Document:

Exhibit 4.5.1.2

EXECUTION VERSION

 

 

Dated as of December 
21, 2007

 

AMENDMENT
AGREEMENT

in respect of a

Senior Bridge Facilities Agreement (in relation to Facilities A1, A2 and C)
originally dated

21 December 2005 (as amended and restated on 21 March 2007)

among

 

HERTZ
INTERNATIONAL, LTD.

as Parent

 

THE
BORROWERS

 

THE
GUARANTORS

 

HERTZ
EUROPE LIMITED

as Coordinator

 

BNP
PARIBAS

 

and

 

THE
ROYAL BANK OF SCOTLAND PLC

as Mandated Lead Arrangers

 

CALYON

as Co-Arranger

 

BNP
PARIBAS,

THE ROYAL BANK OF SCOTLAND PLC

 

and

 

CALYON

as Joint Bookrunners

 

BNP
PARIBAS

as Facility Agent

 

BNP
PARIBAS

as Security Agent

 

BNP
PARIBAS

as Global Coordinator

 

THE
FINANCIAL INSTITUTIONS

NAMED HEREIN

as Banks

 

 

5 Old Broad Street

London EC2N 1DW

 

 

TABLE
OF CONTENTS

 

	
   

  	
   

  	
   

  	
   

  	
  Page

  
	
   

  	
   

  	
   

  	
   

  	
   

  
	
  1.

  	
   

  	
  DEFINITIONS AND INTERPRETATION

  	
   

  	
  2

  
	
   

  	
   

  	
   

  	
   

  	
   

  
	
  2.

  	
   

  	
  AMENDMENT TO THE SENIOR BRIDGE FACILITIES
  AGREEMENT

  	
   

  	
  2

  
	
   

  	
   

  	
   

  	
   

  	
   

  
	
  3.

  	
   

  	
  REPRESENTATIONS AND WARRANTIES

  	
   

  	
  2

  
	
   

  	
   

  	
   

  	
   

  	
   

  
	
  4.

  	
   

  	
  CONTINUITY AND FURTHER ASSURANCE

  	
   

  	
  3

  
	
   

  	
   

  	
   

  	
   

  	
   

  
	
  5.

  	
   

  	
  AMENDMENT COSTS AND EXPENSES

  	
   

  	
  3

  
	
   

  	
   

  	
   

  	
   

  	
   

  
	
  6.

  	
   

  	
  COUNTERPARTS

  	
   

  	
  3

  
	
   

  	
   

  	
   

  	
   

  	
   

  
	
  7.

  	
   

  	
  GOVERNING LAW, NOTICES AND JURISDICTION

  	
   

  	
  4

  
	
   

  	
   

  	
   

  	
   

  	
   

  
	
  SCHEDULE 1     THE
  PARTIES

  	
   

  	
  5

  
	
   

  	
   

  	
   

  	
   

  	
   

  
	
  SCHEDULE 2     (AMENDMENTS)

  	
   

  	
  7

  
	
   

  	
   

  	
   

  	
   

  	
   

  
	
  SIGNATURES     1

  	
   

  	
   

  

 

(i)

 

THIS
AGREEMENT is dated as of 21 December 2007 and made
between:

 

(1)                                 HERTZ INTERNATIONAL, LTD., a corporation
incorporated under the laws of  the State
of Delaware, having (as of the date hereof) its registered office at 225 Brae
Boulevard, Park Ridge, New Jersey, 07657 (the “Parent”);

 

(2)                                 THE COMPANIES listed in Part 2 of
Schedule 1 (The Parties) as borrowers under the
Senior Bridge Facilities Agreement (as defined below) (the “Borrowers”);

 

(3)                                 THE COMPANIES listed in Part 3 of
Schedule 1 (The Parties) as guarantors under the
Senior Bridge Facilities Agreement (as defined below) (the “Guarantors”);

 

(4)                                 HERTZ EUROPE LIMITED as Coordinator;

 

(5)                                 BNP PARIBAS  AND
THE ROYAL BANK OF SCOTLAND PLC as
mandated lead arrangers of the Facilities as defined in the Senior Bridge
Facilities Agreement (each, a “Mandated  Lead Arranger” and together, the “Mandated
Lead Arrangers”);

 

(6)                                 CALYON as co-arranger (the “Co-Arranger”);

 

(7)                                 BNP PARIBAS, THE ROYAL BANK OF SCOTLAND PLC AND CALYON as
joint bookrunners for the Facilities as defined in the Senior Bridge Facilities
Agreement (together, the “Joint Bookrunners”);

 

(8)                                 BNP PARIBAS as facility agent for the
Banks (the “Facility Agent”);

 

(9)                                 BNP PARIBAS as security agent and
security trustee on behalf of the Finance Parties (the “Security
Agent”);

 

(10)                          BNP PARIBAS as documentation agent and
global coordinator for the Banks (the “Global Coordinator”);
and

 

(11)                          THE FINANCIAL INSTITUTIONS listed in Part 1
of Schedule 1 (The Parties) as
Banks (the “Banks”).

 

WHEREAS:

 

(A)                               This
Agreement is supplemental to a senior bridge facilities agreement dated 21 December 2005  (as amended and restated on 21 March 2007) (the “Senior Bridge Facilities Agreement”) made between, among
others, the Parent, the borrowers and guarantors named therein, the mandated
lead arrangers named therein, the co-arranger named therein, the joint
bookrunners named therein, BNP Paribas as facility agent, security agent,
documentation agent and global coordinator and the financial institutions named
therein as banks.

 

(B)                               The
parties wish to amend the Senior Bridge Facilities Agreement on the terms and
subject to the conditions set out in this Agreement.

 

(C)                               In
accordance with Clause 44 (Amendments) of
the Senior Bridge Facilities Agreement, the parties to this Agreement have
agreed that the Senior Bridge Facilities Agreement shall be amended to the
extent set out in this Agreement.

 

1

 

IT
IS AGREED as follows:

 

1.                                      DEFINITIONS AND
INTERPRETATION

 

1.1                                 Definitions

 

In this Agreement:

 

“Effective Date”
means 21 December 2007.

 

1.2                                 Incorporation of
Defined Terms

 

(a)                                  Unless a contrary indication
appears, a term defined in the Senior Bridge Facilities Agreement has the same
meaning in this Agreement.

 

(b)                                 The principles of interpretation set
out in the Senior Bridge Facilities Agreement shall have effect as if set out
in this Agreement.

 

1.3                                 Third Party Rights

 

A person who is not party to this Agreement, other
than the Obligors and the Finance Parties, has no right under the Contracts
(Rights of Third Parties) Act 1999 to enforce any term of this Agreement.

 

2.                                      AMENDMENT TO THE
SENIOR BRIDGE FACILITIES AGREEMENT

 

The Senior Bridge Facilities Agreement shall be
amended as of the Effective Date in the manner set out in Schedule 2 (Amendments) to this Agreement.

 

3.                                      REPRESENTATIONS AND WARRANTIES

 

Each Obligor
represents and warrants to each of the Finance Parties in respect to itself
that:

 

(a)                                  all acts, conditions and things
required to be done, fulfilled and performed (subject to applicable bankruptcy or
insolvency laws or other similar laws affecting creditors’ rights or remedies
generally and general principles of equity) in order (x) to enable it
lawfully to enter into, exercise its rights under and perform and comply with
the obligations (taken as a whole) expressed to be assumed by such Obligor in
this Agreement, (y) to ensure that the obligations expressed to be assumed
by such Obligor in this Agreement are legal, valid, binding and enforceable and
(z) to make this Agreement admissible in evidence in its jurisdiction of
organisation, in each case, have been done, fulfilled and performed, save in
each case for any such act, condition or thing which the failure to do, fulfil
or perform would not reasonably be expected to have a Material Adverse Effect;

 

(b)                                 after giving effect to this
Agreement, no Event of Default has occurred and is continuing (or would occur
giving effect to this Agreement as of the Effective Date);

 

2

 

(c)                                  all necessary consents and approvals
contemplated by this Agreement have been or, when required, will be obtained
and there is no legal requirement of any governmental authority (including any
requirement to make any declaration, filing or registration or to obtain any
license or order) which is necessary to be met by it in connection with its
execution, delivery or performance of this Agreement; and

 

(d)                                 after giving effect to this
Agreement, the Repeated Representations (as such term is defined in the Senior
Bridge Facilities Agreement) other than those set out in Clause 19.6 (Financial Statements) of the Senior Bridge Facilities
Agreement are hereby repeated as of the Effective Date by reference to the
facts and circumstances existing on the Effective Date.

 

4.                                      CONTINUITY AND
FURTHER ASSURANCE

 

4.1                                 Designation as a
Finance Document

 

In accordance with the
definition of “Finance Documents” set forth in
Clause 1.1 (Definitions) of the Senior Bridge
Facilities Agreement, the Parent and the Facility Agent designate this
Agreement as a Finance Document (as such term is defined in the Senior Bridge
Facilities Agreement).

 

4.2                                 Continuing Rights
and Obligations

 

The provisions of the Senior
Bridge Facilities Agreement shall, save as expressly amended by this Agreement,
continue in full force.

 

4.3                                 Further Assurance

 

Each Obligor shall, at the
reasonable request of the Security Agent and at its own expense, do all such
acts and things necessary or desirable to give effect to the amendments
effected or to be effected pursuant to this Agreement.

 

5.                                      AMENDMENT COSTS
AND EXPENSES

 

In accordance with the provisions of
Clause 27.4 (Amendment Costs) of the Senior
Bridge Facilities Agreement the Parent shall reimburse the Finance Parties for
all reasonable out-of-pocket costs and expenses (including reasonable legal
fees of a single counsel in each relevant jurisdiction) together with any VAT
thereon (subject to Clause 14.7(c) (VAT)
of the Senior Bridge Facilities Agreement) directly incurred by such person in
connection with this Agreement.

 

6.                                      COUNTERPARTS

 

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

 

3

 

7.                                      GOVERNING LAW,
NOTICES AND JURISDICTION

 

7.1                                 This Agreement shall be governed by
and construed in accordance with English law.

 

7.2                                 The provisions of Clause 42 (Notices) and Clause 47 (Jurisdiction) of the Senior Bridge
Facilities Agreement shall be incorporated into this Agreement as if set out in
full in this Agreement and as if references in those clauses to “this Agreement”
are references to this Agreement.

 

[The remainder of
the page is intentionally left blank]

 

4

 

SCHEDULE 1

THE  PARTIES

 

Part 1

 

The
Banks

 

	
  BNP Paribas

  
	
   

  
	
  The Royal Bank
  of Scotland plc

  
	
   

  
	
  CALYON

  
	
   

  
	
  Indosuez
  Finance (UK) Limited

  

 

Part 2

 

The
Borrowers

 

	
  HA Funding Pty
  Limited (ACN 117 549 498)

  
	
   

  
	
  Hertz France
  SAS

  
	
   

  
	
  Equipole
  Finance Services SAS

  
	
   

  
	
  Hertz
  Equipement France SAS

  
	
   

  
	
  Hertz
  Autovermietung GmbH

  
	
   

  
	
  Hertz Italiana S.p.A.

  
	
   

  
	
  BNS Automobile
  Funding B.V.

  
	
   

  
	
  Hertz AG

  
	
   

  
	
  Hertz (U.K.)
  Limited

  

 

5

 

Part 3

 

The Guarantors

 

	
  Hertz
  International, Ltd.

  
	
   

  
	
  Hertz Australia
  Pty. Limited (ABN 31 004 407 087)

  
	
   

  
	
  Hertz France
  SAS

  
	
   

  
	
  Hertz
  Equipement France SAS

  
	
   

  
	
  Equipole
  Finance Services SAS

  
	
   

  
	
  Hertz
  Autovermietung GmbH

  
	
   

  
	
  Hertz Italiana S.p.A.

  
	
   

  
	
  BNS Automobile
  Funding B.V.

  
	
   

  
	
  Stuurgroep
  Holland B.V.

  
	
   

  
	
  Hertz de España
  S.A.

  
	
   

  
	
  Hertz Alquiler de Maquinaria S.L.

  
	
   

  
	
  Hertz AG

  
	
   

  
	
  Hertz (U.K.)
  Limited

  
	
   

  
	
  Hertz Europe
  Limited

  

 

6

 

SCHEDULE 2

(AMENDMENTS)

 

Clause 1.1 (Definition)

 

The following definitions
are amended in Clause 1.1 (Definitions).  The definition of:

 

1.                                       “A
Margin” shall be deleted and replaced with the following definition:

 

“A Margin”
means, in relation to an A1 Advance (including any A1 Swingline Advance) or an
A2 Advance (including any A2 Swingline Advance) made to any Borrower, as
determined on the Relevant A Calculation Date, at any time on or after the
Closing Date, the aggregate of:

 

(a)                                  0.75
per cent. per annum (in the case of any A1 Advance) and 1.50 per cent. per
annum (in the case of any A2 Advance);

 

(b)                                 0.25
per cent. per annum multiplied by the ratio (calculated as a percentage) of (A) the
Net Book Value of such Borrower’s Core Country Fleet comprised of vehicles
manufactured by a Vehicle Manufacturer rated B or B by S&P or B2 or B3 by
Moody’s (provided that if any Vehicle Manufacturer has different ratings from
the Rating Agencies, the lowest such rating will apply) divided by (B) such
Borrower’s Borrower Fleet NBV (in this definition, the “B Rated
Fleet Spread”);

 

(c)                                  0.75
per cent. per annum multiplied by the ratio (calculated as a percentage) of (A) the
Net Book Value of such Borrower’s Core Country Fleet comprised of vehicles
manufactured by a non-rated Vehicle Manufacturer or a Vehicle Manufacturer
rated below or equal to CCC+ by S&P or Caa1 by Moody’s (provided that if
any Vehicle Manufacturer has different ratings from the Rating Agencies, the
lowest such rating will apply (in this definition, the “C Rated
Vehicles”)) to (B) such Borrower’s Borrower Fleet NBV;

 

(d)                                 at
any time on and from the date on which the 25% Trigger occurs, 0.50 per cent.
per annum; and

 

(e)                                  the
Step-Up Margin applicable to such Borrower provided that once a variable rate
funding note issuance (a “VFN”) is
launched, the Step-Up Margin shall cease to apply to any Advance made to any
Borrower which is organised in a country included in such VFN.”

 

2                                          “A
Take-Out Adjustment Percentage” shall be deleted and replaced with the
following definition:

 

““A Take-Out
Adjustment Percentage” means 0%”.

 

3.                                       “Final
A Take-Out Adjustment Percentage” shall be deleted and replaced with the
following definition:

 

7

 

““Final A
Take-Out Adjustment Percentage” means 0%”.

 

4.                                       “Step-Up
Margin” shall be deleted and replaced with the following definition:

 

““Step-Up Margin”
means, in relation to an A1 Advance (including any A1 Swingline Advance) or an
A2 Advance (including any A2 Swingline Advance) made to any A1 Borrower or A2
Borrower, as determined on the Relevant A Calculation Date, at any time on or
after the Closing Date, the aggregate of:

 

(a)                                  where
the relevant Borrower is an SPV, the sum of (i) 0.50 per cent. per annum
(in the case of an A1 Advance) or 0.75 per cent. per annum (in the case of an
A2 Advance) and (ii) 0.50 per cent. per annum multiplied by the ratio
(calculated as a percentage) of (x) the Net Book Value of such Borrower’s
Core Country Fleet comprised of C Rated Vehicles (as defined above) to (y) such
Borrower’s Borrower Fleet NBV; or

 

(b)                                 where
the relevant Borrower is not an SPV, the sum of (i) 1.00 per cent. per
annum (in the case of the A1 Facility) or 1.25 per cent. per annum in the case
of the A2 Facility and (ii) 0.75 per cent. per annum multiplied by the
ratio (calculated as a percentage) of (A) such Borrower’s Core Country
Fleet comprised of C Rated Vehicles (as defined above) to (B) such
Borrower’s Borrower Fleet NBV.”

 

8

 

SIGNATURES

 

THE PARENT

 

	
  EXECUTED
  as a Deed by HERTZ INTERNATIONAL, LTD.

  	
  )

  
	
   

  	
  )

  
	
  acting by

  	
  /s/ Nuns
  Moodliar

  	
   

  	
  )

  
	
  and

  	
  /s/ Jim McGill

  	
   

  	
  )

  
					

 

S-1

 

THE BORROWERS

 

	
  EXECUTED
  as a Deed by HA FUNDING PTY LIMITED (ACN 117 549 498

  	
  )

  
	
   

  	
  )

  
	
  acting by 

  	
  /s/ Nuns
  Moodliar

  	
   

  	
  )

  
	
  and

  	
  /s/ Jim McGill

  	
   

  	
  )

  
					

 

Executed on behalf of the Coordinator

 

S-2

 

THE BORROWERS

 

	
  EXECUTED
  as a Deed by HERTZ FRANCE SAS

  	
  )

  
	
   

  	
  )

  
	
  acting by 

  	
  /s/ Nuns
  Moodliar

  	
   

  	
  )

  
	
  and

  	
  /s/ Jim McGill

  	
   

  	
  )

  
					

 

Executed on behalf of the Coordinator

 

S-3

 

THE BORROWERS

 

	
  EXECUTED
  as a Deed by EQUIPOLE FINANCE SERVICES SAS

  	
  )

  
	
   

  	
  )

  
	
  acting by 

  	
  /s/ Nuns
  Moodliar

  	
   

  	
  )

  
	
  and

  	
  /s/ Jim McGill

  	
   

  	
  )

  
					

 

Executed on behalf of the Coordinator

 

S-4

 

THE BORROWERS

 

	
  EXECUTED
  as a Deed by HERTZ EQUIPEMENT FRANCE SAS

  	
  )

  
	
   

  	
  )

  
	
  acting by

  	
  /s/ Nuns
  Moodliar

  	
   

  	
  )

  
	
  and

  	
  /s/ Jim McGill

  	
   

  	
  )

  
					

 

Executed on behalf of the Coordinator

 

S-5

 

THE BORROWERS

 

	
  EXECUTED
  as a Deed by HERTZ AUTOVERMIETUNG GMBH

  	
  )

  
	
   

  	
  )

  
	
  acting by

  	
  /s/ Nuns
  Moodliar

  	
   

  	
  )

  
	
  and

  	
  /s/ Jim McGill

  	
   

  	
  )

  
					

 

Executed on behalf of the Coordinator

 

S-6

 

THE BORROWERS

 

	
  EXECUTED
  as a Deed by HERTZ ITALIANA S.P.A.

  	
  )

  
	
   

  	
  )

  
	
  acting by

  	
  /s/ Nuns
  Moodliar

  	
   

  	
  )

  
	
  and

  	
  /s/ Jim McGill

  	
   

  	
  )

  
					

 

Executed on behalf of the Coordinator

 

S-7

 

THE BORROWERS

 

	
  EXECUTED
  as a Deed by BNS AUTOMOBILE FUNDING B.V.

  	
  )

  
	
   

  	
  )

  
	
  acting by

  	
  /s/ Nuns
  Moodliar

  	
   

  	
  )

  
	
  and

  	
  /s/ Jim McGill

  	
   

  	
  )

  
					

 

Executed on behalf of the Coordinator

 

S-8

 

THE BORROWERS

 

	
  EXECUTED
  as a Deed by HERTZ AG

  	
  )

  
	
   

  	
  )

  
	
  acting by

  	
  /s/ Nuns
  Moodliar

  	
   

  	
  )

  
	
  and

  	
  /s/ Jim McGill

  	
   

  	
  )

  
					

 

Executed on behalf of the Coordinator

 

S-9

 

THE BORROWERS

 

	
  EXECUTED
  as a Deed by HERTZ (U.K.) LIMITED

  	
  )

  
	
   

  	
  )

  
	
  acting by

  	
  /s/ Nuns
  Moodliar

  	
   

  	
  )

  
	
  and

  	
  /s/ Jim McGill

  	
   

  	
  )

  
					

 

Executed on behalf of the Coordinator

 

S-10

 

	
  THE GUARANTORS

  	
   

  	
   

  
	
   

  	
   

  
	
  EXECUTED
  as a Deed by HERTZ INTERNATIONAL, LTD.

  	
  )

  
	
   

  	
  )

  
	
  acting by 

  	
  /s/ Nuns
  Moodliar

  	
   

  	
  )

  
	
  and 

  	
  /s/ Jim McGill

  	
   

  	
  )

  
	
   

  	
   

  
	
  Executed on behalf of the Coordinator

  	
   

  
						

 

S-11

 

	
  THE GUARANTORS

  	
   

  	
   

  
	
   

  	
   

  
	
  EXECUTED
  as a Deed by HERTZ AUSTRALIA PTY. LTD

  	
  )

  
	
  (ABN
  31 004 407 087)

  	
  )

  
	
   

  	
  )

  
	
  acting by 

  	
  /s/ Nuns
  Moodliar

  	
   

  	
  )

  
	
  and 

  	
  /s/ Jim McGill

  	
   

  	
  )

  
	
   

  	
   

  
	
  Executed on behalf of the Coordinator

  	
   

  
						

 

S-12

 

	
  THE GUARANTORS

  	
   

  	
   

  
	
   

  	
   

  
	
  EXECUTED
  as a Deed by HERTZ FRANCE SAS

  	
  )

  
	
   

  	
  )

  
	
  acting by 

  	
  /s/ Nuns
  Moodliar

  	
   

  	
  )

  
	
  and 

  	
  /s/ Jim McGill

  	
   

  	
  )

  
	
   

  	
   

  
	
  Executed on behalf of the Coordinator

  	
   

  
						

 

S-13

 

	
  THE GUARANTORS

  	
   

  	
   

  
	
   

  	
   

  
	
  EXECUTED
  as a Deed by HERTZ EQUIPMENT FRANCE SAS

  	
  )

  
	
   

  	
  )

  
	
  acting by 

  	
  /s/ Nuns
  Moodliar

  	
   

  	
  )

  
	
  and 

  	
  /s/ Jim McGill

  	
   

  	
  )

  
	
   

  	
   

  
	
  Executed on behalf of the Coordinator

  	
   

  
						

 

S-14

 

	
  THE GUARANTORS

  	
   

  	
   

  
	
   

  	
   

  
	
  EXECUTED
  as a Deed by EQUIPOLE FINANCE SERVICES SAS

  	
  )

  
	
   

  	
  )

  
	
  acting by 

  	
  /s/ Nuns
  Moodliar

  	
   

  	
  )

  
	
  and 

  	
  /s/ Jim McGill

  	
   

  	
  )

  
	
   

  	
   

  
	
  Executed on behalf of the Coordinator

  	
   

  
						

 

S-15

 

	
  THE GUARANTORS

  	
   

  	
   

  
	
   

  	
   

  
	
  EXECUTED
  as a Deed by HERTZ AUTOVERMIETUNG GMBH

  	
  )

  
	
   

  	
  )

  
	
  acting by 

  	
  /s/ Nuns
  Moodliar

  	
   

  	
  )

  
	
  and 

  	
  /s/ Jim McGill

  	
   

  	
  )

  
	
   

  	
   

  
	
  Executed on behalf of the Coordinator

  	
   

  
						

 

S-16

 

	
  THE GUARANTORS

  	
   

  	
   

  
	
   

  	
   

  
	
  EXECUTED
  as a Deed by HERTZ ITALIANA S.P.A.

  	
  )

  
	
   

  	
  )

  
	
  acting by 

  	
  /s/ Nuns
  Moodliar

  	
   

  	
  )

  
	
  and 

  	
  /s/ Jim McGill

  	
   

  	
  )

  
	
   

  	
   

  
	
  Executed on behalf of the Coordinator

  	
   

  
						

 

S-17

 

	
  THE GUARANTORS

  	
   

  	
   

  
	
   

  	
   

  
	
  EXECUTED
  as a Deed by BNS AUTOMOBILE FUNDING B.V.

  	
  )

  
	
   

  	
  )

  
	
  acting by 

  	
  /s/ Nuns
  Moodliar

  	
   

  	
  )

  
	
  and 

  	
  /s/ Jim McGill

  	
   

  	
  )

  
	
   

  	
   

  
	
  Executed on behalf of the Coordinator

  	
   

  
						

 

S-18

 

	
  THE GUARANTORS

  	
   

  	
   

  
	
   

  	
   

  
	
  EXECUTED
  as a Deed by STUURGROEP HOLLAND B.V.

  	
  )

  
	
   

  	
  )

  
	
  acting by 

  	
  /s/ Nuns
  Moodliar

  	
   

  	
  )

  
	
  and 

  	
  /s/ Jim McGill

  	
   

  	
  )

  
	
   

  	
   

  
	
  Executed on behalf of the Coordinator

  	
   

  
						

 

S-19

 

	
  THE GUARANTORS

  	
   

  	
   

  
	
   

  	
   

  
	
  EXECUTED
  as a Deed by HERTZ DE ESPAÑA S.A.

  	
  )

  
	
   

  	
  )

  
	
  acting by 

  	
  /s/ Nuns
  Moodliar

  	
   

  	
  )

  
	
  and 

  	
  /s/ Jim McGill

  	
   

  	
  )

  
	
   

  	
   

  
	
  Executed on behalf of the Coordinator

  	
   

  
						

 

S-20

 

	
  THE GUARANTORS

  	
   

  	
   

  
	
   

  	
   

  
	
  EXECUTED
  as a Deed by HERTZ ALQUILER DE MAQUINARIA S.L.

  	
  )

  
	
   

  	
  )

  
	
  acting by 

  	
  /s/ Nuns
  Moodliar

  	
   

  	
  )

  
	
  and 

  	
  /s/ Jim McGill

  	
   

  	
  )

  
	
   

  	
   

  
	
  Executed on behalf of the Coordinator

  	
   

  
						

 

S-21

 

	
  THE GUARANTORS

  	
   

  	
   

  
	
   

  	
   

  
	
  EXECUTED
  as a Deed by HERTZ AG

  	
  )

  
	
   

  	
  )

  
	
  acting by 

  	
  /s/ Nuns
  Moodliar

  	
   

  	
  )

  
	
  and 

  	
  /s/ Jim McGill

  	
   

  	
  )

  
	
   

  	
   

  
	
  Executed on behalf of the Coordinator

  	
   

  
						

 

S-22

 

	
  THE GUARANTORS

  	
   

  	
   

  
	
   

  	
   

  
	
  EXECUTED
  as a Deed by HERTZ (U.K.) LIMITED

  	
  )

  
	
   

  	
  )

  
	
  acting by 

  	
  /s/ Nuns
  Moodliar

  	
   

  	
  )

  
	
  and 

  	
  /s/ Jim McGill

  	
   

  	
  )

  
	
   

  	
   

  
	
  Executed on behalf of the Coordinator

  	
   

  
						

 

S-23

 

	
  THE GUARANTORS

  	
   

  	
   

  
	
   

  	
   

  
	
  EXECUTED
  as a Deed by HERTZ EUROPE LIMITED

  	
  )

  
	
   

  	
  )

  
	
  acting by 

  	
  /s/ Nuns
  Moodliar

  	
   

  	
  )

  
	
  and 

  	
  /s/ Jim McGill

  	
   

  	
  )

  
	
   

  	
   

  
	
  Executed on behalf of the Coordinator

  	
   

  
						

 

S-24

 

	
  THE COORDINATOR

  	
   

  	
   

  
	
   

  	
   

  
	
  EXECUTED
  as a Deed by HERTZ EUROPE LIMITED

  	
  )

  
	
   

  	
  )

  
	
  acting by 

  	
  /s/ Nuns
  Moodliar

  	
   

  	
  )

  
	
  and 

  	
  /s/ Jim McGill

  	
   

  	
  )

  
	
   

  	
   

  
	
  Executed on behalf of the Coordinator

  	
   

  
						

 

S-25

 

	
  THE MANDATED LEAD ARRANGERS

  	
   

  	
   

  
	
   

  	
   

  
	
  EXECUTED
  as a Deed by BNP PARIBAS

  	
  )

  
	
   

  	
  )

  
	
  acting by 

  	
   /S/ Eric Noulinet

  	
   

  	
  )

  
	
  and 

  	
  )

  
	
   

  	
   

  
	
  In the presence of 

  	
  /s/ Mr. Charles Egly

  	
   

  	
   

  
							

 

S-26

 

	
  THE MANDATED LEAD ARRANGERS

  	
   

  	
   

  
	
   

  	
   

  
	
  EXECUTED
  as a Deed by THE ROYAL BANK OF SCOTLAND PLC

  	
  )

  
	
   

  	
  )

  
	
  acting by 

  	
  /s/ Alan Parry

  	
   

  	
  )

  
	
   

  	
  Director

  	
   

  	
   

  
					

 

S-27

 

	
  THE CO-ARRANGER

  	
   

  	
   

  
	
   

  	
   

  
	
  EXECUTED
  as a Deed by CALYON

  	
  )

  
	
   

  	
  )

  
	
  acting 

  	
  /s/ Christophe Champion 

  	
  (Executive Director)

  	
   

  	
  )

  
	
  and 

  	
  /s/Laurent Haik 

  	
  (Managing  Director)

  	
   

  	
  )

  
								

 

S-28

 

	
  THE JOINT BOOKRUNNERS

  	
   

  	
   

  
	
   

  	
   

  
	
  EXECUTED
  as a Deed by BNP PARIBAS

  	
  )

  
	
   

  	
  )

  
	
  acting by 

  	
  /S/ Eric Noulinet

  	
   

  	
  )

  
	
  and 

  	
   

  	
  )

  
	
   

  	
   

  
	
  In the presence of 

  	
  /s/ Charles Egly

  	
   

  	
   

  
						

 

S-29

 

	
  THE JOINT BOOKRUNNERS

  	
   

  	
   

  
	
   

  	
   

  
	
  EXECUTED
  as a Deed by THE ROYAL BANK OF SCOTLAND PLC

  	
  )

  
	
   

  	
  )

  
	
  acting by 

  	
  /s/ Alan Parry

  	
   

  	
  )

  
	
   

  	
  Director

  	
   

  	
   

  
						

 

S-30

 

	
  THE JOINT BOOKRUNNERS

  	
   

  	
   

  
	
   

  	
   

  
	
  EXECUTED
  as a Deed by CALYON

  	
  )

  
	
   

  	
  )

  
	
  acting

  	
  /s/ Christophe Champion 

  	
  (Executive Director)

  	
   

  	
  )

  
	
  and 

  	
  /s/Laurent Haik 

  	
  (Managing  Director)

  	
   

  	
  )

  
								

 

S-31

 

	
  THE FACILITY AGENT, THE SECURITY AGENT, and
  THE GLOBAL COORDINATOR  

  
	
   

  	
   

  
	
  EXECUTED
  as a Deed by BNP PARIBAS

  	
  )

  
	
   

  	
  )

  
	
  acting by 

  	
   /S/ Eric Noulinet

  	
   

  	
  )

  
	
  and

  	
  )

  
	
   

  	
   

  
	
  In the presence
  of 

  	
  /s/ Mr. Charles
  Egly

  	
   

  	
   

  
					

 

S-32

 

	
  THE BANKS

  
	
   

  	
   

  
	
  EXECUTED
  as a Deed by BNP PARIBAS

  	
  )

  
	
   

  	
  )

  
	
  acting by 

  	
   /S/ Eric Noulinet

  	
   

  	
  )

  
	
  and

  	
  )

  
	
   

  	
   

  
	
  In the presence
  of 

  	
  /s/
  Mr. Charles Egly

  	
   

  	
   

  
					

 

S-33

 

	
  THE BANKS

  	
   

  	
   

  
	
   

  	
   

  
	
  EXECUTED
  as a Deed by THE ROYAL BANK OF SCOTLAND PLC

  	
  )

  
	
   

  	
  )

  
	
  acting by 

  	
  /s/ Alan Parry

  	
   

  	
  )

  
	
   

  	
  Director

  	
   

  	
   

  
						

 

S-34

 

	
  THE BANKS

  	
   

  	
   

  
	
   

  	
   

  
	
  EXECUTED
  as a Deed by CALYON

  	
  )

  
	
   

  	
  )

  
	
  acting

  	
  /s/ Christophe Champion 

  	
  (Executive Director)

  	
   

  	
  )

  
	
  and 

  	
  /s/Laurent Haik 

  	
  (Managing  Director)

  	
   

  	
  )

  
								

 

S-35

 

	
  THE BANKS

  	
   

  	
   

  
	
   

  	
   

  
	
  EXECUTED
  as a Deed by INDOSUEZ FINANCE (UK) LIMITED

  	
  )

  
	
   

  	
  )

  
	
  acting by 

  	
  /s/Michael Payne (Director)

  	
   

  	
  )

  
	
  and /s/

  	
  Jerome Lalourcey (Director)

  	
   

  	
  )

  
						

 

S-36Exhibit 4.5.2.1

 

EXECUTION VERSION

 

 

Dated 21 March
2007

 

SUPPLEMENTAL
DEED
 in respect of an Intercreditor Deed

originally dated 21 December 2005

between

 

HERTZ
INTERNATIONAL, LTD
 as Parent

 

HERTZ
EUROPE LIMITED
 as Coordinator

 

THE
OBLIGORS

 

BNP
PARIBAS

as A/C Facility Agent and NZ Facility Agent

 

BNP
PARIBAS

as Security Agent

 

BANCO BNP PARIBAS BRASIL S.A.
 as Brazilian Facility Agent

 

BNP
PARIBAS

as Australian Security Trustee

 

THE A1
BANKS

THE A2
BANKS

THE
BRAZILIAN BANKS

THE NZ
BANKS

THE C
BANKS

THE INTRA-GROUP
CREDITORS

 

and

 

THE EQUITY
FINANCE PROVIDERS

 

 

5 Old Broad Street

London EC2N 1DW

 

 

TABLE OF
CONTENTS

 

	
   

  	
   

  	
  Page

  
	
  1

  	
   

  	
  DEFINITIONS
  AND INTERPRETATION

  	
  8

  
	
  2

  	
   

  	
  RESTATEMENT

  	
  9

  
	
  3

  	
   

  	
  CONTINUITY AND FURTHER ASSURANCE

  	
  9

  
	
  4

  	
   

  	
  MISCELLANEOUS

  	
  9

  
	
  5

  	
   

  	
  GOVERNING LAW

  	
  9

  
	
  SCHEDULE 1

  	
  THE PARTIES

  	
  11

  
	
  SCHEDULE 2

  	
  AMENDED INTERCREDITOR DEED

  	
  13

  
	
  SIGNATURES

  	
   

  	
  S-1

  
						

 

i

 

THIS DEED (this “Deed”) is dated      March 2007 between:

 

(1)                                 HERTZ INTERNATIONAL
LTD, a corporation incorporated under the laws of the State of
Delaware, having (as at the date hereof) its registered office at 225 Brae
Boulevard, Park Ridge, New Jersey, 07657 (the “Parent”);

 

(2)                                 THE COMPANIES named in Part 1 of Schedule 1 (the “Obligors”);

 

(3)                                 BNP PARIBAS as facility agent for the A/C
Finance Parties (the “A/C Facility Agent”);

 

(4)                                 BANCO BNP
PARIBAS BRASIL S.A. as administrative agent for the Brazilian
Finance Parties (the “Brazilian Facility Agent”);

 

(5)                                 BNP PARIBAS
as facility agent for the New Zealand Finance Parties (the “NZ Facility Agent”);

 

(6)                                 BNP PARIBAS as security agent for the Senior
Finance Parties (the “Security Agent”);

 

(7)                                 BNP PARIBAS as
security trustee for the Senior Finance Parties in respect of the Australian
Security Document (the “Australian Security
Trustee”);

 

(8)                                 THE INSTITUTIONS named in Part 2 of
Schedule 1 (the “A1 Banks”);

 

(9)                                 THE INSTITUTIONS named in Part 3 of Schedule 1 (the “A2 Banks”);

 

(10)                          THE INSTITUTIONS named in Part 4 of Schedule 1 (the “Brazilian  Banks”);

 

(11)                          THE INSTITUTIONS named in Part 5 of Schedule 1 (the “NZ Banks”);

 

(12)                          THE INSTITUTIONS named in Part 6 of
Schedule 1 (the “C Banks”);

 

(13)                          THE COMPANIES named in Part 7 of Schedule 1 (the “Intra Group Creditors”); and

 

(14)                          THE COMPANIES named in Part 8 of Schedule 1 (the “Equity Finance Providers”); and

 

(15)                          HERTZ EUROPE LIMITED,  a private limited company
incorporated under the laws of England and Wales with company registration
number 01008739, having (as at the date hereof) its registered office at Hertz
House, 11 Vine Street, Uxbridge, Middlesex, UB8 1QE (the “Coordinator”).

