Document:

Deed of Pledge of Shares by Lionbridge Holdings BV

 Exhibit 10.8 
  

			
	

	  	

  
 ECK/FRV/jh 

5112292/40024114 
  
 DEED OF PLEDGE OF SHARES II 
 (Lionbridge Global Solutions
Holdings (Netherlands) B. V.) 
  
 This fifth day of September
two thousand and five, there appeared before me, Gerard Cornelis van Eck, civil-law notary at Rotterdam: 
  
 Freerk Volders, employed at (3012 CN) Rotterdam, Weena 690, born at Stadskanaal on the twenty-second day of December nineteen hundred and seventy-two, acting for the purposes hereof as attorney authorised in writing
of: 
  

	1.	Lionbridge of Gibraltar (formerly named: Bowne of Gibraltar), a private limited liability company (besloten vennootschap met beperkte aansprakelijkheid)
organised under the laws of the Netherlands, heaving its official seat in Amsterdam, the Netherlands, and its office address Suite 3, Watergardens 4, Gibraltar (registered with the Commercial Register of the Chamber of Commerce under number
28080947), hereinafter: the “Pledgor”; 

  

	2.	Wachovia Bank, National Association, a banking corporation organised and existing under the laws of the United States of America and having its principal offices at
301 South College Street, Charlotte, North Carolina 28288, the United States of America, hereinafter: the “Pledgee”; 

  

	3.	Lionbridge Global Solutions Holdings (Netherlands) B.V. (formerly named: Bowne Global Solutions Holdings (Netherlands) 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 (5651 CD) Eindhoven, the Netherlands, Beukenlaan 44
(registered with the Commercial Register of the Chamber of Commerce under number 28067425), hereinafter: the “Company”. 

  
 WHEREAS 
  

	(A)	Pursuant to a credit agreement (the “Credit Agreement”) dated as of the first day of September two thousand and five, a copy of which is attached hereto
(Annex), 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 Loan subfacility and an
Incremental Term Facility (all as defined in the Credit Agreement) in the maximum principal amount up to one hundred and seventy-five million United States Dollars (USD 175,000,000). 

  

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	(B)	Pursuant to section 2.22 of the Credit Agreement, each NL Obligor (as defined in the Credit Agreement) 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)	Pursuant to a joinder agreement, dated the second day of September two thousand and five, the Company has become a party to the Credit Agreement. 

  

	(D)	The Pledgor has agreed to (and to the extent required it shall hereby be agreed that the Pledgor shall) create a first priority right of pledge (pandrecht eerste in rang)
over the Charged Assets (as defined hereinafter) in favour of the Pledgee as security for the Secured Obligations (as defined hereinafter). 

  

	(E)	The Shares (as defined hereinafter) issued and outstanding at the date of this Deed have been acquired as follows: 

  

	 	•	 	two hundred (200) shares in the share capital of the Company, numbered 4,009 up to and including 4,208, each share with a nominal value of ten Dutch Guilders (NLG 10) (being with
reference to section 2:178 c, paragraph 1 of the Dutch Civil Code, four euro and fifty-four eurocents (EUR 4.54)), pursuant to an issue of shares, effected by a notarial deed of issue, executed before C.E.M. van Steenderen, civil-law notary in
Rijswijk, Zuid-Holland, on the seventh day of January nineteen hundred and ninety-nine, which shares were subsequently converted into two hundred (200) shares, 4,009 up to and including 4,208, each share with a nominal value of four-euro and fifty
eurocents (EUR 4.50)), pursuant to a notarial deed of amendment of the articles of association, executed before C.E.M. van Steenderen, civil-law notary in Rijswijk, Zuid-Holland, on the sixteenth day of January two thousand and two; and

  

	 	•	 	three thousand eight hundred and eight (3,808) shares in the share capital of the Company, numbered 4,289 up to and including 8,096, each share with a nominal value of four euro and
fifty eurocents (EUR 4.50); pursuant to an issue of shares, effected by a notarial deed of issue, executed before C.E.M. van Steenderen, civil-law notary in Rijswijk, Zuid-Holland, on the twenty-fourth day of December two thousand and two.

  
 NOW THEREFORE IT IS AGREED AS FOLLOWS 
  
 CLAUSE 1. DEFINITIONS 
  

	1.1	In this Deed: 

  
 “Articles of Association” means the articles of association (statuten) of the Company as they currently stand since their latest
amendment on the second day of September two thousand and five, effectuated by means of a notarial deed, executed the same day before J.D.M. Schoonbrood, civil-law notary in Amsterdam. 
  
 “Charged Assets” means: 
  

	 	(a)	the Shares; 

  

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	 	(b)	the Dividends; and 

  

	 	(c)	the Related Assets. 

  
 “Deed” means this agreement and deed of pledge of shares. 
  
 “Dividends” means any and all cash dividends, distribution of reserves, repayments of capital, liquidation
or dissolution proceeds and all other distributions and (re) payments in respect of the Shares. 
  
 “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. 
  
 “Related Assets” means any and all shares (other than the Shares), rights (other than Dividends) and other assets accruing, distributed, issued or offered at any time by way of redemption, repurchase,
dividend, bonus, preference, pre-emption, conversion, capitalisation of profits or reserves, substitution, exchange, warrant, claim or option right or otherwise in respect of the Shares. 
  
 “Right of Pledge” means each right of pledge created by this Deed in accordance with Clause 3 (Pledge of
Charged Assets). 
  
 “Shares” means: 

 

	 	(a)	thirty-nine and twenty-four hundredth percent (39.24%) of any and all shares in the capital of the Company issued prior to the date of this Deed and currently held by the Pledgor,
these being four thousand and eight (4,008) shares, numbered 4,009 up to and including 4,208 and 4,289 up to and including 8,096, each share with a nominal value of four euro and fifty eurocents (EUR 4.50); and 

  

	 	(b)	thirty-nine and twenty-four hundredth percent (39.24%) of any and all shares in the capital of the Company which are acquired by the Pledgor after the date of this Deed.

  
 “Secured Obligations” means
any and all obligations and liabilities consisting of monetary payment obligations (verbintenissen tot betaling van een geldsom) of the 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 each Dutch Parallel Debt of the Dutch Borrowers and the Dutch Guarantor (as defined in the Credit Agreement).

  
 “Voting Transfer Event” means the occurrence
of an Event of Default which is continuing in conjunction with a written notice from the Pledgee to the Pledgor and the Company stating that the Pledgee shall exercise the Voting Rights. 
  
 “Voting Rights” means any and all voting rights, other consensual rights and similar rights and powers
attached to the Shares. 
  

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

  

	 	(a)	this “Deed”, the “Credit Agreement” or the “Articles of Association” or any other agreement or document shall be construed to be a
reference to this Deed, the Credit Agreement or the Articles of Association 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” shall, subject to any contrary indication, be construed as a reference to a clause 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	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, paragraph 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 (ingebrekestellng) being sent or required. 

  
 CLAUSE 2. UNDERTAKING TO PLEDGE 
  
 The Pledgor agrees with the
Pledgee and undertakes to create or, as the case may be, to create in advance (bij voorbaat) a first priority right of pledge (pandrecht eerste in rang) in respect of the Charged Assets as security for the Secured Obligations.

  
 CLAUSE 3. PLEDGE OF CHARGED ASSETS 
  

	3.1	The Pledgor grants to the Pledgee: 

  

	 	(a)	a first priority right of pledge (pandrecht eerste in rang) over all Charged Assets; and 

  

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

  

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

  

	3.3	To the extent that the Charged 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. 

  
 CLAUSE 4. PERFECTION RIGHT OF PLEDGE AND COMPANY STATEMENTS 
  

	4.1	The Company: 

  

	 	(a)	acknowledges the Right of Pledge and undertakes to register the Right of Pledge in its shareholders’ register; 

  

	 	(b)	undertakes that promptly after the Pledgor has acquired shares in the capital of the Company it shall register the Right of Pledge in its shareholders register;

  

	 	(c)	undertakes to provide the Pledgee promptly after the execution of this Deed and promptly after each acquisition of shares in the capital of the Company by the Pledgor with a copy of
the relevant entry in its shareholders’ register; 

  

	 	(d)	to the extent possible under Dutch law and with the knowledge of the Pledgor, waives (and shall waive at the Pledgee’s first request) any right that may impede the exercise by
the Pledgee of the Right of Pledge and the other rights conferred under this Deed; and 

  

	 	(e)	undertakes not to propose or effect such acts as set forth in Clause 6.2. 

