Document:

Exhibit 4.5.19

 

SHARES ACCOUNT PLEDGE
AGREEMENT

(ACTE DE NANTISSEMENT DE COMPTE D’INSTRUMENTS
FINANCIERS)

 

DATED
21 DECEMBER, 2005

 

BETWEEN

 

HERTZ FRANCE

as Pledgor

 

 

BNP PARIBAS

as Security Agent

 

 

HERTZ
EQUIPEMENT FRANCE

as Account Holder

 

 

BNP PARIBAS

as
Bank Account Holder

 

 

THE BENEFICIARIES

 

 

 

INDEX

 

	
  1.

  	
   

  	
  Definitions And Interpretation

  	
   

  	
  4

  
	
   

  	
   

  	
   

  	
   

  	
   

  
	
  2.

  	
   

  	
  Security Agent

  	
   

  	
  7

  
	
   

  	
   

  	
   

  	
   

  	
   

  
	
  3.

  	
   

  	
  Pledge

  	
   

  	
  8

  
	
   

  	
   

  	
   

  	
   

  	
   

  
	
  4.

  	
   

  	
  Preservation Of Security

  	
   

  	
  10

  
	
   

  	
   

  	
   

  	
   

  	
   

  
	
  5.

  	
   

  	
  Representations And Warranties

  	
   

  	
  10

  
	
   

  	
   

  	
   

  	
   

  	
   

  
	
  6.

  	
   

  	
  Undertakings

  	
   

  	
  11

  
	
   

  	
   

  	
   

  	
   

  	
   

  
	
  7.

  	
   

  	
  Liability To Perform

  	
   

  	
  12

  
	
   

  	
   

  	
   

  	
   

  	
   

  
	
  8.

  	
   

  	
  Enforcement

  	
   

  	
  12

  
	
   

  	
   

  	
   

  	
   

  	
   

  
	
  9.

  	
   

  	
  Application Of Proceeds

  	
   

  	
  13

  
	
   

  	
   

  	
   

  	
   

  
	
  10.

  	
   

  	
  Covenant To Release

  	
   

  	
  13

  
	
   

  	
   

  	
   

  	
   

  	
   

  
	
  11.

  	
   

  	
  Expenses, Indemnities And
  Taxes

  	
   

  	
  14

  
	
   

  	
   

  	
   

  	
   

  	
   

  
	
  12.

  	
   

  	
  Changes To Parties

  	
   

  	
  14

  
	
   

  	
   

  	
   

  	
   

  	
   

  
	
  13.

  	
   

  	
  Severability

  	
   

  	
  15

  
	
   

  	
   

  	
   

  	
   

  	
   

  
	
  14.

  	
   

  	
  Notices

  	
   

  	
  15

  
	
   

  	
   

  	
   

  	
   

  	
   

  
	
  15.

  	
   

  	
  French Language

  	
   

  	
  15

  
	
   

  	
   

  	
   

  	
   

  	
   

  
	
  16.

  	
   

  	
  Governing Law And Jurisdiction

  	
   

  	
  15

  
	
   

  	
   

  	
   

  	
   

  	
   

  
	
  17.

  	
   

  	
  Duration

  	
   

  	
  16

  
	
   

  	
   

  	
   

  	
   

  	
   

  
	
  18.

  	
   

  	
  Waivers, Remedies Cumulative

  	
   

  	
  16

  
						

 

SCHEDULES

 

	
  SCHEDULE 1.

  	
   

  	
  DETAILS OF THE SHARES AND THE PLEDGED ACCOUNTS

  
	
   

  	
   

  	
   

  
	
  SCHEDULE 2.

  	
   

  	
  FORM OF STATEMENT OF PLEDGE

  
	
   

  	
   

  	
   

  
	
  SCHEDULE 3.

  	
   

  	
  FORM OF
  CONFIRMATION OF PLEDGE

  
	
   

  	
   

  	
   

  
	
  SCHEDULE 4.

  	
   

  	
  FORM OF BANK ACCOUNT HOLDER ACKNOWLEDGEMENT
  LETTER

  
	
   

  	
   

  	
   

  
	
  SCHEDULE 5.

  	
   

  	
  THE BENEFICIARIES

  

 

2

 

THIS
AGREEMENT IS MADE BY AND BETWEEN:

 

1.         HERTZ FRANCE 

 

a société par actions simplifiée incorporated under the laws of France, having a share capital of 25.394.868,19 €, whose registered office
is situated at 1 rue Eugene Hanaff 78190 Trappes,  registered with the Registre du Commerce et des
Sociétés de Versailles under the number 319 505 632, represented
by a duly authorized signatory for the purpose of this Agreement, as Pledgor;

 

2.         HERTZ
EQUIPEMENT FRANCE 

 

a société par actions simplifiée incorporated under the laws of France, having a share capital of 338.100 €, whose registered office is
situated at 1 rue Eugene Hanaff Za du Buisson de la Couldre 78190 Trappes,
registered
with the Registre du Commerce et
des Sociétés de Versailles under the number 428 675 839, represented
by a duly authorized signatory for the purpose of this Agreement, as
Account Holder; 

 

3.         BNP PARIBAS

 

a société anonyme incorporated under the
laws of France and authorised as a credit institution, having a share capital
of 1.676.495.744 €,
whose registered office is situated at 24, boulevard des Italiens, registered with the Registre du
Commerce et des
Sociétés de Paris under the
number 662 042 449, as Bank Account Holder.

 

4.         BNP PARIBAS

 

a société anonyme incorporated under the laws of France and authorised as a
credit institution, having a share capital of 1.676.495.744 €, whose registered office is located at 4,
boulevard des Italiens, registered with the Registre du
Commerce et des Sociétés de  Paris under the
number 662 042 449, as Security
Agent; and

 

5.         THE BENEFICIARIES  

 

as listed in Schedule 5
attached hereto, represented by the
Security Agent for the purpose of this
Agreement.

 

3

 

WHEREAS:

 

(A)       Pursuant to a senior bridge facilities
agreement dated 21 December 2005 (the “Senior Bridge Facilities Agreement”)
entered into by, among others, Hertz International, Ltd, the Original Borrowers
and the Original Guarantors, on the one hand, and BNP Paribas as Mandated Lead
Arranger, Joint Bookrunner, Facility Agent, Security Agent and Global
Coordinator, The Royal Bank of Scotland plc as Mandated Lead Arranger and Joint
Bookrunner, Calyon as Co-Arranger and Joint Bookrunner and the
financial institutions listed in schedule 1 thereto as Banks, on the other hand, the Banks have agreed to
make available to the Borrowers certain senior bridge facilities.

 

(B)       Pursuant
to the Senior Bridge Facilities Agreement and as a condition precedent to the
Banks making the aforementioned facilities available, the Pledgor is required
to grant to the Beneficiaries a pledge over the Pledged Account (nantissement de compte d’instruments financiers) upon the
terms and conditions of this Agreement.

 

NOW, THEREFORE, IT HAS BEEN AGREED AS FOLLOWS:

 

1.         DEFINITIONS AND INTERPRETATION

 

1.1       Definitions

 

In
this Agreement, terms not otherwise defined herein shall have the meaning
ascribed to them in the Senior Bridge Facilities Agreement, and the following
terms have the following meanings:

 

“Account Holder” means
Hertz Equipement France in its capacity as holder (teneur de
compte) of the Financial Instruments Account opened in the name of
the Pledgor in its own books.

 

“Agreement” means this pledge of the Pledged Account together
with the Schedules attached hereto, as may be supplemented or amended from time
to time.

 

“Bank Account” means the
bank account (compte bancaire spécial) opened
in the name of the Pledgor in the books of the Bank Account Holder in
accordance with Article L.431-4 of the French Monetary and Financial Code
(Code monétaire et financier) (as
modified by the ordonnance no. 2005-171 dated 24 February 2005).

