EFFECTIVENESS OF THE PLEDGE. 6.1 The Pledge shall be a continuing first-ranking pledge (gage de premier rang) and shall not be considered as satisfied, discharged or prejudiced by any intermediate payment, satisfaction or settlement of any part of the Secured Obligations, but shall remain in full force and effect until it has been released in accordance with clause 12 below.
Appears in 2 contracts
Samples: Credit Agreement (Parker Drilling Co /De/), Credit Agreement (Parker Drilling Co /De/)