  

	4.2	Each party to this Deed is entitled: 

  

	 	(a)	to present a true copy (afschrift) of 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. 
  
 CLAUSE 5. DIVIDENDS 
  

	5.1	In accordance with section 3:246, paragraph 1 of the Dutch Civil Code, only the Pledgee is entitled to collect and receive payment of the Dividends and the Related Assets which are
subject to the Right of Pledge and to exercise all rights of the Pledgor vis-à-vis the Company. To the extent permitted by the Credit Agreement and without prejudice to its entitlement to collect and receive payment and to exercise its
rights, the Pledgee authorises the Pledgor to collect and receive payment of the Dividends and the Related Assets. 

  

	5.2	 The authorisation granted by the Pledgee to the Pledgor pursuant to Clause 5.1 is terminated by the Pledgee by giving notice thereof to the Pledgor and the Company
and such authorisation shall in any event be 

  

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automatically terminated upon the occurrence of an Event of Default which is continuing. 

  
 CLAUSE 6. VOTING RIGHTS 
  

	6.1	The Voting Rights are transferred by the Pledgor to the Pledgee under the condition precedent (opschortende voorwaarde) of the occurrence of a Voting Transfer Event. The
general meeting of shareholders of the Company has resolved to approve such transfer of Voting Rights, as is evidenced by a written resolution of such meeting, dated the first day of September two thousand and five, a copy of which is attached to
this Deed (Annex). 

  

	6.2	Until the occurrence of a Voting Transfer Event, the Pledgor may exercise its Voting Rights provided that no such exercise may, without the prior written consent of the Pledgee,
result in a resolution to consent or to ratify: 

  

	 	(a)	an amendment of the Articles of Association; 

  

	 	(b)	a filing of a request to declare the Company bankrupt (failliet);  

  

	 	(c)	a filing by the Company of a request to be granted a suspension of payments (surséance van betaling);  

  

	 	(d)	the liquidation or dissolution of the Company or the Company ceasing to carry on all or substantially all of its business; 

  

	 	(e)	any conversion (omzetting), merger (fusie) or division (splitsing) of the Company; 

  

	 	(f)	the distribution of the Related Assets; 

  

	 	(g)	an issuance or cancellation of shares in the capital of the Company or any reduction of any reserve of the Company; 

  

	 	(h)	an acquisition by the Company of shares in the capital of the Company or depository receipts (certificaten van aandelen) thereof; 

  

	 	(i)	a transfer of the authority to issue shares in the capital of the Company and to limit or exclude pre-emptive rights of shareholders to any other corporate body other than the
general meeting of shareholders; 

  

	 	(j)	a granting of rights to subscribe for shares in the capital of the Company or a limitation or exclusion of pre-emptive rights of shareholders upon issuance of shares in the capital
of the Company; 

  

	 	(k)	an issuance of depository receipts (certificaten van aandelen) in respect of shares in the capital of the Company with the co-operation of the Company;

  

	 	(l)	a granting of a limited right (beperkt recht) on shares in the capital of the Company; 

  

	 	(m)	a material change of the terms of the Charged Assets; or 

  

	 	(n)	a material impairment of the value of the Charged Assets. 

  

	6.3	Upon the occurrence of a Voting Transfer Event, the Pledgee shall have the Voting Rights and shall be entitled to exercise or refrain from exercising such rights.

  

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	6.4	Until the occurrence of a Voting Transfer Event, the Pledgee shall not have the rights which the law attributes to holders of depository receipts (certificaten van aandelen),
issued with a company’s co-operation, of shares in the capital of the Company. 

  
 CLAUSE 7. CONTINUING AND ADDITIONAL SECURITY 
  

	7.1	The Right of Pledge is one and indivisible (één en ondeelbaar) and shall (unless released pursuant to Clause 13 (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. 

  

	7.2	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. 

  
 CLAUSE 8. REPRESENTATIONS AND WARRANTIES 
  

	8.1	The Pledgor represents and warrants, on the date of this Deed, for the benefit of the Pledgee that: 

  

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

  

	 	(b)	the Charged 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, the Pledgor has not agreed to grant any right or to do such acts as set forth in Clause 8.1 (b) in respect of the Charged Assets;

  

	 	(d)	the Shares: 

  

	 	(i)	have been validly issued; and 

  

	 	(ii)	constitute thirty-nine and twenty-four hundredth percent (39.24%) of the issued share capital of the Company and are fully paid up. 

  

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	 	(e)	there are no outstanding claims on the Company for the issue of any shares in the capital of the Company and no depository receipts (certificaten van aandelen) have been
issued in respect of shares in the capital of the Company; 

  

	 	(f)	it has not been deprived of the authority to alienate shares in the capital of the Company by virtue of section 2:22a of the Dutch Civil Code; 

  

	 	(g)	it has not been served a writ in connection with the settlement of shareholders disputes within the meaning of section 2:335 and further of the Dutch Civil Code, and is consequently
not subject to the prohibition set out in section 2:338 of the Dutch Civil Code; and 

  

	 	(h)	no resolution or other action has been adopted or taken by the Company or by its shareholders to amend the Articles of Association. 

  

	8.2	The representations and warranties set out in Clause 8.1 have, on the date of this Deed, not been made in respect of future Charged Assets. Unless waived by the Pledgee, the
representations and warranties set out in Clause 8.1 are deemed to be made by the Pledgor on each date the Pledgor acquires legal title to a Charged Asset. 

  
 CLAUSE 9. UNDERTAKINGS 
  

	9.1	Without the prior written consent of the Pledgee, the Pledgor shall not perform any act which is likely to adversely affect the Charged Assets or the Right of Pledge.

  

	9.2	Without prejudice to Clause 5.1 (Dividends), the Pledgor shall not 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 Charged Assets; 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 Charged
Assets. 

  

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

  

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

  

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

  

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

  

	 	(d)	 the liquidation or dissolution of the Pledgor or the Company or the 

  

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Pledgor or the Company ceasing to carry on the whole or a part of its business; 

  

	 	(e)	the Pledgor becoming aware that any of the representations and warranties set forth in Clause 8 (Representations and Warranties) is or proves to have been incorrect or incomplete or
misleading; or 

  

	 	(f)	the Pledgor becoming aware that any of the actions as referred to in Clause 6.2. are proposed or effected. 

  

	9.4	Upon the occurrence of an event referred to in Clause 9.3, the 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. 

  

	9.5	The Pledgor shall promptly send to the Pledgee a copy of the relevant documentation in respect of an event referred to in Clause 9.3. and a copy of any correspondence pursuant to
Clause 9.4. 

  

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

  
 CLAUSE 10. ENFORCEMENT 
  

	10.1	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 the 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. 

  

	10.2	The Pledgee shall not be obliged to give notice of a sale of the Charged Assets to the Pledgor, debtors, holders of a limited right (beperkt recht) or persons who have made
an attachment (beslag) on the Charged 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. 

  

	10.3	The Pledgor shall not be entitled to make a request to the court as referred to in section 3:251, paragraph 1 of the Dutch Civil Code to determine that the Charged Assets shall be
sold in a manner deviating from the provisions of section 3:250 of the Dutch Civil Code. 

  

	10.4	The Pledgor shall not 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 

  

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

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

	10.5	The Pledgor shall not be entitled to set-off (verrekenen) its claims (if any) against the Pledgee under or in connection with this Deed/the Credit Agreement against the
Secured Obligations. 

  

	10.6	To the fullest extent permitted by Dutch law and the Articles of Association, the Pledgor irrevocably and unconditionally waives, renounces and agrees not to exercise any
pre-emption rights or rights of first refusal upon a sale of shares in the capital of the Company and where applicable the other Charged Assets. 

  

	10.7	The Pledgee is irrevocably and unconditionally authorised (but without any obligation) in the event of a sale of the Shares: 

  

	 	(a)	to offer the Shares (and, where applicable, the other Charged Assets) for sale in the manner prescribed by the Articles of Association or to seek the approval of the corporate body
designated under the Articles of Association as empowered to approve all proposed transfers of shares, as the case may be, and to exercise the Pledgor’s rights in connection with the sale and transfer of the Shares as provided in section 2:198,
paragraph 5 of the Dutch Civil Code; 

  

	 	(b)	to cause notice of such sale of the Shares (and, where applicable, the other Charged Assets) to be served, also on behalf of the Pledgor, upon the Company in accordance with Dutch
law and the Articles of Association; and 

  

	 	(c)	to cause the Shares (and, where applicable, other Charged Assets) to be registered in the name of the new owner(s) following the sale to the extent required on behalf of the
Pledgor, to do all such acts and to sign all such documents as are necessary or desirable for that purpose pursuant to Dutch law or the provisions of the Articles of Association. 

