EX-4.5.1.2 3 a2182914zex-4_512.htm EXHIBIT 4.5.1.2

Exhibit 4.5.1.2

EXECUTION VERSION

 

 

Dated as of December  21, 2007

 

AMENDMENT AGREEMENT

in respect of a
Senior Bridge Facilities Agreement (in relation to Facilities A1, A2 and C) originally dated
21 December 2005 (as amended and restated on 21 March 2007)
among

 

HERTZ INTERNATIONAL, LTD.
as Parent

 

THE BORROWERS

 

THE GUARANTORS

 

HERTZ EUROPE LIMITED
as Coordinator

 

BNP PARIBAS

 

and

 

THE ROYAL BANK OF SCOTLAND PLC
as Mandated Lead Arrangers

 

CALYON
as Co-Arranger

 

BNP PARIBAS,
THE ROYAL BANK OF SCOTLAND PLC

 

and

 

CALYON
as Joint Bookrunners

 

BNP PARIBAS
as Facility Agent

 

BNP PARIBAS
as Security Agent

 

BNP PARIBAS
as Global Coordinator

 

THE FINANCIAL INSTITUTIONS
NAMED HEREIN
as Banks

 

 


5 Old Broad Street
London EC2N 1DW

 



 

TABLE OF CONTENTS

 

 

 

 

 

Page

 

 

 

 

 

1.

 

DEFINITIONS AND INTERPRETATION

 

2

 

 

 

 

 

2.

 

AMENDMENT TO THE SENIOR BRIDGE FACILITIES AGREEMENT

 

2

 

 

 

 

 

3.

 

REPRESENTATIONS AND WARRANTIES

 

2

 

 

 

 

 

4.

 

CONTINUITY AND FURTHER ASSURANCE

 

3

 

 

 

 

 

5.

 

AMENDMENT COSTS AND EXPENSES

 

3

 

 

 

 

 

6.

 

COUNTERPARTS

 

3

 

 

 

 

 

7.

 

GOVERNING LAW, NOTICES AND JURISDICTION

 

4

 

 

 

 

 

SCHEDULE 1     THE PARTIES

 

5

 

 

 

 

 

SCHEDULE 2     (AMENDMENTS)

 

7

 

 

 

 

 

SIGNATURES     1

 

 

 

(i)



 

THIS AGREEMENT is dated as of 21 December 2007 and made between:

 

(1)                                 HERTZ INTERNATIONAL, LTD., a corporation incorporated under the laws of  the State of Delaware, having (as of the date hereof) its registered office at 225 Brae Boulevard, Park Ridge, New Jersey, 07657 (the “Parent”);

 

(2)                                 THE COMPANIES listed in Part 2 of Schedule 1 (The Parties) as borrowers under the Senior Bridge Facilities Agreement (as defined below) (the “Borrowers”);

 

(3)                                 THE COMPANIES listed in Part 3 of Schedule 1 (The Parties) as guarantors under the Senior Bridge Facilities Agreement (as defined below) (the “Guarantors”);

 

(4)                                 HERTZ EUROPE LIMITED as Coordinator;

 

(5)                                 BNP PARIBAS AND THE ROYAL BANK OF SCOTLAND PLC as mandated lead arrangers of the Facilities as defined in the Senior Bridge Facilities Agreement (each, a “Mandated Lead Arranger” and together, the “Mandated Lead Arrangers”);

 

(6)                                 CALYON as co-arranger (the “Co-Arranger”);

 

(7)                                 BNP PARIBAS, THE ROYAL BANK OF SCOTLAND PLC AND CALYON as joint bookrunners for the Facilities as defined in the Senior Bridge Facilities Agreement (together, the “Joint Bookrunners”);

 

(8)                                 BNP PARIBAS as facility agent for the Banks (the “Facility Agent”);

 

(9)                                 BNP PARIBAS as security agent and security trustee on behalf of the Finance Parties (the “Security Agent”);

 

(10)                          BNP PARIBAS as documentation agent and global coordinator for the Banks (the “Global Coordinator”); and

 

(11)                          THE FINANCIAL INSTITUTIONS listed in Part 1 of Schedule 1 (The Parties) as Banks (the “Banks”).

