Document:

Exhibit 4.5.25

 

 

BANK ACCOUNT PLEDGE AGREEMENT

(ACTE DE
NANTISSEMENT DE SOLDE DE COMPTE BANCAIRE)

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

CREDIT AGRICOLE Paris, SOCIETE GENERALE St Quentin and BEC St Quentin)

 

 

 

DATED 21
DECEMBER, 2005

 

 

BETWEEN

 

 

EQUIPOLE FINANCE SERVICES

as Pledgor

 

 

BNP
PARIBAS

as Security
Agent

 

 

THE
BENEFICIARIES

 

 

 

 

INDEX

 

	
  1.

  	
  Definitions - interpretation

  	
  4

  
	
  2.

  	
  Security agent

  	
  7

  
	
  3.

  	
  Pledge

  	
  7

  
	
  4.

  	
  Preservation of security

  	
  7

  
	
  5.

  	
  Representations and warranties

  	
  8

  
	
  6.

  	
  Undertakings

  	
  8

  
	
  7.

  	
  Liability to perform

  	
  9

  
	
  8.

  	
  Enforcement

  	
  10

  
	
  9.

  	
  Application of proceeds

  	
  10

  
	
  10.

  	
  Covenant to release

  	
  10

  
	
  11.

  	
  Expenses, indemnities and taxes

  	
  11

  
	
  12.

  	
  Changes to parties

  	
  11

  
	
  13.

  	
  Severability

  	
  12

  
	
  14.

  	
  Notices

  	
  12

  
	
  15.

  	
  French language

  	
  12

  
	
  16.

  	
  Registration - notification

  	
  13

  
	
  17.

  	
  Governing law and jurisdiction

  	
  13

  
	
  18.

  	
  Duration

  	
  13

  
	
  19.

  	
  Waivers and remedies cumulative

  	
  13

  

 

SCHEDULES

 

	
  SCHEDULE 1

  	
  Account Holders

  
	
   

  	
   

  
	
  SCHEDULE 2

  	
  Details of the Pledged Account

  
	
   

  	
   

  
	
  SCHEDULE 3

  	
  The Beneficiaries

  

 

2

 

THIS
AGREEMENT IS MADE BY AND BETWEEN:

 

1.         EQUIPOLE FINANCE SERVICES

 

a société par actions simplifiée organized and incorporated
under the laws of France, registered with the Trade and Companies
Registry (Registre du Commerce et des Sociétés) of
Beauvais under number 444 593 263, having a share capital of 80,038,400 Euros, whose head office is located
at Aeroport Beauvais-Tillé, 60000 Tillé, France, represented by a duly
authorized signatory for the purpose of this Agreement (the “Pledgor”);

 

2.         BNP PARIBAS

 

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

 

3.         THE BENEFICIARIES

 

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

 

3

 

WHEREAS:

 

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

 

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

 

NOW, THEREFORE, IT HAS BEEN AGREED AS
FOLLOWS :

 

1.             DEFINITIONS - INTERPRETATION

 

1.1          Definitions

 

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

 

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

 

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

 

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

 

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

 

4

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

“Pledgor” means Equipole Finance Services, as
designated hereabove.

 

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

 

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

 

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

 

5

 

1.2          Construction

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

6

 

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

 

2.             SECURITY AGENT

 

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

 

3.             PLEDGE

 

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

 

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

 

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

 

4.             PRESERVATION OF SECURITY

 

4.1          Continuing Security

 

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

 

4.2          Additional security

 

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

 

4.3          Security transfer

 

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

 

7

 

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

 

5.             REPRESENTATIONS AND WARRANTIES

 

5.1          Representations and
warranties

 

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

 

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

 

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

 

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

 

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

 

5.2          Time for making
representations and warranties

 

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

 

6.             UNDERTAKINGS

 

6.1          Duration

 

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

 

6.2          No
Disposal

 

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

 

8

 

6.2          Other
undertakings

 

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

 

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

 

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

 

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

 

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

 

7.             LIABILITY TO PERFORM

 

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

 

9

 

8.             ENFORCEMENT

 

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

 

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

 

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

 

9.             APPLICATION OF PROCEEDS

 

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

 

10.          COVENANT TO RELEASE

 

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

 

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

 

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

 

(c)           as otherwise permitted by the Intercreditor
Deed.