 

“Bank
Account Holder” means BNP
PARIBAS in its capacity as holder (teneur de compte)
of the Bank Account opened in the name of the Pledgor in its own books.

 

“Beneficiaries” means the Security Agent on behalf of the Finance Parties under the Senior
Bridge Facilities Agreement and individually any one of them, and their
respective successors and assigns in their capacities as beneficiaries of the
Pledge pursuant to clause 36 of the Senior Bridge Facilities Agreement. It is
hereby expressly agreed that for the purpose of this Agreement (including in
case of enforcement of the

 

4

 

Pledge), the Beneficiaries shall be duly represented
by the Security Agent which is appointed by each of the Beneficiaries as its
agent for the purpose hereof.

 

“Business
Day”  means a
day (other than a Saturday or a Sunday) (a) on which banks generally are
open for business in London and in Paris and in the jurisdiction of
organisation of the Coordinator and the principal financial centre of the
country of each Designated Currency other than Euro and (b) which is a
TARGET Day.

 

“Discharge
Date” means the date on which all the Secured Liabilities have been
irrevocably and unconditionally discharged in full, or the Pledge has otherwise
been released pursuant to Clause 10.

 

“Enforcement Event” means the occurrence of an Event of
Default which is continuing unremedied and unwaived and has resulted in the
delivery of a notice of acceleration or cancellation pursuant to clause 23.16
of the Senior Bridge Facilities Agreement.

 

“Event of Default” means an event specified
as such in clause 23 of the
Senior Bridge Facilities Agreement.

 

“Finance Documents” has the meaning ascribed to such
term in clause 1.1 of the Senior Bridge Facilities Agreement. 

 

“Finance Parties” has the meaning ascribed to such
term in clause 1.1 of the senior Bridge Facilities Agreement.

 

“Financial Instruments
Account” means the financial instruments account (“compte d’instruments financiers”) within the meaning of Article L. 431-4
of the French Monetary and Financial Code (Code monétaire et
financier) (as modified by the ordonnance no. 2005-171 dated 24 February 2005)
opened in the name of the Pledgor in the books of the Account Holder, as set
out in Schedule 1.

 

“Intercreditor Deed” has the meaning ascribed to such term in clause 1.1 of the Senior
Bridge Facilities Agreement.

 

“Pledge” means the pledge (nantissement)
created over the Pledged Account (compte d’instruments
financiers nanti) by virtue of this Agreement, as security for the
Secured Liabilities.

 

“Pledged Account” means the
Bank Account and the Financial Instruments Account. 

 

“Pledgor”
means
HERTZ FRANCE, as designated hereabove.

 

“Secured Liabilities” means all present and future obligations and liabilities (whether
actual or contingent and whether owed jointly or severally or in any other
capacity whatsoever) of HERTZ EQUIPEMENT FRANCE to the Beneficiaries (or any
one of them) in its capacity as Borrower and Guarantor (in
such capacity, within the limits of clause 24.9 of the Senior Bridge Facilities
Agreement) under the Finance Documents (or any one of them).

 

5

 

“Security Agent”
means BNP Paribas as designated hereabove, or any bank or financial institution
which may become Security Agent pursuant to clause 34 of the Senior Bridge
Facilities Agreement and in both cases their respective successors and assigns.

 

“Security Period” means the period beginning on the
date hereof and ending on the Discharge Date.

 

“Shareholder Interest” means, in respect of the Pledgor and
at any time until the expiry of the Security Period, any and all of the Shares
of the Account Holder held by the Pledgor together with, in relation to the
Shares, all dividends, interest and other distributions thereon (fruits et produits) and all shares, other shareholder
interest (instruments financiers), other
securities (valeurs mobilières) (and the dividends,
interest and other distributions (fruits et produits)
thereon), rights, moneys or property, whether present or future, actual or
contingent, from time to time credited to the relevant Pledged Account in
accordance with the terms hereof and Article L. 431-4 of the French Monetary and Financial Code (Code
monétaire et financier) (as modified by the ordonnance
no. 2005-171 dated 24 February 2005), provided that the dividends paid in
cash (dividendes en numéraire), interest and
other distributions thereon (fruits et produits)
relating to the Shares or other above mentioned shareholder interest (instruments financiers) shall only be credited to the Bank
Account upon the
occurrence of an Enforcement Event in accordance with Clause 8.1.

 

“Shares” means,
until the Discharge Date, all the shares held at any time by the Pledgor in the
issued share capital of HERTZ
EQUIPEMENT FRANCE. 

 

1.2       Interpretation

 

(a)        In this
Agreement, unless stated to the contrary or the context requires otherwise,:

 

(i)         a reference in this Agreement
(including its preamble and its Schedules) to a Clause or a Schedule is a
reference to a clause or a schedule to this Agreement and a reference to
this Agreement shall include its preamble and schedules;

 

(ii)        words importing the plural shall include the
singular and vice versa;

 

(iii)       a reference to the time of day shall refer to
Paris time, unless otherwise indicated;

 

(iv)      a reference to a person shall include its
successors, transferees and assignees;

 

(v)       words
appearing in this Agreement in a language other than English shall have the
meaning ascribed to them under the law of the corresponding jurisdiction and
such meaning shall prevail over their translation into English, if any;

 

6

 

(vi)      a
reference to an entity acting as Bank includes a reference to this entity
acting also as a C Ancillary Bank, as the case may be; 

 

(vii)     an
agreement or document includes a reference to that agreement or document as
varied, novated, supplemented or replaced from time to time;

 

(viii)    references
to any statutory provision or legislative enactment shall be deemed to also
refer to any re-enactment, modification or replacement and to any statutory
instrument, order or regulation made thereunder or under any such re-enactment.

 

(b)       The index and the headings in
this Agreement are for convenience of reference only and shall not be used in construing this Agreement.

 

(c)        This Agreement is entered into
subject to the terms and conditions of the Intercreditor Deed.  In the event of any inconsistency between
this Agreement and the Intercreditor Deed, the terms of the Intercreditor Deed
shall prevail. In the event of any inconsistency between this Agreement and the
Senior Bridge Facilities Agreement, the terms of the Senior Bridge
Facilities Agreement shall prevail. For the purposes of interpretation of this
Agreement, in the event of any inconsistency between the Intercreditor Deed and
the Senior Bridge Facilities Agreement, the terms of the Intercreditor Deed shall
prevail.

 

(d)        Nothing in this Agreement should be deemed to restrict
the right of the Pledgor to take any action or to abstain from taking any
action which is otherwise permitted under the Senior Bridge Facilities
Agreement and the Intercreditor Deed.

 

1.3       Certificates

 

A certificate from the
Beneficiaries setting forth the amount of any Secured Liability due to the Beneficiaries by the Pledgor
pursuant to the Finance Documents shall be prima facie
evidence of such amount against the Pledgor in the absence of manifest error.

 

2.         SECURITY
AGENT

 

The Pledgor hereby agrees that the Security
Agent shall be the agent (mandataire) of
the Beneficiaries
for the purposes of this Agreement, acting in such capacity in its name on
behalf of the Beneficiaries.

 

7

 

3.         PLEDGE

 

3.1       Pledged Account

 

As
security for the
full repayment, discharge and performance of the Secured Liabilities,
the Pledgor irrevocably
pledges to the Beneficiaries the Pledged Account to the credit of which its
Shareholder Interest has been credited, pursuant to Article L. 431-4
of the French Monetary and Financial Code (Code monétaire et financier) (as
modified by the ordonnance no. 2005-171 dated 24 February 2005) until the Discharge Date.