  

	10.8	The Pledgee shall have the right to impose such limitations and restrictions on the sale of the Shares (and, where applicable, the other Charged Assets) as necessary or desirable to
comply with any law, rule or regulation applicable to the sale. The Pledgor shall co-operate with the Pledgee in obtaining any necessary permits, exemptions or consents of competent authorities and in ensuring that the sale of the Shares (and, where
applicable, the Charged Assets) does not violate any applicable securities laws. 

  

	10.9	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. 

  

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 CLAUSE 11. FURTHER ASSURANCES 
  

	11.1	If no valid right of pledge is created pursuant to this Deed in respect of the (future) Charged Assets, the Pledgor irrevocably and unconditionally undertakes to pledge to the
Pledgee the (future) Charged 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. 

  

	11.2	The 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 Charged Assets; 

  

	 	(d)	ensuring that the Right of Pledge and the undertakings and obligations of the 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 Charged 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. 

  

	11.3	The Pledgor subordinates in favour of the Pledgee any rights which it may acquire by way of recourse or subrogation in connection with this Deed, until the Secured Obligations have
been irrevocably and unconditionally been paid in full and all Commitments with respect thereto have been irrevocably terminated. If any amount shall be paid to the Pledgor on account of such recourse or subrogation rights at any time when any of
the Secured Obligations are still outstanding, the Pledgor shall forthwith pay such amount to the Pledgee to apply such amount to the Secured Obligations in accordance with Clause 10.9 (Enforcement). 

  
 CLAUSE 12. POWER OF ATTORNEY AND NO WAIVER 
  

	12.1	The Pledgor, by way of security and in order to secure the performance by the 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 Pledgor itself could do, execute, sign or register in relation to
the Charged Assets; and 

  
 (b) executing, signing,
perfecting, doing and (if required) registering 
  

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every such further document, act or thing as is referred to in Clause 11 (Further Assurances). 

  

	12.2	It is expressly agreed that the appointment under Clause 12.1 will only be exercised by the Pledgee in case of an Event of Default 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 the Pledgor’s counterparty (Selbsteintritt) within the meaning of section 3:68 of the Dutch Civil Code or as a representative of the
Pledgor’s counterparty. 

  

	12.3	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. 

  
 CLAUSE 13. TERMINATION 
  

	13.1	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 Pledgor 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. 

  

	13.2	Upon termination of the Right of Pledge in accordance with Clause 13.1 or Clause 13.3, the Pledgee shall issue a notice of termination to the Pledgor. 

  

	13.3	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 Charged Assets and all
or part of the Secured Obligations within the meaning of Section 3:81 paragraph 2 of the Dutch Civil Code. 

  
 CLAUSE 14. SUCCESSORS AND ASSIGNS AND RE-PLEDGE 
  

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

 

	14.2	The Pledgor shall not assign or transfer any of its rights and obligations under this Deed Without the prior written consent of the Pledgee. 

  

	14.3	The Pledgor irrevocably and unconditionally grants authority to the Pledgee to re-pledge (herverpanden) the Charged Assets in accordance with section 3:242 of the Dutch Civil
Code. 

  
 CLAUSE 15. 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. 

  

 12 

			
	

	  	

  

 CLAUSE 16. 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 Pledgor in accordance with section 9.5 (Payment of Expenses and Taxes) of the Credit Agreement.

  
 CLAUSE 17. 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. 
  
 CLAUSE 18. LIABILITY 
  
 Except for its gross negligence (grove nalatigheid) or wilful misconduct (opzet), the Pledgee shall not be liable vis-à-vis the Pledgor for not (or not completely) collecting or recovering or
selling the Charged Assets and/or any loss or damage resulting from any collecting or recovering or selling the Charged 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 Charged Assets or this Deed. Should any such loss or damage occur, then the Pledgor shall fully indemnify the Pledgee therefor. 
  
 CLAUSE 19. NOTICES 
  

	19.1	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 Pledgor: 
  
 Bowne of Gibraltar B.V. 
 Suite 3, Watergardens 4, 
 Gibraltar

 Attention: mr. R. J. Cowan 
 Fax: + 31 20 408 000 
  
 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 
  
 With a copy to: 
  
 Wachovia Bank, National Association 
  

 13 

			
	

	  	

  

 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. 
  

	19.2	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. 

  

	19.3	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 19.1 (Notices). 

  
 CLAUSE 20. SEVERABILITY 
  

	20.1	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. 

  

	20.2	The 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. 

  
 CLAUSE 21. AMENDMENT 
  
 This Deed shall
only be amended, modified or rescinded by a notarial deed under Dutch law duly executed, before a civil law notary in the Netherlands, by the authorised signatories of the Pledgor and the Pledgee. 
  
 CLAUSE 22. ACCEPTANCE 
  
 The Pledgee accepts the Right of Pledge and all stipulations, covenants, undertakings, waivers, authorities and powers pursuant to this
Deed. 
  

 14 

			
	

	  	

  

 CLAUSE 23. GOVERNING LAW 
  
 This Deed shall be governed by and construed in accordance with Dutch law. 
  
 CLAUSE 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, the 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). 
  
 CLAUSE 25. BY-LAW ROYAL NOTARIAL ASSOCIATION 
  

	25.1	The Pledgor declares that it is aware that Gerard Cornelis van Eck civil law notary in Rotterdam, the Netherlands, is a representative of the law firm Loyens & Loeff N.V. in
Rotterdam, the Netherlands which acts as the external legal advisor of the Pledgee. 

  

	25.2	With reference to the provisions of the Code of Conduct (Verordening Beroeps- en Gedragsregels) as determined by the general meeting of the Royal Notarial Association
(Koninklijke Notariële Beroepsorganisatie), the Pledgor explicitly declares that it consents to the fact that the Pledgee will be assisted by Loyens & Loeff N.V. in all cases connected with this Deed and all potential conflicts and
all potential conflicts arising therefrom. 

  
 POWERS OF ATTORNEY

  
 The authorization granted to the person appearing is evidenced by three
(3) powers of attorney, which are attached to this deed (Annex).  
  
 End  
  
 The person appearing is known to me, civil law notary.

  
 This deed was executed in Rotterdam on the date stated in the first paragraph
of this deed. 
  
 The contents of the deed have been stated and clarified to the
person appearing. 
  
 The person appearing has declared not to wish the deed to be
fully read out, tohave noted the contents of the deed timely before its execution and to agree with the contents. 
  
 After limited reading, this deed was signed first by the person appearing and thereafter by me, civil law notary. 
  

					
	 (signed)
	 	 	 	ISSUED FOR TRUE COPY
			
	

	 	 	 	

  

 15Pledge Agreement, dated as of September 1, 2005

 EXHIBIT 10.9 
  
 PLEDGE AGREEMENT 
  
 THIS PLEDGE AGREEMENT (this “Pledge Agreement”) is entered into as of September 1, 2005, among LIONBRIDGE TECHNOLOGIES,
INC., a Delaware corporation (the “Company”), each of the Domestic Subsidiaries of the Company from time to time party hereto (individually a “US Guarantor” and collectively the “US Guarantors”;
the US Guarantors, together with the Company, individually a “Pledgor” and collectively the “Pledgors”) and WACHOVIA BANK, NATIONAL ASSOCIATION, in its capacity as Administrative Agent under the Credit
Agreement referred to below (in such capacity, the “Administrative Agent”) for the several banks and other financial institutions as may from time to time become parties to such Credit Agreement (individually a
“Lender” and collectively the “Lenders”). 
  
