Document:

Exhibit 4.5.59

 

HERTZ INTERNATIONAL, LTD

as
Chargor

 

in
favour of

 

BNP PARIBAS

as
Security Agent

for and on behalf of

the Secured Parties named herein

 

 

DEED OF CHARGE OVER SHARES

in
Hertz Holdings III UK Limited

relating to a 

Senior Bridge Facilities Agreement

dated

21 December 2005

 

 

21 December 2005

 

 

1

 

CONTENTS

 

	
  Clause

  	
   

  	
  Page

  
	
  1.

  	
  DEFINITIONS AND INTERPRETATION

  	
  3

  
	
  2.

  	
  FIXED CHARGE AND FLOATING CHARGE

  	
  5

  
	
  3.

  	
  CRYSTALLISATION OF FLOATING CHARGE

  	
  5

  
	
  4.

  	
  DELIVERY OF SHARE CERTIFICATES

  	
  6

  
	
  5.

  	
  FURTHER ASSURANCE

  	
  6

  
	
  6.

  	
  NEGATIVE PLEDGE AND DISPOSALS

  	
  7

  
	
  7.

  	
  SHARES

  	
  7

  
	
  8.

  	
  REPRESENTATIONS

  	
  8

  
	
  9.

  	
  ENFORCEMENT OF SECURITY

  	
  8

  
	
  10.

  	
  EXTENSION AND VARIATION OF THE LAW OF PROPERTY ACT 1925

  	
  9

  
	
  11.

  	
  APPOINTMENT OF RECEIVER OR ADMINISTRATOR

  	
  9

  
	
  12.

  	
  POWERS OF RECEIVER

  	
  10

  
	
  13.

  	
  APPLICATION OF MONEYS

  	
  11

  
	
  14.

  	
  PROTECTION OF PURCHASERS

  	
  11

  
	
  15.

  	
  POWER OF ATTORNEY

  	
  11

  
	
  16.

  	
  EFFECTIVENESS OF SECURITY

  	
  12

  
	
  17.

  	
  RELEASE OF SECURITY

  	
  13

  
	
  18.

  	
  SET-OFF

  	
  14

  
	
  19.

  	
  SUBSEQUENT ENCUMBRANCES

  	
  14

  
	
  20.

  	
  ASSIGNMENT

  	
  14

  
	
  21.

  	
  NOTICES

  	
  15

  
	
  22.

  	
  DISCRETION AND DELEGATION

  	
  15

  
	
  23.

  	
  PERPETUITY PERIOD

  	
  15

  
	
  24.

  	
  COUNTERPARTS

  	
  15

  
	
  25.

  	
  GOVERNING LAW AND JURISDICTION

  	
  15

  

 

2

 

THIS DEED
OF CHARGE OVER SHARES is made on 21 December 2005

 

BY

 

(1)           HERTZ INTERNATIONAL, LTD, a
company incorporated under the laws of the State of Delaware, United States of
America and having its principal place of business at 225 Brae Boulevard, Park
Ridge, New Jersey 07656, United States of America  (the “Chargor”);

 

in favour of

 

(2)         BNP PARIBAS, as
security agent and security trustee for itself and on behalf of the Secured
Parties (as defined below) on the terms and conditions set out in the
Intercreditor Deed (as defined below) (the “Security
Agent”, which expression shall include any person for the time being
appointed as Security Agent or as a Supplemental Security Agent for the purpose
of, and in accordance with, the Intercreditor Deed).

 

WHEREAS:

 

(1)         Pursuant to a senior bridge facilities
agreement dated 21 December 2005 and made between the Chargor as Parent,
the Arrangers, BNP Paribas, The Royal Bank of Scotland plc and Calyon S.A. as
Joint Bookrunners, BNP Paribas, Calyon S.A., The Royal Bank of Scotland plc,
BNP Paribas (Canada) and Indosuez Finance (UK) Limited as Banks, BNP Paribas as
Global Coordinator and as Facility Agent, the Security Agent, the Original
Borrowers and the other Original Guarantors named therein (in each case as such
terms are defined therein) (the “Facility
Agreement”), the Banks have made available to certain members of the
Hertz group of companies, subject to the terms set out therein, certain loan
facilities.

 

(2)         It is a condition precedent to the making of
Advances under the Facility Agreement that, inter
alia, the Chargor grants certain security interests in favour of the
Security Agent for the due and punctual performance of its obligations arising
from time to time in its capacity as Parent and as a Guarantor under the
Finance Documents.  The Chargor has
agreed to grant such security interests on and subject to the terms of this
Deed.

 

(3)         This Deed is subject to the terms of the
Intercreditor Deed.

 

NOW THIS
DEED WITNESSETH as follows:

 

1.           DEFINITIONS AND
INTERPRETATION

 

1.1         Definitions

 

Terms defined in the
Facility Agreement and the Intercreditor Deed shall, unless otherwise defined
in this Deed, have the same meaning when used in this Deed (including the
recitals hereto) and in addition:

 

“Charged Property” means all of the assets
of the Chargor which from time to time are the subject of the security created
or expressed to be created in favour of the Security Agent by or pursuant to
this Deed;

 

3

 

“Collateral Rights” means all rights, powers
and remedies of the Security Agent provided by or pursuant to this Deed or by
law;

 

“Company” means Hertz Holdings III U.K.
Limited, a private company incorporated in England and Wales with limited
liability and registered with company number 5646630;

 

“Enforcement Event” means the occurrence of an
Event of Default which is continuing and has not been waived under the Facility
Agreement and which has resulted in the Facility Agent serving a notice under
Clause 23.16(a) (Acceleration and
Cancellation) of the Facility Agreement;

 

“Receiver” means any person which is
appointed as a receiver, receiver and manager or (in so far as it is permitted
by law) an administrative receiver of the whole or any part of the Charged
Property pursuant to Clause 11.1 (Appointment
and Removal);

 

“Related Rights” means all dividends,
interest and other monies payable in respect of the Shares and all other
rights, benefits and proceeds in respect of or derived from the Shares (whether
by way of redemption, bonus, preference, option, substitution, conversion or
otherwise);

 

“Secured Parties” means the Security Agent
and each other Finance Party from time to time;

 

“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 Chargor
to the Finance Parties (or any of them) under the Finance Documents (or any of
them); and

 

“Shares” means all of the shares in the
capital of the Company held by, to the order or on behalf of the Chargor at any
time.

 

1.2         Interpretation

 

In this Deed:

 

1.2.1         the rules of
interpretation contained in Clauses 1.2 (Interpretation)
to 1.10 (Calculations)
(inclusive) of the Facility Agreement shall apply to the construction of this
Deed;

 

1.2.2         any reference to
the “Security Agent”, the “Chargor”, the “Facility Agent” or the “Secured
Parties” shall be construed so as to include its or their (and any
subsequent) successors and any permitted transferees in accordance with their
respective interests;

 

1.2.3         a “successor” of any party shall be construed
so as to include an assignee or successor in title of such party and any person
who under the laws of the jurisdiction of incorporation or domicile of such
party has assumed the rights and obligations of such party under this Deed or
to which, under such laws, such rights and obligations have been transferred;
and

 

4

 

1.2.4         references in this
Deed to any Clause or Schedule shall be to a clause or schedule contained
in this Deed.

 

1.3         Third Party Rights

 

A person who is not a
party to this Deed has no right under the Contracts (Rights of Third Parties)
Act 1999 to enforce or to enjoy the benefit of any term of this Deed.

 

2.           FIXED CHARGE AND FLOATING
CHARGE

 

2.1         Fixed Charge

 

The Chargor hereby
charges with full title guarantee in favour of the Security Agent as trustee
for the Secured Parties as security for the payment and discharge of the
Secured Liabilities, by way of first fixed charge, all of the Chargor’s rights,
title, interest and benefits from time to time in and to each of the Shares,
all dividends, interest and other monies payable in respect of the Shares and
all other Related Rights.