 

WHEREAS:

 

(A)                               This Agreement is supplemental to a senior bridge facilities agreement dated 21 December 2005 (as amended and restated on 21 March 2007) (the “Senior Bridge Facilities Agreement”) made between, among others, the Parent, the borrowers and guarantors named therein, the mandated lead arrangers named therein, the co-arranger named therein, the joint bookrunners named therein, BNP Paribas as facility agent, security agent, documentation agent and global coordinator and the financial institutions named therein as banks.

 

(B)                               The parties wish to amend the Senior Bridge Facilities Agreement on the terms and subject to the conditions set out in this Agreement.

 

(C)                               In accordance with Clause 44 (Amendments) of the Senior Bridge Facilities Agreement, the parties to this Agreement have agreed that the Senior Bridge Facilities Agreement shall be amended to the extent set out in this Agreement.

 

1



 

IT IS AGREED as follows:

 

1.                                      DEFINITIONS AND INTERPRETATION

 

1.1                                 Definitions

 

In this Agreement:

 

Effective Date” means 21 December 2007.

 

1.2                                 Incorporation of Defined Terms

 

(a)                                  Unless a contrary indication appears, a term defined in the Senior Bridge Facilities Agreement has the same meaning in this Agreement.

 

(b)                                 The principles of interpretation set out in the Senior Bridge Facilities Agreement shall have effect as if set out in this Agreement.

 

1.3                                 Third Party Rights

 

A person who is not party to this Agreement, other than the Obligors and the Finance Parties, has no right under the Contracts (Rights of Third Parties) Act 1999 to enforce any term of this Agreement.

 

2.                                      AMENDMENT TO THE SENIOR BRIDGE FACILITIES AGREEMENT

 

The Senior Bridge Facilities Agreement shall be amended as of the Effective Date in the manner set out in Schedule 2 (Amendments) to this Agreement.

 

3.                                      REPRESENTATIONS AND WARRANTIES

 

Each Obligor represents and warrants to each of the Finance Parties in respect to itself that:

 

(a)                                  all acts, conditions and things required to be done, fulfilled and performed (subject to applicable bankruptcy or insolvency laws or other similar laws affecting creditors’ rights or remedies generally and general principles of equity) in order (x) to enable it lawfully to enter into, exercise its rights under and perform and comply with the obligations (taken as a whole) expressed to be assumed by such Obligor in this Agreement, (y) to ensure that the obligations expressed to be assumed by such Obligor in this Agreement are legal, valid, binding and enforceable and (z) to make this Agreement admissible in evidence in its jurisdiction of organisation, in each case, have been done, fulfilled and performed, save in each case for any such act, condition or thing which the failure to do, fulfil or perform would not reasonably be expected to have a Material Adverse Effect;

 

(b)                                 after giving effect to this Agreement, no Event of Default has occurred and is continuing (or would occur giving effect to this Agreement as of the Effective Date);

 

2



 

(c)                                  all necessary consents and approvals contemplated by this Agreement have been or, when required, will be obtained and there is no legal requirement of any governmental authority (including any requirement to make any declaration, filing or registration or to obtain any license or order) which is necessary to be met by it in connection with its execution, delivery or performance of this Agreement; and

 

(d)                                 after giving effect to this Agreement, the Repeated Representations (as such term is defined in the Senior Bridge Facilities Agreement) other than those set out in Clause 19.6 (Financial Statements) of the Senior Bridge Facilities Agreement are hereby repeated as of the Effective Date by reference to the facts and circumstances existing on the Effective Date.

 

4.                                      CONTINUITY AND FURTHER ASSURANCE

 

4.1                                 Designation as a Finance Document

 

In accordance with the definition of “Finance Documents” set forth in Clause 1.1 (Definitions) of the Senior Bridge Facilities Agreement, the Parent and the Facility Agent designate this Agreement as a Finance Document (as such term is defined in the Senior Bridge Facilities Agreement).

 

4.2                                 Continuing Rights and Obligations

 

The provisions of the Senior Bridge Facilities Agreement shall, save as expressly amended by this Agreement, continue in full force.

 

4.3                                 Further Assurance

 

Each Obligor shall, at the reasonable request of the Security Agent and at its own expense, do all such acts and things necessary or desirable to give effect to the amendments effected or to be effected pursuant to this Agreement.

