Document:

Exhibit 4.5.53

 

	
  CONTRATO DE PRENDAS DE

  ACCIONES

  	
   

  	
  PLEDGES OF SHARES
  CONTRACT

  
	
   

  	
   

  	
   

  
	
  En Madrid, a 21 de diciembre de 2005.

  	
   

  	
  In Madrid,
  on 21 December 2005.

  
	
   

  	
   

  	
   

  
	
  REUNIDOS

  	
   

  	
  THE PARTIES

  
	
   

  	
   

  	
   

  
	
  D.  Rafael Mínguez Prieto, mayor de edad, casado, de
  nacionalidad española, con domicilio en Velázquez 63, Madrid y N.I.F. en
  vigor número [Número N.I.F.].

  	
   

  	
  Mr. Rafael Mínguez Prieto, of Spanish nationality, of legal age,
  married, with domicile at Velázquez 63, Madrid and National Identity Card number [N.I.C.
  Number].

  
	
   

  	
   

  	
   

  
	
  D.  Alfredo Ruiz Plaza, mayor de edad, casado, de
  nacionalidad española, con domicilio en Proción 1, Edificio Oficor, Madrid y N.I.F. en vigor número [Número
  N.I.F.].

  	
   

  	
  Mr. Alfredo
  Ruiz Plaza, of Spanish
  nationality, of legal age, married, with domicile at Proción 1, Edificio
  Oficor, Madrid and National Identity Card number [N.I.C. Number].

  
	
   

  	
   

  	
   

  
	
  D.  Juan Carlos Azcona, mayor de edad, casado, de
  nacionalidad española, con domicilio en Proción 1, Edificio Oficor, Madrid y N.I.F. en vigor número [Número
  N.I.F.].

  	
   

  	
  Mr. Juan
  Carlos Azcona, of Spanish
  nationality, of legal age, married, with domicile at Proción 1, Edificio Oficor, Madrid and National Identity Card number [N.I.C.
  Number].

  
	
   

  	
   

  	
   

  
	
  D.  Germán Ruiz Baraibar Morayta, mayor de edad, casado, de
  nacionalidad española, con domicilio en Ribera del Loira 28, Madrid y N.I.F.
  en vigor número [Número N.I.F.].

  	
   

  	
  Mr. Germán
  Ruiz Baraibar Morayta, of
  Spanish nationality, of legal age, married, with domicile at Ribera
  del Loira 28, Madrid and
  National Identity Card number [N.I.C. Number].

  
	
   

  	
   

  	
   

  
	
  D.  Agustín Viudas Margalef, mayor de edad, casado, de
  nacionalidad española, con domicilio en Ribera del Loira 28, Madrid y N.I.F.
  en vigor número [Número N.I.F.].

  	
   

  	
  Mr. Agustín
  Viudas Margalef, of Spanish
  nationality, of legal age, married, with domicile at Ribera del Loira
  28, Madrid and National Identity
  Card number [N.I.C. Number].

  
	
   

  	
   

  	
   

  
	
  INTERVIENEN

  	
   

  	
  ACTING

  
	
   

  	
   

  	
   

  
	
  •                  D. Rafael Mínguez Prieto, en
  nombre y representación, debidamente apoderado, de Hertz
  International Ltd., sociedad de nacionalidad norteamericana, con
  domicilio en Wilmington, Delaware. Consta inscrita en el Registro Comercial
  de New Jersey, con número 006985188.

  	
   

  	
  •                  Mr. Rafael Mínguez Prieto, in the name and on behalf, as a duly
  empowered attorney, of Hertz International Ltd., a company duly incorporated under the laws
  of United States of America, with registered domicile at Wilmington,
  Delaware. Registered with the Commercial Registry of New Jersey (no.
  006985188).

  
	
   

  	
   

  	
   

  
	
  •                  D. Rafael Mínguez Prieto, en
  nombre y 

  	
   

  	
  •                  Mr. Rafael Mínguez Prieto, in the name 

  

 

 

	
  representación, debidamente apoderado, de Hertz
  Equipment Rental International, Limited, sociedad de nacionalidad
  norteamericana, con domicilio en Wilmington, Delaware. Consta inscrita en el
  Registro Comercial de New Jersey (con número 005569314).

  	
   

  	
  and
  on behalf, as a duly empowered attorney, of Hertz
  Equipment Rental International, Limited, a company duly incorporated under the laws of United States of
  America,, with registered domicile at Wilmington,
  Delaware. Registered with the
  Commercial Registry of New Jersey (no. 005569314).

  
	
   

  	
   

  	
   

  
	
  Hertz International Ltd. y Hertz Equipment Rental
  International, Limited se denominarán, en lo sucesivo, los “Pignorantes”.

  	
   

  	
  Hertz International Ltd. and Hertz Equipment
  Rental International, Limited will
  be referred to, hereinafter, as the “Pledgors”.

  
	
   

  	
   

  	
   

  
	
  •                  D. Alfredo Ruiz Plaza y D.
  Juan Carlos Azcona, en nombre y representación, debidamente apoderados, de Hertz de España, S.A., sociedad de nacionalidad española,
  con domicilio en José Echegaray 6 Edificio B, Las Rozas, Madrid, y con C.I.F.
  número A2812154. Consta inscrita en el Registro Mercantil de Madrid (T 4953,
  F 149, S 8, H M 81018, I/A 104).

  	
   

  	
  •                  Mr. Alfredo Ruiz Plaza and Mr. Juan Carlos
  Azcona, in the name and on
  behalf, as duly empowered attorneys, of Hertz de España, S.A., a company duly incorporated under the laws
  of Spain, with registered domicile at José Echegaray 6
  Edificio B, Las Rozas, Madrid,
  and C.I.F. number A2812154. Registered with
  the Commercial Registry of Madrid (T 4953, F 149, S 8, H M 81018, I/A 104).

  
	
   

  	
   

  	
   

  
	
  Hertz de España, S.A. se denominará, en lo sucesivo, el “Hertz de
  España”.

  	
   

  	
  Hertz de España, S.A. will be referred to, hereinafter, as the “Hertz de
  España”.

  
	
   

  	
   

  	
   

  
	
  •                  D. Rafael Mínguez Prieto, en
  nombre y representación, debidamente apoderados, de BNS
  Automobile Funding B.V., sociedad de nacionalidad holandesa, con
  domicilio en Fred.
  Roeskestraat 123, Amsterdam. Consta inscrita en el Registro Comercial de la Cámara de Comercio
  de Amsterdam con número registral 34238138.

  	
   

  	
  •                  Mr. Rafael Mínguez Prieto, in the name and on behalf, as a duly
  empowered attorney, of BNS Automobile Funding B.V., a company duly incorporated under the laws
  of the Netherlands, with registered domicile at Fred. Roeskestraat 123,
  Amsterdam,. Registered with the Commercial Registry of the Chamber of
  Commerce of Amsterdam with trade register number 34238138.

  
	
   

  	
   

  	
   

  
	
  BNS Automobile Funding B.V. se denominará, en lo sucesivo, el “FundingCo”.

  	
   

  	
  BNS Automobile Funding
  B.V. will be referred to,
  hereinafter, as the “FundingCo”.

  
	
   

  	
   

  	
   

  
	
  •                  D. Germán Ruiz Baraibar
  Morayta y D. Agustín Viudas Margalef, en nombre y representación, debidamente
  apoderados, de BNP Paribas Société Annonyme,
  sociedad de nacionalidad francesa, con 

  	
   

  	
  •                  Mr. Germán Ruiz Baraibar Morayta and Mr. Agustín
  Viudas Margalef, in the name and
  on behalf, as duly empowered attorneys, of BNP Paribas Société
  Annonyme, a company duly

  

 

2

 

	
  domicilio
  en 016 Boulevard des Italiens, Paris y número 1966B04244.

  	
   

  	
  incorporated
  under the laws of France, with registered domicile at 016
  Boulevard des Italiens, Paris,
  and C.I.F. number 1966B04244.

  
	
   

  	
   

  	
   

  
	
  BNP Paribas Société Annonyme se denominará, en lo sucesivo, el “BNP”
  o el “Agente de Garantías”.

  	
   

  	
  BNP Paribas Société
  Annonyme will be referred
  to, hereinafter, as “BNP” or the “Security Agent” .

  
	
   

  	
   

  	
   

  
	
  BNP interviene en su propio
  nombre y derecho y en su condición de Agente de Garantías (“security agent”), en virtud de su
  nombramiento conferido por los Acreditantes en el Contrato entre Acreedores
  (que más adelante se identifican o definen) y, en consecuencia, en nombre y
  por cuenta de los Acreditantes (asimismo definido más adelante).

  	
   

  	
  BNP appears in his own
  name and in its capacity as Security Agent, by virtue of the appointment granted
  by the Lenders in the Intercreditor Deed (as identified or defined below)
  and, as consequently, in the name and on behalf of the Lenders (also defined
  below).

  
	
   

  	
   

  	
   

  
	
  Los Pignorantes, Hertz de
  España, FundingCo y el Agente de Garantías serán denominados en lo sucesivo,
  conjuntamente, las “Partes”.

  	
   

  	
  The Pledgors, Hertz de
  España, FundingCo
  and the Security Agent shall hereinafter be jointly referred to as the “Parties”.

  
	
   

  	
   

  	
   

  
	
  EXPONEN

  	
   

  	
  WHEREAS

  
	
   

  	
   

  	
   

  
	
  I.         Que Hertz de España es una sociedad de
  nacionalidad española cuyo objeto social consiste primordialmente
  en el alquiler de vehículos.

  	
   

  	
  I.         Hertz de España is a Spanish
  company whose corporate purpose consists primarily of the rental of vehicles.

  
	
   

  	
   

  	
   

  
	
  II.        Que Hertz International, Ltd. y Hertz
  Equipment Rental International, Ltd. son titulares de pleno dominio,
  respectivamente, de 2.785.999 acciones y 3.717 acciones ordinarias al
  portador del Hertz de España, de 6,01 euros de valor nominal cada una de
  ellas, numeradas correlativamente del 1 al 35.999 y del 39.718 al 2.789.717,
  todos inclusive, en el caso
  de Hertz International, Ltd., y del 36,001 to 39,717, ambos inclusive, en el
  de Equipment Rental International, Ltd., pertenecientes a una misma clase y serie,
  representativas del 99,99997% del capital social de Hertz de España (en lo
  sucesivo, cada una de ellas, 

  	
   

  	
  II.        Hertz
  International, Ltd. and Hertz Equipment Rental International, Ltd.legally own, respectively, 2,785,999 and 3,717 ordinary bearer shares
  (acciones), with a face value of Euro
  6.01 each, numbered from 1 to 35,999 and from 39,718 to 2,789,717, all inclusive, in the case of Hertz
  International, Ltd. and from 36,001 to 39,717, both inclusive, in the case of
  Equipment Rental International, Ltd., of the same class and series, representing 99.99997% of the share capital of Hertz de
  España (hereinafter, each of them will be referred to as “Share”
  and, jointly, as the “Shares”).
  The Shares are fully subscribed and paid-up.

  

 

3

 

	
  “Acción” y en su conjunto, las “Acciones”). Las Acciones se hallan completamente suscritas
  y desembolsadas.

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
  Los
  títulos físicos representativos de las Acciones y los títulos de propiedad
  acreditativos de la suscripción o adquisición de las Acciones por los
  Pignorantes están identificados en el Anexo I.

  	
   

  	
  The share certificates representing the Shares and the titles
  evidencing the Pledgors’ ownership of the Shares are those identified in Annex
  I.

  
	
   

  	
   

  	
   

  
	
  III.      Que en fecha 21 de diciembre de 2005, Hertz
  International, Ltd., ciertos Acreditados (incluido FundingCo) y Garantes
  (incluido Hertz de España) (todos ellos, incluidos los que puedan adquirir
  esa condición en el futuro, los “Obligados”), BNP Paribas Société Annonyme y The Royal
  Bank of Scotland plc como mandated lead arrangers, CALYON como co-arranger y
  BNP Paribas como agente, el Agente de Garantías y las instituciones
  financieras señaladas en el mismo (dichas entidades, así como todas las que
  en adelante accedan, se incorporen o las sustituyan como acreditantes, los “Acreditantes”) suscribieron un contrato senior de
  facilidades crediticias puente regido por Ley inglesa, (el “Contrato
  de Créditos Puente”). El Contrato de Créditos Puente ha sido
  elevado a público en la fecha de este contrato por el Acreedor Pignoraticio y
  los Acreditantes, mediante escritura pública autorizada por el Notario de
  Madrid Don Carlos de Prada Guaita.