 

WHEREAS:

 

(A)                             This
Deed is supplemental to an intercreditor deed dated 21 December 2005  (the “Original Intercreditor
Deed”) made between, among others, the Parent, the Obligors, BNP
Paribas as the A/C Facility Agent, the NZ Facility Agent and the Security
Agent, Banco BNP Paribas Brasil S.A. as the Brazilian Facility Agent and BNP
Paribas as the Australian Security Trustee.

 

(B)                             As
of the date hereof, Equipole S.A. has acceded as an Intra-Group Creditor and
Hertz Finance Centre Limited has acceded as an Equity Finance Provider. No
Intra-Group Debtors have acceded to the Original Intercreditor Deed.

 

(C)                             The
parties wish to amend the Original Intercreditor Deed on the terms and subject
to the conditions set out herein.

 

NOW THIS DEED WITNESSES as follows:

 

1.                                      DEFINITIONS AND
INTERPRETATION

 

1.1                               Definitions

 

In this Deed:

 

“Amended
Intercreditor Deed”  means the Original
Intercreditor Deed as amended and restated in the form set out in Schedule 2 (Amended  Intercreditor  Deed).

 

“Effective
Date”  means the date of this Deed.

 

8

 

1.2                               Incorporation of Defined Terms

 

(a)                                Unless a contrary indication
appears, a term defined in the Amended Intercreditor Deed has the same meaning
in this Deed.

 

(b)                               The principles of construction set
out in the Amended Intercreditor Deed shall have effect as if set out in this
Deed.

 

1.3                               Third Party Rights

 

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

 

2.                                      RESTATEMENT

 

With effect from the Effective
Date, the Intercreditor Deed shall be amended and restated in the form set out
in Schedule 2 (Amended  Intercreditor  Deed).

 

3.                                      CONTINUITY AND
FURTHER ASSURANCE

 

3.1                               Designation as a Finance Document

 

(a)                                  In accordance with the A/C
Facilities Agreement, the Parent and A/C Facility Agent designate this Deed and
the Amended Intercreditor Deed as a Finance Document (as such term is defined
in the A/C Facilities Agreement).

 

(b)                                 In accordance with the NZ Facility
Agreement, the Parent and the NZ Facility Agent designate this Deed and the Amended
Intercreditor Deed as a Finance Document (as such term is defined in the NZ
Facility Agreement).

 

3.2                               Continuing Obligations

 

The provisions of the
Intercreditor Deed shall, save as amended by this Deed, continue in full force
and effect.

 

3.3                               Further Assurance

 

Each Obligor shall, at the
reasonable request of the Security Agent and at its own expense, do all such
acts and things necessary or desirable to give effect to the amendments
effected or to be effected pursuant to this Deed.

 

4.                                      MISCELLANEOUS

 

4.1                               Incorporation of Terms

 

The provisions of Clause 23
(Notice) and Clause 28 (Governing Law and Submission to Jurisdiction) of the
Intercreditor Deed shall be incorporated into this Deed as if set out in full
in this Deed and as if references in those clauses to “this Deed”
are references to this Deed.

 

4.2                               Counterparts

 

This Deed may be executed in any
number of counterparts, and this has the same effect as if the signatures on
the counterparts were on a single copy of this Deed.

 

5.                                      GOVERNING LAW

 

This Deed is governed by English
law.

 

 

This Deed has been executed as a deed on the
date stated at the beginning of this Deed.

 

 

SCHEDULE 1

 

THE PARTIES

 

 

PART 1: DETAILS OF OBLIGORS

 

THE BORROWERS

 

HA Funding Pty Limited  (ACN 117 549 498)

Car Rental Systems Do Brasil
Locação De Veículos Ltda

Hertz Belgium N.V.

Hertz Canada Limited

Hertz France SAS

Equipole Finance Services SAS

Hertz Equipement France SAS

Hertz Autovermietung GmbH

Hertz Italiana S.p.A.

Hertz New Zealand Limited

Hertz AG

BNS Automobile Funding B.V.

Hertz (U.K.) Limited

 

THE GUARANTORS

 

Hertz International, Ltd.

The Hertz Corporation

Hertz Australia Pty. Limited  (ABN 31 004 407 087)

Hertz Belgium N.V.

Hertz France SAS

Hertz Equipement France SAS

Equipole Finance Services SAS

Hertz Autovermietung GmbH

Hertz Italiana S.p.A.

Hertz New Zealand Holdings
Limited

Hertz de Espãna S.A.

Hertz Alquiler de Maquinaria S.L.

Hertz AG

BNS Automobile Funding B.V.

Stuurgroep Holland B.V.

Hertz (U.K.) Limited

Hertz Europe Limited

 

PART 2: THE A1 BANKS

 

BNP Paribas

CALYON

Indosuez Finance (UK) Limited

The Royal Bank of Scotland plc

 

PART 3: THE A2 BANKS

 

BNP Paribas

CALYON

Indosuez Finance (UK) Limited

The Royal Bank of Scotland plc

 

 

PART 4: THE BRAZILIAN BANKS

 

Banco BNP Paribas Brasil S.A.

Banco Calyon Brasil S.A.

 

PART 5: THE NZ BANKS

 

BNP Paribas

CALYON

The Royal Bank of Scotland plc,
Australia branch

 

PART 6: THE C BANKS

 

BNP Paribas

CALYON

The Royal Bank of Scotland plc

 

PART 7: THE INTRA-GROUP CREDITORS

 

Equipole S.A.

 

PART 7: THE EQUITY FINANCE PROVIDERS

 

The Hertz Corporation

Hertz Finance Centre Limited

 

 

SCHEDULE 2

 

AMENDED INTERCREDITOR DEED

 

 

21 December 2005 

as amended and restated on 21 March 2007

 

INTERCREDITOR DEED

 

between

 

HERTZ INTERNATIONAL, LTD

as Parent

 

HERTZ EUROPE LIMITED

as Coordinator

 

THE ORIGINAL OBLIGORS

 

BNP PARIBAS

as A/C Facility Agent and NZ Facility
Agent

 

BNP PARIBAS

as Security Agent

 

BNP PARIBAS

as Australian Security
Trustee

 

THE ORIGINAL A1 BANKS

 

THE ORIGINAL A2 BANKS

 

THE ORIGINAL NZ BANKS

 

THE ORIGINAL C BANKS

 

THE ORIGINAL INTRA-GROUP CREDITORS

(upon accession)

 

THE ORIGINAL INTRA-GROUP DEBTORS

(upon accession)

 

and

 

THE ORIGINAL EQUITY FINANCE PROVIDERS

 

 

5 Old Broad Street

London EC2N 1DW 

 

 

TABLE
OF CONTENTS

 

	
   

  	
   

  	
  Page

  
	
   

  	
   

  	
   

  
	
  1.

  	
  INTERPRETATION

  	
  1

  
	
  2.

  	
  RANKING OF INDEBTEDNESS

  	
  13

  
	
  3.

  	
  PROHIBITED PAYMENTS

  	
  14

  
	
  4.

  	
  PERMITTED PAYMENTS

  	
  18

  
	
  5.

  	
  ENFORCEMENT ACTION

  	
  18

  
	
  6.

  	
  SECURITY

  	
  21

  
	
  7.

  	
  ENFORCEMENT OF SECURITY

  	
  24

  
	
  8.

  	
  SUBORDINATION ON INSOLVENCY

  	
  24

  
	
  9.

  	
  TURNOVER OF RECEIPTS

  	
  25

  
	
  10.

  	
  APPLICATION OF RECOVERIES

  	
  28

  
	
  11.

  	
  SUBROGATION

  	
  33

  
	
  12.

  	
  PROTECTION OF SUBORDINATION

  	
  34

  
	
  13.

  	
  STATUS OF OBLIGORS

  	
  35

  
	
  14.

  	
  AMENDMENTS TO DOCUMENTS

  	
  35

  
	
  15.

  	
  REPRESENTATIONS AND
  WARRANTIES

  	
  37

  
	
  16.

  	
  INFORMATION AND CO-OPERATION

  	
  37

  
	
  17.

  	
  ATTORNEY

  	
  38

  
	
  18.

  	
  HEDGING BANKS

  	
  38

  
	
  19.

  	
  PRO RATA SHARING

  	
  39

  
	
  20.

  	
  APPOINTMENT AND DUTIES OF
  SECURITY AGENT

  	
  40

  
	
  21.

  	
  FEES AND EXPENSES

  	
  62

  
	
  22.

  	
  INDEMNITIES

  	
  63

  
	
  23.

  	
  NOTICE

  	
  64

  
	
  24.

  	
  NO IMPLIED WAIVERS AND
  AMENDMENTS

  	
  66

  
	
  25.

  	
  INVALIDITY OF ANY PROVISION

  	
  67

  
	
  26.

  	
  CHANGE TO PARTIES

  	
  67

  
	
  27.

  	
  CERTIFICATES CONCLUSIVE

  	
  69

  
	
  28.

  	
  GOVERNING LAW AND SUBMISSION
  TO JURISDICTION

  	
  69

  
	
  29.

  	
  COUNTERPARTS

  	
  70

  
	
  30.

  	
  THIRD PARTY RIGHTS

  	
  70

  
	
  31.

  	
  BRAZILIAN FACILITIES
  AGREEMENT

  	
  71

  
	
   

  	
  SCHEDULE 1 

  	
  72

  
	
   

  	
   

  	
   

  
	
   

  	
  SCHEDULE 2

  	
  75

  

 

14

 

THIS DEED is made on
21 December 2005, as amended and restated on March 2007, between:

 

(1)                                 HERTZ INTERNATIONAL LTD, a corporation incorporated under the laws of the State
of Delaware, having (as at the date hereof) its registered office at 225 Brae
Boulevard, Park Ridge, New Jersey, 07657 (the “Parent”);

 

(2)                                 THE COMPANIES named in Part 1 of
Schedule 1 (the “Original Obligors”);

 

(3)                                 BNP PARIBAS as facility agent for the A/C
Finance Parties (the “A/C Facility Agent”);

 

(4)                                 BNP PARIBAS as facility agent for the New Zealand
Finance Parties (the “NZ Facility Agent”);

 

(5)                                 BNP PARIBAS as security agent for the
Senior Finance Parties (the “Security Agent”);

 

(6)                                 BNP PARIBAS as security trustee for the
Senior Finance Parties in respect of the Australian Security Document (the “Australian Security Trustee”);

 

(7)                                 THE INSTITUTIONS named in
Part 2 of Schedule 1 (the “Original
A1 Banks”);

 

(8)                                 THE INSTITUTIONS named in Part 3 of
Schedule 1 (the “Original A2 Banks”);

 

(10)                          THE INSTITUTIONS named in Part 4 of
Schedule 1 (the “Original NZ  Banks”);

 

(11)                          THE INSTITUTIONS named in Part 5 of
Schedule 1 (the “Original C Banks”);

 

(12)                          THE COMPANIES named in Part 6 of
Schedule 1 (the “Original Intra-Group
Creditors”);

 

(13)                          THE COMPANIES named in Part 7 of Schedule 1
(the “Original Intra-Group Debtors”);

 

(14)                          THE COMPANIES named in Part 8 of Schedule 1
(the “Original Equity Finance Providers”);
and

 

(15)                          HERTZ EUROPE LIMITED,  a private limited company incorporated
under the laws of England and Wales with company registration number 01008739,
having (as at the date hereof) its registered office at Hertz House, 11 Vine
Street, Uxbridge, Middlesex, UB8 1QE (the “Coordinator”).

 

NOW
THIS DEED WITNESSES as follows:

 

6.                                     INTERPRETATION

 

6.1                              Definitions

 

In this Deed, unless the context otherwise requires,
the following expressions have the meanings set opposite them:

 

1

 

“A1 Banks”
means the Original A1 Banks and any assignee or transferee to whom rights
and/or obligations in respect of the A1 Facility are assigned, transferred or
novated in accordance with the A/C Facilities Agreement;

 

“A2 Banks”
means the Original A2 Banks and any assignee or transferee to whom rights
and/or obligations in respect of the A2 Facility are assigned, transferred or
novated in accordance with the A/C Facilities Agreement;

 

“A1 Discharge Date”
means the date on which all A1 Indebtedness has been fully discharged and all
commitments of the A1 Finance Parties to the Obligors have been terminated or
cancelled in accordance with the A/C Finance Documents;

 

“A1 Facility”
has the meaning given to it in the A/C Facilities Agreement;

 

“A2 Facility”
has the meaning given to it in the A/C Facilities Agreement;

 

“A2 Payment Default”
means an Event of Default in respect of the A2 Indebtedness under Clause 23.1 (Failure to Pay) of the A/C Facilities
Agreement;

 

“A2 Standstill
Period” has the meaning given to it in Clause 5.5(a)(ii) (Permitted A2 Enforcement Action);

 

“A Borrower”
means the A1 Borrower or the A2 Borrower (as such terms are defined in the A/C
Facilities Agreement) and “A Borrowers”
means all of them;

 

“A Facility”
has the meaning given to it in the A/C Facilities Agreement;

 

“A Proceeds”
means any proceeds received or otherwise recovered pursuant to any Enforcement
Action (a) taken against any A Borrower in its capacity as such or in its
capacity as a Guarantor under Clause 24 (Guarantee and Indemnity) of the
A/C Facilities Agreement or (b) taken in respect of any A Security
Document to which such persons are a party, in each case, other than any A/C
Proceeds;

 

“A Security
Documents” means (i) the A/C Security Documents other than the
C Security Documents and/or (ii) each Security Document entered into from
time to time and designated as an “A Security Document” by the Parent and the
Security Agent;

 

“A/C Facilities”
means together, the A Facility and the C Facility;

 

“A/C Facilities
Agreement” means the facilities agreement dated 21 December 
2005, as amended and restated as of the date hereof, as the same may be amended
and restated from time to time, between, inter
alios, the borrowers and the guarantors as named therein, the
Original A1 Banks, the Original A2 Banks, the Original C Banks, the Facility
Agent, the Security Agent, CALYON as Co-Arranger and BNP Paribas and The Royal
Bank of Scotland plc as Mandated Lead Arrangers;

 

“A/C Facility Agent”
means BNP Paribas in its capacity as facility agent for the A/C Banks or such
other facility agent for the A/C Banks as shall be appointed under Clause 34.10
(Resignation) of the A/C
Facilities Agreement;

 

2

 

“A/C Proceeds” means any proceeds received or otherwise recovered (a) from
the Parent or Hertz Europe Limited under the A/C Facilities Agreement or (b) pursuant
to any Enforcement Action in respect of any A/C Security Document to which such
persons are a party;

 

“A/C Security
Documents” means (i) the Security Documents in respect of the
A/C Indebtedness only and/or (ii) each Security Document entered into from
time to time and designated as an “A/C Security Document” by the Parent and the
Security Agent;

 

“Accession Deed”
means:

 

(a)                                  in
relation to an A/C Bank, a Transfer Certificate as defined in the A/C
Facilities Agreement; and

 

(b)                                 in
relation to an Equity Finance Provider, an Intra-Group Creditor, a B Bank, or
an Agent, a deed of accession substantially in the form set out in
Schedule 2 (Accession Deed);

 

“Agents”
means, together each of the Facility Agents and Security Agent and “Agent” means any one of them;

 

“Assignee Bank”
has the meaning given to it in Clause 31.2 (Accession
of Assignee Banks);

 

“Assignor Bank”
has the meaning given to it in Clause 31.2 (Accession
of Assignee Banks);

 

“Australian Security
Document” means the charge dated on or about the date hereof granted
by HA Funding Pty Limited (ACN 117 549 498), as chargor, in favour of the
Australian Security Trustee, as chargee, stated to be governed by the laws of
New South Wales in Australia;

 

“B Banks”
means the NZ Banks and “B Bank”
means any one of them as the context requires;

 

“B Facility”
means the Facility (as defined in the NZ Facility Agreement);

 

“B Facility
Agreement” means the NZ Facility Agreement;

 

“Banks”
means the A1 Banks, the A2 Banks, the B Banks and the C Banks and “Bank” means any one of them, as the context
requires;

 

“Belgian Law
Security Documents” means the Security Documents stated to be
governed by the laws of Belgium;

 

“Beneficiary”
means each Senior Finance Party (including each Hedging Bank) in its capacity
as a beneficiary of any of the Security and “Beneficiaries”
means all of them;

 

“BKBM”
has the meaning given to it in the NZ Facility Agreement;

 

3

 

“Borrowers” means each member of the Group
which is or becomes a borrower under the A/C Facilities Agreement or the B
Facility Agreement, in each case, in accordance with the terms, respectively,
thereof and “Borrower” means any
one of them, as the context requires;

 

“Brazilian Banks”
means the Original Brazilian Banks and any assignee or transferee to whom
rights and/or obligations in respect of the Brazilian Facility Agreement are
assigned, transferred or novated in accordance with the provisions thereof;

 

“Brazilian Facility Agent” means Banco BNP
Paribas Brasil S.A. in its capacity as facility agent for the Brazilian Banks
or such other facility agent as shall be appointed in accordance with the
Brazilian Facility Agreement;

 

“Brazilian Facility
Agreement” means the agreement for offering a revolving credit
facility dated 21 December 2005, as the same may be amended and restated
from time to time, between Car Rental Systems Do Brasil Locação De Veículos Ltda, as the borrower,
The Hertz Corporation, as the guarantor, the Original
Brazilian Banks and the Brazilian Facility Agent and pursuant to which the
Brazilian Banks have agreed to make available a revolving loan facility
denominated in Brazilian Real to the borrower named therein;

 

“Brazilian Guarantee”
means the guarantee dated on or around the date of the Brazilian Facility
Agreement, as the same may be amended and restated from time to time, between
The Hertz Corporation, as guarantor, and the Brazilian Facility Agent in
respect of the Borrower’s obligations under the Brazilian Facility Agreement;

 

“C Banks” means the Original C Banks and any
assignee or transferee to whom rights and/or obligations are assigned,
transferred or novated in respect of the C Facility in accordance with the A/C
Facilities Agreement;

 

“C Borrowers” has the meaning
given to it in the A/C Facilities Agreement;

 

“C Facility” has the meaning
given to it in the A/C Facilities Agreement;

 

“C Guarantors”
means any Guarantor (under and as defined in the A/C Facilities Agreement) of
the C Indebtedness;

 

“C Obligors” means the C Borrowers and the C
Guarantors;

 

“C Proceeds” means any proceeds received or otherwise
recovered pursuant to any Enforcement Action (a) taken against any C
Borrower in its capacity as such  or in
its capacity as a Guarantor under Clause 24 (Guarantee and Indemnity) of
the A/C Facilities Agreement or (b) taken in respect of any C Security
Document to which such persons are a party, in each case, other than any A/C
Proceeds;

 

“C Security
Documents” means (i) the Security Documents executed by Hertz
Equipement France SAS (or its successor), as set forth under paragraphs 4.4,
4.5 and 4.6 of Schedule 20 (Security Documents)
to the A/C Facilities Agreement, (ii) the Security Documents executed by
Hertz Acquiler de Maquinaria S.L., as set forth under paragraphs 8.7, 8.8, 8.9
and 8.10 of Schedule 20 (Security Documents)
to the A/C Facilities Agreement, (iii) the Security Document executed by
BNS Automobile Funding B.V. as set forth under paragraph 8.11 of Schedule 20 (Security Documents) 

 

4

 

to the A/C Facilities Agreement, to the extent that
such Security Document creates Security over any credit rights that may arise
from the enforcement of any of the Pledges (as such term is defined herein)
entered into by Hertz Acquiler de Maquinaria S.L. and (iv) each Security
Document entered into from time to time and designated as a C Security Document
by the Parent and any Security Agent;

 

“Canadian Borrower”
has the meaning give to it in the A/C Facilities Agreement.

 

“Canadian Law Security Documents” means the
Security Documents stated to be governed by Canadian Law;

 

“Canadian Supplemental Security Agent” means
BNP Paribas (Canada) or any additional or other individual or institution as a
separate trustee, co-trustee, security agent, security sub-agent or security
co-agent appointed by the Security Agent in respect of the Canadian
Outstandings, which appointment is confirmed by the Canadian Borrowers;

 

“Charged Property” has the meaning given to
it in the Australian Security Document;

 

“Commitments”
means together, (a) the Commitments (as defined in the A/C Facilities
Agreement) and (b) the Commitments (as defined in the NZ Facility Agreement)
or either of them, as the context requires;

 

“Default”
means an Event of Default or a Potential Event of Default as defined under each
of the Facilities Agreements, as the context requires;

 

“Discharge Date”
means:

 

(a)                                when designated “A/C”, the date on which all A/C
Indebtedness has been fully discharged and all commitments of the A/C Finance
Parties to the Obligors have been terminated or cancelled in accordance with
the A/C Finance Documents;

 

(b)                                 when designated “NZ”, the date on which all NZ Indebtedness
has been fully discharged and all commitments of the NZ Finance Parties to the
Obligors have been terminated or cancelled in accordance with the NZ Finance
Documents;

 

(c)                                  when designated “Senior”, the date on which all Senior
Indebtedness has been fully discharged and all commitments of the Senior
Finance Parties to the Obligors have been terminated or cancelled in accordance
with the Senior Finance Documents; and

 

(d)                                 without any such designation the A/C
Discharge Date, the NZ Discharge Date or the Senior Discharge Date or any of
them as the context requires;

 

“Dutch Law Security
Documents” means the Security Documents stated to be governed by
Dutch law;

 

“Early Termination
Date” means an Early Termination Date (as defined in the relevant
Hedging Agreement);

 

5

 

“Encumbrance”
has the meaning given to it in the A/C Facilities Agreement;

 

“Enforcement Action” means, in relation to any Indebtedness,
any action whatsoever to:

 

(a)           make a
formal  written demand for payment,
declare in writing to be prematurely due and payable or otherwise seek formally
and in writing to accelerate payment of all or any part of that Indebtedness;
or

 

(b)           take
any action to recover all or any part of that Indebtedness by exercising any
rights of set off or combination of accounts or similar action; or

 

(c)           declare
an Early Termination Date under any Hedging Agreement or demand payment of all
or any part of any amount which would become payable following an Early
Termination Date; or

 

(d)           exercise
or enforce or require the Security Agent to exercise or enforce any rights
under or pursuant to the provisions of any guarantee granted by a member of the
Group in relation to all or any part of any Indebtedness or any rights or
security granted pursuant to any Security Documents or other Security; or

 

(e)           petition
for an Insolvency Event in relation to any member of the Group; or

 

(f)            commence
legal proceedings against any Obligor;

 

“Equity Finance
Providers” means together, (a) the Original Equity Finance
Providers and (b) Holdco or any intermediate holding company of the Parent
to the extent the same are creditors in relation to any Equity Financing
Indebtedness and have acceded to this Deed pursuant to Clause 26.3(b) (Accession of New Junior Creditors);

 

“Event of Default”
means an Event of Default as defined under each of the Facilities Agreements,
as the context requires;

 

“Facilities
Agreements” means together, each of the A/C Facilities Agreement and
the NZ Facility Agreement;

 

“Facilities”
means together, the A1 Facility, the A2 Facility, the B Facility and the C
Facilities and “Facility” means
any one of them, as the context requires;

 

“Facility Agents”
means the A/C Facility Agent and the NZ Facility Agent  and “Facility
Agent” means any one of them, as the context requires;

 

“Finance Documents” means:

 

(a)           when
designated “A/C”, the Finance
Documents as defined in the A/C Facilities Agreement;

 

(b)           when
designated “B”, the Finance
Documents as defined in the B Facility Agreement;

 

6

 

(c)           when
designated “Equity”, the
Shareholder Subordinated Loan Agreements;

 

(d)           when
designated “NZ”, the Finance
Documents as defined in the NZ Facility Agreement;

 

(e)           when
designated “Senior”, the A/C
Finance Documents and the B Finance Documents; and

 

(f)            without
any such designation, the A/C Finance Documents, the B Finance Documents, the C
Finance Documents, the NZ Finance Documents and the Senior Finance Documents or
any of them, as the context requires;

 

“Finance Parties” means:

 

(a)           when
designated “A1”, the A1 Banks, the
A/C Facility Agent, the Security Agent and the Global Coordinator each acting
in its capacity as agent or trustee for and on behalf of the A1 Banks;

 

(b)           when
designated “A2”, the A2 Banks, the
A/C Facility Agent, the Security Agent and the Global Coordinator each acting
in its capacity as agent or trustee for and on behalf of the A2 Banks;

 

(c)           when
designated “A”, the A1 Finance
Parties and the A2 Finance Parties and any Hedging Bank which is also an A1
Bank or A2 Bank;

 

(d)           when
designated “A/C”, the Finance
Parties as defined in the A/C Facilities Agreement and any Hedging Bank which
is also an A/C Bank;

 

(e)           when
designated “B”, the NZ Finance
Parties or any of them, as the context requires;

 

(f)            when
designated “NZ”, the Finance
Parties as defined in the NZ Facility Agreement;

 

(g)           when
designated “C”, the C Banks, the
A/C Facility Agent, the Security Agent and the Global Coordinator each acting
in its capacity as agent or trustee for and on behalf of the C Banks and any
Hedging Bank which is also a C Bank;

 

(h)           when
designated “Senior”, the A/C
Finance Parties and the  B Finance
Parties or any of them, as the context requires; and

 

(i)            without
any such designation, the A1 Finance Parties, the A2 Finance Parties, the A
Finance Parties, the A/C Finance Parties, the B Finance Parties, the NZ Finance
Parties, the C Finance Parties and the Senior Finance Parties or any of them,
as the context requires;

 

“French Law Security
Documents” means those Security Documents stated to be governed by
the laws of France;

 

“German Law Security”
means that part of the Security created pursuant to the German Law Security
Documents;

 

7

 

“German Law Security
Documents” means those Security Documents stated to be governed by
the laws of the Federal Republic of Germany;

 

“Hedging Agreements” means any agreements
entered into by any Obligor with the Hedging Banks in respect of Permitted
Hedging Transactions;

 

“Hedging Bank”
means: (a) any A/C Bank or any affiliate of any A/C Bank in its capacity
as a provider of any Permitted Hedging Transaction under the A/C Facilities
Agreement or (b) any NZ Bank in its capacity as provider of any Permitted
Hedging Transaction to Hertz New Zealand Limited in connection with the NZ
Facility Agreement;

 

“Indebtedness” means all money and liabilities now or hereafter
due, owing or incurred by any Obligor in any currency or currencies, whether
present or future, actual or contingent, whether incurred solely or jointly
with any other person and whether as principal or surety, together with all
interest accruing thereon (including without limitation, interest accruing on
or after the commencement of any Insolvency Event or any proceeding or other
action with respect thereto whether or not a claim for post-petition interest
is allowed in any such Insolvency Event or such proceeding or other action) and
all costs, charges and expenses incurred in connection therewith:

 

(a)           when designated “A1”, to
the A1 Finance Parties pursuant to the A/C Finance Documents;

 

(b)           when designated “A2”, to
the A2 Finance Parties pursuant to the A/C Finance Documents;

 

(c)           when designated “A” to the
A Finance Parties pursuant to the A/C Finance Documents;

 

(d)           when designated “A/C” to
the A/C Finance Parties pursuant to the A/C Finance Documents;

 

(e)           when designated “B”, to
the B Finance Parties pursuant to the B Finance Documents;

 

(f)            when designated “C” to the
C Finance Parties pursuant to the A/C Finance Documents;

 

(g)           when designated “Equity Financing”, pursuant to the Equity
Finance Documents (or any of them);

 

(h)           when designated “Hedging”,
to the Hedging Banks pursuant to the Hedging Agreements;

 

(i)            when designated “Intra-Group”,
to the Intra-Group Creditors from the Intra-Group Debtors (other than
indebtedness of any of HA Funding Pty Limited, Hertz Australia Pty. Limited
(ABN 74 117 373 574) or Hertz Note Issuer Pty Limited (ACN 117 373 574) to any
of HA Funding Pty Limited, Hertz Australia Pty. Limited or Hertz Note Issuer
Pty Limited);

 

8

 

(j)            when designated “NZ”, to
the NZ Finance Parties pursuant to the NZ Finance Documents;

 

(k)           when designated “Senior”,
to the Senior Finance Parties pursuant to the Senior Finance Documents; and

 

(l)            without any such designation,
the A1 Indebtedness, the A2 Indebtedness, the A Indebtedness, the A/C
Indebtedness, the B Indebtedness, the C Indebtedness, the Equity Financing
Indebtedness, the Hedging Indebtedness, the Intra-Group Indebtedness, the NZ
Indebtedness and the Senior Indebtedness or any of them, as the context
requires,

 

and in each case includes all amounts expressed to be
payable under such documentation regardless of whether or not recoverability is
effected by any insolvency or other law (including without limitation, all
interest, fees, costs and charges that accrue after the commencement of a
bankruptcy or other insolvency proceeding at the applicable contract rate,
whether or not a claim for such interest, fees, costs or charges is permitted
in any such proceedings);

 

“Insolvency Event” means, in relation to any
Obligor:

 

(a)           any resolution is passed or order made for the winding up, dissolution,
administration or reorganisation of that Obligor or an administrator is
appointed to that Obligor (unless permitted by Clause 22.10 (Mergers) of the A/C Facilities Agreement
or the equivalent Clause in the B Facility Agreement);

 

b)            any composition, assignment or
arrangement is made with all or any class of its creditors;

 

(c)           the appointment of any liquidator, receiver, administrator,
administrative receiver, compulsory manager or other similar officer in respect
of that Obligor or any material part of its assets; or

 

(d)           any analogous procedure or step is taken in any jurisdiction;

 

