Document:

Exhibit 4.5.55

 

 

AGREEMENT

 

between

 

HERTZ
AG

 

SCHLIEREN,
SWITZERLAND

 

and

 

BNP
PARIBAS

 

PARIS,
FRANCE

 

and

 

THE
FINANCIAL INSTITUTIONS NAMED IN SCHEDULE 1

 

 

relating
to the

 

Assignment
and Transfer of Trade Receivables, Inter-company Receivables, Insurance Claims
and Bank Accounts

 

 

INDEX

 

	
  1.

  	
  INTERPRETATION

  	
  5

  
	
   

  	
   

  	
   

  
	
  2.

  	
  ASSIGNMENT
  AND ASSIGNOR’S OBLIGATIONS

  	
  6

  
	
   

  	
   

  	
   

  
	
  3.

  	
  RIGHTS OF THE
  SECURITY AGENT

  	
  9

  
	
   

  	
   

  	
   

  
	
  4.

  	
  RELEASE OF
  THE SECURITY INTEREST

  	
  10

  
	
   

  	
   

  	
   

  
	
  5.

  	
  REPRESENTATIONS
  AND WARRANTIES

  	
  12

  
	
   

  	
   

  	
   

  
	
  6.

  	
  FURTHER
  ASSURANCES OF THE ASSIGNOR

  	
  12

  
	
   

  	
   

  	
   

  
	
  7.

  	
  POWERS OF
  ATTORNEY

  	
  13

  
	
   

  	
   

  	
   

  
	
  8.

  	
  ASSIGNMENTS
  AND TRANSFERS

  	
  13

  
	
   

  	
   

  	
   

  
	
  9.

  	
  EFFECTIVENESS
  OF ASSIGNMENT

  	
  13

  
	
   

  	
   

  	
   

  
	
  10.

  	
  COSTS AND
  EXPENSES

  	
  14

  
	
   

  	
   

  	
   

  
	
  11.

  	
  NOTICES

  	
  14

  
	
   

  	
   

  	
   

  
	
  12.

  	
  SUCCESSOR
  AGENT

  	
  15

  
	
   

  	
   

  	
   

  
	
  13.

  	
  SEVERABILITY

  	
  15

  
	
   

  	
   

  	
   

  
	
  14.

  	
  WAIVERS AND
  MODIFICATIONS

  	
  15

  
	
   

  	
   

  	
   

  
	
  15.

  	
  COUNTERPARTS

  	
  15

  
	
   

  	
   

  	
   

  
	
  16.

  	
  LAW AND
  JURISDICTION

  	
  16

  
	
   

  	
   

  	
   

  
	
  SCHEDULE 1

  	
   

  	
  19

  
	
   

  	
   

  	
   

  
	
  SCHEDULE 2

  	
   

  	
  20

  
	
   

  	
   

  	
   

  
	
  SCHEDULE 3

  	
   

  	
  21

  
	
   

  	
   

  	
   

  
	
  SCHEDULE 4

  	
   

  	
  22

  
	
   

  	
   

  	
   

  
	
  SCHEDULE 5

  	
   

  	
  23

  
	
   

  	
   

  	
   

  
	
  SCHEDULE 6

  	
   

  	
  24

  
	
   

  	
   

  	
   

  
	
  SCHEDULE 7

  	
   

  	
  25

  

 

2

 

This Agreement (the “Agreement”) is made between:

 

(1)                                           HERTZ AG, a company incorporated in Switzerland,
having its registered office at Ifangstrasse 8, Schlieren, Switzerland (the “Assignor”) of the one part;

 

and

 

(2)                                       BNP PARIBAS, a company incorporated under the laws of
France, having its seat at 3 rue d’Antin, 75 078 Paris Cedex 02, France referred to in the Senior Bridge Facilities
Agreement dated December 21, 2005 as the Security Agent (the “Security Agent”), and

 

(3)                                       THE FINANCIAL INSTITUTIONS NAMED
IN SCHEDULE 1 (the “Finance Parties”) of the second part.

 

WHEREAS

 

(A)                                       The Banks have made
available certain bank facilities to the Borrowers, including the Assignor,
under a Senior Bridge Facilities Agreement entered into between, inter alia Hertz
International, Ltd., the Original Borrowers, the Original Guarantors (including
the Assignor), BNP Paribas, The Royal Bank of Scotland plc, Calyon and the
Banks dated December 21, 2005 (the “Senior
Bridge Facilities Agreement”).

 

(B)                                         The Borrowers have
agreed to secure their obligations to the Banks and the other Finance Parties
(as defined in the Senior Bridge Facilities Agreement) in connection with such
financing with security interests in, and liens on, certain of their respective
properties and assets, whether real or personal, tangible or intangible, as
more specifically provided for herein and in the Security Documents (as defined
in the Senior Bridge Facilities Agreement).

 

(C)                                         Each of the
Guarantors (as defined in the Senior Bridge Facilities Agreement) has agreed to
guarantee the complete performance by the Borrowers under the Senior Bridge
Facilities Agreement, within the limits set forth therein, and to secure such
guarantee with security interests in and liens upon certain of its properties and
assets, as more specifically provided for herein and in the Security Documents.

 

(D)                                        The Assignor has
agreed to assign for security purposes all Assigned Receivables, Assigned
Inter-Company Receivables, Assigned Insurance Claims and Assigned Bank Accounts
(as these terms are defined in Section 1 below) as security for the Secured
Liabilities (as defined in Section 1 below) to BNP Paribas as Security
Agent.

 

3

 

IT IS AGREED as follows:

 

1.            INTERPRETATION

 

1.1                               In this
Agreement:

 

“Assignment”
means the assignment by the Assignor of (i) the Assigned Bank Accounts, (ii) the
Assigned Insurance Claims, (iii) the Assigned Inter-company Receivables
and (iv) the Assigned Receivables to the Security Agent, acting for itself
and on behalf of the Finance Parties pursuant to art. 164 et seq. of the Swiss
Code of Obligations;

 

“Assigned
Bank Accounts” means all current or future rights, title, interest
and action (including any balances and accrued interest) the Assignor may have
or acquire in relation to any bank account which the Assignor now has or may at
any time have in the future vis-à-vis any bank or other financial institution,
including, but not limited to, the bank accounts listed in Schedule 5,
together with all rights and benefits relating thereto including privileges and
ancillary rights in respect thereof (art. 170 Swiss Code of Obligations);

 

“Assigned Insurance Claims” means all current or future
claims of the Assignor against any insurance companies and institutions under
any insurance policies covering the business operations of the Assignor,
including, but not limited to, the insurance policies listed in Schedule 3,
together with all rights and benefits relating thereto including privileges and
ancillary rights in respect thereof (art. 170 Swiss Code of Obligations);

 

“Assigned Inter-Company Receivables” means all current or
future receivables owed by any of the affiliates of the Assignor (the Hertz
Group), to the Assignor and arising in the course of business of the Assignor,
whether contingent or not, incorporated in a title or not, together with all
rights and benefits relating thereto including privileges and ancillary rights
in respect thereof (art. 170 Swiss Code of Obligations);

 

“Assigned
Receivables” means all current or future receivables owed by
customers (but excluding Retail Customers) or other trade debtors (excluding
any company of the Hertz Group) to the Assignor and arising in the course of
business of the Assignor, whether contingent or not, including, without
limitation, Vehicle Dealer Receivables and Vehicle Manufacturer Receivables, if
any, together with all rights and benefits relating thereto including privileges
and ancillary rights in respect thereof (art. 170 Swiss Code of Obligations);

 

4

 

“Business Day” means a day on which the commercial banks in
Zurich are open for normal business transactions;

 

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

 

“Retail
Customers” means any customer (excluding any debtor in respect of
Vehicle Dealer Receivables and Vehicle Manufacturer Receivables) of the
Assignor to which the Assignor invoices less than CHF 50,000.- per calendar
year for services provided by the Assignor;

 

“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 Assignor to the Finance Parties (or
any of them) under the Finance Documents (or any of them), as and to the extent
that the amount of such obligations and liabilities may be limited pursuant to Section 24.16
(Swiss Guarantors) of the Senior
Bridge Facilities Agreement;

 

1.2                               Unless defined
otherwise herein, capitalized terms and expressions used herein shall have the
meaning ascribed to them in the Senior Bridge Facilities Agreement.

