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THIS NOTE IS A GLOBAL NOTE WITHIN THE MEANING OF THE INDENTURE HEREINAFTER
REFERRED TO AND IS REGISTERED IN THE NAME OF A DEPOSITORY OR A NOMINEE THEREOF.
UNLESS AND UNTIL IT IS EXCHANGED IN WHOLE OR IN PART FOR NOTES IN CERTIFICATED
FORM, THIS NOTE MAY NOT BE TRANSFERRED EXCEPT AS A WHOLE BY THE DEPOSITORY TRUST
COMPANY (THE "SECURITIES DEPOSITORY") TO A NOMINEE OF THE SECURITIES DEPOSITORY
OR BY THE SECURITIES DEPOSITORY OR ANY SUCH NOMINEE TO A SUCCESSOR DEPOSITORY OR
A NOMINEE OF SUCH SUCCESSOR DEPOSITORY. UNLESS THIS NOTE IS PRESENTED BY AN
AUTHORIZED REPRESENTATIVE OF THE SECURITIES DEPOSITORY, TO THE COMPANY OR ITS
AGENT FOR REGISTRATION OF TRANSFER, EXCHANGE OR PAYMENT, AND ANY CERTIFICATE
ISSUED IS REGISTERED IN THE NAME OF CEDE & CO. OR IN SUCH OTHER NAME AS
REQUESTED BY AN AUTHORIZED REPRESENTATIVE OF THE SECURITIES DEPOSITORY (AND ANY
PAYMENT IS MADE TO CEDE & CO. OR TO SUCH OTHER ENTITY AS IS REQUESTED BY AN
AUTHORIZED REPRESENTATIVE OF THE SECURITIES DEPOSITORY), ANY TRANSFER, PLEDGE OR
OTHER USE HEREOF FOR VALUE OR OTHERWISE BY OR TO ANY PERSON IS WRONGFUL INASMUCH
AS THE REGISTERED OWNER HEREOF, CEDE & CO., HAS AN INTEREST HEREIN.
No. 00001
CUSIP 428040BM0 $200,000,000
THE HERTZ CORPORATION
6.50% Senior Note due May 15, 2006
Original Issue Date: May 18, 1999
Interest Payment Dates: May 15 and November 15
Maturity Date: May 15, 2006
Interest Rate: 6.50%
THE HERTZ CORPORATION, a Delaware corporation (hereinafter called the "Company",
which term includes any successor corporation under the Indenture hereinafter
referred to), for value received, hereby promises to pay to CEDE & CO., or
registered assigns, the principal sum of $200,000,000 (the "Principal Amount")
on the Maturity Date shown above, except as provided below, and to pay interest
thereon at the rate per annum shown above. The Company will pay interest
semiannually on the Interest Payment Dates, commencing with November 15, 1999.
Interest on this Note will accrue from the most recent date to which interest
has been paid or, if no interest has been paid, from the Original Issue Date
shown above. The Interest so payable, and punctually paid or duly provided for,
on any Interest Payment Date will, as provided in such Indenture, be paid to the
Person in whose name this Note (or one or more Predecessor Securities) is
registered at the close of business on the Regular Record Date for such
interest, which shall be the May 1 or the November 1 (whether or not a Business
Day), as the case may be, next preceding such Interest Payment Date. Any such
interest not so punctually paid or duly provided for shall forthwith cease to be
payable to the registered Holder on such Regular Record Date, and may be paid to
the Person in whose name this Note (or one or more Predecessor Securities) is
registered on a Special Record Date for the payment of such Defaulted Interest
to be fixed by the Company, notice whereof shall be given to holders of Notes
not less than 15 days prior to such Special Record Date, or may be paid at any
time in any other lawful manner not inconsistent with the requirements of any
securities exchange upon which the Notes may be listed, and upon such notice as
may be required by such exchange, all as more fully provided in such Indenture.