 

5.                                      AMENDMENT COSTS AND EXPENSES

 

In accordance with the provisions of Clause 27.4 (Amendment Costs) of the Senior Bridge Facilities Agreement the Parent shall reimburse the Finance Parties for all reasonable out-of-pocket costs and expenses (including reasonable legal fees of a single counsel in each relevant jurisdiction) together with any VAT thereon (subject to Clause 14.7(c) (VAT) of the Senior Bridge Facilities Agreement) directly incurred by such person in connection with this Agreement.

 

6.                                      COUNTERPARTS

 

This Agreement may be executed in any number of counterparts and all of such counterparts taken together shall be deemed to constitute one and the same instrument.

 

3



 

7.                                      GOVERNING LAW, NOTICES AND JURISDICTION

 

7.1                                 This Agreement shall be governed by and construed in accordance with English law.

 

7.2                                 The provisions of Clause 42 (Notices) and Clause 47 (Jurisdiction) of the Senior Bridge Facilities Agreement shall be incorporated into this Agreement as if set out in full in this Agreement and as if references in those clauses to “this Agreement” are references to this Agreement.

 

[The remainder of the page is intentionally left blank]

 

4



 

SCHEDULE 1

THE  PARTIES
 

Part 1

 

The Banks

 

BNP Paribas

 

The Royal Bank of Scotland plc

 

CALYON

 

Indosuez Finance (UK) Limited

 

Part 2

 

The Borrowers

 

HA Funding Pty Limited (ACN 117 549 498)

 

Hertz France SAS

 

Equipole Finance Services SAS

 

Hertz Equipement France SAS

 

Hertz Autovermietung GmbH

 

Hertz Italiana S.p.A.

 

BNS Automobile Funding B.V.

 

Hertz AG

 

Hertz (U.K.) Limited

 

5



 

Part 3

 

The Guarantors

 

Hertz International, Ltd.

 

Hertz Australia Pty. Limited (ABN 31 004 407 087)

 

Hertz France SAS

 

Hertz Equipement France SAS

 

Equipole Finance Services SAS

 

Hertz Autovermietung GmbH

 

Hertz Italiana S.p.A.

 

BNS Automobile Funding B.V.

 

Stuurgroep Holland B.V.

 

Hertz de España S.A.

 

Hertz Alquiler de Maquinaria S.L.

 

Hertz AG

 

Hertz (U.K.) Limited

 

Hertz Europe Limited

 

6



 

SCHEDULE 2

(AMENDMENTS)
 

Clause 1.1 (Definition)

 

The following definitions are amended in Clause 1.1 (Definitions).  The definition of:

 

1.                                       “A Margin” shall be deleted and replaced with the following definition:

 

A Margin” means, in relation to an A1 Advance (including any A1 Swingline Advance) or an A2 Advance (including any A2 Swingline Advance) made to any Borrower, as determined on the Relevant A Calculation Date, at any time on or after the Closing Date, the aggregate of:

 

(a)                                  0.75 per cent. per annum (in the case of any A1 Advance) and 1.50 per cent. per annum (in the case of any A2 Advance);

 

(b)                                 0.25 per cent. per annum multiplied by the ratio (calculated as a percentage) of (A) the Net Book Value of such Borrower’s Core Country Fleet comprised of vehicles manufactured by a Vehicle Manufacturer rated B or B by S&P or B2 or B3 by Moody’s (provided that if any Vehicle Manufacturer has different ratings from the Rating Agencies, the lowest such rating will apply) divided by (B) such Borrower’s Borrower Fleet NBV (in this definition, the “B Rated Fleet Spread”);

 

(c)                                  0.75 per cent. per annum multiplied by the ratio (calculated as a percentage) of (A) the Net Book Value of such Borrower’s Core Country Fleet comprised of vehicles manufactured by a non-rated Vehicle Manufacturer or a Vehicle Manufacturer rated below or equal to CCC+ by S&P or Caa1 by Moody’s (provided that if any Vehicle Manufacturer has different ratings from the Rating Agencies, the lowest such rating will apply (in this definition, the “C Rated Vehicles”)) to (B) such Borrower’s Borrower Fleet NBV;

 

(d)                                 at any time on and from the date on which the 25% Trigger occurs, 0.50 per cent. per annum; and

 

(e)                                  the Step-Up Margin applicable to such Borrower provided that once a variable rate funding note issuance (a “VFN”) is launched, the Step-Up Margin shall cease to apply to any Advance made to any Borrower which is organised in a country included in such VFN.”

