Document:

Deed of Pledge of Accounts, dated as of September 1, 2005

 EXHIBIT 10.12 
  
 Execution copy 
  

  
 USD 175,000,000

  
 secured credit facility 
  

  
 DEED OF 
 PLEDGE OF ACCOUNTS 
  
 DATED 1 September 2005 
  
 between 
  
 LIONBRIDGE TECHNOLOGIES HOLDINGS B.V. 
  
 and 
  
 LIONBRIDGE TECHNOLOGIES B.V. 
  
 as Pledgors 
  
 and 
  
 WACHOVIA BANK, NATIONAL ASSOCIATION 
  
 as
Pledgee 
  
 

 

					
	 	  	INDEX	  	 
	 Clause

	  	 	  	page

	 1.
	  	DEFINITIONS	  	2
			
	 2.
	  	UNDERTAKING TO PLEDGE	  	3
			
	 3.
	  	PLEDGE OF ACCOUNTS	  	3
			
	 4.
	  	PERFECTION AND NOTIFICATION OF RIGHT OF PLEDGE	  	4
			
	 5.
	  	CONTINUING AND ADDITIONAL SECURITY	  	5
			
	 6.
	  	REPRESENTATIONS AND WARRANTIES	  	5
			
	 7.
	  	UNDERTAKINGS	  	6
			
	 8.
	  	ENFORCEMENT	  	7
			
	 9.
	  	FURTHER ASSURANCES	  	8
			
	 10.
	  	POWER OF ATTORNEY AND NO WAIVER	  	9
			
	 11.
	  	TERMINATION	  	9
			
	 12.
	  	SUCCESSORS AND ASSIGNS AND RE-PLEDGE	  	10
			
	 13.
	  	WAIVER	  	10
			
	 14.
	  	COSTS	  	10
			
	 15.
	  	EVIDENCE OF DEBT	  	10
			
	 16.
	  	LIABILITY	  	11
			
	 17.
	  	NOTICES	  	11
			
	 18.
	  	SEVERABILITY	  	12
			
	 19.
	  	AMENDMENT AND EMBODIMENT	  	13
			
	 20.
	  	COUNTERPARTS	  	13
			
	 21.
	  	ACCEPTANCE	  	13
			
	 22.
	  	GOVERNING LAW	  	13
			
	 23.
	  	JURISDICTION	  	13

  
 Schedules 
  
 Schedule 1 (Accounts) 
 Schedule 2 (Form of Notice of Pledge) 

 Execution copy 
  
 THIS DEED OF PLEDGE OF ACCOUNTS DATED 1 September 2005 is made between: 
  

	(1)	WACHOVIA BANK, NATIONAL ASSOCIATION, a banking corporation organised and existing under the laws of the United States of America and having its principal office at 301 South
College Street, Charlotte, North Carolina 28288, the United States of America (the “Pledgee”); 

  

	(2)	LIONBRIDGE TECHNOLOGIES HOLDINGS B.V., a private limited liability company (besloten vennootschap met beperkte aansprakelijkheid) organised under the laws of the
Netherlands, having its official seat in Amsterdam, the Netherlands, and its office address at (1062 HN) Amsterdam, the Netherlands, Overschiestraat 55 (“LTH”); 

  

	(3)	LIONBRIDGE TECHNOLOGIES B.V., a private limited liability company (besloten vennootschap met beperkte aansprakelijkheid) organised under the laws of the
Netherlands, having its official seat in Amsterdam, the Netherlands, and its office address at (1062 HN) Amsterdam, the Netherlands, Overschiestraat 55 (“LT”), 

  
 LTH and LT are hereinafter, collectively, referred to as the
“Pledgors” and a “Pledgor” refers to any one of them. 
  
 WHEREAS 
  

	(A)	Pursuant to a credit agreement (the “Credit Agreement”) dated as of 1 September 2005, the Lenders (as defined in the Credit Agreement) have granted to the
Borrowers (as defined in the Credit Agreement) certain Revolving Loans, a Term Loan, a Letter of Credit subfacility, a Swingline subfacility, and an Incremental Term Facility (all as defined in the Credit Agreement) in the maximum principal amount
of up to USD 175,000,000. 

  

	(B)	Pursuant to section 2.22 of the Credit Agreement, each Pledgor has undertaken to pay to the Pledgee, acting in its own capacity and not as representative or agent of the Lenders,
the Dutch Parallel Debt (as defined in the Credit Agreement). 

  

	(C)	Each Pledgor has agreed to (and to the extent required it shall hereby be agreed that the Pledgor shall) create a first priority disclosed right of pledge (openbaar pandrecht
eerste in rang) over its Account Rights (as defined hereinafter) in favour of the Pledgee as security for the Secured Obligations (as defined hereinafter). 

  

 1 

 NOW THEREFORE IT IS AGREED AS FOLLOWS 
  

	1.	DEFINITIONS 

  

	1.1	In this Deed: 

  
 “Account” means any present and future bank account: 
  

	 	(a)	maintained by a Pledgor from time to time with any financial institution having its centre of main interest in the Netherlands; or 

  

	 	(b)	administered with a branch office or local corporate entity of any financial institution in the Netherlands, including but not limited to the accounts listed in Schedule 1
(Accounts). 

  
 “Account Bank”
means any financial institution with which a Pledgor (now or in the future) maintains an Account. 
  
 “Account Rights” means any and all rights and claims (vorderingsrechten) whether present or future, whether actual or contingent,
of each Pledgor with respect to or against an Account Bank in respect of any Account or arising out of any other arrangement (including but not limited to any cash pool arrangement or netting arrangement with an Account Bank). 
  
 “Deed” means this agreement and deed of pledge of accounts.

  
 “Enforcement Event” means a default by a
Credit Party in the proper performance of the Secured Obligations (whether in whole or in part) provided that such default constitutes an Event of Default which is continuing. 
  
 “Right of Pledge” means each right of pledge created by this Deed in accordance with Clause 3 (Pledge of
Accounts). 
  
 “Secured Obligations” means any
and all obligations and liabilities consisting of monetary payment obligations (verbintenissen tot betaling van een geldsom) of a Pledgor to the Pledgee or a Lender whether present or future, whether actual or contingent,
whether as primary obligor or as surety, whether for principal, interest or costs under or in connection with this Deed, the Credit Documents, and/or a Pledgor’s Dutch Parallel Debt. 
  

	1.2	Save where the contrary is indicated, a reference in this Deed to: 

  

	 	(a)	this “Deed”, the “Credit Agreement” or any other agreement or document shall be construed to be a reference to this Deed or the Credit Agreement or
such other agreement or document as the same may be amended, supplemented, restated, novated or otherwise modified from time to time; 

  

 2 

	 	(b)	a “Clause” or a “Schedule” shall, subject to any contrary indication, be construed as a reference to a clause or a schedule of this Deed;
and 

  

	 	(c)	a “person” shall be construed as a reference to any person, firm, company, corporation, body corporate, institution, government, state or agency of a state
or any association or partnership (whether or not having separate legal personality) of two or more of the foregoing. 

  

	1.3	Capitalised words and expressions used but not defined in this Deed shall have the same meaning as in the Credit Agreement. 

  

	1.4	The titles and headings of the Clauses are for convenience only and do not form part of this Deed and shall in no way affect the interpretation thereof. 

  

	1.5	In this Deed words and expressions importing the singular shall, where the context permits or requires, include the plural and vice versa. 