 

10

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

11.          EXPENSES, INDEMNITIES AND TAXES

 

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

 

12.          CHANGES TO PARTIES

 

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

 

11

 

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

 

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

 

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

 

13.          SEVERABILITY

 

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

 

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

 

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

 

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

 

14.          NOTICES

 

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

 

15.          FRENCH LANGUAGE

 

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

 

12

 

16.          REGISTRATION - NOTIFICATION

 

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

 

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

 

17.          GOVERNING LAW AND JURISDICTION

 

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

 

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

 

18.          DURATION

 

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

 

19.          WAIVERS AND REMEDIES CUMULATIVE

 

19.1.       The
rights of the Beneficiaries under this Agreement:

 

(i)         may be exercised as often as necessary;

 

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

 

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

 

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

 

13

 

Made in Paris

On 21 December 2005

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

 

 

The Pledgor

 

EQUIPOLE FINANCE SERVICES

 

 

	
  By:

  	
  /s/
  Authorised Signatory

  	
   

  

duly authorised for the purpose of this Agreement

 

 

The
Security Agent

 

BNP
PARIBAS

 

 

	
  By:

  	
  /s/ Iyadh
  Laalai

  	
   

  

duly authorised for the purpose
of this Agreement

 

 

The Beneficiaries

As represented by the Security Agent

 

 

	
  By:

  	
  /s/ Iyadh
  Laalai

  	
   

  

duly authorised for the purpose of this Agreement

 

14Exhibit 4.5.26

 

 

SHARES ACCOUNT PLEDGE
AGREEMENT

(ACTE DE NANTISSEMENT DE COMPTE D’INSTRUMENTS
FINANCIERS)

 

 

 

DATED
21 DECEMBER, 2005

 

 

BETWEEN

 

EQUIPOLE

as Pledgor

 

 

BNP PARIBAS

as Security Agent

 

 

EQUIPOLE FINANCE SERVICES

as Account Holder

 

 

BNP PARIBAS

as
Bank Account Holder

 

 

THE BENEFICIARIES

 

 

 

 

INDEX

 

	
  1.

  	
  Definitions And Interpretation

  	
  4

  
	
   

  	
   

  	
   

  
	
  2.

  	
  Security Agent

  	
  7

  
	
   

  	
   

  	
   

  
	
  3.

  	
  Pledge

  	
  8

  
	
   

  	
   

  	
   

  
	
  4.

  	
  Preservation Of Security

  	
  10

  
	
   

  	
   

  	
   

  
	
  5.

  	
  Representations And Warranties

  	
  10

  
	
   

  	
   

  	
   

  
	
  6.

  	
  Undertakings

  	
  11

  
	
   

  	
   

  	
   

  
	
  7.

  	
  Liability To Perform

  	
  12

  
	
   

  	
   

  	
   

  
	
  8.

  	
  Enforcement

  	
  12

  
	
   

  	
   

  	
   

  
	
  9.

  	
  Application Of Proceeds

  	
  13

  
	
   

  	
   

  	
   

  
	
  10.

  	
  Covenant To Release

  	
  13

  
	
   

  	
   

  	
   

  
	
  11.

  	
  Expenses, Indemnities And
  Taxes

  	
  14

  
	
   

  	
   

  	
   

  
	
  12.

  	
  Changes To Parties

  	
  14

  
	
   

  	
   

  	
   

  
	
  13.

  	
  Severability

  	
  15

  
	
   

  	
   

  	
   

  
	
  14.

  	
  Notices

  	
  15

  
	
   

  	
   

  	
   

  
	
  15.

  	
  French Language

  	
  15

  
	
   

  	
   

  	
   

  
	
  16.

  	
  Governing Law And Jurisdiction

  	
  15

  
	
   

  	
   

  	
   

  
	
  17.

  	
  Duration

  	
  16

  
	
   

  	
   

  	
   

  
	
  18.