 

2.2         Floating Charge

 

The Chargor hereby
charges with full title guarantee in favour of the Security Agent as trustee
for the Secured Parties as security for the payment and discharge of the
Secured Liabilities, by way of first floating charge, all of its rights, title,
interest and benefits from time to time in and to all dividends, interest and other
monies payable in respect of the Shares and all other Related Rights, in each
case to the extent that the same are not validly and effectively charged under
the laws of England and Wales by way of fixed security created under a Finance
Document in favour of the Security Agent as security for the Secured
Liabilities.

 

3.           CRYSTALLISATION OF FLOATING
CHARGE

 

3.1         Crystallisation:  By Notice

 

The Security Agent
may at any time by notice in writing to the Chargor convert the floating charge
created by Clause 2.2 (Floating Charge)
with immediate effect into a fixed charge as regards any property or assets
specified in the notice if:

 

3.1.1          an Enforcement Event
has occurred; or

 

3.1.2          the Security Agent
reasonably considers that any of the Charged Property may be in jeopardy or in
danger of being seized or sold pursuant to any form of legal process; or

 

3.1.3          the Security Agent
reasonably considers that it is desirable in order to protect the priority of
the security interests created pursuant to this Deed.

 

3.2         Crystallisation:  Automatic

 

Notwithstanding
Clause 3.1 (Crystallisation:  By Notice) and without prejudice
to any law which may have a similar effect, the floating charge created by
Clause 2.2 (Floating Charge) will
automatically be converted (without notice) with immediate effect into a fixed
charge as regards all the assets subject to the floating charge if:

 

3.2.1          the Chargor creates
or attempts to create any Encumbrance (other than any Permitted Encumbrance)
over any of the Charged Property; or

 

5

 

3.2.2          any person levies or
attempts to levy any distress, execution or other process against any of the
Charged Property; or

 

3.2.3          a resolution is
passed or an order is made for the winding-up, dissolution, administration or
re-organisation of the Chargor or an administrator is appointed to the Chargor.

 

4.           DELIVERY OF SHARE CERTIFICATES

 

The Chargor shall:

 

4.1.1          on the date of this
Deed, deposit with the Security Agent (or procure the deposit of) all certificates
or other documents of title to the Shares, and stock transfer forms (executed
in blank by or on behalf of the Chargor in respect of the Shares held by or on
behalf of, or in the name of a nominee for, the Chargor); and

 

4.1.2          promptly upon the
accrual, offer or issue of any stocks, shares, warrants or other securities in
respect of or derived from the Shares, notify the Security Agent of that
occurrence and procure the delivery to the Security Agent of (a) all
certificates or other documents of title representing such items and (b) such
stock transfer forms or other instruments of transfer (executed in blank on
behalf of the Chargor) in respect thereof as the Security Agent may request.

 

5.           FURTHER ASSURANCE

 

5.1         Further Assurance: General

 

The
Chargor shall promptly do all such acts or execute all such documents
(including  assignments, transfers,
mortgages, charges, notices and instructions) as the Security Agent may
reasonably specify (and in such form as the Security Agent may reasonably
require) in favour of the Security Agent or its nominee(s):

 

5.1.1          to perfect the
security created or intended to be created in respect of the Charged Property
(which may include the execution by the Chargor of a mortgage, charge or
assignment over all or any of the assets constituting, or intended to
constitute, Charged Property) or for the exercise of the Collateral Rights;
and/or

 

5.1.2          to facilitate the
realisation of the Charged Property.

 

5.2         Necessary Action

 

The Chargor shall
take all such action as is available to it (including making all filings and
registrations) as may be necessary for the purpose of the creation, perfection,
protection or maintenance of any security conferred or intended to be conferred
on the Security Agent by or pursuant to this Deed.

 

5.3         Registration of Floating
Charge

 

The Chargor shall
ensure that within 21 days of the date hereof, to the extent required by
applicable law, a Form 395 in respect of the security interests created
over the Charged Property is presented to the Registrar of Companies in England
and Wales together with the requisite fee.

 

6

 

5.4         Implied Covenants for Title

 

The obligations of
the Chargor under this Deed shall be in addition to the covenants for title
deemed to be included in this Deed by virtue of Part 1 of the Law of
Property (Miscellaneous Provisions) Act 1994.

 

6.           NEGATIVE PLEDGE AND DISPOSALS

 

6.1         Negative Pledge

 

The Chargor
undertakes that it shall not, and it shall procure that none of its
subsidiaries shall, at any time during the subsistence of this Deed, create or
permit to subsist any Encumbrance over all or any part of the Charged Property
other than a Permitted Encumbrance.

 

6.2         No Disposal of Interests

 

The Chargor
undertakes that it shall not, and it shall procure that none of its
subsidiaries shall, at any time during the subsistence of this Deed, sell,
lease, transfer or otherwise dispose of, by one or more transactions or series
of transactions (whether related or not), the whole or any part of its revenues
or assets save for Permitted Disposals.

 

7.           SHARES

 

7.1         Before An Enforcement Event

 

Prior to the
occurrence of an Enforcement Event the Chargor shall:

 

7.1.1          be entitled to
receive all dividends, interest and other monies arising from the Shares; and

 

7.1.2          exercise all voting
rights in relation to the Shares; provided
that the Chargor shall not exercise such rights in any manner, or
otherwise permit or agree to (a) any variation of the rights attaching to
or conferred by any of the Shares or (b) any increase in the issued share
capital of the Company, which in either case would either (i) prejudice
the ability of the Security Agent to realise the security interests created by
this Deed, or (ii) cause an Event of Default to occur.

 

7.2         After An Enforcement Event

 

The Security Agent
may, upon the occurrence of an Enforcement Event, at its discretion (in the
name of the Chargor or otherwise, and without any further consent or authority
from the Chargor):

 

7.2.1          exercise (or refrain
from exercising) any voting rights in respect of the Shares;

 

7.2.2          apply all dividends,
interest and other monies arising from the Shares in accordance with Clause 13
(Application of Moneys);

 

7.2.3          transfer the Shares
into the name of such nominee(s) of the Security Agent as it shall require; and

 

7.2.4          exercise (or refrain
from exercising) the powers and rights conferred on or exercisable by the legal
or beneficial owner of the Shares, including the right to concur or participate
in:

 

7

 

(a)       the reconstruction,
amalgamation, sale or other disposal of the Company or any of its assets or
undertaking (including the exchange, conversion or reissue of any shares or
securities as a consequence of such event);

 

(b)       the release, modification
or variation of any rights or liabilities attaching to such shares or
securities; and

 

(c)       the exercise,
renunciation or assignment of any right to subscribe for any shares or
securities,

 

in each case in such
manner and on such terms as the Security Agent may think fit, and the proceeds
of any such action shall form part of the Charged Property.

 

7.3         Payment of Calls

 

The Chargor shall pay
when due all calls or other payments which may be or become due in respect of
any of the Shares, and in any case of default by the Chargor in such payment,
the Security Agent may, if it thinks fit, make such payment on behalf of the
Chargor in which case any such sums paid by the Security Agent shall be
reimbursed by the Chargor to the Security Agent on demand and shall carry
interest from the date of payment by the Security Agent until reimbursed at a
rate determined in accordance with Clause 28.2 (Default Interest) of the Facility Agreement.

 

8.           REPRESENTATIONS

 

The Chargor makes the
following representations and warranties to the Security Agent for its own
benefit and as trustee for the benefit of the Secured Parties and acknowledges
that the Security Agent and the other Secured Parties have relied upon those
representations and covenants:

 

8.1         it is the absolute
legal and beneficial owner of all the Charged Property; and

 

8.2         the Shares
constitute the entire issued share capital of the Company and have been validly
issued and are fully paid and are not subject to any option to purchase or
similar rights.

 

9.           ENFORCEMENT OF SECURITY

 

9.1         Enforcement

 

At any time after the
occurrence of an Enforcement Event, or if the Chargor requests the Security
Agent in writing to exercise any of its powers under this Deed, the security
created by or pursuant to this Deed is immediately enforceable and the Security
Agent may, without notice to the Chargor or prior authorisation from any court,
in its absolute discretion:

 

9.1.1         enforce all or any
part of that security (at the times, in the manner and on the terms it thinks
fit) and take possession of and hold or dispose of all or any part of the
Charged Property; and

 

8

 

9.1.2         whether or not it
has appointed a Receiver, exercise all or any of the powers, authorities and
discretions conferred by the Law of Property Act 1925 (as varied or extended by
this Deed) on mortgagees and by this Deed on any Receiver or otherwise
conferred by law on mortgagees or Receivers.

