Document:

Exhibit 4.5.17

 

 

PLEDGE OF A BUSINESS AS A GOING
CONCERN

(ACTE DE NANTISSEMENT DE FONDS DE COMMERCE)

 

 

 

DATED 21 DECEMBER, 2005

 

 

BETWEEN

 

 

HERTZ
FRANCE

as Pledgor

 

 

BNP PARIBAS

as Security Agent

 

 

THE BENEFICIARIES

 

 

 

 

INDEX

 

	
  1.

  	
  Definitions - interpretation

  	
  4

  
	
  2.

  	
  Security agent

  	
  7

  
	
  3.

  	
  Pledge

  	
  7

  
	
  4.

  	
  Description of the pledged business

  	
  7

  
	
  5.

  	
  Preservation of security

  	
  8

  
	
  6.

  	
  Representations and warranties

  	
  9

  
	
  7.

  	
  Undertakings

  	
  9

  
	
  8.

  	
  Liability to perform

  	
  10

  
	
  9.

  	
  Enforcement

  	
  11

  
	
  10.

  	
  Application of proceeds

  	
  11

  
	
  11.

  	
  Covenant to release

  	
  11

  
	
  12.

  	
  Expenses, indemnities and taxes

  	
  12

  
	
  13.

  	
  Changes to parties

  	
  12

  
	
  14.

  	
  Severability

  	
  13

  
	
  15.

  	
  Notices

  	
  13

  
	
  16.

  	
  French language

  	
  13

  
	
  17.

  	
  Registration

  	
  14

  
	
  18.

  	
  Governing law and jurisdiction

  	
  14

  
	
  19.

  	
  Duration

  	
  14

  
	
  20.

  	
  Waivers, remedies cumulative

  	
  14

  

 

SCHEDULE

 

	
  SCHEDULE 1

  	
   

  	
  The Beneficiaries

  
	
   

  	
   

  	
   

  
	
  SCHEDULE 2

  	
   

  	
  List of the pledged offices

  

 

2

 

THIS AGREEMENT IS MADE BY AND BETWEEN:

 

1.             HERTZ FRANCE

 

a société par actions simplifiée organized and incorporated under the
laws of France, having a share capital of 25.394.868,19 €, registered with the register of commerce and companies of Versailles
under number 319 505 632, whose head office is located at 1, rue Eugène Hénaff, Zone
d’Activité du Buisson de la Couldre, 78190 Trappes, represented by a
duly authorized signatory for the purpose of this Agreement, as Pledgor;

 

2.             BNP
PARIBAS

 

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

 

3.             THE
BENEFICIARIES

 

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

 

3

 

WHEREAS:

 

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

 

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

 

NOW, THEREFORE, IT HAS BEEN AGREED AS FOLLOWS:

 

1.         DEFINITIONS - INTERPRETATION

 

1.1       Definitions

 

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

 

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

 

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

 

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

 

4

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

“Pledgor” means Hertz
France, as designated hereabove.

 

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

 

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

 

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

 

5

 

1.2       Interpretation

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

(d)           Nothing
in this Agreement should be deemed to restrict the right of the Pledgor to take
any action or to abstain from taking any action which is otherwise 

 

6

 

permitted under the Senior Bridge Facilities Agreement and the
Intercreditor Deed.

 

2.         SECURITY AGENT

 

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

 

3.         PLEDGE

 

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

 

4.         DESCRIPTION OF THE PLEDGED BUSINESS

 

(a)        The Pledgor is pledging its Business whose operations consist in the
carrying of its activities of the leasing, sale, purchase and repair of vehicle
in France and abroad as well as the use of any garages, the purchase, the sale
and the short term lease in France and abroad of any new or second hand
material for use in buildings trade, public works, transport, industry and
agriculture and any other commercial and industrial activity as well as the
repair, maintenance and upkeeping, in particular the constructions of
industrial materials of public work of mines and carriers and in particularly
the materials for compressing space and air, making available in France and
abroad any new or second hand material for any commercial and industrial activities
for a period of over twelve months, the management in France and abroad of any
administrative, accountancy and electronic services relating to the purchase,
management, leasing, sale of any business, land and buildings, constructions on
land, the analysis, services and advices to companies, which is carried on at
the offices mentioned in Schedule 2.