  

	1.6	Any reference in this Deed to a statute (including but not limited to the Dutch Civil Code) shall be construed as a reference to such statute as the same may have been, or may from
time to time be, amended or re-enacted. 

  

	1.7	Schedules form an integral part of this Deed. 

  

	1.8	Any Event of Default shall constitute a verzuim (as meant in Section 6:81 and further of the Dutch Civil Code) and any Enforcement Event shall constitute a verzuim (as
meant in Section 3:248 (1) in conjunction with Section 6:81 and further of the Dutch Civil Code) in the proper performance of the Secured Obligations or any part thereof, without any dun (aanmaning), summons
(sommatie) or notice of default (ingebrekestelling) being sent or required. 

  

	2.	UNDERTAKING TO PLEDGE 

  
 Each Pledgor agrees with the Pledgee and undertakes to create or, as the case may be, to create in advance (bij voorbaaf) a first
priority disclosed right of pledge (openbaar pandrecht eerste in rang) over all its Account Rights as security for the Secured Obligations. 
  

	3.	PLEDGE OF ACCOUNTS 

  

	3.1	Each Pledgor grants to the Pledgee: 

  

	 	(a)	a first priority disclosed right of pledge (openbaar pandrecht eerste in rang) over all its Account Rights; and 

  

	 	(b)	to the extent the Account Rights consist of future Account Rights, a disclosed first priority right of pledge (openbaar pandrecht eerste in rang) is granted in
advance (bij voorbaat) over all its future Account Rights, as security for the Secured Obligations. 

  

 3 

	3.2	The Right of Pledge includes all accessory rights (afhankelijke rechten) and all ancillary rights (nevenrechten) attached to the Account Rights.

  

	3.3	To the extent that the Account Rights are (or shall be) subject to an encumbrance or right of pledge taking priority over the Right of Pledge, nevertheless the Right of Pledge will
have been (or will be) created with the highest possible rank available at that time. 

  

	4.	PERFECTION AND NOTIFICATION OF RIGHT OF PLEDGE 

  

	4.1	Each party to this Deed is entitled: 

  

	 	(a)	to present this Deed and any other document pursuant to this Deed for registration to any office, registrar or governmental body (including the Dutch tax authorities) in any
jurisdiction; and 

  

	 	(b)	to serve any notice to an Account Bank or any other person, 

  
 if otherwise acting in conflict with applicable law or rules and regulations of court orders or as a party to this Deed deems necessary or desirable to
protect its interests. 
  

	4.2	Each Pledgor shall promptly upon the execution of this Deed (and promptly after a Pledgor has opened an Account) notify the relevant Account Bank of the Right of Pledge by serving a
notice substantially in the form attached as Schedule 2 (Form of Notice of Pledge). 

  

	4.3	In accordance with Section 3:246 (1) of the Dutch Civil Code, only the Pledgee is entitled to collect and receive payment of the Account Rights which are subject to the Right of
Pledge and to exercise all rights of a Pledgor vis-á-vis an Account Bank. Without prejudice to its entitlement to collect and receive payment and to exercise its rights, the Pledgee authorises the relevant Pledgor to withdraw and
transfer monies from an Account. 

  

	4.4	The authorisation granted by the Pledgee to the relevant Pledgor pursuant to Clause 4.3 will be terminated by the Pledgee by giving notice thereof to the relevant Pledgor and the
relevant Account Bank and such authorisation shall in any event be automatically terminated upon the occurrence of an Event of Default which is continuing. 

  

	4.5	Upon the occurrence of an Enforcement Event, the Pledgee shall have the right to enter into court compositions or out-of-court compositions (gerechtelijke of
buitengerechtelijke akkoorden) and to cast a vote in connection with such compositions or to enter into any settlement agreement regarding the Account Rights with any Account Bank or any other person. 

  

 4 

	5.	CONTINUING AND ADDITIONAL SECURITY 

  

	5.1	The Right of Pledge is one and indivisible (één en ondeelbaar), shall (unless released pursuant to Clause 11 (Termination)) remain in full force and effect,
shall not be satisfied by any intermediate payment or satisfaction of any part of the Secured Obligations or by any settlement of accounts and the Pledgee shall not have any obligation to relinquish the Right of Pledge, until all of the Secured
Obligations have been irrevocably and unconditionally paid in full and all Commitments with respect thereto have been irrevocably terminated. 

  

	5.2	To the extent possible under Dutch law, the Right of Pledge shall not in any way be prejudiced by or be dependent on any collateral or other security now or hereafter held by the
Pledgee as security for the Secured Obligations or any lien to which it may be entitled (whether by contract or statute). The rights of the Pledgee hereunder are in addition to and not in lieu of those provided by law. 

  

	6.	REPRESENTATIONS AND WARRANTIES 

  

	6.1	Each Pledgor represents and warrants (in relation to itself and its Account Rights), on the date of this Deed for the benefit of the Pledgee that: 

  

	 	(a)	it holds full and exclusive title (titel) to its Account Rights and has the authority and the power (beschikkingsbevoegd) to create the Right of Pledge;

  

	 	(b)	the Account Rights: 

  

	 	(i)	have, save for the Right of Pledge and subject to the general banking conditions (algemene bankvoorwaarden), not been encumbered with limited rights (beperkte rechten)
or otherwise; 

  

	 	(ii)	are not subject to any attachment (beslag); 

  

	 	(iii)	have not been transferred or, save for the Right of Pledge, encumbered in advance (bij voorbaat) to any third party; 

  

	 	(iv)	are capable of being transferred, assigned and encumbered with limited rights (beperkte rechten); and 

  

	 	(v)	are not subject to any option or similar right; 

  

	 	(c)	save for the Right of Pledge, no Pledgor has agreed to grant any right or to do such acts as set forth in Clause 6.1 (b) in respect of the Account Rights; and

  

	 	(d)	the Pledgors have no other Accounts than the Accounts listed in Schedule 1 (Accounts). 

  

 5 

	6.2	The representations and warranties set out in Clause 6.1 have, on the date of this Deed, not been made in respect of future Account Rights. Unless waived by the Pledgee, the
representations and warranties set out in this Clause 6.1 are deemed to be made by each Pledgor on each date a future Account Right arises or a person has become an Account Bank. 

  

	7.	UNDERTAKINGS 

  

	7.1	Without the prior written consent of the Pledgee, no Pledgor shall perform any act which is likely to adversely affect the Account Rights or the Right of Pledge.

  

	7.2	Without prejudice to Clause 4.3 (Perfection and Notification of Right of Pledge), no Pledgor shall without the prior written consent of the Pledgee: 

  

	 	(a)	assign, transfer, pledge or otherwise encumber, release (kwijtschelden) or waive (afstand doen van) any rights over, the Account
Rights; or 

  

	 	(b)	agree with a court composition or an out-of-court composition (gerechtelijk of buitengerechtelijk akkoord) or enter into any settlement agreement in
respect of the Account Rights. 

