Document:

Exhibit 4.5.31

 

 

SECURITY TRANSFER OF
MOVABLE

ASSETS

 

 

between

 

 

HERTZ AUTOVERMIETUNG GMBH

 

as Transferor

 

and

 

BNP PARIBAS

 

as Security Agent

 

 

NÖRR STIEFENHOFER
LUTZ

 

RECHTSANWÄLTE
STEUERBERATER WIRTSCHAFTSPRÜFER PARTNERSCHAFT

 

BERLIN  DRESDEN  DÜSSELDORF  FRANKFURT/MAIN  MUNICH

BRATISLAVA  BUDAPEST  BUCHAREST  MOSCOW  PRAGUE  WARSAW

NEW YORK REPRESENTATION OFFICE

 

Friedrichstrasse 2-6  •  D-60323 Frankfurt/Main  •  Tel.: +49 (0)
69 9714 77-0  •  Fax: +49 (0)
69 9714 77-100

 

 

TABLE
OF CONTENTS

 

	
  CLAUSE

  	
   

  	
   

  	
  PAGE

  
	
   

  	
   

  	
   

  	
   

  
	
  1.

  	
  DEFINITIONS

  	
   

  	
  2

  
	
  2.

  	
  TRANSFER OF TITLE FOR SECURITY PURPOSES (SICHERUNGSÜBEREIGNUNG)

  	
   

  	
  2

  
	
  3.

  	
  SECURED OBLIGATIONS

  	
   

  	
  3

  
	
  4.

  	
  DISPOSAL OF COLLATERAL

  	
   

  	
  3

  
	
  5.

  	
  UNDERTAKINGS

  	
   

  	
  3

  
	
  6.

  	
  OTHER RIGHTS OF THE FINANCE PARTIES

  	
   

  	
  5

  
	
  7.

  	
  REALISATION OF COLLATERAL

  	
   

  	
  6

  
	
  8.

  	
  LIMITATION LANGUAGE

  	
   

  	
  7

  
	
  9.

  	
  RELEASE

  	
   

  	
  8

  
	
  10.

  	
  NOTIFICATIONS

  	
   

  	
  10

  
	
  11.

  	
  MISCELLANEOUS

  	
   

  	
  11

  
	
  SIGNATORIES

  	
   

  	
  13

  
	
  SCHEDULE 1

  	
  LIST OF MOVABLE ASSETS ON CD-ROM

  	
   

  	
  14

  
	
  SCHEDULE 2

  	
  PREMESIS

  	
   

  	
  15

  
	
  SCHEDULE 3

  	
  LIST OF CAR STATIONS ON CD-ROM

  	
   

  	
  16

  
	
  SCHEDULE 4

  	
  LIST OF CARS ON CD-ROM

  	
   

  	
  17

  
					

 

i

 

THIS SECURITY
TRANSFER AGREEMENT (the Agreement) is dated 21
December 2005 and is
made

 

BETWEEN:

 

(1)              HERTZ
AUTOVERMIETUNG GMBH, a limited
liability company incorporated under the laws of Germany, registered in the commercial register (Handelsregister)
at the local court (Amtsgericht) of
Frankfurt am Main under HRB 52255 with its
principal office at Ginnheimer Straße 4, D-65760 Eschborn (the Transferor); and

 

(2)              BNP PARIBAS, a “société anonyme” organised under
the laws of France with its registered office at 16, boulevard des Italiens,
F-75009 Paris, registered with the Paris “Registre de Commerce et
des Sociétés” under the number 662 042 449 RCS Paris as security
agent and lender (the Security Agent).

 

The Transferor
and the Security Agent are collectively referred to as the Parties
and each a Party.

 

RECITALS:

 

(A)             By a senior bridge facilities agreement dated on or about 21 December 2005 (the Facility Agreement)
the Finance Parties have agreed to make available to the Transferor and certain
subsidiaries of Hertz International, Ltd (together with any person acceding to
the Facility Agreement as borrower the Borrowers
and each a Borrower) a facility to be used for the
purpose of, inter alia, the refinancing of the
purchase price of certain vehicles and certain payments in connection with the
purchase by CCMG Holdings, Inc. of the shares in The Target from Ford Holdings
LLC.

 

(B)              Pursuant to the terms of
the Facility Agreement the Transferor in
its capacity as guarantor and certain subsidiaries of Hertz International, Ltd
(together with any person acceding to the Facility Agreement as guarantor the Guarantors and each a Guarantor) have guaranteed in favour of the
Finance Parties the performance by certain Obligors under the Finance Documents
(the Guarantee).

 

(C)              BNP Paribas has been
appointed as security agent to hold and administer all security granted in
connection with the Facility Agreement.

 

(D)             The Transferor has
entered into this Agreement in order to secure its liabilities in respect of
the Secured Obligations (as defined below).

 

(E)              References in this
Agreement to the Finance Documents will be deemed to include references to
those agreements as they may be amended, modified, varied, novated or restated
from time to time (including, without limitation, by way of increase of the
facilities made available thereunder). Similarly, references in this Agreement
to Secured Obligations (as defined below) will be deemed to include any and all
obligations which the Transferor may have under or in connection with the
Finance Documents as the same may be so amended, modified, varied, novated or
restated from time to time.

 

1

 

THE
PARTIES AGREE as follows:

 

1.                DEFINITIONS

 

Terms used but not otherwise
defined herein shall have the meanings ascribed thereto in the Facility
Agreement.

 

Enforcement Event means an Event of Default that has occurred and is continuing
unremedied and unwaived (where applicable) under the Facility Agreement and
which results in the Security Agent serving a notice on Hertz International,
Ltd pursuant to Clause 23.16 (a) of the Facility Agreement.

 

2.                TRANSFER OF TITLE FOR SECURITY
PURPOSES (SICHERUNGSÜBEREIGNUNG)

 

2.1              The Transferor hereby
transfers to the Security Agent:

 

(a)              all its present and future movable inventory, raw materials, spare
parts, supplies, finished and unfinished products and merchandise (including,
but not limited to, the assets listed on a CD-Rom which is enclosed as SCHEDULE
1) located now and in future (i) at the premises redlined on the maps enclosed
as SCHEDULE 2 and (ii) the rental car stations listed on a CD-Rom which is
enclosed as SCHEDULE 3; and

 

(b)              all motor vehicles used in its rental car fleet listed on a CD-Rom
which is enclosed as SCHEDULE 4 and any motor vehicle to be used in its rental
car fleet which the Transferor will acquire or otherwise gain title of in the
future which is registered (zugelassen) in
the Federal Republic of Germany.

 

The schedules form an integral
part of this Agreement. The premises specified pursuant to clauses 2.1(a) are
referred to as the Premises and
the transferred assets as the Collateral.

 

2.2              To the extent that the
Transferor has ownership or co-ownership (Miteigentum) of
the Collateral or acquires such rights in the future the Transferor hereby
transfers to the Security Agent the ownership or co-ownership. To the extent
that the Transferor has any inchoate rights (Anwartschaftsrechte)
in respect of the Collateral the Transferor hereby transfers to the Security
Agent such inchoate rights.