“Intra-Group
Creditors” means the Original Intra-Group Creditors and those other
members of the Group being creditors in relation to any Intra-Group
Indebtedness which (a) are Obligors or (b) which are non-Obligors and
have acceded to this Deed pursuant to Clause 26.3 (a) (Accession of New Junior Creditors);

 

“Intra-Group Debtors”
means the Original Intra-Group Debtors and any other Obligor which is a debtor
in relation to any Intra-Group Indebtedness;

 

“Italian Law
Security Documents” means the Security Documents stated to be
governed by the laws of Italy;

 

“Junior Creditors”
means until the occurrence of the Senior Discharge Date, the Equity Finance
Providers and the Intra-Group Creditors;

 

“Junior Debt”
means until the occurrence of the Senior Discharge Date, the Equity Financing
Indebtedness and the Intra-Group Indebtedness;

 

9

 

“Majority A1 Banks”
means, at any time, a Bank or Banks whose aggregate Euro Amount of the A1
Commitments amount (or, if each Bank’s A1 Commitments have been reduced to
zero, did immediately before such reduction to zero, amount) to more than fifty
per cent. of the aggregate Euro Amount of the Total A1 Commitments;

 

“Majority A2 Banks”
means, at any time, a Bank or Banks whose aggregate Euro Amount of the A2
Commitments amount (or if each Bank’s A2 Commitments have been reduced to zero,
did immediately before such reduction to zero, amount) to more than fifty per
cent. of the aggregate Euro Amount of the Total A2 Commitments;

 

“Majority A/C Banks”
means, at any time, in relation to the A/C Facilities, a Bank or Banks whose
aggregate Commitments in Euro Amount in respect of the A/C Facilities amount
(or, if each Bank’s Commitments have been reduced to zero, did immediately
before such reduction to zero, amount) to more than fifty per cent. of the Euro
Amount of the Total Commitments;

 

“Majority Banks”
means, the Majority A/C Banks (unless the A/C Discharge Date shall have
occurred) and the Majority NZ Banks (unless the NZ Discharge Date shall have
occurred) and a reference to the “relevant
Majority Banks” means those of the Majority A/C Banks and/or the
Majority NZ Banks (as the context requires) in respect

 

“Majority NZ
Banks” means, at any time, in
relation to the B Facility granted under the NZ Facility Agreement, a Bank or
Banks whose Commitments under the NZ Facility Agreement amount (or if each Bank’s
such Commitments have been reduced to zero, did immediately before such
reduction to zero amount) to more than fifty per cent. of the aggregate of all
the Commitments thereunder;

 

“Material Variation”
means in relation to each of the Facilities Agreements:

 

(a)           any
increase in or a change in the basis on which interest accrues, is calculated
or is payable (not being, for the avoidance of doubt, fluctuations of the BA
Rate, BBSY, EURIBOR, LIBOR BKBM or any Mandatory Cost Rate (or any equivalent
rate) or any substitute basis) not provided for or contemplated by the terms of
the relevant document or any related document as at the date of this Deed,
except for any such increase or change which does not result in an increase in
interest payable on any principal amount of more than 2 per cent. per annum;

 

(b)           material
changes in the basis on which a guarantee, indemnity or other fees, commissions
or other like payments are payable or are calculated not provided for or
contemplated by the terms of the relevant document as at the date of this Deed;

 

(c)           any
change the result of which is that interest, principal or fees of any kind
would become payable under the relevant Facilities Agreement on a date earlier
or more frequently than that provided for or contemplated by the terms of the
relevant document as at the date of this Deed;

 

(d)           any
increase in the amount of interest payable in cash under any of the Facilities
Agreements, except for any such increase or change which does not 

 

10

 

result in an increase in
interest payable on any principal amount of more than 2 per cent. per annum;

 

(e)           any
increase in the amount of any repayment of principal;

 

(f)            any
increase in the maximum amounts available to be raised under any of the
Facilities Agreements as at the date of this Deed;

 

(g)           any
amendment, variation, waiver or release of or supplement to any agreement
whereby in a material respect any Obligor becomes liable to make an additional
payment or increase an existing payment; or

 

(h)           any
amendment, variation, waiver or release of or supplement to any agreement
whereby the ranking and/or subordination arrangements provided for herein are
materially altered or materially prejudiced,

 

provided that any variation of an administrative,
procedural or technical nature to, or any variation made pursuant to an
original provision of any of the Facilities Agreements or otherwise permitted
under this Deed shall not constitute a “Material
Variation”;

 

“NZ Banks”
means the Original NZ Banks and any assignee or transferee to whom rights
and/or obligations in respect of the NZ Facility Agreement are assigned,
transferred or novated in accordance with the provisions thereof;

 

“NZ Facilities
Agreement” means a senior bridge facilities agreement, dated on 21 December 2005,
and amended and restated on [*] March 2007, between, amongst others, Hertz
International Ltd, as Parent, Hertz New Zealand Limited as Borrower, Hertz
International, Ltd and Hertz New Zealand Holdings Limited as Guarantors, Hertz
Europe Limited as Coordinator, BNP Paribas and The Royal Bank of Scotland plc
as Mandated Lead Arrangers, CALYON as Co-Arranger, BNP Paribas as Facility
Agent and Security Agent, and the Banks named therein, pursuant to which the
Banks agreed to make available certain loan facilities denominated in New
Zealand Dollars to Hertz New Zealand Limited as borrower.

 

“NZ Facility Agent” means BNP Paribas in its
capacity as facility agent for the Banks party to the NZ Facility Agreement or
such other facility agent as shall be appointed in accordance with the NZ
Facility Agreement;

 

“NZ Guarantee” means the guarantee
incorporated in the NZ Facility Agreement granted by each of the (i) Parent,
(ii) Hertz New Zealand Holdings Limited and (iii) any Additional
Guarantor  under and as defined in the NZ
Facilities Agreement, in each case in respect of the NZ Indebtedness;

 

“NZ Proceeds” means any proceeds received or otherwise
arising pursuant to any Enforcement Action in respect of the NZ Guarantee
and/or any NZ Security Document other than any such proceeds received from the
Parent and/or to the extent that it has acceded to the NZ Facilities Agreement
as an Additional Guarantor (as such term is defined in the NZ Facilities
Agreement), Hertz Europe Limited, pursuant to the NZ Guarantee or any Security
given by it or them (as the case may be) in relation thereto;

 

11

 

“NZ Proceeds (HEL)” means to the extent that Hertz Europe
Limited has acceded to the NZ Facilities Agreement as an Additional Guarantor
(as such term is defined in the NZ Facilities Agreement), any proceeds received
from Hertz Europe Limited pursuant to the NZ Guarantee or any Security given by
it in relation thereto;

 

“NZ Proceeds (Parent)” means any proceeds received from the
Parent pursuant to the NZ Guarantee or any Security given by it in relation
thereto;

 

“NZ Security Documents” means the Security Documents
executed in respect of the NZ Indebtedness only;

 

“Obligors” means together, (a) the
Original Borrowers and the Original Guarantors, (b) each of the Additional
Obligors as defined in the A/C Facilities Agreement  and (c) each Additional Guarantor as
defined in the NZ Facilities Agreement and “Obligor” means any one of them, as the
context requires;

 

“Original Brazilian Banks” means Banco BNP
Paribas Brasil S.A. and Banco Calyon Brasil S.A.;

 

“Parallel Debt”
has the meaning given to it in Clause 20.19(a) (Parallel Debt);

 

“Parallel Debt
Security Documents” has the meaning given to it in Clause 20.19(a) (Parallel Debt in respect of the Netherlands);

 

“Principal
Obligations” has the meaning given to it in Clause 20.19(a)(i) (Parallel Debt in respect of the Netherlands);

 

“Secured Moneys” has the meaning given to it
in the Australian Security Document;

 

“Security”
means the security interests (howsoever described) from time to time
constituted by or arising under the Security Documents;

 

“Security Agent”
means BNP Paribas acting in its capacity as trustee or agent as the case may be
in relation to the Security Documents and as agent in relation to this Deed, or
such other person as may from time to time act in that capacity and where the
context so requires, any Supplemental Security Agent as defined in Clause 20.20
(b) (Delegation and Appointment of
Supplemental Security Agents);

 

“Security Documents”
means each of the security documents securing amounts outstanding under any or
all of the Senior Finance Documents and/or the Hedging Agreements granted in
favour of the Security Agent or the Australian Security Trustee and/or for the
benefit of or on behalf of the Beneficiaries (or any of them) in respect of the
obligations of any Obligor under any or all of the Senior Finance Documents
and/or the Hedging Agreements;

 

“Shareholder Subordinated Loan” has
the meaning given to it in the A/C Facilities Agreement;

 

“Spanish Law Security Documents” means
the Security Documents stated to be governed by Spanish law;

 

“Specified Hedge Default” means, in relation to any Hedging
Agreement:

 

12

 

(a)                                  a
failure by any Obligor to make a payment due under a Hedging Agreement on its
due date or within any applicable grace period; or

 

(b)                                 the
occurrence of any of the Events of Default specified in Clauses 23.1 (Failure to Pay), 23.3 (Obligations), 23.5 (Insolvency and Rescheduling) and 23.6 (Winding-up) (inclusive) of the A/C
Facilities Agreement or the equivalent provisions under the B Facility
Agreement;

 

“Swiss Law Security
Documents” means the Security Documents stated to be governed by
Swiss law; and

 

“Trustee Acts” means together, the Trustee Act 1925 and the
Trustee Act 2000.

 

6.2                               Construction

 

(a)           The
provisions of Clauses 1.2 (Interpretation),
1.5 (Currency Symbols), 1.6 (Agreements and Statutes), 1.7 (Headings), 1.8 (Time), 1.9 (Singular and
Plural), 1.10 (Third Party Rights)
and 1.12 (New York Law) of the
A/C Facilities Agreement shall apply herein, mutatis
mutandis, as if set out in full herein and as if references therein
to “this Agreement” were to this Deed.

 

(b)           In
this Deed, unless the context otherwise requires the phrase “fully discharged” shall mean the irrevocable payment in full
in cash of (or the cash collateralisation (in an amount and manner, and on
terms, reasonably satisfactory to the Security Agent)) of the referenced amount
or other obligation (including, without limitation, (w) interest accruing
on or after the commencement of any Insolvency Event or any proceeding or other
action with respect thereto whether or not a claim for post-petition interest
is allowed in any such Insolvency Event or such proceeding or other action, (x) any
premium thereon, (y) any reimbursement obligation in respect of any letter
of credit, or any other liability, and (z) any fees, indemnification
obligations, expense reimbursement obligations or other liabilities payable
under the documentation governing any such amount or other obligation).

 

6.3                               Inconsistencies with
other Finance Documents

 

If there is an inconsistency between this Deed and any
other Senior Finance Document, any Equity Finance Document and/or any other
document evidencing Intra-Group Indebtedness, this Deed will prevail.

 

7.                                      RANKING OF INDEBTEDNESS

 

7.1                               Priority

 

The Indebtedness will, at all times, until the Senior
Discharge Date, rank for all purposes in the following order of priority for
repayment:

 

(a)                                  first,
the Senior Indebtedness; and

 

(b)                                 second,
the Junior Debt,

 

13

 

regardless of the
date on which such Indebtedness arises, regardless of whether the relevant
Banks are obliged to advance moneys included in such Indebtedness and
regardless of any fluctuations in the amount of such Indebtedness or any intermediate
discharge of such Indebtedness in whole or in part.

 

7.2                               Hedging Indebtedness

 

In respect of each of the Facilities separately, the
Hedging Indebtedness of each Hedging Bank will rank pari passu with the other Senior Indebtedness.

 

7.3                               Other Ranking

 

This Deed does not purport to rank any of the Junior
Debt (or any elements thereof) as between itself.

 

8.                                      PROHIBITED PAYMENTS

 

8.1                               A2 Indebtedness

 

Until (and including) the A1 Discharge Date,
no A2 Finance Party will, without the prior written consent of the Majority A1
Banks:

 

(a)           take
any action to receive payment, prepayment or repayment in respect of all or any
part of the A2 Indebtedness other than as a result of action permitted by
Clause 5.5 (Permitted A2 Enforcement Action)
(subject as provided in Clause 9.1 (Turnover))
or taken in accordance with Clause 8 (Subordination
on Insolvency); or

 

(b)           discharge
or seek to discharge all or any part of the A2 Indebtedness by set-off,
combination of accounts or otherwise other than as a result of action permitted
by Clause 5.5 (Permitted A2 Enforcement
Action) (subject as provided in Clause 9.1 (Turnover)) or taken in accordance with
Clause 8 (Subordination on Insolvency);
or

 

(c)           receive
from any member of the Group any Security over any of its assets or receive any
guarantee in respect of the A2 Indebtedness or any part thereof other than any
guarantee or Security granted under the Senior Finance Documents where the
relevant Obligor has granted an equivalent guarantee or Security, subject to
the order of priority created under this Deed, for the benefit of the Senior
Finance Parties (in form and substance reasonably satisfactory to the Security
Agent); or

 

(d)           take
or omit to take any action whereby the ranking and/or subordination
arrangements provided for in this Deed would be impaired; or

 

(e)           claim
or rank as a creditor in the insolvency, winding-up, bankruptcy or liquidation
of any member of the Group with respect to any A2 Indebtedness other than as a
result of action permitted by Clause 5.5 (Permitted
A2 Enforcement Action) (subject as provided in Clause 9.1 (Turnover)) or in accordance with the
provisions of Clause 8 (Subordination on
Insolvency).

 

14

 

8.2                               Equity Financing
Indebtedness

 

(a)           The
Parent will not and shall procure that no other Obligor will (and each Obligor
will procure that none of its subsidiaries will) without the prior written
consent of all the Majority Banks:

 

(i)            make
any payment or distribution of any kind whatsoever (whether in cash or in kind)
in respect of or on account of all or any part of the Equity Financing
Indebtedness or seek to discharge all or any part of the Equity Financing
Indebtedness in any way, other than payments permitted by Clause 4.2 (Permitted Equity Financing Indebtedness Payments)
or as a result of action taken in accordance with Clause 8 (Subordination on Insolvency); or

 

(ii)           save
to the extent not prohibited by the Facilities Agreements, create or permit to
subsist any security over any of its assets, or give or permit to subsist any
guarantee in respect of the Equity Financing Indebtedness or any part thereof;

 

(iii)          take
or omit to take any action whereby the ranking and/or subordination of the
Equity Financing Indebtedness contemplated by this Deed would be impaired; or

 

(iv)          save
to the extent not prohibited by the Facilities Agreements, give any financial
support (including, without limitation, the taking of any participation, the
giving of any guarantee or the making of any deposit) to any person in connection
with all or any part of the Equity Financing Indebtedness or permit any person
to do any of the things referred to in this Clause 3.2(a)(v) (Equity Financing Indebtedness).

 

(b)                                 No
Equity Finance Provider will without the prior written consent of the Majority
Banks:

 

(i)            make
written demand for or accept receipt of payment, prepayment or repayment in
respect of the Equity Financing Indebtedness if either (x) at the time it
makes such demand or accepts such receipt it knows that such demand or acceptance
is prohibited by Clause 4.2 (Permitted
Equity Financing Indebtedness) or (y) such demand or acceptance
or a series of related demands or acceptances is in respect of an amount in
aggregate in excess of EUR10 million (or its equivalent in other currencies)
and is prohibited under Clause 4.2 (Permitted
Equity Financing Indebtedness Payments); or

 

(ii)           discharge
or seek to discharge the Equity Financing Indebtedness by set-off, combination
of accounts or otherwise if either (x) at the time it obtains such
discharge it knows that such demand is prohibited by Clause 4.2 (Permitted Equity Financing Indebtedness)
or (y) such discharge or series of related discharges is in an amount in
aggregate in excess of EUR10 million, (or its equivalent in other currencies)
and such set-off  or combination is
prohibited by Clause 4.2 (Permitted
Equity Financing Indebtedness Payments); or

 

15

 

(iii)          save
to the extent not prohibited by the Facilities Agreements, receive from any
member of the Group any security over any of its assets or receive from any
member of the Group any guarantee in respect of the Equity Financing
Indebtedness.

 

(c)           Nothing
in this Deed shall be interpreted as constituting a release of any Equity
Financing Indebtedness.

 

(d)           If
any Obligor or Equity Finance Provider makes any payment or distribution or
receives any payment or distribution or takes any action that would otherwise
be in contravention of this Clause 3.2 (Equity
Financing Indebtedness) by reason of a breach by an Obligor or
another member of the Group of Clause 22.5 (Subordinated
Debt) or Clause 22.8 (Permitted
Distributions) of the A/C Facilities Agreement or the equivalent
provisions of the B Facility Agreement or by reason of any other breach by an
Obligor or another member of the Group of any other provision of any Senior
Finance Document and such breach is remedied, waived or otherwise ceases to be
continuing, such contravention shall also be deemed to have been remedied or
waived or otherwise to have ceased to be continuing.

 

(e)           If
an Equity Finance Provider demands or accepts receipt of payment, prepayment or
repayment or discharges or seeks to discharge Equity Financing Indebtedness in
breach of paragraph (b) above and thereafter turns over any amount
received in breach to the Security Agent pursuant to Clause 9.1(b)(vi) (Turnover) then the breach by the Equity
Finance Provider which would otherwise have occurred shall be deemed remedied
or waived and shall cease to be continuing.

 

8.3                               Intra-Group Indebtedness

 

(a)           No
Intra-Group Debtor will (and each Intra-Group Debtor will procure that none of
its subsidiaries will) without the prior written consent of the Majority Banks:

 

(i)            make
any payment or distribution of any kind whatsoever in respect of or on account
of all or any part of the Intra-Group Indebtedness or seek to discharge all or
any part of the Intra-Group Indebtedness in any way, other than payments
permitted by Clause 4.3 (Intra-Group
Indebtedness) or as a result of action taken in accordance with
Clause 8 (Subordination on Insolvency);
or

 

(ii)           save
as permitted by the Facilities Agreements, create or permit to subsist any
security over any of its assets, or give or permit to subsist (whether directly
or indirectly) any guarantee in respect of the Intra-Group Indebtedness or any
part thereof; or

 

(iii)          take
or omit to take any action whereby the ranking and/or subordination of the
Intra-Group Indebtedness contemplated by this Deed would be impaired.

 

16

 

(b)           No
Intra-Group Creditor will (and each Intra-Group Creditor will procure that its
subsidiaries will not) without the prior written consent of the Majority Banks:

 

(i)            make
written demand for or accept receipt of payment, prepayment or repayment in
respect of the Intra-Group Indebtedness other than payments permitted under
Clause 4.3 (Intra-Group Indebtedness)
or as a result of action taken under Clause 8.2 (Exercise of Rights); or

 

(ii)           discharge
or seek to discharge the Intra-Group Indebtedness by set-off, combination of
accounts or otherwise, other than as permitted by Clause 4.3 (Intra-Group Indebtedness) or as a result
of action taken under Clause 8.2 (Exercise
of Rights); or

 

(iii)          save
to the extent prohibited by the Facilities Agreements, receive from any member
of the Group any security over any of its assets or receive from any member of
the Group any guarantee in respect of the Intra-Group Indebtedness.

 

(c)           Nothing
in this Deed shall be interpreted as constituting a release of any Intra-Group
Indebtedness save for any express release in accordance with Clause 5.7 (Restriction on Enforcement Action by Junior Creditors).

 

(d)           If
any Intra-Group Creditor or Intra-Group Debtor makes any payment or
distribution or receives any payment or distribution or takes any action that
would otherwise be in contravention of this Clause 3.3 (Intra-Group Indebtedness) by reason of a
breach by an Obligor or another member of the Group of any other provision of
any Senior Finance Document and such breach is remedied, waived or otherwise
ceases to be continuing, such contravention shall also be deemed to have been
remedied or waived or otherwise to have ceased to be continuing.

 

(e)           Notwithstanding
any of the above, the parties acknowledge and agree that where any Intra-Group
Debtor which is also an Obligor resigns as an Obligor in accordance with the
provisions of Clauses 38.4 and 39.3 of the A/C Facilities Agreement, any
indebtedness owed by such Intra-Group Debtor which has been previously designated
Intra-Group Indebtedness pursuant to Clause 26.3 hereof, shall no longer be
considered to be Intra-Group Indebtedness and shall not be subject to the terms
of this Deed. Furthermore, upon the termination of such Obligor’s obligations
under the A/C Facilities Agreement, any member of the Group who has acceded as
an Intra-Group Creditor solely as a result of any intra-group loan to such
Obligor, shall be released from its obligations pursuant to this Deed and
pursuant to any other contract entered into pursuant to this Deed relating to
the subordination of such intra-group loan.

 

17

 

9.                                      PERMITTED PAYMENTS

 

9.1                               Senior Indebtedness

 

Subject to Clause 5.2 (Restrictions on Enforcement Action by Hedging Banks) and
Clause 5.4 (Restrictions on A2 Enforcement
Action), all repayments and prepayments of principal, payments of
interest and all other amounts (including fees and taxes) in respect of the
Senior Indebtedness may be made and received freely at all times in accordance
with the provisions of the Senior Finance Documents.

 

9.2                               Permitted Equity
Financing Indebtedness Payments

 

(a)                                  Prior
to the Senior Discharge Date, the Obligors may only make payments in respect of
Equity Financing Indebtedness permitted pursuant to Clause 22.5 (Subordinated Debt) or Clause 22.8 (Permitted Distributions) of the A/C
Facilities Agreement and the equivalent provisions under the B Facility
Agreement (which permitted payments may, for the avoidance of doubt, be made by
way of set-off).

 

(b)                                 Subject
to the provisions of this Deed and to the provisions of the Equity Finance
Documents, following the Senior Discharge Date, all repayments and prepayments
of principal, interest and all other amounts (including legal fees and taxes)
in respect of the Equity Financing Indebtedness may be made and freely received
at all times in accordance with the provisions of the Equity Finance Documents.

 

9.3                               Intra-Group Indebtedness

 

A member of the
Group may pay interest on, repay or prepay principal of or make any other
payment (including by way of set-off) due with respect to or discharge any
Intra-Group Indebtedness and an Intra-Group Creditor may receive any such sum, provided that, no such payment shall be
made without the prior consent of all of the Majority Banks for so long as an
Event of Default has occurred and is continuing and in respect of which the A/C
Facility Agent or the NZ  Facility Agent
has declared all or any of the advances to be immediately due and payable
pursuant to Clause 23.16 (Acceleration and
Cancellation) of the A/C Facilities Agreement or the equivalent
provisions under the B Facility Agreement (as the case may be).

 

10.                               ENFORCEMENT ACTION

 

10.1                        Enforcement Action by Senior
Finance Parties

 

Subject to Clause 20.1 (k) (No Independent Power), the Senior Finance
Parties (other than, until the A1 Discharge Date, the A2 Banks) may, in
relation to the Senior Indebtedness, take Enforcement Action at any time in
accordance with the Senior Finance Documents.

 

10.2                        Restrictions on Enforcement
Action by Hedging Banks

 

Subject to Clauses 5.3 (Permitted Enforcement Action by the Hedging Banks) and save
as provided in Clause 7 (Enforcement of
Security) in relation to the Majority 

 

18

 

Banks, no Hedging Bank may take Enforcement Action in
relation to Hedging Indebtedness owed to them.

 

10.3                        Permitted Enforcement Action by
the Hedging Banks

 

(a)           If
the relevant Facility Agent has not served a notice under Clause 23.16 (Acceleration and Cancellation) of the A/C
Facilities Agreement or the equivalent provisions under the B Facility
Agreement and a Specified Hedge Default occurs and is continuing under a
Hedging Agreement, the relevant Hedging Bank may terminate or close-out
transactions entered into by it under the such Hedging Agreement prior to their
stated maturity (including, without limitation, giving any notice or making any
demand required for that purpose or declaring an Early Termination Date),
provided that no other Enforcement Action may be taken.

 

(b)           Following
service of notice under Clause 23.16 (Acceleration
and Cancellation) of the A/C Facilities Agreement or the equivalent
provisions under the B Facility Agreement, each Hedging Bank may and (if so
requested by the Security Agent) will, terminate or close-out transactions
entered into by it under the relevant Hedging Agreements and make demand for
amounts due to it under the relevant Hedging Agreements.

 

10.4                        Restrictions on A2 Enforcement
Action

 

Subject to Clause 5.5 (Permitted A2 Enforcement Action), until (and including) the
A1 Discharge Date, no A2 Finance Party may take any Enforcement Action in
relation to the A2 Indebtedness without the prior written consent of the
Majority A1 Banks.

 

10.5                        Permitted A2 Enforcement Action

 

(a)           Subject
as provided in Clause 5.5(b) (Permitted
A2 Enforcement Action) below, the A2 Finance Parties (acting on the
instructions of the Majority A2 Banks) may take Enforcement Action in relation
to the A2 Indebtedness which would otherwise be prohibited by Clause 5.4 (Restrictions on A2 Enforcement Action) if
(but only if):

 

(i)            an
Insolvency Event in relation to any Obligor has occurred and is continuing
except that A2 Banks may only exercise those rights (and take only the limited
action) in relation to the relevant Obligor as set out in paragraph (a) and
(b) of the definition of Enforcement Action; or

 

(ii)           an A2 Payment Default
has occurred and (i) the A2 Banks have given a notice in writing (an “A2 Enforcement Notice”) to the A/C Facility Agent of the
occurrence of such A2 Payment Default and specifying an intention to take
Enforcement Action; and (ii) a period (an “A2
Standstill Period”) of not less than 90 days, has elapsed from the
date the A/C Facility Agent received the applicable A2 Enforcement Notice and (iii) at
the end of A2 Standstill Period such A2 Payment Default is continuing; or

 

19

 

(iii)          the A/C Facility Agent
(acting on behalf of the Majority A/C Banks) has served notice of acceleration
of the A/C Indebtedness under Clause 23.16 (Acceleration
and Cancellation) of the A/C Facilities Agreement, except that the
A2 Banks may only take the same or equivalent Enforcement Action in relation to
the A2 Indebtedness as that taken by the Majority A1 Banks.

 

(b)                                 The
A2 Finance Parties may not make any demand on, or take any other action
against, any Obligor in its capacity as such in relation to the A2 Indebtedness
in circumstances which would otherwise be permitted by this Clause 5.5 (Permitted A2 Enforcement Action) where
(and only for so long as) all of the following conditions are met:

 

(i)            the
Security Agent (or any receiver or similar officer appointed pursuant to any of
the Security Documents), acting on the instructions of the Majority A/C Banks
and in accordance with the terms hereof, confirms to the A/C Facility Agent in
writing that it is enforcing security conferred by any of the Security
Documents granted in respect of the A/C Indebtedness over the shares of such
Obligor or over the shares of any holding company of such Obligor by selling or
procuring the sale of all such shares which are subject to such security and
has not subsequently notified the A/C Facility Agent to the contrary in writing
(and the Security Agent undertakes to notify or procure that any such receiver
or similar officer notifies the A/C Facility Agent promptly upon such
enforcement being discontinued); and

 

(ii)           the
period elapsed from the date on which in the absence of this Clause 5.5(b) (Permitted A2 Enforcement Action) the A2
Finance Parties would have been permitted pursuant to this Clause 5.5 (Permitted A2 Enforcement Action) to make a
demand or otherwise take action against such Obligor in relation to the A2
Indebtedness is less than 90 days.

 

10.6        Subsequent
A2 Payment Defaults

 

The A2 Banks will have the right to take Enforcement
Action under Clause 5.5 (Permitted A2
Enforcement Action) in relation to an A2 Payment Default
notwithstanding that, at the time referred to in Clause 5.5 (Permitted A2 Enforcement Action) above, or
at any time thereafter, another A2 Standstill Period has commenced as a result
of an A2 Payment Default other than that A2 Payment Default.

 

10.7        Restriction
on Enforcement Action by Junior Creditors

 

Until (and including) the Senior Discharge Date, no
Junior Creditor may take any Enforcement Action in relation to the Junior Debt
without the prior written consent of the Majority Banks, provided that each
Intra-Group Creditor shall, if so required by the Security Agent, following
service of a notice under Clause 23.16 (Acceleration
and Cancellation) of the A/C Facilities Agreement or the equivalent
provisions under the B Facility Agreement, take such Enforcement Action in
relation to the Intra-Group Debt as it is directed by the Security Agent to
take and, if so required by the 

 

20

 

Security Agent, shall waive or release the Intra-Group
Debt and/or terms applicable to it in such manner and to such extent as the
Security Agent may direct.

 

10.8                        Limited recourse – HA Funding
Pty Limited

 

(a)           Subject
to Clause 5.8(d) but despite any other provision of this Deed, HA
Funding Pty Limited is only obliged to pay any amount otherwise payable under
or in relation to this Deed to the extent that the amount can be satisfied out
of the Charged Property.

 

(b)           Subject
to Clause 5.8(d) but despite any other provision of this Deed, the
Australian Security Trustee must not:

 

(i)            take
any action against HA Funding Pty Limited personally to recover any part of the
Secured Moneys which cannot be recovered out of the Charged Property; or

 

(ii)           levy
execution or bring any other proceedings (other than to enforce a Transaction
Document) against any property of HA Funding Pty Limited which does not form
part of the Charged Property to recover any part of the Secured Moneys.

 

(c)           Clause
5.8(b) operates as a covenant not to sue and not as a release, and may be
pleaded in bar to any action brought in breach of it.

 

(d)           Nothing
in this Clause 5.8 affects the rights of the Australian Security Trustee or the
liability of HA Funding Pty Limited with respect to fraud, gross negligence or
wilful misconduct by HA Funding Pty Limited.

 

11.                               SECURITY

 

11.1                        Priority and Subordination of
Security

 

All Security will,
save as otherwise provided by the Canadian Law Security Documents, for all
purposes and at all times secure only Senior Indebtedness (or part of it).

 

11.2                        Hedging Indebtedness

 

The Security constituted by the Security Documents and
in respect of which the relevant Hedging Bank is a Beneficiary in its capacity
as a Bank under any of the Facilities Agreements shall, to the extent permitted
by applicable law, secure the Hedging Indebtedness owed to that Hedging Bank
and the remainder of the relevant Senior Indebtedness on a pari passu basis.

 

11.3                        Junior Creditors

 

No Junior Creditor will hold or have the benefit of
any security or guarantee in respect of the Junior Debt (save to the extent
required or not prohibited by to the Senior Finance Documents).

 

21

 

11.4                        Release
of Security

 

(a)           Subject
to Clause 6.4 (d) and save as otherwise provided in the Canadian Law
Security Documents, the Security Agent shall, at the request of the Parent, and
is hereby authorised by each of the Beneficiaries to execute on behalf of
itself and each Beneficiary, without the need for any further referral to, or
authority from, any Beneficiary, releases of the whole or any part of the
Security (and certification of non-crystallisation of floating charges) or any
guarantees given by any Obligor under any Senior Finance Document:

 

(i)            upon
the Indebtedness secured thereby being discharged in full; or

 

(ii)           upon
the security provider ceasing to be an Obligor subject to, and in accordance
with, the terms of the Finance Documents; or

 

(iii)          in
connection with (A) any Permitted Disposal of any property that is subject
to a Security, (B) any sale or other disposition of any property otherwise
permitted by the Finance Documents, (C) any sale or other disposition of
any property that is subject to Security where the Facility Agent or the
Security Agent (as required) has consented to the disposal pursuant to the
Finance Documents, (D) any sale or any other disposition of any property
pursuant to a merger, consolidation, reorganisation, winding-up,
securitisation, Take-Out Financing or sale and leaseback permitted by the
Finance Documents to the extent necessary to enable such merger, consolidation,
reorganisation, winding-up, securitisation, Take-Out Financing or sale and
leaseback to take place or (E) the creation of any Encumbrance permitted
by paragraph (x) of the definition of Permitted Encumbrance and the
equivalent provisions under the B Facility Agreement, provided that, to the
extent that the disposal of such property is a Permitted Disposal or a sale or
disposition otherwise permitted by the Finance Documents, the property shall be
declared to be automatically released from the Security with effect from the
day of such disposal, including without limitation:

 

SCHEDULE 1any formal release (and
certification of non-crystallisation of floating charges) of any asset in
connection with any such transaction (including any such transaction effected
pursuant to an enforcement of the Security or any part of it);

 

SCHEDULE 2any release of any guarantee given
under any Senior Finance Document where all the shares in the capital of the
party giving such guarantee are disposed of in accordance with the terms of and
without any breach of the Senior Finance Documents (including pursuant to an
enforcement of the Security or part of it);

 

SCHEDULE 3any release of any part of the
Security given by any Obligor which is or is a subsidiary of a company which is
sold in accordance with the terms of and without any 

 

22

 

breach of the Senior Finance Documents (including pursuant to an
enforcement of the Security or part of it); and

 

SCHEDULE 4if the asset disposed of consists
of all of the shares in the share capital of an Obligor or any holding company
of that Obligor or if the Security Agent is entitled and wishes to release,
sell, transfer, assign or otherwise dispose of any intercompany loans,
receivables or other liabilities (past, present and future and both actual and
contingent) owed by that Obligor, any agreement to dispose of, or otherwise
release, all or any part of those intercompany loans, receivables or other
liabilities on (past, present and future and both actual and contingent) on
behalf of the relevant Finance Party, relevant Junior Creditor and Obligors
(with the proceeds thereof being applied as if they were the proceeds of
enforcement of  Security).

