Common use of EXTINCTION AND CANCELLATION OF THE PLEDGE Clause in Contracts

EXTINCTION AND CANCELLATION OF THE PLEDGE. 10.1.1 Notwithstanding the specifications below in paragraph (b), at the time of the expiry of the Guaranteed Period, the Pledge will no longer be effective, all the Related Rights with the Shares will return to the Pledgor and, at the request and the expense of the Pledgor, the Guaranteed Creditors will sign a deed of consent for the cancellation of the Pledge indicating a certain date, for these purposes providing the Company and the Depository with instructions so that the appropriate notes are added to the Security Account and to the Shareholders' Book. 10.1.2 After the full compliance with the Guaranteed Obligations, at the written request of the Pledgor for the release of the Pledge, the Guaranteed Creditors will provide their consent for the full release of the Pledge and the noting of the cancellation of the Pledge even before the expiry of the Guaranteed Period providing the Depository with instructions, for these purposes, provided the Pledgor has sent the Lead Bank, in a form and with content which are considered to be satisfactory by the Lead Bank itself, the following: (i) the last annual certified balance sheet and the last half-yearly report, if envisaged, of the Company, in which there is no fact or circumstance which must lead to the conclusion, in good faith, that the Pledgor is in a state of insolvency; (ii) a declaration issued by the legal representative of the Pledgor, in which it is declares that the Pledgor, as of the date of the full compliance with the Guaranteed Obligations and at the time of the issuing of the declaration itself to the Lead Bank: was not and is not in any of the situations specified by articles 2446 and 2447 of the Italian Civil Code.