 

2.3              Delivery of possession
of the Collateral to the Security Agent is hereby replaced by the agreement
that the Transferor retains actual possession and holds the Collateral in
gratuitous custody (unentgeltliche Verwahrung)
for the Security Agent to the effect that the Security Agent becomes indirect
possessor (mittelbarer Besitzer) as defined in
section 868 of the

 

2

 

German Civil
Code (Bürgerliches Gesetzbuch – “BGB”) with respect to the Collateral. The Transferor hereby
further assigns all present and future claims against third parties obtaining
actual possession of the Collateral to the Security Agent. The Security Agent
hereby accepts such assignment.

 

2.4              To the extent any motor
vehicle listed in SCHEDULE 4 is located outside the territory of the Federal
Republic of Germany at the time of signing of this Agreement, it shall be
transferred upon its entry into the territory of the Federal Republic of
Germany to the Security Agent.

 

2.5              The Security Agent
hereby accepts the transfer of the Collateral and the transfer of the inchoate
rights.

 

3.                SECURED OBLIGATIONS

 

The security transfer hereunder
is constituted in order to secure the prompt and complete satisfaction of any
and all obligations (present and future, actual and contingent) which are (or
are expressed to be) or become owing by the Obligors to the Finance Parties or
any of them under the Finance Documents, in particular, the Facility Agreement
and the Guarantee including, but without limitation to, obligations arising in
connection with any advances made under any of the Finance Documents during any
extension period by any transferor thereunder. For the avoidance of doubt these
shall include any claims arising out of unjust enrichment (ungerechtfertigte
Bereicherung) (together referred to as the Secured
Obligations).

 

4.                DISPOSAL OF COLLATERAL

 

4.1              The Transferor is
authorised in accordance with the terms and conditions of the Facility Agreement
to make use and to dispose of the Collateral on its own behalf in the ordinary
course of business as long as such authorisation has not been revoked by the
Security Agent.

 

4.2              The Security Agent is
entitled to revoke the aforementioned authorisation and claim delivery of the
Collateral including the registration certificates (Fahrzeugbrief)
relating to the Collateral upon an Enforcement Event.

 

4.3              Upon expiry of the
Transferor’s authorisation to dispose of the Collateral the Security Agent is
entitled to claim delivery of all documents pertaining to the Collateral.

 

5.                UNDERTAKINGS

 

The Transferor undertakes
towards the Security Agent as follows:

 

3

 

5.1              Principal Undertakings

 

Except as otherwise permitted
under the Finance Documents, to ensure that all rights granted to the Security
Agent are prior in ranking to any rights of third parties.

 

5.2              List of Collateral

 

(a)              The Transferor shall
submit to the Security Agent all information, lists and reports which the
Security Agent considers to be necessary in order to evaluate the Collateral.
The Transferor shall, in particular, submit a list of all Cars transferred in
accordance with Clause 2.1 to the Security Agent after the execution of this
Agreement on each Settlement Date. The Transferor shall submit to the Security
Agent a list of the future Collateral including inchoate rights (Anwartschaftsrechte). All lists to be submitted to the
Security Agent shall contain at least the following information:

 

(i)               a list of the complete
Collateral owned by the Transferor by delivering a detailed description and
listing of each single object including accurate information about its current
market price;

 

(ii)              information about the
extent, against whom and with respect to which objects the Transferor has
inchoate rights; and

 

(iii)             a detailed description of
the Premises where the Collateral is located to the extent possible.

 

(b)              In order to protect its
legitimate interests the Security Agent is entitled to request the delivery of
the above mentioned lists at any time. Furthermore, the Security Agent is
entitled to request additional information or documents from the Transferor in
order to protect its legitimate interests.

 

(c)              The lists referred to in
clause 5.2(a) shall serve for the purpose of notification only. This means that
the Collateral transferred pursuant to Clause 2 of this Agreement shall be
fully owned by the Security Agent even if the Collateral is not or only
partially listed in the lists submitted to the Security Agent.

 

5.3              Reporting Obligations

 

(a)              In the event that the
value of the Collateral transferred to the Security Agent is materially subsequently
affected the Transferor shall immediately notify the Security Agent thereof,
and he will act in accordance with the instructions given by the Security
Agent. The Transferor’s obligation to notify pursuant to this Clause 5.3(a)
only exists if the value of the security granted by this Agreement is materially
substantially affected.

 

(b)              In the event that the
Security Agent’s entitlement to the transferred collateral is impaired or
jeopardised by attachment (Pfändung),
transfer order (Überweisung) or otherwise the
Transferor shall immediately notify the Security Agent thereof. In case of an
attachment the Transferor shall deliver to the Security Agent a copy of 

 

4

 

the attachment and transfer
order (Pfändungs- und Überweisungsbeschluss)
and all other documents necessary to object against the attachment and he shall
notify the attaching creditor immediately of the Security Agent’s security
interest.

 

5.4              Right of Inspection

 

(a)              The Security Agent has
the right to inspect or have inspected by authorised personnel the Transferor’s
documents in order to evaluate and enforce the Collateral, however, as long as
no right of realisation exists only upon reasonable advance notification and
during normal business hours.

 

(b)              To the extent that
information in relation to the Collateral has been recorded in EDP systems, the
Transferor shall allow the Security Agent, upon the latter’s first demand, to
use the EDP system, including the periphery, with the data stored in respect of
all bookings relating to the assignment, and the Transferor shall further make
available the operators and the necessary programs (software) required in
connection therewith, and shall do whatever is necessary to put the EDP system
into operation and repair the same or otherwise.

 

5.5              Labelling of the Collateral, Third Parties’ Rights

 

(a)              Subject to the right of use
and disposal pursuant to clause 4 the Transferor will use reasonable endeavours
to ensure the Collateral it is handled properly.

 

(b)              So far as there may be
statutory liens of third parties (e.g. landlord, lessor, stockkeeper, work
contractor) to the Collateral the Transferor shall, on the Security Agent’s
request, from the date on which the rent, storage charges or remuneration for
contracts for work and services had been due, furnish proof to the Security
Agent of such payment.

 

6.                OTHER RIGHTS OF THE FINANCE
PARTIES

 

6.1              If, and to the extent,
documents required for the evaluation or realisation of the Collateral have
been delivered by the Transferor to a third party (especially to an accountant
or tax advisor) the Transferor hereby assigns to the Security Agent his claims
against such third party for providing information and for delivering such
documents and hereby authorises the third party to provide the Security Agent
with such information and documents required to evaluate and realise the
Collateral.

 

6.2              In so far as the
electronic data processing is executed by third parties the Transferor hereby
assigns to the Security Agent all its claims for performance and authorises
these third parties to execute the electronic data processing on behalf of the
Security Agent in the same manner as they were obliged to towards the
Transferor, provided that the Security Agent requests them to do so upon the
occurrence of an Enforcement Event.

 

5

 

6.3              Upon the occurrence of an
Enforcement Event and in order to protect its legitimate interests the Security
Agent is entitled to revoke the authorisation to dispose and to request
delivery of the Collateral if the Transferor is in a material breach of its
duty to handle the Collateral with care or if it disposes of the Collateral not
in the ordinary course of business.

 

6.4              If no proof is furnished
that mature claims for rent, storage charges or remuneration for contracts for
work and services have been satisfied by the Transferor the Security Agent will
be entitled to effect payment at the Transferor’s expense in order to avert
such third parties’ liens.