 

(b)           On
a Discharge Date, the Security Agent shall, at the request and cost of the
Parent or the Coordinator, release and cancel the Security to the extent it
relates only to Indebtedness in respect of which a Discharge Date has occurred
and (if applicable) procure the re-assignment or re-transfer to the relevant
Obligor of the property and assets assigned or transferred to the Security
Agent pursuant to the relevant Security Document, in each case subject to
paragraph (c) of this Clause 6.4 (Release
of Security) and without recourse to, or any representation or
warranty by, the Security Agent or any of its nominees.

 

(c)           If
the Security Agent, acting reasonably, considers that any amount paid or
credited to any Beneficiary is reasonably likely to be avoided or reduced by
virtue of any bankruptcy, insolvency, liquidation or similar laws, the
liability of each Obligor under the relevant Security Document and that part of
the Security constituted by such Security Document shall continue and such
amount shall not be considered to have been irrevocably paid.

 

(d)           Nothing
in this Clause 6.4 will operate as a release, discharge or cancellation
(whether or not automatic) of the Australian Security Document without the
prior written consent of the Parent if such release, discharge or cancellation
would result in any Australian state or territory stamp or other documentary
duty or tax being levied at an ad valorem
or non-fixed rate.

 

(e)           If
the Security Agent (acting reasonably) considers that it is necessary to
release an Intra-Group Debtor or an Intra-Group Creditor from its obligations
hereunder in that capacity to facilitate a Take-Out Financing it shall take all
such steps as are reasonably necessary to do so.

 

23

 

12.                               ENFORCEMENT OF SECURITY

 

12.1                        Enforcement
of Security

 

(a)           Prior
to the Senior Discharge Date, the Security Agent shall (save as otherwise
provided in the Canadian Law Security Documents) act:

 

(i)            in
relation to the Security Documents in respect of all the Senior Indebtedness
collectively, in accordance with the instructions of all of  the Majority Banks;

 

(ii)           in
relation to the NZ Security Documents, in accordance with the instructions of
the Majority NZ Banks; and

 

(iii)          in
relation to the A/C Security Documents, in accordance with the instructions of
the Majority A/C Banks.

 

13.                               SUBORDINATION ON INSOLVENCY

 

13.1                        Subordination

 

Upon the occurrence of an
Insolvency Event in relation to an Obligor, the claims against that Obligor in respect of the Junior Debt will be
subordinate in right of payment to the claims against that Obligor in respect
of the Senior Indebtedness.

 

13.2                        Exercise
of Rights

 

Upon the occurrence of an Insolvency Event in relation
to an Obligor, the Security Agent may and is irrevocably authorised until the
time when the Senior Discharge Date has occurred, on behalf of the Intra-Group
Creditors to:

 

(a)           demand,
claim, enforce and prove for, the Intra-Group Indebtedness due from that
Obligor; and/or

 

(b)           file
claims and proofs, give receipts and take all such proceedings and do all such
things as the Security Agent considers reasonably necessary to recover, the
Intra-Group Indebtedness due from that Obligor; and/or

 

(c)           receive
distributions of any kind whatsoever in respect or on account of Intra-Group
Indebtedness due from that Obligor for application in accordance with Clause
10.1 (Application),

 

provided that if, for any reason whatsoever, the
Security Agent does not exercise or is not entitled to take such action for the
recovery of the Intra-Group
Indebtedness as aforesaid, the relevant Intra-Group Creditors
hereby undertake to take such action and give such notices as the Security
Agent may reasonably require from time to time. 
The Security Agent shall notify the Parent as soon as reasonably
practicable following any demand, claim or proof made by it under this Clause
8.2 (Exercise of Rights) and
(upon request by the Parent) provide
the Parent with
a copy of such documentation.

 

24

 

13.3                        Voting

 

(a)                                  Upon
the occurrence of an Insolvency Event in relation to an Obligor prior to the A1
Discharge Date, the A2 Finance Parties shall exercise (x) all powers of
convening meetings, voting and representations (as the case may be) in respect
of the A2 Indebtedness (in each case, to the extent required for the purposes
of the following sub-paragraph (y)) and (y) all of its voting rights in
any proceeding relating to such Insolvency Event in respect of the Security,
including voting to approve a plan of reorganisation to the extent it affects
the Security or its proceeds in accordance with the instructions of the
Majority A1 Banks, provided that nothing in this paragraph (a) will
entitle the Security Agent to exercise or require the, A2 Finance Parties to
exercise such powers in order to waive, reduce, discharge or extend the due
date for payment of or reschedule any of the A2 Indebtedness and provided
further that the A2 Finance Parties shall be entitled to file such claims and
proofs as may be necessary to ensure that the A2 Indebtedness may be enforced
in any insolvency or liquidation proceeding.

 

(b)                                 Upon
the occurrence of an Insolvency Event in relation to an Obligor, the Security
Agent may, and is irrevocably authorised until the time when the Senior
Discharge Date has occurred, on behalf of the Intra-Group Creditors to,
exercise (x) all powers of convening meetings, voting and representations
(as the case may be) in respect of the Intra-Group Debt (in each case, to the
extent required for the purposes of the following sub-paragraph (y)) and (y) all
voting rights of the Intra-Group Creditors in any proceeding relating to such
Insolvency Event in respect of the Security, including voting to approve a plan
of reorganisation to the extent it affects the Security or its proceeds, and
each Intra-Group Creditor, will provide all forms of proxy and of
representation requested by the Security Agent for that purpose, provided that
if, for any reason whatsoever, the Security Agent is not entitled to take such
action or exercise such powers as aforesaid,  the
Intra-Group Creditors hereby undertake to take such action and exercise such
powers as the Security Agent may reasonably require from time to time.

 

13.4        Distributions

 

Upon the occurrence of an Insolvency Event in relation
to an Obligor (other than an Obligor under the B Facility Agreement in respect
of paragraph (i) below), the trustee in bankruptcy, liquidator, assignee
or other person distributing the assets of that Obligor or their proceeds shall
be directed: (i) prior to the A1 Discharge Date, by the A2 Finance Parties
to pay distributions of any kind whatsoever on the A2 Indebtedness to the
Security Agent for payment to the A1 Finance Parties, pro rata and (ii) by the Junior
Creditors to pay distributions of any kind whatsoever on the Junior Debt of
that Obligor direct to the Security Agent for application in accordance with Clause 10.1 (a),
(b), (c), (d), (e) or (f) (Application),
as applicable, until the Senior Indebtedness is paid in full.

 

25

 

14.                               TURNOVER OF RECEIPTS

 

14.1                        Turnover

 

(a)                                  If
at any time prior to the occurrence of the A1 Discharge Date, any A2 Finance
Party receives or recovers (i) a payment, distribution, set-off or
combination of any kind whatsoever in respect or on account of any A2
Indebtedness; or (ii) proceeds pursuant to any Enforcement Action
(including, without limitation, action in respect of any guarantee or the
Security Documents or taken in accordance with Clause 8 (Subordination on Insolvency) or otherwise)
it will promptly pay all amounts received by it to the Security Agent for
payment to the A1 Finance Parties, pro rata,
after deducting therefrom any interest payments received by it in the ordinary
course of business and/or any amounts as permitted pursuant to Clause 4.1 (Senior Indebtedness) the costs,
liabilities and expenses (if any) reasonably incurred by such A2 Finance Party
in receiving such payment, distribution, set-off or combination and pending
such payment, will hold these amounts on trust for the Security Agent.

 

(b)                                 If
at any time prior to the occurrence of the Senior Discharge Date:

 

(i)                                     any
A Finance Party receives or recovers any A Proceeds, it will promptly pay all
amounts received by it to the Security Agent for application pursuant to Clause
10.1 (b) (Application)
after deducting therefrom the costs, liabilities and expenses (if any)
reasonably incurred by such A Finance Party in recovering or receiving such
proceeds;

 

(ii)                                  any
NZ Finance Party receives or recovers any NZ Proceeds, it will promptly pay all
amounts received by it to the Security Agent for application pursuant to Clause
10.1 (c) (Application)
after deducting therefrom the costs, liabilities and expenses (if any)
reasonably incurred by such NZ Finance Party in recovering or receiving such
proceeds;

 

(iii)                               any
C Finance Party receives or recovers any C Proceeds, it will promptly pay all
amounts received by it to the Security Agent for application pursuant to Clause
10.1 (d) (Application)
after deducting therefrom the costs, liabilities and expenses (if any)
reasonably incurred by such C Finance Party in recovering or receiving such
proceeds;

 

(iv)                              any
A/C Finance Party receives or recovers any A/C Proceeds, it will promptly pay
all amounts received by it to the Security Agent for application pursuant to
Clause 10.1 (e) (Application)
after deducting therefrom the costs, liabilities and expenses (if any)
reasonably incurred by such A/C Finance Party in recovering or receiving such
proceeds;

 

(v)                                 the
Australian Security Trustee receives or recovers proceeds pursuant to any
Enforcement Action (including, without limitation, action in respect of any guarantee
or Australian Security Document or taken in accordance with Clause 8 (Subordination on Insolvency) or otherwise,
it will promptly pay all amounts received by it to the Security Agent for
application pursuant to paragraph (a) or (b) (as the case may be) of 

 

26

 

Clause 10.1 (Application)
after deducting therefrom the costs, liabilities and expenses (if any)
reasonably incurred in recovering or receiving such proceeds;

 

(vi)                              any
Intra-Group Creditor receives or recovers a payment, distribution, set-off or
combination of any kind whatsoever in respect of or on account of any
Intra-Group Indebtedness which is not permitted by Clause 4.3 (Intra-Group Indebtedness) or a payment,
distribution, set-off or combination to which the Majority Banks have not
previously consented in writing, or receives or recovers proceeds pursuant to
any Enforcement Action (including, without limitation, action taken in
accordance with Clause 8 (Subordination on
Insolvency)) it will promptly pay all such amounts received by it to
the Security Agent for application in accordance with Clause 10.1(a) (Application);

 

(vii)         any
Equity Finance Provider receives or recovers a payment, distribution, set-off
or combination of any kind whatsoever in respect of or on account of any Equity
Financing Indebtedness which is not permitted by Clause 4.2 (Permitted Equity Financing  Indebtedness Payments) or a payment,
distribution, set-off or combination to which the Majority Banks have not
previously consented in writing, or receives or recovers proceeds pursuant to
any Enforcement Action (including, without limitation, action taken in
accordance with Clause 8 (Subordination on
Insolvency)) it will, if either (x) at the time it makes such
recovery, it knows that such receipt or recovery is prohibited by Clause 4.2 (Permitted Equity Financing Indebtedness)   or (y) such receipt or recovery or a
series of related receipts or recoveries is in an aggregate amount in excess of
EUR10 million (or its equivalent in other currencies) and such payment,
distribution, set-off or combination is prohibited by Clause 4.2 (Permitted Equity Financing Indebtedness Payments)
and (in either case) the Majority Banks have not consented in writing to it,
promptly pay all such amounts received by it to the Security Agent for
application in accordance with Clause 10.1(a) (Application) unless the breach of Clause 22.5 (Subordinated Debt) or Clause 22.8 (Permitted Distributions) of the A/C
Facilities Agreement or the equivalent provision in either of the other
Facilities Agreements which gave rise to a breach of Clause 4.2 (Permitted Equity Financing Indebtedness Payments)
has been remedied or waived or consented to in writing by the Majority Banks
and provided that the maximum amount that the Equity Finance Providers may be
required to pay under this paragraph (vii) shall be the lesser of the
amount they receive in breach of Clause 4.2 (Permitted
Equity Financing Indebtedness Payments) and the amount then due but
unpaid under the Senior Finance Documents;

 

(viii)        any
Hedging Bank receives or recovers proceeds pursuant to any Enforcement Action,
it will promptly pay all amounts received (or in the case of a recovery
obtained by way of set-off, an amount equal to the amount thereof) to the
Security Agent for application in accordance 

 

27

 

with paragraph (a) or (b) (as the
case may be) of Clause 10.1 (Application)
after deducting therefrom the costs, liabilities and expenses (if any) reasonably
incurred in recovering or receiving such proceeds; or

 

(ix)                                any
Finance Party receives or recovers any proceeds or amounts other than A
Proceeds, NZ Proceeds, C Proceeds or A/C Proceeds (as applicable), it will
promptly pay all amounts received by it to the Security Agent for application
pursuant to Clause 10.1(a) (Application)
after deducting therefrom the costs, liabilities and expenses (if any)
reasonably incurred by such Finance Party in recovering or receiving such
proceeds;

 

and, in each case,
pending such payment, will hold such amounts on trust for the Security Agent.

 

14.2                        No
reduction or discharge

 

No Indebtedness shall be deemed to have been reduced
or discharged in any way or to any extent by any payment or distribution to the
Security Agent in accordance with Clause 9.1 (Turnover).

 

15.                               APPLICATION OF RECOVERIES

 

15.1                        Application

 

(a)                                  Save
as otherwise provided in this Deed and the Canadian Law Security Documents and
save for A Proceeds, NZ Proceeds, C Proceeds, A/C
Proceeds and all proceeds of enforcement of the Security and all other
amounts received from any Obligor in respect of any Senior Indebtedness (other
than those payments that are permitted pursuant to, and are made in accordance
with the terms of, the Senior Finance Documents) (the “Other Proceeds”) and all amounts paid to
the Security Agent under this Deed shall be applied in the following order:

 

(i)                                     first,
in payment, pro rata, of unpaid
fees, costs and expenses (including interest thereon in accordance with the
Security Documents) incurred by or on behalf of the Security Agent and the
Australian Security Trustee (and any receiver, adviser or agent appointed by
either of them) in accordance with the terms of the Finance Documents and the
remuneration of the Security Agent and the Australian Security Trustee and its
advisers or agents and any receivers appointed under the Security Documents
incurred in accordance with the terms of the Finance Documents;

 

(ii)                                  second,
in payment, pro rata, of unpaid
costs and expenses incurred in accordance with the terms of the Senior Finance
Documents by or on behalf of the Senior Finance Parties in connection with
enforcement of the Security and which any Obligor is obliged to pay or
reimburse to any Senior Finance Party in accordance with the Senior Finance
Documents;

 

28

 

(iii)                               third,
in payment, pro rata, to:

 

SCHEDULE 1the A/C Facility Agent (for itself
and for the other A Finance Parties) for application towards unpaid and
outstanding A Indebtedness;

 

SCHEDULE 2the NZ Facility Agent (for itself
and for the other NZ Finance Parties) for application towards unpaid and
outstanding NZ Indebtedness;

 

SCHEDULE 3the A/C Facility Agent (for itself
and for the other C Finance Parties) for application towards unpaid and
outstanding C Indebtedness; and

 

(iv)                              fourth,
in payment of any surplus to the relevant Obligors, the Equity Finance
Providers and/or the other persons entitled to it, in each case, as determined
by the Parent in consultation with the Security Agent.

 

(b)                                 Save
as otherwise provided in the Canadian Law Security Documents or as otherwise
provided in this Deed, all A Proceeds shall be applied in the following order:

 

(i)                                     first,
in payment, pro rata, of unpaid
fees, costs and expenses (including interest thereon in accordance with the A
Security Documents) incurred by or on behalf of the Security Agent or the
Australian Security Trustee (and any receiver, adviser or agent appointed by
either of them) in accordance with the terms of the A/C Finance Documents and
the remuneration of the Security Agent 
or the Australian Security Trustee and their respective advisers or
agents and any receivers appointed under the A Security Documents;

 

(ii)                                  second,
in payment, pro rata, of unpaid
costs and expenses incurred in accordance with the terms of the A/C Finance
Documents by or on behalf of the A Finance Parties in connection with
enforcement of the relevant Security and which any Obligor is obliged to pay or
reimburse to any A Finance Party in accordance with the A/C Finance Documents;

 

(iii)                               third,
in payment to the A/C Facility Agent (for itself and for the other A Finance
Parties) for application towards unpaid and outstanding A Indebtedness;

 

(iv)                              fourth,
for application in accordance with Clause 10.1(d) (Application) as if such A Proceeds were C
Proceeds;

 

(v)                                 fifth,
in payment of any surplus to the Obligors under the A/C Finance Documents, the
Equity Finance Providers and/or the other persons entitled to it, in each case,
as determined by the Parent in consultation with the Security Agent.

 

(c)                                  Save
as otherwise provided in this Deed, all NZ Proceeds shall be applied in the
following order:

 

29

 

(i)                                     first,
in payment of unpaid fees, costs and expenses (including interest thereon in
accordance with the NZ Security Documents) incurred by or on behalf of the
Security Agent (and any receiver, adviser or agent appointed by it) in
accordance with the terms of the NZ Finance Documents and the remuneration of
the Security Agent and its advisers or agents and any receivers appointed under
the NZ Security Documents;

 

(ii)                                  second,
in payment, pro rata, of unpaid
costs and expenses incurred by or on behalf of the NZ Finance Parties in
accordance with the terms of the NZ Finance Documents in connection with
enforcement of the NZ Security Documents and which any Obligor is obliged to
pay or reimburse to any NZ Finance Party in accordance with the NZ Finance
Documents;

 

(iii)                               third,
in payment to the NZ Facility Agent (for itself and for the other NZ Finance
Parties) for application towards unpaid and outstanding NZ Indebtedness; and

 

(iv)                              fourth,
in payment of any surplus to the Obligors under the NZ Finance Documents, the
Equity Finance Providers and/or the other persons entitled to it, in each case,
as determined by the Parent in consultation with the Security Agent.

 

(d)                                 Save
as otherwise provided in this Deed, all C Proceeds shall be applied in the
following order:

 

(i)                                     first,
in payment, pro rata, of unpaid
fees, costs and expenses (including interest thereon in accordance with the C
Security Documents) incurred by or on behalf of the Security Agent (and any
receiver, adviser or agent appointed by it) in accordance with the terms of the
A/C Finance Documents and the remuneration of the Security Agent and its
advisers or agents and any receivers appointed under the C Security Documents;

 

(ii)                                  second,
in payment, pro rata, of unpaid
costs and expenses incurred in accordance with the terms of the A/C Finance
Documents by or on behalf of the C Finance Parties in connection with
enforcement of the relevant Security and which any Obligor is obliged to pay or
reimburse to any C Finance Party in accordance with the A/C Finance Documents;

 

(iii)                               third,
in payment to the A/C Facility Agent (for itself and for the other C Finance
Parties) for application towards unpaid and outstanding C Indebtedness;

 

(iv)                              fourth,
for application in accordance with Clause 10.1(b) (Application) as if such C Proceeds were A
Proceeds; and

 

(v)                                 fifth,
in payment of any surplus to the Obligors under the A/C Finance Documents, the
Equity Finance Providers and/or the other persons 

 

30

 

entitled to it, in each case, as determined
by the Parent in consultation with the Security Agent,

 

(e)                                  Save as otherwise provided in this Deed, all A/C
Proceeds, NZ Proceeds (Parent) and NZ Proceeds (HEL) shall be applied in the
following order:

 

(i)                                     first, in
payment, pro rata, of unpaid
fees, costs and expenses (including interest thereon in accordance with the
Security Documents) incurred by or on behalf of the Security Agent or the
Australian Security Trustee (and any receiver, adviser or agent appointed by
either of them) in accordance with the terms of the Senior Finance Documents
and the remuneration of the Security Agent or the Australian Security Trustee
and their respective advisers or agents and any receivers appointed under the
Senior Finance Documents;

 

(ii)                                  second, in
payment, pro rata, of unpaid
costs and expenses incurred in accordance with the terms of the Senior Finance
Documents by or on behalf of the Senior Finance Parties in connection with
enforcement of the relevant Security or claim under the relevant guarantee and
which any Obligor is obliged to pay or reimburse to any Senior Finance Party in
accordance with the Senior Finance Documents;

 

(iii)                               third, in
payment to the A/C Facility Agent (for itself and for the other A/C Finance
Parties) and the NZ Facility Agent (for itself and for the other NZ
Finance Parties) for application towards unpaid
and outstanding A/C Indebtedness and NZ Indebtedness, pari passu between themselves; and

 

(iv)                              fourth, in
payment of any surplus to the Obligors under the A/C Finance Documents, the
Equity Finance Providers and/or the other persons entitled to it, in each case,
as determined by the Parent in consultation with the Security Agent.

 

(f)                                    Notwithstanding
anything to the contrary in paragraphs (b) and (d) of this Clause
10.1, in the event that proceeds are recovered which satisfy the definitions
of  both A Proceeds and C Proceeds in
circumstances where they could constitute either, the following rules of
application shall apply:

 

(i)                                     all
proceeds recovered from a person (the “payer”)
who is a Borrower under the A Facility or the C Facility but not both shall be
applied in the following order:

 

SCHEDULE 1first, in or towards
repayment of Advances made to that Borrower and other amounts owing by the
payer in its capacity as Borrower, such proceeds being deemed to have been
recovered from that Borrower in its capacity as such;

 

SCHEDULE 2second, in or towards
repayment of Advances made to other Borrowers and other amounts owing by such
Borrowers under the Facility in respect of which that payer is a Borrower (and
for these purposes, for the avoidance of

 

31

 

doubt, the A1 Facility and the A2 Facility
are both part of the A Facility), such proceeds being deemed to have been
recovered from that payer in its capacity as Guarantor of the Borrowers’
obligations under the Facility in respect of which it is a Borrower; and

 

SCHEDULE 3third, in or towards repayment of Advances made to
other Borrowers and other amounts owing by such Borrowers under the Facility in
respect of which that payer is not a Borrower (and for these purposes the A1
Facility and the A2 Facility are both part of the A Facility), such proceeds
being deemed to have been recovered from that payer in its capacity as
Guarantor of the Borrowers’ obligations under the Facility in respect of which
it is not a Borrower;

 

(ii)           all proceeds recovered
from a payer who is a Borrower under both the A and the C Facilities shall be
treated as if they were Other Proceeds and shall be applied in accordance with
paragraph (a) of this Clause 10.1, provided that such proceeds shall
only be applied in relation to any A/C Indebtedness; and

 

(iii)          all proceeds recovered
from a payer who is not a Borrower shall be treated as if they were Other
Proceeds and shall be applied in accordance with paragraph (a) of this
Clause 10.1, provided that such proceeds shall only be applied in relation to
any A/C Indebtedness.

 

(g)           Notwithstanding the
aforementioned provisions of this Clause 10.1 (Application),
each of the parties to this Deed hereby agrees and acknowledges that each
Beneficiary which is a non German resident  and is not a Treaty
Lender shall not at any time take the benefit, directly or indirectly, of any
security interest in any real estate located in Germany over which a security
interest is granted to the Security Agent for the benefit of the Beneficiaries
or in any proceeds of enforcement in respect thereof (the “Real Estate
Security”), in respect of its participation in the Senior
Indebtedness. It is further hereby agreed that such a Beneficiary shall not at
any time take the benefit, directly or indirectly, of any additional right in
respect of any other security interest granted to the Security Agent for the
benefit of the Beneficiaries pursuant to the Security Documents to compensate
for such a Beneficiary not having the benefit of any security interest in the
Real Estate Security.

 

(h)           Notwithstanding the
aforementioned provisions of this Clause 10.1 (Application),
each of the parties to this Deed hereby agrees and acknowledges that any
proceeds of enforcement of a Security Document or a guarantee of Senior
Indebtedness may only be applied to discharge amounts secured by that Security
Document or guaranteed by that guarantee.

 

(i)            Notwithstanding
anything to the contrary contained in this Clause 10 (Application of Recoveries), each of the
parties to this Deed hereby agrees and acknowledges that no proceeds of
enforcement of any of the Security 

 

32

 

Documents (except for the Italian Law
Security Documents) or any guarantee of Senior Indebtedness shall be applied to
discharge amounts outstanding under any Italian Non-Guaranteed Tranche.

 

15.2        Appropriations

 

Subject to Clause 9.1 (Turnover) and Clause 10.1 (Application),
each Senior Finance Party until (and including) the Senior Discharge Date, may
(subject in each case to the provisions of this Deed and the other Senior
Finance Documents):

 

(a)           apply
any moneys received under this Deed to any item of account or liability in
respect of the Senior Indebtedness in such order or manner as it may reasonably
determine (save as expressly provided in any Senior Finance Document); and

 

(b)           hold
any moneys received under this Deed in a suspense account (bearing interest at
a market rate usual for accounts of that type) unless and until such moneys are
sufficient in aggregate to discharge in full all amounts then due and payable
in respect of the Senior Indebtedness.

 

16.          SUBROGATION

 

16.1        Subrogation of A2 Finance Parties

 

(a)           If the A1 Indebtedness
is wholly or partially paid out of any proceeds received in respect or on
account of the A2 Indebtedness owing to one or more of the A2 Finance Parties,
those A2 Finance Parties will to that extent be subrogated to the A1
Indebtedness so paid and to all Security and guarantees for that A1
Indebtedness, provided that:

 

(i)            the A2 Finance Parties
may not, without the prior written consent of the Majority A1 Banks, exercise
such subrogation rights prior to the A1 Discharge Date; and

 

(ii)           each A1 Finance Party
is indemnified to its reasonable satisfaction by those A2 Finance Parties
against any costs, expenses and liabilities that they incur in relation
thereto.

 

(b)           After the A1 Discharge
Date, each A1 Finance Party will give such assistance to the A2 Finance Parties
and/or the Security Agent may reasonably require in exercising such rights of
subrogation, provided that such A1 Finance Party is indemnified to its
reasonable satisfaction by the A2 Finance Parties against any costs, expenses
and liabilities that they may incur in relation thereto.

 

16.2        No Subrogation of Junior Creditors

 

The Junior Creditors will not under any circumstances
exercise any rights of subrogation in respect of any of the rights of the
Senior Finance Parties or any Security or guarantees arising under the Finance
Documents until the Senior Discharge Date, except with the consent of all of
the Majority Banks.

 

33

 

17.          PROTECTION OF SUBORDINATION

 

17.1        Continuing Subordination

 

The subordination provisions in this Deed constitute a
continuing subordination and benefit to the ultimate balance of the Senior
Indebtedness, regardless of any intermediate payment or discharge of any such
Senior Indebtedness in whole or in part.

 

17.2        Waiver of Defences

 

The subordination and priority provisions in this Deed
will not be affected by any act, omission or circumstance which (but for this
provision) may operate to release or otherwise exonerate the Senior Finance
Parties, the Equity Finance Providers, the Intra-Group Creditors and/or the
Obligors from their obligations hereunder or otherwise affect such
subordination and priority provisions including, without limitation:

 

(a)           any
time or indulgence granted to or composition with any Obligor or any other
person; or

 

(b)           the
taking, variation, compromise, renewal or release of or refusal to enforce any
rights, remedies or securities against or granted by any Obligor or other
member of the Group or any other person; or

 

(c)           the
actual date and time of creation, execution, delivery, recording, filing,
attachment or perfection of any Security; or

 

(d)           any
non-perfection of any Security purportedly securing any such obligations
(including, without limitation, whether any such Security is now perfected,
hereafter ceases to be perfected, is avoidable by any bankruptcy trustee or is
otherwise is set aside or, invalidated or lapses); or

 

(e)           the
initiation of any bankruptcy, moratorium, reorganisation or other insolvency
proceeding with respect to any Obligor; or

 

(f)            any
legal limitation, disability, incapacity or other circumstance relating to any
Obligor or any other person or any amendment to or variation of the terms of
this Deed or any other document or security (including, without limitation, any
Finance Document); or

 

(g)           any
fluctuation in or partial repayment or prepayment of the Senior Indebtedness or
the Junior Debt; or

 

(h)           subject
as expressly provided herein, any variation or replacement of any Finance
Document, including, without limitation, for the purpose of increasing amounts
outstanding thereunder; or

 

(i)            any
lack of validity or enforceability of any Finance Document or any other
agreement or instrument relating thereto; or

 

34

 

(j)            any other circumstance
that might otherwise constitute a defence available to, or a discharge of, any
Obligor, a subordinated creditor or a secured subordinated creditor.

 

17.3        Marshalling

 

The A2 Finance Parties (until the A1 Discharge Date),
each of the Obligors and the Junior Creditors waive, to the fullest extent
permitted by applicable law, any requirement regarding, and agree not to
demand, request, plead or otherwise claim the benefit of, any marshalling,
appraisement, valuation or other similar right that may otherwise be available
under applicable law.

 

17.4        Set
Aside of Payments

 

This Deed shall continue to be effective or be
reinstated, as the case may be, if at any time any payment of any of the Senior
Indebtedness is rescinded or must otherwise be returned by a Finance Party upon
the insolvency, bankruptcy or reorganisation of any Obligor or otherwise, all
as though such payment had not been made.

 

17.5        Right
of Equity Finance Providers to Prove

 

Notwithstanding any other provision of this Clause 12
or any other provision of this Deed, on the occurrence of an Insolvency Event
in relation to an Obligor, an Equity Finance Provider may prove for the amounts
owing to it by that Obligor.

 

18.          STATUS OF OBLIGORS

 

Each Obligor and each Junior Creditor acknowledges the
priorities, rights and obligations set out herein and undertakes with each of
the Senior Finance Parties to comply with its respective obligations hereunder
and not to take or agree to take any action which would in any way prejudice or
affect the enforcement of the provisions of this Deed or any other Finance
Document or do anything which would be inconsistent with any provisions hereof.

 

19.          AMENDMENTS TO DOCUMENTS

 

19.1        Amendments to Senior Finance Documents

 

(a)           Subject to Clause 14.2
(Amendments to Security Documents),
no Senior Finance Party will, except with the prior written consent of all the
relevant Majority Banks:

 

(i)            agree to any Material
Variation to any of the Facilities Agreements to which it is party; or

 

(ii)           agree to a deferral of
any scheduled repayment and/or the extension of the maturity dates of any
Advance in which it participates; or

 

(iii)          assign or otherwise
transfer (other than by way of charge or security) rights and/or obligations
under the Finance Documents to which it is party other than in accordance with
the provisions thereof and provided that, simultaneously with such assignment
or transfer, the relevant 

 

35

 

Senior Finance Party will procure that the
new party agrees in favour of the other parties to this Deed to be bound by the
provisions of this Deed pursuant to and in accordance with Clause 36 (Assignments and Transfers) of the A/C
Facilities Agreement or the equivalent provisions in the B Facility Agreement.

 

(b)           This Clause 14.1 (Amendments to Senior Finance Documents)
shall not apply to any Hedging Agreements.

 

19.2        Amendments to Security Documents

 

(a)           Subject to Clause 44.2
(Amendments Requiring Different Consent
Levels) of the A/C Facilities Agreement and the equivalent
provisions in the B Facility Agreement, any provision of a Security Document
may be amended or waived by the written agreement of the relevant Obligor or
Obligors (as the case may be) and the Security Agent (acting pursuant to
sub-paragraph (b) below) or the Australian Security Trustee (acting
pursuant to the Australian Security Trust Deed).

 

(b)           In agreeing to amend or
waive the provisions of any Security Document, the Security Agent shall act in
accordance with the instructions of the relevant Majority Banks in respect of
the Facilities in respect of which the relevant Security was granted.

 

19.3        Amendments relating to this Deed

 

(a)           Waivers, consents or
amendments in relation to this Deed not materially affecting the rights or
obligations of any of the parties to this Deed may be agreed by:

 

(i)            each of the Facility
Agents and the Coordinator; or

 

(ii)           where such waivers,
consents or amendments only relate to certain of the parties to this Deed,
those parties (including, in each case, the Facility Agents).

 

(b)           Subject to paragraph (a) above,
the Facility Agents and the Coordinator at the applicable time may, from time
to time, agree to amend this Deed and any amendments so made by the Security
Agent, Facility Agents and the Coordinator shall be binding on all the Parties
provided that any amendment which would in the reasonable opinion of the
Facility Agents and the Coordinator:

 

(i)            materially
and adversely affect any right of any of the Senior Finance Parties may not be
made without the prior written consent of the relevant Majority Banks; or

 

(ii)           impose
or vary any obligation of any of the Senior Finance Parties may not be made
without the prior written consent of the relevant Majority Banks; or

 

36

 

(iii)          materially and adversely
affect any right, or impose or vary any obligation, of any other Party may not
be made without the consent of that Party.

 

20.          REPRESENTATIONS AND WARRANTIES

 

Each party to this Deed hereby represents and warrants
to and for the benefit of each of the other parties to this Deed that it:

 

(a)           is
a corporation, company or other person duly incorporated (or as the case may
be, organised) and, if applicable, in good standing, under the laws of its
jurisdiction of incorporation has the power to own its assets and to carry on
its business substantially as it is being conducted, save where the lack of
such power is not reasonably likely to have a Material Adverse Effect; and

 

(b)           has
all necessary consents, approvals, authorisations and legal capacity to enter
into this Deed and all necessary corporate, shareholder and other action has
been taken to ensure that this Deed has been validly entered into by it and it
creates, legal and valid obligations binding on it and enforceable against it
in accordance with the terms thereof, subject to the reservations made in the
Legal Opinions, in accordance with terms thereof and, in each case subject to
applicable insolvency, bankruptcy, liquidation, administration, moratorium,
reorganisation and similar laws affecting the rights of creditors generally,
general principles of equity and any other reservations made in the Legal
Opinions unless failure to obtain such consents, approvals and authorisations
or to have such capacity or to take such action would not reasonably be
expected to have a Material Adverse Effect.