 

1.3                               In this Agreement, (a) a
person includes its successors and assigns; (b) headings are for
convenience of reference only and are to be ignored in construing this
Agreement and (c) references to any agreement or document are references
to that agreement or document as amended, supplemented or substituted from time
to time, in accordance with its terms.

 

1.4                               In the event of any
inconsistency between the terms of this Agreement and the Senior Bridge
Facilities Agreement, the terms of this Agreement shall prevail.

 

2.            ASSIGNMENT AND
ASSIGNOR’S OBLIGATIONS

 

2.1                               The Assignor agrees
to assign by way of security to the Security Agent (acting for itself and on
behalf of the Finance Parties) the Assigned Receivables, the Assigned Insurance
Claims, the Assigned Inter-Company Receivables and the Assigned Bank Accounts
as security for the Secured Liabilities until such time as the Assigned
Receivables, Assigned Insurance Claims, Assigned Inter-Company Receivables and
Assigned Bank 

 

5

 

Accounts have been
re-assigned by the Assignee to the Assignor in accordance with Section 4,
and, therefore, (ii) to perfect the Assignment on the date hereof.

 

2.2                               For the purpose of
effecting the Assignment, the Assignor hereby assigns by way of security to the
Security Agent and the Finance Parties the existing Assigned Receivables, the
existing Assigned Insurance Claims, the existing Assigned Inter-Company
Receivables and the existing Assigned Bank Accounts.

 

2.3                               The Security Agent (acting
for itself and on behalf of the Finance Parties) expressly accepts the
Assignment provided for in Sections 2.1 and 2.2.

 

2.4                               The Assignor agrees
and undertakes as follows, except for as otherwise provided and permitted in
the Senior Bridge Facilities Agreements:

 

2.4.1                     the Assignor shall refrain from granting any
pledge, encumbrance or other third party rights affecting the Assigned
Receivables, the Assigned Insurance Claims, the Assigned Inter-Company
Receivables or the Assigned Bank Accounts and shall refrain from any other act
or omission that would adversely affect the Security Agent’s and Finance
Parties’ rights under this Agreement, the Assigned Receivables, the Assigned
Insurance Claims, the Assigned Inter-Company Receivables or the Assigned Bank
Accounts;

 

2.4.2                     the Assignor shall use its reasonable efforts
to (i) not enter into or (ii) re-negotiate, any kind of arrangement
that would provide for the non-assignability of the Assigned Receivables, the
Assigned Insurance Claims, the Assigned Inter-Company Receivables or the
Assigned Bank Accounts or subject the assignability of the Assigned
Receivables, the Assigned Insurance Claims, the Assigned Inter-Company
Receivables or the Assigned Bank Accounts to the consent of a party other than
the Security Agent;

 

2.4.3                     the Assignor shall not enter into any
arrangement by which the Assigned Receivables, the Assigned Insurance Claims,
the Assigned Inter-Company Receivables or the Assigned Bank Accounts would be
assigned to a party other than the Security Agent and/or the Finance Parties;

 

2.4.4                     at the Security Agent’s request, the Assignor
shall deliver to the Security Agent within 10 Business Days following such
request a list of all the Assigned Insurance Claims, the Assigned Inter-Company
Receivables, the Assigned Bank Accounts and the Vehicle Dealer Receivables and
Vehicle Manufacturer Receivables outstanding as of the end of the calendar
month preceding such request and assigned to the Security Agent in accordance
with clause 2.2, substantially in the same form as set forth in Schedule 2
to 5 as appropriate, it being understood that such a list shall be provided
without additional request from the Security Agent within 20 Business Days
following December 31, 2005 and thereafter may not be requested by the
Security Agent more than four times per 

 

6

 

calendar year. Upon occurrence of a Potential Event
of Default and at the request of the Security Agent, an updated list of all the
Assigned Receivables (including the Vehicle Dealer Receivables and Vehicle
Manufacturer Receivables), the Assigned Insurance Claims, the Assigned Inter-Company
Receivables and the Assigned Bank Accounts outstanding shall be provided on
each Calculation Date;

 

2.4.5                     upon the occurrence of an Enforcement Event
and upon the Security Agent’s written request, the Assignor shall deliver to
the Security Agent, within 5 Business Days from being so requested by the
Security Agent, an up-dated list of all its Assigned Receivables, Assigned
Insurance Claims, Assigned Inter-Company Receivables and Assigned Bank Accounts
outstanding as of the day where the Security Agent’s request under this
paragraph was received substantially in the same form as set forth in Schedule 2
to 5 as appropriate.

 

2.5                               Within 20 (twenty)
Business Days from the date of this Agreement, the Assignor shall notify the
debtors of the Assigned Inter-company Receivables, the Assigned Insurance
Claims and the Assigned Bank Accounts of the Assignment by delivering to such
debtors:

 

2.5.1                     a Notice of Assignment substantially in the
form of Schedule 6 for the Assigned Inter-company Receivables and
the Assigned Insurance Claims;

 

2.5.2                     a Notice of Assignment to Banks substantially
in the form of Schedule 7 for the Assigned Bank Accounts;

 

2.6                               The Assignor shall
simultaneously send a copy of such notices of assignment to the Security Agent.

 

2.7                               For the purpose of
this Agreement, the Assignor shall release the respective banks from the
banking secrecy to the extent required for the Security Agent to perform its
rights and obligations hereunder. The Assignor and the Security Agent shall use
their reasonable efforts to negotiate with and obtain (no later than 30
Business Days from the date of this Agreement) from the Assignor’s banks a full
waiver (or if not achievable a partial waiver) of such banks’ general right of
pledge and set-off. The Assignor shall not be obliged to close any bank account
if the respective bank does not consent to a full or partial waiver. Subject to
and in accordance with the terms and conditions of the Senior Bridge Facilities
Agreement, the Assignor shall be authorized to use its bank accounts and any
balance on its bank accounts freely without restriction for as long as no
Enforcement Event has occurred. Furthermore, the Assignor shall be authorized
to change banks provided that (i) such new banks accept to waive their
general right of pledge and set-off in part or in full but in any event in
terms no less favourable than the 

 

7

 

ones obtained for the
existing Assigned Bank Accounts and (ii) the Assignor updates Schedule 5
accordingly.

 

2.8                               Subject to and in
accordance with the terms and conditions of the Senior Bridge Facilities
Agreement, the Assignor shall be authorized to collect all or part of the
Assigned Receivables, Assigned Insurance Claims and Assigned Inter-company
Receivables for as long as no Enforcement Event has occurred, and until such
time as notified by the Security Agent, provided the proceeds of the Assigned
Receivables, Assigned Insurance Claims and Assigned Inter-Company Receivables
are credited on the Assigned Bank Accounts. The Assignor undertakes to instruct
the debtors of such Assigned Receivables, Assigned Insurance Claims and
Assigned Inter-Company Receivables to pay all such receivables or claims on the
Assigned Bank Accounts.