 

7.                REALISATION OF COLLATERAL

 

7.1              Upon the occurrence of
an Enforcement Event and notwithstanding the provisions in Clause 4 (Disposal
of Collateral) of this Agreement the Security Agent is entitled to revoke the
right of disposal as described in Clause 4 (Disposal of Collateral) of this
Agreement, to request delivery of the Collateral, to realise the Collateral and
enforce all other rights arising from this Agreement.

 

7.2              Upon the occurrence of
an Enforcement Event the Security Agent shall be authorised to terminate
retention of title arrangements (Eigentumsvorbehalt)
by paying the purchase price thereof or part thereof on behalf and at the
expense of the Transferor. The Transferor hereby waives its right to object
against such performance by the Security Agent.

 

7.3              In the event of a
realisation the Transferor shall immediately submit to the Security Agent all
documents relating to the Collateral (and other documents required).

 

7.4              Before realisation the
Security Agent shall give written warning to the Transferor five (5) Business Days
in advance. Advance warning is not required if the Transferor has generally
ceased payment or if insolvency proceedings in respect of the Transferor have
been opened by the courts.

 

7.5              The Security Agent is
entitled to realise the Collateral also by public sale (freihändiger
Verkauf) on its own behalf or on the Transferor’s behalf. The
Security Agent shall use its best endeavours to achieve the best obtainable
price. At the Security Agent’s request the Transferor will assist in the
realisation or, according to the instructions of the Security Agent, sell the
Collateral at best offer. The Transferor will pass any payment or any other
benefit obtained from the realisation on to the Security Agent.

 

7.6              The Security Agent may,
at its sole discretion, determine which of several security shall be used to
satisfy the Secured Obligations.

 

6

 

8.                LIMITATION LANGUAGE

 

8.1               The Security Agent
agrees that its right to enforce the security granted hereunder shall, if and
to the extent that it secures liabilities of any shareholder of the Transferor or
any such shareholder’s affiliated company (verbundenes Unternehmen)
within the meaning of section 15 of the German Stock Corporation Act (Aktiengesetz) (other than the Transferor’s subsidiaries), at
all times be limited to an amount equal to the Transferor’s net assets (as
defined in Clause 9.2).

 

8.2              For the purposes of this
Clause 9 (Limitation Language), net assets shall be calculated by taking into
account the captions reflected in section 266 (2) A, B and C of the German
Commercial Code (Handelsgesetzbuch) less the sum
of:

 

(i)              the Transferor’s liabilities
(the calculation of which shall take into account the captions reflected in
section 266 (3) B, C and D of the German Commercial Code (Handelsgesetzbuch));

 

(ii)             the registered share capital
(Stammkapital) of the Transferor; and

 

(iii)            the amount of any
intercompany loan or loans granted by the Assignor to its parent or sister
companies.

 

8.3              For the purpose of the
calculation of the enforceable amount, the Transferor will, within 30 (thirty)
Business Days after the Security Agent has made a demand for realisation
hereunder, deliver to the Security Agent an unaudited up-to-date balance sheet
of the Transferor, drawn up by its auditors, which shows the value of the net
assets. The balance sheet and determination of net assets shall be prepared in
accordance with accounting principles pursuant to the German Commercial Code (Handelsgesetzbuch) and be based on the same principles that
were applied when establishing the immediately preceding year’s balance sheet.

 

8.4              If the Transferor fails
to deliver a copy of its balance sheet in accordance with Clause 9.3, the
Security Agent shall be entitled to enforce the security granted hereunder
without limitation. Following such enforcement, the Security Agent agrees to
release proceeds from the enforcement of the security granted hereunder if and
to the extent that it secures liabilities of any shareholder of the Transferor or
any such shareholder’s affiliated company (verbundenes Unternehmen)
within the meaning of Section 15 of the German Stock Corporation Act (Aktiengesetz) (other than the Transferor’s subsidiaries) and
that such enforcement or the application of proceeds from such enforcement
towards the Secured Obligations would otherwise lead to the situation that the Transferor
does not have sufficient net assets, as determined in accordance with a balance
sheet drawn up as foreseen under Clause 9.3, to maintain its registered share
capital (Stammkapital).

 

8.5              For the purposes of the
calculation of the enforceable amount specified in Clause 9.3 and the amount to
be released specified in Clause 9.4, the following balance sheet items shall be
adjusted as follows:

 

7

 

(i)              the amount of any
increase of registered share capital out of retained earnings (Kapitalerhöhung aus Gesellschaftsmitteln) after the date
hereof that has been effected without the prior written consent of the Security
Agent shall be deducted from the registered share capital;

 

(ii)             loans and other
contractual obligations incurred in violation of the provisions of the Finance
Documents to which the Transferor is a party, shall be disregarded.

 

8.6              Furthermore, if and to
the extent legally permissible the Transferor shall, in a situation where it
does not have sufficient net assets to maintain its registered share capital
and where a Finance Party would (but for this Clause 9) be entitled and is
seeking to enforce the security granted hereunder realise any and all of its
assets that are shown in the balance sheet with a book value (Buchwert) which is significantly lower than the realisable
market value of such assets and to the extent such assets are not necessary for
the Transferor’s business or operations (nicht betriebsnotwendig).

 

8.7              The limitations set out
in this Clause 9 shall not apply to security granted by the Transferor in
relation to any amounts borrowed under the Facility Agreement to the extent the
proceeds of such borrowing are on-lent to it or any of its subsidiaries from
time to time and have not been repaid at the time of the security granted
hereunder.

 

8.8              The security granted
hereunder shall further not be enforced to the extent that the Transferor demonstrates
in reasonable detail that such enforcement would lead to a breach of the duty
of care owing by the relevant shareholders vis-à-vis the
respective company (Gebot der Rücksichtnahme
auf die Eigenbelange der Gesellschaft) and of the prohibition of
insolvency-causing intervention (Verbot des
existenzvernichtenden Eingriffs), as developed by the recent
jurisdiction (in particular BGH II ZR 178/99 Bremer
“Vulkan”, BGH ZR 196/00 and BGH II ZR 300/00 “KBV”), of the Federal Supreme Court (Bundesgerichtshof), caused for example, as
far as this would be within the scope of the cited court rulings, if the
entering into the guarantee or indemnity and its enforcement results in the
illiquidity (Zahlungsunfähigkeit)
of the Transferor. The Security Agent shall be obliged to retransfer proceeds
from such enforcement to the extent that the Transferor demonstrates in
reasonable detail that the enforcement of this Agreement violated the rules of
the cited Federal Supreme Court rulings. Any claim for damages (excluding, for
the avoidance of doubt, any claim relating to unjust enrichment) by the
Transferor or the Borrowers against the Banks, the Facility Agent, the Global
Coordinator and/or the Arrangers and Joint Bookrunners in connection with a
potential existence threatening intrusion shall be excluded.

 

9.                RELEASE

 

9.1              Upon (a) the Secured
Obligations being discharged in full and none of the secured parties being
under any further actual or contingent obligation to make advances or provide
other financial accommodation to the security providers or any other person
under any of the Finance Documents, or (b) the Transferor ceasing to be both a
Borrower and a Guarantor subject to, and in accordance with, the Facility
Agreement, the Security Agent shall, at the 

 

8

 

request of the
Transferor release and cancel the Security of the Transferor and procure the
retransfer to the Transferor of the collateral transferred to the Security
Agent pursuant to this Agreement. The cost of such release shall be borne in
accordance with the terms of the Facility Agreement.

