORS, EXECUTIVE OFFICERS AND CORPORATE GOVERNANCE
Reference is made to the information appearing under the captions “Biographical Information
Regarding Director Nominees and Executive Officers”, “Independence, Meetings, Committees and
Compensation of the Board of Directors - Audit Committee”, “Section 16(a) Beneficial Ownership
Reporting Compliance” and “Code of Ethics” in the Company’s definitive Proxy Statement which will
be filed pursuant to Regulation 14A promulgated by the SEC not later than 120 days after the end of
the Company’s fiscal year ended December 31, 2010, and is incorporated herein by reference.
ITEM 11. EXECUTIVE COMPENSATION
Reference is made to the information appearing under the captions “Independence, Meetings,
Committees and Compensation of the Board of Directors - Compensation,” and “Executive
Compensation” in the Company’s definitive Proxy Statement which will be filed pursuant to
Regulation 14A promulgated by the SEC not later than 120 days after the end of the Company’s
fiscal year ended December 31, 2010, and is incorporated herein by reference.
ITEM 12. SECURITY OWNERSHIP OF CERTAIN BENEFICIAL OWNERS AND
MANAGEMENT AND RELATED STOCKHOLDER MATTERS
Except as set forth below regarding securities authorized for issuance under equity compensation
plans, the information required by this Item 12 will be set forth under the heading “Security
Ownership of Certain Beneficial Owners, Directors, Director Nominees and Executive Officers” in the
Company’s definitive Proxy Statement which will be filed pursuant to Regulation 14A promulgated by
SEC not later than 120 days after the end of the Company’s fiscal year ended December 31, 2010,
and is incorporated herein by reference.
96