Common use of Partial Releases Clause in Contracts

Partial Releases. The Lender agrees, provided always that no Default ----------------- or Event of Default shall have occurred and be continuing, as promptly as is practicable after ________________ in each year (the period commencing __________________ and ending _____________, 1998 and each subsequent 12-month period ending on ____________ being herein after referred to as a "Plan Year"), to release that number of Pledged Shares then being held to secure the Loan which is equal to the number of such Pledged Shares held as of the last day of the Plan Year multiplied by a fraction, the numerator of which is the aggregate amount of all principal and interest payments made on the Note during the Plan Year and the denominator of which is the sum of the numerator plus the unpaid principal and interest of the Note as of the last day of such Plan Year.

Partial Releases. The Lender agrees, provided always that no ---------------- Default ----------------- or Event of Default shall have occurred and be continuing, as promptly as is practicable after ______after__________ in each year (the period commencing commencing_____________ and ending______________ and each subsequent 12-month period ending on_______________ and ending _____________, 1998 and each subsequent 12-month period ending on ____________ being herein after hereinafter referred to as a "Plan Year"), to release that number of Pledged Shares then being held to secure the Loan which is equal to the number of such Pledged Shares held as of the last day of the Plan Year multiplied by a fraction, the numerator of which is the aggregate amount of all principal and interest payments made on the Note during the Plan Year and the denominator of which is the sum of the numerator plus the unpaid principal and interest of the Note as of the last day of such Plan Year.

Partial Releases. The Lender agrees, provided always that no Default ----------------- or Event of Default ---------------- shall have occurred and be continuing, as promptly as is practicable after __after______________ in each year (the period commencing __the date hereof and ending________________ and each subsequent 12-month period ending on_____________, 1998 and each subsequent 12-month period ending on ____________ being herein after hereinafter referred to as a "Plan Year"), to release that number of Pledged Shares then being held to secure the Loan which is equal to the number of such Pledged Shares held as of the last day of the Plan Year multiplied by a fraction, the numerator of which is the aggregate amount of all principal and interest payments made on the Note during the Plan Year and the denominator of which is the sum of the numerator plus the unpaid principal and interest of the Note as of the last day of such Plan Year.

Partial Releases. The Lender agrees, provided always that no Default ----------------- or Event of Default shall have occurred and be continuing, as promptly as is practicable after ______after__________ in each year (the period commencing commencing__________ and ending____________ and ending _____________, 1998 and each subsequent 12-month period ending on ___on_________ being herein after hereinafter referred to as a "Plan Year"), to release that number of Pledged Shares then being held to secure the Loan which is equal to the number of such Pledged Shares held as of the last day of the Plan Year multiplied by a fraction, the numerator of which is the aggregate amount of all principal and interest payments made on the Note during the Plan Year and the denominator of which is the sum of the numerator plus the unpaid principal and interest of the Note as of the last day of such Plan Year.

Partial Releases. The Lender agrees, provided always that no Default ----------------- or Event of Default shall have occurred and be continuing, as promptly as is practicable after ________________ in each year (the period commencing __________________ and ending _____________, 1998 1997 and each subsequent 12-month period ending on _____________ being herein after hereinafter referred to as a "Plan Year"), to release that number of Pledged Shares then being held to secure the Loan which is equal to the number of such Pledged Shares held as of the last day of the Plan Year multiplied by a fraction, the numerator of which is the aggregate amount of all principal and interest payments made on the Note during the Plan Year and the denominator of which is the sum of the numerator plus the unpaid principal and interest of the Note as of the last day of such Plan Year.

Partial Releases. The Lender agrees, provided always that no Default ----------------- or Event of Default shall have occurred and be continuing, as promptly as is practicable after ______after__________ in each year (the period commencing commencing_____________ and ending______________ and each subsequent 12-month period ending on_______________ and ending _____________, 1998 and each subsequent 12-month period ending on ____________ being herein after hereinafter referred to as a "Plan Year"), to release that number of Pledged Shares then being held to secure the Loan which is equal to the number of such Pledged Shares held as of the last day of the Plan Year multiplied by a fraction, the numerator of which is the aggregate amount of all principal and interest payments made on the Note during the Plan Year and the denominator of which is the sum of the numerator plus the unpaid principal and interest of the Note as of the last day of such Plan Year.

Partial Releases. The Lender agrees, provided always that no Default ----------------- or Event of Default ---------------- shall have occurred and be continuing, as promptly as is practicable after ________________ in each year (the period commencing __________________ on the date hereof and ending _____________, 1998 and _ in each subsequent 12-month period ending on ____________ being herein after hereinafter referred to as a "Plan Year"), to release that number of Pledged Shares then being held to secure the Loan which is equal to the number of such Pledged Shares held as of the last day of the Plan Year multiplied by a fraction, the numerator of which is the aggregate amount of all principal and interest payments made on the Note during the Plan Year and the denominator of which is the sum of the numerator plus the unpaid principal and interest of the Note as of the last day of such Plan Year.

Partial Releases. The Lender agreesshall, provided always that no Default ----------------- or Event of Default ---------------- shall have occurred and be continuing, as promptly as is practicable after ________________ in each year (the period commencing _on the date hereof and ending _________________ and ending _____________, 1998 and in each subsequent 12-month period ending on ______________ being herein after hereinafter referred to as a "Plan Year"), to release that number of Pledged Shares then being held to secure the Loan which is equal to the number of such Pledged Shares held as of the last day of the Plan Year multiplied by a fraction, the numerator of which is the aggregate amount of all principal and interest payments made on the Note during the Plan Year and the denominator of which is the sum of the numerator plus the unpaid principal and interest of the Note as of the last day of such Plan Year.

Partial Releases. The Lender agrees, provided always that no Default ----------------- or Event of Default shall have occurred and be continuing, as promptly as is practicable after ________________ in each year (the period commencing ___________ and ending on ________ and ending _____________, 1998 and each subsequent 12-month period ending on ____________ being herein after referred to as a "Plan Year"), to release that number of Pledged Shares then being held to secure the Loan which is equal to the number of such Pledged Shares held as of the last day of the Plan Year multiplied by a fraction, the numerator of which is the aggregate amount of all principal and interest payments made on the Note during the Plan Year and the denominator of which is the sum of the numerator plus the unpaid principal and interest of the Note as of the last day of such Plan Year.

Partial Releases. The Lender agrees, provided always that no Default ----------------- ---------------- or Event of Default shall have occurred and be continuing, as promptly as is practicable after ________________ in each year (the period commencing __________________ and ending _____________, 1998 _ and each subsequent 12-month period ending on ____________ being herein after hereinafter referred to as a "Plan Year"), to release that number of Pledged Shares then being held to secure the Loan which is equal to the number of such Pledged Shares held as of the last day of the Plan Year multiplied by a fraction, the numerator of which is the aggregate amount of all principal and interest payments made on the Note during the Plan Year and the denominator of which is the sum of the numerator plus the unpaid principal and interest of the Note as of the last day of such Plan Year.