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In the event this Global Note is surrendered in exchange for Notes in definitive
form, principal and interest payable with respect to Notes in definitive form
will be payable at the office or agency of the Company maintained for that
purpose in New York, New York (the Place of Payment), in such coin or currency
of the United States of America as at the time of payment is legal tender for
payment of public and private debts; provided, however, that payment of interest
payable with respect to such Notes in definitive form, may be made at the option
of the Company by check mailed to the address of the Person entitled thereto as
such address shall appear on the Security Register.
This Note is one of a duly authorized issue of securities of the Company (herein
referred to as the "Securities") evidencing its unsecured indebtedness, of the
series hereinafter specified, all issued under and pursuant to an indenture,
dated as of December 1, 1994, (herein referred to as the "Indenture"), duly
executed and delivered by the Company and First Union National Bank (formerly
First Fidelity Bank, National Association), as Trustee (hereinafter called the
"Trustee"), to which Indenture and all indentures supplemental thereto reference
is hereby made for a description of the rights, limitations of rights,
obligations, duties and immunities thereunder of the Trustee, the Company and
Holders of the Securities. The Securities may be issued in one or more series,
which different series may be issued in various aggregate principal amounts, may
mature at different times, may bear interest, if any, at different rates, may be
subject to different redemption provisions, if any, may be subject to different
sinking, purchase or analogous funds, if any, may be subject to different
covenants and Events of Default and may otherwise vary as provided in the
Indenture. This Note is one of a series designated as the 6.50% Senior Notes due
May 15, 2006 of the Company (herein referred to as the "Notes"), limited except
as provided in the Indenture to the aggregate principal amount of two hundred
fifty million dollars ($250,000,000).
The Notes are not redeemable prior to maturity and are not entitled to any
sinking fund.
In case an Event of Default, as defined in the Indenture, with respect to the
Notes shall have occurred and be continuing, the principal hereof may be
declared, and upon such declaration shall become, due and payable, in the
manner, with the effect and subject to the conditions provided in the Indenture.
The Indenture provides that in certain events such declaration and its
consequences may be waived by the Holders of a majority in aggregate principal
amount of the Notes then Outstanding. Any such waiver by the Holder of this Note
(unless revoked as provided in the Indenture) shall be conclusive and binding
upon such Holder and upon all future Holders and owners of this Note and of any
Note issued upon the transfer hereof or in exchange or substitution herefor,
irrespective of whether or not any notation of such waiver is made upon this
Note or such other Notes.
The Indenture contains provisions permitting the Company and the Trustee, with
the consent of the Holders of not less than a majority in aggregate principal
amount of all Outstanding Securities or, in certain cases, of the Outstanding
Securities of each series to be affected, evidenced as in the Indenture
provided, to execute supplemental indentures adding any provisions to or
changing in any manner or eliminating any of the provisions of the Indenture or
of any supplemental indenture or modifying in any manner the rights of the
Holders of the Securities of each such series; provided, however, that no such
supplemental indenture shall (i) change the Stated Maturity of the principal of,
or any installment of principal or interest on, any Security, or reduce the
principal amount thereof or the rate of interest, if any, thereon, or any
premium payable upon the redemption thereof, or reduce the amount of the
principal of a Discounted Security that would be due and payable upon a
declaration of the Maturity thereof, or change the coin or currency in which any
Security or the interest thereon is payable, or impair the right to institute
suit for the enforcement of any such payment on or after the Stated Maturity
thereof (or, in the case of redemption, on or after the Redemption Date) or (ii)
reduce the percentage in principal amount of the Outstanding Securities or the
Outstanding Securities of any particular series, the consent of whose Holders is
required for any such supplemental indenture, or the consent of whose Holders is
required for
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any waiver of compliance with certain provisions of the Indenture or certain
defaults thereunder or their consequences provided for in the Indenture. It is
also provided in the Indenture that prior to the acceleration of maturity of the
Securities of any particular series upon the occurrence of an Event of Default
with respect to such series as permitted by the Indenture, the Holders of a
majority in aggregate principal amount of the Securities of such series at the
time Outstanding may on behalf of the Holders of all of the Securities of such
series waive any past default under the Indenture with respect to Securities of
such series and its consequences, except a default in the payment of the
principal of or premium, if any, or interest, if any, on any of the Securities
of such series. Any such consent or waiver by the Holder of this Note (unless
revoked as provided in the Indenture) shall be conclusive and binding upon such
Holder and upon all future Holders and owners of this Note and of any Note
issued upon transfer hereof or in exchange or substitution herefor, irrespective
of whether or not any notation of such consent or waiver is made upon this Note
or such other Notes.
