Amended And Restated Forbearance Agreement

On May 4, 2020, Hertz Global Holdings, Inc. and The Hertz Corporation (together “Hertz” or “the Company”) entered into limited indulgences and waivers with certain of the Company`s lenders and the debt holders of the Company`s asset-backed vehicles. The forbearances and waiver statements described below give Hertz additional time until May 22, 2020 to conduct discussions with its key stakeholders to develop a strategy and funding structure that better reflects the economic impact of the global COVID-19 pandemic and Hertz`s ongoing operational and financial needs. The information contained in this section 7.01 is not considered “subject” within the meaning of Section 18 of the Securities Exchange Act of 1934, as amended (Exchange Act) and may not be included by reference in submissions made pursuant to the Securities Act of 1933, as amended, or the Exchange Act, unless expressly provided by a specific reference to such submission. On May 4, 2020, Hertz, Hertz Vehicle Financing LLC (“HVF”), Hertz Vehicle Financing II LP (“HVF II”) and DTG Operations, Inc. entered into a forbearance agreement (the forbearance agreement). HVF II is a special purpose finance daughter that issues asset-backed notes to finance the acquisition of vehicles, which HVF then leases to Hertz in accordance with the lease of operations. Hertz has entered into the forbearance agreement with the holders (the “VFN Bondholders”) of bonds (the “Series 2013-A Bonds”) issued by HVF II representing approximately 60% of the total amount of the 2013-A Series Bonds. Under the Forbearance Agreement, VFN`s bondholders have agreed not to exercise rights for the direct election of a liquidation of vehicles serving as collateral for the 2013-A Series bonds. The agreement with VFN`s bondholders expires on May 22, 2020 or, as the case may be earlier, on the day Hertz fails to comply with certain agreements contained in the Forbearance agreement or another depreciation event occurs. Following the depreciation event on the 1st Despite the Forbearance agreement, the proceeds from the sale of vehicles insuring the obligations of the 2013-A series must apply to the payment of principal and interest and are not available to finance acquisitions of new cars for Hertz. However, given the impact of the global COVID-19 pandemic on the travel industry, Hertz believes it will not be required to acquire new vehicles for its fleet by the rest of 2020.

. .