ITEM 8.01 OTHER EVENTS.
As previously disclosed, on May 22, 2020, and May 27, 2020, Hertz Holdings
Netherlands BV ("Hertz Netherlands") and certain direct and indirect subsidiary
companies located outside of the United States and Canada (the "International
Subsidiaries") entered into certain limited waiver agreements in respect of (i)
the Issuer Facility Agreement, dated as of September 25, 2018, between, among
others, International Fleet Financing No.2 B.V. as issuer, Hertz Europe Limited
as issuer administrator, Credit Agricole Corporate and Investment Bank as
administrative agent and BNP Paribas Trust Corporation UK Limited as issuer
security trustee, as amended, restated or otherwise modified from time to time
(the "European ABS Waiver") and (ii) the Vehicle Funding Facilities Agreement
dated February 7, 2013 (as amended and restated from time to time) between Hertz
(U.K.) Limited, Hertz Vehicle Financing U.K. Limited and Lombard North Central
Plc, (the "UK Vehicle Financing Wavier", and together with the European ABS
Waiver, the "Waivers") pursuant to which the Waiving Parties (as defined
therein) agreed to waive any default or event of default that could have
resulted from the Chapter 11 cases. The Waivers were originally scheduled to
expire on September 30, 2020 or, if sooner, the date on which Hertz Netherlands
or certain other International Subsidiaries that are party to the Waivers failed
to comply with certain agreements contained therein. On October 1, 2020 the
Waivers were extended and are now scheduled to expire on December 31, 2020 or,
if sooner, the date on which Hertz Netherlands or certain other International
Subsidiaries that are party to the Waivers fail to comply with certain
agreements contained therein, or do not reach agreement with their creditors as
to the terms of a restructuring by October 30 2020. The extension to the waivers
was conditioned on the waiver on similar terms of the €225,000,000 aggregate
principal amount outstanding of 4.125% Senior Notes due 2021 and the
€500,000,000 aggregate principal amount outstanding of 5.500% Senior Notes due
2023, which was obtained on September 30, 2020 and is in effect. Hertz
Netherlands and the International Subsidiaries continue not to be debtor parties
in the Chapter 11 cases of Hertz Global Holdings, Inc., The Hertz Corporation,
and certain of their U.S. and Canadian affiliates.
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