 

9.2              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 Facility
Agreement that is subject to a Security, (c) any sale or other disposition of
any property that is subject to a Security where the Facility Agent or the
Security Agent has consented to the disposal pursuant to the Facility
Agreement, (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 Facility Agreement to the
extent necessary to ensure such merger, consolidation, reorganisation,
winding-up, securitisation, Take-Out Financing or sale and leaseback take
place, or (e) the creation of any Encumbrance permitted by paragraph (x) of the
definition of Permitted Encumbrance, the Security Agent shall, at the request
and cost of Hertz International, Ltd, release and cancel the security of the
Transferor and procure the retransfer to the Transferor of the property and
assets transferred to the Security Agent pursuant to this 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 Facility Agreement, the
property shall be declared to be automatically released from the Security with
effect from the day of such disposal and the Security Agent and the Facility
Agent shall each do all such acts which are reasonably requested by the Parent
in order to release such property.

 

9.3              At any time when the
total value of the aggregate security granted by the Borrowers to secure the
Secured Obligations (the Total  Security) which can be expected to be realised in the event
of an enforcement of the Total Security (realisierbarer  Wert) exceeds 110 per cent. of the Secured Obligations (the Limit) not only temporarily, the Security Agent shall on
demand of the Transferor release such part of the Total Security (Sicherheitenfreigabe) as the Security Agent may in its
reasonable discretion determine so as to reduce the realisable value of the Total
Security to the Limit.

 

9.4              The Transferor and the
Security Agent agree that for the purpose of determining the realisable value of
the Collateral the following valuation procedures shall apply: The realisable
value of the Collateral purchased by the Transferor shall be established on the
basis of the purchase price. If, however, the actual market value at the time
of evaluation is lower, this lower present market value shall apply instead.
This value shall then be reduced by the value of the Collateral to which third
parties have superior rights (e.g. a retention of title, a security transfer
for security purposes, a lien). The amount of reduction is, however, limited to
the amount of the third parties’ secured claims.

 

In case the Collateral forms
part of the Transferor’s current assets (Umlaufvermögen)
the value determined in accordance with the aforementioned valuation procedures
shall be reduced by 30 per cent. due to any possible deficiencies in
realisation proceeds (e.g. in case of a forced sale or outdated Collateral). In
case the Collateral forms part of the Transferor’s fixed assets (Anlagevermögen) the value determined in accordance with the
aforementioned 

 

9

 

valuation procedures shall be
reduced by 50 per cent. due to any possible deficiencies in realisation
proceeds (e.g. in case of a forced sale or outdated Collateral).

 

9.5              In case the realisable
value of the Total Security has decreased below the total amount of the Secured
Obligations (or would decrease below this amount immediately upon a drawdown
permitted under the Facility Agreement) and provided the Transferor has exercised
its right for release of security, the Transferor has, upon receipt of a
notification by the Security Agent, to grant (or procure to be granted)
additional security to the Security Agent without undue delay, however, at the
latest within ten days to the extent that the ratio of the thereby increased
Security in relation to the Secured Obligations remains 110 to 100 at all
times.

 

9.6              The Transferor and the
Security Agent may agree on a different value or valuation procedures in
respect of the total value of the Collateral and the expected value to be
realised in the event of a realisation of the Collateral provided that the
agreed values or valuation procedures have proven to have materially increased
or materially decreased as a result of any change of circumstance.

 

10.             NOTIFICATIONS

 

Any notice or
other communication under or in connection with this Agreement shall be in
writing and shall be delivered personally, or sent by mail, courier or by
facsimile transmission:

 

	
  1.

  	
  In the case of the Security
  Agent, to:

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
  BNP Paribas - Titrisation

  	
   

  
	
   

  	
   

  
	
   

  	
  Address:

  	
  3,
  Rue d’Antin

  
	
   

  	
   

  	
  F-75002
  Paris

  
	
   

  	
  Fax
  number:

  	
  +33(1) 42 98 6919

  
	
   

  	
  Attention:

  	
  Ms. Violaine
  Delaunay

  
	
   

  	
   

  
	
  2.

  	
  in the case of the
  Transferor, to:

  	
   

  
	
   

  	
   

  
	
   

  	
  Address:

  	
  Ginnheimer
  Straße 4

  
	
   

  	
   

  	
  D-65760
  Eschborn

  
	
   

  	
  Fax
  number:

  	
  +49(0) 6169 937 146

  
	
   

  	
  Attention:

  	
  Mr.
  Remigius Keijzer

  
	
   

  	
   

  	
  Mr.
  Floris van Kolfschoten,

  
				

 

or to the address notified at
the point of closing or any other address later notified in writing to the
other Party at least 15 days in advance. Any changes in the authority to
represent the Transferor shall be notified to the Security Agent without undue
delay.

 

10

 

11.             MISCELLANEOUS

 

11.1            Conflict between this Agreement and the Facility Agreement

 

If there is a conflict between
this Agreement and the Facility Agreement then (to the extent permitted by law)
the provisions of the Facility Agreement shall take priority over the
provisions of this Agreement.

 

11.2            Costs and Fees

 

The Transferor will pay all costs, fees
and expenses incurred in connection with the
negotiation, execution or enforcement of this Agreement to the extent required
by Clause 27 of the Facility Agreement.

 

11.3            Waivers

 

No failure to exercise, nor any
delay in exercising, on the part of the Security Agent, any right or remedy
hereunder shall operate as a waiver thereof, nor shall any single or partial
exercise of any right or remedy prevent any further or other exercise thereof
or the exercise of any other right or remedy. Any statutory legal remedies
shall not be limited or excluded by the Finance Documents.

 

11.4            Amendments

 

Any changes, amendments and
waivers of any provision of this Agreement, including this clause 11.4, require
written form in order to become valid. No oral supplements to this Agreement
have been made.

 

11.5            Partial Invalidity

 

If any of the provisions of
this Agreement should be or become invalid, unenforceable or impractical in
whole or in part, the validity of the other provisions hereof shall not be
affected. In that case the invalid, unenforceable or impractical provision is
deemed to be replaced by such valid and enforceable provision or arrangement,
which corresponds as closely as possible to the invalid, unenforceable or
impractical provision and to the parties’ economic aims pursued by and
reflected in this Agreement. The same applies in the event that this Agreement
does not contain a provision which it needs to contain in order to achieve the
economic purpose as expressed herein (Regelungslücke).

 

11.6            Choice of Law

 

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

 

11.7            Place of Jurisdiction

 

Any legal action or proceedings
arising out of or in connection with this Agreement shall be brought in the
district court (Landgericht) in Frankfurt/Main.
The foregoing shall, however, 

 

11

 

not limit the right of the
Security Agent to bring any legal action against the Transferor in any other
court of competent jurisdiction.