 

2                                          “A Take-Out Adjustment Percentage” shall be deleted and replaced with the following definition:

 

““A Take-Out Adjustment Percentage” means 0%”.

 

3.                                       “Final A Take-Out Adjustment Percentage” shall be deleted and replaced with the following definition:

 

7



 

““Final A Take-Out Adjustment Percentage” means 0%”.

 

4.                                       “Step-Up Margin” shall be deleted and replaced with the following definition:

 

““Step-Up Margin” means, in relation to an A1 Advance (including any A1 Swingline Advance) or an A2 Advance (including any A2 Swingline Advance) made to any A1 Borrower or A2 Borrower, as determined on the Relevant A Calculation Date, at any time on or after the Closing Date, the aggregate of:

 

(a)                                  where the relevant Borrower is an SPV, the sum of (i) 0.50 per cent. per annum (in the case of an A1 Advance) or 0.75 per cent. per annum (in the case of an A2 Advance) and (ii) 0.50 per cent. per annum multiplied by the ratio (calculated as a percentage) of (x) the Net Book Value of such Borrower’s Core Country Fleet comprised of C Rated Vehicles (as defined above) to (y) such Borrower’s Borrower Fleet NBV; or

 

(b)                                 where the relevant Borrower is not an SPV, the sum of (i) 1.00 per cent. per annum (in the case of the A1 Facility) or 1.25 per cent. per annum in the case of the A2 Facility and (ii) 0.75 per cent. per annum multiplied by the ratio (calculated as a percentage) of (A) such Borrower’s Core Country Fleet comprised of C Rated Vehicles (as defined above) to (B) such Borrower’s Borrower Fleet NBV.”

 

8


 

SIGNATURES

 

THE PARENT

 

EXECUTED as a Deed by HERTZ INTERNATIONAL, LTD.

)

 

)

acting by

/s/ Nuns Moodliar

 

)

and

/s/ Jim McGill

 

)

 

S-1



 

THE BORROWERS

 

EXECUTED as a Deed by HA FUNDING PTY LIMITED (ACN 117 549 498

)

 

)

acting by

/s/ Nuns Moodliar

 

)

and

/s/ Jim McGill

 

)

 

Executed on behalf of the Coordinator

 

S-2



 

THE BORROWERS

 

EXECUTED as a Deed by HERTZ FRANCE SAS

)

 

)

acting by

/s/ Nuns Moodliar

 

)

and

/s/ Jim McGill

 

)

 

Executed on behalf of the Coordinator

 

S-3



 

THE BORROWERS

 

EXECUTED as a Deed by EQUIPOLE FINANCE SERVICES SAS

)

 

)

acting by

/s/ Nuns Moodliar

 

)

and

/s/ Jim McGill

 

)

 

Executed on behalf of the Coordinator

 

S-4



 

THE BORROWERS

 

EXECUTED as a Deed by HERTZ EQUIPEMENT FRANCE SAS

)

 

)

acting by

/s/ Nuns Moodliar

 

)

and

/s/ Jim McGill

 

)

 

Executed on behalf of the Coordinator

 

S-5



 

THE BORROWERS

 

EXECUTED as a Deed by HERTZ AUTOVERMIETUNG GMBH

)

 

)

acting by

/s/ Nuns Moodliar

 

)

and

/s/ Jim McGill

 

)

 

Executed on behalf of the Coordinator

 

S-6



 

THE BORROWERS

 

EXECUTED as a Deed by HERTZ ITALIANA S.P.A.

)

 

)

acting by

/s/ Nuns Moodliar

 

)

and

/s/ Jim McGill

 

)

 

Executed on behalf of the Coordinator

 

S-7



 

THE BORROWERS

 

EXECUTED as a Deed by BNS AUTOMOBILE FUNDING B.V.

