Document:

Exhibit 4.5.41

Execution copy December 21, 2005

 

DEED
OF DISCLOSED PLEDGE

 

OF

 

REGISTERED
SHARES

 

between

 

HERTZ
HOLDINGS NETHERLANDS B.V.

 

as Pledgor

 

BNS
AUTOMOBILE FUNDING B.V.

 

as Pledgee

 

and

 

STUURGROEP
HOLLAND B.V.

 

as Company

 

 

 

 

Strawinskylaan 1999

1077 XV Amsterdam

 

 

2005

 

1

 

DEED OF PLEDGE ON
REGISTERED SHARES

STUURGROEP
HOLLAND B.V.

 

On this, the twenty-first day of December two thousand and five,
appeared before me,

 

Wijnand Hendrik Bossenbroek, civil law notary in Amsterdam, the
Netherlands:

 

1.             Thijs Paul Heino Olthoff, employed at my office
at 1077 XV Amsterdam, Strawinskylaan 1999, born in Hilversum on the
twenty-fifth day of July nineteen hundred and seventy-seven, acting for
the purposes of this deed as the holder of a written power of attorney from:

 

Hertz Holdings Netherlands
B.V., a
private company with limited liability, incorporated under the laws of the
Netherlands, having its corporate seat at Amsterdam, the Netherlands (address: 2132
WT Hoofddorp, Siriusdreef 34 – 36, the Netherlands, trade register number
24134976), hereinafter referred to as: the “Pledgor”;

 

2.             Paul Cornelis Simon van der Bijl, employed at
my office at 1077 XV Amsterdam, Strawinskylaan 1999, born in Haarlemmermeer on
the twenty-sixth day of January nineteen hundred and eighty, acting for
the purposes of this deed as the holder of a written power of attorney from:

 

BNS Automobile Funding B.V., a private company with limited
liability, incorporated under the laws of the Netherlands, having its corporate
seat at Amsterdam, the Netherlands (address: 1076 EE Amsterdam, Fred.
Roeskesstraat 123, the Netherlands, trade register number 34238138),
hereinafter referred to as: the “Pledgee”; and

 

3.             Robin Alexander van Bokhorst, employed at my
office at 1077 XV Amsterdam, Strawinskylaan 1999, born in Curacao, the
Netherlands Antilles, on the eleventh day of September nineteen hundred
and seventy-six, acting for the purposes of this deed as the holder of a
written power of attorney from:

Stuurgroep Holland B.V., a private company with limited
liability, incorporated under the laws of the Netherlands, having its corporate
seat at Amsterdam, the Netherlands (address: 2132 WT Hoofddorp, Siriusdreef 34
– 36, the Netherlands, trade register number 34056220), hereinafter referred to
as: the “Company”.

 

WHEREAS

 

A.           the Company has or
will have payment obligations towards the Pledgee under or pursuant to the loan
agreement entered into by Pledgee as lender and the Company as borrower, dated
on or about the twenty-first day of December two thousand five, (the “Loan Agreement”);

 

B             the Pledgor has
agreed to enter into this Deed as security for the payment when due of the
payment obligations referred to under A.;

 

C.            the Pledgor, the
Company and the Pledgee acknowledge that the Pledgee shall pledge its claims
referred to under A. to BNP Paribas S.A., a company organised 

 

2

 

under the laws of France, hereinafter referred
to as: “BNP”, as security for the Bridge
Facilities Agreement, including, without limitation, all accessory rights (afhankelijke rechten) and all ancillary rights (nevenrechten) which includes (its share in) the right of
pledge contemplated in this Deed.

 

HAVE AGREED AS FOLLOWS

 

1.            DEFINITIONS AND INTERPRETATION

 

1.1          Definitions

 

In this Deed:

 

	
  “Article”

  	
   

  	
  means an
  article of this Deed.

  
	
   

  	
   

  	
   

  
	
  “Bridge Facilities Agreement”

  	
   

  	
  means the senior
  bridge facilities agreement dated on or about the twenty-first day of
  December two thousand and five between, among others, Hertz
  International, Ltd., the Borrowers (as defined therein), the Guarantors (as
  defined therein), BNP Paribas and the Royal Bank of Scotland Plc. as Mandated
  Lead Arrangers, CALYON as Co-Arranger and BNP Paribas as Facility Agent and
  the other financial institutions named therein.

  
	
   

  	
   

  	
   

  
	
  “Deed”

  	
   

  	
  means this deed
  of pledge of Share Collateral.

  
	
   

  	
   

  	
   

  
	
  “Default”

  	
   

  	
  has the meaning
  given to that term in the Bridge Facilities Agreement.

  
	
   

  	
   

  	
   

  
	
  “Depositary Receipt Rights”

  	
   

  	
  means the rights conferred
  by law on holders of depositary receipts for shares, issued with the relative
  company’s co-operation.

  
	
   

  	
   

  	
   

  
	
  “Enforcement Event”

  	
   

  	
  a default (verzuim) of the Pledgor with respect to the Secured
  Liabilities, within the meaning of Article 3:248 NCC, provided that an
  Event of Default has occurred which is continuing and has not been waived
  under the Bridge Facilities Agreement and has resulted in the Facility Agent
  serving a notice under Clause 21.19 (Acceleration
  and Cancellation) of the Bridge Facilities Agreement.

  
	
   

  	
   

  	
   

  
	
  “Event of Default”

  	
   

  	
  has the meaning
  given to that term in the Bridge Facilities Agreement.

  
	
   

  	
   

  	
   

  
	
  “NCC”

  	
   

  	
  means the
  Netherlands Civil Code.

  
	
   

  	
   

  	
   

  
	
  “New Shares”

  	
   

  	
  means any and all
  shares in the share capital of the Company that the Pledgor shall acquire
  after the date of this deed of pledge.

  
	
   

  	
   

  	
   

  
	
  “Party”

  	
   

  	
  means a party to
  this Deed.

  
	
   

  	
   

  	
   

  
	
  “Secured Liabilities”

  	
   

  	
  means all present
  and future monetary payment 

  

 

3

 

	
   

  	
   

  	
  obligations (vorderingen tot voldoening van een geldsom) (whether
  actual or contingent and whether owed jointly or severally or in any other
  capacity whatsoever) of the Company to the Pledgee under the Loan Agreement.

  
	
   

  	
   

  	
   

  
	
  “Share Collateral”

  	
   

  	
  means the Shares,
  the New Shares and all present and future rights related thereto, including
  but not limited to rights of dividend or of conversion, redemption, bonus,
  stock dividend, liquidation or dissolution proceeds, warrants, claims,
  options or otherwise.

  
	
   

  	
   

  	
   

  
	
  “Shares”

  	
   

  	
  means three
  thousand five hundred (3,500) registered ordinary shares in the share capital
  of the Company, with a nominal value of four hundred fifty euros (EUR 450)
  each, numbered 1 up to and including 3,500.