  

	7.3	Each Pledgor shall promptly inform the Pledgee of an occurrence of an event that may be relevant to the Pledgee with respect to the Account Rights or which is likely to adversely
affect the Right of Pledge or the ability of a Pledgor to perform the Secured Obligations, including but not limited to the occurrence of: 

  

	 	(a)	an attachment (beslag) of the Account Rights; 

  

	 	(b)	a filing of a request to declare a Pledgor bankrupt (failliet) or a filing of a request for a similar proceeding in any jurisdiction; 

 

	 	(c)	a filing by a Pledgor of a request to be granted a suspension of payments (surséance van betaling) or a filing by a Pledgor of a request for a similar proceeding in
any jurisdiction; 

  

	 	(d)	the liquidation or dissolution of a Pledgor or a Pledgor ceasing to carry on the whole or a part of its business; or 

  

	 	(e)	a Pledgor becoming aware that any of the representations and warranties set forth in Clause 6 (Representations and Warranties) is or proves to have been incorrect or incomplete or
misleading. 

  

	7.4	Upon the occurrence of an event referred to in Clause 7.3, a Pledgor shall promptly notify in writing, at its own costs, the existence of this Deed and the Right of Pledge to:

  

	 	(a)	a third party or the court process server (deurwaarder) acting on behalf of such third party making an attachment (beslag);

  

 6 

	 	(b)	the bankruptcy trustee (curator), administrator (bewindvoerder) or similar officer in any jurisdiction; or 

  

	 	(c)	any other relevant person, 

  
 as the case may be. 
  

	7.5	Each Pledgor shall promptly send to the Pledgee a copy of the relevant documentation in respect of an event referred to in Clause 7.3 and a copy of any correspondence pursuant to
Clause 7.4. 

  

	7.6	Each Pledgor shall at the Pledgee’s first request provide the Pledgee with all information and with copies of all relevant documentation relating to the Account Rights and
allow the Pledgee to inspect its administrative records to verify the balances outstanding on the Account Rights and/or to instruct the relevant Pledgor’s independent accountant so to verify all in accordance with the Credit Agreement.

  

	7.7	Each Pledgor shall promptly notify the Pledgee after it has opened an Account. 

  

	8.	ENFORCEMENT 

  

	8.1	Upon the occurrence of an Enforcement Event, the Pledgee shall have the right to enforce the Right of Pledge in accordance with Dutch law and any other applicable law and may take
all (legal) steps and measures which it deems necessary or desirable and each Pledgor shall co-operate with the Pledgee in any way which the Pledgee deems necessary or desirable for the enforcement of the Right of Pledge. 

 

	8.2	The Pledgee shall not be obliged to give notice of a sale of the Account Rights to a Pledgor, debtors, holders of a limited right (beperkt recht) or persons who
have made an attachment (beslag) on the Account Rights, as required by Sections 3:249 and 3:252 of the Dutch Civil Code. If reasonably possible, the Pledgee shall give such notice of sale. 

  

	8.3	No Pledgor shall be entitled to make a request to the court as referred to in Section 3:251 (1) of the Dutch Civil Code to determine that the Account Rights shall be sold in a
manner deviating from the provisions of Section 3:250 of the Dutch Civil Code. 

  

	8.4	No Pledgor shall be entitled to demand that the Pledgee: 

  

	 	(a)	shall first enforce any security interests granted by any other person, pursuant to Section 3:234 of the Dutch Civil Code; or 

  

 7 

	 	(b)	to first proceed against or claim payment from any other person or enforce any guarantee, before enforcing this Right of Pledge. 

  
 Each Pledgor waives its rights under Sections 3:233 paragraph (2) and 6:139
of the Dutch Civil Code. 
  

	8.5	No Pledgor shall be entitled to set-off (verrekenen) its claims (if any) against the Pledgee under or in connection with this Deed, the Credit Agreement and the other Credit
Documents against the Secured Obligations. 

  

	8.6	Subject to the mandatory provisions of Dutch law on enforcement, all monies received or realised by the Pledgee in connection with the enforcement of the Right of Pledge shall be
applied by the Pledgee in accordance with the Credit Agreement. 

  

	9.	FURTHER ASSURANCES 

  

	9.1	If no valid right of pledge is created pursuant to this Deed in respect of the Account Rights, each Pledgor irrevocably and unconditionally undertakes to pledge to the Pledgee the
Account Rights as soon as they become available for pledging, by way of supplementary agreements, supplemental deeds or other instruments on the same (or similar) terms of this Deed. 

  

	9.2	Each Pledgor further undertakes to execute any instrument, provide such assurances and do all acts and things (at the first request of the Pledgee) as may be necessary
or desirable for: 

  

	 	(a)	perfecting or protecting the security created (or intended to be created) by this Deed; 

  

	 	(b)	preserving or protecting any of the rights of the Pledgee under this Deed; 

  

	 	(c)	preserving or protecting the Pledgee’s interest in the Account Rights; 

  

	 	(d)	ensuring that the Right of Pledge and the undertakings and obligations of each Pledgor under this Deed shall inure to the benefit of any assignee of the Pledgee under the Credit
Agreement and this Deed; 

  

	 	(e)	facilitating the collection, appropriation or realisation of the Account Rights or any part thereof in the manner contemplated by this Deed in case of an Enforcement Event; or

  

	 	(f)	the exercise of any power, authority or discretion vested in the Pledgee under this Deed. 

  

 8 

	10.	POWER OF ATTORNEY AND NO WAIVER 

  

	10.1	Each Pledgor, by way of security and in order to secure the performance by each Pledgor of its obligations under this Deed, irrevocably and unconditionally appoints the Pledgee as
its attorney (gevolmachtigde) for as long as any of the Secured Obligations are outstanding for the purposes of: 

  

	 	(a)	doing in its name all acts and executing, signing and (if required) registering in its name all documents which the Pledgors theirself could do, execute, sign or register in
relation to the Account Rights; and 

  

	 	(b)	executing, signing, perfecting, doing and (if required) registering every such further document, act or thing as is referred to in Clause 9 (Further Assurances).

  

	10.2	It is expressly agreed that the appointment under Clause 10.1 will only be exercised by the Pledgee in case of an Event of Default which is continuing and is given with full power
of substitution to the Pledgee’s legal counsel and also applies to any situation where the Pledgee acts as a Pledgor’s counterparty (Selbsteintritt) within the meaning of Section 3:68 of the Dutch Civil Code or as a
representative of a Pledgor’s counterparty. 

  

	10.3	No delay or omission by the Pledgee in the exercise of any power or right under this Deed will impair such power or right or be construed as a waiver thereof or of the event giving
rise to such power of right and no waiver of any past event shall be construed to be a waiver of any power or right accruing to the Pledgee by reason of any future event. 

  

	11.	TERMINATION 

  

	11.1	Unless terminated by operation of law, the Right of Pledge shall be in full force and effect until the Pledgee has certified in writing to the Pledgors that all Secured Obligations
have been fully, irrevocably and unconditionally repaid or discharged to its satisfaction. 

  

	11.2	Upon termination of the Right of Pledge in accordance with Clause 11.1 or Clause 11.3, the Pledgee shall issue a notice of termination to the Pledgors and the Account Bank.

  

	11.3	The Pledgee is entitled to unilaterally terminate by notice (opzeggen) or waiver (afstand) the Right of Pledge, in respect of all or part of the Account
Rights and all or part of the Secured Obligations and in respect of any or all of the Pledgors within the meaning of Section 3:81 paragraph 2 of the Dutch Civil Code. 

  

 9 

	12.	SUCCESSORS AND ASSIGNS AND RE-PLEDGE 

  

	12.1	This Deed shall be binding upon and shall inure to the benefit of each Pledgor and the Pledgee and their respective successors, transferees and assignees. 