No reference herein to the Indenture and no provision of this Note or of the
Indenture shall alter or impair the obligation of the Company, which is absolute
and unconditional, to pay the principal of and interest on this Note at the
time, place and rate, and in the coin or currency, as prescribed herein and in
the Indenture.
As provided in the Indenture and subject to certain limitations therein set
forth, the transfer of this Note is registrable by the Holder hereof on the
Security Register of the Company, upon due presentment of this Note for
registration of transfer at the office of the Security Registrar, or at the
office of any Security Co-Registrar duly endorsed by, or accompanied by a
written instrument of transfer in form satisfactory to, the Company and the
Security Registrar or any such Security Co-Registrar duly executed by, the
Holder hereof or his attorney duly authorized in writing, and thereupon one or
more new Notes of authorized denominations and for the same aggregate principal
amount will be issued to the designated transferee or transferees.
The Notes are issuable only as registered Notes without coupons in denominations
of $1000 and any integral multiple thereof. As provided in the Indenture and
subject to certain limitations therein set forth, Notes are exchangeable for new
Notes of any authorized denominations of the same aggregate principal amount as
requested by the Holder surrendering the same. If (x) the Securities Depository
is at any time unwilling or unable to continue as securities depository and a
successor depository is not appointed by the Company within 60 days, (y) the
Company executes and delivers to the Trustee a Company Order to the effect that
this Note shall be exchangeable or (z) an Event of Default has occurred and is
continuing with respect to the Notes, this Note shall be exchangeable for Notes
in definitive form of like tenor and of an equal aggregate principal amount, in
denominations of $1,000 and integral multiples thereof. Such definitive Notes
shall be registered in such name or names as the Securities Depository shall
instruct the Trustee. If definitive Notes are so delivered, the Company may make
such changes to the form of this Note as are necessary or appropriate to allow
for the issuance of such definitive Notes.
No service charge shall be made for any such registration of transfer or
exchange, but the Company may require payment of a sum sufficient to cover any
tax or other governmental charge payable in connection therewith.
Prior to due presentment for registration of transfer, the Company, the Trustee,
the Security Registrar, any Security Co-Registrar and any agent of the Company
or the Trustee may treat the Person in whose name this Note is registered as the
absolute owner hereof for all purposes, whether or not this Note be overdue, and
neither the Company, the Trustee, the Security Registrar, any Security
Co-Registrar nor any such agent shall be affected by notice to the contrary.
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The Holder of this Note shall not have recourse for the payment of principal of
or interest on this Note or for any claim based on this Note or the Indenture
against any director, officer or stockholder, past, present or future, of the
Company. By acceptance of this Note, the Holder waives any such claim against
any such Person.
The Indenture and this Note shall be governed by and construed in accordance
with the laws of the State of New York.
All terms used but not defined in this Note which are defined in the Indenture
shall have the meanings assigned to them in the Indenture.
Unless the certificate of authentication hereon has been executed by the Trustee
under such Indenture, this Note shall not be entitled to any benefit under such
Indenture or be valid or obligatory for any purpose.
IN WITNESS WHEREOF, the Company has caused this instrument to be duly executed
manually or in facsimile, and a facsimile of its corporate seal to be imprinted
hereon.
Dated: May 18, 1999
THE HERTZ CORPORATION
By: _______________________________
Chairman of the Board
Attest: ___________________________
Secretary
[SEAL]
Dated: May 18, 1999
TRUSTEE'S CERTIFICATE OF AUTHENTICATION
This is one of the Securities of the series designated herein, issued under the
Indenture described herein.
FIRST UNION NATIONAL BANK (formerly First Fidelity Bank, National Association),
as Trustee
By:_______________________
Authorized Officer
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