  
	
   

  	
   

  	
   

  
	
  “Voting Rights”

  	
   

  	
  means the voting
  rights, voting powers, consensual rights and other similar rights attaching
  to the Shares and the New Shares.

  

1.2          Interpretation

 

a.             Unless the context otherwise requires or unless
otherwise defined in this Deed, words and expressions defined in the Bridge
Facilities Agreement have the same meanings when used in this Deed.

 

b.             Words denoting the singular include the plural
and vice versa. Words denoting one gender include the other gender.

 

c.             The words “include”, “included” or “including”
are used to indicate that the matters listed are not a complete enumeration of
all matters covered.

 

d.             No provision of this Deed is to be interpreted
adversely against a Party solely because that Party was responsible for
drafting that particular provision.

 

e.             English language words used in this Deed intend
to describe Netherlands legal concepts only and the consequences of the use of
those words in English law or any other foreign law are to be disregarded.

 

f.              References in this Deed to the Finance
Documents and the Loan Agreement will be deemed to include references to these
agreements as they may be varied, amended, modified, novated or restated from
time to time (including by way of increase of the facilities made available
under them or accession or retirement or the parties to these agreements). Similarly,
references in this Deed to Secured Liabilities will be deemed to include any
obligations which the Pledgor may have to the respective Pledgees under or in
connection with the Loan 

 

4

 

Agreement or the Finance Documents as they may
be so varied, amended, modified, novated or restated from time to time.

 

2.            CREATION OF PLEDGE ON SHARE COLLATERAL

 

2.1          Creation of pledge
on Share Collateral

 

As security for the payment when due of the
Secured Liabilities the Pledgor agrees to create and hereby creates, as the
case may be in advance (bij voorbaat),
by means of a third party right of pledge (derden-pandrecht)
as referred to in Article 3:231(1) NCC, in favour of the Pledgee a
disclosed right of pledge (openbaar
pandrecht) on the Share Collateral. The Pledgee accepts this right
of pledge, where appropriate in advance.

 

2.2          Ranking

 

If the right of pledge purported to be created
pursuant to Article 2.1 cannot be first ranking as a result of an
encumbrance created prior to the date of this Deed over (part of) the Share
Collateral, the right of pledge shall nonetheless have been created pursuant to
Article 2.1 with the highest possible rank.

 

3.            INFORMATION UNDERTAKING

 

3.1          Additional information

 

At the Pledgee’s first reasonable request, the Pledgor must provide all
information, evidence and documents relating to the Share Collateral which the
Pledgee may deem necessary to exercise its rights under this Deed (including
the enforcement of its rights of pledge) and the perfection or protection of
its security on the Share Collateral. The Pledgor will upon reasonable notice
allow the Pledgee to inspect its books relating to the Share Collateral during
office hours (subject to the terms of the Loan Agreement).

 

3.2          Attachments and Disputes of
Share Collateral

 

The Pledgor agrees to notify the Pledgee without delay
of any attachment (beslag) levied
on (part of) the Share Collateral or any dispute with respect to (part of) the
Share Collateral, if the dispute would have a material adverse effect on the
right of pledge created under this Deed or the value of the Share Collateral.

 

4.            FURTHER ASSURANCES

 

At the
Pledgee’s first request, the Pledgor agrees to execute any further encumbrances
and assurances in favour of, or for the benefit of the Pledgee, and do all acts
and things as the Pledgee may reasonably deem necessary to exercise its rights
under this Deed (including, following an Enforcement Event, the enforcement of
its right of pledge) and the perfection or protection of its security on the
Share Collateral.

 

5.            REPRESENTATIONS AND WARRANTIES

 

5.1          Representations and Warranties

 

The Pledgor represents and warrants to the
Pledgee that:

 

a.             the Pledgor has full, unencumbered legal title
to the Shares and all present 

 

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and future rights related thereto and has full
power to dispose (beschikkingsbevoegd) in respect
thereof;

 

b.             the Shares constitute the entire issued share
capital of the Company and have all been validly issued and fully paid-up and
no depository receipts (certificaten van aandelen)
have been issued in respect of the Shares;

 

c.             the Pledgor has the power and authority to
create a first ranking right of pledge (pandrecht eerste in rang)
on the Shares and all present and future rights related thereto;

 

d.             there are no outstanding options or other
rights entitling the holder thereof to the transfer of the Shares or any of the
present and future rights related thereto and no rights to receive future
dividends with respect to any of the Shares and/or any of the New Shares, have
been granted to any party other than to the Pledgee pursuant to this deed;

 

e.             except as provided herein, neither the Shares
nor any of the present or future rights related thereto are subject to any
limited rights (beperkte rechten), nor has the
Pledgor prior to this deed of pledge created limited rights or other rights on
or against the Shares or any of the present or future rights related thereto,
nor has the Pledgor made any promise or any undertaking to that effect, nor has
any attachment (beslag) been levied to date on
the Shares or any of the present or future rights related thereto;

 

f.              there are no outstanding claims on the Company
for the issue of any shares in the share capital of the Company.

 

5.2          Repetition

 

The representations and warranties set out in Article 5.1
are deemed to be repeated by the Pledgor on each date it acquires Share
Collateral after the date of this Deed.

 

6.            GENERAL UNDERTAKINGS

 

6.1          Disposal and negative pledge

 

The Pledgor shall not, without the prior
written consent of the Pledgee, except as permitted under the Loan Agreement:

 

a.             sell, transfer or otherwise dispose of any of
the Share Collateral;

 

b.            create or permit to subsist any security on any
of the Share Collateral;

 

c.             vote the Shares and the New Shares, whether in
a meeting or by way of written resolution outside a meeting, in favour of:

 

i.              the issuance, cancellation or transfer of any
shares in the Company’s share capital by the Company;

 

ii.             a resolution consenting to the acquisition by
the Company of its own shares;

 

iii.            any proposal to the general meeting of
shareholders to transfer its pertinent authority to issue shares to any other
corporate body;

 

6

 

iv.           a resolution to amend the articles of
association of the Company.

 

6.2          Obligation of care

 

The Pledgor shall not do or cause or permit to
be done anything (including but not limited to voting the Shares and the New
Shares, whether in a meeting or by way of written resolution outside a meeting)
which will, or could be reasonably expected to, materially adversely affect the
right of pledge over the Share Collateral or any part thereof, or the rights of
the Pledgee thereunder or which in any way is inconsistent with the terms of
the Loan Agreement or this Deed or materially depreciates, jeopardises or
otherwise prejudices the right of pledge over the Share Collateral or any part
thereof or negatively affects the economic value of the Share Collateral.