)

 

)

acting by

/s/ Nuns Moodliar

 

)

and

/s/ Jim McGill

 

)

 

Executed on behalf of the Coordinator

 

S-8



 

THE BORROWERS

 

EXECUTED as a Deed by HERTZ AG

)

 

)

acting by

/s/ Nuns Moodliar

 

)

and

/s/ Jim McGill

 

)

 

Executed on behalf of the Coordinator

 

S-9



 

THE BORROWERS

 

EXECUTED as a Deed by HERTZ (U.K.) LIMITED

)

 

)

acting by

/s/ Nuns Moodliar

 

)

and

/s/ Jim McGill

 

)

 

Executed on behalf of the Coordinator

 

S-10


 

THE GUARANTORS

 

 

 

 

EXECUTED as a Deed by HERTZ INTERNATIONAL, LTD.

)

 

)

acting by

/s/ Nuns Moodliar

 

)

and

/s/ Jim McGill

 

)

 

 

Executed on behalf of the Coordinator

 

 

S-11



 

THE GUARANTORS

 

 

 

 

EXECUTED as a Deed by HERTZ AUSTRALIA PTY. LTD

)

(ABN 31 004 407 087)

)

 

)

acting by

/s/ Nuns Moodliar

 

)

and

/s/ Jim McGill

 

)

 

 

Executed on behalf of the Coordinator

 

 

S-12



 

THE GUARANTORS

 

 

 

 

EXECUTED as a Deed by HERTZ FRANCE SAS

)

 

)

acting by

/s/ Nuns Moodliar

 

)

and

/s/ Jim McGill

 

)

 

 

Executed on behalf of the Coordinator

 

 

S-13



 

THE GUARANTORS

 

 

 

 

EXECUTED as a Deed by HERTZ EQUIPMENT FRANCE SAS

)

 

)

acting by

/s/ Nuns Moodliar

 

)

and

/s/ Jim McGill

 

)

 

 

Executed on behalf of the Coordinator

 

 

S-14



 

THE GUARANTORS

 

 

 

 

EXECUTED as a Deed by EQUIPOLE FINANCE SERVICES SAS

)

 

)

acting by

/s/ Nuns Moodliar

 

)

and

/s/ Jim McGill

 

)

 

 

Executed on behalf of the Coordinator

 

 

S-15



 

THE GUARANTORS

 

 

 

 

EXECUTED as a Deed by HERTZ AUTOVERMIETUNG GMBH

)

 

)

acting by

/s/ Nuns Moodliar

 

)

and

/s/ Jim McGill

 

)

 

 

Executed on behalf of the Coordinator

 

 

S-16



 

THE GUARANTORS

 

 

 

 

EXECUTED as a Deed by HERTZ ITALIANA S.P.A.

)

 

)

acting by

/s/ Nuns Moodliar

 

)

and

/s/ Jim McGill

 

)

 

 

Executed on behalf of the Coordinator

 

 

S-17



 

THE GUARANTORS

 

 

 

 

EXECUTED as a Deed by BNS AUTOMOBILE FUNDING B.V.

)

 

)

acting by

/s/ Nuns Moodliar

 

)

and

/s/ Jim McGill

 

)

 

 

Executed on behalf of the Coordinator

 

 

S-18



 

THE GUARANTORS

 

 

 

 

EXECUTED as a Deed by STUURGROEP HOLLAND B.V.

)

 

)

acting by

/s/ Nuns Moodliar

 

)

and

/s/ Jim McGill

 

)

 

 

Executed on behalf of the Coordinator

 

 

S-19



 

THE GUARANTORS

 

 

 

 

EXECUTED as a Deed by HERTZ DE ESPAÑA S.A.

)

 

)

acting by

/s/ Nuns Moodliar

 

)

and

/s/ Jim McGill

 

)

 

 

Executed on behalf of the Coordinator

 

 

S-20


 

THE GUARANTORS

 

 

 

 

EXECUTED as a Deed by HERTZ ALQUILER DE MAQUINARIA S.L.