  	
  Waivers, Remedies Cumulative

  	
  16

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
  SCHEDULES

  
	
   

  	
   

  	
   

  
	
  SCHEDULE 1.

  	
  DETAILS OF THE SHARES AND THE PLEDGED ACCOUNTS

  	
   

  
	
   

  	
   

  	
   

  
	
  SCHEDULE 2.

  	
  FORM OF STATEMENT OF PLEDGE

  	
   

  
	
   

  	
   

  	
   

  
	
  SCHEDULE 3.

  	
  FORM OF CONFIRMATION OF PLEDGE

  	
   

  
	
   

  	
   

  	
   

  
	
  SCHEDULE 4.

  	
  FORM OF BANK ACCOUNT HOLDER ACKNOWLEDGEMENT
  LETTER

  	
   

  
	
   

  	
   

  	
   

  
	
  SCHEDULE 5.

  	
  THE BENEFICIARIES

  	
   

  
					

 

2

 

THIS
AGREEMENT IS MADE BY AND BETWEEN:

 

1.             EQUIPOLE

 

a société anonyme
incorporated under the laws of France, having a share capital of 54.962.390 €,
whose registered office is situated at 1 rue Eugene Hanaff 78190 Trappes,
registered with the Registre du Commerce et
des Sociétés  de Versailles under
the number 377 839 667, represented by a duly authorized signatory
for the purpose of this Agreement, as Pledgor;

 

2.             EQUIPOLE FINANCE SERVICES

 

a société par actions simplifiée incorporated under the laws of France, having a share capital of 80.038.400 €, whose registered office is
situated at Aéroport Beauvais-Tillé, 60000 Tillé,  registered with the Registre du Commerce et des
Sociétés de Beauvais under the number 444 593 263, represented
by a duly authorized signatory for the purpose of this Agreement, as
Account Holder;

 

3.             BNP PARIBAS

 

a société anonyme incorporated under the
laws of France and authorised as a credit institution, having a share capital
of 1.676.495.744 €,
whose registered office is situated at 24, boulevard des Italiens, registered with the Registre du
Commerce et des Sociétés de  Paris under the
number 662 042 449, as Bank
Account Holder.

 

4.             BNP PARIBAS

 

a société anonyme incorporated under the laws of France and authorised as a
credit institution, having a share capital of 1.676.495.744 €, whose registered office is located at 4,
boulevard des Italiens, registered with the Registre du
Commerce et des Sociétés de  Paris under the
number 662 042 449, as Security
Agent; and

 

5.             THE BENEFICIARIES

 

as listed in Schedule 5
attached hereto, represented
by the Security Agent for the
purpose of this Agreement.

 

3

 

WHEREAS:

 

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

 

(B)          Pursuant
to the Senior Bridge Facilities Agreement and as a condition precedent to the
Banks making the aforementioned facilities available, the Pledgor is required
to grant to the Beneficiaries a pledge over the Pledged Account (nantissement de compte d’instruments financiers) upon the
terms and conditions of this Agreement.

 

NOW, THEREFORE, IT HAS BEEN AGREED AS FOLLOWS:

 

1.             DEFINITIONS
AND INTERPRETATION

 

1.1          Definitions

 

In
this Agreement, terms not otherwise defined herein shall have the meaning
ascribed to them in the Senior Bridge Facilities Agreement, and the following
terms have the following meanings:

 

“Account Holder” means EQUIPOLE FINANCE SERVICES in its
capacity as holder (teneur de compte)
of the Financial Instruments Account opened in the name of the Pledgor in its
own books.

 

“Agreement” means this pledge of the Pledged Account together
with the Schedules attached hereto, as may be supplemented or amended from
time to time.

 

“Bank Account” means the
bank account (compte bancaire spécial) opened
in the name of the Pledgor in the books of the Bank Account Holder in
accordance with Article L.431-4 of the French Monetary and Financial Code
(Code monétaire et financier) (as
modified by the ordonnance no. 2005-171 dated 24 February 2005).

 

“Bank Account Holder” means BNP
PARIBAS in its capacity as holder (teneur de compte)
of the Bank Account opened in the name of the Pledgor in its own books.