 

7.            VOTING RIGHTS AND DEPOSITARY RECEIPT RIGHTS

 

7.1          Voting Rights

 

The Voting Rights shall be vested in (toekomen aan) the Pledgee, subject to the conditions
precedent (opschortende voorwaarden) – (the “Conditions”)
– that an Enforcement Event has occurred and that the Company and the Pledgor
have been notified in writing by the Pledgee that it wishes to exercise the Voting
Rights.

 

The Company hereby confirms (and the Pledgor
agrees) that a notice from the Pledgee to it in accordance with this Article 7.1,
shall be sufficient for it to accept the Pledgee as being exclusively entitled
to exercise the Voting Rights attaching to the Shares and the New Shares.

 

7.2          Depositary Receipt Rights

 

Until a notice as referred to in Article 7.1
has been sent, Depositary Receipt Rights shall not accrue to the Pledgee.

 

8.            DIVIDENDS, DISTRIBUTIONS AND OTHER PAYMENTS ON THE
SHARE COLLATERAL

 

The Pledgee shall be entitled to receive all
dividends, distributions and other payments on the Share Collateral, provided,
however, that the Pledgee hereby grants the Pledgor permission (toestemming) within the meaning of Article 3:246(4) NCC
to receive these payments, to the extent such dividend payments are allowed
under the Loan Agreement.

 

The permission granted by the Pledgee to the
Pledgor will automatically terminate upon the occurrence of an Enforcement
Event and a written notice thereof from the Pledgee to the Pledgor and the
Company, following which the Pledgee shall be entitled to receive and retain
all dividends, distributions and other payments on the Share Collateral, to be
applied by the Pledgee in accordance with the Loan Agreement.

 

7

 

9.            IMMEDIATE FORECLOSURE

 

a.             After the occurrence of an Enforcement Event the Pledgee may sell or
cause the Share Collateral to be sold in accordance with Articles 3:248 NCC and following. The Pledgor waives its
rights under Article 3:251 NCC.

 

b.            To the extent such does not arise from Article 2:198(5) NCC,
the Pledgee is irrevocably authorised (without obligation) by the Pledgor, in
the event of a sale as referred to under a. of this Article, to offer the Share
Collateral for sale in the manner prescribed by the Company’s Articles of association
or to seek the approval of the corporate bodies designated under the Company’s
Articles of association as empowered to approve all proposed transfers of
shares, as the case may be, and to exercise any of the Pledgor’s rights in
connection with the sale and transfer of the Share Collateral.

 

c.            The Pledgee is not obliged to:

 

i.              first foreclose on other security rights created under or in connection
with the Finance Documents. The Pledgor waives its rights under Article 3:234
NCC; or,

 

ii.             notify any Pledgor or any other person referred to in Article 3:252
NCC of its intention to exercise, or of the exercise of, its rights under Article 9(a).
Each Pledgor waives its rights under Articles 3:249 and 3:252 NCC.

 

10.          APPLICATION OF PROCEEDS

 

The Pledgee shall apply the proceeds from the
sale of the Share Collateral in accordance with the provisions of the Loan
Agreement, subject to mandatory provisions of Netherlands law.

 

11.          CONTINUING SECURITY AND OTHER MATTERS

 

11.1        Continuing security

 

This Deed extends to the ultimate balance from
time to time of the Secured Liabilities and is a continuing security,
notwithstanding any intermediate payment, partial settlement or other matter.

 

11.2        No prejudice

 

Subject to Article 12, this Deed does not intend to prejudice,
limit or affect any right of the Pledgee or the Pledgor under the Loan
Agreement and the Loan Agreement does not intend to prejudice, limit or affect
any right of the Pledgee or the Pledgor under this Deed.

 

11.3        Waiver

 

Without prejudice to the other provisions of
this Deed, the Pledgor waives its rights under Articles 3:233 and 6:139 NCC.

 

12.          CONFLICT

 

If there is a conflict between this Deed and the Loan
Agreement then (to the 

 

8

 

extent permitted by law) the provisions of the Loan
Agreement will take priority over the relevant provisions of this Deed.

 

13.          TERMINATION AND RELEASE OF PLEDGE

 

13.1        The Pledgee shall at the request and
cost of the Parent release the right of pledge created by this Deed if any of
the following events occur:

 

a.             (i) the Secured Liabilities being
discharged in full and none of the Secured Parties being under any further
actual or contingent obligation to make advances or provide other financial
accommodation to the Pledgor or any other person under any of the Finance Documents;
or (ii) the Pledgor ceasing to be both a Borrower and a Guarantor subject
to, and in accordance with, the Bridge Facilities Agreement;

 

b.            (i) any Permitted Disposal of the Share
Collateral; (ii) any sale or other disposition of the Share Collateral otherwise
permitted by the Bridge Facilities Agreement; (iii) any sale or other
disposition of the Share Collateral where the Facility Agent or the Security
Agent has consented to the disposal pursuant to the Bridge Facilities
Agreement; (iv) any sale or any other disposition of the Share Collateral
pursuant to a merger, consolidation, reorganisation, winding-up,
securitisation, Take-Out Financing, or sale and leaseback permitted by the
Bridge Facilities Agreement and to the extent necessary to ensure that such
merger, consolidation, reorganisation, winding-up, securitisation, Take-Out
Financing or sale and leaseback is completed; or (v) the creation of any
Encumbrance permitted by paragraph (x) of the definition of “Permitted
Encumbrances” under the Bridge Facilities Agreement, provided that, to the
extent that the disposal of the Share Collateral is a Permitted Disposal or a
sale or disposition otherwise permitted by the Bridge Facilities Agreement, the
Share Collateral shall be declared to be automatically released from the pledge
created by this Deed with effect from the day of such disposal and the Security
Agent and the Facility Agent shall each do all such acts which are reasonably
requested by the Parent in order to release such property.

 

13.2        The right of pledge on the Share
Collateral and all the related rights thereto may be cancelled (opgezegd) in whole or in part by the Pledgees in accordance
with Article 3:81 NCC.

 

14.          LIABILITY

 

The Pledgee is not liable to
the Pledgor for any loss or damage arising from:

 

a.             any sale or collection of the Share Collateral
by the Pledgee; or 

 

b.            any exercise of, or failure to exercise, its
rights under this Deed, except for gross negligence or wilful misconduct (opzet of grove schuld) of the Pledgee.

 

9

 

15.          COSTS

 

The Pledgee may charge reasonable costs and
expenses in accordance with the Loan Agreement.

 

16.          POWER OF ATTORNEY

 

16.1        For the benefit of
the Pledgee, the Pledgor hereby irrevocably appoints the Pledgee to be its true
and lawful attorney (with full power of substitution and delegation) for and on
behalf of the Pledgor to sign, execute, seal, deliver, acknowledge, file,
register and perfect any and all such assurances, documents, instruments,
agreements, certificates and consents and to do any and all such acts and
things as the Pledgor itself could do in relation to the Share Collateral in
relation to any matters dealt with in this Deed and which the Pledgee may
reasonably deem to be necessary in order to give full effect to the purposes of
this Deed. Upon request of the Pledgee the Pledgor will ratify and confirm
whatever the Pledgee shall do or cause to be done in pursuance of the powers conferred
to it hereunder, for the duration of the right of pledge created pursuant to
this Deed.