  	
   

  	
  III.      On 21 December 2005, Hertz
  International, Ltd.,
  certain Borrowers (including FundingCo) and Guarantors (including Hertz de
  España) (all of them, including the entities that may become Borrowers or
  Guarantors in the future, the “Obligors”),
  BNP Paribas Société Annonyme and The Royal Bank of Scotland plc as mandated
  lead arrangers, CALYON as co-arranger and BNP Paribas as facility agent, the
  Security Agent and the financial institutions listed therein (such entities,
  together with any other that may accede as lenders or substitute such
  lenders, the “Lenders”) have executed a senior bridge facilities agreement governed by English law (the “Bridge Facilities Agreement”). The Bridge Facilities Agreement has been
  raised to the category of a public document on the date of this contract by
  the Secured Creditor and the Lenders, in a notarial deed granted before the
  Notary Public of Madrid Mr. Carlos de Prada Guaita.

  
	
   

  	
   

  	
   

  
	
  IV.      Que en fecha 21 de diciembre de 2005, Hertz
  International, Ltd., ciertos Acreditados (incluido FundingCo) y Garantes
  (incluido Hertz de España), BNP Paribas como agente, el Agente de Garantías y ciertas entidades
  financieras, entre otros, suscribieron un contrato entre acreedores regido por Ley
  inglesa, (el “Contrato entre Acreedores”). En
  virtud de lo previsto 

  	
   

  	
  IV.      On 21 December 2005, Hertz
  International, Ltd.,
  certain Borrowers (including FundingCo) and Guarantors (including Hertz de
  España), BNP Paribas as facility agent, the Security Agent and certain
  financial entities, amongst others, have executed an
  intercreditor agreement governed
  by English law (the “Intercreditor Deed”).
  By virtue of the
  provisions of 

  

 

4

 

	
  en el Contrato entre Acreedores, cualesquiera referencias, derechos y
  obligaciones conferidas o asumidas en este Contrato por el Agente de
  Garantías se entenderán conferidas o asumidas en nombre y por cuenta de los
  Acreditantes en cada momento. El Contrato entre Acreedores ha sido elevado a
  público en la fecha de este contrato por el Acreedor Pignoraticio y los
  Acreditantes, mediante escritura pública autorizada por el Notario de Madrid
  Don Carlos de Prada GuaitaContrato.

  	
   

  	
  the Intercreditor Deed, any references, rights and obligations
  conferred upon or assumed by
  the Security Agent under this Contract will be conferred or assumed in the
  name and on behalf of the Lender at any given time. The Intercreditor Deed has been raised to the
  category of a public document on the date of this contract by the Secured
  Creditor and the Lenders, in a notarial deed granted before the Notary Public
  of Madrid Mr. Carlos de Prada Guaita.

  
	
   

  	
   

  	
   

  
	
  V.       Con el fin de evitar repeticiones
  innecesarias, las referencias realizadas por las Partes al Contrato de
  Créditos Puente y al Contrato entre Acreedores se entenderán también a sus
  plazos, calendarios de amortización, tipos de interés aplicables y a los
  restantes términos y condiciones de los mismos.

  	
   

  	
  V.       The parties refer to the Bridge
  Facilities Agreement and the Intercreditor Agreement with regard to its term, repayment schedule, applicable
  interest rates and the remaining terms and conditions thereof to avoid
  unnecessary repetitions.

  
	
   

  	
   

  	
   

  
	
  VI.      El Agente de
  Garantias, Funding Co, Hertz de España y los Pignorantes reconocen y ratifican plenamente
  los términos y condiciones del Contrato de Créditos Puente y el Contrato
  entre Acreedores, que se entenderán aquí incorporados por referencia.

  	
   

  	
  VI.     The Security Agent, FundingCo,
  Hertz de España and the Pledgors have full knowledge and are fully aware of,
  and confirm all the terms and conditions stated in, the Bridge Facilities
  Agreement and the Intercreditor Deed which are herein incorporated by
  reference.

  
	
   

  	
   

  	
   

  
	
  VII.     Los términos contenidos en este Contrato
  que empiecen por mayúscula y que no estén definidos en
  el mismo tendrán el significado que se les atribuya en el Contrato de
  Créditos Puente.

  	
   

  	
  VII.    Capitalized terms used but not defined in this Contract have the
  respective meanings ascribed thereto in the Bridge Facilities Agreement.

  
	
   

  	
   

  	
   

  
	
  VIII.   Que las Partes han acordado que
  los Pignorantes constituirían un derecho real de prenda sobre las Acciones en
  garantía del íntegro y puntual cumplimiento de las obligaciones asumidas por FundingCo
  bajo el Contrato de Créditos Puente.

  	
   

  	
  VIII.   The Parties have agreed that the Pledgors would grant a pledge over
  the Shares as security for the full and timely compliance with all the
  obligations assumed by FundingCo under the Bridge Facilities Agreement.

  
	
   

  	
   

  	
   

  
	
  IX.      Que en virtud de cuanto antecede, las 

  	
   

  	
  IX.      Pursuant to the aforementioned,
  the 

  

 

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  Partes están interesadas en otorgar el presente Contrato de Prendas
  de Acciones (en lo sucesivo, el “Contrato”),
  que se regirá por las siguientes

  	
   

  	
  Parties wish to grant this Pledges of Shares Contract (hereinafter,
  the “Contract”), which shall be governed
  by the following:

  
	
   

  	
   

  	
   

  
	
  CLÁUSULAS

  	
   

  	
  CLAUSES

  
	
   

  	
   

  	
   

  
	
  PRIMERA.- CONSTITUCIÓN
  DE DERECHOS REALES DE PRENDA

  	
   

  	
  FIRST.- CREATION OF THE PLEDGES

  
	
   

  	
   

  	
   

  
	
  1.1      Como
  garantía del íntegro y puntual cumplimiento por parte de FundingCo de todas
  sus obligaciones de pago en el Contrato de Créditos Puente y todas las
  obligaciones y responsabilidades presentes o futuras (tanto existentes como
  contingentes, tanto conjunta o mancomunadamente o en cualquier otra
  capacidad) de FundingCo a los Acreditantes bajo el Contrato de Créditos
  Puente (en lo sucesivo, las “Obligaciones
  Garantizadas”), los Pignorantes, por medio del presente Contrato,
  constituyen en favor de los Acreditantes tantos derechos reales de prenda (en
  lo sucesivo, las “Prendas”)
  sobre las Participaciones cuantas obligaciones resultan del Contrato de
  Créditos Puente.

  	
   

  	
  1.1      To guarantee the fulfillment by
  FundingCo of all its payment obligations under the Bridge Facilities
  Agreement and all present and future obligations and liabilities (whether
  actual or contingent and whether owed jointly or severally or in any other
  capacity whatsoever) of FundingCo to the Lenders under the Bridge Facilities
  Agreement (hereinafter, the “Secured Obligations”),
  the Pledgors, by virtue of this Contract, hereby create, for the benefit of
  the Lenders, as many pledges (hereinafter, the “Pledges”)
  over the Shares as obligations arise under the Bridge Facilities Agreement.

  
	
   

  	
   

  	
   

  
	
  En
  particular, las Prendas garantizan las obligaciones de pago de principal,
  intereses ordinarios, intereses de demora, comisiones, costes, gastos y
  cualesquiera otros gastos y obligaciones de FundingCo, incluyendo aquellas
  nacidas del vencimiento anticipado de las cantidades debidas, o a causa de la
  resolución del Contrato de Créditos Puente.

  	
   

  	
  In particular, the Pledges secures the payment of principal, ordinary
  interest, default interest, fees, costs, expenses and any other amounts and
  obligations of FundingCo, including those arising pursuant to an acceleration
  of the amounts due under, or due to an early termination of, the Bridge
  Facilities Agreement.

  
	
   

  	
   

  	
   

  
	
  El Agente de Garantías acepta, en su propio nombre y derecho, y en
  nombre y representación de cada uno de los Acreditantes, la constitución de
  las Prendas.

  	
   

  	
  The
  Security Agent, in its own name and on its own behalf, and in the name and on behalf of
  each of the Lenders, hereby
  accepts the creation of the Pledges.

  
	
   

  	
   

  	
   

  
	
  1.2      Las
  Prendas constituidas por los 

  	
   

  	
  1.2      The Pledges
  created by the Pledgors in 

  

 

6

 

	
  Pignorantes
  en la cláusula 1.1 anterior son prendas simultáneas y comparten todas ellas
  el mismo rango en los términos que resultan del presente Contrato.

  	
   

  	
  clause 1.1 above are simultaneous pledges and all of them share the
  same ranking in accordance with the terms in this Contract.

  
	
   

  	
   

  	
   

  
	
  1.3      Las Prendas se constituyen sin perjuicio de
  la responsabilidad patrimonial universal de los Pignorantes y de FundingCo
  derivada de sus obligaciones conforme al Contrato de Créditos Puente, que no
  se entenderá limitada en modo alguno salvo por mandato de ley.

  	
   

  	
  1.3      The Pledges are created without prejudice to
  the Pledgors’ and FundingCo’ personal unlimited liability arising under their
  obligations pursuant
  to the Bridge Facilities Agreement, which is not deemed to be limited in any
  form by the creation of the Pledges except as provided by law.

  
	
   

  	
   

  	
   

  
	
  1.4      Los Pignorantes declaran y garantizan al
  Agente de Garantías que:

  	
   

  	
  1.4      The Pledgors represent and warrant to the
  Security Agent that:

  
	
   

  	
   

  	
   

  
	
  (a)                   los Pignorantes son los únicos
  titulares de las Acciones;

  	
   

  	
  (a)                   the Pledgors are the sole owners
  of the Shares;

  
	
   

  	
   

  	
   

  
	
  (b)                  sobre las Acciones no pesa
  ninguna prenda, carga, gravamen o derecho alguno de tercero excepto por lo
  permitido bajo el Contrato de Créditos Puente.

  	
   

  	
  (b)                  the Shares are free from any charges, liens,
  encumbrances, or any restrictions to their transfer, assignment or
  encumbrance except as permitted under the Bridge Facilities Agreement.

  
	
   

  	
   

  	
   

  
	
  1.5      Las Prendas se extenderá a cualesquiera
  otros bienes (ya sea materiales o inmateriales), derechos, títulos, acciones,
  valores o efectivo que puedan reemplazar o sean intercambiables por o
  inherentes a las Acciones en caso de fusión, escisión, disolución, aumento o
  reducción de capital, conversión o canje de Acciones, transformación,
  división o cualesquiera otras causas similares que afecten a Hertz de España,
  siempre que cualquiera de las anteriores circunstancias esté permitida con
  arreglo a los términos del Contrato de Créditos Puente y se haya producido
  efectivamente, de lo cual deberán notificar los Pignorantes al Agente de
  Garantías con al menos treinta (30) días naturales de antelación respecto de
  la fecha en que la circunstancia se produzca o, en cualquier caso, desde que

  	
   

  	
  1.5      The Pledges shall extend to any other assets
  (whether tangible or not), rights, titles, securities or cash that may
  replace or are exchangeable for or attach to the Shares in the event of
  merger, split, dissolution, increase or decrease of capital, conversion or
  exchange of the Shares, transformation, division or any other similar cause
  that affects Hertz de España, to the extent that any such circumstances are
  permitted pursuant to the provisions of the Bridge Facilities Agreement and
  that such circumstances have effectively taken place. The Pledgors shall
  notify the Security Agent of any such circumstances at least thirty (30)
  calendar days prior to the date on which such circumstances occur or, in any
  event, as soon as they become aware of such circumstances. Said extension
  shall be implemented, at the 

  

 

7

 

	
  tuvieran conocimiento de la circunstancia. Dicha extensión se
  instrumentará a petición razonable del Agente de Garantías mediante el
  otorgamiento de la clase de garantía que proceda en función de la naturaleza
  del bien o derecho que sustituya efectivamente a las Acciones y, en caso de
  tratarse de Acciones emitidas en una ampliación de capital, de conformidad
  con lo dispuesto en la Cláusula 4 siguiente. Los Pignorantes confieren a
  favor del Agente de Garantías un mandato representativo para, en caso de
  incomparecencia de los Pignorantes ante la solicitud previa por escrito del
  Agente de Garantías, otorgar cuantos documentos públicos o privados fueren
  necesarios para formalizar dicha extensión, aunque ello suponga
  autocontratación. Dicho mandato resulta necesario para el cumplimiento de las
  Obligaciones Garantizadas y, en consecuencia, será irrevocable hasta que se
  produzca la cancelación de las Prendas.

  	
   

  	
  reasonable
  request of the Security Agent, by means of the grant of the type of guarantee
  that may be suitable according to the nature of the assets, rights, titles,
  securities or funds which may effectively replace the Shares and, in the case
  of shares issued in a share capital increase, according to Clause 4 below.
  The Pledgors grant in favour of the Security Agent a power of attorney to
  grant, in case of non-execution by the Pledgors upon written request of the
  Security Agent,as many public or private documents as are necessary in order
  to formalise said extension, even if such granting of powers implies
  self-dealing. Said power of attorney is necessary for compliance with the
  Secured Obligations and, therefore, shall be irrevocable as long as the
  Pledges are not cancelled.