 

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

 

4

 

Pledge), the Beneficiaries shall be duly represented
by the Security Agent which is appointed by each of the Beneficiaries as its
agent for the purpose hereof.

 

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

 

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

 

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

 

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

 

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

 

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

 

“Financial Instruments
Account” means the financial instruments account (“compte d’instruments financiers”) within the meaning of Article L. 431-4
of the French Monetary and Financial Code (Code monétaire et
financier) (as modified by the ordonnance no. 2005-171 dated 24
February 2005) opened in the name of the Pledgor in the books of the
Account Holder, as set out in Schedule 1.

 

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

 

“Pledge” means the pledge (nantissement)
created over the Pledged Account (compte d’instruments
financiers nanti) by virtue of this Agreement, as security for the
Secured Liabilities.

 

“Pledged Account” means the
Bank Account and the Financial Instruments Account.

 

“Pledgor”
means
EQUIPOLE, as designated hereabove.

 

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

 

5

 

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

 

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

 

“Shareholder Interest” means, in respect of the Pledgor and
at any time until the expiry of the Security Period, any and all of the Shares
of the Account Holder held by the Pledgor together with, in relation to the
Shares, all dividends, interest and other distributions thereon (fruits et produits) and all shares, other shareholder
interest (instruments financiers), other
securities (valeurs mobilières) (and the dividends,
interest and other distributions (fruits et produits)
thereon), rights, moneys or property, whether present or future, actual or
contingent, from time to time credited to the relevant Pledged Account in
accordance with the terms hereof and Article L. 431-4 of the French Monetary and Financial Code (Code
monétaire et financier) (as modified by the ordonnance no. 2005-171
dated 24 February 2005), provided that the dividends paid in cash (dividendes
en numéraire), interest and other distributions thereon (fruits et produits) relating to the Shares or other above
mentioned shareholder interest (instruments financiers)
shall only be credited to the Bank Account upon the occurrence of an Enforcement Event in
accordance with Clause 8.1.

 

“Shares” means, until
the Discharge Date, all the shares held at any time by the Pledgor in the
issued share capital of EQUIPOLE
FINANCE SERVICES.

 

1.2          Interpretation

 

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

 

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

 

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

 

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

 

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

 

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

 

6

 

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

 

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

 

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

 

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

 

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

 

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

 

1.3          Certificates

 

A certificate from
the Beneficiaries setting forth the amount of any Secured Liability due to the Beneficiaries by the Pledgor
pursuant to the Finance Documents shall be prima facie
evidence of such amount against the Pledgor in the absence of manifest error.

 

2.             SECURITY
AGENT

 

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

 

7

 

3.             PLEDGE

 

3.1          Pledged Account

 

As
security for the
full repayment, discharge and performance of the Secured Liabilities,
the Pledgor irrevocably
pledges to the Beneficiaries the Pledged Account to the credit of which its
Shareholder Interest has been credited, pursuant to Article L. 431-4
of the French Monetary and Financial Code (Code monétaire et financier) (as
modified by the ordonnance no. 2005-171
dated 24 February 2005) until the Discharge Date.

 

3.2          Registration of the Pledge

 

Immediately upon signature of this
Agreement and in relation to the Pledged Account, the Pledgor shall execute in
the French language a statement of pledge related to such Pledged Account (the “Statement of Pledge”) in the form of Schedule 2, transmit an executed copy of the Statement
of Pledge of the Pledged Accounts to the Account Holder of the Financial
Instruments Account and to the Bank Account Holder of the Bank Account and
request :

 

(i)            the Account Holder
(who accepts and undertakes to comply with) to (i) record in its shareholder register (“registre de mouvements de titres”), that such Financial
Instruments Account is pledged in favour of the Beneficiaries by virtue of this
Statement of Pledge and (ii) issue on the same date a certificate
of confirmation of pledge related to the Pledged Account (the “Confirmation of Pledge”) in the form of Schedule 3;
and

 

(ii)           the Bank Account
Holder (who accepts and undertakes to comply with) to (a) record that the
Bank Account is pledged in favour of the Beneficiaries by virtue of this
Statement of Pledge and (b) issue on the same date a certificate of
confirmation of pledge related to such Bank Account (the “Bank Account
Holder Acknowledgement Letter” and
together with the Confirmation of Pledge, the “Confirmations
of Pledge”) in the form of Schedule 4.