 

3.2       Registration of the Pledge

 

Immediately upon signature of this
Agreement and in relation to the Pledged Account, the Pledgor shall execute in
the French language a statement of pledge related to such Pledged Account (the “Statement of Pledge”) in the form of Schedule 2, transmit an executed copy of the Statement of Pledge of the Pledged Accounts to the Account
Holder of the Financial Instruments Account and to the Bank Account Holder of
the Bank Account and request :

 

(i)         the Account Holder
(who accepts and undertakes to comply with) to (i) record in its shareholder register (“registre de mouvements de titres”), that such Financial
Instruments Account is pledged in favour of the Beneficiaries by virtue of this
Statement of Pledge and (ii) issue on the same date a certificate
of confirmation of pledge related to the Pledged Account (the “Confirmation of Pledge”) in the form of Schedule 3;
and

 

(ii)        the Bank Account
Holder (who accepts and undertakes to comply with) to (a) record that the
Bank Account is pledged in favour of the Beneficiaries by virtue of this
Statement of Pledge and (b) issue on the same date a certificate of
confirmation of pledge related to such Bank Account (the “Bank Account
Holder Acknowledgement Letter” and
together with the Confirmation of Pledge, the “Confirmations
of Pledge”) in the form of Schedule 4.

 

3.3       Shareholder Interest

 

(a)        Without prejudice to Clause 3.1 and subject to
the provisions of Clause 8:

 

(i)         any shareholder interest (instrument
financier) for any reason whatsoever substituted for, or added to,
the Shareholder Interest of the Pledgor, together with any and all
distributions, interest and proceeds (fruits et produits)
resulting therefrom in accordance with Article L. 431-4 of the French Monetary and Financial Code (Code monétaire
et financier) (as modified by the ordonnance
no. 2005-171 dated 24 February 2005), and

 

(ii)        more generally, any shares or other shareholder
interests (instruments financiers) attributed to,
and any additional shares or other shareholder interests (instruments
financiers) acquired by, the Pledgor and constituting ownership
interests in the Account Holder or any legal entity resulting from the
transformation or merger of the Account Holder or any similar operation shall
automatically be deemed the Shareholder Interest of the Pledgor for the

 

8

 

purposes of this Agreement and shall, subject to Clause 3.5, be promptly
credited to the Pledged Account, without any such operation constituting in any
manner a novation of the rights and security granted to the Beneficiaries
hereunder and the Pledgor shall sign and instruct the Account Holder to sign
all documents and take all action necessary to confirm the same in favour of
the Beneficiaries.

 

(b)        The Pledgor shall not
be entitled to replace or substitute all or part of its Shareholder Interest
without the prior written consent of the Beneficiaries in each instance.

 

3.4       Surety in Rem (Caution Réelle)

 

The Pledgor hereby represents and warrants to
each Beneficiary that it has full knowledge of the obligations of Hertz
Equipement France as Obligor under the Senior Bridge Facilities Agreement and
of the Secured Liabilities and that it will act hereunder as surety in rem (caution réelle)
for Hertz Equipement France. To any extent applicable herein, the Pledgor
confirms that its undertaking as surety in rem (caution réelle) under this Agreement is joint and several (solidaire) and the Pledgor hereby waives its “bénéfices de discussion et de division” in accordance with Articles
2021 et seq. and 2026 et seq.
of the French Civil Code (Code Civil) and
to the fullest extent provided by law, any other defences that may otherwise be
available to the Pledgor.

 

3.5       Income
and Proceeds 

 

In
accordance with Article L.431-4 of the French Monetary and Financial Code
(Code monétaire et financier) (as
modified by the ordonnance no. 2005-171 dated 24 February 2005),
any dividends paid in cash (dividendes en numéraire)
interest and other distributions thereon (fruits et produits)
relating to the Shareholder Interest registered in the Financial Instruments
Account shall be recorded on the Bank Account. For the avoidance of doubt, the
parties hereto acknowledge that subject to Clause 8.1, the Pledgor shall be
free to apply and use at its discretion any such amounts, and such amounts
shall only be credited to the Bank Account when, and if, required under Clause
8.1. The Bank Account shall be deemed to be an
integral part of the Financial Instruments Account as from the date of
execution of the Statement of Pledge. The Pledgor may request from the Bank Account Holder a certificate of
pledge comprising the inventory of all sums standing to the credit of the Bank
Account as at the date of delivery of such certificate.

 

3.6       Instructions

 

The
Pledgor hereby instructs the Account Holder to pay all dividends paid in cash (dividendes en numéraire) interest and other distributions
thereon (fruits et produits) relating to the
Shareholder Interest on the Bank Account.

 

9

 

4.         PRESERVATION
OF SECURITY

 

4.1       Continuing security

 

The security (nantissement)
constituted by the Pledge herein created shall continue until the Discharge
Date.

 

4.2       Additional
security

 

This Pledge is in addition to and is not in any
way prejudiced by any other security now or hereafter held by the
Beneficiaries in
respect of the Secured Liabilities.

 

4.3       Security transfer

 

In the event of any assignment, transfer,
novation or disposal of a part or all of its rights and obligations by any Beneficiary under each and any of the Finance
Documents to which such Beneficiary is a party, such Beneficiary hereby expressly maintains, which the Pledgor accepts, all its rights
and privileges hereunder for the benefit of its successor, in accordance with
the terms of Article 1278 of the (French) Civil Code (Code Civil)
so that the Pledge herein created will secure, until the Discharge Date, the
Secured Liabilities to the rateable benefit of such successor, without further
formalities.

 

5.         REPRESENTATIONS
AND WARRANTIES 

 

5.1       Representations and Warranties

 

The
Pledgor hereby represents and warrants to the Beneficiaries and the Security
Agent that, except as expressly stated herein or in the Finance Documents, that :

 

(a)        this Agreement is
valid, binding and enforceable against it and any of its assets pledged
hereunder in accordance with the terms hereof;

 

(b)        the
entry into and performance by it of, and the transactions contemplated by, this
Agreement, each Statement of Pledge and the Pledge created over the Pledged Account, do
not and will not conflict with its constitutional documents and the
constitutional documents of the Account Holder;

 

(c)        it has valid title and is the sole absolute legal
owner of its Shareholder Interest and its Pledged Accounts and all of its
Shares and its Shareholder Interest have been validly issued and fully paid,
and are not subject to any option to purchase or similar rights;

 

(d)        its Pledged Accounts and its Shareholder
Interest are not subject to any Encumbrance, and there are no similar
restrictions which may affect the rights of the Beneficiaries under this
Agreement and the Pledge created over its Pledged Accounts.

 

10

 

5.2       Time for
making representations and warranties

 

The representation and warranties set out in Clause 5.1 are made on the
date hereof and are deemed to be repeated on the same days as the
Repeated Representations are repeated under the Senior Bridge Facilities
Agreement, in each case by reference to the facts and circumstances then
existing.

 

6.         UNDERTAKINGS

 

6.1       Duration

 

The undertakings in this
Clause 6 shall remain in force throughout the Security Period.

 

6.2       No
Disposal – No Encumbrance

 

Until the Discharge Date, the Pledgor will not dispose of, or, encumber
the Pledged Account and any Shareholder Interest credited on the Pledged
Account otherwise than pursuant to, or as permitted under this Agreement or the
Senior Bridge Facilities Agreement.

 

6.3       Management of Pledged
Account

 

Except as otherwise provided for in, or
permitted by, the Senior Bridge Facilities Agreement or any Finance Document:

 

(a)        Until the Discharge Date, the
Pledgor will request the
Account Holder to credit to the Pledged Account any Shareholder Interest
attributed to or acquired by it in accordance with Clause 3.3 and subject to
Clause 8.1 and will sign all documents and take all action necessary to this
effect.