 

9.2         No Liability as Mortgagee in
Possession

 

Neither the Security
Agent nor any Receiver shall be liable to account as a mortgagee in possession
in respect of all or any part of the Charged Property or be liable for any loss
upon realisation or for any neglect, default or omission in connection with the
Charged Property to which a mortgagee in possession might otherwise be liable.

 

10.         EXTENSION AND VARIATION OF THE
LAW OF PROPERTY ACT 1925

 

10.1       Extension
of Powers

 

The power of sale or
other disposal conferred on the Security Agent and on any Receiver by this Deed
shall operate as a variation and extension of the statutory power of sale under
Section 101 of the Law of Property Act 1925 and such power shall arise
(and the Secured Liabilities shall be deemed due and payable for that purpose)
on execution of this Deed.

 

10.2       Restrictions

 

The restrictions
contained in Sections 93 and 103 of the Law of Property Act 1925 shall not
apply to this Deed or to the exercise by the Security Agent of its right to
consolidate all or any of the security created by or pursuant to this Deed with
any other security in existence at any time or to its power of sale, which
powers may be exercised by the Security Agent without notice to the Chargor on
or at any time after the occurrence of an Enforcement Event.

 

11.         APPOINTMENT OF RECEIVER OR
ADMINISTRATOR

 

11.1       Appointment
and Removal

 

After the occurrence
of an Enforcement Event, or upon the written request of the Chargor, the
Security Agent may by deed or otherwise (acting through an authorised officer
of the Security Agent), without prior notice to the Chargor:

 

11.1.1       appoint one or more
persons to be a Receiver of the whole or any part of the Charged Property;

 

11.1.2       remove (so far as
it is lawfully able) any Receiver so appointed;

 

11.1.3       appoint another
person(s) as an additional or replacement Receiver(s); and

 

11.1.4       appoint one or more
persons to be an administrator of the Chargor.

 

11.2       Capacity
of Receivers

 

Each person appointed
to be a Receiver pursuant to Clause 11.1 (Appointment
and Removal) shall be:

 

11.2.1       entitled to act
individually or together with any other person appointed or substituted as
Receiver;

 

9

 

11.2.2       for all purposes
shall be deemed to be the agent of the Chargor which shall be solely
responsible for his acts, defaults and liabilities and for the payment of his
remuneration and no Receiver shall at any time act as agent for the Security
Agent; and

 

11.2.3       entitled to
remuneration for his services at a rate to be fixed by the Security Agent
(acting reasonably) from time to time (without being limited to the maximum
rate specified by the Law of Property Act 1925).

 

11.3       Statutory
Powers of Appointment

 

The powers of
appointment of a Receiver shall be in addition to all statutory and other
powers of appointment of the Security Agent under the Law of Property Act 1925
(as extended by this Deed) or otherwise and such powers shall remain
exercisable from time to time by the Security Agent in respect of any part of
the Charged Property.

 

11.4       Restriction
on appointment of administrative receiver

 

The Security Agent
may not appoint an administrative receiver (as defined in section 29(2) of
the Insolvency Act 1986) over the Charged Property if the Security Agent is
prohibited from so doing by section 72A of the Insolvency Act 1986 and no
exception to the prohibition on appointing an administrative receiver applies.

 

12.         POWERS OF RECEIVER

 

Every Receiver shall
(subject to any restrictions in the instrument appointing him but
notwithstanding any winding-up or dissolution of the Chargor) have and be
entitled to exercise, in relation to the Charged Property (and any assets of
the Chargor which, when got in, would be Charged Property) in respect of which
he was appointed, and as varied and extended by the provisions of this Deed (in
the name of or on behalf of the Chargor or in his own name and, in each case,
at the cost of the Chargor):

 

12.1.1       all the powers
conferred by the Law of Property Act 1925 on mortgagors and on mortgagees in
possession and on receivers appointed under that Act;

 

12.1.2       all the powers of
an administrative receiver set out in Schedule 1 to the Insolvency Act
1986 (whether or not the Receiver is an administrative receiver);

 

12.1.3       all the powers and
rights of an absolute owner and power to do or omit to do anything which the
Chargor itself could do or omit to do; and

 

12.1.4       the power to do all
things (including bringing or defending proceedings in the name or on behalf of
the Chargor) which seem to the Receiver to be incidental or conducive to (a) any
of the functions, powers, authorities or discretions conferred on or vested in
him or (b) the exercise of the Collateral Rights (including realisation of
all or any part of the Charged Property) or (c) bringing to his hands any
assets of the Chargor forming part of, or which when got in would be, Charged
Property.

 

10

 

13.         APPLICATION OF MONEYS

 

All moneys received
or recovered by the Security Agent or any Receiver pursuant to this Deed or the
powers conferred by it shall (subject to the claims of any person having prior
rights thereto and by way of variation of the provisions of the Law of Property
Act 1925) be applied by the Security Agent (notwithstanding any purported
appropriation by the Chargor) in accordance with Clause 10 (Application of Recoveries) of the
Intercreditor Deed.

 

14.         PROTECTION OF PURCHASERS

 

14.1       Consideration

 

The receipt of the
Security Agent or any Receiver shall be conclusive discharge to a purchaser
and, in making any sale or disposal of any of the Charged Property or making
any acquisition, the Security Agent or any Receiver may do so for such
consideration, in such manner and on such terms as it thinks fit.

 

14.2       Protection
of Purchasers

 

No purchaser or other
person dealing with the Security Agent or any Receiver shall be bound to
inquire whether the right of the Security Agent or such Receiver to exercise
any of its powers has arisen or become exercisable or be concerned with any
propriety or regularity on the part of the Security Agent or such Receiver in
such dealings.

 

15.         POWER OF ATTORNEY

 

15.1       Appointment
and Powers

 

The Chargor by way of
security irrevocably appoints the Security Agent and any Receiver severally to
be its attorney (with full power to appoint substitutes and to delegate) and in
its name, on its behalf and as its act and deed to execute, deliver and perfect
all documents and do all things which the attorney may consider to be required
or desirable following the occurrence of an Enforcement Event for:

 

15.1.1      carrying out any obligation
imposed on the Chargor by this Deed (including the execution and delivery of
any deeds, charges, assignments or other security and any transfers of the
Charged Property); and

 

15.1.2      enabling the
Security Agent and any Receiver to exercise, or delegate the exercise of, any
of the rights, powers and authorities conferred on them by or pursuant to this
Deed or by law (including the exercise of any right of a legal or beneficial
owner of the Charged Property).

 

15.2       Ratification

 

The Chargor shall ratify
and confirm all things done and all documents executed by any attorney in the
exercise or purported exercise of all or any of his powers under its
appointment pursuant to this Clause 15.

 

11

 

16.         EFFECTIVENESS OF SECURITY

 

16.1       Continuing
Security

 

The security created
by or pursuant to this Deed shall remain in full force and effect as a
continuing security for the Secured Liabilities unless and until it is released
by the Security Agent in accordance with Clause 17 (Release of Security)..

 

16.2       Chargor’s
Obligations

 

The obligations of
the Chargor and the Collateral Rights shall not be discharged, impaired or
otherwise affected by:

 

16.2.1       the winding-up,
dissolution, administration or re-organisation of the Chargor or any other
person or any change in its status, function, control or ownership;

 

16.2.2       any of the
obligations of the Chargor or any other person under the Finance Documents
being or becoming illegal, invalid, unenforceable or ineffective in any
respect;

 

16.2.3       time or other
indulgence being granted or agreed to be granted to the Chargor or any Obligor
in respect of its obligations under the Finance Documents;

 

16.2.4       any amendment to,
or any variation, waiver or release of, any obligation of the Chargor or any
Obligor under the Finance Documents;

 

16.2.5       any failure to
take, or fully to take, any security contemplated hereby or otherwise agreed to
be taken in respect of the obligations of the Chargor or any Obligor under the
Finance Documents;

 

16.2.6       any failure to
realise or fully to realise the value of, or any release, discharge, exchange
or substitution of, any Security taken in respect of the obligations of the
Chargor or any Obligor under the Finance Documents; or

 

16.2.7       any other act,
event or omission which, but for this Clause 16.2, might operate to discharge,
impair or otherwise affect any of the obligations of the Chargor herein
contained or any of the rights, powers or remedies conferred upon any of the
Finance Parties by the Finance Documents or by law.