  
	
   

  	
   

  	
   

  
	
  En adelante, cualquier referencia hecha a las Acciones en este
  Contrato se entenderá hecha a cualquier bien, derecho, título, valor,
  efectivo u objeto que, en virtud de lo indicado en esta cláusula, sustituya
  efectivamente a las Acciones o sea intercambiable por o inherente a las
  Acciones.

  	
   

  	
  Any
  references hereinafter made to the Shares in this Contract shall be
  understood to be applicable to any of the rights, titles, securities, assets
  or cash that effectively replace or are exchangeable for or attach to the
  Shares.

  
	
   

  	
   

  	
   

  
	
  1.6      Las Partes acuerdan que este Contrato no
  modificará, alterará ni afectará a los términos y condiciones del Contrato de
  Créditos Puente o cualquier otro documento, instrumento o acuerdo contemplado
  en el mismo.

  	
   

  	
  1.6      The Parties hereby agree that this Contract
  shall not amend, modify, alter or affect the terms and conditions of the
  Bridge Facilities Agreement or any other document, instruments or agreements
  contemplated thereby.

  
	
   

  	
   

  	
   

  
	
  1.7      En el supuesto de que
  el Contrato de Créditos Puente fuera declarado nulo o ineficaz por cualquier
  razón por un juez competente, las Prendas garantizarán el cumplimiento de
  cualquier obligación de pago válida de los Pignorantes a 

  	
   

  	
  1.7      In the event that the Bridge
  Facilities Agreement is at any time declared void or ineffective for any
  circumstance by any competent court, the Pledges shall secure the fulfilment
  of any valid payment obligations of the Pledgors in favour of 

  

 

8

 

	
  favor de los Acreditantes bajo el Contrato de
  Créditos Puente que pueda resultar de dicha nulidad o ineficacia.

  	
   

  	
  the Lenders under the Bridge Facilities Agreement that may arise from
  such voidance or ineffectiveness.

  
	
   

  	
   

  	
   

  
	
  SEGUNDA.- INDIVISIBILIDAD
  DE LAS PRENDAS

  	
   

  	
  SECOND.- INDIVISIBILITY OF THE PLEDGES

  
	
   

  	
   

  	
   

  
	
  Las Prendas tienen
  carácter indivisible. En consecuencia, el cumplimiento parcial de las
  correspondientes Obligaciones Garantizadas no extinguirá proporcionalmente
  las Prendas. Conforme a la cláusula 7 siguiente, los Pignorantes podrán
  exigir la cancelación de las Prendas tras el íntegro cumplimiento de las
  Obligaciones Garantizadas.

  	
   

  	
  The Pledges are created with
  an indivisible nature. Consequently, partial fulfillment of the corresponding
  Secured Obligations shall not extinguish the Pledges proportionally. Subject
  to Clause 7 below, the Pledgors will be entitled to cancel the Pledges only
  after the Secured Obligations have been fully discharged.

  
	
   

  	
   

  	
   

  
	
  TERCERA.- ENTREGA
  DE LOS TÍTULOS DE PROPIEDAD DE LAS ACCIONES

  	
   

  	
  THIRD.- DELIVERY OF THE PROPERTY TITLES

  
	
   

  	
   

  	
   

  
	
  3.1      Los Pignorantes hacen entrega en este
  acto al Agente de Garantías, de los títulos múltiples, números 1 y 3, representativos
  de las Acciones (los “Títulos Físicos “).

  	
   

  	
  3.1.     The Pledgors hereby deliver to the
  Security Agent, the multiple titles, numbers 1 and 3, representing the Shares
  (hereinafter, the “Share Certificates”).

  
	
   

  	
   

  	
   

  
	
  3.2      Los Pignorantes endosan en garantía los
  Títulos Físicos como “valor en garantía” a favor del Agente de Garantías. Las
  Partes acuerdan que la entrega de los Títulos Físicos al Agente de Garantías,
  en representación de los Acreditantes, tendrá los efectos traslativos de la
  posesión indicados en el artículo 1.863 del Código Civil. Los Títulos Físicos
  serán custodiados con la debida diligencia por el Agente de Garantías, en
  representación de los Acreditantes, y serán devueltos a los Pignorantes una
  vez canceladas las Prendas. Los Pignorantes se comprometen a realizar
  cualquier acción necesaria o conveniente al objeto de mantener el depósito de
  los Títulos Físicos tal y como se describe en la presente Cláusula.

  	
   

  	
  3.2.     The Pledgors endorse in guarantee
  the Share Certificates as security in favour of the Security Agent. The
  Parties agree that the Pledgors’ delivery of the Share Certificates to the
  Security Agent, acting in the name and on behalf of the Lenders, will be
  sufficient for the purposes of the delivery of possession referred to in
  Article 1863 of the Civil Code. The Share Certificates shall be safeguarded
  by the Security Agent, on behalf of the Lenders, with due diligence and will
  be returned to the Pledgors once the Pledges hav been cancelled. The Pledgors
  undertake to do whatever is necessary or advisable to maintain the deposit of
  the Share Certificates as herein provided.

  
	
   

  	
   

  	
   

  
	
  3.3      Las Partes requieren al Notario para que:

  	
   

  	
  3.3.     The Parties instruct the attesting
  Notary Public to:

  

 

9

 

	
  (i)       legitime las firmas del representante de los
  Pignorantes que aparezca en el endoso de los Títulos Físicos; y

  	
   

  	
  (a)      notarise the signatures of the
  Pledgors’ representative appearing in the endorsement of the Share
  Certificates; y

  
	
   

  	
   

  	
   

  
	
  (ii)      incorpore una diligencia en los documentos públicos acreditativos de la
  titularidad de los Pignorantes sobre las Acciones al objeto de reflejar la
  pignoración de las Acciones.

  	
   

  	
  (b)      record the Pledges in the relevant
  public documents evidencing the Pledgors’ ownership of the Shares.

  
	
   

  	
   

  	
   

  
	
  3.4      Hertz
  de España en este acto se da por notificado de la constitución de las Prendas
  sobre las Acciones.

  	
   

  	
  3.4.     Hertz de España hereby
  acknowledges the creation of the Pledges over the Shares.

  
	
   

  	
   

  	
   

  
	
  CUARTA.- AUMENTOS
  DE CAPITAL

  	
   

  	
  FOURTH.- SHARE
  CAPITAL INCREASES

  
	
   

  	
   

  	
   

  
	
  4.1      Los Pignorantes podrán acordar el aumento
  del capital social de Hertz de España mediante la emisión de nuevas acciones
  siempre que (i) hayan notificado esta intención al Agente de Garantías y al
  Pignorante con al menos quince (15) días naturales de antelación respecto de
  la fecha de la junta general de accionistas de Hertz de España en la que se
  pretenda aprobar el acuerdo de aumento de capital y (ii) cuente con las
  autorizaciones pertinentes de conformidad con el Contrato de Creditos Puente.

  	
   

  	
  4.1      The Pledgors may increase the share capital
  of Hertz de España by issuing new shares provided that it (i) has served
  notice of its intent to the Security Agent and the Pledgor at least fifteen
  (15) calendar days prior to the date of the general shareholders’ meeting of
  Hertz de España where it is intended that the share capital increase will be
  approved and (ii) has obtained any pertinent authorizations.

  
	
   

  	
   

  	
   

  
	
  4.2      En el caso de que, durante la vigencia de
  esta Prenda, se apruebe un aumento del capital social de Hertz de España, las
  Partes expresamente acuerdan lo siguiente:

  	
   

  	
  4.2      In the event that, within the term of this
  Pledge, a share capital increase of Hertz de España takes place, the Parties
  expressly agree to the following:

  
	
   

  	
   

  	
   

  
	
  (a)                   Los Pignorantes se compromete
  a que las Acciones pignoradas en favor del Agente de Garantías representen en
  cada momento el 99,99997% del capital social de Hertz de España, debiendo en
  caso de aumento de capital, y salvo autorización previa y por escrito del
  Agente de Garantías, ejercitar su 

  	
   

  	
  (a)                   The Pledgors undertakes that the Shares
  pledged in favour of the Security Agent shall represent at all times 99.99997% of Hertz de España’s share capital and, therefore, in the event of a share capital increase,
  except where the Security Agent has given prior authorization in writing, the
  

  

 

10

 

	
  derecho de suscripción preferente en los términos del apartado (c)
  posterior para suscribir cuantas acciones de nueva emisión sean necesarias
  con el fin de que la participación porcentual en el capital social de Hertz
  de España no se vea reducida.

  	
   

  	
  Pledgors
  will exercise the pre-emptive right upon the terms described in paragraph (c)
  below in order to subscribe as many new shares as may be necessary in order
  to maintain at all times the same proportion of Hertz de España’s share
  capital.

  
	
   

  	
   

  	
   

  
	
  (b)                  Los Pignorantes no votarán en
  una Junta General de Accionistas a favor de la exclusión del derecho de
  suscripción preferente en relación con las acciones que se emitan como
  resultado del aumento de capital.

  	
   

  	
  (b)                  The Pledgors will not vote in the General
  Shareholders Meeting in favour of the exclusion of the pre-emptive rights
  regarding the shares issued as a result of the share capital increase.

  
	
   

  	
   

  	
   

  
	
  (c)                   Si los Pignorantes ejercitan
  su derecho de suscripción preferente, las Prendas creadas por este Contrato u
  otros contratos en los mismos términos se extenderán a las nuevas acciones
  suscritas. A tal efecto, los Pignorantes suscribirán las nuevas acciones a través
  del Agente de Garantías, a cuyo favor confiere o conferirá un mandato
  irrevocable con dicho propósito en caso de incomparecencia de los Pignorantes
  ante la solicitud previa por escrito del Agente de Garantías, y a quien los
  Pignorantes proveerán de los fondos necesarios para la adquisición de las
  nuevas acciones con una antelación mínima de quince (15) días naturales antes
  del final del período de suscripción. Las nuevas acciones, una vez en poder
  del Agente de Garantías, deberán ser pignoradas a favor de éste en los mismos
  términos y condiciones que las incluidas en este Contrato. La extensión de
  las Prendas deberá ser otorgada en una póliza o contrato complementarios,
  autorizada por Notario, que podrá otorgar el Agente de Garantías en nombre de
  los Pignorantes haciendo uso del 

  	
   

  	
  (c)                   If the Pledgors exercise their pre-emptive right, the Pledges created by this Contract or by
  a new contract on the terms hereof shall extend to the new shares subscribed.
  To such effect, the Pledgors will subscribe the new shares through the
  Security Agent, in whose favour the Pledgors grant or will grant an
  irrevocable power of attorney in this regard, in case of non-execution of the
  Pledgors upon written request of the Security Agent and to whom the Pledgors
  will provide the funds necessary to acquire the new shares, at least fifteen
  (15) calendar days prior to the expiration of the subscription period. The
  new shares, once in the possession of the Security Agent, shall be deemed to
  be pledged in favour of the Security Agent upon the same terms and conditions
  as those provided for in this Contract. The extension of the Pledges will be
  recorded in a supplementary public deed, executed with the intervention of a
  Spanish Notary Public. Said deed can be executed by the Security Agent on
  behalf of the Pledgors using the power of attorney granted 

  

 

11

 

	
  mandato representativo referido en la Cláusula 1.4 anterior.

  	
   

  	
  according
  to Clause 1.4 above.

  
	
   

  	
   

  	
   

  
	
  (d)                  Sin perjuicio de lo anterior, la suscripción de las nuevas acciones (o la
  adquisición de derechos de suscripción preferente) también podrá realizarse
  por una compañía del Grupo (tal como este término se define el en Contrato de
  Créditos Puente) de los Pignorantes siempre que dicha compañía asuma el
  compromiso irrevocable y por escrito frente al Agente de Garantías con
  anterioridad a la asunción que otorgará una prenda en favor del Agente de
  Garantías sobre las participaciones asumidas sustancialmente en la misma
  forma y contenido que este Contrato (y de acuerdo con lo establecido en esta
  cláusula) en garantía de las Obligaciones Garantizadas.

  	
   

  	
  (d)                  Notwithstanding the above, another
  company within the Pledgors’ Group (as such term is defined in the Bridge
  Facilities Agreement) may also subscribe for the new shares (or acquire
  pre-emption rights) provided that such company irrevocably undertakes to the
  Security Agent in writing prior to such subscription that it will grant a
  pledge in favour of the Security Agent over the newly subscribed shares
  substantially in the same form and substance as this Contract (and in
  accordance with the provisions of this clause) as collateral for the Secured
  Obligations.