 

	12.2	No Pledgor shall assign or transfer any of its rights and obligations under this Deed without the prior written consent of the Pledgee. 

  

	12.3	Each Pledgor irrevocably and unconditionally grants authority to the Pledgee to re-pledge (herverpanden) the Account Rights in accordance with Section 3:242 of the Dutch
Civil Code. 

  

	13.	WAIVER 

  
 Each party to this Deed waives, to the fullest extent permitted by law, its rights: 
  

	 	(a)	to dissolve (ontbinden) this Deed in case of failure in the performance of one or more of the Pledgee’s obligations pursuant to Section 6:265 of the Dutch Civil Code or
on any other ground; 

  

	 	(b)	to suspend (opschorten) any of its obligations pursuant to Section 6:52 of the Dutch Civil Code or on any other ground; and 

  

	 	(c)	to nullify (vernietigen) this Deed pursuant to Section 6:228 of the Dutch Civil Code or on any other ground. 

  

	14.	COSTS 

  
 All reasonable out-of-pocket costs, charges and expenses in relation to the negotiation, preparation, administration, execution, perfection, preservation,
protection, registration or enforcement of this Deed and the exercise and/or enforcement of any rights or powers hereunder by the Pledgee shall be payable by the Pledgors, in accordance with section 9.5 (Payment of Expenses and Taxes) of the Credit
Agreement. 
  

	15.	EVIDENCE OF DEBT 

  
 As to the existence and composition of the Secured Obligations, a written statement by the Pledgee made in accordance with its books shall constitute
conclusive evidence (save for manifest error), it being understood that in the event of a disagreement with respect thereto, the Pledgee shall be authorised to exercise its right of enforcement, with due observance of the obligation of the Pledgee
to transfer all which afterwards would appear to be received by it in excess of its rights. 
  

 10 

	16.	LIABILITY 

  
 Except for its gross negligence (grove nalatigheid) or wilful misconduct (opzet), the Pledgee shall not be liable vis-à-vis
any Pledgor for not (or not completely) collecting or recovering or selling the Account Rights and/or any loss or damage resulting from any collecting or recovering or selling the Account Rights or arising out of the exercise of or
failure to exercise any of its powers under this Deed or for any other loss of any nature whatsoever in connection with the Account Rights or this Deed. Should any such loss or damage occur, then each Pledgor shall fully indemnify the Pledgee
therefor. 
  

	17.	NOTICES 

  

	17.1	Any notice or other communication in connection with this Deed required to be sent or given shall be sent in the English language by registered mail or by fax to the following
addresses: 

  
 if to the Pledgors: 
  
 Lionbridge Technologies Holdings B.V. 
 Lionbridge Technologies B.V. 
 Overschiestraat 55 
 1062 HN Amsterdam, the Netherlands 
 Fax: +31 20 408 000 
 Attention: R. Cowan 
  
 with a copy to: 
  
 Lionbridge Technologies, Inc. 
 1050 Winter Street, Suite 2300 
 MA 02451 Waltham, the United States of America, 
 Fax: +1 781434 6034 
 Attention: CEO 
  
 if to the Pledgee: 
  
 Wachovia Bank, National Association, as Administrative Agent 
 Charlotte Plaza 
 201 South College Street, CP-8 
 Charlotte, North Carolina 28288-0680 
 Attention: Syndication Agency Services 
 Fax:             (0704) 374-2698 
 Telephone: (0704) 383-0481 
  

 11 

 with a copy to: 
  

Wachovia Bank, National Association, as Administrative Agent 
 One Wachovia Center, NC0760 
 Charlotte, North Carolina, 28288-0737 
 Attention: Laura Douglas 
 Fax:            (0704) 383-7611 
 Telephone: (0704) 383-1357 
  
 or to such other address or addresses as may from time to time be notified by the parties for such purpose. 
  

	17.2	All documents provided under or in connection with this Deed must be: 

  

	 	(a)	in English; or 

  

	 	(b)	if not in English, and if so required by the Pledgee, accompanied by a English translation and, in this case, the English translation will prevail unless the document is a
constitutional, statutory or other official document. 

  

	17.3	If sent by registered mail, any notice or other communication sent by registered mail pursuant to this Deed shall be deemed to have been received by the party to whom it was
addressed on the first Business Day after the day shown as the day of receipt by a return receipt. If sent by fax, it shall be deemed, in the absence of proof to the contrary, to have been received by the party to whom it was sent on the day of
dispatch provided that the report generated by the sender’s facsimile machine shows that all pages of such notice, demand or other communications were properly transmitted to the recipients fax machine. Without prejudice to any other mode or
service, any notice or any other communication shall be deemed to have been sufficiently served if sent to the addresses as set forth in Clause 17.1. 

  

	18.	SEVERABILITY 

  

	18.1	If a provision of this Deed is or becomes illegal, invalid or unenforceable in any jurisdiction that shall not affect: 

  

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

  

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

  

	18.2	Each Pledgor and the Pledgee agree that they will negotiate in good faith to replace any provision of this Deed which may be held unenforceable with a provision which is enforceable
and which is as similar as possible in substance to the unenforceable provision. 

  

 12 

	19.	AMENDMENT AND EMBODIMENT 

  
 This Deed shall not be amended, modified or rescinded except in writing when duly signed by authorised signatories of each Pledgor and the Pledgee. Any
amendment, addendum and appendix so signed shall constitute part of this Deed. 
  

	20.	COUNTERPARTS 

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

	21.	ACCEPTANCE 

  
 The Pledgee accepts the Right of Pledge and all stipulations, covenants, undertakings, waivers, authorities and powers pursuant to this Deed. 

 

	22.	GOVERNING LAW 

  

	 	This	Deed shall be governed by and construed in accordance with Dutch law. 

  

	23.	JURISDICTION 

  
 The courts of Amsterdam, the Netherlands shall have exclusive jurisdiction to hear and determine any suit, action or proceedings, and to settle any
disputes which might arise out of or in connection with this Deed, and, for such purposes, each Pledgor irrevocably and unconditionally submits, for the benefit of the Pledgee, to the jurisdiction of that court. The Pledgee, however, reserves the
right to refer the matter to any other competent court in any jurisdiction, whether concurrently or not (to the extent permitted by law). 
  
 IN WITNESS WHEREOF this Deed was signed on the date first written above. 
  
 [SIGNATURE PAGE TO FOLLOW] 
  

 13 

 WACHOVIA BANK, NATIONAL ASSOCIATION 
  

							
	 /s/ Mark B. Felker

	 	 /s/ Louis K. Beasley, III

	 Name:
	  	MARK B. FELKER	 	Name:	 	Louis K. Beasley, III
	 Title:
	  	MANAGING DIRECTOR	 	Title:	 	Director

			
	 LIONBRIDGE TECHNOLOGIES HOLDINGS B.V.

	
	 /s/ R.J. Cowan

	Name:	 	R.J. Cowan
	Title:	 	Managing director

  
  

					
	 LIONBRIDGE TECHNOLOGIES B.V.
	 	LIONBRIDGE TECHNOLOGIES B.V.
		