 

16.2        In connection with
the power of attorney contained in this Article Parties agree that the
Pledgee may act as counterparty of the Pledgor, the Pledgor waives its rights
pursuant to Article 3:68 NCC, which waiver the Pledgee hereby accepts.

 

17.          GENERAL

 

17.1        No Rescission

 

To the extent permitted by
law, the Pledgor hereby waives its rights under Articles 6:265 to 6:272 NCC
inclusive to rescind (ontbinden),
or demand in legal proceedings the rescission (ontbinding)
of, this Deed, which waiver the Pledgee hereby accepts.

 

17.2        Transfer of Legal
Relationship

 

Subject to the terms of the Bridge Facilities
Agreement the Pledgee may transfer
its legal relationship under this Deed (contractsoverneming)
or assign its rights under this Deed (cessie).
The Pledgor irrevocably agrees in advance to cooperate with these assignments.

 

17.3        Notice

 

Any notice or other communication under or in
connection with this Deed must be made in accordance with the Loan Agreement.

 

17.4        Partial Invalidity

 

In the event that a provision of this Deed is
invalid, illegal, non binding, or unenforceable (either in whole or in part)
under the law of any jurisdiction, the remainder of this Deed continues to be
effective to the extent that, in view of the Deed’s substance and purpose, the
remainder is not inextricably related to and therefore inseverable from the
invalid, illegal, non binding or unenforceable provision. The Parties will make
every effort to reach agreement on a new Article which differs as little
as possible from the invalid, illegal, non binding 

 

10

 

or unenforceable provision, taking into account
the substance and purpose of this Deed.

 

17.5        Amendment

 

This Deed may only be amended by a written agreement,
to the extent required by Netherlands law in the form of a notarial deed
executed before a civil law notary.

 

17.6        No Implied Waiver,
No “Rechtsverwerking”

 

a.             Any waiver under this Deed must be
given by notice to that effect.

 

b.            Where a Party does not exercise any right under this Deed (which includes
the granting by a Party to any of the other Parties of an extension of time in
which to perform its obligations under any of these provisions), this is not
deemed to constitute a forfeiture of that Party’s right under this Deed (rechtsverwerking).

 

17.7        Benefit
of security

 

The Pledgor and the Pledgee explicitly agree
and declare that upon transfer, assignment or pledge, of the Secured
Liabilities, or a part thereof, the transferee or pledgee will become entitled
to the right of pledge purported to be created hereunder, or to a corresponding
part thereof, as the case may be.

 

If and to the extent as a result of such
transfer, such assignment or a pledge, the right of pledge purported to be
created hereunder will constitute common property, and an intercreditor
agreement is agreed upon in relation to such transfer, such assignment or a
pledge, then the Pledgor will be bound to the provisions of such intercreditor
agreement.

 

18.          GOVERNING LAW AND JURISDICTION

 

18.1        Governing Law

 

This Deed is to be governed by and construed in
accordance with the laws of   the
Netherlands.

 

18.2        Jurisdiction

 

Any dispute arising out of or in connection
with this Deed is to be submitted to the exclusive jurisdiction of the
competent court in Amsterdam, the Netherlands. This Article 18.2 is for
the benefit of the Pledgee only. As a result, the Pledgee shall not be
prevented from taking proceedings relating to a dispute in any other courts
with jurisdiction.

 

19.          MANNER OF ACQUISITION

 

The Seller acquired
the Shares by means of a transfer on the legal basis (titel) of
a share purchase agreement, as evidenced by a deed executed on the nineteenth
day of December two thousand before A.B. Wolf, civil law notary at
Rotterdam, the Netherlands. The transfer was acknowledged by the Company on the
same date, as evidenced by that same notarial deed.

 

20.          ACKNOWLEDGEMENT AND COMPANY STATEMENTS

 

The person appearing acting on behalf of the
Company, declared:

 

11

 

a.             that the Company acknowledges, and where
applicable acknowledges in advance, the rights of pledge on the Share
Collateral;

 

b.            that the Company has at all times and without
interruption accepted as valid the transfers by which the Pledgor acquired the
Shares and all previous transfers of the Shares;

 

c.             that the Company will cause the rights of  pledge on the Shares as well as any right of
pledge on New Shares to be duly entered in the shareholders’ register without
delay;

 

d.            that the Company acknowledges that it has
received notice of the right of pledge to the extent such right of pledge is
created on (future) claims against the Company in accordance with Article 3:236
(2) NCC  and Article 3:94 NCC;
and

 

e.             that the Company shall act in accordance with
the provisions of this deed of pledge.

 

21.          APPROVAL RIGHT OF PLEDGE AND PLEDGE OF SECURED LIABILITIES
BY GENERAL MEETING OF SHAREHOLDERS

 

The Pledgor hereby in its capacity of sole
shareholder of the Company resolves (pursuant to Article 21 of the Company’s
Articles of association) to approve (i) the creation of the right of
pledge on the Share Collateral (including the conditional passing of the Voting
Rights) under this Deed and (ii) the envisaged
creation of a right of pledge by the Pledgee of the Secured Liabilities in
favour of BNP as security for the Bridge Facilities Agreement, including,
without limitation, all accessory rights (afhankelijke rechten)
and all ancillary rights (nevenrechten)
which includes (its share in) the right of pledge contemplated in this Deed
(including the conditional passing of the Voting Rights). The members of the Company’s board
of management have had the opportunity to render advice as to the above resolution.

 

22.          AUTHORITY AND POWER OF ATTORNEY

 

The authorization granted to the persons
appearing is evidenced by three private powers of attorney, which immediately
after the execution will be attached to this Deed.

 

23.          CIVIL LAW NOTARY

 

The parties are aware that the undersigned
civil law notary works with NautaDutilh N.V., the firm that has advised BNP
Paribas in this
transaction. With reference to the Code of Conduct (Verordening
beroeps- en gedragsregels) established by the Royal Notarial
Professional Organisation (Koninklijke Notariële
Beroepsorganisatie), the parties herewith explicitly agree and
consent (i) that the civil law notary shall  execute this notarial deed and (ii) that
BNP Paribas is
assisted and represented by NautaDutilh N.V. in relation to the Loan Agreement
and this deed of pledge and any agreements that may be concluded, or disputes
that may arise, in connection therewith.

 

12

 

FINAL STATEMENT

 

The persons appearing are known to me, civil law notary.

 

This Deed was executed in Amsterdam on the date mentioned in its
heading.