  
	
   

  	
   

  	
   

  
	
  4.3      Hertz de España notificará al Agente de
  Garantías la adopción de cualquier acuerdo de aumento de capital social
  mediante la emisión de nuevas acciones en el plazo de cinco (5) días
  naturales a contar desde la fecha de adopción del mismo. Hertz de España:

  	
   

  	
  4.3      Hertz de España shall give notice to the
  Security Agent of any resolution approving a share capital increase through
  the issue of new shares within five (5) calendar days following the date of
  approval of such resolution. Hertz de España shall:

  
	
   

  	
   

  	
   

  
	
  (a)                   elevará dicho acuerdo y su
  ejecución a escritura pública otorgada ante el Notario español que libremente
  designe o, en su defecto, ante el designado por el Agente de Garantías,
  dentro de los cinco (5) días hábiles siguientes a la adopción del acuerdo;

  	
   

  	
  (a)                   within the five (5) business days following
  the approval of the resolution, execute a public deed elevating the aforementioned resolution to the status of a public
  document before a Notary Public designated by Hertz de España or, if Hertz de
  España does not designate a Notary Public, before a Notary Public appointed
  by the Security Agent;

  
	
   

  	
   

  	
   

  
	
  (b)                  liquidará los tributos que
  procedan y, en particular, el Impuesto de Transmisiones Patrimoniales
  (modalidad “Operaciones Societarias”), dentro de los cinco (5) 

  	
   

  	
  (b)                  within the five (5) business days following
  the execution of the aforementioned public deed, pay the relevant taxes and, in particular, the Spanish
  Transfer Tax (“Impuesto de 

  

 

12

 

	
  días hábiles siguientes al otorgamiento de la escritura;

  	
   

  	
  Transmisiones
  Patrimoniales”);

  
	
   

  	
   

  	
   

  
	
  (c)                   presentará tal escritura en el
  Registro Mercantil correspondiente dentro del plazo máximo de cinco (5) días
  hábiles siguientes a la liquidación de tributos;

  	
   

  	
  (c)                   within the maximum period of five (5)
  business days following the payment of the aforementioned taxes, submit the
  public deed to the relevant Spanish Commercial Registry (“Registro Mercantil”);

  
	
   

  	
   

  	
   

  
	
  (d)                  emitirá los títulos
  (múltiples)representativos de las acciones a favor de los Pignorantes dentro
  de los cinco (5) días hábiles siguientes a la inscripción del aumento de
  capital mediante la emisión de nuevas acciones en el Registro Mercantil
  competente; y

  	
   

  	
  (d)                  within the five (5) business days following
  the filing of the deed at the relevant Commercial Registry, issue the
  (multiple titles representing the new Shares owned by the Pledgors; and

  
	
   

  	
   

  	
   

  
	
  (e)                   una vez realizadas todas las
  actuaciones anteriores y dentro de los cinco (5) días hábiles siguientes a la
  emisión de los títulos al portador los Pignorantes formalizarán la extensión
  de las Prendas en documento público ante el Notario español que libremente
  designe o, en su defecto, ante el designado por el Agente de Garantías, y
  entregará las nuevas acciones pignoradas y los títulos de las mimas según lo
  previsto en la Cláusula 3 anterior.

  	
   

  	
  (e)                   within the five (5) business days following
  the issuance of the bearer shares, the Pledgors will raise the extension of
  the Pledges to the status of a public document before a Notary Public
  designated by the Pledgors or, if the Pledgors do not designate a Notary Public,
  before a Notary Public appointed by the Security Agent, and shall deliver the
  new pledged shares and the titles representing such shares as per Clause 3
  above.

  
	
   

  	
   

  	
   

  
	
  (f)                     se hará cargo
  en todo momento de los gastos, aranceles y tributos correspondientes, en los
  términos y con el alcance previsto en el Contrato de Créditos Puente.

  	
   

  	
  (f)                     bear at all times all costs, fees and taxes, in the
  terms and with the scope provided under the Bridge Facilities Agreement.

  
	
   

  	
   

  	
   

  
	
  QUINTA.- OBLIGACIONES
  DE LOS PIGNORANTES Y DE HERTZ DE ESPAÑA

  	
   

  	
  FIFTH.- COVENANTS OF THE PLEDGORS AND HERTZ DE ESPAÑA

  
	
   

  	
   

  	
   

  
	
  5.1      Durante la vigencia de esta Prenda, los
  Pignorantes se comprometen irrevocable e incondicionalmente a:

  	
   

  	
  5.1      During the term of
  this Pledge, the Pledgors irrevocably and unconditionally undertake:

  
	
   

  	
   

  	
   

  
	
  (a)                   a que las Acciones pignoradas
  por 

  	
   

  	
  (a)                   unless otherwise authorised 

  

 

13

 

	
  medio de este Contrato u otro contrato que contenga los mismos
  términos que éste, representen en cada momento el 99,99997% del capital
  social de Hertz de España, salvo que reciba autorización en contrario
  conforme al Contrato de Créditos Puente;

  	
   

  	
  pursuant
  to the Bridge Facilities Agreement, that the Shares pledged hereunder or
  under a contract containing the same terms as this Contract shall constitute
  at all times 99.99997%
  of the total share capital of Hertz de España;

  
	
   

  	
   

  	
   

  
	
  (b)                  no vender, transmitir, ceder,
  canjear, disponer ni constituir ningún tipo de carga o gravamen, ni
  constituir ningún derecho de opción o restricción a su libre
  transmisibilidad, sobre las Acciones, sin el previo consentimiento por
  escrito del Agente de Garantías excepto por lo permitido en el Contrato de
  Créditos Puente;

  	
   

  	
  (b)                  not to, without the prior written consent of
  the Security Agent, sell, transfer, assign, dispose of or create any form of charge, pledge, encumbrance or lien
  on the Shares, nor create any option right or any restriction to the free
  transfer of the Shares except as permitted under the Bridge Facilities
  Agreement;

  
	
   

  	
   

  	
   

  
	
  (c)                   no ejercitar, sin el previo
  consentimiento por escrito del Agente de Garantías, los derechos de voto
  inherentes a las Acciones de forma que varíen las características de las
  Acciones, o de cualesquiera derechos relacionados con éstas en detrimento de
  las Prendas o de la capacidad del Agente de Garantías o de los Acreditantes
  para realizar la garantía aquí constituida;

  	
   

  	
  (c)                   not to, without the prior written consent of
  the Security Agent, exercise the voting rights attached to the Shares in any way that may materially
  and adversely prejudice the nature of the Shares or any rights related to
  them to the detriment of the Pledges or the ability of the Security Agent or
  the Lenders to realise the security created hereunder;

  
	
   

  	
   

  	
   

  
	
  (d)                  suscribir y entregar, o hacer
  suscribir y entregar, todos y cualesquiera documentos necesarios para crear,
  perfeccionar, preservar, validar o de cualquier otra manera proteger las
  Prendas y la garantía sobre las Acciones, así como el rango de las mismas; y

  	
   

  	
  (d)                  to execute and deliver, or cause the
  execution and deliverance of, each and every document necessary to create,
  improve, preserve, validate or
  otherwise protect the Pledges and the guarantee over the Shares, as well as
  the ranking of said Pledges; and

  
	
   

  	
   

  	
   

  
	
  (e)                   mantener o hacer que se
  mantenga en todo momento las Prendas y la garantía sobre las Acciones, así
  como el rango de las mismas y la atribución, desde que se produzca un
  Supuesto de Vencimiento Anticipado conforme a esta Póliza, en los Estatutos
  Sociales de Hertz 

  	
   

  	
  (e)                   at all times, to maintain, or cause the
  maintenance of, the Pledges and the guarantee over the Shares, as well as the
  ranking of said Pledge and, upon an Event of Acceleration according to this
  Deed a provision at Hertz de España’s By-laws conferring the pledgee the
  power to 

  

 

14

 

	
  de España, en caso de resultar de aplicación lo previsto en la
  Cláusula 6 siguiente, del ejercicio de los derechos políticos en caso de
  prenda de Acciones al Agente de Garantías.

  	
   

  	
  exercise
  the voting and other political rights pursuant to the second paragraph of
  Clause 6 below.

  
	
   

  	
   

  	
   

  
	
  5.2      Durante la vigencia de las Prendas, Hertz
  de España se compromete irrevocable e incondicionalmente a notificar al
  Agente de Garantías mediante correo urgente certificado con acuse de recibo:

  	
   

  	
  5.2      During the term of the Pledges, Hertz de
  España irrevocably and unconditionally undertakes to notify the Security Agent by registered
  mail with acknowledgment of receipt (“correo certificado con acuse de recibo”)
  of:

  
	
   

  	
   

  	
   

  
	
  (a)                   la solicitud de la declaración
  de concurso voluntario dentro de los cinco (5) días hábiles siguientes a la
  presentación del escrito de solicitud ante el Juez competente; y

  	
   

  	
  (a)                   the application for a judicial declaration of
  voluntary bankruptcy (“concurso voluntario”) within five (5) working days following the presentation of its
  application before the relevant Judge; and

  
	
   

  	
   

  	
   

  
	
  (b)                  la admisión a trámite de la
  solicitud de concurso necesario presentada por cualquier legitimado distinto
  a Hertz de España dentro de los dos (2) días laborables siguientes a aquél en
  que tenga conocimiento de la admisión de trámite o en que el Juez competente
  notifique a Hertz de España que ha ordenado su emplazamiento.

  	
   

  	
  (b)                  the judicial approval (“admisión a trámite”)
  of the application for necessary bankruptcy (“concurso necesario”) served to the
  relevant Judge by any entitled third person other than Hertz de España within
  two (2) business days period following the date on which it became aware of
  the approval of the application or on which the relevant Judge has served
  notice to Hertz de España of its citation.

  
	
   

  	
   

  	
   

  
	
  SEXTA.- EJERCICIO
  DE LOS DERECHOS DE LAS ACCIONES PIGNORADAS

  	
   

  	
  SIXTH.- EXERCISE OF RIGHTS OF THE PLEDGED SHARES

  
	
   

  	
   

  	
   

  
	
  6.1      Sujeto al cumplimiento de la cláusula 5.1
  anterior, los derechos políticos derivados de las Acciones corresponderán a
  los Pignorantes. Sin perjuicio de lo previsto en el apartado (c) de la
  Cláusula 5.1 anterior, los Pignorantes ejercerán sus derechos de voto en
  junta general de accionistas y a través de sus representantes en los órganos
  de administración de Hertz de España de manera coherente con el cumplimiento
  por parte de los 

  	
   

  	
  6.1      Subject to satisfaction of clause 5.1 above,
  the Parties agree that the Pledgors shall be entitled to exercise all the
  voting and other political rights attached to the Shares. Without prejudice
  to paragraph (c) of Clause 5.1 above, the Pledgors shall exercise its voting
  rights in the general shareholders’ meeting and through its representatives
  in the governing bodies of Hertz de España in a way consistent with the
  obligations of the Pledgors 

  

 

15

 

	
  Pignorantes de sus obligaciones derivadas del Contrato de Créditos
  Puente.

  	
   

  	
  under
  the Bridge Facilities Agreement.

  
	
   

  	
   

  	
   

  
	
  No obstante, los Pignorantes se obligan a que, tan pronto como le sea
  comunicado por el Agente de Garantías un Supuesto de Vencimiento Anticipado
  del Contrato de Créditos Puente conforme a sus propios términos, adoptarán
  todos los actos necesarios para celebrar una junta general de accionistas de
  Hertz de España dentro del plazo máximo de quince (15) días a contar desde la
  fecha de recepción de tal comunicación, en cuyo orden del día se incluya la
  modificación de los Estatutos Sociales del Hertz de España consistente en
  atribuir al Agente de Garantías el ejercicio de los derechos políticos en
  caso de prenda de Acciones (tanto si la misma ha sido constituida con
  anterioridad al referido acuerdo de modificación estatutaria como si ha sido
  constituida con posterioridad al mismo), obligándose igualmente a votar de
  forma favorable con respecto a dicha modificación, así como a realizar todas
  las actuaciones que sean precisas en relación con la eficacia de dicho
  acuerdo de modificación estatutaria, incluyendo la inscripción del mismo en
  el Registro Mercantil. Igualmente, los Pignorantes confieren a favor del
  Agente de Garantías un mandato representativo para que, desde el mismo
  momento de la recepción por los Pignorantes de la comunicación del Agente de
  Garantías antes referida, y actuando en nombre y representación de los
  Pignorantes, el Agente de Garantías asista a las juntas generales de
  accionistas y ejerza los derechos de voto y demás derechos políticos
  correspondientes a las Acciones. Dicho mandato resulta necesario para el
  cumplimiento de las Obligaciones Garantizadas y las obligaciones derivadas de
  este Contrato 

  	
   

  	
  However,
  the Pledgors undertake that, as soon as it is given notice by the Security
  Agent of an Event of Acceleration of the Bridge Facilities Agreement
  according to its terms, the Pledgors shall perform all the acts necessary to
  hold a general shareholders’ meeting within the maximum term of fifteen (15)
  days from the reception of said notice. The agenda of said General
  Shareholders’ Meeting shall include an amendment of Hertz de España’s By-laws
  so as to permit a pledgee to exercise the voting and other political rights
  attached to the Shares in the event of a pledge of shares (regardless of
  whether it has been created prior to or after said amendment of the By-laws).
  The Pledgors also undertakes to vote in favour of said amendment, and to
  perform all the acts necessary for the effectiveness of said resolution
  amending the By-laws, including its recording at the Commercial Registry.
  Likewise, the Pledgors grants in favour of the Security Agent a power of
  attorney so that the Security Agent may, from the receipt of the
  aforementioned Security Agent ́s notice by the Pledgors, and acting in the
  name and on behalf of the Pledgors, attend the general shareholders’ meetings
  and exercise the voting and other political rights corresponding to the
  Shares. Said power of attorney is necessary for compliance with the Secured
  Obligations and with the obligations derived from this Contract and,
  therefore, shall be irrevocable as long as the Pledges are not cancelled.
  Notwithstanding the foregoing, the Pledgors also undertake to grant the
  powers of attorney in favour of the Security Agent that are requested by the 

  

 

16

 

	
  y, en consecuencia, será irrevocable hasta que se produzca la
  cancelación de las Prendas. Sin perjuicio de ello, los Pignorantes se obligan
  también a conferir los poderes a favor del Agente de Garantías que le sean
  requeridos por el Agente de Garantías para el efectivo ejercicio por éste de
  dichos derechos políticos de acuerdo con la normativa legal en materia de
  sociedades en España.