 

16.3       Cumulative
Rights

 

The security created
by or pursuant to this Deed and the Collateral Rights shall be cumulative, in
addition to and independent of every other security which the Security Agent or
any other Secured Party may at any time hold for the Secured Liabilities or any
other obligations or any rights, powers and remedies provided by law.  No prior security held by the Security Agent
(whether in its capacity as Security Agent or otherwise) or any of the other
Secured Parties over the whole or any part of the Charged Property shall merge
into the security constituted by this Deed.

 

16.4       No
Liability

 

None of the Security
Agent, its nominee(s) or any Receiver shall be liable by reason of (a) taking
any action permitted by this Deed or (b) any neglect or default in
connection

 

12

 

with the Charged
Property or (c) taking possession of or realising all or any part of the
Charged Property, except in the case of gross negligence or wilful default upon
its part.

 

16.5       Partial
Invalidity

 

If, at any time, any
provision of this Deed is or becomes illegal, invalid or unenforceable in any
respect under the law of any jurisdiction, neither the legality, validity or
enforceability of the remaining provisions of this Deed nor of such provision
under the laws of any other jurisdiction shall in any way be affected or
impaired thereby and, if any part of the security intended to be created by or
pursuant to this Deed is invalid, unenforceable or ineffective for any reason,
that shall not affect or impair any other part of the security.

 

17.         RELEASE OF SECURITY

 

17.1       Redemption
of Security

 

Upon:

 

17.1.1       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 any person under any of the Finance Documents;
or

 

17.1.2       the Chargor ceasing
to be a Guarantor subject to, and in accordance with, the Facility Agreement,

 

the Security Agent
shall, at the request and cost of the Chargor, release and cancel the security
constituted by this Deed and procure the reassignment to the Chargor of the
property and assets assigned to the Security Agent pursuant to this Deed and in
each case the Chargor shall have no recourse to, nor shall any representation
or warranty in relation thereto be given by, the Security Agent or any of its
nominees.

 

17.2       Partial
Releases

 

In
connection with:

 

17.2.1       any Permitted
Disposal of any Charged Property;

 

17.2.2       any sale or other
disposition of any Charged Property otherwise permitted by the Finance
Documents;

 

17.2.3       any sale or other
disposition of any Charged Property where the Facility Agent or the Security
Agent has consented to the disposal pursuant to the Finance Documents;

 

17.2.4       any sale or any
other disposition of any property pursuant to a merger, consolidation,
reorganisation, winding-up, securitisation, Take-Out Financing or sale and
leaseback permitted by the Facility Agreement (to the extent necessary to
ensure such merger, consolidation, reorganisation, winding-up, securitisation,
Take-Out Financing or sale and leaseback take place);

 

13

 

17.2.5       the creation of any
Encumbrance permitted by paragraph (x) of the definition of Permitted
Encumbrances,

 

the Security Agent shall, at
the request and cost of the Chargor, release and cancel the security
constituted by this Deed and procure the reassignment to the Chargor of the
property and assets assigned to the Security Agent pursuant to this Deed and in
each case the Chargor shall have no recourse to, nor shall any representation
or warranty in relation thereto be given by, the Security Agent or any of its
nominees; provided that, to the extent
that the disposal of such property is a Permitted Disposal or a sale or
disposition otherwise permitted by the Finance Documents, the property shall be
declared to be automatically released from the Security with effect from the
day of such disposal and the Security Agent shall do all such acts which are
reasonably requested by the Parent in order to release such property.

 

17.3       Avoidance
of Payments

 

If the Security
Agent, acting reasonably, considers that any amount paid or credited to it is
reasonably likely to be avoided or reduced by virtue of any bankruptcy,
insolvency, liquidation or similar laws the liability of the Chargor under this
Deed and the security constituted hereby shall continue and such amount shall
not be considered to have been irrevocably paid.

 

18.         SET-OFF

 

The Chargor
authorises the Security Agent (but the Security Agent shall not be obliged to
exercise such right), after the occurrence of an Enforcement Event to set off
against the Secured Liabilities any amount or other obligation (contingent or
otherwise) owing by the Security Agent to the Chargor and apply any credit
balance to which the Chargor is entitled on any account with the Security Agent
in accordance with Clause 13 (Application of
Monies) (notwithstanding any specified maturity of any deposit
standing to the credit of any such account).

 

19.         SUBSEQUENT ENCUMBRANCES

 

If the Security Agent
(acting in its capacity as Security Agent or otherwise) or any of the other
Secured Parties at any time receives or is deemed to have received notice of
any subsequent Encumbrance affecting all or any part of the Charged Property or
any assignment or transfer of the Charged Property which is prohibited by the
terms of this Deed or the Facility Agreement, all payments thereafter by or on
behalf of the Chargor to the Security Agent (whether in its capacity as
Security Agent or otherwise) or any of the other Secured Parties shall be
treated as having been credited to a new account of the Chargor and not as
having been applied in reduction of the Secured Liabilities as at the time when
the Security Agent received such notice.

 

20.         ASSIGNMENT

 

The
Security Agent may assign and transfer all or any of its rights and obligations
under this Deed in accordance with the terms of the Intercreditor Deed.

 

14

 

21.         NOTICES

 

Each communication to
be made under or in connection with this Deed shall be made in accordance with
the provisions of Clause 42 (Notices)
of the Facility Agreement.

 

22.         DISCRETION AND DELEGATION

 

22.1       Discretion

 

Any liberty or power
which may be exercised or any determination which may be made under this Deed
by the Security Agent or any Receiver may, subject to the terms and conditions
of the Intercreditor Deed, be exercised or made in its absolute and unfettered
discretion without any obligation to give reasons.

 

22.2       Delegation

 

Each of the Security
Agent and any Receiver shall have full power to delegate (either generally or
specifically) the powers, authorities and discretions conferred on it by this
Deed (including the power of attorney) on such terms and conditions as it shall
see fit which delegation shall not preclude either the subsequent exercise any
subsequent delegation or any revocation of such power, authority or discretion
by the Security Agent or the Receiver itself.

 

23.         PERPETUITY PERIOD

 

The perpetuity period
under the rule against perpetuities, if applicable to this Deed, shall be
the period of eighty years from the date of the Intercreditor Deed.

 

24.         COUNTERPARTS

 

This Deed may be
executed in any number of counterparts, all of which taken together shall
constitute one and the same instrument.

 

25.         GOVERNING LAW AND JURISDICTION

 

This Deed shall be
governed by, and construed in accordance with, English law.  The provisions of Clause 47 (Jurisdiction) of the Facility Agreement
shall apply to this Deed, mutatis mutandis,
as if set out in full herein.

 

IN WITNESS
WHEREOF this Deed has been signed on behalf of the Security
Agent and executed as a deed by the Chargor and is delivered by the Chargor on
the date specified above.

 

15

 

Execution Page

 

HERTZ INTERNATIONAL, LTD

 

Deed of Charge over Shares 

in Hertz Holdings III U.K. Limited 

dated

21 December  2005 

 

The Chargor

 

EXECUTED as a DEED

by HERTZ INTERNATIONAL, LTD

 

	
  By:

  	
   /s/ Michel Taride

  	
   

  
	
   

  	
  Director

  
	
   

  	
   

  
	
  By:

  	
   /s/ Nuns Moodliar

  	
   

  
	
   

  	
  Director / Secretary

  

 

16

 

The Security Agent

 

EXECUTED as a DEED

by BNP PARIBAS

acting by its authorised signatory:

 

	
  By:

  	
   /s/ Authorised Signatory

  	
   

  
	
   

  	
  Authorised Signatory

  

 

17Exhibit 4.5.60

 

 

BNS AUTOMOBILE FUNDING B.V.

