DISCHARGE OF THE PLEDGE Clause Samples

DISCHARGE OF THE PLEDGE. 11.1 The Pledgee shall grant an express release of the Pledge, as soon as is reasonably practicable upon demand of the Pledgor, as soon as all Secured Obligations have been unconditionally and irrevocably performed and discharged in full and there is no possibility of any further Secured Obligations coming into existence. 11.2 The Pledgee shall inform the Companies of such a release, and shall provide the Pledgor with a power of attorney in favor of the Pledgee designated by such Pledgor for the purpose of recording the release of the Pledge in the Register. 11.3 Forthwith upon such release being granted, the Pledgee shall return to the Pledgor any Pledged Assets in their possession and such Pledgor shall take delivery thereof.

DISCHARGE OF THE PLEDGE. 13.1 At the end of the Period of Effectiveness, the Second Italian Pledge over Quota shall lose its effectiveness. When such event occurs, the Pledgor will be re-entitled to the full and exclusive ownership of the Quota and the Collateral Agent shall sign a deed of consent to the discharge of the Second Italian Pledge over Quota and shall (i) allow the discharge of the object of the Second Italian Pledge over Quota, (ii) prepare and deliver to the Pledgor the documents that the Pledgor may reasonably request, at Pledgor’s own expenses, in order to obtain the evidence of such discharge and [iii) perform any and all action deemed necessary or useful in order to return to the Pledgor the Quota, at Pledgor’s own expenses.

DISCHARGE OF THE PLEDGE. 9.1 This Pledge shall be discharged by, and only by, the express release thereof granted by the Pledgee. 9.2 The Pledgee shall in accordance with the Collateral Agency Agreement, grant an express release of this Pledge without delay upon demand of the Pledgor, as soon as all Secured Obligations shall have been fully and finally discharged. 9.3 Any release or discharge of the Pledge shall be null and void and without effect if any payment received by the Pledgee and applied towards satisfaction of all or part of the Secured Obligations (a) is avoided or declared invalid as against the creditors of the maker of such payment; or (b) becomes repayable by the Pledgee to a third party; or (c) proves not to have been effectively received by the Pledgee; and the Pledgee shall be entitled to enforce the pledge as if such release or discharge had not occurred.

DISCHARGE OF THE PLEDGE. 7.1 The Pledge shall be discharged by, and only by, the express release thereof granted by the Pledgees. The Pledgees shall grant such express discharge as soon as practical after all the Secured Liabilities pursuant to the Loan Agreement have irrevocably been fulfilled in accordance with its terms and conditions. 7.2 The Pledgees shall inform the Company of such release, and shall provide the Pledgor with a power of attorney in favour of the agent designated by the Pledgor for the purpose of recording the release of the Pledge in the Company's share register. Forthwith upon such release being granted, the Pledgees shall return to the Pledgor any other Pledged Assets and the Pledgor shall take delivery thereof. 7.3 Any release of the Pledge shall be null and void and without effect if any payment received by the Pledgees (or any of them) and applied towards satisfaction of all or part of the Secured Liabilities (a) is avoided or declared invalid as against the creditors of the maker of such payment, or (b) becomes repayable by the Pledgees (or any of them) to a third party, or (c) proves not to have been effectively received by the Pledgees (or any of them).

DISCHARGE OF THE PLEDGE. 13.1 The Secured Creditor will proceed with release of the Subject of the Pledge at the date of full repayment of the Guaranteed Obligations, provided that each of said Secured Credits has been correctly and fully accomplished in accordance with the provisions of the Loan Agreement. 13.2 For the purposes of release of the secured guarantee to which this deed refers, the Beneficiary must provide the Secured Creditor with declaration issued by its duly authorised legal representative, certifying that at the date of fulfilment of the Guaranteed Obligations, the Beneficiary is not in a state of insolvency, or subject to any insolvency procedure, in accordance with the provisions of the law applicable to the Beneficiary and related regulations. Without prejudice to the provisions set forth in paragraph 13.2 above, it is in any case expressly understood that the Pledge will not be removed, nor will it be in any way reduced or limited, until complete and correct fulfilment of all the Guaranteed Obligations.

DISCHARGE OF THE PLEDGE. 8.1 This pledge shall be discharged by, and only by, the express release thereof granted by the Pledgee. 8.2 The Pledgee shall grant an express release of this pledge, without delay upon demand of the Pledgor, as soon as all Secured Liabilities shall have been finally discharged. Forthwith upon such release being granted, the Pledgee shall notify the Account Bank of the release of this pledge and authorise the Account Bank to transfer the Shares and the other Pledged Assets, if any, as the Pledgor may instruct. 8.3 The Pledgee shall, without delay upon demand of the Pledgor, grant an express release of the pledge over 200,000 Shares as soon as all obligations of the Pledgor under the May Put Option Transaction have been finally discharged. Forthwith upon such release being granted, the Pledgee shall notify the Account Bank of the release of this pledge and authorise the Account Bank to transfer the Shares the release of which has been authorised, as the Pledgor may instruct. 8.4 Any release of this pledge shall be null and void and without effect if any payment received by the Pledgee and applied towards satisfaction of all or part of the Secured Liabilities (a) is avoided or declared invalid as against the creditors of the maker of such payment, or (b) becomes repayable by the Pledgee to a third party, or (c) proves not to have been effectively received by the Pledgee.

DISCHARGE OF THE PLEDGE. 8.1 The Pledge will be fully discharged automatically: (i) if no Pledgee has sought to enforce its rights under the Secured Obligations by such date, twelve (12) months from the date of this Agreement; or (ii) if a Pledgee has sought to enforce its rights under the Secured Obligations on or before the date falling twelve (12) months from the date of this Agreement, the date falling one year following the date of a final non-appealable judgment obtained from a court of competent jurisdiction holding the Pledgor liable for the Secured Obligations. 8.2 Each Pledgee will instruct the Company to record the release of the Pledge made in its benefit in the Register once the Pledge has been fully discharged towards it and the Company shall only consider such release and record such release upon receipt of such notice of instruction by registered letter with acknowledgment of receipt.

DISCHARGE OF THE PLEDGE. 受限于本第6条的规定，质权应通过持续担保的方式保持完全有效，不应以任何方式受到任何临时结算（无论任何受担保债务是否在该等结算后仍未清偿）或其他事项或事情的影响。 Subject to this Section 6, the Pledge shall remain in full force and effect by way of continuing security and shall not be affected in any way by any interim settlement of account (whether or not any Secured Obligations remain outstanding thereafter) or other matter or thing whatsoever.

DISCHARGE OF THE PLEDGE. 8.1 This pledge shall be discharged by release hereby granted by the Pledgee in accordance with Section 9.11 of the Credit Agreement. 8.2 Any release of this pledge shall be null and void and without effect if any payment received by the Pledgee or any other Secured Party and applied towards satisfaction of all or part of the Secured Obligations (a) is avoided or declared invalid as against the creditors of the maker of such payment, or (b) becomes repayable by the Pledgee to a third party, or (c) proves not to have been effectively received by the Pledgee or such other Secured Party.