 

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

 

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

 

(ii)        the furniture, materials and equipment, owned by the Pledgor, used to
run the Business, with the exception, however, of furniture, materials or
equipment that are specifically pledged in favour of the financial institution
which financed their purchase in accordance with the provisions of Articles
L.525-1 

 

7

 

to L.525-20 of
the French Commercial Code (Code de commerce),
and with the exception of any fixtures attached to the Business;

 

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

 

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

 

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

 

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

 

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

 

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

 

5.         PRESERVATION OF SECURITY

 

5.1       Continuing
Security

 

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

 

5.2       Additional
security

 

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

 

5.3       Security
transfer

 

In the event of any assignment, transfer or disposal, by way of
novation, of a part or all of its rights and obligations by any Beneficiary
under each and any of the Finance 

 

8

 

Documents to which such Beneficiary is a party, such Beneficiary hereby
expressly maintains, which the Pledgor accepts, all its rights and privileges
for the benefit of its successor or transferee, in accordance with the terms of
Article 1278 of the French Civil Code (Code Civil) so
that the Pledge will secure the Secured Liabilities to the benefit of such
successor, without further formalities.

 

6.         REPRESENTATIONS AND WARRANTIES

 

6.1       Representations
and Warranties

 

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

 

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

 

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

 

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

 

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

 

6.2       Time
for making representations and warranties

 

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

 

7.         UNDERTAKINGS

 

7.1       Duration

 

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

 

7.2       No
Disposal

 

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

 

9

 

7.3       Protection of
the Business

 

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

 

7.4       Re-registration

 

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

 

7.5       Renewal
and extension of the leases relating to the Business

 

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

 

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

 

7.6       New
business

 

Without prejudice to the other provisions of this Agreement, the
Pledgor shall promptly notify the Security Agent of any creation or acquisition
of one or more new businesses considered as significant by reference to the
activity of the group of which the Pledgor is a member. The Pledgor
hereby undertakes to grant, at the Security Agent’s request, a senior pledge in
favour of the Beneficiaries over the new business (fonds de
commerce) acquired or created by it on terms and conditions
identical to those of this Agreement, as soon as practicable after the new
business (fonds de commerce) is acquired or
created provided however that
no security shall be required to the extent required to avoid costs (including,
without limitation, any taxes) which the Security Agent shall determine acting
reasonably to be excessive in relation to the benefits that would be conferred
by the granting of such security. Such pledge shall secure the Secured
Liabilities.

 

8.         LIABILITY TO PERFORM

 

It is expressly agreed that the Pledgor shall remain liable to observe
and perform all of the obligations assumed by it in respect of the Business. Each Beneficiary and the Security
Agent shall not have any liability in connection with, or arising out of, this 

 

10

 

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

 

9.         ENFORCEMENT

 

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

 

10.       APPLICATION OF PROCEEDS

 

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

 

11.       COVENANT TO RELEASE

 

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

 

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

 

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

 

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

 

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

 

11

 

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

 

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

 

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

 

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

 

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

 

12.       EXPENSES, INDEMNITIES AND TAXES

 

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

 

13.       CHANGES TO PARTIES

 

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

 

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

 

12

 

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

 

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

 

14.       SEVERABILITY

 

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

 

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

 

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

 

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

 

15.       NOTICES

 

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

 

16.          FRENCH LANGUAGE

 

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

 

13

 

17.       REGISTRATION

 

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

 

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

 

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

 

18.       GOVERNING LAW AND JURISDICTION

 

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

 

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

 

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

 

19.       DURATION

 

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

 

20.       WAIVERS, REMEDIES CUMULATIVE

 

20.1     The
rights of the Beneficiaries under this Agreement:

 

(i)         may
be exercised as often as necessary;

 

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

 

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

 

14

 

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

 

 

Made in Paris

On 21 December 2005

 

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

 

 

 

	
  The Pledgor

  	
   

  
	
   

  	
   

  
	
  Hertz France

  	
   

  
	
   

  	
   

  
	
   

  	
   

  
	
  By:

  	
  /s/
  Authorised Signatory

  	
   

  	
   

  
	
  duly authorised for the purpose of this Agreement

  	
   

  
				

 

 

	
  The Security Agent

  	
   

  
	
   

  	
   

  
	
  BNP Paribas

  	
   

  
	
   

  	
   

  
	
   

  	
   

  
	
  By:

  	
  /s/ Charles Egly

  	
   

  	
   

  
	
  duly authorised for the purpose of this Agreement

  	
   

  
				

 

 

	
  The Beneficiaries

  	
   

  
	
  As represented by the Security Agent

  	
   

  
	
   

  	
   

  
	
   

  	
   

  
	
  By:

  	
  /s/ Charles Egly

  	
   