 

2.9                               Subject to and in
accordance with the terms and conditions of the Senior Bridge Facilities
Agreement, the Assignor shall be authorized to dispose of the Assigned Bank
Accounts for as long as no Enforcement Event has occurred, and until such time
as notified by the Security Agent.

 

2.10                        With respect to any
Assigned Inter-Company Receivable, Assigned Insurance Claims and any Assigned
Bank Account arising after the date hereof, the Assignor undertakes to notify
immediately the appropriate debtors of the Assignment by using the appropriate
notification form (Schedule 6 or 7, as appropriate)

 

2.11                        After the occurrence
of an Enforcement Event, the Assignor shall co-operate with the Security Agent
and use its best efforts in assisting the Security Agent in collecting the
Assigned Receivables, the Assigned Insurance Claims, the Assigned Inter-company
Receivables and the Assigned Bank Accounts.

 

3.                                     RIGHTS OF THE SECURITY AGENT

 

3.1                               The Security Agent
shall have the right to notify the Assignment to the debtors at any time upon
the occurrence of an Enforcement Event. The Security Agent shall have the right
to notify the Assignment to the relevant debtors at any time if the Assignor
does not comply with its obligation under Sections 2.5 and 2.10.

 

3.2                               Upon occurrence of an
Enforcement Event, any amount payable under the Assigned Receivables, the
Assigned Insurance Claims,  the Assigned
Inter-company Receivables or the Assigned Bank Accounts shall be paid to the
Security Agent or as directed by the Security Agent and the Security Agent
shall be entitled, but not obligated, to collect and enforce the Assigned
Receivables, the Assigned Insurance Claims, the Assigned Inter-company 

 

8

 

Receivables and the Assigned
Bank Accounts and allocate the proceeds thereof to the Finance Parties in
accordance with the Intercreditor Deed (as defined in the Senior Bridge
Facilities Agreement).

 

3.3                               The Security Agent,
acting reasonably, shall have the right to access the premises of the Assignor
to the full extent necessary during ordinary business hours after giving
reasonable prior notice to the Assignor
and obtain from the Assignor all information and documents deemed necessary in
the reasonable opinion of the Security Agent,
to ascertain the existence and particulars of the Assigned
Receivables, the Assigned Insurance Claims, the Assigned Inter-Company
Receivables and the Assigned Bank Accounts.

 

3.4                               To the extent that
collection of the Assigned Receivables, Assigned Insurance Claims, Assigned
Inter-company Receivables or the Assigned Bank Accounts is not possible or is
deemed unduly burdensome in the sole opinion of the Security Agent, the latter shall
be entitled to assign the Assigned Receivables, Assigned Insurance Claims,
Assigned Inter-company Receivables or Assigned Bank Accounts by private
realization (“Private Verwertung (Selbstverkauf)”),
without regard to the enforcement procedure provided for by the Swiss Federal
Debt Collection and Bankruptcy Act, and apply the proceeds (less all costs and
expenses) of such assignment towards the discharge of the Secured Liabilities, being understood that the Security
Agent shall act in good faith with a view to sell the Assigned
Receivables, Assigned Insurance Claims, Assigned Inter-company Receivables or
Assigned Bank Accounts at
fair value given all the circumstances. In the event of a public or private
auction of the Assigned Receivables, Assigned Insurance Claims, Assigned Inter-company
Receivables or the Assigned Bank Accounts, the Security Agent shall simultaneously
provide the Assignor with a copy of the information provided to the prospective
buyers in anticipation of such auction; moreover, in the event of a private
sale, the Security Agent shall inform the Assignor 5 (five) Business Days prior
to executing any binding sale agreement of the terms and conditions of such
sale. It is understood that the mere failure of the Security Agent to provide
the Assignor with the information set forth in this section shall not in
itself give rise to any liability on the part of the Security Agent.

 

4.                                     RELEASE OF THE SECURITY INTEREST

 

4.1                               Upon (a) the
Secured Liabilities being discharged in full and none of the Finance Parties
being under any further actual or contingent obligation to make advances or
provide other financial accommodation to the Obligors or any other person under
any of the 

 

9

 

Finance Documents, or (b) the
Assignor ceasing to be both a Borrower and a Guarantor subject to, and in
accordance with, the Senior Bridge Facilities Agreement, the Assigned
Receivables, Assigned Insurance Claims, Assigned Inter-Company Receivables and
Assigned Bank Accounts or any remainder thereof shall be re-assigned to the
Assignor or such other party as designated by the Assignor.

 

4.2                               In connection with (a) any
Permitted Disposal of any Assigned Receivable, Assigned Insurance Claim,
Assigned Inter-Company Receivable and Assigned Bank Account (b) any sale
or other disposition of Assigned Receivable, Assigned Insurance Claim, Assigned
Inter-Company Receivable and Assigned Bank Account otherwise permitted by the
Senior Bridge Facilities Agreement, (c) any sale or other disposition of
any Assigned Receivable, Assigned Insurance Claim, Assigned Inter-Company
Receivable and Assigned Bank Account where the Security Agent has consented to
the disposal pursuant to the Senior Bridge Facilities Agreement, (d) any
sale or any other disposition of any Assigned Receivable, Assigned Insurance
Claim, Assigned Inter-Company Receivable and Assigned Bank Account pursuant to
a merger, consolidation, reorganization, winding-up, securitization, Take-Out
Financing or sale and leaseback permitted by the Senior Bridge Facilities
Agreement to the extent necessary to ensure such merger, consolidation,
reorganization, winding-up, securitization, Take-Out Financing or sale and
leaseback takes place  or (e) 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 Assignor,
re-assign the Assigned Receivable, Assigned Insurance Claim, Assigned
Inter-Company Receivable and Assigned Bank Account or any remainder thereof to
the Assignor, provided that, to the extent that the
disposal of such Assigned Receivables, Assigned Insurance Claims, Assigned Inter-Company
Receivables or Assigned Bank Accounts is a Permitted
Disposal or a sale or disposition otherwise permitted by the Senior Bridge
Facilities Agreement, such Assigned Receivables, Assigned Insurance Claims,
Assigned Inter-Company Receivables and Assigned Bank Accounts shall be declared to be automatically reassigned to the Assignor with
effect from the day of such disposal and the Security Agent shall, at the cost
of the Pledgor, do all such acts which are reasonably requested by the Parent
and/or the Pledgor in order to release such Assigned Receivables, Assigned Insurance
Claims, Assigned Inter-Company Receivables and Assigned Bank Accounts.

 

4.3                               Any Assigned
Receivable, Assigned Insurance Claim, Assigned Inter-Company Receivable and
Assigned Bank Account to be re-assigned to the Assignor or any third party as
designated by the Assignor in accordance with Section 4.1 shall be
re-assigned, 

 

10

 

net of any transfer taxes or
other expenses in connection with such re-assignment. The Security Agent shall not be deemed to have made any
representation or warranty with respect to any Assigned Receivable, Assigned
Insurance Claim, Assigned Inter-Company Receivable and Assigned Bank Account so
re-assigned, except that such Assigned Receivables, Assigned Insurance Claims,
Assigned Inter-Company Receivables and Assigned Bank Accounts are free and
clear, on the date of re-assignment, of any and all liens, charges and
encumbrances arising from the Security Agent’s acts.