 RECITALS 
  
 WHEREAS, pursuant to that certain Credit Agreement dated as of the date hereof (as amended, modified, extended, renewed, restated or replaced from time to time, the “Credit Agreement”), among the Company, Lionbridge
Technologies Ireland, a company formed under the laws of Ireland, as the Irish Borrower, Lionbridge Technologies Holdings B.V., a company incorporated under the laws of The Netherlands with corporate seat in Amsterdam, as a Dutch Borrower, the US
Guarantors, the Foreign Guarantors party thereto, the Lenders party thereto and the Administrative Agent, the Lenders have agreed to make Loans and to issue and/or acquire participation interests in Letters of Credit upon the terms and subject to
the conditions set forth therein; and 
  
 WHEREAS, it is a
condition precedent to the effectiveness of the Credit Agreement and the obligations of the Lenders to make their respective Loans and to issue and/or acquire participation interests in Letters of Credit under the Credit Agreement that the Pledgors
shall have executed and delivered this Pledge Agreement to the Administrative Agent for the ratable benefit of the Lenders. 
  
 NOW, THEREFORE, in consideration of these premises and other good and valuable consideration, the receipt and sufficiency of which is hereby
acknowledged, the parties hereto agree as follows: 
  
 1.
Definitions. Unless otherwise defined herein, capitalized terms used herein shall have the meanings ascribed to such terms in the Credit Agreement, and the following terms that are defined in the Uniform Commercial Code from time to time in
effect in the State of New York (the “UCC”) are used herein as so defined: Certificated Security, Control, Entitlement Order, Financial Asset, Investment Company Security, Securities Account, Security, Security Entitlement,
Securities Intermediary and Uncertificated Security. For purposes of this Pledge Agreement, the term “Lender” shall include any Hedging Agreement Provider. 
  
 2. Pledge and Grant of Security Interest. To secure the prompt payment and performance in full when due, whether by
lapse of time or otherwise, of the Secured Obligations (as defined in Section 3 hereof), each Pledgor hereby pledges and grants to the Administrative Agent, for the benefit of the Lenders, a continuing security interest in any and all right, title
and 

 interest of such Pledgor in and to the following, whether now owned or existing or owned, acquired, or arising hereafter
(collectively, the “Pledged Collateral”): 
  
 (a) Pledged Capital Stock. (i) 100% (or, if less, the full amount owned by such Pledgor) of the issued and outstanding Capital Stock owned by such Pledgor of each Domestic Subsidiary set forth on Schedule
2(a) attached hereto and (ii) 65% (or, if less, the full amount owned by such Pledgor) of each class of the issued and outstanding Capital Stock entitled to vote (within the meaning of Treas. Reg. Section 1.956-2(c)(2)) (“Voting
Equity”) and 100% (or, if less, the full amount owned by such Pledgor) of each class of the issued and outstanding Capital Stock not entitled to vote (within the meaning of Treas. Reg. Section 1.956-2(c)(2)) (“Non-Voting
Equity”) owned by such Pledgor of each Foreign Subsidiary set forth on Schedule 2(a) attached hereto (collectively, together with the Capital Stock and other interests described in clauses (y) and (z) and in Sections 2(b) and 2(c)
below, the “Pledged Capital Stock”), including, but not limited to, the following: 
  
 (y) subject to the percentage restrictions described above and in Section 2(b) below, all shares, securities, membership interests or
other equity interests representing a dividend on any of the Pledged Capital Stock, or representing a distribution or return of capital upon or in respect of the Pledged Capital Stock, or resulting from a stock split, revision, reclassification or
other exchange therefor, and any subscriptions, warrants, rights or options issued to the holder of, or otherwise in respect of, the Pledged Capital Stock; and 
  

(z) subject to the percentage restrictions described above and in Section 2(b) below and without affecting the obligations of the
Pledgors under any provision prohibiting such action hereunder or under the Credit Agreement, in the event of any consolidation or merger involving the issuer of any Pledged Capital Stock and in which such issuer is not the surviving entity, all
shares of each class of the Capital Stock of the successor entity formed by or resulting from such consolidation or merger. 
  
 (b) Additional Interests. (i) 100% (or, if less, the full amount owned by such Pledgor) of each class of the issued and outstanding
Capital Stock of any Person which hereafter becomes a Domestic Subsidiary and (ii) 65% (or, if less, the full amount owned by such Pledgor) of the Voting Equity and 100% (or, if less, the full amount owned by such Pledgor) of the Non-Voting Equity
of any Person which hereafter becomes a Foreign Subsidiary, including, without limitation, the certificates representing such Capital Stock. 
  
 (c) Other Equity Interests. Subject to the percentage restrictions described above, any and all other Capital Stock or other equity
interests owned by the Pledgors in any Domestic Subsidiary or any Foreign Subsidiary. 
  
 (d) Proceeds. All proceeds and products of the foregoing, however and whenever acquired and in whatever form. 
  

 2 

 Without limiting the generality of the foregoing, it is hereby specifically understood and agreed that a
Pledgor may from time to time hereafter pledge and deliver additional shares of Capital Stock or other interests to the Administrative Agent as collateral security for the Secured Obligations. Upon such pledge and delivery to the Administrative
Agent, such additional shares of Capital Stock or other interests shall be deemed to be part of the Pledged Collateral of such Pledgor and shall be subject to the terms of this Pledge Agreement whether or not Schedule 2(a) is amended to refer
to such additional shares. The Administrative Agent acknowledges and agrees that, despite receiving a certificate representing the one outstanding share of Capital Stock of HuanQui TongLian (WFOE), the Pledged Capital Stock of HuanQui TongLian
(WFOE) is limited to 65% of the Voting Equity and 100% of Non-Voting Equity of HuanQui TongLian (WFOE). 
  
 3. Security for Secured Obligations. The security interest created hereby in the Pledged Collateral of each Pledgor constitutes continuing
collateral security for all of the following, whether now existing or hereafter incurred (the “Secured Obligations”): (a) all of the Credit Party Obligations (including obligations under Secured Hedging Agreements), howsoever
evidenced, created, incurred or acquired, whether primary, secondary, direct, contingent, or joint and several and (b) all expenses and charges, legal and otherwise, incurred by the Administrative Agent, the Lenders and/or the Hedging Agreement
Providers in collecting or enforcing any of the Credit Party Obligations or in realizing on or protecting any security therefor, including without limitation the security granted hereunder. 
  
 4. Delivery of the Pledged Collateral; Perfection of Security
Interest. Each Pledgor hereby agrees that: 
  
 (a) Delivery of Certificates and Instruments. Each Pledgor shall deliver as security to the Administrative Agent, (i) simultaneously with or prior to the execution and delivery of this Pledge Agreement, all certificates representing
the Pledged Capital Stock owned by such Pledgor and (ii) promptly upon the receipt thereof by or on behalf of a Pledgor, all other certificates and instruments constituting Pledged Collateral owned by a Pledgor. Prior to delivery to the
Administrative Agent, all such certificates and instruments constituting Pledged Collateral of a Pledgor shall be held in trust by such Pledgor for the benefit of the Administrative Agent pursuant hereto. All such certificates shall be delivered in
suitable form for transfer by delivery or shall be accompanied by duly executed instruments of transfer or assignment in blank, substantially in the form provided in Exhibit 4(a) attached hereto. 
  
 (b) Additional Securities. Subject to the percentage
restrictions set forth in Section 2, if such Pledgor shall receive by virtue of its being or having been the owner of any Pledged Collateral, any (i) certificate, including without limitation, any certificate representing a dividend or distribution
in connection with any increase or reduction of capital, reclassification, merger, consolidation, sale of assets, combination of shares of Capital Stock, stock splits, spin-off or split-off, promissory notes or other instruments; (ii) option or
right, whether as an addition to, substitution for, or an exchange for, any Pledged Collateral or otherwise; (iii) dividends payable in Capital Stock; or 
  

 3 

 (iv) distributions of Capital Stock or other equity interests in connection with a partial or total
liquidation, dissolution or reduction of capital, capital surplus or paid-in surplus, then such Pledgor shall receive such certificate, instrument, option, right or distribution in trust for the benefit of the Administrative Agent, shall segregate
it from such Pledgor’s other property and shall deliver it forthwith to the Administrative Agent in the exact form received accompanied by duly executed instruments of transfer or assignment in blank, substantially in the form provided in
Exhibit 4(a) attached hereto, to be held by the Administrative Agent as Pledged Collateral and as further collateral security for the Secured Obligations. 
  