 

After I, civil law notary, had conveyed and explained the contents of
the Deed in substance to the persons appearing, they declared that they had
taken note of the contents of the Deed, were in agreement with its contents and
did not wish them to be read out in full.

 

Following a partial reading, the Deed was signed by
the persons appearing and me, civil law notary

 

	
   

  	
  /s/ W.H. Bossenbroek

  

 

 

13Exhibit 4.5.42

 

DEED OF DISCLOSED PLEDGE

 

OF

 

RECEIVABLES

 

between

 

BNS AUTOMOBILE FUNDING B.V.

 

as Pledgor

 

and

 

BNP PARIBAS as Security Agent

 

as Pledgee

 

 

 

 

Strawinskylaan
1999

1077
XV Amsterdam

 

 

21
December 2005

 

 

Execution Copy    

 

TABLE OF CONTENTS

 

	
  1.

  	
  DEFINITIONS
  AND INTERPRETATION

  	
  3

  
	
  2.

  	
  PARALLEL
  DEBT

  	
  6

  
	
  3.

  	
  CREATION OF
  PLEDGE ON RECEIVABLES

  	
  7

  
	
  4.

  	
  INFORMATION
  UNDERTAKING

  	
  8

  
	
  5.

  	
  FURTHER
  ASSURANCES AND NOTICE TO THIRD PARTIES

  	
  8

  
	
  6.

  	
  REPRESENTATIONS
  AND WARRANTIES

  	
  8

  
	
  7.

  	
  GENERAL
  UNDERTAKINGS

  	
  9

  
	
  8.

  	
  NOTIFICATION
  TO THE DEBTOR

  	
  9

  
	
  9.

  	
  PAYMENT
  INSTRUCTIONS AND AUTHORITY TO COLLECT

  	
  10

  
	
  10.

  	
  IMMEDIATE
  FORECLOSURE

  	
  10

  
	
  11.

  	
  APPLICATION
  OF PROCEEDS

  	
  11

  
	
  12.

  	
  CONTINUING
  SECURITY AND OTHER MATTERS

  	
  11

  
	
  13.

  	
  CONFLICT

  	
  11

  
	
  14.

  	
  TERMINATION
  AND RELEASE OF PLEDGE

  	
  11

  
	
  15.

  	
  LIABILITY

  	
  12

  
	
  16

  	
  COSTS AND
  INDEMNIFICATION

  	
  13

  
	
  17

  	
  POWER OF
  ATTORNEY

  	
  13

  
	
  18

  	
  GENERAL

  	
  14

  
	
  19

  	
  GOVERNING
  LAW AND JURISDICTION

  	
  15

  

 

2

 

THE UNDERSIGNED

 

1.             BNS AUTOMOBILE FUNDING B.V., a private
company with limited liability organised under the laws of the Netherlands,
whose corporate seat is at Amsterdam, the Netherlands (the “Pledgor”); and

 

2.             BNP PARIBAS, a company organised under the laws of France, acting
in its capacity of Security Agent (the “Pledgee”).

 

WHEREAS

 

A.            the Pledgor has or
will have payment obligations towards the Pledgee under or pursuant to a senior
bridge facilities agreement among, inter
alia Hertz International Ltd. as Parent, the entities named therein
as Original Borrowers and Original Guarantors, Hertz Europe Limited, BNP
Paribas and The Royal Bank of Scotland Plc. as, inter alia, Mandated Lead Arrangers and Joint Bookrunners,
CALYON as Co-Arranger , and the other financial institutions named therein as
Banks, dated 21 December 2005 (the “Bridge
Facilities Agreement”),

 

B.            the Pledgor has
agreed under Clause 3 of the Bridge Facilities Agreement to enter into this
Deed as security for the payment when due of the payment obligations referred
to under A.

 

HAVE AGREED
AS FOLLOWS

 

1.             DEFINITIONS AND
INTERPRETATION

 

1.1          Definitions

In this Deed:

 

	
  “Article”

  	
   

  	
  means an article of this
  Deed.

  
	
   

  	
   

  	
   

  
	
  “Debtor”

  	
   

  	
  means Stuurgroep Holland
  B.V.

  
	
   

  	
   

  	
   

  
	
  “Deed”

  	
   

  	
  means this deed of
  disclosed pledges of Receivables.

  
	
   

  	
   

  	
   

  
	
  “Event of Default”

  	
   

  	
  has the meaning given to
  that term in the Bridge Facilities Agreement.

  

 

3

 

	
  “Enforcement Event”

  	
   

  	
  a default (verzuim) of the Pledgor with respect to
  the Secured Liabilities, within the meaning of article 3:248 NCC, provided
  that an Event of Default has occurred which is continuing and has not been
  waived under the Bridge Facilities Agreement and has resulted in the Facility
  Agent serving a notice under Clause 23.16 (Acceleration and Cancellation) of the Bridge Facilities
  Agreement.

  
	
   

  	
   

  	
   

  
	
  “Loan Agreement”

  	
   

  	
  means the agreement
  between the Debtor as borrower and the Pledgor as lender, dated on or about
  21 December 2005.

  
	
   

  	
   

  	
   

  
	
  “Loan Receivables”

  	
   

  	
  means all monetary payment
  obligations (vorderingen tot voldoening
  van een geldsom) owing by the Debtor to the Pledgor under the Loan
  Agreement.

  
	
   

  	
   

  	
   

  
	
  “NCC”

  	
   

  	
  means the Netherlands
  Civil Code.

  
	
   

  	
   

  	
   

  
	
  “Parallel Debt”

  	
   

  	
  means the Parallel Debt as
  defined in Article 2.

  
	
   

  	
   

  	
   

  
	
  “Party”

  	
   

  	
  means a party to this
  Deed.

  
	
   

  	
   

  	
   

  
	
  “Pledge”

  	
   

  	
  means the rights of pledge
  created under this Deed.

  
	
   

  	
   

  	
   

  
	
  “Principal Obligations”

  	
   

  	
  means all present and
  future monetary payment obligations (vorderingen
  tot voldoening van een geldsom) (whether actual or contingent and
  whether owed jointly or severally or in any other capacity whatsoever) of the
  Pledgor to the Finance Parties or any one or more of them under or pursuant
  to the Finance Documents (as defined in the Bridge Facilities Agreement).

  
	
   

  	
   

  	
   

  
	
  “Receivables”

  	
   

  	
  means, with respect to the Pledgor its Loan
  Receivables.

  

 

4

 

	
  “Schedule”

  	
   

  	
  means a schedule to this
  Deed.

  
	
   

  	
   

  	
   

  
	
  “Security”

  	
   

  	
  means a mortgage, charge,
  pledge, lien or other security interest securing any obligation of any person
  or any other agreement or arrangement having a similar effect.