 

(b)        Without prejudice to Clause 3.5, until the
Discharge Date, the Pledgor will not (i) locate or permit to locate the
Shareholder Interest received by it from any person for whatever reason in an
account other than the Pledged Account, (ii) close or transfer the Pledged
Account, except in either case as otherwise provided in, or permitted by, the
Senior Bridge Facilities Agreement or any Finance Document nor (iii) appoint
a new account holder other than the Account Holder and the Bank Account
Holder, except as
otherwise provided for in, or permitted by, the Senior Bridge Facilities
Agreement or any Finance Document, unless such new account holder has been
approved by the Beneficiaries (such approval not to be unreasonably withheld or
delayed) and has agreed in writing to be bound by all the terms and conditions
of this Agreement, as Account Holder or Bank Account Holder.

 

6.4       Voting rights

 

The Pledgor will not exercise the voting rights attached to its
Shareholder Interest in a way that would prejudice the ability of the
Beneficiaries under this Agreement to enforce the security created over the
Pledged Account by virtue of this Agreement.

 

11

 

6.5       Information

 

Until the Discharge Date, the Pledgor will
permit the Security Agent at any time, to request from the Account Holder and the
Bank Account Holder
that such information, reports and records in respect of the Pledged Account,
including a confirmation of pledge shall be furnished as soon as reasonably
practicable after demand of the Security Agent and it will sign all documents
and take all action reasonably necessary to effect this.

 

6.6       Shares

 

The Pledgor shall inform the Security Agent of
any change in the form of the Shares promptly upon the occurrence of such
change.

 

7.         LIABILITY TO PERFORM

 

It is expressly agreed that the Pledgor shall
remain liable to observe and perform all of the conditions and obligations
assumed by it respectively in respect of its Shareholder Interest and the
Pledged Account. Each Beneficiary and the Security Agent shall not have
any liability in connection with, or arising out of, this Agreement other than
under Clause 10 to the extent that any such liability under such Clause 10 is
found in a final, non-appealable judgment by a court of competent jurisdiction
to have resulted from such Beneficiary’s or the Security Agent’s gross
negligence or wilful misconduct, as the case may be. The Beneficiaries and the Security Agent shall
not be required in any manner to perform or fulfil any obligation of the
Pledgor in respect of its Shareholder Interest and the Pledged Account, or to
make any payment or to present or file any claim or take any other action to
collect or enforce the payment of any amount to which it may have been or to
which it may be entitled hereunder at any time or times.

 

8.         ENFORCEMENT

 

8.1       Upon the
occurrence of any Event of Default and for so long as such Event of Default has
not been remedied or remains unwaived under the Senior Bridge Facilities
Agreement, the Pledgor will cease to be entitled to receive payment of
any dividends paid in cash (dividendes en numéraire),
interest and other
distributions thereon (fruits et produits)
in respect of its Shareholder Interest and such dividends, interest and other distributions
thereon (received on or after receipt of the relevant notice by the
Pledgor) shall be immediately credited in the Bank Account in favour of the
Beneficiaries subject to the provisions of the Intercreditor Deed. The Pledgor shall cause the Account
Holder to register with the Bank Account any and all dividends, interest and
other distributions thereon received or to be received by it in respect
of its Shareholder Interest as from the date mentioned above. 

 

8.2       At any time following
an Enforcement Event, the
Security Agent acting on behalf of the Beneficiaries shall be entitled to (i) exercise
all rights, actions and privileges on the Pledged Accounts and/or the
Shareholder Interest of the Pledgor as granted by law to a secured creditor,
and in particular, (ii) request direct payment of moneys or cash proceeds
credited to the Pledged Accounts, subject to the Beneficiaries making request

 

12

 

of the same by at least eight days notice sent to the Account Holder,
the Bank Account Holder and to the Pledgor by registered letter in accordance
with any legal requirements including Article L.431-4 of the French
Monetary and Financial Code (Code monétaire et
financier) and the Article D 431-1 of the French Monetary and
Financial Code (Code monétaire et financier).

 

9.         APPLICATION
OF PROCEEDS

 

Any moneys received by the Beneficiaries or the Security Agent from the
Pledgor or any third party pursuant to this Agreement shall be applied in
accordance with the order and priority set forth under the Intercreditor Deed.

 

10.       COVENANT TO RELEASE

 

10.1     The
Security Agent, acting on behalf of the Beneficiaries, shall, at the request
and cost of the Pledgor, release and cancel the Pledge upon the occurrence of
any of the following events:

 

(a)        the Secured Liabilities being
entirely and definitively repaid (independently of any intermediate or partial
repayments) and all commitments of the Beneficiaries to provide financing under
the Senior Bridge Facilities Agreement having been terminated or having
expired; 

 

(b)        the Pledgor ceasing to be an Obligor under the
Senior Bridge Facilities Agreement; or

 

(c)        as otherwise permitted by the Intercreditor
Deed.

 

10.2     Upon
the occurrence of any of the following events, the Security Agent, acting on
behalf of the Beneficiaries, shall, at the request and cost of the Pledgor,
release and cancel the Pledge insofar as it relates to the property and assets
described below:

 

(a)        any Permitted Disposal or sale or
other dispositions otherwise permitted by the Senior Bridge facilities
Agreement of any property or assets that are subject to the Pledge;

 

(b)        any sale or other disposition of any property
or assets that are subject to the Pledge where the Facility Agent or the
Security Agent has consented to the sale or disposition pursuant to any Finance
Document; 

 

(c)        any sale or any other disposition of any
property or assets that are subject to the Pledge pursuant to a merger,
consolidation, reorganisation, winding-up, securitisation, Take-Out Financing
or sale and leaseback permitted by the Senior Bridge Facilities Agreement to
the extent necessary to ensure such merger, consolidation, reorganisation,
winding-up, securitisation, Take-Out Financing or sale and leaseback can take
place; or

 

13

 

(d)        the creation of any Permitted Encumbrance as
described in paragraph (x) of the definition of Permitted Encumbrances in the
Senior Bridge Facilities Agreement.

 

provided that, to the extent that any sale or
other disposition of such property or assets is a Permitted Disposal or a sale
or disposition otherwise permitted by the Senior Bridge Facilities Agreement,
the property or assets shall be automatically released from the Pledge with
effect from the day of such sale or other disposition.

 

10.3     In connection with any release or
cancellation described in Clause 10.1 or 10.2, the Security Agent and the other
Beneficiaries shall each do all such acts and things, at the Pledgor cost, as
are reasonably requested by the Pledgor in order to release and cancel the
Pledge.

 

11.       EXPENSES,
INDEMNITIES AND TAXES

 

The Pledgor shall pay all costs, fees, taxes and other
amounts incurred by the Beneficiaries or the Security Agent in connection with
the preparation, negotiation, execution, enforcement and preservation of this
Agreement and the Statement of Pledge on the same terms as under clause 27 of
the Senior Bridge Facilities Agreement. 

 

12.       CHANGES TO
PARTIES

 

All the rights, privileges,
powers, discretions and authorities of the Beneficiaries hereunder will
benefit their respective successors and permitted assignees and all terms,
conditions, representations and warranties and undertakings of the Pledgor
hereunder shall oblige its respective successors and assignees in the same
manner, it being agreed and understood that:

 

(a)        the Pledgor shall not assign, transfer, novate
or dispose of any of, or any interest in, its rights and/or obligations
under this Agreement, except as otherwise permitted by the Finance Documents, and

 

(b)        the Beneficiaries and the Security Agent shall be entitled to
assign, transfer, novate or dispose of any of, or any interest in, their rights
and/or obligations hereunder to any successor in accordance with the relevant
provisions of the Finance Documents.

 

The provisions of this Agreement and the rights arising
therefrom shall remain in full force and effect and benefit to any successors, permitted transferees or permitted assignees of a Beneficiary, without any specific
notice, registration or reiteration, in the event of, inter alios, of any sale,
merger, demerger, spin-off or assets contribution which a Beneficiary may
decide to effect. It is expressly agreed that an asset contribution or a
partial merger within the meanings of Articles L. 236-1 et sequitur
of the French Commercial Code (Code de Commerce)
shall be deemed to be a transfer for the purpose of the present provision.