  	
   

  	
  Security
  Agent in order to guarantee the effective exercise of said voting and
  political rights in accordance with the regulations applicable pursuant to
  Spanish corporate law.

  
	
   

  	
   

  	
   

  
	
  6.2      Desde que se produzca un Supuesto de
  Vencimiento Anticipado conforme a esta Póliza todas las cantidades que se
  deriven de la amortización, total o parcial, de las Acciones, así como los rendimientos,
  intereses, frutos o dividendos producidos por las Acciones quedarán a
  disposición del Agente de Garantías y serán aplicadas según lo previsto en el
  Contrato entre Acreedores a la satisfacción de las Obligaciones Garantizadas.
  Cualquier sobrante será empleado o, en su caso, pignorado para garantizar el
  cumplimiento de cualesquiera otras Obligaciones Garantizadas pendientes, en
  los términos que se prevén en la Cláusula 1.5 anterior.

  	
   

  	
  6.2      Upon the occurrence of an Event of
  Acceleration according to this Deed all proceeds arising from the total or
  partial redemption of the Shares, as well as the yields, interests, fruits or
  dividends produced by the Shares, shall be for the benefit of the Security
  Agent and will be applied in accordance with the provisions of the
  Intercreditor Deed to satisfy the Secured Obligations. Any surplus will be
  used or pledged to guarantee the fulfillment of any outstanding Secured
  Obligation in accordance with Clause 1.5 above.

  
	
   

  	
   

  	
   

  
	
  6.3      Los Pignorantes se comprometen a que, hasta
  que se produzca un Supuesto de Vencimiento Anticipado, todas las cantidades
  que se deriven de la amortización, total o parcial, de las Acciones, así como
  los rendimientos, intereses, frutos o dividendos producidos por las Acciones
  serán abonadas, salvo que el Contrato de Créditos Puente disponga otra cosa,
  en cuentas bancarias que se hallan pignoradas en favor del Agente de
  Garantías.

  	
   

  	
  6.3      The Pledgors covenant and undertake that
  until the occurrence of an Event of Acceleration, all proceeds arising from the total or
  partial redemption of the Shares, as well as the yields, interests, fruits or
  dividends produced by the Shares will, unless otherwise permitted under the Bridge Facilities Agreement
  will be credited to a bank account pledged in favour of the Security Agent.

  
	
   

  	
   

  	
   

  
	
  SÉPTIMA.- CANCELACIÓN
  DE LAS PRENDAS

  	
   

  	
  SEVENTH.- RELEASE OF THE PLEDGES

  
	
   

  	
   

  	
   

  
	
  Una vez que se hayan
  cumplido íntegramente 

  	
   

  	
  Once all the Secured Obligations have been 

  

 

17

 

	
  todas las Obligaciones
  Garantizadas o en los supuestos contemplados en la sección 10 del Apéndice 19
  del Contrato de Créditos Puente o en cualquier otro Documento de Financiación
  (tal como se define en el Contrato de Créditos Puente), el Agente de
  Garantías, dentro de los quince (15) días hábiles siguientes al requerimiento
  escrito efectuado por los Pignorantes en tal sentido, otorgará cuantos
  documentos públicos o privados sean necesarios para declarar la cancelación
  de las Prendas, devolviendo los Títulos Físicos y los documentos públicos
  acreditativos de la titularidad de los Pignorantes sobre las Acciones al
  Pignorante, así como también cualesquiera otros dividendos o rendimientos
  producidos por las Acciones constituidas en Prenda y no aplicados según lo
  previsto en el Contrato de Créditos Puente y los demás Documentos de
  Financiación, salvo que el Agente de Garantías hayan ejercitado el derecho
  que les confiere el artículo 1.866 del Código Civil. No obstante lo anterior,
  en caso de que cualquiera de los supuestos referidos arriba sean una
  Disposición Permitida (tal como se define en el Contrato de Créditos Puente)
  o cualquier venta o disposición permitida por el Contrato de Créditos Puente,
  las Prendas que recaigan sobre los activos dispuestos se entenderán automáticamente
  canceladas con efecto desde el día de dicha disposición (permanceciendo en
  vigor las Prendas sobre el resto de activos no dispuestos). Todos los
  tributos y gastos de Notario y, en su caso, de notificaciones derivados de
  dicha cancelación correrán de cargo del Pignorante, en los
  términos y con el alcance previsto en el Contrato de Créditos Puente.

  	
   

  	
  fully discharged or upon
  occurrence of the events included in section 10 of Schedule 19 to the Bridge
  Facilities Agreement or in any other Finance Document, the Security Agent,
  within the fifteen (15) business days following the Pledgors’s written
  request in this regard, shall execute as many public or private documents as
  necessary to document the release of the Pledges, returning to the Pledgors
  the relevant public documents evidencing the Pledgors’s ownership of the
  Shares and the Share Certificates, as well as other dividends or yields
  produced by the Shares and not applied according to the Bridge Facilities
  Agreement or any other Finance Document, unless the Security Agent exercise
  the right conferred by Article 1866 of the Civil Code. Notwithstanding the
  foregoing, if any of the events referred to above is a Permitted Disposal (as
  defined in the Bridge Facilities Agreement) or any sale or disposition otherwise
  permitted by in the Bridge Facilities Agreement, the Pledges over the assets
  disposed shall be deemed to be automatically released with effect from the
  day of such disposal (remaining in full effect the Pledges in respect of all
  other non-disposed assets). All Notary fees, expenses and costs of serving
  notices arising from the cancellation shall be borne by the Pledgor in the
  terms and with the scope provided under the Bridge Facilities Agreement.

  
	
   

  	
   

  	
   

  
	
  OCTAVA.- EJECUCIÓN
  DE LAS PRENDAS

  	
   

  	
  EIGHT.- FORECLOSURE OF THE PLEDGES

  
	
   

  	
   

  	
   

  
	
  8.1      Los Pignorantes declaran y garantizan al
  Agente de Garantías que en los Estatutos de Hertz de España no se prohibe la
  libre transmisibilidad de las Acciones.

  	
   

  	
  8.1      The Pledgors represent and warrant to the
  Security Agent that Hertz de España’s By-laws do not prohibit to the free
  transfer of the Shares.

  

 

18

 

	
  8.2      El Agente de Garantías estará autorizado
  para ejecutar las Prendas conjuntamente (pero nunca individual o
  separadamente) en el caso de que se produzca un incumplimiento bajo el
  Contrato de Créditos Puente que constituya un supuesto de vencimiento
  anticipado del mismo que continúe, no sea renunciado y respecto del que se
  hubiera entregado una notificación declarando el vencimiento anticipado
  conforme a lo estipulado en el Contrato de Créditos Puente (“Supuesto de Vencimiento Anticipado”). Las Partes acuerdan
  que para poder iniciar el procedimiento de ejecución, el Agente de Garantías
  deberá determinar en dicha notificación la cantidad debida bajo las
  Obligaciones Garantizadas, indicando que dicha cantidad es exigible bajo el
  Contrato de Créditos Puente a la fecha correspondiente, que está vencida y
  que permanece impagada.

  	
   

  	
  8.2      The Security Agent will be entitled to
  foreclose on the Pledges jointly (but not separately) upon the occurrence of
  any event of default under the Bridge Facilities Agreement which constitutes
  a cause of early termination continuing, not waived and for which a notice of
  acceleration has been previously given in accordance with the Bridge
  Facilities Agreement (“Event of Acceleration”).
  The Parties agree that in order to commence the enforcement process the
  Security Agent shall state in the notice the amount owing under the Secured
  Obligations, the fact that such amount can be called under the Bridge
  Facilities Agreement at the corresponding date, that it has fallen due and
  that it remains unpaid.

  
	
   

  	
   

  	
   

  
	
  8.3      A los efectos de la ejecución de las
  Prendas, y sin perjuicio de (i) la responsabilidad patrimonial universal e
  ilimitada de los Pignorantes y FundingCo en los términos del Contrato de
  Créditos Puente, que no se entenderá limitada en modo alguno por la
  constitución de las Prendas, y (ii) cualesquiera otras garantías constituidas
  a favor de los Acreditantes, el Agente de Garantías podrá iniciar, a su
  discreción, cualesquiera de los procedimientos que legalmente le asistan, ya
  sea el proceso judicial declarativo, el de ejecución forzosa, o el
  extrajudicial previsto en el artículo 1.872 del Código Civil. En el caso de
  que el Agente de Garantías decida emplear cualesquiera de estos
  procedimientos, tal decisión no precluirá la posibilidad de acudir a
  cualquiera de los restantes, en tanto en cuanto las Obligaciones Garantizadas
  no se hayan cumplido íntegramente.

  	
   

  	
  8.3      For the purposes of the foreclosure of the
  Pledges, and notwithstanding (i) the unlimited (“universal”)
  liability of the Pledgors and FundingCo under the Bridge Facilities Agreement, which
  will not be limited in any way as a result of the creation of the Pledges,
  and (ii) any other security interest held by the Lenders, the Security Agent
  may, at its discretion, use any of the available judicial proceedings, either
  the corresponding declarative judicial proceeding (“proceso
  declarativo”), the executive judicial proceeding (“proceso de ejecución forzosa”), or the non-judicial
  proceeding provided for under Article 1872 of the Spanish Civil Code. Should
  the Security Agent decide to use any of these proceedings, such decision will
  not prevent it from initiating a new claim under any of the remaining
  available proceedings for as long as the Secured Obligations have not been
  fully 

  

 

19

 

	
   

  	
   

  	
  discharged.

  
	
   

  	
   

  	
   

  
	
  8.4      A los efectos de la ejecución de las
  Prendas, las Partes acuerdan y expresamente declaran que:

  	
   

  	
  8.4      For the purposes of the foreclosure of the
  Pledges, the Parties agree and expressly state that:

  
	
   

  	
   

  	
   

  
	
  (a)                   En caso de ejecución de las
  Prendas, el importe de la deuda líquida, vencida y exigible será, salvo error
  manifiesto, la cantidad especificada en la certificación emitida por el
  Agente de Garantías, en la que conste el saldo al día de cierre de las
  cuentas referidas en el Contrato de Créditos Puente, abiertas a nombre del
  Pignorante y de FundingCo, para la contabilización de los pagos de principal,
  intereses ordinarios, intereses de demora, comisiones, gastos y cualesquiera
  otras cantidades debidas en virtud del Contrato de Créditos Puente;

  	
   

  	
  (a)                   In the event of foreclosure of the Pledges,
  the amount of the due and payable liquidated debt shall, absent manifest
  error, be the amount specified in the certification issued by the Security
  Agent, which attests to the closing-date balance in the accounts referred to
  in the Bridge Facilities Agreement, opened in the name of the Pledgors and FundingCo, for the accounting of the repaid principal,
  ordinary interests, default interests, fees, expenses and any other amount
  due under the Bridge Facilities Agreement.

