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  "documentTitle": "Hertz | Investor Presentation Deck | 65 slides",
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  "authorName": "Hertz",
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  "presentationDate": "2020-10-01 00:00:00",
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  "notes": "Includes specific mention of HVF III financing structure and reference to pg. 34 for further details.",
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      "text": "Hertz, Dollar, Thrifty, Donlen",
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      "text": "Further details backing up scenario analysis can be found on pg. 34",
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      "text": "Based on the two scenarios, and assuming an advance rate of 80% for a new vehicle financing structure (\"HVF III\"), the Company will require a DIP of approximately $1.1 billion for the Lower-for-Longer and $1.5 billion for the 310K scenario",
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      "text": "In light of the difficulty in forecasting long-term operating cash flows given the current market environment, the Company has prepared various operating scenarios to account for uncertainty regarding the projected recovery",
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      "text": "The following scenarios contemplate U.S. RAC and Corporate cash flow through December 2021 and exclude any cash inflow/(outflow) from Rest of World and Donlen in 2021",
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      "text": "Includes both corporate operating cash need and equity required to fund new vehicle purchases (excludes fleet debt) through the end of 2021",
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      "text": "2) 310K Fleet Scenario: Assumes fleet is lowered to ~310K vehicles by the end of 2020 and demand gradually recovers to down ~40% vs. 2019 (compared to down ~48% at the end of 2020)",
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      "text": "1) Lower-for-Longer Scenario: Assumes fleet is lowered to ~250K vehicles by the end of 2020 and demand remains at current observed levels through the end of 2021",
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      "text": "DIP FINANCING SIZING OVERVIEW",
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