 

14

 

13.       SEVERABILITY

 

If a provision of this Agreement is or becomes
illegal, invalid or unenforceable in any jurisdiction in respect of the Pledgor
and/or the Account Holder, this shall not affect:

 

(a)        in respect of the Pledgor and/or the Account
Holder the validity or enforceability in that jurisdiction of any other
provision of this Agreement; or

 

(b)        in respect of the Pledgor and/or the Account
Holder the validity or enforceability in other jurisdictions of that or any
other provision of this Agreement.

 

In the event of any such illegality, invalidity
or unenforceability, the parties shall negotiate in good faith with a view to
agreeing the replacement of such provision with a provision which is legal, valid
and enforceable and which is to the extent applicable in accordance with the
intents and purposes of this Agreement and which in its economic effect comes
as close as practicable to the provision being replaced.

 

14.       NOTICES

 

Except
as specifically provided
otherwise in this Agreement, all notices or other communications under or in
connection with this Agreement shall be given to each party as specified in
clause 42 of the Senior Bridge Facilities Agreement.

 

15.       FRENCH LANGUAGE

 

The Statement of Pledge executed by the Pledgor
pursuant to Clause 3.2 shall be made in the French language and accompanied by
an English translation. The French language version of the Statement of Pledge
shall prevail over any English translation and shall be binding on the Pledgor.

 

16.       GOVERNING
LAW AND JURISDICTION

 

16.1    Governing
law

 

This
Agreement and the Statement of Pledge shall be governed by and construed in
accordance with the laws of the Republic of France.

 

16.2    Jurisdiction

 

For
the benefit of the Beneficiaries, the Pledgor agrees that the courts of France
have jurisdiction to settle any disputes in connection with this Agreement and
the Statement of Pledge, and accordingly submit to the jurisdiction of the
Commercial Court of Paris (Tribunal de Commerce de Paris).

 

15

 

17.       DURATION

 

The
Pledge created pursuant to this Agreement and the obligations of the parties
hereunder shall remain in force until the earlier of the following dates: (i) the
Discharge Date, or (ii) the date on which the Security Agent shall release
the Pledge in accordance with Clause 10.

 

18.       WAIVERS,
REMEDIES CUMULATIVE

 

18.1    The rights of the Beneficiaries and the
Security Agent under this Agreement:

 

(i)         may be exercised as often as necessary;

 

(ii)        are cumulative and not exclusive of their
rights under the law; and

 

(iii)       may only be waived in writing and expressly.

 

 

18.2     Delay in the exercise or non-exercise of any
such rights by a Beneficiary or the Security Agent shall not constitute a waiver
of that right.

 

 

Made in Paris

On 21 December, 2005

 

In as many original
copies as parties to this Agreement

 

	
  The Pledgor

  	
   

  
	
   

  	
   

  
	
  HERTZ FRANCE

  	
   

  
	
   

  	
   

  
	
   

  	
   

  
	
  By:

  	
  /s/ Authorised Signatory

  	
   

  	
   

  
	
  duly authorised for the purpose of this Agreement

  	
   

  
	
   

  	
   

  
	
   

  	
   

  
	
  The Security Agent

  	
   

  
	
   

  	
   

  
	
  BNP
  PARIBAS

  	
   

  
	
   

  	
   

  
	
   

  	
   

  
	
  By:

  	
  /s/ Authorised Signatory

  	
   

  	
   

  
	
  duly authorised for the purpose of this Agreement

  	
   

  

 

16

 

	
  The Beneficiaries

  	
   

  
	
  As represented
  by the Security Agent

  	
   

  
	
   

  	
   

  
	
   

  	
   

  
	
  By:

  	
  /s/ Authorised Signatory

  	
   

  	
   

  
	
  duly authorised for the purpose of this Agreement

  	
   

  
	
   

  	
   

  
	
   

  	
   

  
	
  The Account Holder

  	
   

  
	
   

  	
   

  
	
  HERTZ EQUIPEMENT FRANCE

  	
   

  
	
   

  	
   

  
	
   

  	
   

  
	
  By:

  	
  /s/ Jacques
  Mignon

  	
   

  	
   

  
	
  duly authorised
  for the purpose of this Agreement

  	
   

  
	
   

  	
   

  
	
   

  	
   

  
	
  The Bank Account Holder

  	
   

  
	
   

  	
   

  
	
  BNP PARIBAS

  	
   

  
	
   

  	
   

  
	
   

  	
   

  
	
  By:

  	
  /s/ Authorised Signatory

  	
   

  	
   

  
	
  duly authorised for the purpose of this Agreement

  	
   

  
					

 

17Exhibit 4.5.20

 

 

 

PLEDGE OF
A BUSINESS AS A GOING CONCERN

(ACTE DE NANTISSEMENT DE FONDS DE COMMERCE)

 

 

 

 

DATED 21 DECEMBER, 2005

 

 

BETWEEN

 

 

HERTZ EQUIPEMENT FRANCE

as Pledgor

 

 

BNP PARIBAS

as Security Agent

 

 

THE BENEFICIARIES

 

 

 

 

INDEX

 

	
  1.

  	
  Definitions - interpretation

  	
  4

  
	
  2.

  	
  Security agent

  	
  6

  
	
  3.

  	
  Pledge

  	
  6

  
	
  4.

  	
  Description of the pledged business

  	
  7

  
	
  5.

  	
  Preservation of security

  	
  8

  
	
  6.

  	
  Representations and warranties

  	
  8

  
	
  7.

  	
  Undertakings

  	
  9

  
	
  8.

  	
  Liability to perform

  	
  10

  
	
  9.

  	
  Enforcement

  	
  10

  
	
  10.

  	
  Application of proceeds

  	
  10

  
	
  11.

  	
  Covenant to release

  	
  10

  
	
  12.

  	
  Expenses, indemnities and taxes

  	
  11

  
	
  13.

  	
  Changes to parties

  	
  11

  
	
  14.

  	
  Severability

  	
  12

  
	
  15.

  	
  Notices

  	
  12

  
	
  16.

  	
  French language

  	
  12

  
	
  17.

  	
  Registration

  	
  13

  
	
  18.

  	
  Governing law and jurisdiction

  	
  13

  
	
  19.

  	
  Duration

  	
  13

  
	
  20.

  	
  Waivers, remedies cumulative

  	
  13

  

 

SCHEDULE

 

	
  SCHEDULE 1

  	
   

  	
  The Beneficiaries

  
	
   

  	
   

  	
   

  
	
  SCHEDULE 2

  	
   

  	
  List of the pledged offices

  

 

2

 

THIS AGREEMENT IS MADE BY
AND BETWEEN:

 

1.         HERTZ EQUIPEMENT FRANCE

 

a société par actions simplifiée organized
and incorporated under the laws of France, having a share capital of 338.100 €, registered with the register of commerce and companies of Versailles
under number 428 675 839, whose
head office is located at 1, rue Eugène Hénaff, Zone d’Activité du Buisson de la Couldre 78190
Trappes, represented by a duly
authorized signatory for the purpose of this Agreement, as Pledgor;

 

2.         BNP PARIBAS

 

a société
anonyme incorporated under the laws of France, having a share capital of 1.676.495.744 €, registered with the register of commerce and companies of Paris under
number 662 042 449, and having its registered office at 24, boulevard
des Italiens, 75009 Paris, as Security Agent; and

 

3.         THE
BENEFICIARIES

 

as listed in Schedule 1 attached hereto,
represented by the Security Agent for the purpose of this Agreement.