	 /s/ R.J. Cowan

	 	 /s/ R.J. Cowan

	Name:	 	R.J. Cowan	 	R.J. Cowan
	Title:	 	 Managing director
 Lionbridge Technologies
Holdings B.V.
	 	Managing directorDeed of Pledge of Movable Assets, dated as of September 1, 2005

 EXHIBIT 10.13 
  
 Execution copy 
  

  
 USD 175,000,000 
  
 secured credit facility 
  

  
 DEED OF 
 PLEDGE OF MOVABLE ASSETS 
  
 DATED 1 September 2005 
  
 between 
  
 LIONBRIDGE TECHNOLOGIES HOLDINGS B.V. 
  
 and 
  
 LIONBRIDGE TECHNOLOGIES B.V. 
  
 as Pledgors 
  
 and 
  
 WACHOVIA BANK, NATIONAL ASSOCIATION 
  
 as Pledgee

  
 

 
  
  

 INDEX 
  

					
	 Clause

	  	page

	1.	  	DEFINITIONS	  	2
			
	2.	  	UNDERTAKING TO PLEDGE	  	3
			
	3.	  	PLEDGE OF MOVABLE ASSETS	  	3
			
	4.	  	PERFECTION RIGHT OF PLEDGE	  	4
			
	5.	  	CONTINUING AND ADDITIONAL SECURITY	  	4
			
	6.	  	REPRESENTATIONS AND WARRANTIES	  	4
			
	7.	  	UNDERTAKINGS	  	5
			
	8.	  	ADDITIONAL UNDERTAKINGS	  	6
			
	9.	  	ENFORCEMENT	  	7
			
	10.	  	FURTHER ASSURANCES	  	8
			
	11.	  	POWER OF ATTORNEY AND NO WAIVER	  	9
			
	12.	  	TERMINATION	  	9
			
	13.	  	SUCCESSORS AND ASSIGNS AND RE-PLEDGE	  	10
			
	14.	  	WAIVER	  	10
			
	15.	  	COSTS	  	10
			
	16.	  	EVIDENCE OF DEBT	  	10
			
	17.	  	LIABILITY	  	11
			
	18.	  	NOTICES	  	11
			
	19.	  	SEVERABILITY	  	12
			
	20.	  	AMENDMENT AND EMBODIMENT	  	13
			
	21.	  	COUNTERPARTS	  	13
			
	22.	  	ACCEPTANCE	  	13
			
	23.	  	GOVERNING LAW	  	13
			
	24.	  	JURISDICTION	  	13

  
 Schedules 
  
 Schedule 1 (List of addresses of locations where Movable Assets are held) 

 Execution copy 
  
 THIS DEED OF PLEDGE OF MOVABLE ASSETS DATED 1 September 2005 is made between: 
  

	(1)	WACHOVIA BANK, NATIONAL ASSOCIATION, a banking corporation organised and existing under the laws of the United States of America and having its principal office at 301 South
College Street, Charlotte, North Carolina 28288, the United States of America (the “Pledgee”); 

  

	(2)	LIONBRIDGE TECHNOLOGIES HOLDINGS B.V., a private limited liability company (besloten vennootschap met beperkte aansprakelijkheid) organised under the laws of
the Netherlands, having its official seat in Amsterdam, the Netherlands, and its office address at (1062 HN) Amsterdam, the Netherlands, Overschiestraat 55 (“LTH”); and 

  

	(3)	LIONBRIDGE TECHNOLOGIES B.V., a private limited liability company (besloten vennootschap met beperkte aansprakelijkheid) organised under the laws of the Netherlands,
having its official seat in Amsterdam, the Netherlands, and its office address at (1062 HN) Amsterdam, the Netherlands, Overschiestraat 55 (“LT”), 

  

	    	LTH and LT are herinafter, collectively, referred to as the “Pledgors” and a “Pledgor” refers to any one of them. 

  
 WHEREAS 
  

	(A)	Pursuant to a credit agreement (the “Credit Agreement”) dated as of 1 September 2005, the Lenders (as defined in the Credit Agreement) have granted to the Borrowers
(as defined in the Credit Agreement) certain Revolving Loans, a Term Loan, a Letter of Credit subfacility, a Swingline subfacility, and an Incremental Term Facility (all as defined in the Credit Agreement) in the maximum principal amount of up to
USD 175,000,000. 

  

	(B)	Pursuant to section 2.22 of the Credit Agreement, each Pledgor has undertaken to pay to the Pledgee, acting in its own capacity and not as representative or agent of the Lenders,
the Dutch Parallel Debt (as defined in the Credit Agreement). 

  

	(C)	Each Pledgor has agreed to (and to the extent required it shall hereby be agreed that the Pledgor shall) create a first priority non-possessory right of pledge (bezitloos
pandrecht eerste in rang) over its Movable Assets (as defined hereinafter) in favour of the Pledgee as security for the Secured Obligations (as defined hereinafter). 

  

 1 

 NOW THEREFORE IT IS AGREED AS FOLLOWS 
  

	1.	DEFINITIONS 

  

	1.1	In this Deed: 

  

	    	“Deed” means this agreement and deed of pledge of movable assets. 

  

	    	“Enforcement Event” means a default by a Credit Party in the proper performance of the Secured Obligations (whether in whole or in part) provided that such default
constitutes an Event of Default which is continuing. 

  

	    	“Movable Assets” means any and all present and future movable assets (roerende zaken), including but not limited to, equipment (bedrijfsuitrusting),
machinery, installations, inventory (inventaris), cars and other rolling stock to which each Pledger presently holds title of ownership or may acquire title of ownership in the future, to the extent that such movable assets (roerende
zaken) are or will be located in the Netherlands at the time of the creation of the Right of Pledge. 

  

	    	“Right of Pledge” means each right of pledge created by this Deed in accordance with Clause 3 (Pledge of Movable Assets). 

  

	    	“Secured Obligations” means any and all obligations and liabilities consisting of monetary payment obligations (verbintenissen tot betaling van een geldsom)
of a Pledgor to the Pledgee or a Lender whether present or future, whether actual or contingent, whether as primary obligor or as surety, whether for principal, interest or costs under or in connection with this Deed, the Credit Documents, and/or a
Pledgor’s Dutch Parallel Debt. 

  

	1.2	Save where the contrary is indicated, a reference in this Deed to: 

  

	 	(a)	this “Deed”, the “Credit Agreement” or any other agreement or document shall be construed to be a reference to this Deed or the Credit Agreement or
such other agreement or document as the same may be amended, supplemented, restated, novated or otherwise modified from time to time; 

  

	 	(b)	a “Clause” or a “Schedule” shall, subject to any contrary indication, be construed as a reference to a clause or a schedule of this Deed;
and 

  

	 	(c)	a “person” shall be construed as a reference to any person, firm, company, corporation, body corporate, institution, government, state or agency of a state
or any association or partnership (whether or not having separate legal personality) of two or more of the foregoing. 

  

	1.3	Capitalised words and expressions used but not defined in this Deed shall have the same meaning as in the Credit Agreement. 

  

 2 

	1.4	The titles and headings of the Clauses are for convenience only and do not form part of this Deed and shall in no way affect the interpretation thereof. 

  

	1.5	In this Deed words and expressions importing the singular shall, where the context permits or requires, include the plural and vice versa. 

  

	1.6	Any reference in this Deed to a statute (including but not limited to the Dutch Civil Code) shall be construed as a reference to such statute as the same may have been, or may from
time to time be, amended or re-enacted. 

