Common use of Payment of Indebtedness and Release of Pledged Shares Clause in Contracts

Payment of Indebtedness and Release of Pledged Shares. Upon payment in full of the indebtedness evidenced by the Note, the Company shall surrender the Pledged Shares to Pledgor together with all forms of assignment as Pledgor may request and deems sufficient to reconvey title thereto to Pledgor. Simultaneous with the consummation of an Approved Sale (as defined in the Executive Stock Agreement, dated as of the date hereof, between Pledgor and the Company), the Company shall surrender the Pledged Shares to Pledgor together with all forms of assignment as Pledgor may request and deems sufficient to reconvey title thereto to Pledgor; provided that all proceeds received with respect to the Pledged Shares in such Approved Sale be applied to pay the Note in the manner set forth therein.