Dutch Pledge the pledge agreement or other document whereby the UK Borrower delivered to Agent duly executed Dutch law pledge of its Inventory.
Dutch Pledge. Within 30 days after the Closing Date (as such date may be extended by the Required Lenders in their sole discretion):
Dutch Pledge. The Lenders and each other Secured Party hereby consent to the creation, for purposes of vesting valid security in the applicable security collateral under Dutch law, of the Parallel Debt as defined under and created by the WSI Pledge Documents over shares in Aquilex Welding Services B.V.
Dutch Pledge. The Administrative Agent is hereby authorized to execute and deliver any documents necessary or appropriate to create and perfect the rights of pledge not only for the benefit of the Holders of Secured Obligations, but also for the benefit of each of the Purchasers, including a right of pledge with respect to the entitlements to profits, the balance left after winding up and the voting rights of the Borrower as general partner of TIWR Netherlands Holdings C.V. (the "DUTCH PLEDGE"). Without prejudice to the provisions of this Agreement and the other Collateral Documents, the parties hereto acknowledge and agree with the creation of covenant to pay obligations of the Borrower as will be described in the Dutch Pledge (the "COVENANT TO PAY OBLIGATIONS"), including that any payment received by the Administrative Agent in respect of the Covenant to Pay Obligations will - conditionally upon such payment not subsequently being avoided or reduced by virtue of any provisions or enactments relating to bankruptcy, insolvency, preference, liquidation or similar laws of general application - be deemed a satisfaction of a pro rata portion of the corresponding amounts of the Secured Obligations and the obligations towards the Purchasers, and any payment to the Holders of Secured Obligations in satisfaction of the Secured Obligations shall - conditionally upon such payment not subsequently being avoided or reduced by virtue of any provisions or enactments relating to bankruptcy, insolvency, preference, liquidation or similar laws of general application - be deemed as satisfaction of the corresponding amount of the Covenant to Pay Obligations.