 

5.            REPRESENTATIONS
AND WARRANTIES

 

5.1                               Without prejudice to
the representations and warranties made under the Senior Bridge Facilities
Agreement, the Assignor represents and warrants to the Security Agent that as
of the date hereof:

 

5.1.1                     each of the existing Assigned Receivables,
Assigned Insurance Claims and Assigned Inter-Company Receivables is a legal,
valid and binding obligation of the relevant debtor, enforceable against it
pursuant to its terms;

 

5.1.2                     each of the existing Assigned Bank Accounts
is a legal, valid and binding obligation of the relevant depositary bank, enforceable
against it pursuant to its terms; and

 

5.1.3                     this Agreement constitutes (i) its
legal, valid and binding obligations enforceable against it pursuant to its
terms and (ii) a valid and effective Assignment of the Assigned
Receivables, Assigned Insurance Claims, Assigned Inter-company Receivables and
the Assigned Bank Accounts from the Assignor to the Security Agent and the
Finance Parties, subject to any limitations on the assignability of the
Assigned Receivables, Assigned Insurance Claims, Assigned Inter-company
Receivables and the Assigned Bank Accounts resulting from statutory or
contractual provisions.

 

6.            FURTHER
ASSURANCES OF THE ASSIGNOR

 

The
Assignor shall promptly do all things and execute all documents that are
reasonably required by the Security Agent for the purpose of securing or
perfecting the Assignment provided for in this Agreement.

 

11

 

7.            POWERS OF
ATTORNEY

 

The Assignor authorizes the
Security Agent to be its attorney and in its name, on its behalf and as its act
to execute, deliver and perfect all documents and do all things that are
necessary for carrying out any obligation imposed on the Assignor under this
Agreement, provided that the Assignor does not carry out such obligation in due
time in accordance with the terms of this Agreement, or exercising any of the
rights conferred on the Security Agent by this Agreement or by law, in particular
in connection with a private realization (Private Verwertung
(Selbstverkauf)) but in any case only after the occurrence of an
Enforcement Event.

 

8.            ASSIGNMENTS AND TRANSFERS

 

Except as permitted under
the Senior Bridge Facilities Agreement, the rights and obligations of the
Assignor under this Agreement may not be assigned or transferred without the
prior written consent of the Security Agent. The assignment of the rights and
obligations of the Security Agent shall be restricted to and made in accordance
with Section 12 below. Nothing in this Agreement shall be construed as
limiting the right of the Finance Parties to assign their rights and
obligations under the Senior Bridge Facilities Agreement in accordance with Section 36
of the Senior Bridge Facilities Agreement.

 

9.            EFFECTIVENESS OF
ASSIGNMENT

 

9.1                               The security
constituted by the Assignment under this Agreement shall be cumulative, in
addition to and independent of every other security, which the Security Agent
and/or Finance Parties may at any time hold for Secured Liabilities and of any
rights, powers and remedies provided by law.

 

9.2                               No failure on the
part of the Security Agent and/or Finance Parties to exercise, or delay on its
part in exercising, any rights hereunder shall operate as waiver thereof, nor
shall any single or partial exercise of any rights hereunder preclude any
further or other exercise of that or any other rights.

 

9.3                               The Security Agent and/or
Finance Parties shall not be liable by reason of taking any action permitted by
this Agreement.

 

12

 

10.                              COSTS AND EXPENSES

 

The Assignor shall bear all bear
costs, fees and expenses incurred by the Finance Parties or the Security Agent
in connection with the negotiation, execution or enforcement of this Agreement
to the extent required by Section 27 (Costs
and Expenses) of the Senior Bridge Facilities Agreement.

 

11.                              NOTICES

 

All notices or other communications made or given in connection with
this Agreement shall be made by facsimile or letter as follows:

 

a)            if to the Assignor

 

	
  Hertz AG

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
  Address:

  	
   

  	
  Ifangstrasse 8

  
	
   

  	
   

  	
  CH- 8952
  Schlieren

  
	
   

  	
   

  	
   

  
	
  Fax:

  	
   

  	
  +41 44 730 12 44

  
	
   

  	
   

  	
   

  
	
  Attn:

  	
   

  	
  Legal Counsel

  

 

With
copy to:

 

	
  Schellenberg Wittmer, Attorneys

  
	
  Address:

  	
   

  	
  Löwenstrasse 19

  
	
   

  	
   

  	
  P.O. Box 6333

  
	
   

  	
   

  	
  CH-8023 Zurich, Switzerland

  
	
   

  	
   

  	
   

  
	
  Tel:

  	
   

  	
  +41 44 215 52 52

  
	
   

  	
   

  	
   

  
	
  Fax:

  	
   

  	
  +41 44 215 52 00

  
	
   

  	
   

  	
   

  
	
  Attn:

  	
   

  	
  Mr Philippe Borens

  

 

b)            if to the Security Agent

 

BNP
Paribas

 

	
  Address:

  	
   

  	
  3 rue d’Antin

  
	
   

  	
   

  	
  75 078 Paris Cedex 02

  
	
   

  	
   

  	
   

  
	
  Tel:

  	
   

  	
  +33
  1 43 16 97 25

  
	
   

  	
   

  	
   

  
	
  Fax:

  	
   

  	
  +33
  1 42 98 42 98

  
	
   

  	
   

  	
   

  
	
  Attn:

  	
   

  	
  Violaine Delaunay

  

 

13

 

or to such other address or
facsimile numbers as is notified in writing from time to time by one party to
the other party under this Agreement.

 

Any notice, request, demand
or other communication under this Agreement will be considered as received (i) on
the effective date of receipt, if delivered personally, (ii) on the date
written on the delivery receipt if sent by registered letter with return
receipt or (iii) on the date written on the fax communication receipt if
sent by fax.

 

Each notice, communication
and document given under or in connection with this Agreement shall be in
English or, if not, accompanied by an accurate translation thereof which has
been confirmed by authorized signatory of the party giving the same as being a
true and accurate translation.

 

12.                              SUCCESSOR AGENT

 

If
a successor of the Security Agent is appointed pursuant to Section 34.12
of the Senior Bridge Facilities Agreement, the parties hereto shall enter into
an agreement whereby the Security Agent is replaced by the successor agent as
party to this Agreement.

 

13.                              SEVERABILITY

 

If any provision of this
Agreement is or becomes illegal, invalid or unenforceable in any jurisdiction,
this shall not affect or impair (i) the validity or enforceability in that
jurisdiction of any other provision of this Agreement or (ii) the validity
or enforceability in any other jurisdiction of that or any other provision of
this Agreement, and the parties will negotiate in good faith to replace the
relevant provision by another provision reflecting as closely as possible the
original intention and purpose of the parties.

 

14.                              WAIVERS AND MODIFICATIONS

 

This Agreement may be
terminated, amended or modified only specifically and in writing signed by the
parties hereto, or as otherwise provided in the Senior Bridge Facilities
Agreement.

 

15.                              COUNTERPARTS

 

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

 

14

 

16.                              LAW AND JURISDICTION

 

16.1                        This Agreement shall
be governed by and construed in accordance with the substantive laws of
Switzerland.

 

16.2                        Subject to the
subsequent paragraph, the Commercial Court of the Canton of Zurich (Handelsgericht des Kantons Zürich), Switzerland, shall have
exclusive jurisdiction for all disputes, differences or controversies relating
to, arising from or in connection with this Agreement.