  

	1.7	Schedules form an integral part of this Deed. 

  

	1.8	Any Event of Default shall constitute a verzuim (as meant in Section 6:81 and further of the Dutch Civil Code) and any Enforcement Event shall constitute a verzuim (as
meant in Section 3:248 (1) in conjunction with Section 6:81 and further of the Dutch Civil Code) in the proper performance of the Secured Obligations or any part thereof, without any dun (aanmaning), summons (sommatie) or notice of
default (ingebrekestelling) being sent or required. 

  

	2.	UNDERTAKING TO PLEDGE 

  

	    	Each Pledgor agrees with the Pledgee and undertakes to create or, as the case may be, to create in advance (bij voorbaat) a first priority non-possessory right of pledge
(bezitloos pandrecht eerste in rang) in respect of all its Movable Assets as security for the Secured Obligations. 

  

	3.	PLEDGE OF MOVABLE ASSETS 

  

	3.1	Each Pledgor grants to the Pledgee: 

  

	 	(a)	a first priority non-possessory right of pledge (bezitloos pandrecht eerste in rang) over all its the Movable Assets; and 

  

	 	(b)	to the extent the Movable Assets consist of future Movable Assets, a first priority non-possessory right of pledge (bezitloos pandrecht eerste in rang) is granted in advance
(bij voorbaat) over all its future Movable Assets, 

  
 as security for the Secured Obligations. 
  

	3.2	The Right of Pledge includes all accessory rights (afhankelijke rechten) attached to the Movable Assets. 

  

	3.3	To the extent that the Movable Assets are (or shall be) subject to an encumbrance or right of pledge taking priority over the Right of Pledge, nevertheless the Right of Pledge will
have been (or will be) created with the highest possible rank available at that time. 

  

 3 

	4.	PERFECTION RIGHT OF PLEDGE 

  

	4.1	Each party to this Deed is entitled: 

  

	 	(a)	to present this Deed and any other document pursuant to this Deed for registration to any office, registrar or governmental body (including the Dutch tax authorities) in any
jurisdiction; and 

  

	 	(b)	to serve any notice to any person, 

  

	    	if otherwise acting in conflict with applicable law or rules and regulations or court orders or as a party to this Deed deems necessary or desirable to protect its interests.

  

	4.2	Upon the occurrence of an Event of Default which is continuing, the Pledgee is entitled to bring the Movable Assets which are subject to the Right of Pledge, under its control and
in connection therewith the Pledgee (or its representative) is authorised to enter upon any premises where such Movable Assets are located and to remove such Movable Assets or have the same delivered by a Pledgor who is obliged to do so after the
request, to such place as the Pledgee may designate. 

  

	5.	CONTINUING AND ADDITIONAL SECURITY 

  

	5.1	The Right of Pledge is one and indivisible (één en ondeelbaar) and shall (unless released pursuant to Clause 12 (Termination)) remain in full force and effect,
shall not be satisfied by any intermediate payment or satisfaction of any part of the Secured Obligations or by any settlement of accounts and the Pledgee shall not have any obligation to relinquish the Right of Pledge, until all of the Secured
Obligations have been irrevocably and unconditionally paid in full and all Commitments with respect thereto have been irrevocably terminated. 

  

	5.2	To the extent possible under Dutch law, the Right of Pledge shall not in any way be prejudiced by or be dependent on any collateral or other security now or hereafter held by the
Pledgee as security for the Secured Obligations or any lien to which it may be entitled (whether by contract or statute). The rights of the Pledgee hereunder are in addition to and not in lieu of those provided by law. 

  

	6.	REPRESENTATIONS AND WARRANTIES 

  

	6.1	Each Pledgor represents and warrants (in relation to itself and its Movable Assets), on the date of this Deed for the benefit of the Pledgee that: 

  

	 	(a)	it holds full and exclusive title (titel) to its Movable Assets and has the authority and the power (beschikkingsbevoegd) to create the Right of Pledge;

  

 4 

	 	(b)	the Movable Assets: 

  

	 	(i)	have, save for the Right of Pledge, not been encumbered with limited rights (beperkte rechten) or otherwise; 

  

	 	(ii)	are not subject to any attachment (beslag); 

  

	 	(iii)	have not been transferred or, save for the Right of Pledge, encumbered in advance (bij voorbaat) to any third party; 

  

	 	(iv)	are capable of being transferred, assigned and encumbered with limited rights (beperkte rechten); and 

  

	 	(v)	are not subject to any option or similar right; 

  

	 	(c)	save for the Right of Pledge, no Pledgor has agreed to grant any right or to do such acts as set forth in Clause 6.1 (b) in respect of the Movable Assets; 

 

	 	(d)	the Pledgors do not hold the Movable Assets at other locations than the locations listed in Schedule 1 (List of addresses of locations where movable assets are held).

  

	6.2	The representations and warranties set out in Clause 6.1 have, on the date of this Deed, not been made in respect of future Movable Assets. Unless waived by the Pledgee, the
representations and warranties set out in this Clause 6.1 are deemed to be made by each Pledgor on each date a Pledgor acquires legal title to a Movable Asset. 

  

	7.	UNDERTAKINGS 

  

	7.1	Without the prior written consent of the Pledgee, no Pledgor shall perform any act which is likely to adversely affect the Movable Assets or the Right of Pledge.

  

	7.2	No Pledgor shall without the prior written consent of the Pledgee: 

  

	 	(a)	assign, transfer, pledge or otherwise encumber, release (kwijtschelden) or waive (afstand doen van) any rights over, the Movable Assets; or 

 

	 	(b)	agree with a court composition or an out-of-court composition (gerechtelijk of buitengerechtelijk akkoortf) or enter into any settlement agreement in respect of the Movable
Assets. 

  

	7.3	Each Pledgor shall promptly inform the Pledgee of an occurrence of an event that may be relevant to the Pledgee with respect to the Movable Assets or which is likely to adversely
affect the Right of Pledge or the ability of a Pledgor to perform the Secured Obligations, including but not limited to the occurrence of: 

  

	 	(a)	an attachment (beslag) of the Movable Assets; 

  

 5 

	 	(b)	a filing of a request to declare a Pledgor bankrupt (failliet) or a filing of a request for a similar proceeding in any jurisdiction; 

  

	 	(c)	a filing by a Pledgor of a request to be granted a suspension of payments (surséance van betaling) or a filing by a Pledgor of a request for a similar proceeding in
any jurisdiction; 

  

	 	(d)	the liquidation or dissolution of a Pledgor or a Pledgor ceasing to carry on the whole or a part of its business; or 

  

	 	(e)	a Pledgor becoming aware that any of the representations and warranties set forth in Clause 6 (Representations and Warranties) is or proves to have been incorrect or incomplete or
misleading. 

  

	7.4	Upon the occurrence of an event referred to in Clause 7.3, a Pledgor shall promptly notify in writing, at its own costs, the existence of this Deed and the Right of Pledge to:

  

	 	(a)	a third party or the court process server (deurwaarder) acting on behalf of such third party making an attachment (beslag); 

  

	 	(b)	the bankruptcy trustee (curator), administrator (bewindvoerder) or similar officer in any jurisdiction; or 

  

	 	(c)	any other relevant person, 

  
    as the case may be. 
  

	7.5	Each Pledgor shall promptly send to the Pledgee a copy of the relevant documentation in respect of an event referred to in Clause 7.3 and a copy of any correspondence pursuant to
Clause 7.4. 

  

	7.6	Each Pledgor shall at the Pledgee’s first request provide the Pledgee with all information and with copies of all relevant documentation relating to the Movable Assets all in
accordance with the Credit Agreement. 