  
	
   

  	
   

  	
   

  
	
  (b)                  La liquidación para determinar
  la deuda ejecutivamente reclamable se efectuará por el Agente de Garantías.
  En consecuencia, bastará para la ejecución de las Prendas la presentación de
  los siguientes documentos: (i) el original de este Contrato; (ii) acompañada
  de certificación en la que el Notario interviniente acredite la conformidad
  del Contrato con los asientos de su libro-registro y la fecha de éstos; (iii)
  acta notarial que incorpore la certificación, expedida por el Agente de
  Garantías, de la deuda que resulte a cargo de FundingCo, así como el extracto
  de las partidas de cargo y abono y las correspondientes a la aplicación de
  intereses que determinan el saldo concreto por el que se pide el despacho de
  ejecución, acreditando que la liquidación de la deuda se ha practicado en la
  forma pactada en el Contrato de Créditos Puente; y (iv) acta notarial que
  acredite haber 

  	
   

  	
  (b)                  The Security Agent will be in charge of the
  settlement to determine the amount which is due, payable and enforceable. As
  a result, the submission of the following documents will be sufficient for
  the foreclosure of th Pledges: (i) the original of this Contract; (ii) a
  certificate issued by the Notary Public, attesting that this Contract
  coincides with the entries in his official registry book and the date of such
  entries; (iii) an affidavit duly attested to by the Notary Public with an
  attached certification issued by the Security Agent in order to reflect the
  amount due by FundingCo,
  as well as an extract from the credit and debit entries including the
  corresponding interest applied which determines the balance which is being
  claimed by the Security Agent, evidencing that the liquidation of the debt
  has been executed in the form agreed in the Bridge Facilities Agreement; and 

  

 

20

 

	
  notificado previamente a los Pignorantes la cantidad exigible
  resultante de la liquidación.

  	
   

  	
  (iv)
  a notarial certificate evidencing that the Pledgors have been served notice of the amount that
  is due and payable.

  
	
   

  	
   

  	
   

  
	
  8.5      En el caso de que el Agente de Garantías
  decida seguir el procedimiento establecido en el artículo 1.872 del Código
  Civil, las Partes acuerdan que:

  	
   

  	
  8.5      Should the Security Agent decide to follow
  the procedure set forth in Article 1872 of the Civil Code, the Parties agree
  as follows:

  
	
   

  	
   

  	
   

  
	
  (a)                   Las direcciones a efectos de
  notificaciones son las determinadas conforme a la Cláusula 10 siguiente.

  	
   

  	
  (a)                   Domiciles for purposes of notifications will be those
  provided for under Clause 10.

  
	
   

  	
   

  	
   

  
	
  (b)                  El precio de referencia de las
  Acciones a los efectos de su subasta será el de su valor nominal.

  	
   

  	
  (b)                  The reference price of the Shares for purposes of their auction will be their face value.

  
	
   

  	
   

  	
   

  
	
  (c)                   Los Pignorantes nombran al
  Agente de Garantías, quien actuará a través de sus representantes
  autorizados, como mandatario para representarle en la subasta de las Acciones
  pignoradas, y autoriza irrevocablemente al Agente de Garantías para otorgar,
  en nombre y representación de los Pignorantes, todos los documentos públicos
  que sean necesarios para formalizar de la transmisión de las Acciones a favor
  del adquirente o adquirentes, según sea el caso, con autorización expresa
  para otorgar aquellos documentos en los que el Agente de Garantías sea parte
  como comprador en su propio nombre y derecho o en nombre y representación de el
  Agente de Garantías.

  	
   

  	
  (c)                   The Pledgors hereby appoint the Security
  Agent, who will act through its duly authorized representatives, as its
  Security Agent in the auction of the pledged Shares, and irrevocably
  authorizes the Security Agent to execute, acting in the name and on behalf of
  the Pledgors, all public documents which are required in order to formalize the transfer of the Shares in favour of the
  purchaser or purchasers, as the case may be, with express authority to also
  execute documents to which the Security Agent is a party as purchaser in its
  own name and on its own behalf or in the name and on behalf of the Security
  Agent.

  
	
   

  	
   

  	
   

  
	
  (d)                  Será competente para la
  ejecución el Notario designado por el Agente de Garantías y el precio de
  referencia de la primera subasta será el precio indicado en el apartado (b)
  anterior. Para la segunda subasta, el precio mínimo de referencia será el
  ochenta por ciento (80%) del precio indicado en el apartado (b) anterior. 

  	
   

  	
  (d)                  The authorized Notary Public will be a Spanish
  notary public designated by the Security Agent and the reference price for
  the first auction will be the price provided pursuant to (b) above. For the
  second auction, the minimum reference price shall be eighty per cent (80%) of
  the price provided 

  

 

21

 

	
  Para la tercera subasta, no será necesario un precio mínimo de
  referencia. Las Acciones serán adjudicadas al mejor postor. En relación con
  esta Cláusula 8.5:

  	
   

  	
  pursuant
  to (b) above. For the third auction, a minimum reference price is not
  necessary. The Shares will be awarded to the highest bidder. With regard to
  this Clause 8.5:

  
	
   

  	
   

  	
   

  
	
  (i)        a petición del Agente de Garantías, podrán
  celebrarse cuartas y posteriores subastas con las mismas formalidades
  anteriores y sin precio mínimo de referencia;

  	
   

  	
  (i)        at the request of the Security Agent, fourth and subsequent auctions may
  take place, subject to the same formalities and without a minimum reference
  price.

  
	
   

  	
   

  	
   

  
	
  (ii)       igualmente, a petición del Agente de
  Garantías, se podrán celebrar subastas parciales únicamente sobre parte de
  las Acciones; y

  	
   

  	
  (ii)       likewise, at the request of the Security
  Agent, partial auctions may take place with respect to only part of the
  Shares; and

  
	
   

  	
   

  	
   

  
	
  (iii)      el desacuerdo de Hertz de España y/o los
  Pignorantes en relación con el importe o la exigibilidad de la deuda no
  suspenderá ni retrasará la ejecución.

  	
   

  	
  (iii)      the disagreement of Hertz de España and/or
  the Pledgors with respect to the amount of debt or ability to pay the debt
  will not suspend or delay the foreclosure procedures.

  
	
   

  	
   

  	
   

  
	
  (e)                   El Notario estará autorizado a
  llevar a cabo todas aquellas acciones que estime apropiadas para asegurar la
  publicidad de las subastas.

  	
   

  	
  (e)                   The Notary Public will be authorized to take
  whatever actions he deems appropriate in order to ensure that the auctions
  become public knowledge.

  
	
   

  	
   

  	
   

  
	
  (f)                     Todas las subastas serán
  publicadas mediante anuncio inserto en al menos un diario de difusión
  nacional con una antelación mínima de diez (10) días naturales a la celebración
  de la subasta, pudiendo ser anunciadas de forma simultánea, teniendo en
  cuenta que deberán transcurrir un mínimo de cuatro (4) días hábiles entre una
  y otra subasta, si fuera necesario. Con la misma antelación mínima, deberá
  notificarse al Pignorante el Notario que vaya a ejecutar la Prenda.

  	
   

  	
  (f)                     All the auctions will be publicly announced
  by an advertisement in at least one national newspaper, at least ten (10)
  calendar days prior to the first auction. The auctions may be announced
  simultaneously. At least four (4) working days must elapse between each
  auction, if necessary. Within the same ten (10) calendar day term, notice to
  the Pledgors will be served with respect to the Notary Public who will
  enforce the Pledges.

  
	
   

  	
   

  	
   

  
	
  (g)                  Todos los licitadores oferentes
  

  	
   

  	
  (g)                  Bidders will be required to deposit 

  

 

22

 

	
  deberán depositar en garantía ante el Notario una cantidad igual al
  cinco por ciento (5%) del precio de referencia de las Acciones en la primera
  subasta. Tal cantidad será devuelta al licitador no ganador una vez realizada
  la subasta. El Agente de Garantías podrá comparecer en todas las subastas sin
  necesidad de realizar el depósito en garantía.

  	
   

  	
  in
  an escrow account with the Notary Public an amount equivalent to five per
  cent (5%) of the reference price of the Shares at the first auction. Such
  amount will be returned to any unsuccessful bidder once the auction is over.
  The Security Agent may attend any auction without being required to make a
  deposit.

  
	
   

  	
   

  	
   

  
	
  (h)                  El ganador de la subasta
  deberá pagar la diferencia entre el importe depositado en garantía y el
  precio de adquisición de las Acciones dentro de los tres (3) días hábiles
  siguientes a la fecha de la subasta; en el caso de que el ganador de la subasta
  no efectúe el pago de tal diferencia, perderá la cantidad depositada en
  garantía. Esta cantidad se destinará a reducir las Obligaciones Garantizadas.
  Igualmente, el ganador de la subasta podrá ceder su derecho de compra de las
  Acciones a un tercero, entregando al Agente de Garantías los documentos que
  evidencien la validez y eficacia de dicha cesión dentro de los diez (10) días
  naturales siguientes a la fecha de la misma. El tercero cesionario deberá
  pagar, en tal caso, la diferencia entre la cantidad depositada en garantía
  por el ganador de la subasta y el precio de adquisición de las Acciones
  dentro de los tres (3) días hábiles siguientes a la fecha de la subasta. El
  incumplimiento en el pago de tal cantidad comportará la pérdida de la
  cantidad depositada en garantía. Esta cantidad se destinará a reducir las
  Obligaciones Garantizadas.

  	
   

  	
  (h)                  Whoever wins the auction shall pay the balance between the amount
  subject to the escrow deposit and the acquisition price of the Shares within
  three (3) business days from the date of the auction; should the winner of
  the auction fail to pay such balance, it will lose the amount in the escrow
  deposit. Such amount will be used to reduce the Secured Obligations.
  Likewise, the winner of the auction bid may assign its right to purchase the
  Shares to a third party, delivering to the Security Agent the documents
  evidencing the validity and effectiveness of said assignment within the ten
  (10) calendar days from the date of the assignment. The assignee shall pay,
  in that event, the balance between the escrow deposit made by the winner of
  the auction bid and the acquisition price of the Shares within the above said
  three (3) business days. Failure to pay such amount will result in the loss
  of the amount subject to the escrow deposit. Such amount will be used to
  reduce the Secured Obligations.

  
	
   

  	
   

  	
   

  
	
  (i)                      La cantidad obtenida en la
  subasta, una vez deducidos todos los gastos derivados del procedimiento de
  ejecución, será entregada por el 

  	
   

  	
  (i)                      The price obtained in the auction, once all
  expenses arising from the foreclosure procedures have been duly covered, will
  be delivered by 

  

 

23

 

	
  Notario al Agente de Garantías quien, a su vez entregará a los
  Pignorantes cualquier sobrante después de satisfacer todas las Obligaciones
  Garantizadas.

  	
   

  	
  the
  Notary Public to the Security Agent, who will in turn deliver to the Pledgors
  an amount equal to any excess after the Secured Obligations have been fully
  discharged.

  
	
   

  	
   

  	
   

  
	
  (j)                      En el caso de que el Agente de
  Garantías adquiera en la subasta las Acciones, en representación de los
  Acreditantes, éstas serán pagadas mediante compensación por reducción de la
  cantidad debida a los representados del Agente de Garantías en una cuantía
  equivalente a aquella ofrecida por el Agente de Garantías (en representación
  de los Acreditantes) como precio de adquisición de las Acciones. Si dicho
  precio de adquisición de las Acciones fuera superior a la cantidad debida a
  los representados del Agente de Garantías, éste abonará dicho exceso al
  Pignorante ingresando el mencionado importe en la cuenta bancaria que los
  Pignorantes expresamente le indique.

  	
   

  	
  (j)                      If, in the auction, the Security Agent
  acquires the Shares said Shares on behalf of the Lenders, shall be paid by
  compensation or set-off of the outstanding debt to the parties represented by
  the Security Agent in such an amount equivalent to that offered by the
  Security Agent (on behalf of the Lenders) as the acquisition price for the
  Shares. If the acquisition price for the Shares is higher than the
  outstanding debt to the parties represented by the Security Agent, the
  Security Agent (on behalf of the Lenders) shall pay said surplus to the
  Pledgors, transferring said amount to the bank account determined by the
  Pledgors.

  
	
   

  	
   

  	
   

  
	
  (k)                   Las cantidades obtenidas por
  la venta de las Acciones serán empleadas al pago de las Obligaciones
  Garantizadas en el orden de pago señalado en el Contrato entre Acreedores.

  	
   

  	
  (k)                   The amounts resulting from the sale of the Shares will be allocated to
  the payment of the Secured Obligations in accordance with the Intercreditor
  Deed.