 

21.          INFORMATION AND CO-OPERATION

 

21.1        Other
Information

 

Each Obligor on behalf of each other member of the
Group authorises each of the Senior Finance Parties to disclose to each other
all information relating to such member of the Group or the Group as a whole
coming into any of their possession in connection with the Senior Finance
Documents (including, without limitation, the respective amounts of the
Indebtedness outstanding from time to time) so long as such information is
treated confidentially to the extent required by the Finance Documents.

 

21.2        Co-operation

 

Each of the Obligors (promptly upon request of the
Security Agent) and each of the Senior Finance Parties undertakes to use all
reasonable endeavours to ensure that any and all Security now or hereafter held
or obtained from any member of the Group for or in respect of the Senior
Indebtedness shall be constituted by the Security Documents and held by the
Security Agent (or the Australian Security Trustee in the case of the
Australian Security Document), in its own name or as agent, for the joint
benefit of the relevant Senior Finance Parties in accordance with their
respective priority entitlements set out in this Deed.  If for any reason it is not possible for any
such Security to be held by the Security Agent or the Australian Security
Trustee as aforesaid, the Senior Finance Parties shall procure that any
alternative holder of 

 

37

 

security shall, as a condition precedent to its
accepting any such Security, adhere to this Deed by accepting obligations mutatis mutandis identical in all material
respects to those incumbent on the Security Agent hereunder.

 

21.3        Consultation

 

The relevant Facility Agents, the Security Agent and
the Australian Security Trustee (if relating to the Australian Security
Document) shall, from time to time (to the extent practicable), consult:

 

(a)           before
taking any formal steps to exercise any remedy against any member of the Group
or the taking of any other Enforcement Action; and

 

(b)           generally
with regard to significant matters affecting the rights of the parties as
regulated by this Deed;

 

but nothing in this Clause 16.3 (Consultation) or elsewhere in this Deed
will invalidate or otherwise affect any action or step taken without such
consultation.

 

21.4        Ranking overseas

 

Each of the Obligors (promptly upon request of the
Security Agent) and the Senior Finance Parties undertakes to use all reasonable
endeavours (not to involve expenditure of money in excess of reasonable
professional fees and out-of-pocket expenses) to ensure that the provisions of
this Deed as to the relative ranking of priorities and subordination as between
the Senior Finance Parties, the Equity Finance Providers and the Intra-Group
Creditors shall be given effect to in all relevant jurisdictions.

 

22.          ATTORNEY

 

Each Junior Creditor hereby irrevocably and by way of
security appoints (to the extent it is legally able to do so) the Security
Agent as its attorney (with full power of substitution and delegation) in its
name and on its behalf to do anything which it has authorised the Security
Agent to do under this Deed and/or is required and legally able to do under
this Deed but has failed to do for a period of 10 Business Days after receiving
notice from the Security Agent requiring it to do so unless such party is
disputing in good faith and by appropriate proceedings that it is required to
take the relevant action.

 

23.          HEDGING BANKS

 

23.1        Hedging
Agreements

 

Each Hedging Bank will promptly provide to the
Security Agent copies of the relevant Hedging Agreements to which it is a
party.  The Hedging Agreements entered
into by the Hedging Banks shall:

 

(a)           be based on the 1992
ISDA Master Agreement (or any successor agreement);

 

(b)           provide that in the
event of termination or closing-out of any hedging transaction entered into
under the terms of those Hedging Agreements for 

 

38

 

whatever reason, both the relevant Hedging
Bank and the relevant Obligor may be obliged to make a compensating payment
(with the intent that the defaulting party under the Hedging Agreements will be
entitled to receive payment under the Hedging Agreements if the application of
the termination provisions of the Hedging Agreements results in a negative
number);

 

(c)           provide that the
relevant Hedging Bank will, if so requested by the relevant Facility Agent
under Clause 5.3(b) (Permitted
Enforcement Action by Hedging Banks) following a declaration under
Clause 23.16 (Acceleration and Cancellation)
of the A/C Facilities Agreement or equivalent provisions in the NZ Facility
Agreement, be entitled to terminate or close-out any hedging transaction
entered into under the relevant Hedging Agreements;

 

(d)           provide that an Event
of Default (as defined in each of the Facilities Agreements) is an Event of
Default (as defined therein);

 

(e)           not elect for the
application of Automatic Early Termination (as defined in the relevant Hedging
Agreements); and

 

(f)            otherwise, be in a
form satisfactory to the Security Agent (acting reasonably).

 

23.2        Amendments

 

No Hedging Bank shall amend or vary the Hedging
Agreements to which it is party:

 

(a)           so that such Hedging
Agreements cease to comply with the requirements of this Clause 18 (Hedging Banks); or

 

(b)           in a manner which is
materially prejudicial to the interests of the Senior Finance Parties under the
Senior Finance Documents,

 

in each case, without the consent of the Security
Agent acting on the instructions of the relevant Majority Banks in respect of
the Facilities that would be affected thereby.

 

24.          PRO RATA SHARING

 

24.1        Senior Finance Parties

 

Subject to Clause 9.1 (Turnover) and as provided in Clause 19.2 (Exceptions), if any Senior Finance Party
(the “Recovering Party”) receives
an amount in discharge of the Senior Indebtedness (a “Recovery”) after the date of service of
notice of acceleration under Clause 23.16 (Acceleration
and Cancellation) of the A/C Facilities Agreement or the equivalent
provisions in the B Facility Agreement other than as a result of a payment
under Clause 10.1 (Application)
then:

 

(a)           within two Business
Days of receipt of the Recovery, the Recovering Party shall pay to the Security
Agent an amount equal (or equivalent) to such Recovery;

 

(b)           the Security Agent
shall redistribute such payment in accordance with Clause 10.1 (Application); and

 

39

 

(c)           save for any receipt by
the Recovering Party as a result of the operation of paragraph (b) above,
as between the relevant Obligor and the Recovering Party the Recovery shall be
treated and deemed as not having been paid.

 

Each Senior Finance Party shall notify the Security
Agent promptly of any such Recovery by it other than by payment through the
Security Agent.  If any Recovery
subsequently has to be wholly or partly refunded by the Recovering Party which
paid an amount equal thereto to the Security Agent under Clause 19.1(a), each
Senior Finance Party to which any part of that amount was distributed shall, on
request from the Recovering Party, repay to the Recovering Party that Senior
Finance Party’s pro rata share of
the amount which has to be refunded by the Recovering Party.

 

24.2        Exceptions

 

The provisions of Clause 19.1 (Senior Finance Parties) shall not apply to
any Hedging Bank as a result of exercising rights to net sums due and payable
by and to it under the Hedging Agreements.

 

24.3        Adjustments

 

To the extent that by reason of applicable law the
Security Agent or the relevant Facility Agent is not able to apply amounts
received pursuant to enforcement of guarantees and Security Documents in
payment to the Senior Finance Parties to the outstanding Senior Indebtedness
due to such Senior Finance Parties as provided for in Clause 10.1 (Application) such amount shall be applied
as the Security Agent shall reasonably determine, subject to paragraph (e) and
(f) of Clause 10.1 (Application),
in accordance with applicable law subject to the relevant Senior Finance
Parties making any payments required between themselves in order to place each
of the Senior Finance Parties in the same position as they would have been in
had it been possible to apply amounts to the Senior Indebtedness on a pro rata basis.

 

25.          APPOINTMENT AND DUTIES OF SECURITY AGENT

 

25.1        Trust for Beneficiaries

 

(a)           Declaration of Trust: 
To the extent the Security is not transferred, charged or granted to the
Security Agent on trust and subject to the provisions of Clause 20.1(d) (Declaration of Trust and Appointment as Administrator
(Germany)), Clause 20.1(e) (Agent
for the Beneficiaries (France)), Clause 20.1(f) (Agent for Beneficiaries (Spain)), Clause
20.1(g) (Agent for Beneficiaries
(Switzerland)), Clause 20.1(h) (Agent for Beneficiaries (Italy)),   Clause 20.1(i) (Agent for Beneficiaries (Belgium)) and
Clause 20.1(j) (Agent for Beneficiaries
(Québec)) and without prejudice to Clause 20.18 (Abstract Acknowledgment of Indebtedness; Joint
Creditorship) and Clause 20.19 (Parallel
Debt), the Security Agent declares itself trustee of the Security
(save for any Security created pursuant to the Australian Security Document) to
hold the same on trust for the Beneficiaries on the terms and subject to the
conditions set out in this Deed. The following provisions are supplementary to
the provisions of the Trustee Acts.

 

40

 

(b)           Trust:

 

(i)            The
Security Agent shall have only those duties, obligations and responsibilities
expressly specified in the Security Documents and this Deed and no duties,
obligations and responsibilities shall be inferred or implied.

 

(ii)           In
performing or carrying out its duties, obligations and responsibilities, the
Security Agent shall be considered to be acting only in a mechanical and
administrative capacity (save as expressly provided in the Security Documents
or this Deed) and shall not have or be deemed to have any duty, obligation or
responsibility to, or relationship of trust or agency with, any Obligor (save
in respect of certain notification requirements as expressly provided in the
Security Documents).

 

(c)           Covenant to
Pay:  Subject to Clause 24 (Guarantee and Indemnity) of the A/C
Facilities Agreement and the equivalent provisions of the B Facility Agreement
(each of which shall apply to the provisions in this Deed as if set out in full
herein, mutatis mutandis), each
Obligor hereby covenants with the Security Agent as trustee for the
Beneficiaries that, on demand of the Security Agent (whether for its own
account or as trustee for the Beneficiaries) or any of the other Beneficiaries
under or pursuant to the Finance Documents, such Obligor shall pay to the
Security Agent when due and payable every sum at any time owing, due or
incurred by such Obligor to the Security Agent (whether for its own account or
as trustee for the Beneficiaries) or any of the other Beneficiaries under or
pursuant to the Finance Documents (whether present or future, actual or
contingent, and whether incurred solely or jointly and whether as principal or
as surety or in some other capacity (including any liability for further
advances made or to be made)).

 

(d)           Declaration of Trust and
Appointment as Administrator (Germany):

 

(i)            Without prejudice to
the generality of Clause 20.1(a) (Declaration
of Trust),

 

(A)          each
Beneficiary that is or will become party to this Deed (other than the Security
Agent) hereby appoints the Security Agent as trustee (Treuhaender) and administrator for the
purpose of holding on trust (Treuhand),
taking, administering, enforcing and releasing the German Law Security for the
Beneficiaries (other than the Security Agent);

 

(B)           the Security
Agent accepts its appointment as a trustee and administrator of the German Law
Security on the terms and subject to the conditions set out in this Deed; and

 

(C)           the
Beneficiaries and all other parties to this Deed agree that, in relation to the
German Law Security, no Beneficiary (other than the Security Agent) shall
exercise any independent power to enforce any German Law Security or take any
other action in 

 

41

 

relation to the enforcement of the German Law
Security, or make or receive any declarations in relation thereto.

 

(ii)           The Security Agent
shall:

 

(A)          hold
and administer any German Law Security which is security assigned (Sicherungseigentum/Sicherungsabtretung) or
otherwise transferred under a non-accessory security right (nicht akzessorische Sicherheit) to it as a
trustee (Treuhänder) for the
benefit of the Beneficiaries; and

 

(B)           hold
and administer any German Law Security which is pledged (Pfandrecht) or otherwise transferred to it
under an accessory security right (akzessorische
Sichereit) for the benefit of the Beneficiaries.

 

(iii)          Each Beneficiary (other
than the Security Agent) hereby authorises the Security Agent:

 

(A)          to
enter into any documents evidencing German Law Security and to make and accept
all declarations and take all actions it considers necessary or useful in
connection with any German Law Security on behalf of the Beneficiaries;

 

(A)          to
rescind, release, amend and/or execute new and/or different documents
evidencing German Law Security;

 

(B)           to
exercise such rights, remedies, powers and discretions as are specifically
delegated to or conferred upon the Security Agent by the German Law Security
Documents together with such powers and discretions as are reasonably
incidental thereto; and

 

(C)           to
take such action on its behalf as may from time to time be authorised under or
in accordance with the German Law Security Documents.

 

(iv)          The Security Agent shall
be exempted from the restrictions of Section 181 of the German Civil Code
and shall have the right to delegate its powers as a representative in
accordance with Clause 20.20(a) (Delegation).

 

(v)           Each Beneficiary (other
than the Security Agent) hereby ratifies and approves all acts previously done
by the Security Agent on such Beneficiary’s behalf in relation to the German
Law Security Documents.

 

42

 

(e)           Agent for the
Beneficiaries (France):

 

(i)            Each Beneficiary
(other than the Security Agent) as “mandants”
under French law:

 

SCHEDULE 1hereby irrevocably appoints the
Security Agent to act as its agent (“mandataire” under French law) under and in connection with
the French Law Security Documents; and

 

SCHEDULE 2irrevocably authorises the Security
Agent to execute for and on its behalf the French Law Security Documents and to
perform the duties and to exercise the rights, powers and discretions that are
specifically delegated to it under or in connection with the French Law
Security Documents, together with any other rights, powers and discretions
which are incidental thereto and to give a good discharge for any moneys
payable under the French Law Security Documents.

 

(ii)           The Security Agent will
act solely for itself and as agent for the other Beneficiaries in carrying out
its functions as agent under the French Law Security Documents.

 

(iii)          The relationship between
the Beneficiaries (other than the Security Agent) on the one hand and the
Security Agent on the other is that of principal (“mandant” under French law) and agent (“mandataire” under French law) only.  The Security Agent shall not have, nor be
deemed to have, assumed any obligations to, or trust or fiduciary relationship
with, any party to this Deed other than those for which specific provision is
made by the French Law Security Documents and, to the extent permissible under
French law, the other provisions of this Deed, which shall be deemed to be
incorporated in this Clause 20.1(e), where reference is made to any French Law
Security Documents.

 

(iv)          Notwithstanding Clause
28.1 (Governing Law) of this
Deed, the provision of this Clause 20.1(e) and the other provisions of
this Deed which are deemed to be incorporated herein, shall be governed by, and
construed in accordance with, French law. 
Notwithstanding Clause 28.2 (Submission
to Jurisdiction) but without prejudice to Clause 28.3 (Freedom of Choice), any dispute arising
out of this Clause 20.1(e) shall be submitted to the Tribunal de Commerce
de Paris.

 

(v)           The Beneficiaries, the
Security Agent and the other parties hereto which are also party to any French
Law Security Document irrevocably acknowledge that the existence and extent of
the Security Agent’s authority resulting from this Clause 20.1(e) and the
effects of the Security Agent’s exercise of this authority shall be governed by
French law.

 

43

 

(f)            Agent for the Beneficiaries (Spain):

 

(i)            Each Beneficiary (other than the Security Agent) as “mandante” under Spanish law:

 

(A)          hereby irrevocably appoints the Security Agent to act
as its agent (“mandatario”) under and in connection with the Spanish Law
Security Documents and undertakes to take any actions and grant any documents
necessary for the full effectiveness of this appointment in Spain;

 

(B)          irrevocably authorises the Security Agent to perform
the duties and to exercise the rights, powers and discretions that are
specifically delegated to it under this Agreement; and

 

(C)          irrevocably authorises the Security Agent to execute
for and on its behalf the Spanish Law Security Documents and to perform the
duties and to exercise the rights, powers and discretions that are specifically
delegated to it under or in connection with the Spanish Law Security Documents,
together with any other rights, powers and discretions which are incidental
thereto and to give a good discharge for any moneys payable under the
applicable Senior Finance Documents.

 

(ii)           The Security Agent will act solely for itself and as
agent for the other Beneficiaries in carrying out its functions as agent under
the Spanish Law Security Documents.

 

(iii)          The relationship between the Beneficiaries (other
than the Security Agent) on the one hand and the Security Agent on the other is
that of principal (“mandante”)
and agent (“mandatario”)
only.  The Security Agent shall not have,
nor be deemed to have, assumed any obligations to, or trust or fiduciary
relationship with, any party to this Deed other than those for which specific
provision is made by the Spanish Law Security Documents and, to the extent
permissible under Spanish law, the other provisions of this Deed, which shall
be deemed to be incorporated in this Clause 20.1 (f), where reference is made
to any Spanish Law Security Documents.

 

(g)           Agent for the Beneficiaries
(Switzerland):

 

(i)            Each Beneficiary
(other than the Security Agent) as “mandataire”
under Swiss law:

 

SCHEDULE 1hereby irrevocably appoints the Security Agent to act as its
agent (“mandataire”)
under and in connection with the Swiss Law Security Documents; and

 

SCHEDULE 2irrevocably authorises the Security Agent to execute for and
on its behalf the Swiss Law Security Documents and to perform the duties and to
exercise the rights, powers and 

 

44

 

discretions
that are specifically delegated to it under or in connection with the Swiss Law
Security Documents, together with any other rights, powers and discretions
which are incidental thereto and to give a good discharge for any moneys
payable under the Swiss Law Security Documents.

 

(ii)           The Security Agent will
act solely for itself and as agent for the other Beneficiaries in carrying out
its functions as agent under the Swiss Law Security Documents.

 

(iii)          The relationship between
the Beneficiaries (other than the Security Agent) on the one hand and the
Security Agent on the other is that of principal (“mandant”) and agent (“mandataire”)
only.  The Security Agent shall not have,
nor be deemed to have, assumed any obligations to, or trust or fiduciary
relationship with, any party to this Deed other than those for which specific
provision is made by the Swiss Law Security Documents and the other provisions
of this Deed, which shall be deemed to be incorporated in this Clause 20.1 (g),
where reference is made to any Swiss Law Security Documents.

 

(h)           Agent
for the Beneficiaries (Italy):

 

(i)            Each Beneficiary
(other than the Security Agent) as “mandante”
under Italian law:

 

SCHEDULE 1hereby irrevocably appoints the Security Agent to act as its
agent (“mandatario” under Italian law) under and in connection with the Italian
Law Security Documents; and

 

SCHEDULE 2irrevocably authorises the Security Agent to execute for and
on its behalf the Italian Law Security Documents and to perform the duties and
to exercise the rights, powers and discretions that are specifically delegated
to it under or in connection with the Italian Law Security Documents, together
with any other rights, powers and discretions which are incidental thereto and
to give a good discharge for any moneys payable under the Italian Law Security
Documents.

 

(ii)           The Security Agent will
act solely for itself and as agent for the other Beneficiaries in carrying out
its functions as agent under the Italian Law Security Documents.

 

(iii)          The relationship between
the Beneficiaries (other than the Security Agent) on the one hand and the
Security Agent on the other is that of principal (“mandante” under Italian law) and agent (“mandatario” under Italian law) only.  The Security Agent shall not have, nor be
deemed to have, assumed any obligations to, or trust or fiduciary relationship
with, any party to this Deed other than those for which specific provision is
made by the Italian Law Security Documents and, 

 

45

 

to the extent permissible under
Italian law, the other provisions of this Deed, which shall be deemed to be
incorporated in this Clause 20.1(h), where reference is made to any Italian Law
Security Documents.

 

(iv)          Notwithstanding Clause
28.1 (Governing Law) of this Deed, the provision of this Clause 20.1(h) and
the other provisions of this Deed which are deemed to be incorporated herein,
shall be governed by, and construed in accordance with, Italian law.  Notwithstanding Clause 28.2 (Submission to
Jurisdiction) but without prejudice to Clause 28.3 (Freedom of Choice), any
dispute arising out of this Clause 20.1(h) shall be submitted to the
Courts of Milan.

 

(v)           The Beneficiaries, the
Security Agent and the other parties hereto which are also party to any Italian
Law Security Document irrevocably acknowledge that the existence and extent of
the Security Agent’s authority resulting from this Clause 20.1(h) and the
effects of the Security Agent’s exercise of this authority shall be governed by
Italian law.

 

(i)            Agent for the
Beneficiaries (Belgium):

 

(i)            Each Beneficiary
(other than the Security Agent) as “mandants”
under Belgian law:

 

SCHEDULE 1hereby irrevocably appoints the
Security Agent to act as its agent (“mandataire” under Belgian law) under and in connection with
the Belgian Law Security Documents; and

 

SCHEDULE 2irrevocably authorises the Security
Agent to execute for and on its behalf the Belgian Law Security Documents and
to perform the duties and to exercise the rights, powers and discretions that
are specifically delegated to it under or in connection with the Belgian Law
Security Documents, together with any other rights, powers and discretions
which are incidental thereto and to give a good discharge for any moneys
payable under the Belgian Law Security Documents.

 

(ii)           The Security Agent will
act solely for itself and as agent for the other Beneficiaries in carrying out
its functions as agent under the Belgian Law Security Documents.

 

(iii)          The relationship between
the Beneficiaries (other than the Security Agent) on the one hand and the
Security Agent on the other is that of principal (“mandant” under Belgian law) and agent (“mandataire” under Belgian law) only.  The Security Agent shall not have, nor be
deemed to have, assumed any obligations to, or trust or fiduciary relationship
with, any party to this Deed other than those for which specific provision is
made by the Belgian Law Security Documents and, to the extent permissible under
Belgian law, the other provisions 

 

46

 

of this Deed, which shall be deemed to be
incorporated in this Clause 20.1(i), where reference is made to any Belgian Law
Security Documents.

 

(iv)          Notwithstanding Clause
28.1 (Governing Law) of this
Deed, the provision of this Clause 20.1(i) and the other provisions of
this Deed which are deemed to be incorporated herein, shall be governed by, and
construed in accordance with, Belgian law. 
Notwithstanding Clause 28.2 (Submission
to Jurisdiction) but without prejudice to Clause 28.3 (Freedom of Choice), any dispute arising
out of this Clause 20.1(i) shall be submitted to the Courts of Brussels,
Belgium.

 

(v)           The Beneficiaries, the
Security Agent and the other parties hereto which are also party to any Belgian
Law Security Document irrevocably acknowledge that the existence and extent of
the Security Agent’s authority resulting from this Clause 20.1(i) and the
effects of the Security Agent’s exercise of this authority shall be governed by
Belgian law.

 

(j)            Agent for
the Beneficiaries (Québec)

 

Each Beneficiary and each Canadian Borrower confirms the appointment
and designation of the Canadian Supplemental Security Agent (or any successor
thereto) as the person holding the power of attorney (“fondé de pouvoir”) within the meaning of Article 2692
of the Civil Code of Québec for
the purposes of the hypothecary security under the deed of hypothec to be
granted by each Canadian Borrower under the laws of the Province of Québec and,
in such capacity, the Canadian Supplemental Security Agent shall hold the
hypothecs granted under the laws of the Province of Québec as such fondé de pouvoir in the exercise of the
rights conferred thereunder.  The
execution by the Canadian Supplemental Security Agent, as such fondé de pouvoir, prior to the date hereof
of any deed creating or evidencing any such hypothecs is hereby ratified and
confirmed. Notwithstanding the provisions of Section 32 of the Act respecting the special powers of legal persons
(Québec), the Canadian Supplemental Security Agent may acquire and be the
holder of any of the bonds (or similar instruments) secured by such
hypothecs.  Each assignee Beneficiary
that becomes party to this Deed, by becoming a party to this Agreement, shall
be deemed to have ratified and confirmed the appointment of the Canadian
Supplemental Security Agent as fondé de
pouvoir.

 

(k)           No Independent Power:

 

(i)            The Beneficiaries
(other than the Security Agent or a delegate) shall have no independent power
to enforce, or have recourse to, any of the Security or to exercise any rights
or powers arising under the Security Documents unless the Security Agent or, as
the case may be, its delegate, having been obligated to do so, fails to do so
within a reasonable time and such failure is continuing or (w) in the case
of the Italian Law Security Documents, as otherwise provided for by mandatory
provision of Italian law, or (x) in the case of the Spanish 

 

47

 

Law Security Documents, subject to any
limitations under Spanish law for undisclosed representation (“representación indirecta”) (y) in the
case of the French Law Security Documents, as otherwise provided for by
mandatory provisions of French law and (z) in the case of Belgian Law
Security Documents, as otherwise provided for by mandatory provisions of
Belgian law.

 

(ii)           Any money recovered by
a Beneficiary in accordance with the provisions of this Clause 20.1 shall be
immediately turned over to the Security Agent in accordance with Clause 9.1 (Turnover) and the Security Agent is hereby
irrevocably instructed by the Beneficiaries to apply such monies in accordance
with this Deed.

 

(l)            The Security Agent
shall not be or be deemed to be agent or trustee for any party to this Deed
other than the Senior Finance Parties.

 

25.2        Security
Agent’s Duties

 

The Security Agent
shall:

 

(a)           promptly
send to the relevant Facility Agents details of each communication received by
it under this Deed or under the Security Documents;

 

(b)           promptly
send to the relevant Facility Agents a copy of any legal opinion delivered
under this Deed or any of the Security Documents and or any other document or
information received by it pursuant to this Deed or any of the Security
Documents;

 

(c)           subject
to those provisions of this Deed which require the consent of all Beneficiaries
or all of a particular category of the Beneficiaries, act in accordance with
any instructions given as provided in Clause 7 (Enforcement of Security) or, if so instructed in accordance
with Clause 7 (Enforcement of Security),
refrain from exercising a right, power or discretion vested in it under any of
the Security Documents or this Deed;

 

(d)           have
only those duties, obligations and responsibilities expressly specified in the
Security Documents or this Deed; and

 

(e)           promptly
notify each of the Facility Agents of the occurrence of any Default on becoming
aware of it.

 

25.3        Security
Agent’s Rights

 

Subject to the
provisions of this Deed, the Security Agent may:

 

(a)           perform
any of its duties, obligations and responsibilities under the Security
Documents or this Deed by or through its personnel, delegates or agents (on the
basis that the Security Agent may extend the benefit of any indemnity received
by it hereunder to its personnel, delegates or agents);

 

48

 

(b)           refrain
from exercising any right, power or discretion vested in it under the Security
Documents or this Deed until it has received instructions in accordance with
this Deed;

 

(c)           refrain
from doing anything which would or might in its opinion be contrary to any law,
directive or judgment of any court of any jurisdiction or otherwise render it
liable to any person and may do anything which is in its reasonable opinion
necessary to comply with any such law, directive or judgment;

 

(d)           if
it receives instructions or directions from the relevant Facility Agent to take
any action in relation to this Deed or the Security Documents, assume that all
applicable conditions for taking that action have been satisfied;

 

(e)           assume
that (i) any representation made or deemed to be made by any party to the
Finance Documents is true; (ii) no Default has occurred; and (iii) all
the Obligors are in compliance with their obligations under the Finance
Documents to which they are a party unless an officer of the Security Agent,
while active on the account of the Obligors, acquires actual knowledge to the
contrary;

 

(f)            without
being liable to any person for any delay or loss caused thereby, refrain from
taking any step (or further step) to protect or enforce the rights of any
Beneficiary under any of the Security Documents or this Deed until it has been
indemnified and/or secured to its satisfaction against any and all costs,
losses, expenses or liabilities (including legal fees) which it would or might
sustain or incur as a result;

 

(g)           accept
and rely on any notice, communication, information, certificate, legal opinion
or other document believed by it to be genuine and correct and assume it to
have been communicated or signed by the person by whom it purports to be
communicated and signed without incurring any liability for so accepting and
relying, without having any duty to enquire as to the accuracy thereof and
without being bound to ask for further evidence or authority or otherwise;

 

(h)           accept
and rely as to any matter of fact which might reasonably be expected to be
within the knowledge of any person in a statement by or on behalf of such
person without incurring any liability for so accepting and relying, without
having any duty to enquire as to the accuracy thereof and without being bound
to ask for further evidence or authority or otherwise;

 

(i)            obtain
and pay for such legal or other expert advice or services as may seem necessary
to it or desirable and rely on any such advice;

 

(j)            accept
without enquiry such title as an Obligor may have to any asset or assets
intended to be the subject of the Security; and

 

(k)           hold
or deposit any title deeds, Security Documents or any other documents in
connection with any of the assets charged by the Security Documents with any
bankers or banking company or any company whose business includes undertaking
the safe custody of deeds or documents or with any lawyer or firm of lawyers
and it shall not be responsible for or be required to insure against 

 

49

 

any loss incurred in connection with any such
holding or deposit and it may pay all sums required to be paid on account or in
respect of any such deposit.

 

25.4        Excluded Obligations

 

Notwithstanding anything to the contrary expressed in
this Deed or any Finance Document to which it is a party, the Security Agent
shall not:

 

(a)           be
obliged to enquire as to the occurrence or continuation of any Default or as to
the accuracy or completeness of any representation or warranty made by any
party;

 

(b)           be
bound to account to any other Finance Party or any other party for any sum or
the profit element of any sum properly received by it for its own account;

 

(c)           unless
ordered to do so by a court of competent jurisdiction, be bound to disclose to
any other person (including any Beneficiary or Obligor) any confidential
information and each Beneficiary and Obligor agrees that it shall not take any
action to obtain from the Security Agent any such confidential information;

 

(d)           be
under any obligations other than those which are expressly and specifically
provided for in this Deed or any Security Document;

 

(e)           have
or be deemed to have any other duty, obligation or responsibility whatsoever in
respect of the Finance Documents (other than as expressly and specifically
provided under this Deed or any Security Document) or any terms and conditions
relating thereto, or any of the acts or omissions of any of the other parties
thereunder;

 

(f)            have
any obligation to marshal any security created under the Security Documents;

 

(g)           be
required by anything contained in this Deed or any other Finance Document to
which it is a party to expend or risk its own funds or otherwise incur
financial liability in the performance of any of its duties or to exercise any
of its rights thereunder;

 

(h)           in
any circumstances be obligated to give its own indemnity to any delegate or to
become mortgagee in possession (or the equivalent under the local law of any of
the Security Documents);

 

(i)            have
any obligation to effect or consider the adequacy of any insurance;

 

(j)            be
bound to obtain, request, or maintain any foreign exchange approval necessary
for the conversion of any sum received by the Security Agent in a currency
other than that in which the obligations secured by the relevant Security
Document are denominated; or

 

(k)           have
or be deemed to have any duty, obligation or responsibility whatsoever in
respect of monitoring compliance by any Obligor or any Facility Agent with 

50

 

their respective obligations under any of the
Finance Documents to which they are a party.

 

25.5        No
responsibility to perfect security

 

The Security Agent shall not be liable for any
failure, omission or defect in perfecting or protecting its rights under the
Security Documents or the priority of the security created pursuant to such
Security Documents, including without limitation, any failure to:

 

(a)           require
the deposit with it of any deed or document certifying, representing or
constituting title to any of the security created pursuant to the Security
Documents;

 

(b)           obtain
any licence, consent, approval or other authority from any person required or
necessary for the execution, delivery, legality, validity, enforceability or
admissibility in evidence of any of the Security Documents or the Security or
any part thereof;

 

(c)           register,
file, record or otherwise protect any of the Security (or the priority of any
Security or any Security Documents (or any amendments thereto) under any
applicable laws in any jurisdiction or give notice to any person of the
execution of any of the Security Documents (or any amendments thereto) or of
the Security;

 

(d)           take,
or require any of the Obligors to take, any steps which are or might be
required to perfect its title to any of the assets subject to the Security or
to render the Security effective or to secure the creation of any ancillary
Security under the laws of any jurisdiction;

 

(e)           take,
or require any Party to take, any steps which are or might be required to
render (a) the Security Documents (b) any amendment to the Security
Documents or (c) any assignment and/or transfer by a Party of all of its
rights and obligations under any of the Finance Documents, effective, valid and
enforceable under the laws of any jurisdiction;

 

(f)            require
any further assurances in relation to any of the Security Documents; or

 

(g)           ensure
that any sums are received into any account of any Obligor or any other person.

 

25.6        Powers
Supplemental

 

The rights, powers and discretions conferred upon the
Security Agent by this Deed shall be supplemental to those conferred on it by
the Trustee Acts and in addition to any which may be vested in the Security
Agent by general law or otherwise.

 

25.7        Merger,
etc.

 

Any corporation into which the Security Agent may be
merged or converted or with which it may be consolidated, or any corporation
resulting from any merger, conversion or consolidation to which the Security
Agent shall be a party, or any 

 

51

 

corporation succeeding to all or substantially all the
corporate trust business of the Security Agent, shall be the successor of the
Security Agent hereunder without the execution or filing or any further act on
the part of any party hereto.

 

25.8        Disapplication

 

Section 1 of the Trustee Act 2000 shall not apply
to the duties of the Security Agent in relation to the trusts constituted by
this Deed. Where there are any inconsistencies between the Trustee Acts and the
provisions of this Deed, the provisions of this Deed shall, to the extent
allowed by law, prevail and, in the case of any such inconsistency with the
Trustee Act 2000, the provisions of this Deed shall constitute a restriction or
exclusion for the purposes of that Act.