  
	
   

  	
   

  	
   

  
	
  “Secured Liabilities”

  	
   

  	
  means all present and
  future monetary payment obligations (vorderingen
  tot voldoening van een geldsom) (whether actual or contingent and
  whether owed jointly or severally or in any other capacity whatsoever) of the
  Pledgor to Pledgee under or pursuant to the Parallel Debt.

  

 

1.2          Interpretation

 

a.             Unless the context otherwise requires or unless
otherwise defined in this Deed, words and expressions defined in the Bridge
Facilities Agreement have the same meanings when used in this Deed.

 

b.            Words denoting the singular include the plural
and vice versa. Words denoting one gender include the other gender.

 

c.             The words “include”, “included” or “including”
are used to indicate that the matters listed are not a complete enumeration of
all matters covered.

 

d.            No provision of this Deed is to be interpreted
adversely against a Party solely because that Party was responsible for
drafting that particular provision.

 

e.             English language words used in this Deed intend
to describe Netherlands legal concepts only and the consequences of the use of
those words in English law or any other foreign law are to be disregarded.

 

f.             The headings in this Deed are for construction
purposes as well as for reference.

 

5

 

g.            References in this Deed to any agreement will
be deemed to include references to those agreements as they may be varied,
amended, modified, novated or restated from time to time (including by way of
increase of the facilities made available under them or accession or retirement
or the parties to these agreements).

 

h.            This Deed intends to create separate and
individual rights of pledge provided by the Pledgor as security for the payment
when due of the Secured Liabilities of the Pledgor.

 

1.3          Schedules

Any Schedule forms an integral and inseparable part of this Deed.

 

2.             PARALLEL DEBT

 

2.1          The Pledgor hereby irrevocably and
unconditionally undertakes to pay to the Pledgee an amount equal to the
aggregate amount payable by the Pledgor in respect of its Principal Obligations
as they may exist from time to time. The payment undertaking of the Pledgor to
the Pledgee under this Article 2 is hereinafter to be referred to as the “Parallel Debt”.

 

2.2          The Parallel Debt of the Pledgor will become
due and payable (opeisbaar) as
and when one or more of the Principal Obligations of the Pledgor become due and
payable.

 

2.3          Each of the Parties hereby acknowledges that:

 

i.              the Parallel Debt
constitutes an undertaking, obligation and liability of the Pledgor to the
Pledgee which is separate and independent from, and without prejudice to, the
Principal Obligations; and

 

ii.             the Parallel Debt
represents the Pledgee’s own separate and independent claim (eigen en zelfstandige vordering) to
receive payment of the Parallel Debt from the Pledgor it being understood, in
each case, that pursuant to subsection a. of this Article the amount which may
become payable by the Pledgor as its Parallel Debt shall never exceed the total
of the amounts which are payable under the Principal Obligations of the
Pledgor.

 

2.4          For the avoidance of doubt, the Parties confirm
that in accordance with subsections 2.1 and 2.3 of this Article the claim of
the Pledgee against the

 

6

 

Pledgor in respect of the Parallel Debt and the
claims of anyone or more of the Finance Parties against the Pledgor in respect
of the Principal Obligations payable by the Pledgor to such Finance Party do
not constitute common property (gemeenschap)
within the meaning of article 3:166 of the NCC and that the provisions relating
to common property shall not apply. If, however, it shall be held that such
claim of the Pledgee and such claims of anyone or more of the Finance Parties
do constitute common property and the provisions relating to common property do
apply, the Parties agree that the Intercreditor Deed shall constitute the
administration agreement (“beheersregeling”)
within the meaning of article 3:168 NCC.

 

2.5          To the extent the Pledgee irrevocably (onaantastbaar) receives any amount in
payment of the Parallel Debt of the Pledgor, the Pledgee shall distribute that
amount among the Finance Parties that are creditors of the Principal
Obligations of the Pledgor in accordance with the applicable provisions of the
Intercreditor Deed. Upon irrevocable receipt by the Pledgee of any amount so
distributed to it (a “Received Amount”),
the Principal Obligations of the Pledgor to the relevant Finance Party or
Finance Parties shall be reduced by amounts totalling an amount (a “Deductible Amount”) equal to the Received
Amount in the manner as if the Deductible Amount were received as a payment of
the Principal Obligations on the date of receipt by that Finance Party of the
Received Amount.

 

3.             CREATION OF PLEDGE ON
RECEIVABLES

 

3.1          Creation
of pledge over Receivables

As security for the payment
when due of its Secured Liabilities, the Pledgor agrees to create and, subject
to Article 8, hereby creates, as the case may be in advance (bij voorbaat), or by means of a third
party right of pledge (derden-pandrecht)
as referred to in article 3:231(1) NCC, in favour of the Pledgee a disclosed
right of pledge (openbaar pandrecht)
on its Receivables and all rights attached to its Receivables including
dependent rights (afhankelijke rechten)
and ancillary rights (nevenrechten).
The Pledgee accepts each of these rights of pledge, where appropriate in
advance.

 

3.2          Ranking

If any of the rights of
pledge purported to be created pursuant to Article 3.1 cannot be first ranking
as a result of Security created prior to the date 

 

7

 

of this Deed on any of the
Receivables, such rights of pledge shall nonetheless have been created pursuant
to Article 3.1 with the highest possible rank.

 

4.             INFORMATION UNDERTAKING

 

4.1          Additional
information

At the Pledgee’s
first reasonable request, the Pledgor must provide all information, evidence
(including invoices) and documents relating to its Receivables which the
Pledgee may deem necessary to exercise its rights under this Deed (including
the enforcement of its rights of pledge) and the perfection or protection of
its security on its Receivables. The Pledgor will allow the Pledgee to inspect
its premises and to inspect its books relating to its Receivables during office
hours.

 

4.2          Attachments
and Disputes of Receivables

The Pledgor agrees to
notify the Pledgee without delay of any attachment (beslag) levied on any of its Receivables or any dispute if
the attachment or dispute would have a material adverse effect on the right of
pledge created under this Deed or the value of any of its Receivables.

 

5.             FURTHER ASSURANCES AND
NOTICE TO THIRD PARTIES

 

5.1          Further
assurances

At the Pledgee’s
first request, the Pledgor agrees to execute any further encumbrances and
assurances in respect of any of its Receivables in favour of, or for the
benefit of the Pledgee, and do all acts and things as the Pledgee may
reasonably deem necessary for the Pledgee to exercise its rights under this
Deed (including the enforcement of the Pledge) and the perfection or protection
of its security on the Receivables of the Pledgor.

 

5.2          Notice
to third parties

The Pledgee may give
notice of the rights of pledge created by this Deed to any third party seeking
recourse on any of the Receivables if that recourse would have a material
adverse effect on the rights of pledge created under this Deed or the value of
any of the Receivables.