 (c) Financing Statements; Other Perfection Actions. Each Pledgor hereby authorizes the Administrative
Agent to prepare and file such financing statements (including continuation statements) or amendments thereof or supplements thereto or other instruments as the Administrative Agent may from time to time deem reasonably necessary or appropriate in
order to perfect and maintain the security interests granted hereunder in accordance with the UCC, including, without limitation, any financing statement that describes the Pledged Collateral as “all personal property” or “all
assets” of such Pledgor or that describes the Pledged Collateral in some other manner as the Administrative Agent deems necessary or advisable. Each Pledgor shall also execute and deliver to the Administrative Agent and/or file such agreements,
assignments or instruments (including affidavits, notices, reaffirmations, amendments and restatements of existing documents and, subject to the terms of the Credit Agreement, any documents as may be necessary if the law of any jurisdiction other
than New York becomes or is applicable to the Collateral or any portion thereof, in each case as the Administrative Agent may reasonably request) and do all such other things as the Administrative Agent may reasonably deem necessary or appropriate
(i) to assure to the Administrative Agent its security interests hereunder are perfected, including such financing statements (including continuation statements) or amendments thereof or supplements thereto or other instruments as the Administrative
Agent may from time to time reasonably request in order to perfect and maintain the security interests granted hereunder in accordance with the UCC and any other personal property security legislation in the appropriate jurisdictions, (ii) to
consummate the transactions contemplated hereby and (iii) to otherwise protect and assure the Administrative Agent of its rights and interests hereunder. Each Pledgor agrees to mark its books and records (and to cause the issuer of the Pledged
Capital Stock of such Pledgor to mark its books and records) to reflect the security interest of the Administrative Agent in the Pledged Collateral. 
  
 5. Representations and Warranties. Each Pledgor hereby represents and warrants to the Administrative Agent, for the benefit of the Lenders, that so
long as any of the Secured Obligations (other than contingent indemnity obligations that survive termination of the Credit Documents pursuant to the stated terms thereof) remain outstanding, any Credit Document or Secured Hedging Agreement is in
effect, and until all of the Commitments shall have been terminated: 
  
 (a) Authorization of Pledged Capital Stock. The Pledged Capital Stock is duly authorized and validly issued, is fully paid and nonassessable and is not subject to 
  

 4 

 the preemptive rights of any Person. All other shares of Capital Stock or other interests constituting
Pledged Collateral are duly authorized and validly issued, fully paid and nonassessable and not subject to the preemptive rights of any Person. 
  
 (b) Title. Each Pledgor has good and indefeasible title to the Pledged Collateral of such Pledgor and will at all times be the
legal and beneficial owner of such Pledged Collateral free and clear of any Lien, other than Permitted Liens. There exists no “adverse claim” within the meaning of Section 8-102 of the UCC with respect to the Pledged Capital Stock of such
Pledgor. 
  
 (c) Exercising of Rights. The
exercise by the Administrative Agent of its rights and remedies hereunder will not violate any law or governmental regulation or any material contractual restriction binding on or affecting a Pledgor or any of its property. 
  
 (d) Pledgor’s Authority. No authorization,
approval or action by, and no notice or filing with any Governmental Authority, the issuer of any Pledged Capital Stock or third party is required either (i) for the pledge made by a Pledgor or for the granting of the security interest by a Pledgor
pursuant to this Pledge Agreement or (ii) for the exercise by the Administrative Agent or the Lenders of their rights and remedies hereunder (except as may be required by laws affecting the offering and sale of securities). 
  
 (e) Security Interest/Priority. This Pledge Agreement
creates a valid security interest in favor of the Administrative Agent for the ratable benefit of the Lenders, in the Pledged Collateral. The taking possession by the Administrative Agent of the certificates (if any) representing the Pledged Capital
Stock and all other certificates and instruments constituting Pledged Collateral will perfect and establish the first priority of the Administrative Agent’s security interest in all certificated Pledged Capital Stock and such certificates and
instruments. Upon the filing of UCC financing statements in the location of each Pledgor’s state of organization, the Administrative Agent shall have a first priority perfected security interest in all uncertificated Pledged Capital Stock
consisting of partnership or limited liability company interests that do not constitute a Security pursuant to Section 8-103(c) of the UCC. With respect to any Pledged Collateral consisting of an Uncertificated Security or a Security Entitlement or
any Pledged Collateral held in a Securities Account, upon execution and delivery by the applicable Pledgor, the Administrative Agent and the applicable Securities Intermediary or the applicable issuer of the Uncertificated Security of an agreement
granting Control to the Administrative Agent over such Pledged Collateral, the Administrative Agent shall have a first priority perfected security interest in such Pledged Collateral. Except as set forth in this Section, no action is necessary to
perfect the Administrative Agent’s security interest. 
  
 (f) No Other Capital Stock. Except as set forth on Schedule 2(a) attached hereto (as updated or deemed updated from time to time in accordance with the terms hereof and of the Credit Agreement), no
Pledgor owns any Capital Stock of the Company or any of its Domestic Subsidiaries. 
  

 5 

 (g) Partnership and Limited Liability Company Interests. Except as previously
disclosed to the Administrative Agent, none of the Pledged Capital Stock consisting of partnership or limited liability company interests (i) is dealt in or traded on a securities exchange or in a securities market, (ii) by its terms expressly
provides that it is a Security governed by Article 8 of the UCC, (iii) is an Investment Company Security, (iv) is held in a Securities Account or (v) constitutes a Security or a Financial Asset. 
  
 (h) Uncertificated Securities; Security Entitlement;
Securities Accounts. Except as previously disclosed to the Administrative Agent, none of the Pledged Collateral consists of an Uncertificated Security, a Security Entitlement or a Securities Account. 
  
 6. Covenants. Each Pledgor hereby covenants, that so long as any of
the Secured Obligations (other than contingent indemnity obligations that survive termination of the Credit Documents pursuant to the stated terms thereof) remain outstanding, any Credit Document or Secured Hedging Agreement is in effect, and until
all of the Commitments shall have been terminated, such Pledgor shall: 
  
 (a) Defense of Title. Warrant and defend title to and ownership of the Pledged Collateral of such Pledgor at its own expense against the claims and demands of all other parties claiming an interest therein;
keep the Pledged Collateral free from all Liens, other than Permitted Liens; and not sell, exchange, transfer, assign, lease or otherwise dispose of Pledged Collateral of such Pledgor or any interest therein, except as permitted under the Credit
Agreement and the other Credit Documents. 
  
 (b)
Further Assurances. Subject to the terms of the Credit Agreement, promptly execute and deliver at its expense all further instruments and documents and take all further action that may be necessary and desirable or that the Administrative
Agent may request in order to (i) perfect and protect the security interest created hereby in the Pledged Collateral of such Pledgor (including, without limitation, execution and delivery of one or more control agreements reasonably acceptable to
the Administrative Agent, filing of UCC financing statements and any and all other actions reasonably necessary to satisfy the Administrative Agent that the Administrative Agent has obtained a first priority perfected security interest in all
Pledged Collateral); and (ii) enable the Administrative Agent to exercise and enforce its rights and remedies hereunder in respect of the Pledged Collateral of such Pledgor. 
  
 (c) Amendments. Not make or consent to any amendment or other modification or waiver with respect to
any of the Pledged Collateral of such Pledgor or enter into any agreement or allow to exist any restriction with respect to any of the Pledged Collateral of such Pledgor other than pursuant hereto or as may be permitted under the Credit Agreement.

  
 (d) Compliance with Securities Laws.
File all reports and other information now or hereafter required to be filed by such Pledgor with the United States Securities and Exchange Commission and any other state, federal or foreign agency in connection with the ownership of the Pledged
Collateral of such Pledgor. 
  

 6 

 (e) Issuance or Acquisition of Capital Stock. Not without executing and
delivering, or causing to be executed and delivered, to the Administrative Agent such agreements, documents and instruments as the Administrative Agent may reasonably require, issue or acquire any Capital Stock of a Subsidiary that consists of an
interest in a partnership or a limited liability company which (i) is dealt in or traded on a securities exchange or in a securities market, (ii) by its terms expressly provides that it is a Security governed by Article 8 of the UCC, (iii) is an
Investment Company Security, (iv) is held in a Securities Account or (v) constitutes a Security or a Financial Asset. 
  
 (e) Pledged Collateral Requiring Control. Not without executing and delivering, and causing to be executed and delivered, to the
Administrative Agent such control agreement and other documents as the Administrative Agent may reasonably require, issue or acquire any Pledged Collateral that consists of an Uncertificated Security, a Security Entitlement or a Securities Account.