 

as Chargor

 

 

in favour of

 

 

BNP PARIBAS

as Security
Agent

for and on behalf of

the Secured Parties named herein

 

 

DEED OF CHARGE

relating
to a 

Senior Bridge Facilities Agreement

dated

21 December 2005

 

 

 

21 December
2005

 

 

 

1

 

 

	
   

  	
   

  	
  CONTENTS

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
   

  
	
  Clause

  	
   

  	
   

  	
   

  	
  Page

  
	
   

  	
   

  	
   

  	
   

  	
   

  
	
  1.

  	
   

  	
  DEFINITIONS
  AND INTERPRETATION

  	
   

  	
  3

  
	
   

  	
   

  	
   

  	
   

  	
   

  
	
  2.

  	
   

  	
  ASSIGNMENT

  	
   

  	
  5

  
	
   

  	
   

  	
   

  	
   

  	
   

  
	
  3.

  	
   

  	
  PERFECTION
  OF SECURITY

  	
   

  	
  5

  
	
   

  	
   

  	
   

  	
   

  	
   

  
	
  4.

  	
   

  	
  FURTHER
  ASSURANCE

  	
   

  	
  5

  
	
   

  	
   

  	
   

  	
   

  	
   

  
	
  5.

  	
   

  	
  NEGATIVE
  PLEDGE AND DISPOSALS

  	
   

  	
  6

  
	
   

  	
   

  	
   

  	
   

  	
   

  
	
  6.

  	
   

  	
  UNDERTAKINGS

  	
   

  	
  6

  
	
   

  	
   

  	
   

  	
   

  	
   

  
	
  7.

  	
   

  	
  REPRESENTATIONS

  	
   

  	
  7

  
	
   

  	
   

  	
   

  	
   

  	
   

  
	
  8.

  	
   

  	
  ENFORCEMENT
  OF SECURITY

  	
   

  	
  7

  
	
   

  	
   

  	
   

  	
   

  	
   

  
	
  9.

  	
   

  	
  EXTENSION
  AND VARIATION OF THE LAW OF PROPERTY ACT 1925

  	
   

  	
  7

  
	
   

  	
   

  	
   

  	
   

  	
   

  
	
  10.

  	
   

  	
  APPOINTMENT
  OF RECEIVER OR ADMINISTRATOR

  	
   

  	
  8

  
	
   

  	
   

  	
   

  	
   

  	
   

  
	
  11.

  	
   

  	
  POWERS OF
  RECEIVER

  	
   

  	
  8

  
	
   

  	
   

  	
   

  	
   

  	
   

  
	
  12.

  	
   

  	
  APPLICATION
  OF MONEYS

  	
   

  	
  9

  
	
   

  	
   

  	
   

  	
   

  	
   

  
	
  13.

  	
   

  	
  PROTECTION
  OF PURCHASERS

  	
   

  	
  9

  
	
   

  	
   

  	
   

  	
   

  	
   

  
	
  14.

  	
   

  	
  POWER OF
  ATTORNEY

  	
   

  	
  9

  
	
   

  	
   

  	
   

  	
   

  	
   

  
	
  15.

  	
   

  	
  EFFECTIVENESS
  OF SECURITY

  	
   

  	
  10

  
	
   

  	
   

  	
   

  	
   

  	
   

  
	
  16.

  	
   

  	
  RELEASE OF
  SECURITY

  	
   

  	
  11

  
	
   

  	
   

  	
   

  	
   

  	
   

  
	
  17.

  	
   

  	
  SET-OFF

  	
   

  	
  12

  
	
   

  	
   

  	
   

  	
   

  	
   

  
	
  18.

  	
   

  	
  SUBSEQUENT
  ENCUMBRANCES

  	
   

  	
  12

  
	
   

  	
   

  	
   

  	
   

  	
   

  
	
  19.

  	
   

  	
  ASSIGNMENT

  	
   

  	
  13

  
	
   

  	
   

  	
   

  	
   

  	
   

  
	
  20.

  	
   

  	
  NOTICES

  	
   

  	
  13

  
	
   

  	
   

  	
   

  	
   

  	
   

  
	
  21.

  	
   

  	
  DISCRETION
  AND DELEGATION

  	
   

  	
  13

  
	
   

  	
   

  	
   

  	
   

  	
   

  
	
  22.

  	
   

  	
  PERPETUITY
  PERIOD

  	
   

  	
  13

  
	
   

  	
   

  	
   

  	
   

  	
   

  
	
  23.

  	
   

  	
  COUNTERPARTS

  	
   

  	
  13

  
	
   

  	
   

  	
   

  	
   

  	
   

  
	
  24.

  	
   

  	
  GOVERNING
  LAW AND JURISDICTION

  	
   

  	
  13

  
	
   

  	
   

  	
   

  	
   

  	
   

  
	
  SCHEDULE 1
  FORM OF NOTICE OF ASSIGNMENT

  	
   

  	
  14

  

 

2

 

THIS DEED OF CHARGE is made on 21
December 2005

 

BY

 

(1)           BNS AUTOMOBILE FUNDING B.V., a private company incorporated in The Netherlands with limited
liability and registered with company number 34238138 (the “Chargor”);

 

in favour of

 

(2)         BNP PARIBAS, as
security agent and security trustee for itself and on behalf of the Secured
Parties (as defined below) on the terms and conditions set out in the
Intercreditor Deed (as defined below) (the “Security
Agent”, which expression shall include any person for the time being
appointed as Security Agent or as a Supplemental Security Agent for the purpose
of, and in accordance with, the Intercreditor Deed).

 

WHEREAS:

 

(1)         Pursuant to a senior bridge facilities agreement dated 21 December
2005 and made between Hertz International, Ltd, the Arrangers, BNP Paribas, The
Royal Bank of Scotland plc and Calyon S.A. as Joint Bookrunners, BNP Paribas,
Calyon S.A., The Royal Bank of Scotland plc, BNP Paribas (Canada) and Indosuez
Finance (UK) Limited as Banks, BNP Paribas as Global Coordinator and as
Facility Agent, the Security Agent, the Chargor as a Borrower and a Guarantor,
the other Original Borrowers and the other Original Guarantors named therein
(in each case as such terms are defined therein) (the “Facility Agreement”) the Banks have made
available to the certain members of the Hertz group of companies, subject to
the terms set out therein, certain loan facilities.

 

(2)         It is a condition precedent to the making of Advances under the
Facility Agreement that the Chargor grants certain security interests in favour
of the Security Agent for the due and punctual performance of its obligations
arising from time to time under the Finance Documents.  The Chargor has agreed to grant such security
interests on and subject to the terms of this Deed.

 

(3)         This Deed is subject to the terms of the Intercreditor Deed.