  

	7.7	Each Pledgor shall at times permit the Pledgee full and free access to the Movable Assets for inspection of the Movable Assets. 

  

	8.	ADDITIONAL UNDERTAKINGS 

  

	8.1	To the extent that a supplier of Movable Assets has made the transfer of title conditional upon fulfilment of an obligation by a Pledgor, such Pledgor shall fulfil that obligation
properly and with due expedience. 

  

 6 

	8.2	Each Pledgor shall, as often as the Pledgee may request, provide the Pledgee with a list of the Movable Assets, duly signed by the relevant Pledgor, stating the location of the
Movable Assets. Any failure to list a Movable Asset, does not constitute evidence that such Movable Asset was not subject to the Right of Pledge. 

  

	8.3	Each Pledgor shall keep the Movable Assets in a state of good repair and condition, properly insured on standard market conditions and shall take all steps to ensure the Movable
Assets are kept in a state of good repair and condition and properly insured on standard market conditions. 

  

	8.4	Each Pledgor shall arrange for suitable storage of the Movable Assets and ensure that the Movable Assets are identified by the relevant Pledgor or any other person in charge of
storage as belonging to such Pledgor and stored separate from movable assets belonging to other persons. 

  

	8.5	No Pledgor shall hold Movable Assets at any other address than the addresses listed in Schedule 1 (List of addresses of locations where movable assets are held).

  

	9.	ENFORCEMENT 

  

	9.1	Upon the occurrence of an Enforcement Event, the Pledgee shall have the right to enforce the Right of Pledge in accordance with Dutch law and any other applicable law and may take
all (legal) steps and measures which it deems necessary or desirable and each Pledgor shall co-operate with the Pledgee in any way which the Pledgee deems necessary or desirable for the enforcement of the Right of Pledge. 

 

	9.2	The Pledgee shall not be obliged to give notice of a sale of the Movable Assets to a Pledgor, debtors, holders of a limited right (beperkt recht) or persons who have made an
attachment (beslag) on the Movable Assets, as required by Sections 3:249 and 3:252 of the Dutch Civil Code. If reasonably possible, the Pledgee shall give such notice of sale. 

  

	9.3	No Pledgor shall be entitled to make a request to the court as referred to in Section 3:251 (1) of the Dutch Civil Code to determine that the Movable Assets shall be sold in a
manner deviating from the provisions of Section 3:250 of the Dutch Civil Code. 

  

	9.4	No Pledgor shall be entitled to demand that the Pledgee: 

  

	 	(a)	shall first enforce any security interests granted by any other person, pursuant to Section 3:234 of the Dutch Civil Code; or 

  

	 	(b)	to first proceed against or claim payment from any other person or enforce any guarantee, before enforcing this Right of Pledge. 

  

 7 

 Each Pledgor waives its rights under Sections 3:233 paragraph (2) and 6:139 of the Dutch Civil Code.

  

	9.5	No Pledgor shall be entitled to set-off (verrekenen) its claims (if any) against the Pledgee under or in connection with this Deed, the Credit Agreement and/or the other
Credit Documents against the Secured Obligations. 

  

	9.6	Subject to the mandatory provisions of Dutch law on enforcement, all monies received or realised by the Pledgee in connection with the enforcement of the Right of Pledge shall be
applied by the Pledgee in accordance with the Credit Agreement. 

  

	10.	FURTHER ASSURANCES 

  

	10.1	If no valid right of pledge is created pursuant to this Deed in respect of the Movable Assets, each Pledgor irrevocably and unconditionally undertakes to pledge to the Pledgee the
Movable Assets as soon as they become available for pledging, by way of supplementary agreements, supplemental deeds or other instruments on the same (or similar) terms of this Deed. 

  

	10.2	Each Pledgor further undertakes to execute any instrument, provide such assurances and do all acts and things (at the first request of the Pledgee) as may be necessary or desirable
for: 

  

	 	(a)	perfecting or protecting the security created (or intended to be created) by this Deed; 

  

	 	(b)	preserving or protecting any of the rights of the Pledgee under this Deed; 

  

	 	(c)	preserving or protecting the Pledgee’s interest in the Movable Assets; 

  

	 	(d)	ensuring that the Right of Pledge and the undertakings and obligations of each Pledgor under this Deed shall inure to the benefit of any assignee of the Pledgee under the Credit
Agreement and this Deed; 

  

	 	(e)	facilitating the appropriation or realisation of the Movable Assets or any part thereof in the manner contemplated by this Deed in case of an Enforcement Event; or

  

	 	(f)	the exercise of any power, authority or discretion vested in the Pledgee under this Deed. 

  

	10.3	The Pledgee is entitled to enter into such agreements with any (third) party as it deems necessary or desirable in order to protect its interest. Such agreements may include, access
to the Movable Assets, delivery of documents relating to the Movable Assets. The Pledgee may also instruct a (third) party to act as custodian of the Pledgee in respect of the Movable Assets. 

  

 8 

	11.	POWER OF ATTORNEY AND NO WAIVER 

  

	11.1	Each Pledgor, by way of security and in order to secure the performance by each Pledgor of its obligations under this Deed, irrevocably and unconditionally appoints the Pledgee as
its attorney (gevolmachtigde) for as long as any of the Secured Obligations are outstanding for the purposes of: 

  

	 	(a)	doing in its name all acts and executing, signing and (if required) registering in its name all documents which the Pledgors theirself could do, execute, sign or register in
relation to the Movable Assets; and 

  

	 	(b)	executing, signing, perfecting, doing and (if required) registering every such further document, act or thing as is referred to in Clause 10 (Further Assurances).

  

	11.2	It is expressly agreed that the appointment under Clause 11.1 will only be exercised by the Pledgee in case of an Event of Default which is continuing and is given with full power
of substitution to the Pledgee’s legal counsel and also applies to any situation where the Pledgee acts as a Pledgor’s counterparty (Selbsteintritt) within the meaning of Section 3:68 of the Dutch Civil Code or as a representative
of a Pledgor’s counterparty. 

  

	11.3	No delay or omission by the Pledgee in the exercise of any power or right under this Deed will impair such power or right or be construed as a waiver thereof or of the event giving
rise to such power of right and no waiver of any past event shall be construed to be a waiver of any power or right accruing to the Pledgee by reason of any future event. 

  

	12.	TERMINATION 

  

	12.1	Unless terminated by operation of law, the Right of Pledge shall be in full force and effect until the Pledgee has certified in writing to the Pledgors that all Secured Obligations
have been fully, irrevocably and unconditionally repaid or discharged to its satisfaction and all Commitments with respect thereto have been irrevocably terminated. 

  

	12.2	Upon termination of the Right of Pledge in accordance with Clause 12.1 or Clause 12.1, the Pledgee shall issue a notice of termination to the Pledgors. 

  

	12.3	The Pledgee is entitled to unilaterally terminate by notice (opzeggen) or waiver (afstand) the Right of Pledge, in respect of all or part of the Movable Assets and all
or part of the Secured Obligations and in respect of any or all of the Pledgors within the meaning of Section 3:81 paragraph 2 of the Dutch Civil Code. 

  

 9 

	13.	SUCCESSORS AND ASSIGNS AND RE-PLEDGE 

  

	13.1	This Deed shall be binding upon and shall inure to the benefit of each Pledgor and the Pledgee and their respective successors, transferees and assignees. 