 

3

 

WHEREAS:

 

(A)       Pursuant to a senior bridge facilities agreement dated 21 December 2005
(the “Senior Bridge Facilities Agreement”)
entered into by, among others, Hertz International, Ltd, the Original Borrowers
and the Original Guarantors, on the one hand, and BNP Paribas as Mandated Lead
Arranger, Joint Bookrunner, Facility Agent, Security Agent and Global
Coordinator, The Royal Bank of Scotland plc as Mandated Lead Arranger and Joint
Bookrunner, Calyon as Co-Arranger and Joint Bookrunner and the
financial institutions listed in schedule 1 thereto as Banks, on the other hand, the Banks have agreed to
make available to the Borrowers certain senior bridge facilities.

 

(B)       Pursuant to the provisions of the Senior Bridge Facilities Agreement,
and in order to guarantee the Secured Liabilities, the Pledgor has undertaken
to grant to the Beneficiaries, a pledge over its business as a going concern agreement
under the terms and conditions of this Agreement.

 

NOW, THEREFORE, IT HAS BEEN AGREED AS FOLLOWS:

 

1.         DEFINITIONS - INTERPRETATION

 

1.1       Definitions

 

Capitalised terms
used in this Agreement shall have the meaning ascribed to them in the Senior Bridge Facilities Agreement,
and for purposes of this Agreement the terms and expressions used hereunder
shall have the following meaning:

 

“Agreement” means this pledge over business as a going
concern agreement, including its preamble and appendices, as amended.

 

“Beneficiaries”
means the Security Agent on behalf of the Finance Parties under the Senior
Bridge Facilities Agreement and individually any one of them, and their respective
successors and assigns in their
capacities as beneficiaries of the Pledge pursuant to clause 36 of the Senior Bridge Facilities
Agreement. It is hereby expressly
agreed that for the purpose of this Agreement (including in case of enforcement
of the Pledge), the Beneficiaries shall be duly represented by the Security
Agent which is appointed by each of the Beneficiaries as its agent for the
purpose hereof.

 

“Business” means the business of the Pledgor, pledged as
such in favour of the Beneficiaries under this Agreement, as described in
Clause 4.

 

“Business Day” means a day (other than a Saturday or a
Sunday) (a) on which banks generally are open for business in London and
in Paris and in the jurisdiction of organisation of the Coordinator and the
principal financial centre of the country of each Designated Currency other
than Euro and (b) which is a TARGET Day.

 

“Discharge Date” means the
date on which all the Secured Liabilities have been irrevocably and
unconditionally discharged in full, or the Pledge has otherwise been released
pursuant to Clause 11.

 

4

 

“Enforcement Event” means the occurrence of an Event of
Default which is continuing unremedied and unwaived and has resulted in the
delivery of a notice of acceleration or cancellation pursuant to clause 23.16
of the Senior Bridge Facilities Agreement.

 

“Event of Default” means an event specified as such in clause 23 of the Senior Bridge
Facilities Agreement.

 

“Finance Documents” has the meaning ascribed to such term in clause
1.1 of the Senior Bridge Facilities Agreement.

 

“Finance Parties”
means the Facility Agent, the Arrangers, the Security Agent, the Global
Coordinator, the Banks, the Hedging Banks and each C Ancillary Bank.

 

“Intercreditor Deed” has the meaning ascribed to such
term in clause 1.1 of the Senior Bridge Facilities Agreement.

 

“Pledge” means
the pledge (nantissement) created over the Business
(fonds de commerce) by virtue of this Agreement, as
security for the Secured Liabilities.

 

“Pledgor” means
Hertz Equipement France, as designated hereabove.

 

“Secured Liabilities” means all present and future obligations and liabilities (whether
actual or contingent and whether owed jointly or severally or in any other
capacity whatsoever) of the Pledgor to the Beneficiaries (or any one of them) in its capacity as Borrower and Guarantor
(in such capacity, within the limits of clause 24.9 of the Senior Bridge
Facilities Agreement) under the Finance Documents (or any one of them).

 

“Security Agent” means BNP Paribas as
designated hereabove, or any bank or financial institution which may become
Security Agent pursuant to clause 34 of the Senior Bridge Facilities Agreement and in both cases their
respective successors and assigns.

 

“Security Period” means the period beginning on the
date hereof and ending on the Discharge Date.

 

1.2       Interpretation

 

(a)        In this Agreement, unless stated to the
contrary or the context requires otherwise :

 

(i)         a reference in this
Agreement (including its preamble and its schedules) to a Clause or a Schedule is
a reference to a clause or a schedule to this Agreement and a reference to
this Agreement shall include its preamble and schedules;

 

(ii)        words importing the
plural shall include the singular and vice versa;

 

(iii)       a reference to the
time of day shall refer to Paris time, unless otherwise indicated;

 

5

 

(iv)      a reference to a
person shall include its successors, transferees and assignees;

 

(v)       words appearing in this Agreement in a language other than
English shall have the meaning ascribed to them under the law of the
corresponding jurisdiction and such meaning shall prevail over their
translation into English, if any;

 

(vi)      a reference to an
entity acting as Bank includes a reference to this entity acting also as a C
Ancillary Bank, as the case may be;

 

(vii)     an agreement or document includes a reference
to that agreement or document as varied, novated, supplemented or replaced from
time to time;

 

(viii)    references to any statutory provision or
legislative enactment shall be deemed to also refer to any re-enactment,
modification or replacement and to any statutory instrument, order or
regulation made thereunder or under any such re-enactment.

 

(b)        The index and the headings in this Agreement
are for convenience of reference only and shall not be used in construing this
Agreement.

 

(c)        This Agreement is entered into subject to the
terms and conditions of the Intercreditor Deed. In the event of any
inconsistency between this Agreement and the Intercreditor Deed, the terms of
the Intercreditor Deed shall prevail. In the event of any inconsistency between
this Agreement and the Senior Bridge Facilities Agreement, the terms of the
Senior Bridge Facilities Agreement shall prevail. For the purposes of
interpretation of this Agreement, in the event of any inconsistency between the
Intercreditor Deed and the Senior Bridge Facilities Agreement, the terms of the
Intercreditor Deed shall prevail.

 

(d)        Nothing
in this Agreement should be deemed to restrict the right of the Pledgor to take
any action or to abstain from taking any action which is otherwise permitted
under the Senior Bridge Facilities Agreement and the Intercreditor Deed.

 

2.         SECURITY AGENT

 

The Pledgor hereby agrees that the Security
Agent shall be the agent (mandataire) of
the Beneficiaries for the purposes of this Agreement, acting in such capacity
in its name on behalf of the Beneficiaries.

 

3.         PLEDGE

 

In order to secure payment and repayment of the
Secured Liabilities to the Beneficiaries, the Pledgor hereby pledges the Business (fonds de commerce) in favour of
the Beneficiaries in accordance with the provisions of Articles L.142-1 to L.143-23
of the French Commercial Code (Code de commerce)
and agrees to this Pledge being registered as a pledge over the Business (nantissement de fonds de commerce) at this time. Once the
formalities provided for in Clause 17

 

6

 

(Registration)
have been completed, the Pledge shall constitute a first-ranking security
interest over the Business in favour of the Beneficiaries.

 

4.         DESCRIPTION OF THE PLEDGED BUSINESS

 

(a)        The Pledgor is pledging its Business whose operations consist in the
carrying of its activities of leasing, sale, purchase, construction and repair
of materials and any vehicle mainly in relation to the activities of buildings
trade and public works, which is carried on at the offices mentioned in Schedule 2.

 

(b)        Said
Business, so pledged, comprises all that can be legally included in this
Pledge, including but not limited to:

 

(i)         the company or business name and related clientele and custom;

 

(ii)        the furniture, materials and equipment (including in particular the
Existing Vehicle Fleet), owned by the Pledgor, used to run the Business, with
the exception, however, of furniture, materials or equipment that are specifically
pledged in favour of the financial institution which financed their purchase in
accordance with the provisions of Articles L.525-1 to L.525-20 of the French
Commercial Code (Code de commerce), and with the
exception of any fixtures attached to the Business;

 

(iii)       the leasehold interest in the premises in which the Business is carried
on.