 

12

 

SIGNATORIES

 

Transferor

 

HERTZ
AUTOVERMIETUNG GMBH

 

	
  By:

  	
   

  	
  /s/ Nuns
  Moodliar

  	
   

  
	
   

  	
  Name: Nuns
  Moodliar

  	
   

  
	
   

  	
  Title: Authorized
  Signatory

  	
   

  

 

 

Security
Agent

 

BNP
PARIBAS

 

	
  By:

  	
  /s/ Nadejda
  Kysel

  	
   

  
	
   

  	
  Name:

  	
  NADEJDA
  KYSEL

  
	
   

  	
  Title:

  	
  Proxy

  
				

 

13Exhibit
4.5.32

 

PLEDGE
AGREEMENT OVER SHARES

 

 

between

 

EQUIPOLE
S.A. (FRANCE)

 

as Pledgor

 

BNP PARIBAS

 

as Security Agent and Lender

 

and

 

OTHERS

 

as Lenders

 

 

NÖRR
STIEFENHOFER LUTZ

 

RECHTSANWÄLTE STEUERBERATER
WIRTSCHAFTSPRÜFER PARTNERSCHAFT

 

BERLIN    DRESDEN    DÜSSELDORF    FRANKFURT/MAIN    MUNICH

BRATISLAVA    BUCHAREST    BUDAPEST    MOSCOW    PRAGUE    WARSAW

NEW YORK RERESENTATION
OFFICE

 

Friedrichstrasse 2-6  •  D-60323 Frankfurt/Main  •  Tel.: +49 (0)
69 9714 77-0  •  Fax: +49 (0)
69 9714 77-100

 

 

TABLE OF
CONTENTS

 

	
  CLAUSE

  	
   

  	
   

  	
   

  	
  PAGE

  
	
   

  	
   

  	
   

  	
   

  	
   

  
	
  1.

  	
   

  	
  DEFINITIONS

  	
   

  	
  4

  
	
  2.

  	
   

  	
  PLEDGED SHARES

  	
   

  	
  5

  
	
  3.

  	
   

  	
  PLEDGE

  	
   

  	
  5

  
	
  4.

  	
   

  	
  ACCEPTANCE OF THE PLEDGE

  	
   

  	
  5

  
	
  5.

  	
   

  	
  SECURED OBLIGATIONS

  	
   

  	
  6

  
	
  6.

  	
   

  	
  SCOPE OF THE PLEDGE

  	
   

  	
  6

  
	
  7.

  	
   

  	
  MEMBERSHIP RIGHTS

  	
   

  	
  6

  
	
  8.

  	
   

  	
  UNDERTAKINGS

  	
   

  	
  6

  
	
  9.

  	
   

  	
  REPRESENTATIONS AND WARRANTIES

  	
   

  	
  7

  
	
  10.

  	
   

  	
  REALISATION

  	
   

  	
  8

  
	
  11.

  	
   

  	
  RELEASE

  	
   

  	
  9

  
	
  12.

  	
   

  	
  NOTIFICATIONS

  	
   

  	
  10

  
	
  13.

  	
   

  	
  LANGUAGE

  	
   

  	
  10

  
	
  14.

  	
   

  	
  MISCELLANEOUS

  	
   

  	
  11

  
	
  15.

  	
   

  	
  THE NOTARY

  	
   

  	
  12

  

 

i

 

Deed No.
A.Prot. 2005/484

 

Executed in Basel/Switzerland

 

on this 21st
(twenty-first) day of December 2005
(two thousand and five)

 

 

before the undersigned
notary

 

 

Dr.
Alexander Gutmans

 

with official seat in

 

Basel/Switzerland

 

appeared today

 

(1)              Mr. Andreas Fröhlicher, lawyer, born on September 23, 1976, Swiss
citizen, domiciled at CH 057 Basel, Efringerstrasse 101, known by person,

 

according to his
declarations not acting in his own name but under power of attorney – excluding
all personal liability – dated December 16, 2005 and substituted power of attorney
dated December 20, 2005 and an extrait kbis dated December 14, 2005, copies of
which are attached to this deed and hereby certified, for:

 

EQUIPOLE
S.A. (FRANCE), a company incorporated under the laws of
France, with its registered address at 1, Rue Eugene Henaff, F-78190 Trappes
(the Company).

 

acting in its capacity as
shareholder of:

 

HERTZ
AUTOVERMIETUNG GMBH, a limited liability company (Gesellschaft mit beschränkter Haftung)
incorporated under the laws of the Federal Republic of Germany, registered in
the commercial register (Handelsregister)
of the local court (Amtsgericht)
of Frankfurt am Main under registration number HRB 52255, with its principal
office at Ginnheimer Straße 4, D-65760 Eschborn;

 

(2)              Mr. Dominik Reust, lic.iur., lawyer, born May 25, 2975, Swiss
citizen, domiciled at CH 4052 Basel, Sissacherstrasse 27, known by person;

 

according to their
declarations not acting in their own name but under power of attorney –
excluding all personal liability – dated December 20, 2005 and substitute power
of attorney dated December 20, 2005, copies of which are attached to this deed
and hereby certified, for:

 

1

 

BNP PARIBAS, a “société anonyme” organised under the laws
of France with its registered office at 16, boulevard des Italiens, F-75009
Paris, registered with the Paris “Registre
de Commerce et des Sociétés” under the number 662 042 449 RCS Paris.

 

All persons appeared identified themselves by
personal identity card to the certainty of the notary.

 

The acting Notary Public has drawn the
attention of the persons appearing to the fact, that – unless there is a
notarial certificate of authenticity and a notarial or equivalent confirmation
of representation power – he could examine neither the authenticity of the
signatures nor the due existence of the parties represented nor the
representative capacity of the persons who purported to have signed the powers
of attorney.  Nevertheless the persons
appearing insisted on the immediate notarization and released each party from
submitting subsequently certified powers of attorney or other documents
evidencing or supporting the representative capacity.

 

The acting Notary advised the persons appearing
that a notary who or whose partners in the law firm have formerly acted as
legal advisors to one of the parties involved in the matter to be notarized
would not be entitled to take office as a notary in the matter at hand pursuant
to § 233 Sect. 1(4) of the Introductory Act of the Canton Basel-City relating to
the Swiss Civil Code which provision corresponds with the so-called
“Vorbefassungsverbot” under the German Act of Notarization (§ 3 Sec.
1(7)).  The acting Notary states that he
himself and his firm have not been involved in the matter at hand in the meaning
of said provisions.  By approving the
present Agreement, the Parties hereto confirm such statement of the acting
Notary.

 

The persons appearing requested this Deed to be
recorded in the English language.  The
acting Notary Public who is in sufficient command of the English language
ascertained that the persons appearing are also in command of the English
language.  After having been instructed
by the acting Notary, the persons appearing waived the right to obtain the
assistance of a sworn interpreter and to obtain a certified translation of this
Deed.

 

The persons appeared declared with the request
for notarisation:

 

2

 

THIS SHARE PLEDGE AGREEMENT (the Agreement) is dated 21 December 2005 and is made

 

BETWEEN:

 

(1)              EQUIPOLE S.A. (FRANCE), a company incorporated under the laws of
France, with its office at 1, Rue Eugene Henaff, F-78190 Trappes in its
capacity as pledgor (the Pledgor);

 

(2)              BNP PARIBAS, a “société
anonyme” organised under the laws of France with its registered
office at 16, boulevard des Italiens, F-75009 Paris, registered with the Paris
“Registre de Commerce et des Sociétés”
under the number 662 042 449 RCS Paris as security agent and lender (the Security Agent or the Facility Agent);

 

(3)              THE ROYAL BANK OF SCOTLAND plc, incorporated under
the laws of Scotland, with its registered address at 36 St Andrew Square,
Edinburgh EH2 2YB as lender;

 

(4)              CALYON, a “société
anonyme” with its registered office at 9, quai du Président Paul
Doumer, F-92920 Paris Le Défense Cedex as lender;

 

(5)              BNP PARIBAS (CANADA), a bank duly constituted under the relevant
Canadian bank act, having its head office at 1981, McGill College Avenue,
Montreal (Quebec) H3A 2W8; and

 

(6)              INDOSUEZ FINANCE (U.K) LIMITED, a limited liability
company, having its registered office at Broadwalk House, 5 Appold Street,
London EC2A 2DA, UK (together with the parties under (2) to (5), a L/C issuer
under the Facility Agreement and a secured hedge counterparty under the
Facility Agreement the Original Finance
Parties and each an Original
Finance Party and together with and any person acceding to the
Facility Agreement (as defined below) as finance party the Finance Parties and each a Finance Party).