 

3.3          Shareholder Interest

 

(a)           Without prejudice to Clause 3.1 and subject to
the provisions of Clause 8:

 

(i)            any shareholder interest (instrument
financier) for any reason whatsoever substituted for, or added to,
the Shareholder Interest of the Pledgor, together with any and all
distributions, interest and proceeds (fruits et produits)
resulting therefrom in accordance with Article L. 431-4 of the French Monetary and Financial Code (Code monétaire
et financier) (as modified by the ordonnance no. 2005-171
dated 24 February 2005), and

 

(ii)           more generally, any shares or other shareholder
interests (instruments financiers) attributed to,
and any additional shares or other shareholder interests (instruments
financiers) acquired by, the Pledgor and constituting ownership
interests in the Account Holder or any legal entity resulting from the
transformation or merger of the Account Holder or any similar operation shall
automatically be deemed the Shareholder Interest of the Pledgor for the

 

8

 

purposes of this Agreement and shall, subject
to Clause 3.5, be promptly credited to the Pledged Account, without any such
operation constituting in any manner a novation of the rights and security
granted to the Beneficiaries hereunder and the Pledgor shall sign and instruct
the Account Holder to sign all documents and take all action necessary to
confirm the same in favour of the Beneficiaries.

 

(b)           The Pledgor shall not
be entitled to replace or substitute all or part of its Shareholder
Interest without the prior written consent of the Beneficiaries in each
instance.

 

3.4          Surety in Rem (Caution Réelle)

 

The Pledgor hereby represents and warrants to
each Beneficiary that it has full knowledge of the obligations of Equipole
Finance Services as Obligor under the Senior Bridge Facilities Agreement and of
the Secured Liabilities and that it will act hereunder as surety in rem (caution réelle)
for Equipole Finance Services. To any extent applicable herein, the Pledgor
confirms that its undertaking as surety in rem (caution réelle) under this Agreement is joint and several (solidaire) and the Pledgor hereby waives its “bénéfices de discussion et de division” in accordance with
Articles 2021 et seq. and 2026 et seq. of the French Civil Code (Code Civil)
and to the fullest extent provided by law, any other defences that may otherwise
be available to the Pledgor.

 

3.5          Income and Proceeds

 

In accordance with Article L.431-4
of the French Monetary and Financial Code (Code monétaire et
financier) (as modified by the ordonnance no. 2005-171
dated 24 February 2005), any dividends paid in cash (dividendes
en numéraire) interest and other distributions thereon (fruits et produits) relating to the Shareholder Interest
registered in the Financial Instruments Account shall be recorded on the Bank
Account. For the avoidance of doubt, the parties hereto acknowledge that
subject to Clause 8.1, the Pledgor shall be free to apply and use at its discretion
any such amounts, and such amounts shall only be credited to the Bank Account
when, and if, required under Clause 8.1. The Bank Account shall be deemed to be an integral part of the
Financial Instruments Account as from the date of execution of the Statement of
Pledge. The Pledgor may request from the Bank Account Holder a certificate
of pledge comprising the inventory of all sums standing to the credit of the
Bank Account as at the date of delivery of such certificate.

 

3.6          Instructions

 

The Pledgor hereby
instructs the Account Holder to pay all dividends paid in cash (dividendes en numéraire) interest and other distributions
thereon (fruits et produits) relating to the
Shareholder Interest on the Bank Account.

 

9

 

4.             PRESERVATION
OF SECURITY

 

4.1          Continuing security

 

The security (nantissement)
constituted by the Pledge herein created shall continue until the Discharge
Date.

 

4.2          Additional
security

 

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

 

4.3          Security transfer

 

In the event of any assignment, transfer,
novation or disposal of a part or all of its rights and obligations by any
Beneficiary
under each and any of the Finance Documents to which such Beneficiary is a party, such Beneficiary hereby expressly maintains, which
the Pledgor accepts, all its rights and privileges hereunder for the benefit of
its successor, in accordance with the terms of Article 1278 of the
(French) Civil Code (Code Civil) so
that the Pledge herein created will secure, until the Discharge Date, the
Secured Liabilities to the rateable benefit of such successor, without further
formalities.