 

NOW THIS DEED WITNESSETH as follows:

 

1.          DEFINITIONS
AND INTERPRETATION

 

1.1        Definitions

Terms
defined in the Facility Agreement and the Intercreditor Deed shall, unless
otherwise defined in this Deed, have the same meaning when used in this Deed
(including the recitals hereto) and in addition:

 

“Charged Property” means all of the assets
and undertaking of the Chargor which from time to time are the subject of the
security created or expressed to be created in favour of the Security Agent by
or pursuant to this Deed;

 

“Collateral Rights” means all rights, powers
and remedies of the Security Agent provided by or pursuant to this Deed or by
law;

 

3

 

“Enforcement Event” means the occurrence of
an Event of Default which is continuing and has not been waived under the
Facility Agreement and which has resulted in the Facility Agent serving a
notice under Clause 23.16(a) (Acceleration
and Cancellation) of the Facility Agreement;

 

“Notice of Assignment” means a notice of
assignment in, or substantially in, the form set out in Schedule 1 (Notice of Assignment) or in such other
form as may from time to time be specified by the Security Agent;

 

“Receiver” means any person which is
appointed as a receiver, receiver and manager or (in so far as it is permitted
by law) an administrative receiver of the whole or any part of the Charged
Property pursuant to Clause 10.1 (Appointment
and Removal);

 

“Related Rights” means, in relation to any
asset:

 

(a)             the proceeds of sale of any part of that asset;

 

(b)            all rights under any licence, agreement for sale or agreement for lease
in respect of that asset;

 

(c)             all rights, benefits, claims, contracts, warranties, remedies,
security, indemnities or covenants for title in respect of that asset; and

 

(d)            any moneys and proceeds paid or payable in respect of that asset;

 

“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 Chargor
to the Finance Parties (or any of them) under the Finance Documents (or any of
them);

 

“Secured Parties” means the Security Agent
and each other Finance Party from time to time; and

 

“Specified Contracts” means each of:

 

(a)             the intra-group loan agreement dated 21 December 2005 and made
between the Chargor, as lender and Hertz de España, S.A. as borrower;

 

(b)            the intra-group loan agreement dated 21 December 2005 and made
between the Chargor, as lender and Hertz Alquiler de Maquinaria, S.L, as
borrower; and

 

(c)             the intra-group loan agreement dated 21 December 2005 and made
between the Chargor, as lender, and Stuurgroep Holland B.V., as borrower,

 

in each case
as the same may be amended from time to time, and each, a “Specified Contract”.

 

1.2        Interpretation

In this
Deed:

 

1.2.1         the rules of interpretation contained in Clauses 1.2 (Interpretation) to 1.10 (Calculations) (inclusive) of the Facility
Agreement shall apply to the construction of this Deed;

 

1.2.2         any reference to the “Security
Agent”, the “Chargor”,
the “Facility Agent” or the “Secured Parties” shall be construed so as
to include its or their (and any subsequent) successors and any permitted
transferees in accordance with their respective interests;

 

4

 

1.2.3         a “successor” of any
party shall be construed so as to include an assignee or successor in title of
such party and any person who under the laws of the jurisdiction of
incorporation or domicile of such party has assumed the rights and obligations
of such party under this Deed or to which, under such laws, such rights and
obligations have been transferred; and

 

1.2.4         references in this Deed to any Clause or Schedule shall be to a
clause or schedule contained in this Deed.

 

1.3        Third Party Rights

A
person who is not a party to this Deed has no right under the Contracts (Rights
of Third Parties) Act 1999 to enforce or to enjoy the benefit of any term of
this Deed.

 

2.          ASSIGNMENT

 

The
Chargor hereby assigns with full title guarantee to the Security Agent as
trustee for the Secured Parties as security for the payment and discharge of
the Secured Liabilities all of the Chargor’s right, title, interest and
benefits from time to time in and to each of the Specified Contracts and any
Related Rights in respect thereof, together with all rights to receive payments
of any amounts that may become payable under such Specified Contracts or any
related rights or entitlements, and all payments received by the Chargor
thereunder, including without limitation, all rights to serve notices and/or
make demands thereunder and/or to take such steps as are required to cause
amounts to become due and payable thereunder and all rights of action in
respect of any breach thereof and all rights to receive damages.

 

3.          PERFECTION
OF SECURITY

 

The
Chargor shall deliver to the Security Agent (or procure delivery of) a Notice
of Assignment duly executed by, or on behalf of, the Chargor in respect of each
Specified Contract, on the date of this Deed, and shall use its reasonable
endeavours to procure that each notice is acknowledged by the obligor or debtor
specified therein.

 

4.          FURTHER ASSURANCE

 

4.1        Further Assurance: General

The
Chargor shall promptly do all such acts or execute all such documents
(including  assignments, transfers,
mortgages, charges, notices and instructions) as the Security Agent may
reasonably specify (and in such form as the Security Agent may reasonably
require) in favour of the Security Agent or its nominee(s):

 

4.1.1         to perfect the security created or intended to be created in respect
of the Charged Property (which may include the execution by the Chargor of a
mortgage, charge or assignment over all or any of the assets constituting, or
intended to constitute, Charged Property) or for the exercise of the Collateral
Rights;

 

4.1.2         to confer on the Security Agent security over any property and
assets of the Chargor located in any jurisdiction outside England and Wales
equivalent or similar to the security interests intended to be conferred by or
pursuant to this Deed; and/or

 

4.1.3         to facilitate the realisation of the Charged Property.

 

5

 

4.2        Necessary Action

The
Chargor shall take all such action as is available to it (including making all
filings and registrations) as may be necessary for the purpose of the creation,
perfection, protection or maintenance of any security conferred or intended to
be conferred on the Security Agent by or pursuant to this Deed.

 

4.3        Implied Covenants for Title

The
obligations of the Chargor under this Deed shall be in addition to the
covenants for title deemed to be included in this Deed by virtue of Part 1 of
the Law of Property (Miscellaneous Provisions) Act 1994.

 

5.          NEGATIVE
PLEDGE AND DISPOSALS

 

5.1        Negative Pledge

The
Chargor undertakes that it shall not, and it shall procure that none of its
subsidiaries shall, at any time during the subsistence of this Deed, create or
permit to subsist any Encumbrance over all or any part of the Charged Property
other than a Permitted Encumbrance.

 

5.2        No Disposal of Interests

The
Chargor undertakes that it shall not, and it shall procure that none of its
subsidiaries shall, at any time during the subsistence of this Deed, sell,
lease, transfer or otherwise dispose of, by one or more transactions or series
of transactions (whether related or not), the whole or any part of its revenues
or assets save for Permitted Disposals.

 

6.          UNDERTAKINGS

 

6.1        Amendments to Specified Contracts

Subject
to the following provisions of this Clause 6 (Undertakings),
the Chargor shall not request or agree to any amendment, modification,
supplement or variation (howsoever described) to any  Specified Contract without the Security
Agent’s prior written consent if the proposed amendment, modification,
supplement or variation would reasonably be expected to prejudice the Security
created pursuant to this Deed.

 

6.2        Notification of Amendments

The
Chargor shall, within five (5) Business Days of any amendment, modification,
supplement or variation to any agreement agreed to by it in accordance with the
terms of Clause 6.1 (Amendments to Specified
Contracts), notify the Security Agent in writing of such amendment,
modification, supplement or variation and shall promptly provide the Security
Agent with a copy (certified as a true, accurate and complete copy by a
director or other duly authorised officer of the Chargor) of each agreement or
instrument effecting such amendment, modification, supplement or variation
(each such agreement or instrument, a “Relevant
Amendment Agreement”).

 

6.3        Novations

In the
event that the Security Agent, in its sole discretion, determines that any such
Relevant Amendment Agreement constitutes a novation of the prior agreement to
which it relates, the Chargor shall promptly at its own cost and expense do all
such acts or execute all such documents (including  assignments, charges, notices and
instructions) as the Security Agent may reasonably specify (and in such form as
the Security Agent may reasonably require in favour of the Security

 

6

 

Agent
or its nominee(s)) to confer on the Security Agent security over such Relevant
Amendment Agreement, and all of the Chargor’s rights, title, interests and
benefits thereunder, equivalent or similar to the security interests intended
to be conferred by or pursuant to this Deed in relation to the relevant
agreement prior to such amendment or variation.

 

7.          REPRESENTATIONS

 

The Chargor hereby represents and warrants to the
Security Agent for its own benefit and as trustee for the benefit of the
Secured Parties that it is the absolute legal and beneficial owner of all the
Charged Property.  The Chargor
acknowledges and agrees that the Security Agent and the Secured Parties have
relied upon such representation.

 

8.          ENFORCEMENT OF SECURITY

 

8.1        Enforcement

At any
time after the occurrence of an Enforcement Event, or if the Chargor requests
the Security Agent in writing to exercise any of its powers under this Deed,
the security created by or pursuant to this Deed is immediately enforceable and
the Security Agent may, without notice to the Chargor or prior authorisation
from any court, in its absolute discretion:

 

8.1.1         enforce all or any part of that security (at the times, in the
manner and on the terms it thinks fit) and take possession of and hold or
dispose of all or any part of the Charged Property; and

 

8.1.2         whether or not it has appointed a Receiver, exercise all or any of
the powers, authorities and discretions conferred by the Law of Property Act
1925 (as varied or extended by this Deed) on mortgagees and by this Deed on any
Receiver or otherwise conferred by law on mortgagees or Receivers.