 

The parties listed under (2) to (6) are together
referred to as Original Pledgees
and each an Original Pledgee and
together with any Future Pledgee (as defined below) the Pledgees and each a Pledgee. The Pledgor and the Pledgees are
collectively referred to as the Parties
and each a Party.

 

Regarding shares in:

 

HERTZ AUTOVERMIETUNG GMBH, a limited
liability company (Gesellschaft mit
beschränkter Haftung) incorporated under the laws of the Federal
Republic of Germany, registered in the commercial register (Handelsregister) of the local court (Amtsgericht) of Frankfurt am Main under
registration number HRB 52255, with its principal office at Ginnheimer Straße
4, D-65760 Eschborn (the Company).

 

RECITALS:

 

(A)             By a senior bridge
facilities agreement dated on or about 21 December 2005 (the Facility
Agreement) the Original Finance Parties have agreed to make
available to certain subsidiaries of Hertz International, Ltd (together with
any person acceding to the Facility Agreement as borrower the Borrowers and each a Borrower) a facility to be used for the

 

3

 

purpose of, inter alia, the refinancing of the
purchase price of certain vehicles and certain payments in connection with the
purchase by CCMG Holdings, Inc. of the shares in The Target from Ford Holdings
LLC.

 

(B)              Pursuant to the terms
of the Facility Agreement the Company in its capacity as guarantor and certain
subsidiaries of Hertz International, Ltd (together with any person acceding to
the Facility Agreement as guarantor the Guarantor
and each a Guarantor) have
guaranteed in favour of the Finance Parties the performance by certain Obligors
under and in connection with the Facility Agreement (the Guarantee).

 

(C)              BNP Paribas has been
appointed as security agent to hold and administer all security granted in
connection with the Facility Agreement.

 

(D)             The Pledgor has
entered into this Agreement in order to secure the Company’s liabilities in
respect of the Secured Obligations (as defined below).

 

(E)              References in this
Agreement to the Finance Documents (as defined below) will be deemed to include
references to those agreements as they may be amended, modified, varied,
novated or restated from time to time (including, without limitation, by way of
increase of the facilities made available thereunder). Similarly, references in
this Agreement to Secured Obligations (as defined below) will be deemed to
include any and all obligations which the Company may have under the Facility
Agreement as the same may be so amended, modified, varied, novated or restated from
time to time.

 

THE PARTIES AGREE as
follows:

 

1.                DEFINITIONS

 

Finance
Documents means the Facility Agreement, the Intercreditor Deed,
any accession deed, security document, ancillary document and guarantee entered
into in connection with the Facility Agreement and any other document
designated as such by BNP Paribas and Hertz International, Ltd.

 

Intercreditor Deed means an intercreditor agreement dated
on or about 21 December 2005
between, inter alia, Hertz
International Ltd., the Pledgor and the Original Finance Parties.

 

Obligors means
Hertz International, Ltd, Hertz Europe Limited, the Borrowers, the Guarantors,
Hertz Note Issuer Pty Limited (ACN 117 373 574), Hertz Investment Holdings Pty
Limited, Hertz Australian Pty Limited and any designated obligor which has been
accepted as such pursuant the terms of the Facility Agreement which is a
borrower of an intercompany loan agreement with a Borrower which provides
lending by such Borrower of proceeds of an advance under the Facility
Agreement.

 

4

 

Parallel
Debt means a separate abstract acknowledgement of debt (abstraktes Schuldanerkenntnis) attached to
this notarial deed for the purpose of information in copy issued by the Company
in favour of the Security Agent.

 

2.                PLEDGED SHARES

 

2.1              The Pledgor is the
sole shareholder of the Company.

 

2.2              The Pledgor holds one
share (Geschäftsanteil) in the
amount of Euro 25,000 (in words: Euro twenty five thousand) in the Company (the
Existing Share). The total registered
share capital of the Company amounts to Euro 25,000.

 

3.                PLEDGE

 

3.1              The Pledgor pledges
to each of the Pledgees for their rateable and equally ranking interest the
Existing Share and all additional shares in the capital of the Company in
whatever nominal value which the Pledgor may acquire in the future in the event
of a share transfer, an increase of the capital of the Company or otherwise
(the Future Shares, the Existing
Shares and the Future Shares being collectively referred to as the Shares) (the Pledge).

 

3.2              The validity and
effect of the Pledge shall be independent from the validity and the effect of
any other pledges and each Pledgee will hold an individual Pledge and all such
Pledges shall rank pari passu.

 

4.                ACCEPTANCE OF THE PLEDGE

 

4.1              Each Original Pledgee
accepts the Pledge for itself and the Security Agent, as agent without power of
attorney (Vertreter ohne Vertretungsmacht),
accepts the Pledge for each party acceding to the Finance Documents as finance
party in accordance with the terms thereof (the Future Pledgee). Each Future Pledgee ratifies such acceptance
for itself by accepting such transfer or assignment, thereby becoming a
Pledgee, it being understood that any future or conditional claim (zukünftiger oder bedingter Anspruch) of such Future Pledgee arising under the
Finance Documents shall be secured by the Pledge constituted hereunder. All
Parties hereby confirm that the validity of the Pledge granted hereunder shall
not be affected by the Security Agent acting as agent without power of attorney
for each Future Pledgee.

 

4.2              In accordance with
section 418 sub-section 1 sentence 3 of the German Civil Code (Bürgerliches Gesetzbuch – BGB) the Pledgor hereby expressly agrees
that the Pledge will continue to be a security in the event of a full or
partial assignment of contracts and/or an assumption of liabilities or
obligations.

 

5

 

5.                SECURED OBLIGATIONS

 

5.1              The Pledge hereunder
is constituted in order to secure the prompt and complete satisfaction of any
and all obligations (present and future, actual and contingent) which are (or
are expressed to be) or become owing by the Company to the Finance Parties or
any of them as borrower under the Finance Documents, in particular, the Facility
Agreement and the Parallel Debt including, but without limitation to,
obligations arising in connection with any advances made under any of the
Finance Documents during any extension period by any transferor thereunder. For
the avoidance of doubt these shall include any claims arising out of unjust
enrichment (ungerechtfertigte Bereicherung)
(together referred to as the Secured
Obligations).

 

5.2              Section 1210
sub-section 1 sentence 2 BGB shall not apply.

 

6.                SCOPE OF THE PLEDGE

 

6.1              The Pledge
constituted under this Agreement also includes the present and future rights to
receive dividends payable in relation to the Shares.

 

6.2              Notwithstanding that
the dividends are pledged hereunder, the Pledgor shall be entitled to receive
and retain all dividend payments whether in cash, by the issue of any loan note
or debt instrument or in specie
in respect of the Shares until such time as the Pledgees are entitled to
enforce the Pledge constituted hereunder.