 

(c)        It is
understood that the scope of this Pledge will be automatically extended to
include the following items at the expense of the Pledgor (to the extent owned
by the Pledgor), subject to the limits imposed by law:

 

(i)         furniture, materials and equipment (including in particular New
Vehicles) created or acquired by the Pledgor, including but not limited to
additional furniture, materials or equipment purchased to replace, improve or
enhance the current furniture, materials or equipment of the Business, with the
exception of such furniture, materials or equipment as are already specifically
pledged in favour of the financial institution which financed the purchase
thereof and such as are in the nature of fixtures as indicated in Clause
5(b)(ii);

 

(ii)        where applicable, any insurance, eviction or expropriation indemnities
or any other indemnities with respect to any component of the Business which may be
paid to the Pledgor, as well as any indemnities with respect to improvements,
betterments or items installed by the Pledgor in its capacity as tenant
(subject to the relevant provisions of the Senior Bridge Facilities Agreement);

 

(iii)       where applicable, leasehold interests of the establishments charged by
the Pledge as well as any extension or expansion of said leases relating to the
premises in which the Pledgor’s Business operations are carried on; and

 

(iv)       where applicable, any of the aforementioned items which are or may be
held (in any respect whatsoever) by the Pledgor’s present or future branch
offices.

 

7

 

5.         PRESERVATION OF SECURITY

 

5.1       Continuing Security

 

The security (nantissement)
constituted by the Pledge herein created shall continue until the Discharge
Date. It shall not be considered as satisfied or discharged or prejudiced by
any intermediate payment, satisfaction or settlement of any part of the
Secured Liabilities.

 

5.2       Additional security

 

This Pledge is in addition to, and is not in any way
prejudiced by, any other security now or hereafter held by the Beneficiaries in respect of the Secured Liabilities.

 

5.3       Security transfer

 

In the event of any assignment, transfer or disposal,
by way of novation, of a part or all of its rights and obligations by any
Beneficiary under each and any of the Finance Documents to which such
Beneficiary is a party, such Beneficiary hereby expressly maintains, which the
Pledgor accepts, all its rights and privileges for the benefit of its successor
or transferee, in accordance with the terms of Article 1278 of the
French Civil Code (Code Civil) so
that the Pledge will secure the Secured Liabilities to the benefit of such
successor, without further formalities.

 

6.         REPRESENTATIONS AND WARRANTIES

 

6.1       Representations and Warranties

 

The Pledgor hereby represents and warrants to the Beneficiaries and the
Security Agent that, except as expressly stated herein or in the Finance
Documents, that :

 

(a)        this Agreement is valid, binding and
enforceable against it and any of its assets pledged hereunder in accordance
with the terms hereof;

 

(b)        the
entry into and performance by it of, and the transactions contemplated by, this
Agreement and the Pledge created over the Business, do not and will not
conflict with its constitutional documents;

 

(c)        it has
valid title and is the sole absolute legal owner of Business and it is lawfully occupying the
premises in which the Business is carried on;

 

(d)        its Business is not
subject to any Encumbrance, and there are no similar restrictions which may affect
the rights of the Beneficiaries under this Agreement and the Pledge created
over its Business.

 

6.2       Time for making representations and warranties

 

The representation and warranties set out in Clause
6.1 are made on the date hereof and are deemed to be repeated on the same days
as the Repeated Representations are repeated under the Senior Bridge Facilities
Agreement, in each case by reference to the facts and circumstances then
existing.

 

8

 

7.         UNDERTAKINGS

 

7.1       Duration

 

The undertakings in this
Clause 7 shall remain in force throughout the Security Period.

 

7.2       No
Disposal

 

Until the Discharge Date, the Pledgor will not
dispose of, or, encumber the Business otherwise than pursuant to, or as
permitted under this Agreement or the Senior Bridge Facilities Agreement.

 

7.3       Protection
of the Business

 

The Pledgor shall
conduct its business as provided under clause 21.8 of the Senior Bridge Facilities
Agreement.

 

7.4       Re-registration

 

At the end of each period corresponding to the legal
term of validity of this Pledge, the Pledgor hereby undertakes to re-register
the Pledge at its own expense (with the relevant Commercial Courts (greffes des tribunaux de commerce) for
an additional period of protection under the law, for so long as this Pledge
remains in full force pursuant to Clause 19.

 

7.4       Renewal and extension of the leases relating to the Business

 

(a)        The
Pledgor undertakes, unless expressly permitted under the Finance Documents, to
comply with all obligations imposed on it and enforce the performance of all
obligations owed to it by any person under any lease comprised in the Business
and shall not do anything or permit anything to be done which is reasonably
likely to result in the termination of any such lease, unless a new lease is
entered into (in respect of new premises or the same premises), provided that
the Security Agent has been notified of such new lease, and the Business is
otherwise maintained.

 

(b)        The
Pledgor undertakes to promptly deliver a copy of any material communication
received by it which has been given with respect to any lease comprised in the
Business which relates to any matter which is likely to affect the validity or
the enforceability of the Pledge or any right of the Beneficiaries hereunder.

 

7.5       New business

 

Without prejudice to the other provisions of this
Agreement, the Pledgor shall promptly notify the Security Agent of any creation
or acquisition of one or more new businesses considered as
significant by reference to the activity of the group of which the Pledgor is a
member. The Pledgor hereby
undertakes to grant, at the Security Agent’s request, a senior pledge in favour
of the Beneficiaries over the new business (fonds de commerce)
acquired or created by it on terms and conditions identical to those of this
Agreement, as soon as practicable after the new business (fonds de
commerce) is acquired or created provided however that

 

9

 

no security shall be required to the extent
required to avoid costs (including, without limitation, any taxes) which the
Security Agent shall determine acting reasonably to be excessive in relation to
the benefits that would be conferred by the granting of such security. Such pledge shall secure the Secured
Liabilities.

 

8.         LIABILITY TO PERFORM

 

It is expressly agreed that the Pledgor shall remain
liable to observe and perform all of the obligations assumed by it in
respect of the Business. Each Beneficiary and the Security Agent shall not have any liability in
connection with, or arising out of, this Agreement other than under Clause 11
to the extent that any such liability under such Clause 11 is found in a final,
non-appealable judgment by a court of competent jurisdiction to have resulted
from such Beneficiary’s or the Security Agent’s gross negligence or wilful
misconduct, as the case may be. The Beneficiaries and the Security Agent shall not be required in any
manner to perform or fulfill any obligation of the Pledgor in respect of
the Business, or to make any payment or to present or file any claim or take
any other action to collect or enforce the payment of any amount to which they may have
been or to which they may be entitled hereunder at any times.

 

9.         ENFORCEMENT

 

At any time following
the occurrence of an Enforcement Event, the Security Agent acting on behalf of the Beneficiaries shall
exercise all of the rights, actions and privileges on the Business as granted by law to a secured
creditor, and in particular all rights,
actions and privileges provided for under Articles L.142-1 to L.143-23 and L.521-3 of the French Commercial Code
(Code de commerce), it being understood
that this Pledge does not grant the Beneficiaries the right to be awarded the
Business in full property in payment of and up to the amount of the Secured
Liabilities.

 

10.       APPLICATION OF PROCEEDS

 

Any moneys received by the Beneficiaries or the
Security Agent pursuant to this Agreement shall be applied to the reimbursement of the Secured Liabilities in
the order and priority set forth in the Intercreditor Deed.

 

11.       COVENANT TO RELEASE

 

11.1     The
Security Agent, acting on behalf of the Beneficiaries, shall, at the request and cost of the Pledgor, release and
cancel the Pledge upon the occurrence of any of the following events:

 

(a)        the Secured Liabilities being
entirely and definitively repaid (independently of any intermediate or partial
repayments) and all commitments of the Beneficiaries to provide financing under
the Senior Bridge Facilities Agreement having been
terminated or having expired; or

 

(b)        the Pledgor ceasing to be an Obligor under the
Senior Bridge Facilities Agreement.