  
 7. Performance of Obligations; Advances by Administrative
Agent. On failure of any Pledgor to perform any of the covenants and agreements contained herein, the Administrative Agent may, at its sole option and in its sole discretion, perform or cause to be performed the same and in so doing may expend
such sums as the Administrative Agent may reasonably deem advisable in the performance thereof, including, without limitation, the payment of any insurance premiums, the payment of any taxes, a payment to obtain a release of a Lien or potential
Lien, expenditures made in defending against any adverse claim and all other expenditures which the Administrative Agent may make for the protection of the security interest hereof or may be compelled to make by operation of law. All such sums and
amounts so expended shall be repayable by the Pledgors on a joint and several basis promptly upon timely notice thereof and demand therefor, shall constitute additional Secured Obligations and shall bear interest from the date said amounts are
expended at the default rate for Revolving Loans that are Alternate Base Rate Loans set forth in Section 2.10 of the Credit Agreement. No such performance of any covenant or agreement by the Administrative Agent on behalf of any Pledgor, and no such
advance or expenditure therefor, shall relieve the Pledgors of any Default or Event of Default under the terms of this Pledge Agreement, the other Credit Documents or any Secured Hedging Agreement. The Administrative Agent may make any payment
hereby authorized in accordance with any bill, statement or estimate procured from the appropriate public office or holder of the claim to be discharged without inquiry into the accuracy of such bill, statement or estimate or into the validity of
any tax assessment, sale, forfeiture, tax lien, title or claim except to the extent such payment is being contested in good faith by a Pledgor in appropriate proceedings and against which adequate reserves are being maintained in accordance with
GAAP. 
  
 8. Events of Default. The occurrence of an event
which under the Credit Agreement would constitute an Event of Default shall be an event of default hereunder (an “Event of Default”). 
  

 7 

 9. Remedies. 
  
 (a) General Remedies. Upon the occurrence of an Event of Default and during the continuation thereof,
the Administrative Agent shall have, in respect of the Pledged Collateral of any Pledgor, in addition to the rights and remedies provided herein, in the other Credit Documents, in any Secured Hedging Agreement or by law, the rights and remedies of a
secured party under the UCC or any other applicable law. 
  
 (b) Sale of Pledged Collateral. Upon the occurrence of an Event of Default and during the continuation thereof, without limiting the generality of this Section and without notice, the Administrative Agent may,
in its sole discretion, sell or otherwise dispose of or realize upon the Pledged Collateral, or any part thereof, in one or more parcels, at public or private sale, at any exchange or broker’s board or elsewhere, at such price or prices and on
such other terms as the Administrative Agent may deem commercially reasonable, for cash, credit or for future delivery or otherwise in accordance with applicable law. To the extent permitted by law, any Lender may in such event, bid for the purchase
of such securities. Each Pledgor agrees that, to the extent notice of sale shall be required by law and has not been waived by such Pledgor, any requirement of reasonable notice shall be met if notice, specifying the place of any public sale or the
time after which any private sale is to be made, is personally served on or mailed, postage prepaid, to such Pledgor, in accordance with the notice provisions of Section 9.2 of the Credit Agreement at least ten (10) days before the time of such
sale. The Administrative Agent shall not be obligated to make any sale of Pledged Collateral of such Pledgor regardless of notice of sale having been given. The Administrative Agent may adjourn any public or private sale from time to time by
announcement at the time and place fixed therefor, and such sale may, without further notice, be made at the time and place to which it was so adjourned. 
  
 (c) Private Sale. Upon the occurrence of an Event of Default and during the continuation thereof, the Pledgors recognize that the
Administrative Agent may deem it impracticable to effect a public sale of all or any part of the Pledged Collateral and that the Administrative Agent may, therefore, determine to make one or more private sales of any such Pledged Collateral to a
restricted group of purchasers who will be obligated to agree, among other things, to acquire such Pledged Collateral for their own account, for investment and not with a view to the distribution or resale thereof. Each Pledgor acknowledges that any
such private sale may be at prices and on terms less favorable to the seller than the prices and other terms which might have been obtained at a public sale and, notwithstanding the foregoing, agrees that such private sale shall be deemed to have
been made in a commercially reasonable manner and that the Administrative Agent shall have no obligation to delay sale of any such Pledged Collateral for the period of time necessary to permit the issuer of such Pledged Collateral to register such
Pledged Collateral for public sale under the Securities Act of 1933. Each Pledgor further acknowledges and agrees that any offer to sell such Pledged Collateral which has been (i) publicly advertised on a bona fide basis in a newspaper or other
publication of general circulation in the financial community of New York, New York (to the extent that such offer may be advertised without prior registration under the Securities Act of 1933), or (ii) made privately in the manner described above,
shall be deemed to involve a “public 
  

 8 

 sale” under the UCC, notwithstanding that such sale may not constitute a “public offering”
under the Securities Act of 1933, and the Administrative Agent may, in such event, bid for the purchase of such Pledged Collateral, in each case except to the extent limited or prohibited by applicable law. 
  
 (d) Retention of Pledged Collateral. In addition to
the rights and remedies hereunder, upon the occurrence of an Event of Default and during the continuation thereof, the Administrative Agent may, after providing the notices required by Sections 9-620 and 9-621 of the UCC (or any successor sections
of the UCC) or otherwise complying with the notice requirements of applicable law of the relevant jurisdiction, accept or retain all or any portion of the Pledged Collateral in satisfaction of the Secured Obligations. Unless and until the
Administrative Agent shall have provided such notices, however, the Administrative Agent shall not be deemed to have retained any Pledged Collateral in satisfaction of any Secured Obligations for any reason. 
  
 (e) Deficiency. In the event that the proceeds of any
sale, collection or realization are insufficient to pay all amounts to which the Administrative Agent or the Lenders are legally entitled, the Pledgors shall be jointly and severally liable for the deficiency, together with interest thereon at the
default rate for Revolving Loans that are Alternate Base Rate Loans set forth in Section 2.10 of the Credit Agreement, together with the costs of collection and the reasonable fees of any attorneys employed by the Administrative Agent to collect
such deficiency. Any surplus remaining after the full payment and satisfaction of the Secured Obligations shall be returned to the Pledgors or to whomsoever a court of competent jurisdiction shall determine to be entitled thereto. 
  
 (f) Other Security. To the extent that any of the
Secured Obligations are now or hereafter secured by property other than the Pledged Collateral (including, without limitation, real and other personal property owned by a Pledgor), or by a guarantee, endorsement or property of any other Person, then
the Administrative Agent shall have the right to proceed against such other property, guarantee or endorsement upon the occurrence and during the continuation of any Event of Default, and the Administrative Agent shall have the right, in its sole
discretion, to determine which rights, security, Liens, security interests or remedies the Administrative Agent shall at any time pursue, relinquish, subordinate, modify or take with respect thereto, without in any way modifying or affecting any of
them or any of the Administrative Agent’s rights or the Secured Obligations under this Pledge Agreement, under any other of the Credit Documents or under any Secured Hedging Agreement. 
  
 10. Rights of the Administrative Agent. 
  
 (a) Power of Attorney. Each Pledgor hereby designates
and appoints the Administrative Agent, on behalf of the Lenders, and each of its designees or agents as attorney-in-fact of such Pledgor, irrevocably and with power of substitution, with authority to take any or all of the following actions upon the
occurrence and during the continuation of an Event of Default: 
  
 (i) to demand, collect, settle, compromise, adjust and give discharges and releases concerning the Pledged Collateral of such Pledgor, all as the Administrative Agent may reasonably determine in respect of such
Pledged Collateral; 
  

 9 

 (ii) to commence and prosecute any actions at any court for the purposes of collecting
any of the Pledged Collateral and enforcing any other right in respect thereof; 
  
 (iii) to defend, settle, adjust or compromise any action, suit or proceeding brought with respect to the Pledged Collateral and, in
connection therewith, give such discharge or release as the Administrative Agent may deem reasonably appropriate; 
  
 (iv) to pay or discharge taxes, Liens, security interests, or other encumbrances levied or placed on or threatened against the Pledged
Collateral; 
  
 (v) to direct any parties liable
for any payment under any of the Pledged Collateral to make payment of any and all monies due and to become due thereunder directly to the Administrative Agent or as the Administrative Agent shall direct; 
  
 (vi) to receive payment of and receipt for any and all
monies, claims, and other amounts due and to become due at any time in respect of or arising out of any Pledged Collateral of such Pledgor; 
  
 (vii) to sign and endorse any drafts, assignments, proxies, stock powers, verifications, notices and other documents relating to the
Pledged Collateral of such Pledgor; 
  