  
	
   

  	
   

  	
   

  
	
  8.6      El Agente de Garantías mantendrá todos los
  derechos y acciones que le correspondan contra los Pignorantes por la parte
  de las Obligaciones Garantizadas que no hayan sido íntegramente satisfechas o
  que no hayan resultado satisfechas como consecuencia de la ejecución de las
  Prendas, incluso si, con arreglo a lo contemplado en el apartado (j) de la
  cláusula 8.5 anterior, el Agente de Garantías hubiera adquirido las Acciones,
  en cuyo caso sólo se tendrá por extinguida una parte de la deuda equivalente
  al precio 

  	
   

  	
  8.6      The Security Agent will retain all rights and
  claims against the Pledgors for that part of the Secured Obligations which is not fully discharged
  or which remains unsatisfied after the foreclosure of the Pledges, even if,
  according to paragraph (j) of Clause 8.5 above, the Security Agent, on behalf
  of the Lenders, has acquired the Shares. In this case, only the part of the
  debt equivalent to the price offered by the Security Agent for the Shares
  shall be deemed to have been set off, maintaining the enforceability and the
  ranking of the remaining 

  

 

24

 

	
  ofrecido por el Agente de Garantías por las Acciones, manteniéndose la
  exigibilidad y el rango de la parte restante de las Obligaciones
  Garantizadas.

  	
   

  	
  Secured
  Obligations.

  
	
   

  	
   

  	
   

  
	
  8.7      En el caso de que se obtenga el cobro por
  los Acreditantes de cualesquiera Obligaciones Garantizadas a través de la
  ejecución de la Prenda, los Pignorantes renuncian al cobro de cualesquiera
  créditos o derechos en los que pudieran subrogarse o pudieran originarse a su
  favor frente a los FundingCo como consecuencia de ello, en tanto no hayan
  sido plenamente satisfechas a los Acreditantes la totalidad de sus
  Obligaciones Garantizadas bajo el Contrato de Créditos Puente, quedando en
  consecuencia los créditos o derechos de los Pignorantes, a todos los efectos,
  subordinados a los créditos de los Acreditantes.

  	
   

  	
  8.7      In the event that the Security Agent collect
  any of the Secured Obligations through the execution of the Pledges, the
  Pledgors waive their right to collect any of the credits or rights in which
  it could be subrogated or which could arise in its favour against the
  FundingCo as a consequence of the aforementioned, to the extent that the
  Secured Obligation owed to all the Lenders under the Bridge Facilities
  Agreement have not been fully satisfied, so that as a result the credits or
  rights of the Pledgors remain, to all intents and purposes, subordinated to
  the Lenders’ credits.

  
	
   

  	
   

  	
   

  
	
  8.8      La ejecución de las Prendas queda sujeta a
  los términos y condiciones previstos en el Contrato entre Acreedores,
  distribuyéndose las cantidades obtenidas de la ejecución de las Prendas de
  conformidad con lo previsto en el mismo.

  	
   

  	
  8.8      The enforcement of the Pledges is subject to
  the terms and conditions included in the Intercreditor Deed, so any proceeds
  obtained from such enforcement shall be distributed according to its terms.

  
	
   

  	
   

  	
   

  
	
  NOVENA.- TRIBUTOS Y GASTOS

  	
   

  	
  NINTH.- TAXES
  AND EXPENSES

  
	
   

  	
   

  	
   

  
	
  Los honorarios notariales,
  tributos y cualesquiera otros costes y gastos que origine la preparación,
  negociación, suscripción, registro y cumplimiento de este Contrato, y su
  cancelación, así como los gastos derivados de la ejecución de las Prendas
  (incluidos cualesquiera gastos u honorarios de abogados y procuradores, aún
  cuando la intervención de estos no fuere legalmente exigible) serán
  satisfechos por los Pignorantes, en los términos y con el alcance previsto en
  el Contrato de Créditos Puente..

  	
   

  	
  The Notary fees, taxes and
  any other costs and expenses arising from the preparation, negotiation,
  execution, registration and performance of this Contract, and its
  cancellation, as well as costs arising in the event of foreclosure of the Pledges,
  including costs and expenses incurred by lawyers and judicial agents (“procuradores”), even when the services of any of the
  aforementioned are not legally required, will be borne by the Pledgors in the
  terms and with the scope provided under the Bridge Facilities Agreement.

  

 

25

 

	
  DÉCIMA.- NOTIFICACIONES

  	
   

  	
  TENTH.- NOTICES

  
	
   

  	
   

  	
   

  
	
  10.1   Todas las notificaciones que deban
  realizarse a las Partes en virtud del presente Contrato, excepto cuando
  específicamente se prevea otra cosa, se realizarán por correo certificado con
  acuse de recibo, telegrama con acuse de recibo o, en caso de urgencia, por
  telex o fax, si bien en este último caso, la notificación deberá ser
  confirmada por carta dentro de los cinco (5) días naturales siguientes. No se
  exigirá un código concreto.

  	
   

  	
  10.1   All notices which
  must be sent to the Parties under this Contract, except as otherwise
  expressly provided, shall be made either by certified letter with
  acknowledgment of receipt, by telegram with acknowledgment of receipt or,
  when urgent, by telex or fax, although in the case of telex or fax the notice
  should be confirmed by letter within the following five (5) calendar days. No
  specific code shall be required.

  
	
   

  	
   

  	
   

  
	
  10.2   A los efectos del presente Contrato, las
  Partes señalan como domicilio para notificaciones, requerimiento y
  diligencias similares los que constan en el Contrato de Créditos Puente.

  	
   

  	
  10.2   For the purposes of
  this Agreement, the Parties designate the following as valid addresses for
  notices, summons and other required formalities those stated in the Bridge
  Facilities Agreement.

  
	
   

  	
   

  	
   

  
	
  10.3   Cualquier cambio en las direcciones antes
  mencionadas deberá ser comunicado a las otras Partes por correo con acuse de
  recibo remitido por conducto notarial, y únicamente surtirá efecto en la
  fecha en que la otra Parte reciba la comunicación.

  	
   

  	
  10.3   Any change to the
  above-mentioned addresses must be communicated to the other Parties by mail
  with acknowledgment of receipt sent through a Notary Public, and shall only
  take effect on the date on which the other Parties receive the notification.

  
	
   

  	
   

  	
   

  
	
  UNDÉCIMA.- MODIFICACIÓN
  DE ESTE CONTRATO

  	
   

  	
  ELEVENTH.- AMENDMENT OF THIS CONTRACT

  
	
   

  	
   

  	
   

  
	
  Cualquier modificación de
  estE Contrato será suscrita por todas las partes. Si fuera requerido de forma
  razonable para ello por el Agente de Garantías, los Pignorantes se
  comprometen a otorgar, en el plazo máximo de diez (10) días naturales desde
  la fecha de tal requerimiento, cuantos documentos públicos y privados de
  subsanación, complemento o aclaración del presente Contrato fueran
  necesarios.

  	
   

  	
  Any amendment to this
  Contract shall be executed in writing by all parties. Should the Security Agent request it
  reasonably, the Pledgors undertake to execute, within a maximum period of ten
  (10) calendar days from the date of such demand, any public or private
  documents necessary to correct, supplement or clarify this Contract.

  
	
   

  	
   

  	
   

  
	
  DUODÉCIMA.- PODER

  	
   

  	
  TWELFTH.- POWER
  OF ATTORNEY

  
	
   

  	
   

  	
   

  
	
  Los Pignorantes por la
  presente otorgan a favor del Agente de Garantías (que
  acepta dicho otorgamiento en su condición de representante de los
  Acreditantes al amparo 

  	
   

  	
  The Pledgors hereby grants
  an irrevocable power of attorney, as extensive as is required or convenient
  in Law, with an express power to self-contract and delegate, in favour of the
  

  

 

26

 

	
  del Contrato entre Acreedores), a través de cualquiera de
  sus sucursales y representantes, poder irrevocable, tan amplio en Derecho
  como resulte necesario o conveniente, incluida la facultad de
  autocontratación y de delegación, para que éste pueda, en caso de
  incomparecencia de los Pignorantes ante la solicitud previa pro escrito del
  Agente de Garantías, realizar cualesquiera actuaciones que resulten
  necesarias para ejecutar los términos de este Contrato y realizar cuantas
  actuaciones y ejecutar cuantos instrumentos sean necesarios para el
  cumplimiento de los términos de este Contrato.

  	
   

  	
  Security Agent (who accepts in its capacity as representative of the Lenders in
  accordance with the Intercreditor Deed) acting
  through any of its representatives so that it may, in the name and on behalf
  of the Pledgors, in case of non-execution of the Pledgors upon written
  request of the Security Agent, take any action that may be necessary for the
  purpose of carrying out the terms of this Contract and take any action and
  execute any instrument which may be necessary to accomplish the purposes of
  this Contract.

  
	
   

  	
   

  	
   

  
	
  Entre dichas facultades se
  incluyen, a título enunciativo, las siguientes: (i) otorgar cuantos
  documentos públicos o privados fueren necesarios para formalizar, en nombre y
  representación dlos Pignorantes, la extensión de la Prenda o para modificar,
  subsanar, complementar o aclarar el presente Contrato o cualesquiera documentos
  públicos que se hubieren formalizado en relación con la misma; (ii) en caso
  de aumento del capital social de Hertz de España, asumir las nuevas Acciones
  en nombre y representación de los Pignorantes; (iii) ejercitar conforme a lo
  previsto en este Contrato los derechos políticos y económicos asociados a las
  Acciones desde el momento en que se notifique a Hertz de España y a los
  Pignorantes la ejecución de la Prenda; (iv) representar al Pignorante en la
  subasta de las Acciones pignoradas y otorgar, en nombre y representación de
  los Pignorantes, todos los documentos públicos que sean necesarios para
  formalizar de la transmisión de las Acciones a favor del adquirente o
  adquirentes; (v) designar al Notario español que estime conveniente para
  formalizar cualesquiera documentos públicos que hayan de otorgarse en
  relación con este Contrato; (vi) liquidar y pagar, a costa de los
  Pignorantes, cuantos gastos y tributos se deriven de los actos realizados y
  documentos formalizados en cumplimiento de lo pactado en el presente
  Contrato; y (vii) realizar 

  	
   

  	
  Among the powers granted,
  for instance, are the following: (i) to execute as many public or private
  documents as may be necessary in order to formalize, in the name and on
  behalf of the Pledgors, the extension of the Pledges, or in order to modify,
  amend, correct, supplement or clarify this Contract or any public documents
  executed in connection with this Contract; (ii) in the event of a share
  capital increase with respect to Hertz de España, to acquire the new shares in
  the name and on behalf of the Pledgors; (iii) to exercise in accordance with
  the terms of this Contract the political and economic rights attached to the
  Shares from the date when Herzt de España and the Pledgors are served notice of the foreclosure of the Pledges;
  (iv) to represent the Pledgors in the auction of the pledged Shares and to
  execute, in the name and on behalf of the Pledgors, every public document
  which may be necessary in order to formalize the transfer of the Shares in
  favour of the acquirer or acquirers; (v) to appoint the Notary Public which
  the Security Agent deems appropriate in order to formalize any public
  documents which may be executed in connection with this Contract; (vi) to
  pay, at the Pledgors’ expense, the costs and taxes that arise from the
  actions performed and from the documents executed in compliance with this
  Contract; and (vii) to perform any other actions which may be necessary in
  order to comply with this 

  

 

27

 

	
  cualesquiera otras
  actuaciones que resulten necesarias para dar cumplimiento a lo pactado en
  este Contrato.

  	
   

  	
  Contract.

  
	
   

  	
   

  	
   

  
	
  El presente poder se
  configura como irrevocable y estará en vigor mientras subsista cualquier
  obligación pendiente de pago o cumplimiento bajo el Contrato de Créditos
  Puente o este Contrato. La revocación unilateral de este Poder por los
  Pignorantes no producirá efecto alguno.

  	
   

  	
  These powers of attorney are
  irrevocable and will be in force while the obligation of payment or
  compliance under the Bridge Facilities Agreement or this Contract remains
  pending. The unilateral revocation of these powers of attorney by the
  Pledgors shall not have any effect.

  
	
   

  	
   

  	
   

  
	
  En el supuesto de que el
  Agente de Garantías renunciase o fuera separado como Agente de Garantías de
  acuerdo con lo dispuesto en el Contrato de Créditos Puente o en el Contrato
  entre Acreedores, el Agente de Garantías queda expresamente facultado para
  delegar los presentes poderes y para otorgar nuevos poderes en virtud de los
  conferidos en el presente Contrato (o ser sustituido en éstos), en los mismos
  términos y condiciones, a favor del Acreditante que sea designado como nuevo
  Agente de Garantías en virtud de lo dispuesto en el Contrato de Créditos
  Puente o en el Contrato entre Acreedores. Los Pignorantes declaran conocer y
  aceptar que el ejercicio por el Agente de Garantías de las facultades que
  recibe en virtud del presente poder pueden implicar autocontratación.

  	
   

  	
  Should the Security Agent
  waive resign or be removed from its position as Security Agent under the
  Bridge Facilities Agreement or the Intercreditor Deed, the Security Agent is
  expressly authorised to delegate the present powers and grant new powers of
  attorney pursuant to those conferred in this Contract (or to be replaced
  herein), in upon the same terms and conditions, to the Lender designated as
  the new Security Agent pursuant to the Bridge Facilities Agreement or the
  Intercreditor Deed. The Pledgors declare to that it is aware and accepts that
  the exercise of these powers of attorney by the Security Agent may involve
  self-contracting.