  	
   

  
	
  duly authorised for the purpose of this Agreement

  	
   

  
				

 

15Exhibit 4.5.18

 

BANK ACCOUNT PLEDGE AGREEMENT

(Acte
de Nantissement de Solde de Compte Bancaire)

(AS TO
BANK ACCOUNTS HELD BY BNP PARIBAS St Quentin, BRED Paris,

CREDIT
LYONNAIS St Quentin, SOCIETE GENERALE St Quentin and

BEC St Quentin)

 

 

 

DATED 21 DECEMBER, 2005

 

 

BETWEEN

 

 

HERTZ FRANCE

as Pledgor

 

 

BNP PARIBAS

as Security Agent

 

 

THE BENEFICIARIES

 

 

 

 

INDEX

 

	
  1.

  	
  Definitions - interpretation

  	
  4

  
	
  2.

  	
  Security agent

  	
  7

  
	
  3.

  	
  Pledge

  	
  7

  
	
  4.

  	
  Preservation
  of security

  	
  7

  
	
  5.

  	
  Representations and warranties

  	
  8

  
	
  6.

  	
  Undertakings

  	
  8

  
	
  7.

  	
  Liability to perform

  	
  9

  
	
  8.

  	
  Enforcement

  	
  10

  
	
  9.

  	
  Application of proceeds

  	
  10

  
	
  10.

  	
  Covenant to release

  	
  10

  
	
  11.

  	
  Expenses, indemnities and taxes

  	
  11

  
	
  12.

  	
  Changes to parties

  	
  11

  
	
  13.

  	
  Severability

  	
  12

  
	
  14.

  	
  Notices

  	
  12

  
	
  15.

  	
  French language

  	
  12

  
	
  16.

  	
  Registration - notification

  	
  13

  
	
  17.

  	
  Governing law and jurisdiction

  	
  13

  
	
  18.

  	
  Duration

  	
  13

  
	
  19.

  	
  Waivers and remedies cumulative

  	
  13

  

 

SCHEDULES

 

	
  SCHEDULE 1

  	
  Account holders

  
	
   

  	
   

  
	
  SCHEDULE 2

  	
  Details of the pledged account

  
	
   

  	
   

  
	
  SCHEDULE 3

  	
  The Beneficiaries

  

 

2

 

 

THIS
AGREEMENT IS MADE BY AND BETWEEN:

 

1.             HERTZ FRANCE

 

a société par actions
simplifiée organized and incorporated under the laws of France, registered with the Trade and
Companies Registry (Registre du Commerce et
des Sociétés) of Versailles under number 319 505 632, having a share capital of 25,394,868.19 Euros,
whose head office is located at 1 Rue EUGÈNE HENAFF, ZONE DU
BUISSON DE LA COULDRE, 78190 TRAPPES, France, represented by a duly authorized
signatory for the purpose of this Agreement (the “Pledgor”);

 

2.             BNP PARIBAS

 

a société anonyme incorporated under the laws of France,
authorized as a credit institution, registered with the Trade and Companies
Registry (Registre du Commerce et des Sociétés) of
Paris under number 662 042 449, with registered capital of
1,676,495,744 Euros, and having its registered office at 16 Boulevards des
Italiens, 75009 Paris, France (the “Security Agent”); and

 

3.             THE BENEFICIARIES

 

as listed in Schedule 3 attached
hereto, represented by the Security Agent for the purpose of this Agreement.

 

3

 

WHEREAS:

 

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

 

(B)          Pursuant to the provisions of the
Senior Bridge Facilities Agreement, and in order to guarantee the Secured
Liabilities, the Pledgor has undertaken to grant to the Beneficiaries, an
account pledge agreement under the terms and conditions of this Agreement.

 

NOW, THEREFORE, IT HAS BEEN
AGREED AS FOLLOWS :

 

1.             DEFINITIONS - INTERPRETATION

 

1.1          Definitions

 

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

 

“Account
Holder”
means each of the banks indicated in Schedule 1 in the books of which
the relevant Pledged Account is open.

 

“Agreement”
means
this bank account credit balance pledge agreement and its schedules, as it may
be amended, modified, completed or restated from time to time.

 

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

 

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

 

4

 

“Credit
Balance” means any and all sums standing to the credit of the Pledged Account
from time to time.

 

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

 

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

 

“Events of
Default” means one of the events described in clause 23 of the Senior Bridge
Facilities Agreement.

 

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

 

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

 

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

 

“Pledge” means the pledge (nantissement) created over the Credit Balance of the Bank
Account (solde) by virtue of this Agreement, as
security for the Secured Liabilities.