 (viii) to
execute and deliver and/or file all assignments, conveyances, statements, financing statements, continuation statements, pledge agreements, affidavits, notices and other agreements, instruments and documents that the Administrative Agent may
determine necessary in order to perfect and maintain the security interests and Liens granted in this Pledge Agreement and in order to fully consummate all of the transactions contemplated herein; 
  
 (ix) to exchange any of the Pledged Collateral of such
Pledgor or other property upon any merger, consolidation, reorganization, recapitalization or other readjustment of the issuer thereof and, in connection therewith, deposit any of the Pledged Collateral of such Pledgor with any committee,
depository, transfer agent, registrar or other designated agency upon such terms as the Administrative Agent may determine; 
  
 (x) to vote for a shareholder, partner or member resolution, or to sign an instrument in writing, sanctioning the transfer of any or all
of the Pledged 
  

 10 

 Collateral of such Pledgor into the name of the Administrative Agent or into the name of any transferee
to whom the Pledged Collateral of such Pledgor or any part thereof may be sold pursuant to Section 9 hereof; and 
  
 (xi) to do and perform all such other acts and things as the Administrative Agent may reasonably deem to be necessary, proper or
convenient in connection with the Pledged Collateral of such Pledgor. 
  
 This power of attorney is a power coupled with an interest and shall be irrevocable for so long as any of the Secured Obligations (other than contingent indemnity obligations that survive termination of the Credit Documents pursuant to the
stated terms thereof) remain outstanding, any Credit Document or Secured Hedging Agreement is in effect, and until all of the Commitments shall have been terminated. The Administrative Agent shall be under no duty to exercise or withhold the
exercise of any of the rights, powers, privileges and options expressly or implicitly granted to the Administrative Agent in this Pledge Agreement, and shall not be liable for any failure to do so or any delay in doing so. The Administrative Agent
shall not be liable for any act or omission or for any error of judgment or any mistake of fact or law in its individual capacity or its capacity as attorney-in-fact except acts or omissions resulting from its gross negligence or willful misconduct.
This power of attorney is conferred on the Administrative Agent solely to perfect, protect, preserve and realize upon its security interest in the Pledged Collateral. 
  
 (b) Assignment by the Administrative Agent. The Administrative Agent may from time to time assign the
Secured Obligations or any portion thereof and/or the Pledged Collateral or any portion thereof to a successor Administrative Agent, and the assignee shall be entitled to all of the rights and remedies of the Administrative Agent under this Pledge
Agreement in relation thereto. 
  
 (c) The
Administrative Agent’s Duty of Care. Other than the exercise of reasonable care to assure the safe custody of the Pledged Collateral while being held by the Administrative Agent hereunder, the Administrative Agent shall have no duty or
liability to preserve rights pertaining thereto, it being understood and agreed that Pledgors shall be responsible for preservation of all rights in the Pledged Collateral of such Pledgor, and the Administrative Agent shall be relieved of all
responsibility for the Pledged Collateral upon surrendering it or tendering the surrender of it to the Pledgors. The Administrative Agent shall be deemed to have exercised reasonable care in the custody and preservation of the Pledged Collateral in
its possession if such Pledged Collateral is accorded treatment substantially equal to that which the Administrative Agent accords its own property, which shall be no less than the treatment employed by a reasonable and prudent agent in the
industry, it being understood that the Administrative Agent shall not have responsibility for (i) ascertaining or taking action with respect to calls, conversions, exchanges, maturities, tenders or other matters relating to any Pledged Collateral,
whether or not the Administrative Agent has or is deemed to have knowledge of such matters; or (ii) taking any necessary steps to preserve rights against any parties with respect to any Pledged Collateral. 
  

 11 

 (d) Voting Rights in Respect of the Pledged Collateral. 
  
 (i) So long as no Event of Default shall have occurred and
be continuing, to the extent permitted by law, each Pledgor may exercise any and all voting and other consensual rights pertaining to the Pledged Collateral of such Pledgor or any part thereof for any purpose not inconsistent with the terms of this
Pledge Agreement or the Credit Agreement. 
  
 (ii) Subject to subsection (e) of this Section, upon the occurrence and during the continuance of an Event of Default, all rights of a Pledgor to exercise the voting and other consensual rights which it would otherwise be entitled to
exercise pursuant to paragraph (i) of this subsection (d) shall cease and all such rights shall thereupon become vested in the Administrative Agent which shall then have the sole right to exercise such voting and other consensual rights. 

 
 (e) Dividend and Distribution Rights in Respect of the
Pledged Collateral. 
  
 (i) So long as no
Event of Default shall have occurred and be continuing, each Pledgor may receive and retain any and all dividends (other than dividends payable in the form of Capital Stock and other dividends constituting Pledged Collateral which are required to be
delivered to the Administrative Agent pursuant to Section 4 above), distributions or interest paid in respect of the Pledged Collateral to the extent they are allowed under the Credit Agreement. 
  
 (ii) Upon the occurrence and during the continuation of an
Event of Default: 
  
 (A) all rights of a Pledgor to receive the
dividends, distributions and interest payments which it would otherwise be authorized to receive and retain pursuant to paragraph (i) of this subsection (e) shall cease and all such rights shall thereupon be vested in the Administrative Agent which
shall then have the sole right to receive and hold as Pledged Collateral such dividends, distributions and interest payments; and 
  
 (B) all dividends, distributions and interest payments which are received by a Pledgor contrary to the provisions of clause (A) of this subsection (ii)
shall be received in trust for the benefit of the Administrative Agent, shall be segregated from other property or funds of such Pledgor, and shall be forthwith paid over to the Administrative Agent as Pledged Collateral in the exact form received,
to be held by the Administrative Agent as Pledged Collateral and as further collateral security for the Secured Obligations. 
  
 (f) Release of Pledged Collateral. The Administrative Agent may release any of the Pledged Collateral from this Pledge Agreement or
may substitute any of the Pledged Collateral for other Pledged Collateral without altering, varying or diminishing in any way 
  

 12 

 the force, effect, Lien, pledge or security interest of this Pledge Agreement as to any Pledged
Collateral not expressly released or substituted, and this Pledge Agreement shall continue as a first priority Lien on all Pledged Collateral not expressly released or substituted. 
  
 11. Application of Proceeds. After the exercise of remedies by the Administrative Agent or the Lenders pursuant to
Section 7.2 of the Credit Agreement (or after the Commitments shall automatically terminate and the Loans (with accrued interest thereon) and all other amounts under the Credit Documents shall automatically become due and payable in accordance with
the terms of such Section), any proceeds of the Pledged Collateral, when received by the Administrative Agent, any of the Lenders or any Hedging Agreement Provider in cash or its equivalent, will be applied in reduction of the Secured Obligations in
the order set forth in Section 2.13(b) of the Credit Agreement, and each Pledgor irrevocably waives the right to direct the application of such payments and proceeds and acknowledges and agrees that the Administrative Agent shall have the continuing
and exclusive right to apply and reapply any and all such proceeds in the Administrative Agent’s sole discretion, notwithstanding any entry to the contrary upon any of its books and records. 
  
 12. Costs of Counsel. If at any time hereafter, whether upon the
occurrence of an Event of Default or not, the Administrative Agent employs counsel to prepare or consider amendments, waivers or consents with respect to this Pledge Agreement, or to take action or make a response in or with respect to any legal or
arbitral proceeding relating to this Pledge Agreement or relating to the Pledged Collateral, or to protect the Pledged Collateral or exercise any rights or remedies under this Pledge Agreement or with respect to the Pledged Collateral, then the
Pledgors agree to promptly pay the costs and expenses of the Administrative Agent in accordance with the terms of Section 9.5 of the Credit Agreement, all of which costs and expenses shall constitute Secured Obligations hereunder. 
  
 13. Continuing Agreement. 
  
 (a) This Pledge Agreement shall be a continuing agreement in
every respect and shall remain in full force and effect so long as any of the Secured Obligations (other than contingent indemnity obligations that survive termination of the Credit Documents pursuant to the stated terms thereof) remain outstanding,
any Credit Document or Secured Hedging Agreement is in effect, and until all of the Commitments shall have been terminated. Upon such payment and termination, this Pledge Agreement shall be automatically terminated and the Administrative Agent and
the Lenders shall, upon the request and at the expense of the Pledgors, forthwith release all of the Liens and security interests granted hereunder and shall deliver all UCC termination statements and/or other documents reasonably requested by the
Pledgors evidencing such termination. Notwithstanding the foregoing, all releases and indemnities provided hereunder shall survive termination of this Pledge Agreement. 
  