 

8

 

6.             REPRESENTATIONS AND
WARRANTIES

 

6.1          Representations
and warranties

The Pledgor
represents and warrants to the Pledgee that on the date of this Deed:

 

a.             it is the
proprietor (rechthebbende) and
has full power to dispose (beschikkingsbevoegd)
of its Receivables;

 

b.            its
Receivables are not subject to any Security except as permitted under the
Bridge Facilities Agreement; and

 

c.             subject to
any security interest permitted under the Bridge Facilities Agreement and
subject to notification pursuant to Article 8 of this Deed, this Deed creates a
valid first-ranking disclosed right of pledge (openbaar
pandrecht eerste in rang).

 

6.2          Repetition

The representations
and warranties in Article 6.1 are deemed to be repeated by the Pledgor on each
day the Pledgor acquires a Receivable after the date of this Deed.

 

7.             GENERAL UNDERTAKINGS

 

7.1          Disposal
and negative pledge

The Pledgor shall
not, without the prior written consent of the Pledgee, except as permitted
under the Bridge Facilities Agreement:

 

a.             sell, transfer or otherwise dispose of any of
its Receivables;

 

b.            create or permit to subsist any Security on any
of its Receivables;

 

c.             enter into compromises, settlements and other
agreements or to grant discharge in respect of any of its Receivables; or

 

d.            vary the terms of or extend, release,
determine, rescind or grant time for payment in respect of any of its
Receivables if the variation, release, determination, rescission or granting of
time for payment in respect of any of its Receivables would have a material
adverse effect on the right of pledge created under this Deed.

 

8.             NOTIFICATION TO THE DEBTOR

Immediately following
the signing of this Deed the Pledgor shall send by

 

9

 

registered mail a
notice substantially in the form of Schedule 1 to the Debtor and provide a copy
of this notification letter to the Pledgee without delay.

 

9.             PAYMENT INSTRUCTIONS AND
AUTHORITY TO COLLECT

 

9.1          Collection
by Pledgee

The Pledgee is
authorised to collect any of the Receivables and to enter into compromises,
settlements and other agreements with the Debtor, to grant discharge in respect
of the Receivables and to exercise all other rights of the Pledgor in
connection with its Receivables (including calling in (opzeggen) the Receivables). The Pledgor
waives its rights under article 3:246(4) NCC.

 

9.2          Collection
by Pledgor

The Pledgee hereby authorises the Pledgor to collect its Receivables in
accordance with article 3:246(4) NCC in a bank account approved by the Pledgee.
This authorisation automatically terminates upon the occurrence of an
Enforcement Event. After the occurrence of an Enforcement Event the Pledgor can
not derive any further rights from article 3:246(4) NCC. Any moneys received by
the Pledgor after an authorisation in this Article 9.2 to collect the
Receivables has terminated are received by it on behalf of the Pledgee. The
Pledgor must keep these moneys separated from its other property and forthwith
transfer them to the Pledgee, notwithstanding any rights the Pledgee may have
against the Debtor. The Pledgee may upon the occurrence of an Enforcement Event
inform the Debtor of the Pledgor of the termination of the Pledgor’s
authorisation to collect the Receivables and that further payments by the
Debtor must be made into a bank account designated by the Pledgee.

 

10.          IMMEDIATE FORECLOSURE

 

a.             After the occurrence
of an Enforcement Event the Pledgee may:

 

i.              sell or cause the
respective Receivables to be sold in accordance with article 3:248 NCC et seq. The Pledgor waives its rights
under article 3:251 NCC; and

 

ii.             have recourse against
the proceeds of the respective Receivables collected by it in accordance with
article 3:255 NCC (provided that the notice referred to in Article 9.1 

 

10

 

has been given).

 

b.             The Pledgee is not
obliged to:

 

i.              first foreclose on
other security rights created under or in connection with the Bridge Facilities
Agreement. The Pledgor waives its rights under article 3:234 NCC; or

 

ii.             notify the Pledgor or
any other person referred to in article 3:252 NCC of its intention to exercise,
or of the exercise of, its rights under Article 10(a). The Pledgor waives its
rights under article 3:249 and 3:252 NCC.

 

11.          APPLICATION OF PROCEEDS

 

The Pledgee shall
apply the proceeds from the sale or the collection of the Receivables in
accordance with the provisions of the Intercreditor Deed, subject to mandatory
provisions of Netherlands law.

 

12.          CONTINUING SECURITY AND
OTHER MATTERS

 

12.1        Continuing
security

This Deed extends to
the ultimate balance from time to time of any of the Secured Liabilities and is
a continuing security, notwithstanding any intermediate payment, partial
settlement or other matter.

 

12.2        No
prejudice

Subject to Article
13, this Deed does not intend to prejudice, limit or affect any right of the
Pledgee under the Bridge Facilities Agreement and the Bridge Facilities
Agreement does not intend to prejudice, limit or affect any right of the
Pledgee under this Deed.

 

13.          CONFLICT

 

If there is a
conflict between this Deed and the Bridge Facilities Agreement then (to the
extent permitted by law) the provisions of the Bridge Facilities Agreement will
take priority over the relevant provisions of this Deed.

 

11

 

14.          TERMINATION AND RELEASE OF
PLEDGE

 

14.1        The Pledgees shall at the request and cost of
the Parent release the right of pledge constituted by this Deed if any of the
following events occur:

 

a.             upon (i) the Secured Liabilities being
discharged in full and none of the Secured Parties being under any further actual
or contingent obligation to make advances or provide other financial
accommodation to the Pledgor or any other person under any of the Finance
Documents, or (ii) the Pledgor ceasing to be both a Borrower and a Guarantor
subject to, and in accordance with, the Bridge Facilities Agreement.

 

b.             (i) any Permitted Disposal of any Receivable
that is subject to the right of pledge constituted by this Deed, (ii) any sale
or other disposition of any Receivable otherwise permitted by the Bridge
Facilities Agreement that is subject to the right of pledge constituted by this
Deed, (iii) any sale or other disposition of any Receivable that is subject to
the right of pledge constituted by this Deed where the Facility Agent or the
Security Agent has consented to the disposal pursuant to the Bridge Facilities
Agreement, or (iv) any sale or any other disposition of any Receivable pursuant
to a merger, consolidation, reorganisation, winding-up, securitisation,
Take-Out Financing, or sale and leaseback permitted by the Bridge Facilities
Agreement to the extent necessary to ensure such merger, consolidation,
reorganisation, winding-up, securitisation, Take-Out Financing or sale and
leaseback take place, or (v) the creation of any Encumbrance permitted by
paragraph (x) of the definition of “Permitted Encumbrances”, provided that, to
the extent that the disposal of a Receivable is a Permitted Disposal or a sale
or disposition otherwise permitted by the Bridge Facilities Agreement, the
Receivable shall be declared to be automatically released from the pledge
created by this Deed with effect from the day of such disposal and the Security
Agent and the Facility Agent shall each do all such acts which are reasonably
requested by the Parent in order to release such property.