 

5.             REPRESENTATIONS AND WARRANTIES

 

5.1          Representations and
Warranties

 

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

 

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

 

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

 

(c)           it has valid title and is the sole absolute legal
owner of its Shareholder Interest and its Pledged Accounts and all of its
Shares and its Shareholder Interest have been validly issued and fully paid,
and are not subject to any option to purchase or similar rights;

 

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

 

10

 

5.2          Time for
making representations and warranties

 

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

 

6.             UNDERTAKINGS

 

6.1          Duration

 

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

 

6.2          No
Disposal – No Encumbrance

 

Until the Discharge Date, the Pledgor will not dispose of, or, encumber
the Pledged Account and any Shareholder Interest credited on the Pledged
Account otherwise than pursuant to, or as permitted under this Agreement or the
Senior Bridge Facilities Agreement.

 

6.3          Management of Pledged Account

 

Except as otherwise provided for in, or
permitted by, the Senior Bridge Facilities Agreement or any Finance Document:

 

(a)           Until the Discharge Date, the
Pledgor will request the
Account Holder to credit to the Pledged Account any Shareholder Interest
attributed to or acquired by it in accordance with Clause 3.3 and subject to
Clause 8.1 and will sign all documents and take all action necessary to this
effect.

 

(b)           Without prejudice to Clause 3.5, until the
Discharge Date, the Pledgor will not (i) locate or permit to locate the Shareholder
Interest received by it from any person for whatever reason in an account other
than the Pledged Account, (ii) close or transfer the Pledged Account,
except in either case as otherwise provided in, or permitted by, the Senior
Bridge Facilities Agreement or any Finance Document nor (iii) appoint a
new account holder other than the Account Holder and the Bank Account
Holder, except as
otherwise provided for in, or permitted by, the Senior Bridge Facilities
Agreement or any Finance Document, unless such new account holder has been
approved by the Beneficiaries (such approval not to be unreasonably withheld or
delayed) and has agreed in writing to be bound by all the terms and conditions
of this Agreement, as Account Holder or Bank Account Holder.

 

6.4          Voting
rights

 

The Pledgor will not exercise the voting rights attached to its
Shareholder Interest in a way that would prejudice the ability of the
Beneficiaries under this Agreement to enforce the security created over the
Pledged Account by virtue of this Agreement.

 

11

 

6.5          Information

 

Until the Discharge Date, the Pledgor will
permit the Security Agent at any time, to request from the Account Holder and the
Bank Account Holder
that such information, reports and records in respect of the Pledged Account,
including a confirmation of pledge shall be furnished as soon as reasonably
practicable after demand of the Security Agent and it will sign all documents
and take all action reasonably necessary to effect this.

 

6.6          Shares

 

The Pledgor shall inform the Security
Agent of any change in the form of the Shares promptly upon the occurrence
of such change.

 

7.             LIABILITY TO PERFORM

 

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

 

8.             ENFORCEMENT

 

8.1          Upon the
occurrence of any Event of Default and for so long as such Event of Default has
not been remedied or remains unwaived under the Senior Bridge Facilities
Agreement, the Pledgor will cease to be entitled to receive payment of
any dividends paid in cash (dividendes en numéraire),
interest and other
distributions thereon (fruits et produits)
in respect of its Shareholder Interest and such dividends, interest and other distributions
thereon (received on or after receipt of the relevant notice by the
Pledgor) shall be immediately credited in the Bank Account in favour of the
Beneficiaries subject to the provisions of the Intercreditor Deed. The Pledgor shall cause the Account
Holder to register with the Bank Account any and all dividends, interest and
other distributions thereon received or to be received by it in respect
of its Shareholder Interest as from the date mentioned above.