 (b) This Pledge Agreement shall continue to be effective or be automatically reinstated, as the case may be,
if at any time payment, in whole or in part, of any of the Secured Obligations is rescinded or must otherwise be restored or returned by the 
  

 13 

 Administrative Agent or any Lender as a preference, fraudulent conveyance or otherwise under any
bankruptcy, insolvency or similar law, all as though such payment had not been made; provided that in the event payment of all or any part of the Secured Obligations is rescinded or must be restored or returned, all reasonable costs and
expenses (including without limitation any reasonable legal fees and disbursements) incurred by the Administrative Agent or any Lender in defending and enforcing such reinstatement shall be deemed to be included as a part of the Secured Obligations.

  
 14. Amendments; Waivers; Modifications. This Pledge
Agreement and the provisions hereof may not be amended, waived, modified, changed, discharged or terminated except as set forth in Section 9.1 of the Credit Agreement. 
  
 15. Successors in Interest. This Pledge Agreement shall create a continuing security interest in the Pledged
Collateral and shall be binding upon each Pledgor, its successors and assigns and shall inure, together with the rights and remedies of the Administrative Agent hereunder, to the benefit of the Administrative Agent and the Lenders and their
successors and permitted assigns; provided, however, that none of the Pledgors may assign its rights or delegate its duties hereunder without the prior written consent of each Lender or the Required Lenders, as required by the Credit
Agreement. To the fullest extent permitted by law, each Pledgor hereby releases the Administrative Agent, each Lender and any other Indemnitees, in accordance with the terms of Section 9.5 of the Credit Agreement, from any liability for any act or
omission relating to this Pledge Agreement or the Pledged Collateral. 
  
 16. Notices. All notices required or permitted to be given under this Pledge Agreement shall be in conformance with Section 9.2 of the Credit Agreement. 
  
 17. Counterparts. This Pledge Agreement may be executed in any number of counterparts, each of which where so
executed and delivered shall be an original, but all of which shall constitute one and the same instrument. It shall not be necessary in making proof of this Pledge Agreement to produce or account for more than one such counterpart. Delivery of
executed counterparts of the Pledge Agreement by telecopy shall be effective as an original and shall constitute a representation that an original shall be delivered upon the request of the Administrative Agent. 
  
 18. Headings. The headings of the sections and subsections hereof are
provided for convenience only and shall not in any way affect the meaning, construction or interpretation of any provision of this Pledge Agreement. 
  
 19. Governing Law; Submission to Jurisdiction and Service of Process; Waiver of Jury Trial; Venue. THIS PLEDGE AGREEMENT AND THE RIGHTS AND
OBLIGATIONS OF THE PARTIES HEREUNDER SHALL BE GOVERNED BY AND CONSTRUED AND ENFORCED IN ACCORDANCE WITH, THE LAWS OF THE STATE OF NEW YORK WITHOUT REGARD TO CONFLICT OF LAWS PRINCIPLES THEREOF (OTHER THAN SECTIONS 5-1401 AND 5-1402 OF THE NEW YORK
GENERAL OBLIGATIONS LAW). The terms of Sections 9.14 and 9.17 of the Credit Agreement are incorporated herein by reference, mutatis mutandis, and the parties hereto agree to such terms. 
  

 14 

 20. Severability. If any provision of this Pledge Agreement is determined to be illegal, invalid
or unenforceable, such provision shall be fully severable and the remaining provisions shall remain in full force and effect and shall be construed without giving effect to the illegal, invalid or unenforceable provisions. 
  
 21. Entirety. This Pledge Agreement, the other Credit Documents and
any Secured Hedging Agreement represent the entire agreement of the parties hereto and thereto, and supersede all prior agreements and understandings, oral or written, if any, including any commitment letters or correspondence relating to this
Pledge Agreement, the other Credit Documents, any such Secured Hedging Agreement or the transactions contemplated herein and therein. 
  
 22. Survival. All representations and warranties of the Pledgors hereunder shall survive the execution and delivery of this Pledge Agreement, the
other Credit Documents and any Secured Hedging Agreement, the delivery of the Notes and the making of the Loans and the issuance of the Letters of Credit under the Credit Agreement. 
  
 23. Joint and Several Obligations of Pledgors. 
  
 (a) Each of the Pledgors is accepting joint and several liability hereunder in consideration of the
financial accommodations to be provided by the Lenders under the Credit Agreement, for the mutual benefit, directly and indirectly, of each of the Pledgors and in consideration of the undertakings of each of the Pledgors to accept joint and several
liability for the obligations of each of them. 
  
 (b) Each of the Pledgors, jointly and severally hereby irrevocably and unconditionally accepts, not merely as a surety but also as a co-debtor, joint and several liability with the other Pledgors with respect to the payment and performance
of all of the Secured Obligations arising under this Pledge Agreement, the other Credit Documents and any Hedging Agreement, it being the intention of the parties hereto that all the Secured Obligations shall be the joint and several obligations of
each of the Pledgors without preferences or distinction among them. 
  
 (c) Notwithstanding any provision to the contrary contained herein, in any other of the Credit Documents or in any Secured Hedging Agreement, to the extent the obligations of a Pledgor shall be adjudicated to be
invalid or unenforceable for any reason (including, without limitation, because of any applicable state or federal law relating to fraudulent conveyances or transfers) then the obligations of such Pledgor hereunder shall be limited to the maximum
amount that is permissible under applicable law (whether federal or state and including, without limitation, the Bankruptcy Code). 
  
 24. Rights of Required Lenders. All rights of the Administrative Agent hereunder, if not exercised by the Administrative Agent, may be exercised by
the Required Lenders. 
  

 15 

 Each of the parties hereto has caused a counterpart of this Pledge Agreement to be duly executed and
delivered as of the date first above written. 
  

					
	COMPANY:	 	LIONBRIDGE TECHNOLOGIES, INC.,
	 	 	a Delaware corporation
			
	 	 	By:	 	 /s/ Stephen J. Lifshatz

	 	 	Name:	 	Stephen J. Lifshatz
	 	 	Title:	 	Vice President
		
	US GUARANTORS:	 	VERITEST, INC.,
	 	 	a Delaware corporation
			
	 	 	By:	 	 /s/ Stephen J. Lifshatz

	 	 	Name:	 	Stephen J. Lifshatz
	 	 	Title:	 	Vice President
		
	 	 	LIONBRIDGE US, INC.,
	 	 	a Delaware corporation
			
	 	 	By:	 	 /s/ Stephen J. Lifshatz

	 	 	Name:	 	Stephen J. Lifshatz
	 	 	Title:	 	Vice President
		
	 	 	MENTORIX TECHNOLOGIES INC.,
	 	 	a California corporation
			
	 	 	By:	 	 /s/ Stephen J. Lifshatz

	 	 	Name:	 	Stephen J. Lifshatz
	 	 	Title:	 	Vice President
		
	 	 	LIONBRIDGE GLOBAL SOLUTIONS COMPANIES, INC. f/k/a BGS COMPANIES, INC.,
	 	 	a Delaware corporation
			
	 	 	By:	 	 /s/ Stephen J. Lifshatz

	 	 	Name:	 	Stephen J. Lifshatz
	 	 	Title:	 	Vice President

			
	LIONBRIDGE GLOBAL SOLUTIONS FEDERAL, INC. f/k/a BOWNE GLOBAL SOLUTIONS FEDERAL, INC.,
	a Delaware corporation
		
	By:	 	 /s/ Stephen J. Lifshatz

	Name:	 	Stephen J. Lifshatz
	Title:	 	Vice President
	
	LIONBRIDGE GLOBAL SOLUTIONS II, INC. f/k/a BOWNE GLOBAL SOLUTIONS II, INC.,
	a New York corporation
		
	By:	 	 /s/ Stephen J. Lifshatz

	Name:	 	Stephen J. Lifshatz
	Title:	 	Vice President

 Accepted and agreed to as of the date first above written. 
  

			
	WACHOVIA BANK, NATIONAL ASSOCIATION,
	as Administrative Agent
		
	By:	 	 /s/ Scott C. Reeds

	Name:	 	Scott C. Reeds
	Title:	 	Vice President

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