 

16.3                        Notwithstanding the
foregoing, any legal action or proceeding with respect to this Agreement may be
brought in the courts of England or any other competent court having
jurisdiction under the Senior Bridge Facilities Agreement, provided that a legal action or proceeding under the Senior
Bridge Facilities Agreement is already pending before such court or a claim
under the Senior Bridge Facilities Agreement is submitted simultaneously with a
claim in respect to this Agreement to such court. By execution and
delivery of this Agreement, the Assignor hereby accepts for itself and in
respect of its property, subject to the aforementioned condition, the
jurisdiction of the aforesaid courts. The parties hereto hereby irrevocably
waive any objection, including any objection to the laying of venue or based on
the grounds of forum  non
conveniens, that any of them may now or
hereafter have to the bringing of any such action or proceeding in such
respective jurisdictions.

 

16.4                        The Assignor hereby
irrevocably designates, appoints and empowers Hertz Europe Limited, Hertz
House, 11 Vine Street, Uxbridge, Middlesex UB8 1QE, UK in the case of any suit,
action or proceeding brought in England as its designee, appointee and agent to
receive, accept and acknowledge for and on its behalf, and in respect of its
property, service of any and all legal process, summons, notices and documents
that may be served in any action or proceeding arising out of, or in connection
with, this Agreement. Such service may be made by mailing (by registered or certified
mail, postage prepaid) or delivering a copy of such process to the Assignor in
care of the Process Agent at the Process Agent’s above address, and the
Assignor hereby irrevocably authorizes and directs the Process Agent to accept
such service on its behalf.

 

THE REMAINDER OF THIS PAGE HAS BEEN INTENTIONALLY LEFT
BLANK

THE FOLLOWING TWO PAGES ARE THE SIGNATURE PAGES

 

15

 

SIGNATURE PAGE

 

BNP Paribas

as Security Agent for itself and on behalf of the
Finance Parties

 

 

	
  By:

  	
  /s/ Iyadh Laalai

  	
   

  
	
   

  	
  Name: 

  	
  Iyadh Laalai

  
	
   

  	
  Title:

  	
  Senior Structurer

  
				

 

16

 

SIGNATURE PAGE

 

Hertz AG,

as Assignor

 

 

	
  By:

  	
  /s/ Sandro Florin

  	
   

  
	
  Name:

  	
  Sandro Florin

  
	
  Title:

  	
  Vice-President Regional Operations &
  Quality Assurance Hertz Europe

  
				

 

17Exhibit 4.5.56

 

 

 

SHARE
PLEDGE AGREEMENT

 

between

 

HERTZ
HOLDINGS SOUTH EUROPE SRL

ROME,
ITALY

 

and

 

BNP
PARIBAS

PARIS,
FRANCE

 

and

 

THE
FINANCIAL INSTITUTIONS NAMED IN SCHEDULE 1

 

 

 

relating
to the

 

 

The
pledge of the entire share capital of Hertz AG

 

 

INDEX

 

	
  1.

  	
  INTERPRETATION

  	
  4

  
	
  2.

  	
  PLEDGE AND
  PLEDGOR’S OBLIGATIONS

  	
  6

  
	
  3.

  	
  RIGHTS AND
  OBLIGATIONS OF THE PLEDGEE

  	
  8

  
	
  4.

  	
  REMEDIES
  UPON OCCURRENCE OF AN ENFORCEMENT EVENT

  	
  8

  
	
  5.

  	
  RELEASE OF
  THE PLEDGED ASSETS

  	
  10

  
	
  6.

  	
  REPRESENTATIONS
  AND WARRANTIES

  	
  11

  
	
  7.

  	
  POWERS OF ATTORNEY

  	
  11

  
	
  8.

  	
  ASSIGNMENTS
  AND TRANSFERS

  	
  11

  
	
  9.

  	
  EFFECTIVENESS
  OF PLEDGE

  	
  12

  
	
  10.

  	
  COSTS AND
  EXPENSES

  	
  12

  
	
  11.

  	
  NOTICES

  	
  12

  
	
  12.

  	
  SUCCESSOR
  AGENT

  	
  13

  
	
  13.

  	
  SEVERABILITY

  	
  13

  
	
  14.

  	
  WAIVERS AND
  MODIFICATIONS

  	
  14

  
	
  15.

  	
  COUNTERPARTS

  	
  14

  
	
  16.

  	
  LAW AND
  JURISDICTION

  	
  14

  
	
  SCHEDULE 1

  	
  18

  
	
  SCHEDULE 2

  	
  19

  
	
  SCHEDULE 3

  	
  20

  

 

 

THIS AGREEMENT (THE
“AGREEMENT”) IS MADE BETWEEN:

 

(1)           HERTZ HOLDINGS SOUTH EUROPE
SRL, a company incorporated
in Italy, having its registered office at Viale Leonardo da Vinci n. 421,
00145 Rome, Italy (the “Pledgor”)
of the one part;

 

and

 

(2)           BNP PARIBAS, a company incorporated under the laws of
France, having its seat at 3 rue d’Antin, 75 078 Paris Cedex 02, France
referred to in the Senior Bridge Facilities Agreement dated December 21, 2005
as the Security Agent (the “Security Agent”),
and

 

(3)           THE FINANCIAL INSTITUTIONS
NAMED IN SCHEDULE 1 (the “Finance Parties”) of the second part.

 

WHEREAS

 

(A)          The Banks have made available certain bank facilities to the Borrowers
under a Senior Bridge Facilities Agreement entered into between, inter alia
Hertz International, Ltd., the Original Borrowers, the Original Guarantors, BNP
Paribas, The Royal Bank of Scotland plc, Calyon and the Banks dated December
21, 2005 (the “Senior Bridge Facilities
Agreement”).

 

(B)           The Borrowers have agreed to secure their obligations to the Banks and
the other Finance Parties (as defined in the Senior Bridge Facilities
Agreement) in connection with such financing with security interests in, and
liens on, certain of their respective properties and assets, whether real or
personal, tangible or intangible, as more specifically provided for herein and
in the Security Documents (as defined in the Senior Bridge Facilities
Agreement).

 

(C)           Each of the Guarantors (as defined in the Senior Bridge Facilities
Agreement) has agreed to guarantee the performance of certain obligations by
Hertz Italiana S.p.A (the “Italian Opco”)
under the Senior Bridge Facilities Agreement, within the limits set forth
therein, and to secure such guarantee with security interests in and liens upon
certain of its properties and assets, as more specifically provided for herein
and in the Security Documents.

 

(D)          The Pledgor has agreed to pledge the entire share
capital of Hertz AG, a company
incorporated in Switzerland, having its registered office at Ifangstrasse 8,
8952 Schlieren, Switzerland (“Hertz”).