 

25.9        Exoneration of the Security Agent

 

Neither the Security Agent nor any of its personnel or
agents:

 

(a)           shall
be responsible for the adequacy, accuracy or completeness of any
representation, warranty, statement or information in the Security Documents or
this Deed or any notice or other document delivered under the Security
Documents or this Deed;

 

(b)           shall
be responsible for the execution, delivery, validity, legality, adequacy,
enforceability or admissibility in evidence of any of the Security Documents or
this Deed;

 

(c)           shall
be responsible for any failure of any Obligor or any of the Beneficiaries duly
and punctually to observe and perform their respective obligations under the
Security Documents or this Deed or for any acts or omissions on the part of any
Obligor or any other person;

 

(d)           shall
be responsible for the consequences of relying on the advice of any
professional advisers selected by any of them in connection with the Security
Documents or this Deed;

 

(e)           shall
be liable for acting (or refraining from acting) in what it believes in good
faith to be in the best interests of the Beneficiaries or any of them in
circumstances where it has been unable, or it is not practicable, to obtain
instructions in accordance with this Deed;

 

(f)            shall
be liable for anything done or not done by it under or in connection with the
Security Documents or this Deed save in the case of its own gross negligence
(or under Belgian law and French law, faute
grave) or wilful misconduct (or under Belgian law and French law, dol);

 

(g)           shall
be responsible for the exercise, or failure to exercise, any judgement,
discretion or power given to it by or in connection with any Finance Documents
to which it is a party, the Security Documents or any other agreement,
arrangement or document entered into, made or executed in anticipation of,
pursuant to or in connection with the Finance Documents to which it is a party
or the Security Documents;

 

52

 

(h)           shall
be responsible for any shortfall which arises on the enforcement of the
Security Documents, or for any deficiency or additional payment, as the case
may be, which might arise because the Security Agent is subject to any tax in
respect of the Security or any part thereof or any income therefrom or any
process thereof;

 

(i)            shall
be responsible for any decline in value due to currency conversions made
pursuant to the Finance Documents;

 

(j)            shall
be responsible for any moneys other than sums actually received by the Security
Agent which have not been distributed or paid to the Beneficiaries or the
person entitled or at the time of payment reasonably believed by the Security
Agent to be entitled thereto; or

 

(k)           shall
be responsible for any costs, charges, losses, damages, liabilities or expenses
arising from or connected with any realisation of the Security or from any act,
default, omission or misconduct of the Security Agent or its officers,
employees or agents in relation to the Security Documents, save in the case of
its own gross negligence (or under Belgian law and French law, faute grave) or wilful misconduct (or
under Belgian law and French law, dol).

 

25.10      No
Proceedings

 

Each party (other than the Security Agent) agrees for
the benefit of the Security Agent and its officers, employees and agents that
it will not assert any claim or take proceedings against any of the Security
Agent’s officers, employees and agents in respect of any claim it might have
against the Security Agent or in respect of any act or omission of any kind by
that officer, employee or agent in relation to the Finance Documents and any
officer, employee or agent of the Security Agent may rely on this Clause 20.10.

 

25.11      The
Security Agent as Security Agent

 

(a)           For
so long as it is a Finance Party in a capacity other than as Security Agent,
the Security Agent shall have the same rights and powers under the Finance
Documents as any other Finance Party and may exercise those rights and powers
as if it were not also acting as Security Agent.

 

(b)           The
Security Agent may:

 

(i)            retain for its own
benefit and without liability to account any fee or other sum receivable by it
for its own account; and

 

(ii)           accept deposits from,
lend money to, provide any advisory, trust or other services to or engage in
any kind of banking or other business with any other party to this Deed or any
subsidiary of any such party (and, in each case, may do so without any
liability to account).

 

25.12      Communications and Information

 

(a)           All communications to
any Obligor by a Finance Party in connection with the Security Documents are to
be made by or through the Security Agent.

 

53

 

(b)           The
Security Agent will not be obliged to transmit to the Beneficiaries any
information in any way relating to the Security or the Security Documents or
this Deed which the Security Agent may have acquired otherwise than in its
capacity as Security Agent. 
Notwithstanding anything to the contrary expressed or implied herein,
the Security Agent shall not as between itself and the Beneficiaries be bound
to disclose to any Beneficiary or other person any information, disclosure of
which might in the opinion of the Security Agent result in a breach of any law
or directive or be otherwise actionable at the suit of any person, or any
information supplied by any member of the Group to the Security Agent in its
capacity as Security Agent for the Beneficiaries or any of them which is
identified by such member of the Group at the time of supply as being
unpublished, confidential or price sensitive information or supplied solely for
the purpose of evaluating in consultation with the Security Agent whether such
transaction might require a waiver or amendment to any of the provisions of the
Security Documents or this Deed.

 

(c)           In
acting as Security Agent for the Beneficiaries or any of them, the Security
Agent’s banking division shall be treated as a separate entity from any other
of its divisions (or similar unit of the Security Agent in any subsequent
re-organisation) or subsidiaries (the “Other Divisions”)
and, in the event that the Security Agent should act for the Parent or any
member of the Group in a corporate finance or other advisory capacity (“Advisory Capacity”), any information given by the Parent,
the Coordinator or any other member of the Group to one of the Other Divisions
is to be treated as confidential and will not be available to the Beneficiaries
or the banking division of the Security Agent without the prior written consent
of the Coordinator, provided that:

 

(i)            the
consent of the Coordinator shall not be required in relation to any information
which the Security Agent reasonably determines relates to a  Default or in respect of which the
Beneficiaries to which such information is disclosed have given a
confidentiality undertaking in a form satisfactory to the Security Agent and
the relevant member of the Group acting reasonably; and

 

(ii)           if
representatives or employees of the Security Agent receive information in
relation to a Default whilst acting in an Advisory Capacity, they will not be
obliged to disclose such information to representatives or employees of the
Security Agent in their capacity as Security Agent or to any of the
Beneficiaries if to do so would breach any rule, contractual undertaking or
regulation or fiduciary duty imposed upon such persons.

 

54

 

25.13      Non-Reliance on Security Agent

 

Each Beneficiary confirms that it is (and will at all
times continue to be) solely responsible for making its own independent
investigation and appraisal of the business, operations, financial condition,
creditworthiness, status and affairs of the Parent and each other member of the
Group and has not relied, and will not at any time rely on the Security Agent:

 

(a)           to
provide it with any information relating to the business, operations, financial
condition, creditworthiness, status and affairs of the Parent or any member of
the Group; or

 

(b)           to
check or enquire into the adequacy, accuracy or completeness of any information
provided by any Obligor under or in connection with any of the Security
Documents or this Deed (whether or not such information has been or is at any
time circulated to it by the Security Agent);

 

(c)           to
assess or keep under review the business/operations, financial condition,
creditworthiness, status or affairs of the Parent or any member of the Group;

 

(d)           in
respect of the legality, validity, effectiveness, adequacy and enforceability
of each of the Security Documents and any other Finance Documents, agreement,
arrangement or document entered into, made or executed in anticipation of,
pursuant to or in connection with the Security Documents or the other Finance
Documents;

 

(e)           in
respect of whether that Beneficiary has recourse, and the nature and extent of
that recourse, against any Obligor or any other person or any of their
respective assets under or in connection with the Finance Documents, the
transactions contemplated by the Finance Documents or any other agreement,
arrangement or document entered into, made or executed in anticipation of,
pursuant to or in connection with the Finance Documents; or

 

(f)            in
respect of the right or title of any person in or to, or the value or
sufficiency of any part of the Security, the priority of any of Security or the
existence of any encumbrance effecting the security created pursuant to the
Security Documents.

 

25.14      Indemnity to Security Agent

 

(a)           Each
Senior Finance Party shall from time to time, as a separate and independent
obligation and notwithstanding any release or discharge of all or any part of
the security created pursuant to the Security Documents or this Deed, promptly
on demand indemnify the Security Agent (in the proportion borne by the amount
of Senior Indebtedness due to such Senior Finance Party to the total amount of
Senior Indebtedness) against all and any cost, claim, loss, expense or
liability whether or not reasonably foreseeable sustained or incurred by the
Security Agent (including, without limitation, in its capacity as agent for the
Beneficiaries pursuant to Clause 20.1 (Trust
for Beneficiaries)  and every
delegate or sub-delegate (and their respective officers and employees) in
complying with any instructions from the Senior Finance 

 

55

 

Parties or the Majority Banks or otherwise
sustained or incurred by it in its capacity as Security Agent for the Senior
Finance Parties under or in connection with the Security Documents or this Deed
or in the performance of its duties, obligations and responsibilities under the
Security Documents or this Deed, unless and to the extent sustained or incurred
as a result of the gross negligence or wilful misconduct of the Security Agent
or any of its personnel.

 

(b)           The provisions of
paragraph (a) of this Clause 20.14 (Indemnity
to Security Agent) are without prejudice to the obligations of the
Parent and the other members of the Group to indemnify the Security Agent to
the extent required by the provisions of the Finance Documents.

 

25.15      Resignation of Security Agent; Appointment of
Successor

 

(a)           Subject to paragraph (f) below,
the Security Agent may resign its appointment at any time without assigning any
reason and without being responsible for any costs, charges or expenses
occasioned by such resignation by giving notice to the Beneficiaries and the
Parent.

 

(b)           A successor Security
Agent shall be selected:

 

(i)            by the retiring
Security Agent nominating one of its affiliates as successor Security Agent in
its notice of resignation; or

 

(ii)           if the retiring
Security Agent makes no such nomination, by the Beneficiaries nominating one of
the Beneficiaries as successor Security Agent (with the Parent’s agreement,
such agreement not to be unreasonably withheld or delayed); or

 

(iii)          if the Beneficiaries
have failed to nominate a successor Security Agent within 30 days of the date
of the retiring Security Agent’s notice of resignation, by the retiring
Security Agent (with the Parent’s agreement, such agreement not to be unreasonably
withheld or delayed) nominating a financial institution of good standing to be
the successor Security Agent.

 

(c)           The resignation of the
retiring Security Agent and the appointment of the successor Security Agent
will (subject as provided in paragraph (f) of this Clause 20.15) become
effective upon the successor Security Agent accepting its appointment as
Security Agent in writing at which time:

 

(i)            the successor Security
Agent will become bound by all the obligations of the Security Agent and become
entitled to all the rights, privileges, powers, authorities and discretions of
the Security Agent hereunder;

 

(ii)           the agency of the
retiring Security Agent will terminate but without prejudice to any liabilities
which the retiring Security Agent may have incurred prior to the termination of
its agency; and

 

(iii)          the retiring Security
Agent will be discharged from any further liability or obligation under or in
connection with the Security Documents or this Deed.

 

56

 

(d)           The retiring Security
Agent will co-operate with the successor Security Agent in order to ensure that
its functions are transferred to the successor Security Agent and will, at the
cost of the Parent (to the extent such costs are reasonable) promptly make
available to the successor Security Agent such documents and records as have
been maintained in connection with this Deed in order that the successor
Security Agent is able to discharge its functions.

 

(e)           The provisions of this
Deed will continue in effect for the benefit of any retiring Security Agent in
respect of any actions taken or omitted to be taken by it or any event
occurring before the termination of its agency.

 

(f)            The Security Agent’s
resignation shall not take effect until its successor has acceded to this Deed
by the execution and delivery of an Accession Deed and all necessary deeds and
documents have been entered into in order to substitute its successor as holder
of the Security Documents and each other party agrees to promptly enter into
any documents reasonably required for this purpose.

 

25.16      Role of the Security Agent

 

The Security Agent shall, save as otherwise
specifically provided in the Canadian Law Security Documents, hold the benefit
of the Security as agent and trustee for itself and for and on behalf of the
Beneficiaries, or to the extent required by applicable local law shall hold the
benefit of such Security Documents for itself and on behalf of the
Beneficiaries, in each case, to apply all payments and other benefits received
by it by reason thereof, or otherwise realised thereunder, in accordance with
this Deed.

 

25.17      Change of Office of Security Agent

 

The Security Agent may at any time and from time to
time in its sole discretion by written notice to the Coordinator and each of the
Beneficiaries designate a different office in the United Kingdom from which its
duties as Security Agent will thereafter be performed.

 

25.18      Abstract
Acknowledgment of Indebtedness; Joint Creditorship

 

(a)           Notwithstanding any
other provision of this Deed, each Obligor (other than each Australian Obligor
only in relation to indebtedness or contingent liability secured under the
Australian Security Document) hereby irrevocably and unconditionally agrees and
covenants with the Security Agent by way of an abstract acknowledgement of
indebtedness that it owes to the Security Agent as creditor in its own right
and not as a representative of the other Senior Finance Parties, sums equal to,
and in the currency of, each amount payable by such Obligor to each such
Finance Party under each of the Senior Finance Documents as and when that
amount falls due for payment under the relevant Finance Document or would have
fallen due but for any discharge resulting from failure of another Finance
Party to take appropriate steps in insolvency proceedings affecting any Obligor
to preserve its entitlement to be paid such amount.  The Security Agent shall be the joint
creditor (together with the relevant Senior Finance Party) (“Gesamtglaubiger”) of all obligations of
each Obligor (other than each Australian Obligor only in relation to
indebtedness or 

 

57

 

contingent liability secured under the
Australian Security Document) towards each such Senior Finance Party under the
Senior Finance Documents.

(b)           Each
Obligor (other than each Australian Obligor only in relation to indebtedness or
contingent liability secured under the Australian Security Document) undertakes
to pay to the Security Agent pursuant to such abstract acknowledgement of
indebtedness upon first written demand the amounts payable by such Obligor to
each of the Senior Finance Parties under each of the applicable Senior Finance
Documents as such amount has become due and payable.

 

(c)           The Security Agent has
the independent right to demand and receive full or partial payment of the
amounts payable by each Obligor (other than each Australian Obligor only in
relation to indebtedness or contingent liability secured under the Australian
Security Document) under this Clause 20.18 irrespective of any discharge of
such Obligor’s obligation to pay those amounts to the other Senior Finance
Parties resulting from failure of another Finance Party to take appropriate
steps in insolvency proceedings affecting any Obligor to preserve its
entitlement to be paid such amount.

 

(d)           Any amount due and
payable by an Obligor to the Security Agent under this Clause 20.18 shall be
decreased to the extent that the other Senior Finance Parties have received
(and are able to retain) payment in full of the corresponding amount under the
other provisions of the Senior Finance Documents and any amount due and payable
by an Obligor to such Senior Finance Parties under those provisions shall be
decreased to the extent that the Security Agent has received (and is able to
retain) payment in full of the corresponding amount under this Clause 20.18,
provided that no Obligor may consider its obligations towards any Senior
Finance Parties to be so discharged by virtue of any set-off, counterclaim or
similar defence that it may invoke vis-à-vis
the Security Agent.

 

(e)           The Security Agent may
not assign, transfer or dispose of its rights under this Clause 20.18 other
than to a successor Security Agent appointed in accordance with the terms of
this Deed.

 

(f)            The rights of the
Senior Finance Parties (other than the Security Agent) to receive payment of
amounts payable by each Obligor under the Senior Finance Documents are several
and are separate and independent from, and without prejudice to, the rights of
the Security Agent to receive payment under this Clause 20.18.

 

25.19      Parallel Debt

 

(a)           Parallel Debt in respect of  the Netherlands

 

Without
prejudice to the provisions of this Deed and the other Senior Finance
Documents, each of the Banks and the other parties hereto acknowledge and
consent to the security grantors that are party to each of the Dutch Law
Security Documents (the “Parallel Debt
Security Documents”) undertaking 

 

58

 

therein
to pay to BNP Paribas (in its own capacity and not as agent, representative or
trustee) amounts which are:

 

(i)            equal to and in the
currency of their principal obligations (as set out in the Parallel Debt
Security Documents) (the “Principal Obligations”);
and

 

(ii)           due and payable at the
same time as the corresponding amounts under their Principal Obligations,

 

(such payment undertaking and the obligations
and liabilities resulting therefrom, as more fully described in the Parallel
Debt Security Documents, the “Parallel Debt”)
and the security rights contemplated by the Parallel Debt Documents being
granted in favour of BNP
Paribas in its own capacity as security for its claims in
connection with the Secured Obligations (as defined in the Parallel Debt Security
Documents).

 

The
Banks and the other parties hereto agree that:

 

the Parallel
Debt is a claim of BNP Paribas which is separate and independent from, and
without prejudice to, the claims of the Banks in respect of the Principal
Obligations; and

 

(iii)          neither such claim nor
the security rights as contemplated by the Parallel Debt Security Documents are
held jointly with the Banks,

 

provided that:

 

SCHEDULE 1to the extent any amount is paid to
and received by BNP Paribas in payment of the Parallel Debt, the total amount
due and payable in respect of the Principal Obligations shall be decreased as
if such amount were received by the Banks (or any of them) in payment of the
corresponding Principal Obligations; and

 

SCHEDULE 2to the extent any amount is paid to
and received by Banks (or any of them) in payment of the Principal Obligations,
the total amount due and payable in respect of the Parallel Debt shall be
decreased as if such amount were received by BNP Paribas in payment of the
corresponding Parallel Debt.

 

BNP
Paribas, acting in its own capacity, hereby agrees to apply all proceeds that
it receives in connection with any enforcement action taken under or pursuant
to the Parallel Debt Security Documents or otherwise in satisfaction in whole
or in part of the Parallel Debt, mutatis
mutandis in accordance with Clause 10.1 (Application) and the other provisions of this Deed as well
as those of the other Senior Finance Documents relating to application of such
amounts by the Security Agent.

 

59

 

The
parties to this Deed agree that BNP Paribas may assign, transfer or dispose of
its rights under this Clause 20.19(a) to a successor appointed in
accordance with the terms of this Deed, but not to any other person.

 

(b)           Parallel Debt in respect of Belgium

 

(i)            Notwithstanding any
other provision of this Agreement, each Belgian Obligor hereby irrevocably and
unconditionally undertakes to pay to the Security Agent, in its own right and
not as representative of the other Banks, sums equal to and in the currency of
each amount payable by such Obligor to each of the Banks under each of the
Finance Documents as and when that amount falls due for payment under the
relevant Finance Document or would have fallen due but for any discharge
resulting from failure of another Finance Party to take appropriate steps, in
insolvency proceedings affecting that Borrower, to preserve its entitlement to
be paid that amount.

 

(ii)           The Security Agent
shall have its own independent right to demand payment of the amounts payable
by each Obligor under this Clause 20.19 (b), irrespective of any discharge of
such Obligor’s obligation to pay those amounts to the other Banks resulting
from failure by them to take appropriate steps, in insolvency proceedings
affecting that Obligor, to preserve their entitlement to be paid those amounts.

 

(iii)          Any amount due and
payable by an Obligor to the Security Agent under this Clause 20.19 (b) shall
be decreased to the extent that the other Finance Parties have received (and
are able to retain) payment in full of the corresponding amount under the other
provisions of the Finance Documents, and any amount due and payable by an
Obligor to the other Finance Parties under those provisions shall be decreased
to the extent that the Security Agent has received (and is able to retain)
payment in full of the corresponding amount under this Clause 20.19 (b).

 

(iv)          The rights of the Banks
(other than the Security Agent) to receive payment of amounts payable by each
Belgian Obligor under the Finance Documents are several and are separate and
independent from, and without prejudice to, the rights of the Security Agent to
receive payment under this Clause 20.19 (b).

 

(v)           The parties to this
Deed agree that the Security Agent may assign, transfer or dispose of its
rights under this Clause 20.19(b) to a successor appointed in accordance
with the terms of this Deed, but not to any other person.

 

25.20      Delegation and Appointment of Supplemental
Security Agents

 

(a)           The Security Agent may,
at any time, to the extent permitted by any applicable laws of any
jurisdiction, delegate by power of attorney or otherwise to any person or
persons for any period, all or any of its rights, powers and discretions vested
in it by any of the Finance Documents. 
Such delegation 

 

60

 

may be made upon any terms and conditions
(including the power to sub-delegate) and subject to any restrictions as the
Security Agent may think fit in the interests of the Beneficiaries and the
Security Agent shall not be bound to supervise, or in any way be responsible
for any loss incurred by reason of any misconduct or default on the part of any
delegate or sub-delegate.

 

(b)           It
is the purpose of this Deed and the other Finance Documents that there shall be
no violation of any law of any jurisdiction denying or restricting the right of
banking corporations or associations to transact business as agent or trustee
in such jurisdiction.  It is recognised
that in case of litigation under this Deed or any of the other Finance
Documents, and in particular in the case of the enforcement of any of the
Finance Documents, or in the event that the Security Agent (acting reasonably)
deems that by reason of any present or future law of any jurisdiction it may
not exercise any of the rights, powers or remedies granted herein or in any of
the other Finance Documents or take any other action which may be necessary in
connection therewith, it may be necessary that the Security Agent appoint an additional
individual or institution as separate trustees, co-trustees, security agents,
security sub-agents or security co-agents (any such additional individuals or
institutions being referred to herein individually as a “Supplemental
Security Agent” and collectively as “Supplemental
Security Agents”).

 

(c)           Each
Obligor acknowledges and agrees that in the event that the Security Agent
appoints a Supplemental Security Agent with respect to any part of the
Security:

 

(i)            each
and every right, power, privilege or duty expressed or intended by this Deed or
any of the other Senior Finance Documents to be exercised by or vested in or
conveyed to the Security Agent with respect to such Security or any part
thereof shall be exercisable by and vest in such Supplemental Security Agent to
the extent, and only to the extent, necessary to enable such Supplemental
Security Agent to exercise such rights, powers and privileges with respect to
such Security and to perform such duties with respect to such Security, and
every covenant and obligation contained in this Deed or any of the other Senior
Finance Documents and necessary to the exercise or performance thereof by such
Supplemental Security Agent shall run to and be enforceable by either the
Security Agent or such Supplemental Security Agent as if such provisions were
set out in full herein, mutatis mutandis;
and

 

(ii)           the
provisions of this Deed and of the other Finance Documents (including, without
limitation, Clauses 29 (Indemnities)
and 34 (The Facility Agents, The Security
Agent, The Global Coordinator and the Finance Parties) of the A/C
Facilities Agreement and the equivalent provisions in each of the B Facility
Agreements, that refer to the Security Agent shall inure to the benefit of such
Supplemental Security Agent as if such Supplemental Security Agent had
originally been party thereto and as if such provisions were set out in full
herein, mutatis mutandis, and all
references therein to the Security Agent shall be deemed to be references to
the Security Agent and/or such 

 

61

 

Supplemental Security Agent, as the context
may require, notwithstanding in each case, any other provision of any other
Finance Document or the fact that such Supplemental Security Agent is not party
to such Finance Document.

 

(d)           Should any instrument
in writing from any Obligor be required by any Supplemental Security Agent so
appointed by the Security Agent for more fully and certainly vesting in and
confirming to him or it such rights, powers, privileges and duties, such
Obligor shall execute, acknowledge and deliver any and all such instruments
promptly upon request by the Security Agent. 
In the event that any Supplemental Security Agent, or a successor
thereto, shall die, become incapable of acting, resign or be removed, all the
rights, powers, privileges and duties of such Supplemental Security Agent, to
the extent permitted by law, shall vest in and be exercised by the Security
Agent until the appointment of a new Supplemental Security Agent.

 

(e)           The appointment of each
Supplemental Security Agent will only be effective upon the Security Agent and
the relevant Supplemental Security Agent executing a duly completed Accession
Deed pursuant to which the Supplemental Security Agent agrees to be bound by
all the terms of this Deed as if it had originally been party to this Deed as a
Senior Finance Party.

 

25.21      Notification to Security Agent

 

The Coordinator shall
provide to the Security Agent a copy of any notice required to be delivered to
a Facility Agent under Clause 21.5 (Notification
of Defaults) of the A/C Facilities Agreement and the equivalent
provisions in the B Facility Agreement in accordance with such Clauses.

 

25.22      Guarantee Limitations

 

If and to the extent that an abstract acknowledgment,
a parallel debt, a covenant to pay or any similar debt obligation provided for
in this Deed (including without limitation pursuant to Clause 20.1 (c) (Covenant to Pay), Clause 20.18 (Abstract Acknowledgment of Indebtedness; Joint
Creditorship) and Clause 20.19 (Parallel Debt),  secures
loans made to any Borrower incorporated in the Federal Republic of Germany,
such abstract acknowledgment, parallel debt, covenant to pay or similar debt
obligation shall not be enforceable against assets which qualify as interest
bearing claims and instruments qualifying as long term for tax purposes (as set
out in the guidelines of the German Federal Ministry of Finance (Bundesfinanzministerium) dated 15 July 2004,
No. 19, 20 and 37 and dated 22 July 2004) or against assets which
comprise real property in Germany.

 

26.          FEES AND EXPENSES

 

26.1        Expenses

 

(a)           The Parent will within
30 Business Days of demand pay and reimburse to the Security Agent (or cause to
be paid or reimbursed), all reasonable costs and expenses (including reasonable
legal fees of a single legal counsel in each relevant jurisdiction), as well as
accounting and valuation fees and other out of pocket expenses and any value
added tax (unless and to the extent such VAT 

 

62

 

is recoverable as input VAT) or other similar
tax thereon, properly incurred by the Security Agent in connection with any
variation, amendment, restatement, waiver, consent or suspension of rights (or
any proposal for any of the same) relating to this Deed or the Security
Documents which is requested by or on behalf of an Obligor or which becomes
necessary as a result of circumstances affecting any Obligor that would be
reasonably likely to materially prejudice the Finance Parties’ rights under
this Deed.

 

(b)                                 The
Parent will on demand pay and reimburse to the Security Agent, all costs and
expenses (including legal fees of a single legal counsel in each relevant
jurisdiction and other out of pocket expenses and any value added tax (unless
and to the extent such VAT is recoverable as VAT) or other similar tax thereon)
properly incurred by the Security Agent in connection with the preservation,
enforcement or the attempted preservation or enforcement of any of the Security
Agent’s rights under this Deed or the Security Documents.

 

26.2                        Deductions by
Security Agent

 

The Security Agent shall be entitled to make the
deductions and withholdings (on account of taxes or otherwise) from payments
hereunder which it is required by any applicable law to make, and to pay all
taxes which may be assessed against it in respect of any of Security, in
respect of anything done by it in its capacity as trustee or otherwise by
virtue of its capacity as trustee.

 

26.3                        Demands

 

If any Obligor fails to pay any sum payable by it
under this Deed on its due date, such Obligor will pay default interest on such
unpaid sum in accordance with Clause 28.2 (Default
Interest) of the A/C Facilities Agreement.

 

27.                               INDEMNITIES

 

27.1                        Parent’s
Indemnity

 

The Parent shall (within 10 Business Days of a demand)
indemnify (or cause to be indemnified) the Security Agent and every delegate
against any cost, loss or liability (together with any applicable VAT (unless
and to the extent such VAT is recoverable as input VAT) (other than any such
cost, loss or liability which is required to be reimbursed or indemnified by an
Obligor pursuant to any other Finance Document (or would have been required to
be reimbursed or indemnified but for an exception to the reimbursement
obligation included in any other Finance Document)), properly incurred by any
of them as a result of:

 

(a)           any
failure by any Obligor to comply with its obligations under Clause 21 (Fees and Expenses); or

 

(b)           the
taking, holding, protection or enforcement of the Security or any part thereof;
or

 

(c)           the
proper exercise of any of the rights, powers, and discretions vested in any of
them by the Finance Documents or by law; or

 

63

 

(d)                                 any
default by any Obligor, Equity Finance Provider, Intra-Group Creditor or
Intra-Group Debtor in the performance of any of the obligations expressed to be
assumed by it in the Finance Documents.

 

27.2                        Priority of
Indemnity

 

The Security Agent may, in priority to any payment to
the Beneficiaries, and if not paid or caused to be paid by the Parent to the
extent required by Clause 22.1 (Parent’s
Indemnity) indemnify itself out of the Security in respect of, and
pay and retain, all sums necessary to give effect to the indemnity in Clause
22.1 (Parent’s Indemnity) from the
Parent and shall have a lien on the Security and the proceeds of the
enforcement of the Security for all moneys payable to it under this Clause
22.2.

 

27.3                        Finance Parties’
Indemnity

 

If the Parent fails to perform any of its obligations
under this Clause 22 (Indemnities),
each Senior Finance Party shall (in the proportion that the Indebtedness due to
it bears to the aggregate of the Indebtedness due to all the Senior Finance
Parties for the time being (or, if the Indebtedness of each of those parties is
zero, immediately prior to it being reduced to zero)), indemnify the Security
Agent within three Business Days of demand against any cost, loss or liability
incurred by the Security Agent as a result of that failure to perform and the
Parent shall indemnify each of the Senior Finance Parties against any payment
made by it under this Clause 22 (Indemnities).

 

28.                               NOTICE

 

28.1                        Mode of Service

 

Any notice or other communication to be served under
or in connection with this Deed shall, unless otherwise stated, be made in
writing and served by letter or facsimile to:

 

(a)                                  in
the case of any Obligor, the Coordinator (on behalf of itself and/or such
Obligor and/or each other member of the Group) at its address or facsimile
number shown immediately after its name on the signature page of the
relevant Facilities Agreement, or such other address or number notified by it
to the relevant Facility Agent and the Security Agent;

 

(b)                                 in
the case of a Facility Agent, at its address or facsimile number shown
immediately after its name on the signature page of the relevant
Facilities Agreement or such other address or number notified by it to the
Coordinator and the Security Agent;

 

(c)                                  in
the case of the Security Agent, the Security Agent at its address or facsimile
number shown immediately after its name on the signature page of the A/C
Facilities Agreement or such other address or number notified by it to the
Coordinator and each of the Facility Agents;

 

(d)                                 in
the case of any Bank, to the relevant Facility Agent (on behalf of such Bank,
as the case may be) at its address or facsimile number shown immediately after
its name on the signature page of the relevant Facilities 

 

64

 

Agreement or such other address or number
notified by it through such Facility Agent, to the Parent and the Security
Agent; and

 

(e)                                  in
the case of any person becoming party to this Deed after the date hereof, the
address or facsimile number referred to in the Accession Deed pursuant to which
such person became party to this Deed or such other address or number notified
by it to (as applicable) the Coordinator, each of the Facility Agents and the
Security Agent,

 

and, in the case of any Finance Party, marked
for the attention of the person or department there specified.

 

28.2                        Delivery

 

(a)                                  Any
communication or document made or delivered by one person to another under or
in connection with the Finance Documents will only be effectively made or
delivered:

 

(i)            if sent by fax,
when first received in legible form; or

 

(ii)           if sent by
post, 5 Business Days after being deposited in the post, postage prepaid, in a
correctly addressed envelope; or

 

(iii)          if sent by
electronic communication, when first received,

 

and if a particular department or officer is
specified as part of its address details provided under Clause 23.1 (Mode of Service), if addressed to that
department or officer.

 

(b)                                 Any
communication or document given under sub-paragraph (i) of paragraph (a) of
this Clause 23.2 which is received after 5 p.m. in the place of receipt or
on a day which is not a Business Day shall be deemed to have been received at 9 a.m.
on the following Business Day.

 

(c)                                  Any
communication or document to be made or delivered to an Agent under or in
connection with any Finance Document will only be effectively made or delivered
when actually received by the relevant Agent and then only if it is expressly
marked for the attention of the department or officer identified with the Agent’s
signature below (or any substitute department or officer as the Agent shall
specify for this purpose).

 

(d)                                 Any
communication or document made or delivered to the Coordinator in accordance
with this Clause 23 (Notice) will
be deemed to have been made or delivered to each of the Obligors.

 

(e)                                  An
Agent may assume that any communication made or document delivered by the
Parent or the Coordinator on behalf of any Obligor is made or delivered with
the consent of such Obligor.

 

65

 

28.3                        Notification of
Contact Details

 

Following receipt
of notification of any contact details or change of contact details pursuant to
Clause 23.1 (Mode of Service), or
if it changes its contact details, the relevant Agent shall promptly notify the
other parties to this Deed.

 

28.4                        Electronic
Communication

 

(a)                                  Any
communication to be made between any parties to this Deed under or in
connection with any of the Finance Documents may be made by e-mail or other
electronic means and each of the parties to this Deed hereby agrees that:

 

(i)            unless and
until notified to the contrary, this is to be an accepted form of
communication;

 

(ii)           it will notify
each of the Facility Agents in writing of its e-mail address and/or any other
information required to enable the sending and receipt of information by such
means; and

 

(iii)          it will notify
each of the Facility Agents of any change to its e-mail address or any other
such information supplied by it.

 

(b)                                 Any
electronic communication made between any parties to this Deed will be
effective only when actually received in readable form and in the case of any
electronic communication made by a Finance Party to a Facility Agent, only if
it is addressed in such a manner as that Facility Agent shall specify for this
purpose.

 

28.5                        English
Language

 

(a)                                  Any
notice given under or in connection with any Finance Document must be in
English.