 

7.                MEMBERSHIP RIGHTS

 

7.1              The membership
rights, including but not limited to the voting rights, relating to the Shares
remain with the Pledgor. Until the full satisfaction of all Secured
Obligations, the Pledgor shall exercise its membership rights, including but
not limited to its voting rights, in good faith to ensure that the validity and
enforceability of the Pledge or the existence or value of all or part of the
Shares are not in any way adversely affected.

 

7.2              The Pledgor will
notify without undue delay the Security Agent in writing of all matters
concerning the Company of which the Pledgor is aware which might adversely
affect the security interest of the Pledgees.

 

8.                UNDERTAKINGS

 

8.1              The Pledgor
undertakes to each Pledgee:

 

6

 

(a)              except as permitted
under the Finance Documents, not to sell, transfer, lease or otherwise dispose
of any of the Shares either in a single transaction or in series of
transactions without the prior written consent of the Security Agent;

 

(b)              to notify the
Security Agent promptly of any envisaged change in the shareholding in or
capital of the Company;

 

(c)              to effect promptly
any payments to be made in respect of the Shares;

 

(d)              except as permitted
under the Finance Documents, to refrain from any acts or omissions which may
result in the Pledgor’s loss of ownership of the Shares or may adversely affect
the value or existence of the Shares or would defeat, impair or circumvent in
any way the rights created or granted hereunder;

 

(e)              not to accept any
repayment of share capital of the Company;

 

(f)               execute without undue
delay all documents and do all actions as the Security Agent may require to
perfect and protect the security created by the Pledge or to facilitate the
enforcement or realisation of the security created by such Pledge;

 

(g)              except as permitted
under the Finance Documents, not to do or cause or permit to be done anything
which will, or could be reasonably expected to, materially adversely affect the
security or the rights of the Pledgees under this Agreement or which in any way
materially depreciates, jeopardises or otherwise prejudices the security
created under this Agreement; and

 

(h)              to ensure that all
rights granted to the Pledgees are prior in ranking to any rights of third
parties.

 

8.2              Except as provided
for in the Facility Agreement, (i) a consent required from the Pledgees acting
through the Security Agent under this Clause 8 (Undertakings) may in any event
be withheld if the Pledgor cannot prove that the contemplated action for which
such consent is required would maintain the full legal and economic quality and
effectiveness of the security granted to the Pledgees under this Agreement and
(ii) in particular the Security Agent may at all times for itself and the
Pledgees request to hold a Pledge over the entire Shares (and in the case of a
merger a security interest over the shares in the surviving company which are
economically equivalent to the Shares pledged under this Agreement) in
accordance with all terms of this Agreement.

 

9.                REPRESENTATIONS AND WARRANTIES

 

The Pledgor represents and warrants to each
Pledgee (within the meaning of selbständiges
Garantieversprechen) that:

 

7

 

(a)              the Pledgor is the
sole owner of the Shares free from any liens, encumbrances or any other rights
of third parties (of any form) over the Shares other than the Pledge created
hereunder;

 

(b)              there are nor will
there be any silent partnership agreements or similar arrangements by which a
person is entitled to a participation in the profits or revenue of the Company;

 

(c)              except as permitted
in the Finance Documents, it is not subject to any restrictions preventing it
from transferring or pledging the Shares;

 

(d)              at all times the
Shares are and will be fully paid in, have not been repaid and are
non-assessable (nicht nachschusspflichtig);

 

(e)              the Shares are freely
transferable.

 

10.             REALISATION

 

10.1            The Pledgees may,
upon a payment default in respect of the principal of the Secured Obligations
as to which a notice of acceleration has been given and when the prerequisites
with regard to an enforcement of the Pledge (Pfandreife)
under sections 1273, 1204 et seq. BGB are met, in particular, if any of the
Secured Obligations has become due and payable (fällig) and has not been paid (the Enforcement Event), avail themselves of all
rights and remedies a pledgee has upon default under the laws of the Federal
Republic of Germany, in particular as set forth in sections 1204 et seq. and sections 1277 et seq. BGB, including, without limitation, the
right to cause the Shares to be sold at public auction. Notwithstanding section
1277 sentence 1 BGB the Pledgor hereby expressly agrees that no prior obtaining
of an enforceable instrument (vollstreckbarer
Titel) will be required and that five (5) business days’ prior
notice of the place and time of any such public sale to the Pledgor shall be
sufficient. Section 1234 sub-section 2 BGB shall not apply. Realisation of the
Pledge without prior written notice to the Pledgor and waiting period shall be
permissible if the Pledgor has generally ceased payment or if insolvency
proceedings in respect of the Pledgor have been opened by the courts. The
Pledgees shall at all times until the full and complete satisfaction of all the
Secured Obligations take into consideration the legitimate interest of the
Pledgor in exercising its rights and carrying out their duties under this
Agreement.

 

10.2            If the Security Agent
seeks to enforce any of the Pledge pursuant to, and in accordance with Clause
10.1 above, the Pledgor shall render at its own expense without undue delay all
necessary assistance in order to facilitate the prompt realisation of the
Pledge, in particular the sale or collection, as the case may be, of the Shares
or any part thereof and/or the exercise of any other right a pledgee may have
in accordance with the terms of this Agreement and the statutory provisions.

 

10.3            The public auction
may take place at any place in the Federal Republic of Germany.

 

8

 

10.4            Following the
occurrence of an Enforcement Event, all subsequent dividend payments, if any,
which will be made to the Pledgor and, as the case may be, all payments based
on similar ancillary rights attributed to the Shares may be applied by the
Security Agent in satisfaction in whole or in part of the Secured Obligations
or treated as additional collateral.

 

10.5            Even after the
occurrence of an Enforcement Event, the Pledgees shall not, whether as proxy or
otherwise, be entitled to exercise the voting rights attached to the Shares.

 

10.6            Any right to
realisation proceeds which the Pledgor may have or will have shall be suspended
and no rights of the Pledgees shall pass to the Pledgor by subrogation or
otherwise unless and until the Secured Obligations have been satisfied and
discharged in full. Until then, the Pledgees shall be entitled to hold, retain
and apply such payments towards the Secured Obligations. In no event shall the
Pledgees be obliged to release payments so received prior to the full and final
satisfaction of the Secured Obligations pending and the Pledgees shall be
entitled to treat all payments as additional collateral.

 

10.7            The proceeds from the
realisation of the Pledge shall be applied in such order as determined by the
Pledgees in accordance with the terms of the Facility Agreement. Sections 770,
1211 and 1224 BGB shall not apply.

 

10.8            The Pledgees may, at
their sole discretion, determine which of several security shall be used to
satisfy the Secured Obligations.

 

11.             RELEASE

 

11.1            Upon (a) the Secured
Obligations being discharged in full and none of the secured parties being
under any further actual or contingent obligation to make advances or provide
other financial accommodation to the Pledgor or the Company or (b) the Company
ceasing to be a Borrower under the Facility Agreement, the Security Agent
shall, at the request and cost of the Pledgor release and cancel the security
of the Pledgor under this Agreement.

 

11.2            In connection with
any disposal of the pledged Shares permitted under the Finance Documents which
does not violate any contractual obligations of the Pledgor or Hertz
International, Ltd, the Security Agent shall, at the request and cost of the
Pledgor release and cancel the security granted by the Pledgor under this
Agreement.