 

“Pledged
Account” means collectively any and all of the bank accounts opened in the
Pledgor’s name and pledged pursuant to this Agreement and the references of
which are set in Schedule 2 (as the latter may be amended from time to
time to reflect any changes to the bank accounts pledged in accordance with
this Agreement).

 

“Pledgor” means Hertz France, as designated
hereabove.

 

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

 

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

 

5

 

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

 

1.2          Construction

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

6

 

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

 

2.             SECURITY AGENT

 

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

 

3.             PLEDGE

 

3.1.         As security for the Secured Liabilities and pursuant to Articles L
521-1 to L 521-3 of the French Commercial Code (Code de
commerce) and article 2071 et sequitur of
the French Civil Code (Code Civil),
the Pledgor hereby pledges to the Beneficiaries all its rights, title and
interest, whether present or future, actual or contingent, in respect of the
Credit Balance of the Pledged Account.

 

3.2.         All rights, present and future, of the Pledgor in respect of the Credit
Balance of the Pledged Account shall automatically become subject to the
Pledge.

 

3.3.         Any security constituted pursuant to this Agreement shall not be
considered as satisfied or discharged or prejudiced by any intermediate partial
payment of the Secured Liabilities until the Discharge Date.

 

4.             PRESERVATION OF SECURITY

 

4.1          Continuing Security

 

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

 

4.2          Additional security

 

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

 

4.3          Security transfer

 

In the event of any assignment,
transfer or disposal, by way of novation, of a part or all of its rights and
obligations by any Beneficiary under each and any of the Finance Documents to
which such Beneficiary is a party, such Beneficiary hereby expressly maintains,
which the Pledgor accepts, all its rights and privileges for the benefit of its

 

7

 

successor or transferee, in
accordance with the terms of article 1278 of the French Civil Code (Code Civil) so that the Pledge will secure the Secured
Liabilities to the benefit of such successor, without further formalities.

 

5.             REPRESENTATIONS AND WARRANTIES

 

5.1          Representations and
warranties

 

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

 

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

 

(b)           the entry into and performance by it of, and
the transactions contemplated by, this Agreement, do not and will not conflict
with its constitutional documents and the documents governing the Pledged
Account; and

 

(c)           it has valid title to and is the sole absolute
legal owner of the Pledged Account and the Credit Balance thereof; and

 

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

 

5.2          Time for making representations
and warranties

 

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

 

6.             UNDERTAKINGS

 

6.1          Duration

 

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

 

6.2          No Disposal

 

Until the
Discharge Date, the Pledgor will not dispose of, or, encumber the Pledged
Account and the Credit Balance thereof otherwise than pursuant to, or as
permitted under this Agreement or the Senior Facilities Agreement.

 

8

 

6.2          Other undertakings

 

Except as
expressly permitted under the Senior Bridge Facilities Agreement, the Pledgor
hereby undertakes towards the Beneficiaries, pursuant to this Agreement, that:

 

(a)           it will not agree, except to the extent
required by any applicable laws and regulation, to the exercise by any person
other than the Beneficiaries, and hereby waives any right which it may have,
now or hereafter, to set-off or counter-claim any amount against any sum
standing to the Pledged Account or the Credit Balance;

 

(b)           it will furnish to the Security Agent, at its
own cost and expense, upon demand by the Security Agent such information, reports
and records in respect of the Pledged Account and the Credit Balance as the
Security Agent may reasonably request as long as this Agreement shall remain in
force and effect;

 

(c)           it will not close the Pledged Account except if
the Credit Balance, if any, is credited on an account of the Pledgor pledged in
favour of the Beneficiaries and provided that the Pledgor has given
satisfactory evidence to the Security Agent that the monies and payments (in
particular, customer payments) which were originally directed to the Pledge
Account are directed on an account of the Pledgor; and

(d)           it will remain the sole absolute legal owner
and shall maintain the existence of the Pledge Account throughout the Security
Period, subject to paragraph (c) above.

 

7.             LIABILITY TO PERFORM

 

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

 

9

 

8.             ENFORCEMENT

 

8.1          Subject to Clauses 8.2 and 8.3, the Pledgor shall freely use its Pledge
Account in accordance with its undertakings in Clause 6.

 

8.2          Upon the occurrence of any Event of Default and for so long as such
Event of Default has not been remedied or remains unwaived under the Senior
Bridge Facilities Agreement, the Pledgor shall refrain to debit the Pledged
Account without the prior written consent of the Security Agent.