)

 

)

acting by

/s/ Nuns Moodliar

 

)

and

/s/ Jim McGill

 

)

 

 

Executed on behalf of the Coordinator

 

 

S-21



 

THE GUARANTORS

 

 

 

 

EXECUTED as a Deed by HERTZ AG

)

 

)

acting by

/s/ Nuns Moodliar

 

)

and

/s/ Jim McGill

 

)

 

 

Executed on behalf of the Coordinator

 

 

S-22



 

THE GUARANTORS

 

 

 

 

EXECUTED as a Deed by HERTZ (U.K.) LIMITED

)

 

)

acting by

/s/ Nuns Moodliar

 

)

and

/s/ Jim McGill

 

)

 

 

Executed on behalf of the Coordinator

 

 

S-23



 

THE GUARANTORS

 

 

 

 

EXECUTED as a Deed by HERTZ EUROPE LIMITED

)

 

)

acting by

/s/ Nuns Moodliar

 

)

and

/s/ Jim McGill

 

)

 

 

Executed on behalf of the Coordinator

 

 

S-24



 

THE COORDINATOR

 

 

 

 

EXECUTED as a Deed by HERTZ EUROPE LIMITED

)

 

)

acting by

/s/ Nuns Moodliar

 

)

and

/s/ Jim McGill

 

)

 

 

Executed on behalf of the Coordinator

 

 

S-25



 

THE MANDATED LEAD ARRANGERS

 

 

 

 

EXECUTED as a Deed by BNP PARIBAS

)

 

)

acting by

 /S/ Eric Noulinet

 

)

and

)

 

 

In the presence of

/s/ Mr. Charles Egly

 

 

 

S-26



 

THE MANDATED LEAD ARRANGERS

 

 

 

 

EXECUTED as a Deed by THE ROYAL BANK OF SCOTLAND PLC

)

 

)

acting by

/s/ Alan Parry

 

)

 

Director

 

 

 

S-27


 

THE CO-ARRANGER

 

 

 

 

EXECUTED as a Deed by CALYON

)

 

)

acting

/s/ Christophe Champion

(Executive Director)

 

)

and

/s/Laurent Haik

(Managing Director)

 

)

 

S-28



 

THE JOINT BOOKRUNNERS

 

 

 

 

EXECUTED as a Deed by BNP PARIBAS

)

 

)

acting by

/S/ Eric Noulinet

 

)

and

 

)

 

 

In the presence of

/s/ Charles Egly

 

 

 

S-29



 

THE JOINT BOOKRUNNERS

 

 

 

 

EXECUTED as a Deed by THE ROYAL BANK OF SCOTLAND PLC

)

 

)

acting by

/s/ Alan Parry

 

)

 

Director

 

 

 

S-30



 

THE JOINT BOOKRUNNERS

 

 

 

 

EXECUTED as a Deed by CALYON

)

 

)

acting

/s/ Christophe Champion

(Executive Director)

 

)

and

/s/Laurent Haik

(Managing Director)

 

)

 

S-31



 

THE FACILITY AGENT, THE SECURITY AGENT, and THE GLOBAL COORDINATOR

 

 

EXECUTED as a Deed by BNP PARIBAS

)

 

)

acting by

 /S/ Eric Noulinet

 

)

and

)

 

 

In the presence of

/s/ Mr. Charles Egly

 

 

 

S-32



 

THE BANKS

 

 

EXECUTED as a Deed by BNP PARIBAS

)

 

)

acting by

 /S/ Eric Noulinet

 

)

and

)

 

 

In the presence of

/s/ Mr. Charles Egly

 

 

 

S-33



 

THE BANKS

 

 

 

 

EXECUTED as a Deed by THE ROYAL BANK OF SCOTLAND PLC

)

 

)

acting by

/s/ Alan Parry

 

)

 

Director

 

 

 

S-34



 

THE BANKS

 

 

 

 

EXECUTED as a Deed by CALYON

)

 

)

acting

/s/ Christophe Champion

(Executive Director)

 

)

and

/s/Laurent Haik

(Managing Director)

 

)

 

S-35



 

THE BANKS

 

 

 

 

EXECUTED as a Deed by INDOSUEZ FINANCE (UK) LIMITED

)

 

)

acting by

/s/Michael Payne (Director)

 

)

and /s/

Jerome Lalourcey (Director)

 

)

 

S-36