 

11.3            The Parties are aware
that pledge agreements qualify as accessory security (akzessorische Sicherheiten), which cease
to exist by operation of German law upon complete satisfaction of the Secured
Obligations. The Pledgees will pass on to the Pledgor any remaining surplus (if
any).

 

11.4            At any time when the
total value of the aggregate security granted by the Pledgor and any of the
other Obligors to secure the Secured Obligations (the Total  Security)
which can be expected to be realised in the event of an enforcement of the
Total Security (realisierbarer  Wert) exceeds 110 per cent. of the Secured
Obligations (the Limit) not only
temporarily, the

 

9

 

Pledgees shall on demand of
the Pledgor release such part of the Total Security (Sicherheitenfreigabe) as the Pledgees may in their
reasonable discretion determine so as to reduce the realisable value of the
Total Security to the Limit.

 

12.             NOTIFICATIONS

 

Any notice or other communication under or in
connection with this Agreement shall be in writing and shall be delivered
personally, or sent by mail, courier or by facsimile transmission:

 

(a)              In the case of the
Pledgees, to:

 

BNP Paribas - Titrisation

 

	
  Address:

  	
   

  	
  3, Rue d’Antin

  
	
   

  	
   

  	
  F-75002 Paris

  
	
  Fax number:

  	
   

  	
  +33(1) 42 98 6919

  
	
  Attention:

  	
   

  	
  Ms. Violaine Delaunay

  

 

(b)              in the case of the
Pledgor, to:

 

	
  Address:

  	
   

  	
  1, Rue Eugène Hénaff – Z.A. du Buisson de la
  Couldre

  
	
   

  	
   

  	
  F-78190 Trappes

  
	
  Fax number:

  	
   

  	
  +33(0) 1 39 38 35 01

  
	
  Attention:

  	
   

  	
  Ms. Brigitte Rischard

  
	
   

  	
   

  	
  Mr. Bernard Duigou,

  

 

or to the address notified
at the point of closing or any other address later notified in writing to the
other Party at least 15 days in advance. Any changes in the authority to
represent the Pledgor shall be notified to the Pledgees without undue delay.

 

13.             LANGUAGE

 

Save for the notice pursuant to section 16 of
the German Limited Liability Company Act (Gesetz
betreffend die Gesellschaften mit beschränkter Haftung) any notice given under or in connection
with this Agreement must be in English unless otherwise stated herein.

 

10

 

14.             MISCELLANEOUS

 

14.1           Liability and
Indemnity

 

Each Pledgee shall not be
liable for any loss or damage suffered by the Pledgor save in respect of such
loss or damage which is suffered as a result of its wilful misconduct or
negligence. The Pledgor will indemnify each Pledgee and keep the relevant
Pledgee indemnified against any and all damages, losses, actions, claims,
expenses, demands and liabilities which may be incurred by or made against such
Pledgee for anything done or omitted in the exercise or purported exercise of
the powers contained herein and occasioned by any breach by the Pledgor of any
of its obligations or undertakings herein contained other than to the extent that
such damages, losses, actions, claims, expenses, demands and liabilities are
incurred or made against such Pledgee as a result of its negligence or wilful
misconduct.

 

14.2           Costs and Fees

 

The Pledgor will pay all
costs, expenses and fees (including legal costs) in each case plus VAT (unless
and to the extent such VAT is recoverable as input VAT) accruing thereon,
incurred in connection with the preparation, execution, administration and
realisation of this Agreement, in particular in connection with the realisation
of the Pledge and the public auction of the Pledge, including all court fees
and lawyers’ fees.

 

14.3           Waivers

 

No failure to exercise, nor
any delay in exercising, on the part of a Pledgee, any right or remedy
hereunder shall operate as a waiver thereof, nor shall any single or partial
exercise of any right or remedy prevent any further or other exercise thereof
or the exercise of any other right or remedy.

 

14.4           Amendments

 

Unless notarial form is
required, any changes, amendments and waivers of any provision of this
Agreement, including this Clause 14.4, require written form in order to become
valid. No oral supplements to this Agreement have been made.

 

14.5           Partial Invalidity

 

If any of the provisions of
this Agreement shall be or become invalid, unenforceable or impractical in
whole or in part, the validity of the other provisions hereof shall not be
affected. In that case the invalid, unenforceable or impractical provision is
deemed to be replaced by such valid, enforceable or practical provision or
arrangement, which corresponds as closely as possible to the invalid,
unenforceable or impractical provision and to the parties’ economic aims
pursued by and reflected in this Agreement. The same applies in the event that
this Agreement does not contain a provision which it needs to contain in order
to achieve the economic purpose as expressed herein (Regelungslücke).

 

11

 

14.6           Choice of Law

 

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

 

14.7           Place of Jurisdiction

 

Any legal action or
proceedings arising out of or in connection with this Agreement shall be
brought in the district court (Landgericht)
in Frankfurt/Main. The foregoing shall, however, not limit the right of the
Pledgees to bring any legal action against the Pledgor in any other court of
competent jurisdiction.

 

15.             THE NOTARY

 

Notifications

 

The notary advised the parties hereto

 

• that a
pledge is a security instrument of strictly accessory nature which means (i)
that it comes into legal existence only if, to the extent that, and as long as,
the underlying secured claims (including any secured future or contingent
claims) do in fact exist and (ii) that the pledge will survive only if, to the
extent that and as long as, the creditor of the secured claims is identical
with the pledgee and the nexus (Verknüpfung)
between the secured claims and the pledge is not dissolved;

 

• that
there is no bona fide creation, acquisition nor ranking of a pledge of shares
(which means that the pledgee is not protected if the shares purported to be
pledged do not exist, have been previously transferred to a third party, or
have been previously encumbered for the benefit of a third party), and that the
notary has not examined whether the pledgor is the owner of the pledged shares
and whether the pledged shares have been transferred or encumbered previously;

 

• that
first priority pledge interests will not be created unless each person
appearing is duly authorized to represent the respective parties hereto for
purposes of executing the agreement or the respective parties have subsequently
ratified the declarations of the respective person appearing;

 

• that
the parties to this agreement will be liable as joint and several debtors for
all notarial fees and taxes if any, by operation of law, irrespective of
whatever internal agreement has been made in that respect;

 

• that
there is no court ruling of the German Federal High Court of Justice (Bundesgerichtshof) in relation to the
validity of a pledge for the benefit of future pledgees created by way of the
agent bank acting as agent without power of attorney for all future pledgees
who will become members of the group of lenders after the notarization in
accordance with the terms of the underlying credit agreements.

 

12

 

IN WITNESS
THEREOF this Notarial Deed – the Annex is attached for
identification purposes only and the content of which does not form part of the
declarations of the parties in notarial form – has been read aloud to the
persons appearing and this Notarial Deed was confirmed and approved by the
persons appearing.  The persons appearing
then signed this Deed.  All this was done
at the day herebelow written in the presence of me, the Notary Public, who also
signed this Deed and affixed my official Seal.

 

Basel, this 21st (twenty-first) day
of December 2005 (two thousand and five)

 

 

	
   

  	
  /s/ Authorized Signatory

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
  /s/ Authorized Signatory

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
  /s/ Dr. Alexander Gutmans

  	
   

  
	
   

  	
  Dr. Alexander Gutmans, Notary Public

  	
   

  
	
   

  	
   

  	
   

  

 

13

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