 

(b)                                 All
other documents provided under or in connection with any Finance Document must
be:

 

(i)            in English; or

 

(ii)           if not in
English, and if so required by an Agent under the relevant Finance Document,
accompanied by a certified English translation and, in this case, the English
translation will prevail unless the document is a constitutional, statutory or
other official document.

 

29.                               NO
IMPLIED WAIVERS AND AMENDMENTS

 

29.1                        No Waiver

 

No failure or delay by any of the Finance Parties in
exercising any right, power or privilege under this Deed shall operate as a
waiver thereof nor shall any single or partial exercise of any right, power or
privilege preclude any other or further exercise thereof or the exercise of any
other right, power or privilege.

 

66

 

29.2                        Cumulative
Rights

 

The rights and remedies of the Finance Parties
provided in this Deed are cumulative and not exclusive of any rights or
remedies provided by law.

 

29.3                        Waiver in
writing

 

A waiver given or consent granted by the Finance
Parties under this Deed will be effective only if given in writing and then
only in the instance and for the purpose for which it is given.

 

30.                               INVALIDITY
OF ANY PROVISION

 

If any provision of this Deed is or becomes invalid,
illegal or unenforceable in any respect under any law, the validity, legality
and enforceability of the remaining provisions will not be affected or impaired
in any way.

 

31.                               CHANGE
TO PARTIES

 

31.1                        Assignment and
Transfers by the Obligors

 

No Obligor may
assign or transfer all or any part of its rights, benefits or obligations under
this Deed.

 

31.2                        Accession of
Assignee Banks

 

(a)                                  To
the extent that any Bank (in each case, an “Assignor
Bank”) assigns any of its rights under and in accordance with the
A/C Facilities Agreement or the B Facility Agreement to any person (an “Assignee Bank”), such Assignor Bank shall procure that
promptly and in any event within 2 Business Days following the date of such
assignment, such Assignee Bank shall accede to this Deed by executing a duly
completed Accession Deed pursuant to which that Assignee Bank agrees to be
bound by all the terms of this Deed as if it had originally been party to this
Deed as a Senior Finance Party and, if applicable, to be bound by any
provisions relating to it in its capacity as a Hedging Bank.  For the avoidance of doubt, any right which
pursuant to this Deed is purported to be conferred on an Assignee Bank shall
not be exercisable by such Assignee Bank to the extent that it has not acceded
to this Deed in accordance with this paragraph (a).

 

(b)                                 Each
of the parties to this Deed (other than the relevant Assignee Bank) hereby
irrevocably authorises the Security Agent to execute on its behalf any
Accession Deed which has been duly completed and created on behalf of that
Assignee Bank.

 

(c)                                  The
Security Agent will promptly notify the relevant Facility Agent of the receipt
and execution by it on their behalf of any Accession Deed entered into pursuant
to this Clause 26.2.

 

31.3                        Accession of
New Junior Creditors

 

(a)                                  Subject
to Clause 6.4 (e) (Release of Security),
if a member of the Group:

 

67

 

(i)                                     makes any loan
or grants any credit or makes any financial arrangement having a similar effect
to or in favour of an Obligor; or

 

(ii)                                  has made any
loan or granted any credit or made any financial arrangement having a similar
effect to or in favour of a person subsequently becoming an Obligor,

 

                                                (for
the purposes of this Clause 26.3 (a), each an “intra-group loan” and collectively, “intra-group loans”) where:

 

SCHEDULE 1in the case of
paragraph (i), such intra-group loan causes the net outstanding amount owed by
such Obligor pursuant to its total amount of intra-group loans to exceed; or

 

SCHEDULE 2in the case of
paragraph (ii), as at the date on which such person becomes an Obligor, the net
outstanding amount owed by such Obligor pursuant to its intra-group loans
exceeds,

 

                                                EUR10,000,000
(or its equivalent in other currencies) in aggregate, the Parent will procure that
the person providing such intra-group loan(s) (to the extent not already
party to this Deed in the capacity of Intra-Group Creditor) becomes a party to
this Deed as an Intra-Group Creditor by executing a duly completed Accession
Deed and delivering the same to the Security Agent as soon as reasonably
practicable following the later of 90 days from the date of this Deed and (x) in
the case of paragraph (i), the making of such intra-group loan or (y) in
the case of paragraph (ii), the date on which such Obligor becomes a party to
this Deed.  For the avoidance of doubt,
following accession of any Intra-Group Creditor pursuant to this Clause, all
intra-group loans owed to such Intra-Group Creditor from time to time shall
constitute “Intra-Group Indebtedness”
for the purposes of this Deed.

 

(b)                                 If
Holdco or any intermediate holding company of the Parent provides a Shareholder
Subordinated Loan:

 

(i)            such
Shareholder Subordinated Loan causes the net outstanding amount owed to such
creditor by such Obligor pursuant to Shareholder Subordinated Loans to exceed;
or

 

(ii)           as at the date
on which such person becomes an Obligor, the net outstanding amount owed to
such creditor by such Obligor pursuant to its Shareholder Subordinated Loans
exceeds,

 

                                                EUR10,000,000 (or its equivalent in other
currencies), in aggregate the Parent will procure that the person providing
such Shareholder Subordinated Loans (to the extent not already party to this
Deed) becomes a party to this Deed as an Equity Finance Provider by executing a
duly completed Accession Deed and delivering the same to the Security Agent as
soon as reasonably practicable following the later of 90 days from the date of
this Deed and (x) in the case of paragraph (i), the making of such
Shareholder Subordinated Loan 

 

68

 

or (y) in
the case of paragraph (ii), the date on which such Obligor becomes a party to
this Deed.  For the avoidance of doubt,
following accession of any Equity Finance Provider  pursuant to this Clause, all Shareholder
Subordinated Loan owed by such Equity Finance Provider from time to time shall
constitute “Equity Financing  Indebtedness” for the purposes of
this Deed.

 

31.4                        Accession of
New Facility Agent

 

Notwithstanding the terms of any of the other Finance
Documents, a resignation of an existing Facility Agent shall not take
effect until the replacement Facility Agent has executed a duly completed
Accession Deed and delivered the same to the Security Agent.

 

31.5                        Accession of
New Coordinator

 

Notwithstanding the terms of any of the other Finance
Documents, a change of an existing Coordinator pursuant to Clause 39.7 (Change of Coordinator) of the A/C
Facilities Agreement or the equivalent provisions in the B Facility Agreement shall
not take effect until the replacement Coordinator has executed a duly
completed Guarantor Accession Memorandum and delivered the same to the A/C
Facility Agent in accordance with the terms of such Clause (or after the A/C
Discharge Date, such accession memorandum duly completed and delivered to the
Security Agent as reasonably agreed by it). 
Any replacement Coordinator, from time to time, under this Deed shall
act as Coordinator in respect of all of the Facilities.

 

31.6                        Benefit of Deed

 

This Deed will be binding upon, and enure for the
benefit of, each party to it and its or any subsequent successors or assigns.

 

32.                               CERTIFICATES
CONCLUSIVE

 

A certificate, determination, notification or opinion
of the Security Agent or any Finance Party as to any amount payable under this
Deed or the Finance Documents will be prima
facie evidence of the matters to which it relates except in the case
of manifest error.

 

33.                               GOVERNING
LAW AND SUBMISSION TO JURISDICTION

 

33.1                        Governing Law

 

This Deed (and any dispute, controversy, proceedings
or claim of whatever nature arising out of or relating to, or any breach of,
this Deed) shall be governed by and shall be construed in all respects in
accordance with English law.

 

33.2                        Submission to
Jurisdiction

 

Each party to this Deed irrevocably submits to the
jurisdiction of the courts in England for the purpose of hearing and
determining any dispute arising out of this Deed and for the purpose of
enforcement of any judgment against its assets.

 

69

 

33.3                        Freedom of
Choice

 

The submission to the jurisdiction of the courts
referred to in Clause 28.2 (Submission to
Jurisdiction) shall not (and shall not be construed so as to) limit
the right of the Security Agent or any other Finance Party to take proceedings
against any Obligor in the courts of any country in which such Obligor has
assets or in any other court of competent jurisdiction nor shall the taking of
proceedings in any one or more jurisdictions preclude the taking of proceedings
in any other jurisdiction (whether concurrently or not) if and to the extent
permitted by applicable law.

 

33.4                        Service of
Process

 

Without prejudice to any other mode or service each Obligor,
each Equity Finance Provider and each Intra-Group Creditor which is not a
company incorporated in England and Wales (together, in this Clause 28.4, the “Non English Obligors”) irrevocably and
unconditionally appoints and agrees to maintain Hertz Europe Limited at Hertz
House, 11 Vine Street, Uxbridge, Middlesex UB8 1QE for the attention of Vice
President, Legal and Corporate Affairs (or such other registered address as it
may have, from time to time, as its agent for service of process relating to any
proceedings before the English Courts in connection with this Deed or any
judgment in connection therewith, and each Non English Obligor agrees that
failure by a process agent to notify the relevant Non English Obligors of the
process will not invalidate the proceedings concerned and consents to the
service of process relating to any such proceedings by prepaid posting of a
copy of the process to its address for the time being applying for the purposes
of Clause 23 (Notice).

 

33.5                        Each party to
this Deed:

 

(a)                                  waives
objection to English courts on grounds of inconvenient forum or otherwise as
regards proceedings in connection with this Deed;

 

(b)                                 agrees
that a judgment or order of an English court in connection with this Deed is
(subject to rights of appeal before the English courts) conclusive and binding
on it and may be enforced against it in the courts of any other jurisdiction;
and

 

(c)                                  hereby
to the fullest extent permitted by law waives any right it may have in any
jurisdiction to have any proceedings take the form of a trial by jury.

 

34.                               COUNTERPARTS

 

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

 

35.                               THIRD
PARTY RIGHTS

 

(a)                                  Unless
expressly provided to the contrary in this Deed (including, without limitation,
as provided under Clause 20.9 (Exoneration
of the Security Agent), Clause 20.10 (No Proceedings), Clause 20.12 (Communications and Information) and Clause 20.14 (Indemnity to Security Agent)), a person
who is 

 

70

 

not a party to this Deed has no rights under
the Contracts (Rights of Third Parties) Act 1999 to enforce or enjoy the
benefit of any terms of this Deed.

 

(b)                                 Notwithstanding
any other term of this Deed, the parties to this Deed may without the consent
of any third party vary or rescind this Deed.

 

36.                               BRAZILIAN
FACILITIES AGREEMENT

 

Notwithstanding anything to the contrary
otherwise contained herein, Indebtedness under the Brazilian Facility Agreement
and the Brazilian Guarantee, together with any Security Documents exclusively
related thereto and Encumbrances arising thereunder or with respect thereto,
shall not be subject to this Deed.

 

IN
WITNESS where of this Deed has been duly executed and
delivered as a deed by each of the parties hereto on the date first written
above.

 

71

 

Part 1

 

DETAILS
OF ORIGINAL OBLIGORS

 

THE ORIGINAL BORROWERS

 

HA Funding Pty
Limited (ACN 117 549 498)

 

Hertz Belgium N.V.

 

Hertz Canada
Limited

 

Hertz France SAS

 

Equipole Finance
Services SAS

 

Hertz Equipement
France SAS

 

Hertz
Autovermietung GmbH

 

Hertz Italiana S.p.A.

 

Hertz New Zealand
Limited

 

Hertz AG

 

BNS Automobile
Funding B.V.

 

Hertz (U.K.) Limited

 

THE ORIGINAL GUARANTORS

 

Hertz
International, Ltd.

 

The Hertz
Corporation

 

Hertz Australia
Pty. Limited  (ABN 31 004 407 087)

 

Hertz Belgium N.V.

 

Hertz France SAS

 

Hertz Equipement
France SAS

 

Equipole Finance
Services SAS

 

Hertz
Autovermietung GmbH

 

Hertz Italiana
S.p.A.

 

Hertz New Zealand
Holdings Limited

 

Hertz de Espana S.A.

 

72

 

Hertz Alquiler de
Maquinaria S.L.

 

Hertz AG

 

BNS Automobile
Funding B.V.

 

Stuurgroep Holland
B.V.

 

Hertz (U.K.)
Limited

 

Hertz Europe
Limited

 

THE
ORIGINAL A1 BANKS

 

BNP Paribas

 

CALYON

 

Indosuez Finance
(UK) Limited

 

The Royal Bank of
Scotland plc

                

THE
ORIGINAL A2 BANKS

 

BNP Paribas

 

CALYON

 

Indosuez Finance
(UK) Limited

 

The Royal Bank of
Scotland plc

 

PART 4:
THE ORIGINAL NZ BANKS

 

BNP Paribas

 

CALYON

 

The Royal Bank of
Scotland plc, Australia branch

 

PART 5:
THE ORIGINAL C BANKS

BNP Paribas

 

CALYON

 

The Royal Bank of
Scotland plc

 

PART 6:
THE ORIGINAL INTRA-GROUP CREDITORS

Equipole S.A.

 

PART 7:
THE ORIGINAL INTRA-GROUP DEBTORS

None

 

73

 

PART 8:
THE ORIGINAL EQUITY FINANCE PROVIDERS

 

The Hertz Corporation

 

Hertz Finance
Centre Limited

 

74

 

Part 2

 

ACCESSION DEED

 

THIS
DEED is made on [  
]

 

BETWEEN:

 

(1)                                 [                            ]
(the “New [Supplemental
Security Agent/Facility Agent/ Intra-Group Creditor/Equity Finance Provider/NZ
Bank]”); and

 

(2)                                 [   ] in its capacity as
Security Agent under the Intercreditor Deed.*

 

RECITAL:

 

(A)                               This
Deed is supplemental to an Intercreditor Deed dated 21 December 2005 as
amended and restated on [·] March 2007
(the “Intercreditor Deed”)
between, amongst others, the Parent, the Original Obligors (as defined therein)
and the Security Agent.

 

(B)                               This
Deed has been entered into to record the accession of the new [[Supplemental] Security Agent/Facility Agent/NZ
Bank/Intra-Group Creditor/Equity Finance Provider] as [a Senior Finance Party] [an  Equity
Finance Provider/Intra-Group
Creditor/NZ Finance Party] (the “New
[•]”) under the Intercreditor Deed pursuant to the provisions
of [   ] thereof.

 

NOW THIS DEED
WITNESSES as follows:

 

(1)                                 Definitions

 

Terms defined or construed in the Intercreditor Deed
shall have the same meanings and constructions when used in this Deed.

 

(2)                                 Accession of New [[Supplemental]
Security Agent/Facility Agent/ Intra-Group Creditor/Equity Finance Provider/NZ
Bank]

 

2.1                               The
New [[Supplemental] Security Agent/Facility
Agent/Intra-Group Creditor/Equity
Finance Provider] hereby agrees to become, with immediate affect, [[a Senior Finance Party]  [an
Intra-Group Creditor] [a NZ Finance Party] and agrees to be bound
by all of the terms of the Intercreditor Deed as if it had originally been
party thereto as [a Senior Finance Party][an  Intra-Group
Creditor/Equity Finance
Provider/NZ Bank] thereunder.

 

2.2                               The
New [[Supplemental] Security Agent/Facility
Agent/Intra-Group Creditor/Equity
Finance Provider/NZ Bank] confirms that its address details for
notices in relation to Clause 23 (Notice)
of the Intercreditor Deed are as follows:

 

*                                            In
the case of an accession by a replacement Security Agent, address the
certificate to the Facility Agent

 

75

 

Address:                 [   ]

 

Facsimile:               [   ]

 

Attention:              [   ]

 

2.3          By its
signature below, the Security Agent (for itself and on behalf of the Obligors,
the other Finance Parties, the Intra-Group Creditors [(other than the New Intra-Group Creditor)])
and the Equity Finance Providers [(other
than the New Equity Finance Provider)]confirms the acceptance of the
New [[Supplemental] Security Agent/Facility
Agent/Intra-Group Creditor/Equity Finance Provider//NZ Bank] as [a Senior Finance Party][an  Equity
Finance Provider/Intra-Group Creditor/NZ Finance Party] for all
purposes under the Intercreditor Deed in accordance with Clause [   ]  thereof.

 

2.4          [By its signature below [BNP
Paribas] assigns and transfers all of its rights under Clause 20.19 (Parallel Debt) to [name of New Supplemental Security Agent].]*

 

(3)           Law

 

This Deed shall be governed by and construed in all
respects in accordance with English law.

 

(4)           Counterparts

 

The Deed may be executed in any number of counterparts
and all of such counterparts taken together shall be deemed to constitute one
and the same instrument.

 

(5)           Third Party Rights

 

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

 

IN
WITNESS whereof this Deed has been duly executed the day and
year first before written.

 

*               Only if new
Security Agent is being appointed

 

76

 

SIGNATORIES
TO THE ORIGINAL INTERCREDITOR DEED

 

	
  PARENT

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
  EXECUTED as
  a Deed by HERTZ INTERNATIONAL, LTD.

  	
   

  	
  )

  
	
   

  	
   

  	
  )

  
	
  acting by

  	
  MICHEL TARIDE

  	
   

  	
  )

  
	
  and

  	
  NUNS MOODLIAR

  	
   

  	
   

  

 

	
  THE
  COORDINATOR

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
  EXECUTED as
  a Deed by HERTZ EUROPE LIMITED

  	
   

  	
  )

  
	
   

  	
   

  	
  )

  
	
  acting by

  	
  MICHEL TARIDE

  	
   

  	
  )

  
	
  and

  	
  NUNS MOODLIAR

  	
   

  	
   

  

 

77

 

	
  THE
  BORROWERS

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
  AUSTRALIA

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
  SIGNED,
  SEALED AND DELIVERED as a Deed

  	
   

  	
  )

  
	
  for HA FUNDING PTY LIMITED

  	
   

  	
  )

  
	
  MICHEL TARIDE

  	
  NUNS MOODLIAR

  	
   

  	
  )

  
	
  by its attorney/s

  	
   

  	
  )

  
	
  under power of
  attorney dated

  	
  December 2005

  	
   

  	
   

  
					

 

78

 

	
  THE
  BORROWERS

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
  BRAZIL

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
  EXECUTED as
  a Deed by CAR RENTAL SYSTEMS DO BRASIL

  	
   

  	
  )

  
	
  LOCAÇÃO DE VEÍCULOS LTDA

  	
   

  	
  )

  
	
   

  	
   

  	
  )

  
	
  acting by

  	
  MICHEL TARIDE

  	
   

  	
  )

  
	
  and

  	
  NUNS MOODLIAR

  	
   

  	
   

  

 

79

 

	
  THE
  BORROWERS

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
  BELGIUM

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
  EXECUTED as
  a Deed by HERTZ BELGIUM N.V.

  	
   

  	
  )

  
	
   

  	
   

  	
  )

  
	
  acting by

  	
  MICHEL TARIDE

  	
   

  	
  )

  
	
  and

  	
  NUNS MOODLIAR

  	
   

  	
   

  

 

80

 

	
  THE
  BORROWERS

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
  CANADA

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
  EXECUTED as
  a Deed by HERTZ CANADA LIMITED

  	
   

  	
  )

  
	
   

  	
   

  	
  )

  
	
  acting by

  	
  MICHEL TARIDE

  	
   

  	
  )

  
	
  and

  	
  NUNS MOODLIAR

  	
   

  	
   

  

 

81

 

	
  THE
  BORROWERS

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
  FRANCE

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
  EXECUTED as
  a Deed by HERTZ FRANCE SAS

  	
   

  	
  )

  
	
   

  	
   

  	
  )

  
	
  acting by

  	
  ERIC POKROVSKY

  	
   

  	
  )

  
	
  and

  	
  ALAIN GIRARD

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
  EXECUTED as
  a Deed by EQUIPOLE FINANCE SERVICES SAS

  	
   

  	
  )

  
	
   

  	
   

  	
  )

  
	
  acting by

  	
  ERIC POKROVSKY

  	
   

  	
  )

  
	
  and

  	
  ALAIN GIRARD

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
  EXECUTED as
  a Deed by HERTZ EQUIPEMENT FRANCE SAS

  	
   

  	
  )

  
	
   

  	
   

  	
  )

  
	
  acting by

  	
  JACQUES MIGNON

  	
   

  	
  )

  
	
  and

  	
  CHARLES MORELLO

  	
   

  	
   

  

 

82

 

	
  THE
  BORROWERS

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
  GERMANY

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
  EXECUTED as
  a Deed by HERTZ AUTOVERMIETUNG GmbH

  	
   

  	
  )

  
	
   

  	
   

  	
  )

  
	
  acting by

  	
  MICHEL TARIDE

  	
   

  	
  )

  
	
  and

  	
  NUNS MOODLIAR

  	
   

  	
   

  

 

83

 

	
  THE
  BORROWERS

  
	
   

  
	
  ITALY

  
	
   

  
	
  EXECUTED as
  a Deed by HERTZ ITALIANA S.p.A.

  	
  )

  
	
  RICCARDO
  SALLUSTIO

  	
  )

  
	
  acting by

  	
  )

  
	
  and

  

 

84

 

	
  THE
  BORROWERS

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
  NEW
  ZEALAND

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
  EXECUTED as
  a Deed by HERTZ NEW ZEALAND LIMITED

  	
   

  	
   

  
	
  by its lawfully
  appointed attorney:

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
  Michel Taride

  	
   

  	
  MICHEL TARIDE

  
	
   

  	
   

  	
   

  	
   

  	
   

  
	
  Name of Attorney

  	
   

  	
  Signature of
  Attorney

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
   

  
	
  In the presence
  of:

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
  NUNS MOODLIAR

  	
   

  	
   

  	
   

  
	
  Signature of
  Witness

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
  Nuns Moodliar

  	
   

  	
   

  	
   

  
	
  Name of Witness

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  
	
  Occupation

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  
	
  City/town of
  residence

  	
   

  	
   

  

 

85

 

	
  THE
  BORROWERS

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
  SWITZERLAND

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
  EXECUTED as
  a Deed by HERTZ AG

  	
   

  	
  )

  
	
   

  	
   

  	
  )

  
	
  acting by

  	
  MICHEL TARIDE

  	
   

  	
  )

  
	
  and

  	
  NUNS MOODLIAR

  	
   

  	
   

  

 

86

 

	
  THE
  BORROWERS

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
  THE
  NETHERLANDS

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
  EXECUTED as
  a Deed by BNS AUTOMOBILE FUNDING B.V.

  	
   

  	
  )

  
	
   

  	
   

  	
  )

  
	
  acting by

  	
  MICHEL TARIDE

  	
   

  	
  )

  
	
  and

  	
  NUNS MOODLIAR

  	
   

  	
   

  

 

87

 

	
  THE
  BORROWERS

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
  UNITED
  KINGDOM

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
  EXECUTED as
  a Deed by HERTZ (U.K.) LIMITED

  	
   

  	
  )

  
	
   

  	
   

  	
  )

  
	
  acting by

  	
  MICHEL TARIDE

  	
   

  	
  )

  
	
  and

  	
  NUNS MOODLIAR

  	
   

  	
   

  

 

88

 

	
  THE
  GUARANTORS

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
  PARENT

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
  EXECUTED as
  a Deed by HERTZ INTERNATIONAL, LTD.

  	
   

  	
  )

  
	
   

  	
   

  	
  )

  
	
  acting by

  	
  MICHEL TARIDE

  	
   

  	
  )

  
	
  and

  	
  NUNS MOODLIAR

  	
   

  	
   

  

 

 

	
  TARGET

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
  EXECUTED as a Deed by THE HERTZ CORPORATION

  	
   

  	
  )

  
	
   

  	
   

  	
  )

  
	
  acting by

  	
  MICHEL TARIDE

  	
   

  	
  )

  
	
  and

  	
  NUNS MOODLIAR

  	
   

  	
   

  

 

89

 

	
  THE
  GUARANTORS

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
  AUSTRALIA

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
  SIGNED,
  SEALED AND DELIVERED as a Deed

  	
   

  	
  )

  
	
  for HERTZ AUSTRALIA PTY. LIMITED

  	
   

  	
  )

  
	
  MICHEL TARIDE

  	
  NUNS MOODLIAR

  	
   

  	
  )

  
	
  by its attorney/s

  	
   

  	
  )

  
	
  under power of
  attorney dated

  	
  December 2005

  	
   

  	
   

  
					

 

90

 

	
  THE
  GUARANTORS

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
  BELGIUM

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
  EXECUTED as
  a Deed by HERTZ BELGIUM N.V.

  	
   

  	
  )

  
	
   

  	
   

  	
  )

  
	
  acting by

  	
  MICHEL TARIDE

  	
   

  	
  )

  
	
  and

  	
  NUNS MOODLIAR

  	
   

  	
   

  

 

91

 

	
  THE GUARANTORS

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
  FRANCE

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
  EXECUTED as
  a Deed by HERTZ FRANCE SAS

  	
   

  	
  )

  
	
   

  	
   

  	
  )

  
	
  acting by

  	
  ERIC POKROVSKY

  	
   

  	
  )

  
	
  and

  	
  ALAIN GIRARD

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
  EXECUTED as
  a Deed by HERTZ EQUIPEMENT FRANCE SAS

  	
   

  	
  )

  
	
   

  	
   

  	
  )

  
	
  acting by

  	
  ERIC POKROVSKY

  	
   

  	
  )

  
	
  and

  	
  ALAIN GIRARD

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
  EXECUTED as
  a Deed by EQUIPOLE FINANCE SERVICES SAS

  	
   

  	
  )

  
	
   

  	
   

  	
  )

  
	
  acting by

  	
  JACQUES MIGNON

  	
   

  	
  )

  
	
  and

  	
  CHARLES MORELLO

  	
   

  	
   

  

 

92

 

	
  THE
  GUARANTORS

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
  GERMANY

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
  EXECUTED as
  a Deed by HERTZ AUTOVERMIETUNG GmbH

  	
   

  	
  )

  
	
   

  	
   

  	
  )

  
	
  acting by

  	
  MICHEL TARIDE

  	
   

  	
  )

  
	
  and

  	
  NUNS MOODLIAR

  	
   

  	
   

  

 

93

 

THE GUARANTORS

 

ITALY

 

	
  EXECUTED as
  a Deed by HERTZ ITALIANA S.p.A.

  	
  )

  
	
  RICCARDO
  SALLUSTIO

  	
  )

  
	
  acting by 

  	
  )

  
	
  pursuant to power
  of attorney dated December 2005

  	
   

  

 

94

 

THE GUARANTORS

 

NEW ZEALAND

 

EXECUTED as a Deed by HERTZ NEW ZEALAND HOLDINGS LIMITED

by its lawfully appointed attorney:

 

	
  Michel Taride

  	
   

  	
  MICHEL TARIDE

  
	
   

  	
   

  	
   

  
	
  Name of Attorney

  	
   

  	
  Signature of
  Attorney

  
	
   

  	
   

  	
   

  
	
  In the presence
  of:

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
  NUNS MOODLIAR

  	
   

  	
   

  
	
  Signature of
  Witness

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
  Nuns Moodliar

  	
   

  	
   

  
	
  Name of Witness

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
  Occupation

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
  City/town of
  residence

  	
   

  	
   

  

 

95

 

THE GUARANTORS

 

SPAIN

 

	
  EXECUTED as
  a Deed by HERTZ DE ESPAÑA S.A.

  	
  )

  
	
   

  	
  )

  
	
  acting by 

  	
  MICHEL TARIDE

  	
  )

  
	
  and

  	
  NUNS MOODLIAR

  	
   

  

 

 

	
  EXECUTED as
  a Deed by HERTZ ALQUILER DE MAQUINARIA S.L.

  	
  )

  
	
   

  	
  )

  
	
  acting by 

  	
  MICHEL TARIDE

  	
  )

  
	
  and

  	
  NUNS MOODLIAR

  	
   

  

 

96

 

THE GUARANTORS

 

SWITZERLAND

 

	
  EXECUTED as
  a Deed by HERTZ AG

  	
  )

  
	
   

  	
  )

  
	
  acting by 

  	
  MICHEL TARIDE

  	
  )

  
	
  and

  	
  NUNS MOODLIAR

  	
   

  

 

97

 

THE GUARANTORS

 

THE NETHERLANDS

 

	
  EXECUTED as
  a Deed by BNS AUTOMOBILE FUNDING B.V.

  	
  )

  
	
   

  	
  )

  
	
  acting by 

  	
  MICHEL TARIDE

  	
  )

  
	
  and

  	
  NUNS MOODLIAR

  	
   

  

 

 

	
  EXECUTED as
  a Deed by STUURGROEP HOLLAND B.V.

  	
  )

  
	
   

  	
  )

  
	
  acting by 

  	
  MICHEL TARIDE

  	
  )

  
	
  and

  	
  NUNS MOODLIAR

  	
   

  

 

98

 

THE GUARANTORS

 

UNITED KINGDOM

 

	
  EXECUTED as
  a Deed by HERTZ (U.K.) LIMITED

  	
  )

  
	
   

  	
  )

  
	
  acting by 

  	
  MICHEL TARIDE

  	
  )

  
	
  and

  	
  NUNS MOODLIAR

  	
   

  

 

99

 

THE A/C FACILITY AGENT

 

	
  EXECUTED as
  a Deed by BNP PARIBAS

  	
  )

  
	
   

  	
  )

  
	
  acting by 

  	
  IYADH LAALAI

  	
  )

  
	
  and

  	
   

  	
  )

  

 

 

THE BRAZILIAN FACILITY AGENT

 

	
  EXECUTED as
  a Deed by BANCO BNP PARIBAS BRASIL S.A.

  	
  )

  
	
   

  	
  )

  
	
  acting by 

  	
  DEBORAH STERN
  VIEITAS

  	
  )

  
	
  and

  	
  HITOSI HASSEGAWA

  	
  )

  

 

 

THE NZ FACILITY AGENT

 

	
  EXECUTED as
  a Deed by BNP PARIBAS

  	
  )

  
	
   

  	
  )

  
	
  acting by 

  	
  IYADH LAALAI

  	
  )

  
	
  and

  	
   

  	
  )

  

 

 

THE SECURITY AGENT

 

	
  EXECUTED as
  a Deed by BNP PARIBAS

  	
  )

  
	
   

  	
  )

  
	
  acting by 

  	
  IYADH LAALAI

  	
  )

  
	
  and

  	
   

  	
  )

  

 

 

THE AUSTRALIAN SECURITY TRUSTEE

 

	
  SIGNED,
  SEALED AND DELIVERED

  	
  )

  
	
  as a Deed by BNP PARIBAS

  	
  )

  
	
  acting by 

  	
  CAROLINE BECAVIN

  	
  )

  
	
  and

  	
   

  	
  )

  

 

100

 

THE ORIGINAL A1 BANKS

 

	
  EXECUTED as
  a Deed by BNP PARIBAS

  	
  )

  
	
   

  	
  )

  
	
  acting by 

  	
  IYADH LAALAI

  	
  )

  
	
  and

  	
   

  	
  )

  

 

 

	
  EXECUTED as
  a Deed by CALYON

  	
  )

  
	
   

  	
  )

  
	
  acting by 

  	
  LAURENT HAIK

  	
  )

  
	
  and

  	
  VINCENT FLEURY

  	
  )

  

 

 

	
  EXECUTED as
  a Deed by INDOSUEZ FINANCE (UK) LIMITED

  	
  )

  
	
   

  	
  )

  
	
  acting by 

  	
  LAURENT HAIK

  	
  )

  
	
  and

  	
  VINCENT FLEURY

  	
  )

  

 

 

	
  EXECUTED as
  a Deed by THE ROYAL BANK OF SCOTLAND PLC

  	
  )

  
	
   

  	
  )

  
	
  acting by 

  	
  ALAN PARRY

  	
  )

  
	
  and

  	
   

  	
  )

  

 

101

 

THE ORIGINAL A2 BANKS

 

	
  EXECUTED as
  a Deed by BNP PARIBAS

  	
  )

  
	
   

  	
  )

  
	
  acting by 

  	
  IYADH LAALAI

  	
  )

  
	
  and

  	
   

  	
  )

  

 

 

	
  EXECUTED as
  a Deed by CALYON

  	
  )

  
	
   

  	
  )

  
	
  acting by 

  	
  LAURENT HAIK

  	
  )

  
	
  and

  	
  VINCENT FLEURY

  	
  )

  

 

 

	
  EXECUTED as
  a Deed by INDOSUEZ FINANCE (UK) LIMITED

  	
  )

  
	
   

  	
  )

  
	
  acting by 

  	
  LAURENT HAIK

  	
  )

  
	
  and

  	
  VINCENT FLEURY

  	
  )

  

 

 

	
  EXECUTED as
  a Deed by THE ROYAL BANK OF SCOTLAND PLC

  	
  )

  
	
   

  	
  )

  
	
  acting by 

  	
  ALAN PARRY

  	
  )

  
	
  and

  	
   

  	
  )

  

 

 

102

 

THE
ORIGINAL BRAZILIAN  BANKS

 

	
  EXECUTED as
  a Deed by BANCO BNP PARIBAS BRASIL S.A.