 

14.2        The right of pledge on the Receivables and all the related rights
thereto may be cancelled (opgezegd)
in whole or in part by the Pledgees in accordance with article 3:81 NCC.

 

12

 

15.          LIABILITY

 

The
Pledgee is not liable to the Pledgor for any loss or damage arising from:

 

a.             any sale or
collection of the Receivables (or failure to collect the Receivables) by the
Pledgee; or

 

b.             any exercise of, or
failure to exercise, its rights under this Deed,

 

except for gross negligence
or wilful misconduct (opzet of grove schuld)
of the Pledgee towards the Pledgor.

 

16           COSTS
AND INDEMNIFICATION

 

16.1        Costs

The Pledgor shall pay all costs, of whatever
nature (including legal fees), incurred by the Pledgee in connection with the
preparation, negotiation and signing of this Deed or otherwise in connection
with this Deed, including costs in connection with Article 4 (Further
assurances and notice to third parties) of this Deed, or the enforcement of its
rights there under and/or any amendment of, supplement to or waiver in respect
thereof.

 

16.2        Indemnification

The Pledgor undertakes to indemnify the Pledgee
in respect of all incurred costs, losses, actions, claims, expenses, demands
and liabilities which may be incurred by the Pledgee (or by or against any
person for whose act or omission it may be answerable) at any time relating to
or arising out of this Deed or as a consequence of anything done or omitted in
the exercise or purported exercise of the powers contained in this Deed or
occasioned by any breach by the Pledgor of any of its undertakings or other
obligations under this Deed, except in the case of gross negligence or willful
misconduct (opzet of grove schuld)
on the part of the Pledgee.

 

17           POWER OF ATTORNEY

 

17.1        For the benefit of
the Pledgee, the Pledgor hereby authorises the Pledgee, whether or not
represented by its authorised signatories, to pledge any of the Pledgor’s
Receivables to itself on behalf of the Pledgor at any time and from time to
time and to do everything necessary in this regard. The Pledgee shall be free
in its choice of the method by which the pledge is created, including but not
limited to the execution of a notarial deed. This

 

13

 

authorisation is unconditional and irrevocable,
and does not in any way limit or qualify the enforceability of the Pledgor’s
obligation to pledge its Receivables itself.

 

17.2        For the benefit of the Pledgee, the Pledgor
hereby irrevocably appoints the Pledgee to be its true and lawful attorney
(with full power of substitution and delegation) for and on behalf of the
Pledgor to sign, execute, seal, deliver, acknowledge, file, register and
perfect any and all such assurances, documents, instruments, agreements,
certificates and consents and to do any and all such acts and things as the
Pledgor itself could do in relation to its Receivables in relation to any
matters dealt with in this Deed and which the Pledgee may reasonably deem to be
necessary in order to give full effect to the purposes of this Deed. Upon
request of the Pledgee the Pledgor will ratify and confirm whatever the Pledgee
shall do or cause to be done in pursuance of the powers conferred to it
hereunder.

 

17.3        In connection with the power of attorney
contained in this Article, Parties agree that the Pledgee may act as
counterparty of the Pledgor and the Pledgor waives its rights pursuant to
article 3:68 NCC (Selbsteintritt),
which waiver the Pledgee hereby accepts.

 

18           GENERAL

 

18.1        No
rescission

To the extent permitted by
law, the Pledgor hereby waives its rights under articles 6:265 to 6:272 NCC
inclusive to rescind (ontbinden),
or demand in legal proceedings the rescission (ontbinding)
of, this Deed.

 

18.2        Transfer
of legal relationship

Subject to the terms of the
Bridge Facilities Agreement, the Pledgee may
transfer its legal relationship under this Deed (contractsoverneming) or assign its rights under this Deed (cessie). The Pledgor irrevocably agrees in
advance to cooperate with such assignment or transfer of contract.

 

18.3        Notice

Any notice or other
communication under or in connection with this Deed must be made in accordance
with the Bridge Facilities Agreement.

 

18.4        Partial
Invalidity

In the event that a
provision of this Deed is invalid, illegal, non binding, 

 

14

 

or unenforceable (either in
whole or in part) under the law of any jurisdiction, the remainder of this Deed
continues to be effective to the extent that, in view of the Deed’s substance
and purpose, the remainder is not inextricably related to and therefore
inseverable from the invalid, illegal, non binding or unenforceable provision.
The Parties will make every effort to reach agreement on a new clause which
differs as little as possible from the invalid, illegal, non binding or
unenforceable provision, taking into account the substance and purpose of this
Deed.

 

18.5        Amendment

This Deed may only be amended by a written
agreement.

 

18.6        No
implied waiver, no “Rechtsverwerking”

a.             Any waiver under this
Deed must be given by notice to that effect.

 

b.             Where a Party does
not exercise any right under this Deed (which includes the granting by a Party
to the other Party of an extension of time in which to perform its obligations
under any of these provisions), this is not deemed to constitute a forfeiture
of that Party’s right under this Deed (rechtsverwerking).

 

18.7        Benefit
of security

The Pledgor and the Pledgee
explicitly agree and declare that upon transfer, assignment or pledge of the
Secured Liabilities, or a part thereof, the transferee or pledgee will become
entitled to the right of pledge purported to be created hereunder, or to a
corresponding part thereof, as the case may be.

 

If and to the extent as a
result of such transfer, such assignment or a pledge the right of pledge
purported to be created hereunder will constitute common property, and an
intercreditor agreement is agreed upon in relation to such transfer, such
assignment or a pledge, then the Pledgor will be bound to the provisions of such
intercreditor agreement.

 

19           GOVERNING LAW AND
JURISDICTION

 

19.1        Governing
Law

This Deed is to be governed
by and construed in accordance with the laws of the Netherlands.

 

15

 

19.2        Jurisdiction

Any dispute arising out of
or in connection with this Deed is to be submitted to the exclusive
jurisdiction of the competent court in Amsterdam, the Netherlands. This Article
19.2 is for the benefit of the Pledgee and the Pledgee only. As a result, the
Pledgee shall not be prevented from taking proceedings relating to a dispute in
any other courts with jurisdiction. This Deed of Disclosed Pledge of
Receivables has been signed in two counterparts, each of equal tenor and
validity, on 21 December 2005.

 

16

 

SIGNATURES

 

BNS
Automobile Funding B.V.

 

 

	
   /s/
  Michel Taride

  	
   

  
	
  by

  	
  : Michel Taride

  
	
  title

  	
  : Authorized Signatory

  
	
   

  	
   

  
	
   

  	
   

  
	
  BNP Paribas

  
	
   

  	
   

  
	
   

  	
   

  
	
   /s/ Iyadh
  Laalai

  	
   

  
	
  by

  	
  : Iyadh Laalai

  
	
  title

  	
  : Senior Structurer

  
			

 

17

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