 

3

 

IT IS
AGREED as follows:

 

1.             INTERPRETATION

 

1.1          In
this Agreement:

 

“Business Day” shall mean a day on which the commercial banks
in Zurich and Rome are open for normal business transactions;

 

“Company” means Hertz;

 

“Dividends” means all dividend payments resolved by the
shareholders’ meeting of the Company and effected by the board of directors of
the Company whether in cash or in the form of additional shares in such Company
(stock dividend) or in any other form;

 

“Enforcement” means the realization of the Pledged Assets;

 

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

 

“Last  Dividend Payment
Date” means in respect of the
Shares the date on which Dividends or Secondary Consideration were last paid or
delivered to the Pledgor in
accordance with Swiss law;

 

“Lex  Friedrich”
means the Federal Law on Acquisition of Real Property by Foreigners dated
December 16, 1984, as amended;

 

“Participation Rights” shall mean Partizipationsscheine and Genussscheine
within the meaning of articles 656a et seq. and article 657 CO of the Company
issued as of the date of this Agreement or to be issued in the future;

 

“Pledge” means the pledge pursuant to Art. 884 et seq. of the
Swiss Civil Code of the Shares as well as the Dividends and Secondary
Consideration that may accrue under the Shares from the Last Dividend Payment
Date until the date on which Enforcement takes place;

 

4

 

“Pledged  Assets”
means the Shares, Dividends and Secondary Consideration that are or will be
pledged to the Security Agent under
this Agreement as security for the Secured Liabilities;

 

“Secondary  Consideration”
means all consideration of any kind (bonus, shares, etc.) other than Dividends
to which the Pledgor may become
entitled by virtue of its ownership of the Shares;

 

“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 Italian Opco as Borrower to
the Finance Parties (or any of them) under the A1 Tranche (other than the A1
Non-Guaranteed Tranche) under the Senior Bridge Facilities Agreement, as and to
the extent that the amount of such obligations and liabilities may be limited
pursuant to Section 24.14 (Italian
Guarantors) of the Senior Bridge Facilities Agreement;

 

“Shares” means the shares in the Company owned now or in the
future by the Pledgor and
representing the entire share capital of the Company, evidenced by the share
certificates listed in Schedule 2 to this Agreement, and all securities
whatsoever which may substitute the Shares whether by operation of law or
otherwise now or hereafter as well as all further shares, participation
certificates or other securities that will be issued in the Pledgor’s favor by the Company after the date
hereof;

 

“Subscription Rights” shall mean the Pledgor’s preemptive right
(Bezugsrecht) and advance
subscription right (Vorwegzeichnungsrecht) in
connection with the issuance of Shares or Participation Rights, or the creation
of authorized or conditional share capital by the Company.

 

1.2          Unless
defined otherwise herein, capitalized terms and expressions used herein shall
have the meaning ascribed to them in the Senior Bridge Facilities Agreement.

 

1.3          In this Agreement, (a) a person includes its
successors and assigns; (b) headings are for convenience of reference only and
are to be ignored in construing this Agreement and (c) references to any
agreement or document are references to that agreement or document as amended,
varied, supplemented, substituted or novated from time to time, in accordance
with its terms.

 

1.4          In the event of any inconsistency between the
terms of this Agreement and the Senior Bridge Facilities Agreement, the terms
of this Agreement shall prevail.

 

5

 

2.             PLEDGE AND PLEDGOR’S
OBLIGATIONS

 

2.1          The Pledgor agrees (i) to pledge on a first
ranking basis to the Security Agent (acting for itself and on behalf of the
Finance Parties) all present and future Shares, Dividends and Secondary
Consideration as security for the Secured Liabilities until such time as the
Pledged Assets have been released in accordance with Section 5, (ii) to perfect
the Pledge on the date hereof.

 

2.2          For the purpose of perfecting the Pledge, the
Pledgor hereby pledges to the Security Agent (acting for itself and on behalf
of the Finance Parties), who accepts such Pledge, all existing Shares,
Dividends and Secondary Consideration and hereby delivers to the Security Agent
the following documents:

 

2.2.1       the certificates representing the Shares,
duly endorsed in blank;

 

2.2.2       an up to date copy of the Company share
register evidencing that the Pledgor is appropriately recorded as owner of the
Company’s shares and containing the mention that the Company’s shares are
pledged in favor of the Security Agent.

The Security Agent will acknowledge
receipt of the above mentioned documents by signing and delivering to the
Pledgor a confirmation substantially in the form of Schedule 3.

 

2.3          The Pledgor agrees and undertakes as follows:

 

2.3.1       to execute all such documents or instruments
and do any act (including registrations, filings or the like) that the Security
Agent may reasonably request for the protection or perfection of the Pledge
conferred herewith in favor of the Finance Parties;

 

2.3.2       except as provided for by mandatory
provisions of Swiss law or as permitted under the Senior Bridge Facility
Agreement, not to create or allow to subsist any security interest over or in
respect of the Pledged Assets or otherwise sell, transfer or dispose of the
Pledged Assets or permit to be done, anything which would foreseeably
depreciate, jeopardize or otherwise directly or indirectly prejudice the
security over the Pledged Assets created hereunder;

 

2.3.3       in the case of the issuance of new Shares, to
forthwith deliver all new Shares or share certificates in respect of the new
Shares to the Security Agent, which Shares shall become part of the Pledged
Assets under the present Agreement;

 

2.3.4       to ensure that all material documents,
notices and other information in respect of the Shares, including the original
share certificates duly endorsed (whenever required), be delivered to the
Security Agent;

 

6

 

2.3.5       to refrain from causing the distribution,
payment or delivery of any Secondary Consideration, except as permitted under
the Senior Bridge Facilities Agreement;

 

2.3.6       to cooperate with the Security Agent (acting
for itself and on behalf of the Finance Parties) in case of Enforcement with
regard to the transfer of the Pledged Assets to a purchaser in accordance with
the terms of Section 4 of this Agreement;

 

2.3.7       to abstain from voting in favor of any
resolution as regards the Company whereby:

 

•      the Company’s current corporate purpose
provisions would be amended to an extent which would adversely affect the
rights of the Security Agent and the Finance Parties hereunder, including the
right to enforce the security interest created hereunder;

 

•       such resolutions would violate or be inconsistent with any term of
this Agreement or the Senior Bridge Facilities Agreement;

 

unless  the Security Agent, acting for itself and on
behalf of the Finance Parties, has granted its prior written consent.

 

2.4          Until the occurrence of an Enforcement
Event, the Pledgor shall be entitled to:

 

2.4.1       receive and retain all Dividends,
distributions and other moneys paid on or derived from the Shares and the
Secondary Consideration (subject always to the terms of the Senior Bridge
Facilities Agreement), and the Security Agent (acting for itself and on behalf
of the Finance Parties) undertakes to do all acts and things and to permit all
acts and things to be done which are necessary to enable the Pledgor to collect
such Dividends and other moneys paid directly from the Company; and

 

2.4.2       exercise all voting and other rights and powers
attached to the Shares and the Secondary Consideration provided that it will
not exercise any such voting rights or powers in a manner prejudicial to the
interests of the Security Agent or the Finance Parties under this Agreement and
the Senior Bridge Facilities Agreement, and the Security Agent (acting for
itself and on behalf of the Finance Parties) undertakes to do all acts and
things and to permit all acts and things to be done which are necessary for the
Pledgor to exercise its voting rights in the Shares.

 

2.5          All rights of the Pledgor to vote or give
consent or take any other action as shareholder of the Company, or to receive
Dividends directly from the Company shall cease after the occurrence of an
Enforcement Event, in which case the Security Agent or the new

 

7

 

acquiror, as the case may
be, shall be entitled to receive Dividends and to vote or give consent or take
any other action as shareholder of the Company.

 

2.6          Subscription Rights shall remain with the
Pledgor, provided, however, that all Shares, Participation Rights and other
rights acquired by the Pledgor upon exercise of Subscription Rights shall be
deemed to be pledged pursuant to Section 2.1 and all share certificates and
other documents representing such Shares, Participation Rights and other rights
shall be transferred to the Security Agent pursuant to Section 2.2, in the case
of registered shares by share certificates duly endorsed.