8.2        No Liability as Mortgagee in Possession

Neither
the Security Agent nor any Receiver shall be liable to account as a mortgagee
in possession in respect of all or any part of the Charged Property or be
liable for any loss upon realisation or for any neglect, default or omission in
connection with the Charged Property to which a mortgagee in possession might
otherwise be liable.

 

9.          EXTENSION AND VARIATION OF THE LAW OF PROPERTY ACT
1925

 

9.1        Extension of Powers

The
power of sale or other disposal conferred on the Security Agent and on any
Receiver by this Deed shall operate as a variation and extension of the
statutory power of sale under Section 101 of the Law of Property Act 1925 and
such power shall arise (and the Secured Liabilities shall be deemed due and
payable for that purpose) on execution of this Deed.

 

9.2        Restrictions

The
restrictions contained in Sections 93 and 103 of the Law of Property Act 1925
shall not apply to this Deed or to the exercise by the Security Agent of its
right to consolidate all or any of the security created by or pursuant to this
Deed with any other security in existence at any time or to its power of sale,
which powers may be exercised by the Security Agent without notice to the
Chargor on or at any time after the occurrence of an Enforcement Event.

 

7

 

9.3        Power of Leasing

The
statutory powers of leasing may be exercised by the Security Agent at any time
on or after the occurrence of an Enforcement Event and the Security Agent and
any Receiver may make any lease or agreement for lease, accept surrenders of
leases and grant options on such terms as it shall think fit, without the need
to comply with any restrictions imposed by Sections 99 and 100 of the Law of
Property Act 1925.

 

10.        APPOINTMENT OF RECEIVER OR ADMINISTRATOR

 

10.1      Appointment and Removal

After
the occurrence of an Enforcement Event, or upon the written request of the
Chargor, the Security Agent may by deed or otherwise (acting through an
authorised officer of the Security Agent), without prior notice to the Chargor:

 

10.1.1       appoint one or more persons to be a Receiver of the whole or any
part of the Charged Property;

 

10.1.2       remove (so far as it is lawfully able) any Receiver so appointed;

 

10.1.3       appoint another person(s) as an additional or replacement
Receiver(s); and

 

10.1.4       appoint one or more persons to be an administrator of the Chargor.

 

10.2      Capacity of Receivers

Each
person appointed to be a Receiver pursuant to Clause 10.1 (Appointment and Removal) shall be:

 

10.2.1       entitled to act individually or together with any other person
appointed or substituted as Receiver;

 

10.2.2       for all purposes shall be deemed to be the agent of the Chargor
which shall be solely responsible for his acts, defaults and liabilities and
for the payment of his remuneration and no Receiver shall at any time act as
agent for the Security Agent; and

 

10.2.3       entitled to remuneration for his services at a rate to be fixed by
the Security Agent (acting reasonably) from time to time (without being limited
to the maximum rate specified by the Law of Property Act 1925).

 

10.3      Statutory Powers of Appointment

The
powers of appointment of a Receiver shall be in addition to all statutory and
other powers of appointment of the Security Agent under the Law of Property Act
1925 (as extended by this Deed) or otherwise and such powers shall remain
exercisable from time to time by the Security Agent in respect of any part of
the Charged Property.

 

11.        POWERS OF RECEIVER

 

Every
Receiver shall (subject to any restrictions in the instrument appointing him
but notwithstanding any winding-up or dissolution of the Chargor) have and be
entitled to exercise, in relation to the Charged Property (and any assets of
the Chargor which, when got in, would be Charged Property) in respect of which
he was appointed, and as varied and extended by the provisions of this Deed (in
the

 

8

 

name of
or on behalf of the Chargor or in his own name and, in each case, at the cost
of the Chargor):

 

11.1.1       all the powers conferred by the Law of Property Act 1925 on
mortgagors and on mortgagees in possession and on receivers appointed under
that Act;

 

11.1.2       all the powers of an administrative receiver set out in Schedule 1
to the Insolvency Act 1986 (whether or not the Receiver is an administrative
receiver);

 

11.1.3       all the powers and rights of an absolute owner and power to do or
omit to do anything which the Chargor itself could do or omit to do; and

 

11.1.4       the power to do all things (including bringing or defending
proceedings in the name or on behalf of the Chargor) which seem to the Receiver
to be incidental or conducive to (a) any of the functions, powers, authorities
or discretions conferred on or vested in him or (b) the exercise of the
Collateral Rights (including realisation of all or any part of the Charged
Property) or (c) bringing to his hands any assets of the Chargor forming part
of, or which when got in would be, Charged Property.

 

12.        APPLICATION OF MONEYS

 

All
moneys received or recovered by the Security Agent or any Receiver pursuant to
this Deed or the powers conferred by it shall (subject to the claims of any
person having prior rights thereto and by way of variation of the provisions of
the Law of Property Act 1925) be applied by the Security Agent (notwithstanding
any purported appropriation by the Chargor) in accordance with Clause 10 (Application of Recoveries) of the
Intercreditor Deed.

 

13.        PROTECTION OF PURCHASERS

 

13.1      Consideration

The
receipt of the Security Agent or any Receiver shall be conclusive discharge to
a purchaser and, in making any sale or disposal of any of the Charged Property
or making any acquisition, the Security Agent or any Receiver may do so for
such consideration, in such manner and on such terms as it thinks fit.

 

13.2      Protection of Purchasers

No
purchaser or other person dealing with the Security Agent or any Receiver shall
be bound to inquire whether the right of the Security Agent or such Receiver to
exercise any of its powers has arisen or become exercisable or be concerned
with any propriety or regularity on the part of the Security Agent or such
Receiver in such dealings.

 

14.        POWER OF ATTORNEY

 

14.1      Appointment and Powers

The Chargor
by way of security irrevocably appoints the Security Agent and any Receiver
severally to be its attorney (with full power to appoint substitutes and to
delegate) and in its name, on its behalf and as its act and deed to execute,
deliver and perfect all documents and do all things which the attorney may
consider to be required or desirable following the occurrence of an Enforcement
Event for:

 

9

 

14.1.1       carrying out any obligation imposed on the Chargor by this Deed
(including the execution and delivery of any deeds, charges, assignments or
other security and any transfers of the Charged Property); and

 

14.1.2       enabling the Security Agent and any Receiver to exercise, or
delegate the exercise of, any of the rights, powers and authorities conferred
on them by or pursuant to this Deed or by law (including the exercise of any
right of a legal or beneficial owner of the Charged Property).

 

14.2      Ratification

The
Chargor shall ratify and confirm all things done and all documents executed by
any attorney in the exercise or purported exercise of all or any of his powers
under its appointment pursuant to this Clause 14.

 

15.        EFFECTIVENESS OF SECURITY

 

15.1      Continuing Security

The
security created by or pursuant to this Deed shall remain in full force and
effect as a continuing security for the Secured Obligations unless and until it
is released by the Security Agent in accordance with Clause 16 (Release of Security).

 

15.2      Chargor’s Obligations

The
obligations of the Chargor and the Collateral Rights shall not be
discharged,  impaired or otherwise
affected by:

 

15.2.1       the winding-up, dissolution, administration or re-organisation
of the Chargor or any other person or any change in its status, function,
control or ownership;

 

15.2.2       any of the obligations of the Chargor or any other person under the
Finance Documents being or becoming illegal, invalid, unenforceable or
ineffective in any respect;

 

15.2.3       time or other indulgence being granted or agreed to be granted to
the Chargor or any other Obligor in respect of its obligations under the
Finance Documents;

 

15.2.4       any amendment to, or any variation, waiver or release of, any
obligation of the Chargor or any other Obligor under the Finance Documents;

 

15.2.5       any failure to take, or fully to take, any security contemplated
hereby or otherwise agreed to be taken in respect of the obligations of the
Chargor or any other Obligor under the Finance Documents;

 

15.2.6       any failure to realise or fully to realise the value of, or any
release, discharge, exchange or substitution of, any Security taken in respect
of the obligations of the Chargor or any other Obligor under the Finance
Documents; or

 

15.2.7       any other act, event or omission which, but for this Clause 15.2,
might operate to discharge, impair or otherwise affect any of the obligations
of the Chargor herein contained or any of the rights, powers or remedies
conferred upon any of the Finance Parties by the Finance Documents or by law.