  
	
   

  	
   

  	
   

  
	
  DECIMOTERCERA.- CESIÓN
  DE LA PRENDA

  	
   

  	
  THIRTEENTH.- ASSIGNMENT OF THE PLEDGES

  
	
   

  	
   

  	
   

  
	
  13.1   Las Partes acuerdan que los Acreditantes
  estarán facultados para ceder total o parcialmente en cualquier momento su
  respectiva posición bajo este Contrato siempre conjuntamente con el Contrato
  de Créditos Puente a un cesionario permitido en y de acuerdo con los términos
  del mismo. En consecuencia, los Pignorantes y Hertz de España por la presente
  reconocen y aceptan de forma incondicional e irrevocable el derecho de los
  Acreditantes a realizar tales cesiones, por lo que las referencias realizadas
  en 

  	
   

  	
  13.1   The Lenders are entitled to assign entirely or partially at any time
  their respective position under this Contract always jointly with the Bridge
  Facilities Agreement, according to the provisions thereof to an assignee as
  permitted by and in accordance with the provisions thereof. Therefore, the
  Pledgors and Hertz de España hereby unconditionally and irrevocably acknowledge
  and agree the right of the Lenders to make said assignments; thus, references
  hereof to the Lenders, and/or the Security Agent shall be deemed to be made
  to the 

  

 

28

 

	
  este Contrato a los Acreditantes o al Agente de Garantías se
  entenderán realizadas a sus cesionarios en caso de que medien tales cesiones.
  En cualquier caso, la cesión por los Acreditantes no supondrá un coste
  adicional para los Pignorantes.

  	
   

  	
  assignees
  if said assignments take place. In any case the assignment by the Lenders
  shall not constitute an additional cost for the Pledgors.

  
	
   

  	
   

  	
   

  
	
  13.2   La cesión a cualquier tercero por
  cualquiera de los Acreditantes de su posición contractual bajo el Contrato de
  Créditos Puente implicará la cesión de todos los derechos accesorios,
  incluidos los derivados de este Contrato. La cesión será documentada si así
  lo solicita el Agente de Garantías mediante el otorgamiento de un documento
  público que será firmado por el Agente de Garantías, en su propio nombre y
  derecho y en nombre y por cuenta de los restantes Acreditantes, el cedente y
  el cesionario. No obstante lo anterior, los Pignorantes y Hertz de España
  deberán, previa solicitud del Agente de Garantías o del cesionario, firmar
  tal documento público aunque su firma no sea necesaria para la validez o
  efectividad de la cesión.

  	
   

  	
  13.2   The assignment to a third party by any of the Lenders of its
  contractual position under the Bridge Facilities Agreement would entail the
  assignment of every ancillary right, including those arising from this
  security interest. The assignment shall be documented, if requested by the
  Security Agent, by means of a public document (“documento
  público”) to be executed by the Security Agent, on its own behalf
  and on behalf of the remaining Lenders, the assignor and the assignee. This
  notwithstanding, the Pledgors and Hertz de España shall, upon the Security
  Agent’s or the assignee’s request, also execute such a public document, even
  though the intervention of the Pledgors and Hertz de España shall not be
  required for the validity and effectiveness of such assignment.

  
	
   

  	
   

  	
   

  
	
  DECIMOCUARTA.- LEY
  APLICABLE Y JURISDICCIÓN

  	
   

  	
  FOURTEENTH.- GOVERNING LAW AND JURISDICTION

  
	
   

  	
   

  	
   

  
	
  14.1   El presente
  Contrato estará sujeta al derecho común español.

  	
   

  	
  14.1   This Contract shall
  be governed by Spanish common law.

  
	
   

  	
   

  	
   

  
	
  14.2   Las Partes, con renuncia expresa a
  su fuero propio, se someten de manera expresa e irrevocable a los Juzgados y
  Tribunales de la ciudad de Madrid para cualesquiera cuestiones que puedan
  derivarse de la interpretación, validez o cumplimiento del presente Contrato,
  incluyendo la ejecución de las Prendas mediante el proceso judicial
  declarativo o el de ejecución forzosa.

  	
   

  	
  14.2   The Parties, expressly waiving their right to their own forum,
  expressly and irrevocably submit to the courts of the city of Madrid for any disputes arising from the
  interpretation, validity, or enforceability of this Contract, including the
  foreclosure of this Pledge by means of the declarative judicial proceeding (“proceso declarativo”) or the executive judicial proceeding
  (“proceso de ejecución forzosa”).

  

 

29

 

	
  DECIMOQUINTA.- IDIOMA

  	
   

  	
  FIFTEENTH.- LANGUAGE

  
	
   

  	
   

  	
   

  
	
  El presente Contrato se
  otorga en idioma español e inglés. En caso de que surgieran discrepancias
  entre ambas versiones prevalecerá la versión española.

  	
   

  	
  This Contract is executed in
  Spanish and in English. In the event of discrepancies between both versions,
  the Spanish version shall prevail.

  
	
   

  	
   

  	
   

  
	
  DECIMOSEXTA.- LIMITACIÓN MÁXIMA DE RESPONSABILIDAD DE LAS
  PRENDAS EN CIERTOS SUPUESTOS

  	
   

  	
  SIXTEENTH.- LIMITATION OF
  MAXIMUM LIABILITY UNDER THE PLEDGES IN CERTAIN CASES

  
	
   

  	
   

  	
   

  
	
  Como
  excepción, la responsabilidad máxima garantizada al amparo de las Prendas en
  relación con aquellas Obligaciones Garantizadas de FundingCo que:

  	
   

  	
  By
  way of exception, the maximum liability secured under the Pledges in relation
  to the Secured Obligations of FundingCo:

  
	
   

  	
   

  	
   

  
	
  (i)       hayan financiado
  créditos de FundingCo a Hertz de España y/o Hertz Alquiler de Maquinaria,
  S.L.; y

  	
   

  	
  (i)       which have financed loans of FundingCo to
  Hertz de España and/or Hertz Alquiler de Maquinaria, S.L.; and

  
	
   

  	
   

  	
   

  
	
  (ii)      cuyo incumplimiento
  traiga causa exclusivamente de un incumplimiento de las obligaciones de Hertz
  de España y/o Hertz Alquiler de Maquinaria, S.L. indicadas en (i),

  	
   

  	
  (ii)      the default of which has originated
  exclusively in a breach of the obligations of Hertz de España and/or Hertz
  Alquiler de Maquinaria, S.L. referred to in (i),

  
	
   

  	
   

  	
   

  
	
  estará
  limitada a un importe máximo equivalente a tres veces el importe de los
  fondos propios de Hertz de España y/o Hertz Alquiler de Maquinaria, S.L.
  correspondientes al ejercicio 2005, sin contar a estos efectos el resultado
  del ejercicio.

  	
   

  	
  shall
  be limited to a maximum amount equivalent to three times the equity of Hertz
  de España and/or Hertz Alquiler de Maquinaria’s in 2005, excluding the profit
  or loss for the year.

  
	
   

  	
   

  	
   

  
	
  Dicho
  importe máximo se minorará en el importe total de endeudamiento neto
  remunerado, directo o indirecto, de Hertz de España y/o Hertz Alquiler de
  Maquinaria con entidades vinculadas no residentes en la Unión Europea a
  la fecha de hoy.

  	
   

  	
  That
  maximum amount will be reduced by the total amount of Hertz de España’s
  and/or Hertz Alquiler de Maquinaria’s direct or indirect net remunerated
  indebtedness to related entities not resident in the European Union as of
  today.

  
	
   

  	
   

  	
   

  
	
  A los
  efectos del cálculo referido en esta cláusula, tanto los fondos propios como
  el endeudamiento neto remunerado se reducirán a su estado medio a lo largo del
  año 2005.

  	
   

  	
  For
  purposes of making the calculation contemplated in this clause, both the net
  remunerated indebtedness and the equity shall be reduced to their average
  value throughout the year 2005.

  

 

30

 

	
  EN PRUEBA DE CONFORMIDAD, las Partes suscriben el presente Contrato,
  firmando a continuación en el lugar y fecha indicados en el encabezamiento,
  en un ejemplar que será inmediatamente elevado a público a continuación de
  este acto ante el Notario de Madrid D. Carlos de Prada Guaita.

  	
   

  	
  IN WITNESS HEREOF, the Parties execute this Contract, signing below in
  the place and on the date indicated in the heading, in one single counterpart
  which will be raised to the category of public document before the Notary of
  Madrid Mr. Carlos de Prada Guaita immediately following its execution.

  

 

 

	
  Hertz International, Ltd.

  
	
   

  
	
   

  
	
   

  	
  /s/ Rafael Mínguez Prieto

  	
   

  
	
   

  	
  Rafael Mínguez Prieto

  	
   

  
	
   

  
	
  Hertz Equipment Rental
  International, Ltd.

  
	
   

  
	
   

  
	
   

  	
  /s/ Rafael Mínguez Prieto

  	
   

  
	
   

  	
  Rafael Mínguez Prieto

  	
   

  
	
   

  
	
  Hertz de España, S.A.

  
	
   

  
	
   

  
	
   

  	
  /s/ Alfredo Ruiz Plaza    /s/ Juan Carlos Azcona

  	
   

  
	
   

  	
  Alfredo Ruiz Plaza / Juan Carlos Azcona

  	
   

  
	
   

  
	
  BNS Automobile Funding
  B.V.

  
	
   

  
	
   

  
	
   

  	
  /s/ Rafael Mínguez Prieto

  	
   

  
	
   

  	
  Rafael Mínguez Prieto

  	
   

  
	
   

  
	
  BNP Paribas SA (as
  Security Agent)

  
	
   

  
	
   

  
	
   

  	
  /s/ German Ruiz Baraibar
  Marayta    /s/ Agustín Viudas Margalef

  	
   

  
	
   

  	
  German Ruiz Baraibar Marayta / Agustín Viudas Margalef

  	
   

  
											

 

31Exbibit 4.5.54

 

 

SHARE PLEDGE AGREEMENT

 

between

 

HERTZ AG

 

SCHLIEREN, SWITZERLAND

 

and

 

BNP PARIBAS

PARIS, FRANCE

 

and

 

THE FINANCIAL INSTITUTIONS NAMED IN SCHEDULE 1

 

 

relating to the

 

The pledge of the entire share capital of Züri Leu Garage AG

and Société Immobilière Fair Play SA

 

 

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

  	
   

  	
  22

  
							

 

 

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 “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, including the Pledgor, under a Senior Bridge
Facilities Agreement entered into between, inter alia Hertz International,
Ltd., the Original Borrowers, the Original Guarantors (including the Pledgor),
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 Pledgor has
agreed to pledge the entire share capital of (i) Züri-Leu Garage AG, a company incorporated in
Switzerland, having its registered office at Rohrstrasse 36, 8152 Glattbrugg,
Switzerland (“Züri-Leu”)
and (ii) Société immobilière Fair-Play, a company incorporated in Switzerland,
having its registered office c/o Hertz AG, rue

 

3

 

de Berne 60, 1200 Geneva, Switzerland
(“Fair Play”) as security for the
Secured Liabilities (as defined in Section 1 below) to BNP Paribas as Security
Agent.

 

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 are open for normal business
transactions;

 

“Companies” means Züri-Leu and Fair Play;

 

“Dividends” means all
dividend payments resolved by the respective shareholders’ meetings of the
Companies and effected by the respective board of directors of the Companies
whether in cash or in the form of additional shares in such Companies (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 22.16(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 Companies 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 the Pledgor 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;

 

“Shares” means the shares
in Züri-Leu and Fair Play owned now
or in the future by the Pledgor and
representing the entire share capital of Züri-Leu
and Fair Play, 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 Züri-Leu and/or Fair Play 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 Companies.

 

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 and, therefore, (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 for
the Züri-Leu shares;

 

2.2.2          an up to date copy of Züri-Leu share register evidencing that the
Pledgor is appropriately recorded as owner of the Züri-Leu shares and
containing the mention that the Züri-Leu 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 thereunder;

 

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
Companies whereby:

 

•      the respective Companies’ 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 Companies; 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 Companies, or to receive Dividends directly from
the Companies 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 Companies.

 

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 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 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 Companies 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 Deed (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;

 

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 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

  

 

12

 

	
   

  	
   

  	
  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

  
					

 

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

 

13

 

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.

 

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

 

14

 

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 AG,

as Pledgor

 

 

	
  By:

  	
  /s/ Sandro Florin

  	
   

  
	
  Name: Sandro Florin

  
	
  Title: Vice-President
  Regional Operations & Quality Assurance Hertz Europe

  

 

17

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