 

8.2          At any time following
an Enforcement Event, the
Security Agent acting on behalf of the Beneficiaries shall be entitled to (i) exercise
all rights, actions and privileges on the Pledged Accounts and/or the
Shareholder Interest of the Pledgor as granted by law to a secured creditor,
and in particular, (ii) request direct payment of moneys or cash proceeds
credited to the Pledged Accounts, subject to the Beneficiaries making request

 

12

 

of the same by at
least eight days notice sent to the Account Holder, the Bank Account Holder and
to the Pledgor by registered letter in accordance with any legal requirements
including Article L.431-4 of the French Monetary and Financial Code (Code monétaire et financier) and the Article D 431-1 of
the French Monetary and Financial Code (Code monétaire et
financier).

 

9.             APPLICATION OF PROCEEDS

 

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

 

10.          COVENANT TO RELEASE

 

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

 

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

 

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

 

(c)           as otherwise permitted by the Intercreditor
Deed.

 

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

 

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

 

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

 

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

 

13

 

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

 

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

 

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

 

11.          EXPENSES, INDEMNITIES AND TAXES

 

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

 

12.          CHANGES TO PARTIES

 

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

 

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

 

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

 

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

 

14

 

13.          SEVERABILITY

 

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

 

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

 

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

 

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

 

14.          NOTICES

 

Except
as specifically provided
otherwise in this Agreement, all notices or other communications under or in
connection with this Agreement shall be given to each party as specified in
clause 42 of the Senior Bridge Facilities Agreement.

 

All notices, requests or communications to be made
and all documents to be delivered to Equipole shall be made and delivered to :

 

Equipole

Attention : Brigitte Rischard

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

78190 Trappes

France

 

Fax. +33 (0) 1 39
38 35 01

 

15.          FRENCH LANGUAGE

 

The Statement of Pledge executed by the Pledgor
pursuant to Clause 3.2 shall be made in the French language and accompanied by
an English translation. The French language version of the Statement of Pledge
shall prevail over any English translation and shall be binding on the Pledgor.

 

16.          GOVERNING LAW AND JURISDICTION

 

16.1        Governing
law

 

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

 

15

 

16.2        Jurisdiction

 

For
the benefit of the Beneficiaries, the Pledgor agrees that the courts of France
have jurisdiction to settle any disputes in connection with this Agreement and
the Statement of Pledge, and accordingly submit to the jurisdiction of the
Commercial Court of Paris (Tribunal de Commerce de Paris).

 

17.          DURATION

 

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

 

18.          WAIVERS, REMEDIES CUMULATIVE

 

18.1        The rights of the Beneficiaries and the
Security Agent under this Agreement:

 

(i)            may be exercised as often as necessary;

 

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

 

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

 

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

 

 

Made in Paris

On 21 December, 2005

 

In as many original
copies as parties to this Agreement

 

 

	
  The Pledgor

  
	
   

  
	
  EQUIPOLE

  
	
   

  
	
   

  
	
  By: 

  	
  /s/ Authorised
  Signatory

  	
   

  
	
  duly authorised for the purpose of this Agreement

  

 

16

 

	
  The Security Agent

  

 

	
  BNP
  PARIBAS

  
	
   

  
	
   

  
	
  By: 

  	
  /s/ Authorised
  Signatory

  	
   

  
	
  duly authorised for the purpose of this Agreement

  
	
   

  
	
   

  
	
  The Beneficiaries

  
	
  As represented
  by the Security Agent

  
	
   

  
	
   

  
	
  By: 

  	
  /s/ Authorised
  Signatory

  	
   

  
	
  duly authorised for the purpose of this Agreement

  
	
   

  
	
   

  
	
  The Account Holder

  
	
   

  
	
  EQUIPOLE FINANCE SERVICES

  
	
   

  
	
   

  
	
  By: 

  	
  /s/ Authorised
  Signatory

  	
   

  
	
  duly authorised for the purpose of this Agreement

  
	
   

  
	
   

  
	
  The Bank Account Holder

  
	
   

  
	
  BNP PARIBAS

  
	
   

  
	
   

  
	
  By: 

  	
  /s/ Authorised
  Signatory

  	
   

  
	
  duly authorised for the purpose of this Agreement

  

 

17

Source: [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00101-of-00352.parquet"}, [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00101-of-00352.parquet"}]]