  	
  )

  
	
   

  	
  )

  
	
  acting by 

  	
  ANDRÉ OSSER

  	
  )

  
	
  and

  	
  HITOSI HASSEGAWA

  	
  )

  

 

 

THE
ORIGINAL NZ BANKS

 

	
  EXECUTED as
  a Deed by BNP PARIBAS 

  	
  )

  
	
   

  	
  )

  
	
  acting by 

  	
  CAROLINE BECAVIN

  	
  )

  
	
  and

  	
   

  	
  )

  

 

 

	
  EXECUTED as
  a Deed by CALYON 

  	
  )

  
	
   

  	
  )

  
	
  acting by 

  	
  LAURENT HAIK

  	
  )

  
	
  and

  	
  VINCENT FLEURY

  	
  )

  

 

 

	
  EXECUTED as
  a Deed by THE ROYAL BANK OF SCOTLAND PLC,

  	
   

  
	
  AUSTRALIA BRANCH

  	
  )

  
	
   

  	
  )

  
	
  acting by 

  	
  DEAN WHITE

  	
  )

  
	
  and

  	
   

  	
  )

  

 

 

THE ORIGINAL C BANKS

 

	
  EXECUTED as
  a Deed by BNP PARIBAS

  	
  )

  
	
   

  	
  )

  
	
  acting by 

  	
  IYADH LAALAI

  	
  )

  
	
  and

  	
   

  	
  )

  

 

 

	
  EXECUTED as
  a Deed by CALYON 

  	
  )

  
	
   

  	
  )

  
	
  acting by 

  	
  LAURENT HAIK

  	
  )

  
	
  and

  	
  VINCENT FLEURY

  	
  )

  

 

103

 

THE ORIGINAL C BANKS

 

	
  EXECUTED as
  a Deed by THE ROYAL BANK OF SCOTLAND PLC

  	
  )

  
	
   

  	
  )

  
	
  acting by 

  	
  ALAN PARRY

  	
  )

  
	
  and

  	
   

  	
  )

  

 

104

 

THE ORIGINAL EQUITY FINANCE PROVIDERS

 

	
  EXECUTED as
  a Deed by THE HERTZ CORPORATION

  	
  )

  
	
   

  	
  )

  
	
  acting by 

  	
  MICHEL TARIDE

  	
  )

  
	
  and

  	
  NUNS MOODLIAR

  	
   

  

 

105

 

THE
ORIGINAL BRAZILIAN  BANKS

 

	
  EXECUTED as
  a Deed by BANCO CALYON BRASIL S.A.

  	
  )

  
	
   

  	
  )

  
	
  acting by 

  	
  VALTER KIYOSHI
  SHINTANI

  	
  )

  
	
   

  	
  DIRECTOR
  EXECUTIVE

  	
  )

  
	
  and

  	
  EDSON CREMONESI

  	
  )

  
	
   

  	
  GENERAL MANAGER

  	
   

  

 

106

 

SIGNATURES

 

SUPPLEMENTAL
DEED RELATING TO THE INTERCREDITOR DEED

PARENT

	
  EXECUTED as
  a Deed by 
  HERTZ INTERNATIONAL, LTD.

  	
  )

  
	
   

  	
  )

  
	
  acting by

  	
  /s/
  NunsMoodliar 

  	
   

  	
  )

  
	
  and

  	
  /s/ Jim McGill 

  	
   

  	
  )

  
						

 

S-1

 

THE
COORDINATOR

	
  EXECUTED as a Deed by HERTZ EUROPE LIMITED

  	
  )

  
	
   

  	
  )

  
	
  acting by

  	
  /s/ Nuns Moodliar
  

  	
   

  	
  ) and /s/

  
	
  /s/ Jim McGill 

  	
   

  	
  )

  
					

 

S-2

 

THE
BORROWERS

AUSTRALIA

	
  SIGNED, SEALED AND DELIVERED as a Deed

  	
   

  
	
   

  	
  )

  
	
  for HA FUNDING PTY LIMITED

  	
   

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
  )

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
  )

  
	
  by its attorney/s

  	
   

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
  )

  
	
  under power of attorney dated 2 February 2007

  	
   

  
	
   

  	
   

  
	
   

  	
  /s/ Nuns
  Moodliar

  
			

 

S-3

 

THE
BORROWERS

BRAZIL

	
  EXECUTED as a Deed by CAR RENTAL SYSTEMS DO
  BRASIL

  	
   

  
	
   

  	
  )

  
	
  LOCAÇÃO
  DE VEÍCULOS LTDA

  	
  )

  
	
   

  	
  )

  
	
  acting by 

  	
  /s/ Nuns Moodliar
  

  
	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  
	
   

  	
  and

  	
   

  	
   

  
	
   

  	
  /s/ Edward
  De La Paz

  
						

 

S-4

 

THE
BORROWERS

BELGIUM

	
  EXECUTED as a Deed by HERTZ BELGIUM N.V.

  	
   

  
	
   

  	
  )

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
  )

  
	
  acting by 

  	
  /s/
  NunsMoodliar 

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
  and

  	
  )

  	
   

  
	
   

  	
  /s/ Jim
  McGill

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
  )

  
						

 

S-5

 

THE
BORROWERS

CANADA

	
  EXECUTED as a Deed by HERTZ
  CANADA LIMITED

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
  )

  
	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
  )

  
	
  acting by

  	
  /s/ Nuns Moodliar

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
  )

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
  /s/ Jim McGill)

  
	
  and

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
  )

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  

 

S-6

 

THE
BORROWERS

FRANCE

	
  EXECUTED as a Deed by HERTZ
  FRANCE SAS)

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
  )

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
  )

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
  acting by

  	
  /s/ Nuns Moodliar

  
	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
   

  	
  )

  
	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
  /s/ Jim McGill

  
	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
  and

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
   

  	
  )

  

 

 

S-7

 

THE
BORROWERS

	
  EXECUTED as a Deed by EQUIPOLE FINANCE
  SERVICES SAS

  	
   

  
	
   

  	
  )

  	
   

  
	
   

  	
   

  	
  )

  
	
  acting by 

  	
  /s/ Nuns Moodliar

  	
   

  	
  )

  
	
  and

  	
  /s/ Jim McGill

  	
   

  	
  )

  
							

 

S-8

 

THE
BORROWERS

	
  EXECUTED as a Deed by HERTZ
  EQUIPEMENT FRANCE SAS

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
   

  	
  )

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
   

  	
  )

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
  acting by

  	
  /s/ Nuns Moodliar

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
   

  	
  )

  
	
  and

  	
  /s/ Jim McGill

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
   

  	
  )

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
												

 

S-9

 

THE
BORROWERS

GERMANY

	
  EXECUTED as a Deed by HERTZ
  AUTOVERMIETUNG GmbH

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
   

  	
  )

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
   

  	
  )

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
  acting by

  	
  /s/ Nuns Moodliar

  
	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
   

  	
  )

  
	
   

  	
   

  
	
  and

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
  /s/ Jim McGill

  
	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
   

  	
  )

  

 

S-10

 

THE
BORROWERS

ITALY

	
  EXECUTED as a Deed by HERTZ ITALIANA S.p.A.

  	
   

  
	
   

  	
  )

  	
   

  
	
   

  	
   

  	
  )

  
	
  acting by 

  	
  Riccardo Sallustio

  	
   

  	
  )

  
	
   

  	
   

  	
   

  	
  )

  
	
   

  	
   

  	
   

  	
   

  
	
   

  	
  /s/ Riccardo Sallustio

  	
   

  	
   

  
					

 

S-11

 

THE
BORROWERS

NEW
ZEALAND

EXECUTED as a Deed by HERTZ NEW
ZEALAND LIMITED

by its
lawfully appointed attorney:

	
  Nuns Moodliar

  	
   

  	
  /s/ Nuns Moodliar

  
	
  Name of Attorney

  	
   

  	
  Signature of
  Attorney

  
	
  In the presence
  of:

  	
   

  	
  /s/ Jim
  McGill

  
	
  /s/ Jason Wilkinson

  	
   

  	
   

  
	
  Signature of
  Witness

  	
   

  	
   

  
	
  Jason Wilkinson

  	
   

  	
   

  
	
  Name of Witness

  	
   

  	
   

  
	
  Solicitor

  	
   

  	
   

  
	
  Occupation

  	
   

  	
   

  
	
  London

  	
   

  	
   

  
	
  City/town of
  residence

  	
   

  	
   

  

 

S-12

 

THE
BORROWERS

SWITZERLAND

	
  EXECUTED as a Deed by HERTZ AG

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
  )

  
	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
  )

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
  acting by

  	
  /s/ Nuns Moodliar

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
  )

  
	
  and

  	
  /s/ Jim McGill

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
  )

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
														

 

S-13

 

THE
BORROWERS

THE
NETHERLANDS

	
  EXECUTED as a Deed by BNS
  AUTOMOBILE FUNDING B.V.

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
   

  	
  )

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
   

  	
  )

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
  acting by

  	
  /s/ Nuns Moodliar

  
	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
   

  	
  )

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
  and

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
  /s/ Jim McGill

  
	
   

  
	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
   

  	
  )

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
													

 

S-14

 

THE
BORROWERS

UNITED
KINGDOM

	
  EXECUTED as a Deed by HERTZ
  (U.K.) LIMITED

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
   

  	
  )

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
   

  	
  )

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
  acting by

  	
  /s/ Nuns Moodliar

  
	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
   

  	
  )

  
	
   

  	
   

  
	
   

  	
   

  
	
  and

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
  /s/ Jim McGill

  
	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
  )

  
																				

 

S-15

 

THE
GUARANTORS

PARENT

	
  EXECUTED as a Deed by HERTZ
  INTERNATIONAL, LTD.

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
  )

  
	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
   

  	
  )

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
  acting by

  	
  /s/ Nuns Moodliar

  
	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  
	
   

  	
  )

  
	
   

  	
   

  
	
   

  	
   

  
	
  and

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
  /s/ Jim McGill

  
	
   

  
	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
   

  	
  )

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
																				

 

S-16

 

THE
GUARANTORS

	
  EXECUTED as a Deed by THE HERTZ
  CORPORATION

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
   

  	
  )

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
   

  	
  )

  
	
  acting by

  	
  /s/ Nuns Moodliar

  	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  
	
   

  	
  )

  
	
  and

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
  /s/ Jim McGill

  
	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
   

  	
  )

  
														

 

S-17

 

THE
GUARANTORS

AUSTRALIA

	
  SIGNED,
  SEALED AND DELIVERED as a Deed

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
  )

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
  for HERTZ
  AUSTRALIA PTY. LIMITED

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
  )

  
	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
  )

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
  by its attorney/s

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
  )

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
  under power of attorney dated
  7 February 2007

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
   

  	
  /s/ Nuns Moodliar

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
													

 

S-18

 

THE
GUARANTORS

BELGIUM

	
  EXECUTED as a Deed by HERTZ
  BELGIUM N.V.

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
   

  	
  )

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
   

  	
  )

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
  acting by

  	
  /s/ Nuns Moodliar

  
	
   

  	
  )

  
	
  and

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
  /s/ Jim McGill

  
	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  
	
   

  	
  )

  

 

S-19

 

THE
GUARANTORS

FRANCE

	
  EXECUTED as a Deed by HERTZ
  FRANCE SAS

  	
   

  
	
   

  	
   

  
	
   

  	
  )

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
  )

  	
   

  
	
  acting by

  	
   

  	
  /s/ Nuns Moodliar

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
  )

  
	
  and

  	
   

  	
  /s/ Jim McGill

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
  )

  
				

 

S-20

 

THE
GUARANTORS

	
  EXECUTED as a Deed by HERTZ EQUIPEMENT
  FRANCE SAS

  	
   

  
	
  )

  	
   

  
	
   

  	
  )

  
	
  acting by 

  	
  /s/ Nuns Moodliar

  	
   

  	
  )

  
	
  and

  	
  /s/ Jim McGill

  	
   

  	
  )

  

 

S-21

 

THE
GUARANTORS

	
  EXECUTED as a Deed by EQUIPOLE
  FINANCE SERVICES SAS

  	
   

  
	
   

  	
  )

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
  )

  	
   

  
	
  acting by

  	
   

  	
  /s/ Nuns Moodliar

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
  )

  
	
  and

  	
   

  	
  /s/ Jim McGill

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
  )

  
				

 

S-22

 

THE
GUARANTORS

GERMANY

	
  EXECUTED as a Deed by HERTZ
  AUTOVERMIETUNG GmbH

  	
   

  
	
   

  	
  )

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
  )

  	
   

  
	
  acting by

  	
  /s/ Nuns Moodliar

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
  )

  
	
  and

  	
  /s/ Jim McGill

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
  )

  
				

 

S-23

 

THE
GUARANTORS

ITALY

	
  EXECUTED as a Deed by HERTZ ITALIANA S.p.A.

  	
   

  
	
   

  	
  )

  	
   

  
	
   

  	
   

  	
   

  
	
  acting by 

  	
   

  	
  )

  
	
  pursuant to power
  of attorney dated 23 February 2007

  	
  )

  
	
   

  	
  )

  	
   

  
	
   

  	
  /s/
  Riccardo Sallustio

  
				

 

S-24

 

THE
GUARANTORS

NEW
ZEALAND

EXECUTED as a Deed by HERTZ NEW
ZEALAND HOLDINGS LIMITED

by its lawfully appointed attorney:

	
  Nuns Moodliar

  	
   

  	
  /s/ Nuns Moodliar

  
	
  Name of Attorney

  	
   

  	
  Signature of Attorney

  	
   

  
	
  In the presence of:

  	
   

  	
   

  	
   

  
	
  /s/ Jason Wilkinson

  	
   

  	
   

  	
   

  
	
  Signature of Witness

  	
   

  	
   

  	
   

  
	
  Jason Wilkinson

  	
   

  	
   

  	
   

  
	
  Name of Witness

  	
   

  	
   

  	
   

  
	
  Solicitor

  	
   

  	
   

  	
   

  
	
  Occupation

  	
   

  	
   

  	
   

  
	
  London

  	
   

  	
   

  	
   

  
	
  City/town of residence

  	
   

  	
   

  	
   

  

 

S-25

 

THE
GUARANTORS

SPAIN

	
  EXECUTED as a Deed by HERTZ DE
  ESPAÑA S.A.

  	
   

  
	
   

  	
   

  
	
   

  	
  )

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
  )

  	
   

  
	
  acting by

  	
   

  	
  /s/ Alfredo Ruiz Plaza

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
  )

  
	
  and

  	
   

  	
  /s/ Juan Carlos 

  
	
   

  	
   

  	
   

  
	
  Azcona

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
  )

  	
   

  
					

 

S-26

 

THE
GUARANTORS

	
  EXECUTED as a Deed by HERTZ
  ALQUILER DE MAQUINARIA S.L.

  	
  )

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
  )

  	
   

  
	
  acting by

  	
   

  	
  /s/ Alfredo Ruiz Plaza

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
  )

  
	
  and

  	
   

  	
  /s/ Juan Carlos Azcona

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
  )

  
				

 

S-27

 

THE
GUARANTORS

SWITZERLAND

	
  EXECUTED as a Deed by HERTZ AG

  	
   

  
	
   

  	
   

  
	
   

  	
  )

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
  )

  
	
  acting by

  	
   

  	
  /s/ Nuns Moodliar

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
  )

  	
   

  
	
  and

  	
   

  	
  /s/ Jim McGill

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
  )

  	
   

  
				

 

S-28

 

THE
GUARANTORS

THE
NETHERLANDS

	
  EXECUTED as a Deed by BNS
  AUTOMOBILE FUNDING B.V.

  	
   

  
	
   

  	
  )

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
  )

  	
   

  
	
  acting by

  	
   

  	
  /s/ Nuns Moodliar

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
  )

  
	
  and

  	
   

  	
  /s/ Jim McGill

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
  )

  
				

 

S-29

 

	
  THE GUARANTORS

  
	
  EXECUTED as a Deed by STUURGROEP HOLLAND B.V.

  
	
  )

  
	
   

  	
  )

  
	
  acting
  by 

  	
  /s/
  Nuns Moodliar

  	
   

  	
  )

  
	
  and

  	
  /s/
  Jim McGill

  	
   

  	
  )

  
						

 

S-30

 

	
  THE GUARANTORS

  	
   

  	
   

  
	
  UNITED KINGDOM

  	
   

  	
   

  
	
  EXECUTED as a Deed by HERTZ (U.K.) LIMITED

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
  )

  	
   

  
	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  
	
   

  	
  )

  	
   

  
	
  acting
  by

  	
   

  	
  /s/
  Nuns Moodliar

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
  )

  
	
  and

  	
   

  	
  /s/ Jim McGill

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
  )

  

 

S-31

 

	
  THE GUARANTORS

  	
   

  	
   

  
	
  EXECUTED as a Deed by HERTZ EUROPE LIMITED

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
  )

  	
   

  
	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
  )

  	
   

  
	
  acting
  by

  	
   

  	
  /s/
  Nuns Moodliar

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
  )

  
	
  and

  	
   

  	
  /s/ Jim McGill

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
  )

  
					

 

S-32

 

	
  THE A/C FACILITY AGENT

  	
   

  	
   

  
	
  EXECUTED as a Deed by BNP
  PARIBAS

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
  )

  
	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
  )

  	
   

  
	
  acting
  by

  	
  Iyadh
  Laalai

  	
   

  
	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
  )

  	
   

  
	
   

  	
  /s/
  Iyadh Laalai

  	
   

  
	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
  )

  	
   

  
	
  Paris, March 21st, 2007

  	
   

  	
   

  	
   

  
	
  In the presence of

  	
  /s/ Mr. Charles Egly

  	
   

  	
   

  
					

 

S-33

 

	
  THE BRAZILIAN FACILITY
  AGENT

  	
   

  	
   

  
	
  EXECUTED as a Deed by BANCO BNP PARIBAS BRASIL S.A.

  	
   

  
	
   

  	
  )

  	
   

  
	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
  )

  	
   

  
	
  acting
  by

  	
  Hitosi
  Hassegawa, Director

  	
   

  
	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
  )

  	
   

  
	
  and

  	
   

  	
  /s/
  Hitosi Hassegawa

  
	
   

  	
   

  	
   

  	
  Andre Mendonca Osser

  
	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
  )

  	
   

  
	
   

  	
  /s/
  Andre Mendonca Osser

  	
   

  
	
  March 21st, 2007

  	
   

  	
   

  
	
  In the presence of Mrs. Juliana Araujo,
  legal supervisor, Banco BNP Paribas Brasil S.A.

  	
   

  
	
  /s/
  Juliana Araujo

  	
   

  
						

 

S-34

 

	
  THE NZ FACILITY AGENT

  	
   

  	
   

  
	
  EXECUTED as a Deed by BNP
  PARIBAS

  	
   

  
	
   

  	
   

  	
  )

  
	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
  )

  	
   

  
	
  acting by

  	
  /s/
  Cecile Scherer

  	
   

  
	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  
	
   

  	
  Cecile
  Scherer

  	
   

  
	
   

  	
   

  	
  Director

  
	
   

  	
   

  	
  Merchant Banking Group

  
	
  and

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
  )

  	
   

  
	
   

  	
  /s/ PJ de Filippis

  	
   

  
	
   

  	
  PJ de Filippis, Managing Director, New York

  	
   

  
	
   

  	
   

  	
   

  
	
  In
  the presence of Ann Nane Dass

  	
   

  	
   

  
	
  /s/
  Ann Nane Dass

  	
   

  	
   

  
					

 

S-35

 

	
  THE SECURITY AGENT

  	
   

  	
   

  
	
  EXECUTED as a Deed by BNP
  PARIBAS

  	
  )

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
  )

  	
   

  
	
  acting by Iyadh Laalai

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  
	
   

  	
  )

  	
   

  
	
   

  	
   

  	
  /s/ Iyadh Laalai

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
  )

  	
   

  
	
   

  	
  Paris, March 21st, 2007

  	
   

  
	
   

  	
  In the presence of 

  	
  /s/Mr. Charles
  Egly

  
									

 

S-36

 

	
  THE AUSTRALIAN SECURITY
  TRUSTEE

  	
   

  	
   

  
	
  SIGNED, SEALED AND
  DELIVERED

  	
  )

  
	
  as a Deed by BNP PARIBAS

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
  )

  	
   

  
	
  acting by

  	
  Iyadh
  Laalai

  	
   

  
	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  
	
   

  	
  )

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
  )

  
	
   

  	
   

  	
  /s/
  Iyadh Laalai

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
  Paris, March 21st, 2007

  
	
   

  	
  In the presence of  

  	
   

  	
  /s/ Mr. Charles Egly

  
								

 

 

S-37

 

	
  THE A1 BANKS

  	
   

  	
   

  
	
  EXECUTED as a Deed by BNP
  PARIBAS

  	
   

  
	
   

  	
   

  	
  )

  
	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
  )

  	
   

  
	
  acting by Iyadh Laalai

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  
	
   

  	
  )

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
  )

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
  /s/ Iyadh Laalai

  	
   

  	
   

  
	
   

  	
  Paris,
  March 21st, 2007

  	
   

  
	
   

  	
  In
  the presence of  

  	
  /s/ Mr. Charles
  Egly 

  	
   

  	
   

  
	
   

  
						

 

 

S-38

 

	
  THE A1 BANKS

  	
   

  	
   

  
	
  EXECUTED as a Deed by CALYON

  	
   

  
	
   

  	
   

  	
  )

  
	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
  )

  	
   

  
	
  acting by

  	
  Nathalie
  Nosser

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
  )

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
  )

  
	
  /s/
  Nathalie Nosser

  	
   

  	
   

  
	
  in Paris in the presence of 

  	
  /s/ Richard
  Sinclair

  	
   

  
							

 

S-39

 

	
  THE A1 BANKS

  	
   

  
	
  EXECUTED as a Deed by INDOSUEZ FINANCE
  (UK) LIMITED

  	
   

  
	
   

  	
  )

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
  )

  	
   

  
	
  acting by

  	
  Nathalie Nosser

  	
   

  
	
   

  	
   

  	
  )

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
  )

  
	
   

  	
  /s/ Nathalie Nosser

  	
   

  	
   

  
	
   

  	
  in Paris in the presence
  of 

  	
  /s/ Richard Sinclair

  	
   

  	
   

  
								

 

S-40

 

	
  THE A1
  BANKS

  	
   

  
	
  EXECUTED as a Deed by THE ROYAL BANK OF SCOTLAND PLC

  	
  )

  
	
   

  	
   

  
	
   

  	
   

  
	
  acting by its Attorney

  	
   

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
  /s/ Authorized Signatory

  	
   

  	
   

  
	
   

  	
  Authorized Signatory

  	
   

  	
   

  
	
   

  	
  Senior Director

  	
   

  	
   

  
	
   

  	
  London

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
  )

  	
   

  	
   

  
	
  In the presence of

  	
   

  	
   

  
	
   

  	
  /s/ Shamika Amarasekara

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  
	
   

  	
  Shamika Amarasekara

  	
   

  	
   

  
	
   

  	
  13 S. Bishopgate

  	
   

  	
   

  
	
   

  	
  London

  	
   

  	
   

  
	
   

  	
  EC2M 3UR

  	
   

  	
   

  
								

 

S-41

 

	
  THE A2
  BANKS

  	
   

  	
   

  
	
  EXECUTED as a Deed by BNP PARIBAS

  	
   

  	
   

  
	
   

  	
   

  	
  )

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
  )

  	
   

  
	
  acting by

  	
  Iyadh Laalai

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
  )

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
  /s/ Iyadh Laalai

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
  )

  	
   

  
	
   

  	
  Paris,
  March 21st, 2007

  	
   

  	
   

  
	
   

  	
  In
  the presence of 

  	
  /s/
  Mr. Charles Egly

  	
   

  	
   

  
										

 

S-42

 

	
  THE A2
  BANKS

  	
   

  	
   

  
	
  EXECUTED as a Deed by CALYON

  	
   

  	
   

  
	
   

  	
   

  	
  )

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
  )

  	
   

  
	
  acting by Nathalie Nosser

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
  )

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
  /s/ Nathalie Nosser

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
  in
  Paris in the presence of 

  	
  /s/ Richard Sinclair

  
							

 

S-43

 

	
  THE A2
  BANKS

  	
   

  	
   

  
	
  EXECUTED as a Deed by INDOSUEZ
  FINANCE (UK) LIMITED

  	
   

  
	
   

  	
  )

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
  )

  	
   

  
	
  acting by Nathalie Nosser

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
  )

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
  /s/ Nathalie Nosser

  	
   

  	
   

  
	
   

  	
  in
  Paris in the presence of

  	
  /s/
  Richard Sinclair

  	
   

  	
   

  
							

 

S-44

 

	
  THE A2
  BANKS

  	
   

  	
   

  
	
  EXECUTED as a Deed by THE ROYAL BANK OF SCOTLAND PLC

  	
  )

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
  )

  	
   

  
	
  acting by its attorney

  	
   

  
	
   

  	
  /s/ Authorized Signatory

  	
   

  
	
   

  	
  Authorized Signatory

  	
   

  
	
   

  	
  Senior Director

  	
   

  
	
   

  	
  London

  	
   

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
  )

  	
   

  
	
  In the presence of

  	
   

  
	
   

  	
  /s/ Shamika Amarasekara

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
  Shamika Amarasekara

  	
   

  
	
   

  	
  13 S. Bishopgate

  	
   

  
	
   

  	
  London

  	
   

  
	
   

  	
  EC2M 3UR

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
  )

  	
   

  
					

 

S-45

 

	
  THE
  BRAZILIAN BANKS

  	
   

  	
   

  
	
  EXECUTED as a Deed by BANCO BNP PARIBAS BRASIL S.A.

  	
   

  
	
   

  	
  )

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
  )

  	
   

  
	
  acting by

  	
  Hitosi Hassegawa, Director

  	
   

  
	
   

  	
   

  	
  /s/ Hitosi Hassegawa

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
  )

  	
   

  
	
   

  	
   

  	
   

  
	
  and

  	
   

  	
   

  
	
   

  	
   

  	
   Andre Mendonca Osser

  
	
   

  	
   

  	
  /s/ Andre Mendonca Osser

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
  )

  
	
   

  	
   

  	
   

  	
   

  
	
  March 21, 2007

  	
   

  	
   

  
	
  In the presence of
  Mrs. Juliana Araujo, legal supervisor, Banco BNP Paribas Brasil S.A.

  
	
  /s/ Juliana Araujo

  	
   

  	
   

  
							

 

S-46

 

	
  THE
  BRAZILIAN BANKS

  	
   

  	
   

  
	
  EXECUTED
  as
  a Deed by BANCO CALYON BRASIL S.A.

  	
   

  	
   

  
	
   

  	
   

  	
  )

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
  )

  	
   

  
	
  acting by Valter Klyoshi
  Shintani

  	
   

  	
   

  
	
   

  	
  Director Executivo

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  
	
   

  	
  /s/ Valter Klyosho Shintani

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  
	
   

  	
  Edson Cremonesi

  	
   

  	
   

  
	
   

  	
  General Manager

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  
	
   

  	
  /s/ Edson Cremonesi

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
  )

  	
   

  
	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
  )

  	
   

  
	
  San Paulo-SP/Brasil

  	
   

  	
   

  
	
  In the presence of 

  	
  /s/ Mr. Jono Celli

  	
   

  	
   

  
					

 

S-47

 

	
  THE NZ
  BANKS

  	
   

  	
   

  
	
  EXECUTED as a Deed by BNP PARIBAS

  	
   

  	
   

  
	
   

  	
   

  	
  )

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
  )

  	
   

  
	
  acting by

  	
  /s/ Cecile Sherer

  
	
   

  	
   

  	
  )

  
	
   

  	
   

  	
  Cecile Scherer

  
	
   

  	
  Director

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
  Merchant Banking Group

  
	
   

  	
   

  	
   

  	
  New York

  
	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  
	
  and

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
  )

  	
   

  
	
   

  	
   

  	
   

  	
   

  
	
   

  	
  /s/ PJ de Filippis

  	
   

  	
   

  
	
   

  	
  PJ de Filippis

  	
   

  	
   

  
	
   

  	
  Managing Director

  	
   

  	
   

  
	
   

  	
  New York

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  
	
   

  	
  In the presence of Ann Nane
  Dass

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  
	
   

  	
  /s/ Ann Nane Dass

  	
   

  	
   

  
							

 

S-48

 

	
  THE NZ
  BANKS

  	
   

  	
   

  
	
  EXECUTED as a Deed by CALYON

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
  )

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
  )

  	
   

  
	
   

  	
   

  	
   

  
	
  acting by Nathalie Nosser

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
  )

  
	
   

  	
   

  	
   

  
	
   

  	
  /s/ Nathalie Nosser

  
	
   

  	
  In Paris in the presence of 

  	
  /s/ Richard Sinclair

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
  )

  
									

 

S-49

 

	
  THE NZ
  BANKS

  	
   

  
	
  EXECUTED as a Deed by THE ROYAL BANK OF SCOTLAND PLC, AUSTRALIA

  
	
  BRANCH

  	
   

  
	
   

  	
   

  
	
   

  	
  )

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
  )

  	
   

  
	
   

  	
   

  	
   

  
	
  acting by its attorney

  	
   

  
	
   

  	
  /s/ Authorized Signatory

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
  )

  
	
   

  	
   

  
	
   

  	
  Authorized Signatory

  
	
   

  	
  Senior Director

  
	
   

  	
  London

  
	
   

  	
   

  	
   

  
	
  In the presence of

  	
   

  	
   

  
	
   

  	
  /s/ Shanika Amarasekara

  
	
   

  	
  Shanika Amarasekara

  
	
   

  	
  13 S. Bishopsgate

  
	
   

  	
  London

  
	
   

  	
  EC2M 3UR

  
					

 

S-50

 

	
  THE C BANKS

  
	
  EXECUTED as a Deed by BNP
  PARIBAS

  
	
   

  
	
   

  
	
   

  	
   

  	
  )

  
	
   

  
	
   

  
	
   

  	
  )

  	
   

  
	
  acting by Iyadh Laalai

  
	
   

  
	
   

  
	
   

  	
  )

  	
   

  
	
   

  
	
   

  	
  /s/ Iyadh Laalai

  	
   

  
	
   

  
	
   

  
	
   

  	
  )

  
	
  Paris, March 21st, 2007

  
	
  In the presence of 

  	
  /s/ Mr. Charles Egly

  	
   

  
									

 

S-51

 

	
  THE C BANKS

  
	
  EXECUTED as a Deed by CALYON

  
	
   

  
	
   

  
	
   

  	
  )

  
	
   

  
	
   

  
	
   

  	
  )

  	
   

  
	
  acting by Nathalie Nosser

  
	
   

  
	
   

  
	
   

  	
  )

  
	
   

  
	
   

  
	
   

  	
  )

  
	
   

  	
  /s/ Nathalie Nosser

  	
   

  
	
   

  	
  in Paris in the presence of 

  	
  /s/ Richard Sinclair

  	
   

  
								

 

S-52

 

	
  THE C BANKS

  
	
  EXECUTED as a Deed by THE ROYAL BANK OF SCOTLAND PLC

  	
  )

  
	
   

  
	
   

  
	
   

  	
  )

  
	
  acting by its attorney

  
	
   

  
	
   

  	
  /s/
  Authorized Signatory

  
	
   

  	
  Authorized
  Signatory

  
	
   

  	
  Senior
  Director

  
	
   

  	
  London

  
	
   

  
	
   

  
	
  In the presence of

  	
   

  
	
   

  	
  /s/
  Shanika Amarasekara

  
	
   

  	
  Shanika
  Amarasekara

  
	
   

  	
  13
  S. Bishopsgate

  
	
   

  	
  London

  
	
   

  	
  EC2M
  3UR

  
				

 

S-53

 

	
  THE INTRA-GROUP CREDITORS

  
	
  EXECUTED as a Deed by EQUIPOLE S.A.

  
	
   

  
	
   

  	
  )

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
  )

  	
   

  
	
  acting
  by 

  	
  /s/
  Nuns Moodliar

  	
   

  	
   

  	
   

  	
  )

  
	
   

  
	
   

  	
  )

  	
   

  
	
  and
  

  	
  /s/
  Jim McGill

  	
   

  
									

 

S-54

 

	
  THE EQUITY FINANCE
  PROVIDERS

  
	
  EXECUTED as a Deed by THE HERTZ CORPORATION

  
	
   

  	
  )

  
	
   

  
	
   

  	
  )

  
	
   

  	
   

  
	
  acting
  by

  	
  /s/
  Nuns Moodliar

  	
   

  
	
   

  
	
   

  
	
   

  	
  )

  
	
  and

  	
  /s/
  Jim McGill

  
	
   

  
	
   

  
	
   

  	
  )

  
							

 

S-55

 

	
  THE EQUITY FINANCE
  PROVIDERS

  
	
  EXECUTED as a Deed by HERTZ FINANCE CENTRE
  LIMITED

  
	
  )

  
	
   

  
	
   

  
	
  )

  
	
   

  
	
  acting
  by 

  	
  /s/
  Nuns Moodliar

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
  )

  
	
   

  
	
  and
  

  	
  /s/
  Jim McGill

  	
   

  
	
   

  
	
   

  
	
   

  	
  )

  
						

 

S-56

Source: [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00137-of-00352.parquet"}, [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00137-of-00352.parquet"}]]