 

	13.2	No Pledgor shall assign or transfer any of its rights and obligations under this Deed without the prior written consent of the Pledgee. 

  

	13.3	Each Pledgor irrevocably and unconditionally grants authority to the Pledgee to re-pledge (herverpanden) the Movable Assets in accordance with Section 3:242 of the Dutch
Civil Code. 

  

	14.	WAIVER 

  

	    	Each party to this Deed waives, to the fullest extent permitted by law, its rights: 

  

	 	(a)	to dissolve (ontbinden) this Deed in case of failure in the performance of one or more of the Pledgee’s obligations pursuant to Section 6:265 of the Dutch Civil Code or
on any other ground; 

  

	 	(b)	to suspend (opschorten) any of its obligations pursuant to Section 6:52 of the Dutch Civil Code or on any other ground; and 

  

	 	(c)	to nullify (vernietigen) this Deed pursuant to Section 6:228 of the Dutch Civil Code or on any other ground. 

  

	15.	COSTS 

  

	    	All reasonable out-of-pocket costs, charges and expenses in relation to the negotiation, preparation, administration, execution, perfection, preservation, protection, registration
or enforcement of this Deed and the exercise and/or enforcement of any rights or powers hereunder by the Pledgee shall be payable by the Pledgors, in accordance with section 9.5 (Payment of Expenses and Taxes) of the Credit Agreement.

  

	16.	EVIDENCE OF DEBT 

  

	    	As to the existence and composition of the Secured Obligations, a written statement by the Pledgee made in accordance with its books shall constitute conclusive evidence (save for
manifest error), it being understood that in the event of a disagreement with respect thereto, the Pledgee shall be authorised to exercise its right of enforcement, with due observance of the obligation of the Pledgee to transfer all which
afterwards would appear to be received by it in excess of its rights. 

  

 10 

	17.	LIABILITY 

  

	    	Except for its gross negligence (grove nalatigheid) or wilful misconduct (opzet), the Pledgee shall not be liable vis-à-vis any Pledgor for not
(or not completely) recovering or selling the Movable Assets and/or any loss or damage resulting from any recovering or selling the Movable Assets or arising out of the exercise of or failure to exercise any of its powers under this Deed or for any
other loss of any nature whatsoever in connection with the Movable Assets or this Deed. Should any such loss or damage occur, then each Pledgor shall fully indemnify the Pledgee therefor. 

  

	18.	NOTICES 

  

	18.1	Any notice or other communication in connection with this Deed required to be sent or given shall be sent in the English language by registered mail or by fax to the following
addresses: 

  
 if to the Pledgors: 
  
 Lionbridge Technologies Holdings B.V. 
 Lionbridge Technologies B.V. 
 Overschiestraat
55 
 1062 HN Amsterdam, the Netherlands 
 Fax: +31 20 408 000 
 Attention: R. Cowan 
  

with a copy to 
  
 Lionbridge Technologies, Inc. 
 1050 Winter
Street, Suite 2300 
 MA 02451 Waltham, the United States of America 
 Fax: +1 781434 6034 
 Attention: CEO

  
 if to the Pledgee: 
  
 Wachovia Bank, National Association, as Administrative Agent 
 Charlotte Plaza 
 201 South College Street,
CP-8 
 Charlotte, North Carolina 28288-0680 
 Attention: Syndication Agency Services 
 Fax:            (0704) 374-2698 
 Telephone: (0704) 383-0481 

 

 11 

 with a copy to: 
  

Wachovia Bank, National Association, as Administrative Agent 
 One Wachovia Center, NC0760 
 Charlotte, North Carolina, 28288-0737 
 Attention: Laura Douglas 
 Fax:            (0704) 383-7611 
 Telephone: (0704) 383-1357 

 
 or to such other address or addresses as may from time to time be
notified by the parties for such purpose. 
  

	18.2	All documents provided under or in connection with this Deed must be: 

  

	 	(a)	in English; or 

  

	 	(b)	if not in English, and if so required by the Pledgee, accompanied by a English translation and, in this case, the English translation will prevail unless the document is a
constitutional, statutory or other official document. 

  

	18.3	If sent by registered mail, any notice or other communication sent by registered mail pursuant to this Deed shall be deemed to have been received by the party to whom it was
addressed on the first Business Day after the day shown as the day of receipt by a return receipt. If sent by fax, it shall be deemed, in the absence of proof to the contrary, to have been received by the party to whom it was sent on the day of
dispatch provided that the report generated by the sender’s facsimile machine shows that all pages of such notice, demand or other communications were properly transmitted to the recipients fax machine. Without prejudice to any other mode or
service, any notice or any other communication shall be deemed to have been sufficiently served if sent to the addresses as set forth in Clause 18.1. 

  

	19.	SEVERABILITY 

  

	19.1	If a provision of this Deed is or becomes illegal, invalid or unenforceable in any jurisdiction that shall not affect: 

  

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

  

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

  

	19.2	Each Pledgor and the Pledgee agree that they will negotiate in good faith to replace any provision of this Deed which may be held unenforceable with a provision which is enforceable
and which is as similar as possible in substance to the unenforceable provision. 

  

 12 

	20.	AMENDMENT AND EMBODIMENT 

  

	    	This Deed shall not be amended, modified or rescinded except in writing when duly signed by authorised signatories of each Pledgor and the Pledgee. Any amendment, addendum and
appendix so signed shall constitute part of this Deed. 

  

	21.	COUNTERPARTS 

  

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

  

	22.	ACCEPTANCE 

  

	    	The Pledgee accepts the Right of Pledge and all stipulations, covenants, undertakings, waivers, authorities and powers pursuant to this Deed. 

  

	23.	GOVERNING LAW 

  

	    	This Deed shall be governed by and construed in accordance with Dutch law. 

  

	24.	JURISDICTION 

  

	    	The courts of Amsterdam, the Netherlands shall have exclusive jurisdiction to hear and determine any suit, action or proceedings, and to settle any disputes which might arise out of
or in connection with this Deed, and, for such purposes, each Pledgor irrevocably and unconditionally submits, for the benefit of the Pledgee, to the jurisdiction of that court. The Pledgee, however, reserves the right to refer the matter to any
other competent court in any jurisdiction, whether concurrently or not (to the extent permitted by law). 

  
 IN WITNESS WHEREOF this Deed was signed on the date first written above 
  
 [SIGNATURE PAGE TO FOLLOW] 
  

 13 

							
	WACHOVIA BANK, NATIONAL ASSOCIATION	 	 	 	 
		
	 /s/ Mark B. Felker

	 	 /s/ Louis K. Beasley III

	Name:	 	MARK B. FELKER	 	Name:	 	Louis K. Beasley III
	Title:	 	MANAGING DIRECTOR	 	Title:	 	Director

			
	LIONBRIDGE TECHNOLOGIES HOLDINGS B.V.
	
	 /s/ R.J. Cowan

	Name:	 	R.J. Cowan
	Title:	 	Managing director

					
	LIONBRIDGE TECHNOLOGIES B.V.	 	LIONBRIDGE TECHNOLOGIES B.V.
		
	 /s/ R.J. Cowan

	 	 /s/ R.J. Cowan

	Name:	 	R.J. Cowan	 	R.J. Cowan
	Title:	 	 Managing director
 Lionbridge Technologies Holdings
B.V.
	 	Managing director

Source: [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00090-of-00352.parquet"}, [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00090-of-00352.parquet"}]]