Common use of De-certification of Shares in case of Event of Default Clause in Contracts

De-certification of Shares in case of Event of Default. (a) Notwithstanding Section 7.01 above, upon the occurrence of an Event of Default under a Financing Arrangement, a Lender may, subject to the “right of first refusal” of the Holder(s) of the other Class of Certificates, (i) in the event Certificates are Pledged in accordance with Section 6.01, cause all or part of the Shares underlying the Pledged Certificates to be de-certificated automatically, following which the Certificates corresponding to such Shares will be automatically cancelled, and (ii) cause the Shares which are Pledged in accordance with Section 6.01 to be Transferred to or on the order of such Lender in accordance with the provisions of the relevant Financing Arrangement(s) and of the related Pledge agreement. (b) Notwithstanding anything to the contrary in this Agreement, upon the enforcement of a Pledge, any de-certification of Shares arising under Section 7.02.(a) shall not require any further approval, permission, resolution or notice period whatsoever from the AK and/or any other Holder and shall take place immediately with regard to the Shares that correspond to the Certificates, without prejudice to Section 8.01. A number of Certificates equal to the number of Pledged Shares subject to enforcement shall be automatically exchanged for the corresponding Pledged Shares. Such Certificates shall immediately and automatically cease to exist. (c) The Parties hereby agree that the Transfer restrictions of Article V shall not be applicable and consequently that the relevant Lender(s) shall be entitled to Transfer such Shares to any Person for the purpose set forth in this Section 7.02 and that, subsequent to such Transfer by the relevant Lender(s), such Shares shall cease to be subject to this Agreement. (d) Notwithstanding anything to the contrary in this Agreement, where an exchange of Certificates may be requested for Shares that are Pledged Shares, the Holder of the Certificate shall only be entitled to receive such Shares subject to such Pledge and on terms allowing for the uninterrupted continuation of such Pledge (which may require specific formalities for delivery of the Shares), unless the relevant Lender has agreed otherwise, and the Certificates so exchanged for Pledged Shares shall automatically cease to exist.

De-certification of Shares in case of Event of Default. (a) Notwithstanding Section 7.01 above, upon the occurrence of an Event of Default under a Financing Arrangement, a Lender may, subject to the “right of first refusal” of the Holder(s) of the Class of Certificates that is the other Class than the Class of CertificatesCertificates held by such Lender’s borrower, (i) in the event Certificates are Pledged in accordance with Section 6.01, cause all or part of the Shares underlying the Pledged Certificates to be de-certificated automatically, following which the Certificates corresponding to such Shares will be automatically cancelled, and (ii) cause the Shares which are Pledged in accordance with Section 6.01 to be Transferred to or on the order of such Lender in accordance with the provisions of the relevant such Financing Arrangement(s) Arrangement and of the related Pledge agreement. (b) Notwithstanding anything to the contrary in this Agreement, upon the enforcement of a Pledge, any de-certification of Shares arising under Section 7.02.(a) shall not require any further approval, permission, resolution or notice period whatsoever from the AK and/or any other Holder and shall take place immediately with regard to the Shares that correspond to the Certificates, without prejudice to Section 8.01. A number of Certificates equal to the number of Pledged Shares subject to enforcement shall be automatically exchanged for the corresponding Pledged Shares. Such Certificates shall immediately and automatically cease to exist. (c) The Parties hereby agree that the Transfer restrictions of Article V shall not be applicable and consequently that the relevant Lender(s) shall be entitled to Transfer such Shares to any Person for the purpose set forth in this Section 7.02 and that, subsequent to such Transfer by the relevant Lender(s), such Shares shall cease to be subject to this Agreement. (d) Notwithstanding anything to the contrary in this Agreement, where an exchange of Certificates may be requested for Shares that are Pledged Shares, the Holder of the Certificate shall only be entitled to receive such Shares subject to such Pledge and on terms allowing for the uninterrupted continuation of such Pledge (which may require specific formalities for delivery of the Shares), unless the relevant Lender has agreed otherwise, and the Certificates so exchanged for Pledged Shares shall automatically cease to exist.