 

3.             RIGHTS AND OBLIGATIONS OF
THE PLEDGEE

 

3.1          Save as otherwise agreed hereunder, the
Security Agent shall keep the Pledged Assets in its possession for itself and
on behalf of the Finance Parties.

 

3.2          The Security Agent shall not misuse any of
its rights hereunder or as possessor of the Pledged Assets and shall not take
any action being inconsistent with the terms of this Agreement or the Senior
Bridge Facilities Agreement.

 

4.             REMEDIES
UPON OCCURRENCE OF AN ENFORCEMENT EVENT

 

4.1          Upon occurrence of an Enforcement Event, the
Security Agent shall be entitled to the following remedies, at its election:

 

4.1.1       sell to third parties not affiliated to the
Pledgor and/or the Finance Parties, respectively, all or part of the Pledged
Assets in public or private sale and apply the proceeds thereof to the discharge
of the Secured Liabilities, being understood that the Security Agent shall act
in good faith with a view to sell the Pledged Assets at fair value given all
the circumstances. In the event of a public or private auction of the Pledged
Assets, the Security Agent shall simultaneously provide the Pledgor with a copy
of the information provided to the prospective buyers in anticipation of such
auction; moreover, in the event of a private sale, the Security Agent shall
inform the Pledgor prior to executing any binding sale agreement of the terms
and conditions of such sale. It is understood that the mere failure of the
Security Agent to provide the Pledgor with the information set forth in this
section shall not in itself give rise to any liability on the part of the
Security Agent; or

 

8

 

4.1.2       initiate enforcement proceedings with respect
to the Pledged Assets pursuant to any applicable official Swiss enforcement
procedure including, as the case may be, pursuant to the Swiss Federal Law on
Debt Collection and Bankruptcy and apply the proceeds thereof to the discharge
of the Secured Liabilities; or

 

4.1.3       acquire from the Pledgor all or part of the
Pledged Assets for cash consideration equal to the fair market value of the
Pledged Assets, such fair market value to be computed by an independent expert
using a valuation methodology generally recognized as standard market practice
in the field of corporate finance (i.e. Discounted Cash Flow method and
variations thereof), it being understood that the Security Agent (acting for
itself and on behalf of the Finance Parties) will be entitled to set off the
proceeds of such acquisition against the Secured Liabilities.

 

The Pledgor
expressly confirms its agreement with the remedy granted to the Security Agent
under Section 4.1.3. The Pledgor acknowledges that the price at which all or
part of the Pledged Assets may be purchased by the Security Agent pursuant to
Section 4.1.3 will be based on the value of the Company as computed by an
independent expert using a valuation methodology, which is known to the Pledgor
and considered by it to be fair and which is customarily used at that time to
establish the value of businesses in that industry. The Pledgor recognizes that
should the Security Agent decide to pursue the remedy granted under Section
4.1.3, its interests as Pledgor and debtor would be protected in an appropriate
manner. If the parties cannot agree on the person or entity acting as
independent expert in accordance with this Section 4.1.3, the independent
expert shall be an experienced international accounting firm appointed by the
President of the Zurich Chamber of Commerce.

 

4.2          After the sale or disposal of the Pledged
Assets, the Security Agent shall account for the sale in accordance with the
provisions of the Intercreditor Deeds (as defined in the Senior Bridge
Facilities Agreement) and provided that the Secured Liabilities have been
satisfied in full, any surplus of the sale or disposal shall be returned to the
Pledgor.

 

4.3          The Security Agent shall be entitled to
allocate in its entire discretion the proceeds collected pursuant to Section
4.1 and 4.2 in discharging the Secured Liabilities which have become
immediately due and payable, regardless of the debtor or nature (principal or
interest) of such Secured Liabilities.

 

9

 

5.             RELEASE OF THE PLEDGED
ASSETS

 

5.1          Upon (a) the Secured Liabilities being
discharged in full and none of the Finance Parties being under any further
actual or contingent obligation to make advances or provide other financial
accommodation to the Obligors or any other person under any of the Finance
Documents, or (b) the Pledgor ceasing to be both a Borrower and a Guarantor
subject to, and in accordance with, the Senior Bridge Facilities Agreement, the
Pledged Assets or any remainder thereof shall be released to the Pledgor or
such other party as designated by the Pledgor.

 

5.2          In connection with (a) any Permitted Disposal
of any Pledged Assets, (b) any sale or other disposition of any Pledged Assets
otherwise permitted by the Senior Bridge Facilities Agreement, (c) any sale or
other disposition of any Pledged Assets where the Security Agent has consented
to the disposal pursuant to the Senior Bridge Facilities Agreement, (d) any
sale or any other disposition of any Pledged Assets pursuant to a merger,
consolidation, reorganization, winding-up, securitization, Take-Out Financing
or sale and leaseback permitted by the Senior Bridge Facilities Agreement to
the extent necessary to ensure such merger, consolidation, reorganization,
winding-up, securitization, Take-Out Financing or sale and leaseback takes
place or (e) 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 Pledgor,
release the Pledged Assets or any remainder thereof to the Pledgor, provided
that, to the extent that the disposal of such Pledged Assets is a Permitted
Disposal or a sale or disposition otherwise permitted by the Senior Bridge
Facilities Agreement, the Pledged Assets 
shall be declared to be automatically released with effect from the day
of such disposal and the Security Agent shall, at the cost of the Pledgor, do
all such acts which are reasonably requested by the Parent and/or the Pledgor
in order to release such Pledged Assets.

 

5.3          Any Pledged Assets to be released to the
Pledgor or any third party as designated by the Pledgor in accordance with
Section 5.1 shall be delivered, net of any transfer taxes or other expenses in
connection with such return or release. The
Security Agent shall not be deemed to have made any representation or warranty
with respect to any Pledged Assets so released, except that such Pledged Assets
are free and clear, on the date of release, of any and all liens, charges and
encumbrances arising from the Security Agent’s acts.

 

10

 

6.             REPRESENTATIONS AND
WARRANTIES

 

6.1          Without prejudice to the representations and
warranties made under the Senior Bridge Facilities Agreement, the Pledgor
represents and warrants to the Security Agent that:

 

6.1.1       it is the sole, legal and beneficial owner of
the Shares and such Shares are free of any lien, or third party security
interest or other charge or encumbrance of any kind or any other type of
preferential arrangement except for the security interest created by the
present Agreement, or as otherwise permitted under the Senior Bridge Facilities
Agreement;

 

6.1.2       this Agreement constitutes (i) the Pledgor’s
legal, valid and binding obligations enforceable against it pursuant to its
terms and (ii) a valid and effective pledge of the Pledged Assets in favor of
the Security Agent and the Finance Parties;

 

6.1.3       the Shares have been validly issued and are
fully paid; and

 

6.1.4       no approval is required under the Lex
Friedrich to grant a valid, binding and legally enforceable Pledge in respect
of the Pledged Assets to the Security Agent.

 

7.             POWERS OF ATTORNEY

 

The Pledgor
authorizes the Security Agent to be its attorney and in its name, on its behalf
and as its act to execute, deliver and perfect all documents and do all things
that are necessary for carrying out any obligation imposed on the Pledgor under
this Agreement, provided that the Pledgor does not carry out such obligation in
due time in accordance with the terms of this Agreement or exercising any of
the rights conferred on the Security Agent by this Agreement or by law, in
particular in connection with a private realization (Private Verwertung (Selbstverkauf)) but in any case only
after the occurrence of an Enforcement Event.