 

8.3          At any time following an Enforcement Event, the Security Agent acting
on behalf of the Beneficiaries shall be entitled to exercise all rights,
actions and privileges on the Pledged Account and/or the Credit Balance as
granted by law to a secured creditor, and in particular, eight (8) Business
Days after giving notice to the Pledgor as provided for in article L 521-3 of
the French Commercial Code (Code de commerce),
request the French Court that whole or part of the Credit Balance be attributed
to the Beneficiaries in accordance with articles L 521-3 of the French
Commercial Code (Code de commerce) and 2078 of the
French Civil Code (Code civil).

 

9.             APPLICATION OF PROCEEDS

 

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

 

10.          COVENANT TO RELEASE

 

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

 

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

 

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

 

(c)           as otherwise permitted by the Intercreditor Deed.

 

10

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

11.          EXPENSES, INDEMNITIES AND TAXES

 

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

 

12.          CHANGES TO PARTIES

 

12.1.        All the rights, privileges and options of the Beneficiaries hereunder
will benefit to its successors and permitted assigns and all terms, conditions,
promises, representations and warranties and undertakings of the Pledgor
hereunder shall oblige its successors and assigns in the same manner, it being
agreed and understood that:

 

11

 

(a)           the Pledgor shall not assign or delegate any of
its rights or obligations hereunder, except as otherwise permitted under the
Finance Documents; and

 

(b)           the Beneficiaries shall be entitled to assign
and delegate their respective rights and obligations hereunder to any third
party in accordance with the Finance Documents.

 

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

 

13.          SEVERABILITY

 

13.1.       If, at any time, any
provision hereof is or becomes illegal, invalid or unenforceable in any respect
in relation to the Pledgor under the law of any jurisdiction, this will not
affect:

 

(a)           the legality, validity or enforceability of the
remaining provisions hereof in the relevant jurisdiction nor the legality,
validity or enforceability of such provision; or

 

(b)           any other provision hereof under the law of any
other jurisdiction.

 

13.2.    In such situation,
the parties shall negotiate in good faith in a view to replacing the relevant
provision by a legal, valid and enforceable provision such as to be applicable
in accordance with the intention and the object of this Agreement and to entail
economic effects equivalent to the effects of the replaced provision.

 

14.          NOTICES

 

Unless otherwise provided
herein, all notices and other communications provided to any party hereto under
this Agreement or any documents relating thereto shall be served in accordance
with the provisions
of clause 42 of the Senior Bridge Facilities
Agreement.

 

15.          FRENCH LANGUAGE

 

This Agreement shall be made in
the English language and accompanied by a French translation for the purposes
of its registration and notification pursuant to Clause 16. The English
language version of this Agreement shall prevail over any French translation
and shall be binding on the Pledgor.

 

12

 

16.          REGISTRATION - NOTIFICATION

 

16.1.       The French translation of this Agreement shall be registered by the
Security Agent, at the Pledgor’s expenses, with the relevant French tax
authorities and the Security Agent shall cause, at the Pledgor’s expenses,
notice of this Agreement to be given to the relevant Account Holder by bailiff
(huissier) in accordance with article 2075 of the French Civil Code (Code
civil) and article L 521-1, paragraph 4 of the French Commercial Code (Code de
commerce).

 

16.2.       For these
purposes, all powers are vested in the bearer of an original copy of this
Agreement.

 

17.          GOVERNING LAW AND JURISDICTION

 

17.1.       This Agreement shall be governed by and construed in accordance with
French law.

 

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

 

18.          DURATION

 

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

 

19.          WAIVERS AND REMEDIES CUMULATIVE

 

19.1.       The rights of the Beneficiaries under this Agreement:

 

(i)         may be exercised as often as necessary;

 

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

 

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

 

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

 

13

 

Made in Paris

On 21 December 2005

In as many originals as parties hereto and as required for registration
purposes.

 

 

The Pledgor

 

HERTZ FRANCE

 

 

	
  By:

  	
  /s/ Authorised Signatory

  	
   

  

duly authorised for the purpose
of this Agreement

 

 

The
Security Agent

 

BNP
PARIBAS

 

 

	
  By:

  	
  /s/ Charles Egly

  	
   

  

duly
authorised for the purpose of this Agreement

 

 

The Beneficiaries

As represented by the Security
Agent

 

 

	
  By:

  	
  /s/ Charles Egly

  	
   

  

duly authorised for the purpose
of this Agreement

 

14

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