 

10

 

11.2     Upon
the occurrence of any of the following events, the Security Agent, acting on behalf of the
Beneficiaries, shall, at the
request and cost of the Pledgor, release and cancel the Pledge insofar as it
relates to the property and assets described below:

 

(a)        any Permitted Disposal or sale or
other dispositions otherwise permitted by the Senior Bridge facilities
Agreement of any property or assets that are subject to the Pledge;

 

(b)        any sale or other disposition of any property
or assets that are subject to the Pledge where the Facility Agent or the
Security Agent has consented to the sale or disposition pursuant to any Finance
Documents;

 

(c)        any sale or any other disposition of any
property or assets that are subject to the Pledge pursuant to a merger,
consolidation, reorganisation, winding-up, securitisation, Take-Out Financing
or sale and leaseback permitted by the Senior Bridge
Facilities Agreement to the extent necessary to ensure such merger,
consolidation, reorganisation, winding-up, securitisation, Take-Out Financing
or sale and leaseback can take place; or

 

(d)        the creation of any Permitted Encumbrance as
described in paragraph (x) of the definition of Permitted Encumbrances in the
Senior Bridge Facilities Agreement.

 

provided that, to the extent that any sale or
other disposition of such property or assets is a Permitted Disposal or a sale
or disposition otherwise permitted by the Senior Bridge Facilities Agreement, the property or assets
shall be automatically released from the Pledge with effect from the day of
such sale or other disposition.

 

11.3     In connection with any release,
cancellation or reassignment described in Clause 11.1 or 11.2, the Security
Agent and the other Beneficiaries shall do all such acts and things, at the
Pledgor’s cost, as are reasonably requested by the Pledgor in order to release
and cancel the Pledge.

 

12.       EXPENSES, INDEMNITIES AND TAXES

 

The Pledgor shall pay costs, fees, taxes and
other amounts incurred by the Beneficiaries or the Security Agent in connection
with the preparation, negotiation, execution, enforcement and preservation of
this Agreement on the same terms as under clause 27 of the Senior Bridge Facilities Agreement.

 

13.       CHANGES TO PARTIES

 

All the rights, privileges, powers, discretions and
authorities of the Beneficiaries hereunder will benefit their respective
successors and permitted assignees and all terms, conditions, representations
and warranties and undertakings of the Pledgor hereunder shall oblige its respective successors and assignees in the same
manner, it being agreed and understood that:

 

11

 

(a)        the
Pledgor shall not assign, transfer or dispose of any of its rights and
obligations under this Agreement except as otherwise permitted under the
Finance Documents, and

 

(b)        the
Beneficiaries shall be entitled to assign, transfer or dispose of any of their
rights and obligations hereunder to any person in accordance with the relevant
provisions of the Finance Documents.

 

The provisions of this Agreement
and the rights arising therefrom shall remain in full force and effect and
benefit to any successors, permitted transferees
or permitted assignees of a Beneficiary, without any specific notice,
registration or reiteration, in the event of, inter alios, of any sale, merger,
demerger, spin-off or assets contribution in accordance with Article L. 236-1
et seq. of the French Commercial Code (Code de commerce) which a Beneficiary may decide to
effect. It is expressly agreed that an asset contribution or a partial merger
within the meanings of Articles L.236-1 et sequitur of
the French Commercial Code shall be deemed to be a transfer for the purpose of
the present provision.

 

14.       SEVERABILITY

 

If a provision of this Agreement is or becomes
illegal, invalid or unenforceable in any jurisdiction in respect of the Pledgor, that shall not affect:

 

(a)        in
respect of the Pledgor the validity or enforceability in that jurisdiction of
any other provision of this Agreement; or

 

(b)        in
respect of the Pledgor the validity or enforceability in other jurisdictions of
that or any other provision of this Agreement.

 

In the event of any such illegality, invalidity or
unenforceability, the parties shall negotiate in good faith with a view to agree on the replacement of such provision by a provision which is legal, valid
and enforceable and which is to the extent applicable in accordance with the
intents and purposes of this Agreement and which in its economic effect come as
close as practicable to the provision being replaced.

 

15.       NOTICES

 

Except as specifically provided otherwise in this
Agreement, all notices or other communications under this Agreement or any
document in relation thereto shall be sent to the parties as specified in
clause 42 of the Senior Bridge Facilities Agreement.

 

16.       FRENCH LANGUAGE

 

This Agreement
shall be made in the English language and accompanied by a French translation
for the purposes of its registration pursuant to Clause 17. The English
language version of this Agreement shall prevail over any French translation
and shall be binding on the Pledgor.

 

12

 

17.       REGISTRATION

 

(a)        This Agreement shall be registered by the
Security Agent with the relevant tax authorities. In addition, the Security
Agent shall register this Pledge with the Register of the Commercial Court in
the district in which each of the offices referred to in Clause 4 is operated
no later than fifteen (15) days of the date of this Agreement and any
other authority as appropriate to ensure the enforcement of the Pledge.

 

(b)       Pursuant
to the law, the Pledge is being granted for a ten (10) year period
starting as of the date of its registration.

 

(c)        All
powers are given to the bearer of an original copy of this Agreement for that
purpose.

 

18.       GOVERNING LAW AND JURISDICTION

 

18.1    This Agreement shall be governed by and
construed in accordance with the laws of the Republic of France.

 

18.2    Any dispute in connection with the validity,
interpretation, execution or the consequences of this Agreement and the
undertakings in relation thereto shall be submitted to the jurisdiction of the
Commercial Court of Paris (Tribunal de Commerce de
Paris).

 

18.3    For the performance of this Agreement and all
subsequent agreements and for the validity of the registration to be effected,
the Pledgor elects its registered office as its address for service.

 

19.       DURATION

 

The Pledge created pursuant to this Agreement and the
obligations of the parties hereunder shall remain in force until the earlier of
the following dates: (i) the Discharge Date; or (ii) the date on
which the Security Agent shall release the Pledge in accordance with Clause 11.

 

20.       WAIVERS, REMEDIES CUMULATIVE

 

20.1     The rights of the Beneficiaries under this
Agreement:

 

(i)         may be
exercised as often as necessary;

 

(ii)        are cumulative and not exclusive of their rights under the law; and

 

(iii)       may only be waived in writing and expressly.

 

20.2     Delay in the exercise or non-exercise of any such rights by a
Beneficiary shall not constitute a waiver of that right.

 

13

 

Made in Paris

On
21 December 2005

 

In
as many original copies as parties to this Agreement and as
required for registration purposes

 

 

	
  The Pledgor

  	
   

  
	
   

  	
   

  
	
  Hertz Equipement France

  	
   

  
	
   

  	
   

  
	
   

  	
   

  
	
  By:

  	
  /s/ Carlos Morello

  	
   

  	
   

  
	
  duly authorised for the purpose of this Agreement

  	
   

  
	
   

  	
   

  
	
   

  	
   

  
	
  The Security Agent

  	
   

  
	
   

  	
   

  
	
  BNP Paribas

  	
   

  
	
   

  	
   

  
	
   

  	
   

  
	
  By:

  	
  /s/ Charles Egly

  	
   

  	
   

  
	
  duly authorised for the purpose of this Agreement

  	
   

  
	
   

  	
   

  
	
   

  	
   

  
	
  The Beneficiaries

  	
   

  
	
  As represented by the Security Agent

  	
   

  
	
   

  	
   

  
	
   

  	
   

  
	
  By:

  	
  /s/ Charles Egly

  	
   

  	
   

  

duly
authorised for the purpose of this Agreement

 

14

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