Common use of DISCHARGE OF THE PLEDGE Clause in Contracts

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 This pledge shall The Pledge will be discharged by, and only by, the express release thereof granted by the PledgeeBeneficiary, in accordance with the provisions of the Stock Purchase Agreement or by means of final court decision or arbitral award, which can no longer be appealed, ordering the release of the Pledge. 8.2 The Pledgee Beneficiary shall grant an express release of this pledgePledge, without delay promptly upon demand of the Pledgor, as soon as all Secured Liabilities shall have been finally discharged, it being understood that all Secured Liabilities shall have been discharged if either the obligations of the Pledgor pursuant to Clause 2 (b) (ii), (iii) and (iv), either the obligations of the Pledgor pursuant to Clause 2(g) shall have been discharged. The Beneficiary shall inform the Company of such release, and shall provide the Pledgor with a power of attorney in favour of the Pledgor or any person designated by it for the purpose of recording the release of the Pledge in the Company's share register. Forthwith upon such release being granted, the Pledgee Beneficiary shall notify return to the Account Bank of the release of this pledge and authorise the Account Bank to transfer the Shares and Pledgor the other Pledged AssetsShares, if any, as and the Pledgor may instructshall take delivery thereof. 8.3 The Pledgee shall, without delay upon demand Any release or discharge 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 Pledge will be null and void and without effect if any payment received by the Pledgee Beneficiary 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, payment and the Beneficiary will be entitled to enforce the Pledge as if such release or (b) becomes repayable by the Pledgee to a third party, or (c) proves discharge had not to have been effectively received by the Pledgeeoccurred.