 

8.             ASSIGNMENTS AND TRANSFERS

 

The rights and obligations
of the Pledgor under this Agreement may not be assigned or transferred without
the prior written consent of the Security Agent. The assignment of the rights
and obligations of the Security Agent shall be restricted to and made in
accordance with Section 12 below. Nothing in this Agreement shall be construed
as limiting the right of the Finance Parties to assign their rights and
obligations under the Senior Bridge Facilities Agreement in accordance with
Section 36 of the Senior Bridge Facilities Agreement.

 

11

 

9.             EFFECTIVENESS OF PLEDGE

 

9.1          The security constituted by the Pledge under
this Agreement shall be cumulative, in addition to and independent of every
other security which the Security Agent or the Finance Parties may at any time
hold for the Secured Liabilities or any rights, powers and remedies provided by
law.

 

9.2          No failure on the part of the Security Agent
to exercise, or delay on its part in exercising, any rights hereunder shall
operate as waiver thereof, nor shall any single or partial exercise of any
rights hereunder preclude any further or other exercise of that or any other
rights.

 

9.3          The Security Agent shall not be liable by
reason of taking any action permitted by this Agreement.

 

10.          COSTS AND EXPENSES

 

The Pledgor shall bear all
costs, fees and expenses incurred by the Finance Parties or the Security Agent
in connection with the negotiation, execution or enforcement of this Agreement
to the extent required by Section 27 (Costs
and Expenses) of the Senior Bridge Facilities Agreement.

 

11.          NOTICES

 

All notices or other communications
made or given in connection with this Agreement shall be made by facsimile or
letter as follows:

 

a)          if to the Pledgor

 

	
  Hertz
  Holdings South Europe Srl

  
	
  Address
  :

  	
   

  	
  Viale Leonardo da Vinci
  n. 421

  
	
   

  	
   

  	
  00145 Rome, Italy

  
	
  Tel.

  	
   

  	
  +39 06 542941

  
	
  Fax.

  	
   

  	
  +39 06 5415226

  
	
  Attn.

  	
   

  	
  The Board of Directors

  
	
   

  	
   

  	
   

  
	
  With copy to:

  
	
  Bonelli
  Erede Pappalardo LLP

  
	
  Address:

  	
   

  	
  St. Olave’s House

  
	
   

  	
   

  	
  9a Ironmonger Lane

  

 

12

 

	
  Tel
  

  	
   

  	
  EC2V 8EY London 

  
	
  Fax.
  

  	
   

  	
  +44 2077763488 

  
	
   

  	
   

  	
  +44
  2077763468

  
	
  Attn.

  	
   

  	
  Avv. R. Sallustio

  

 

b)         if to the Security Agent

 

	
  BNP Paribas

  	
   

  	
   

  
	
  Address:

  	
   

  	
  3
  rue d’Antin

  
	
   

  	
   

  	
  75
  078 Paris Cedex 02

  
	
  Tel:

  	
   

  	
  +33
  1 43 16 97 25

  
	
  Fax:

  	
   

  	
  +33
  1 42 98 42 98

  
	
  Attn:

  	
   

  	
  Violaine
  Delaunay

  

 

or to such other address or facsimile numbers as is notified in writing
from time to time by one party to the other party under this Agreement.

 

Any notice, request, demand or other communication under this Agreement
will be considered as received (i) on the effective date of receipt, if
delivered personally, (ii) on the date written on the delivery receipt if sent
by registered letter with return receipt or (iii) on the date written on the
fax communication receipt if sent by fax.

 

Each notice, communication and document given under or in connection
with this Agreement shall be in English or, if not, accompanied by an accurate
translation thereof which has been confirmed by authorized signatory of the
party giving the same as being a true and accurate translation.

 

12.          SUCCESSOR AGENT

 

If a successor of the
Security Agent is appointed pursuant to Section 34.12 of the Senior Bridge
Facilities Agreement, the parties hereto shall enter into an agreement whereby
the Security Agent is replaced by the successor agent as party to this
Agreement.

 

13.          SEVERABILITY

 

If any provision of this
Agreement is or becomes illegal, invalid or unenforceable in any jurisdiction,
this shall not affect or impair (i) the validity or enforceability in that
jurisdiction of any other provision of this Agreement or (ii) the validity or 

 

13

 

enforceability in any other
jurisdiction of that or any other provision of this Agreement, and the parties
will negotiate in good faith to replace the relevant provision by another
provision reflecting as closely as possible the original intention and purpose
of the parties.

 

14.          WAIVERS AND MODIFICATIONS

 

This Agreement may be
terminated, amended or modified only specifically and in writing signed by the
parties hereto, or as otherwise provided in the Senior Bridge Facilities
Agreement.

 

15.          COUNTERPARTS

 

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

 

16.          LAW AND JURISDICTION

 

16.1        This Agreement shall be governed by and
construed in accordance with the substantive laws of Switzerland.

 

16.2        Subject to the subsequent paragraph, the
Commercial Court of the Canton of Zurich (Handelsgericht
des Kantons Zürich), Switzerland, shall have exclusive jurisdiction
for all disputes, differences or controversies relating to, arising from or in
connection with this Agreement.

 

16.3        Notwithstanding the foregoing, any legal
action or proceeding with respect to this Agreement may be brought in the
courts of England or any other competent court having jurisdiction under the
Senior Bridge Facilities Agreement, provided that a legal action or proceeding
under the Senior Bridge Facilities Agreement is already pending before such
court or a claim under the Senior Bridge Facilities Agreement is submitted
simultaneously with a claim in respect to this Agreement to such court. By
execution and delivery of this Agreement, the Pledgor hereby accepts for itself
and in respect of its property, subject to the aforementioned condition, the
jurisdiction of the aforesaid courts. 
The parties hereto hereby irrevocably waive any objection, including any
objection to the laying of venue or based on the grounds of forum  non
conveniens, that any of them may
now or hereafter have to the bringing of any such action or proceeding in such
respective jurisdictions.

 

14

 

16.4        The Pledgor hereby irrevocably designates,
appoints and empowers Hertz Europe Limited, Hertz House, 11 Vine Street,
Uxbridge, Middlesex UB8 1QE, UK in the case of any suit, action or proceeding
brought in England as its designee, appointee and agent to receive, accept and
acknowledge for and on its behalf, and in respect of its property, service of
any and all legal process, summons, notices and documents that may be served in
any action or proceeding arising out of, or in connection with, this Agreement.
Such service may be made by mailing (by registered or certified mail, postage
prepaid) or delivering a copy of such process to the Pledgor in care of the
Process Agent at the Process Agent’s above address, and the Pledgor hereby
irrevocably authorizes and directs the Process Agent to accept such service on
its behalf.

 

THE REMAINDER OF THIS PAGE HAS BEEN
INTENTIONALLY LEFT BLANK

THE FOLLOWING TWO PAGES ARE THE SIGNATURE
PAGES

 

15

 

SIGNATURE PAGE

 

BNP Paribas

as Security Agent for itself and on behalf
of the Finance Parties

 

 

	
  By:

  	
  /s/ Iyadh Laalai

  	
   

  
	
   

  	
  Name: 

  	
  Iyadh Laalai

  
	
   

  	
  Title:

  	
  Senior Structurer

  
				

 

16

 

SIGNATURE PAGE

 

 

Hertz Holdings South Europe Srl,

as Pledgor

 

 

	
  By: 

  	
  /s/ Sandro Florin

  	
   

  
	
  Name:

  	
  Sandro Florin

  
	
  Title:

  	
  Vice-President Regional
  Operations & Quality Assurance Hertz Europe

  
				

 

17

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