 

15.3      Cumulative Rights

The
security created by or pursuant to this Deed and the Collateral Rights shall be
cumulative, in

 

10

 

addition
to and independent of every other security which the Security Agent or any
other Secured Party may at any time hold for the Secured Liabilities or any
other obligations or any rights, powers and remedies provided by law.  No prior security held by the Security Agent
(whether in its capacity as Security Agent or otherwise) or any of the other
Secured Parties over the whole or any part of the Charged Property shall merge
into the security constituted by this Deed.

 

15.4      No Liability

None of
the Security Agent, its nominee(s) or any Receiver shall be liable by reason of
(a) taking any action permitted by this Deed or (b) any neglect or default in
connection with the Charged Property or (c) taking possession of or realising
all or any part of the Charged Property, except in the case of gross negligence
or wilful default upon its part.

 

15.5      Partial Invalidity

If, at
any time, any provision of this Deed is or becomes illegal, invalid or
unenforceable in any respect under the law of any jurisdiction, neither the
legality, validity or enforceability of the remaining provisions of this Deed
nor of such provision under the laws of any other jurisdiction shall in any way
be affected or impaired thereby and, if any part of the security intended to be
created by or pursuant to this Deed is invalid, unenforceable or ineffective
for any reason, that shall not affect or impair any other part of the security.

 

16.        RELEASE OF SECURITY

 

16.1      Redemption of Security

Upon:

 

16.1.1       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 Chargor or any other
person under any of the Finance Documents; or

 

16.1.2        the Chargor ceasing to be both a Borrower and a Guarantor, subject
to, and in accordance with, the Facility Agreement,

 

the
Security Agent shall, at the request and cost of the Parent, release and cancel
the security constituted by this Deed and procure the reassignment to the
Chargor of the property and assets assigned to the Security Agent pursuant to
this Deed, and in each case the Chargor shall have no recourse to, nor shall
any representation or warranty in relation thereto be given by, the Security
Agent or any of its nominees.

 

16.2      Partial Releases

In
connection with:

 

16.2.1       any Permitted Disposal of any Charged Property;

 

16.2.2       any sale or other disposition of any Charged Property otherwise
permitted by the Finance Documents;

 

16.2.3       any sale or other disposition of any Charged Property where the
Facility Agent or the Security Agent has consented to the disposal pursuant to
the Finance Documents;

 

11

 

16.2.4       any sale or any other disposition of any property pursuant to a
merger, consolidation, reorganisation, winding-up, securitisation, Take-Out
Financing or sale and leaseback permitted by the Facility Agreement (to the
extent necessary to ensure such merger, consolidation, reorganisation,
winding-up, securitisation, Take-Out Financing or sale and leaseback take
place); or

 

16.2.5       the creation of any Encumbrance permitted by paragraph (x) of the
definition of Permitted Encumbrances,

 

the
Security Agent shall, at the request and cost of the Parent, release and cancel
the security constituted by this Deed and procure the reassignment to the
Chargor of the property and assets assigned to the Security Agent pursuant to
this Deed, and in each case the Chargor shall have no recourse to, nor shall
any representation or warranty in relation thereto be given by, the Security
Agent or any of its nominees; provided that,
to the extent that the disposal of such property is a Permitted Disposal or a
sale or disposition otherwise permitted by the Finance Documents, the property
shall be declared to be automatically released from the Security with effect
from the day of such disposal and the Security Agent shall do all such acts
which are reasonably requested by the Parent in order to release such property.

 

16.3      Avoidance of Payments

If the
Security Agent, acting reasonably, considers that any amount paid or credited
to it is reasonably likely to be avoided or reduced by virtue of any
bankruptcy, insolvency, liquidation or similar laws the liability of the
Chargor under this Deed and the security constituted hereby shall continue and
such amount shall not be considered to have been irrevocably paid.

 

17.        SET-OFF

 

The
Chargor authorises the Security Agent (but the Security Agent shall not be
obliged to exercise such right), after the occurrence of an Enforcement Event
to set off against the Secured Liabilities any amount or other obligation
(contingent or otherwise) owing by the Security Agent to the Chargor and apply
any credit balance to which the Chargor is entitled on any account with the
Security Agent in accordance with Clause 12 (Application
of Monies) (notwithstanding any specified maturity of any deposit
standing to the credit of any such account).

 

18.        SUBSEQUENT ENCUMBRANCES

 

If the
Security Agent (acting in its capacity as Security Agent or otherwise) or any
of the other Secured Parties at any time receives or is deemed to have received
notice of any subsequent Encumbrance affecting all or any part of the Charged
Property or any assignment or transfer of the Charged Property which is
prohibited by the terms of this Deed or the Facility Agreement, all payments
thereafter by or on behalf of the Chargor to the Security Agent (whether in its
capacity as Security Agent or otherwise) or any of the other Secured Parties
shall be treated as having been credited to a new account of the Chargor and
not as having been applied in reduction of the Secured Liabilities as at the
time when the Security Agent received such notice.

 

19.        ASSIGNMENT

 

The
Security Agent may assign and transfer all or any of its rights and obligations
under this Deed in accordance with the terms of the Intercreditor Deed.

 

12

 

20.        NOTICES

 

Each
communication to be made under or in connection with this Deed shall be made in
accordance with the provisions of Clause 42 (Notices)
of the Facility Agreement.

 

21.        DISCRETION AND DELEGATION

 

21.1      Discretion

Any
liberty or power which may be exercised or any determination which may be made
under this Deed by the Security Agent or any Receiver may, subject to the terms
and conditions of the Intercreditor Deed, be exercised or made in its absolute
and unfettered discretion without any obligation to give reasons.

 

21.2      Delegation

Each of
the Security Agent and any Receiver shall have full power to delegate (either
generally or specifically) the powers, authorities and discretions conferred on
it by this Deed (including the power of attorney) on such terms and conditions
as it shall see fit which delegation shall not preclude either the subsequent
exercise any subsequent delegation or any revocation of such power, authority
or discretion by the Security Agent or the Receiver itself.

 

22.        PERPETUITY PERIOD

 

The
perpetuity period under the rule against perpetuities, if applicable to this
Deed, shall be the period of eighty years from the date of the Intercreditor
Deed.

 

23.        COUNTERPARTS

 

This
Deed may be executed in any number of counterparts, all of which taken together
shall constitute one and the same instrument.

 

24.        GOVERNING LAW AND JURISDICTION

 

This
Deed shall be governed by, and construed in accordance with, English law.  The provisions of Clause 47 (Jurisdiction) of the Facility Agreement
shall apply to this Deed, mutatis mutandis,
as if set out in full herein.

 

IN WITNESS WHEREOF this Deed has been
signed on behalf of the Security Agent and executed as a deed by the Chargor
and is delivered by the Chargor on the date specified above.

 

13

 

 

Execution Page

 

BNS AUTOMOBILE FUNDING B.V.

Deed of Charge 

dated

21 December 2005

 

 

	
  The Chargor

  
	
   

  
	
  EXECUTED as a DEED

  
	
  by BNS AUTOMOBILE FUNDING B.V.

  
	
  acting by
  its authorised signatory:

  
	
   

  
	
   

  
	
  By:

  	
   /s/ Michel Taride

  	
   

  
	
   

  	
  Authorised
  Signatory

  
	
   

  
	
   

  
	
  The Security Agent

  
	
  EXECUTED as a DEED

  
	
  by BNP PARIBAS

  
	
  acting by
  its authorised signatory:

  
	
   

  
	
   

  
	
  By:

  	
   /s/ Authorised Signatory

  	
   

  
	
   

  	
  Authorised
  Signatory

  

 

14

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