Common use of Release of Pledged Collateral Clause in Contracts

Release of Pledged Collateral. The Administrative Agent may release any of the Pledged Collateral from this Pledge Agreement or may substitute any of the Pledged Collateral for other Pledged Collateral without altering, varying or diminishing in any way the force, effect, lien, pledge or security interest of this Pledge Agreement as to any Pledged Collateral not expressly released or substituted, and this Pledge Agreement shall continue as a first priority lien on all Pledged Collateral not expressly released or substituted. Upon the consummation of any disposition of any Pledged Collateral permitted by the Agreement, the security interest and Lien granted hereby in the Pledged Collateral subject to such disposition shall automatically terminate and be released and the Administrative Agent shall, upon the request and at the expense of the Pledgors, return to the Pledgors any such Pledged Collateral in its possession and execute and deliver all UCC termination statements and/or other documents reasonably requested by the Pledgors evidencing such termination. Upon the consummation of any disposition of any Pledgor permitted by the Agreement, such Pledgor shall by automatically released from its obligations hereunder and the security interest and Lien in the Pledged Collateral of such Pledgor shall automatically terminate and be released and the Administrative Agent shall, upon the request and at the expense of the Pledgors, return to the Pledgors any such Pledged Collateral in its possession and execute and deliver all UCC termination statements and/or other documents reasonably requested by the Pledgors evidencing such termination.

Release of Pledged Collateral. The Administrative Agent may release any of the Pledged Collateral from this Pledge Agreement or may substitute any of the Pledged Collateral for other Pledged Collateral without altering, varying or diminishing in any way the force, effect, lien, pledge or security interest of this Pledge Agreement as to any Pledged Collateral not expressly released or substituted, and this Pledge Agreement shall continue as a first priority lien on all Pledged Collateral not expressly released or substituted. Upon At any time a Person ceases to be a Borrowing Base Entity under the consummation of any disposition of any Pledged Collateral permitted by Credit Agreement in compliance with the Agreementterms thereof and without such cessation resulting in a Default thereunder, the security interest and Lien granted hereby in the Pledged Collateral subject to such disposition shall automatically terminate and be released and the Administrative Agent shall, upon the request and at the expense of the Pledgors, (i) return all certificates representing the Pledged Equity Interests of such Borrowing Base Entity and all instruments of transfer or assignment which have been delivered to the Pledgors any Administrative Agent pursuant to this Pledge Agreement in connection therewith and (ii) release all of its liens and security interests hereunder with respect to such Pledged Collateral in its possession and execute shall authorize and deliver all UCC termination statements and/or other documents reasonably requested by the Pledgors evidencing such termination. Upon the consummation of any disposition of any Pledgor permitted by the Agreement, such Pledgor shall by automatically released from its obligations hereunder and the security interest and Lien in the Pledged Collateral of such Pledgor shall automatically terminate and be released and the Administrative Agent shall, upon the request and at the expense of the Pledgors, return to the Pledgors any such Pledged Collateral in its possession and execute and deliver all UCC termination statements and/or other documents reasonably requested by the Pledgors evidencing such terminationwith respect thereto.

Release of Pledged Collateral. The Administrative Agent Pledged Collateral shall promptly be released from the pledge created by, and provisions of this Agreement, and returned to Pledgor in accordance with the following provisions: (a) A stock certificate representing 200,000 Pledged Shares and a Pledged Warrant evidencing the right to purchase 8,196,723 shares of Common Stock shall be released following the payment by Pledgor of Payment #1; (b) A stock certificate representing 400,000 Pledged Shares and a Pledged Warrant evidencing the right to purchase 16,393,442 shares of Common Stock shall be released following the payment by Pledgor of Payment #2; and (c) A stock certificate representing 400,000 Pledged Shares and a Pledged Warrant evidencing the right to purchase 16,393,442 shares of Common Stock shall be released following the payment by Pledgor of (i) Payment #3, (ii) any interest that may release have accrued under the Promissory Note, and (iii) any other outstanding amount owed by Pledgor to Pledgee hereunder. Upon the satisfaction in full of the Obligations, this Agreement and the security interest created hereby shall terminate and all rights to the Pledged Collateral shall revert to Pledgor, and Pledgee will promptly (A) return to Pledgor such of the Pledged Collateral from this Pledge Agreement as shall not have been returned to Pledgor, sold or may substitute any otherwise disposed of or applied pursuant to the Pledged Collateral for other Pledged Collateral without altering, varying or diminishing in any way the force, effect, lien, pledge or security interest of this Pledge Agreement as to any Pledged Collateral not expressly released or substitutedterms hereof, and this Pledge Agreement shall continue as a first priority lien on all Pledged Collateral not expressly released or substituted. Upon the consummation of any disposition of any Pledged Collateral permitted by the Agreement, the security interest and Lien granted hereby in the Pledged Collateral subject to such disposition shall automatically terminate and be released and the Administrative Agent shall, upon the request and at the expense of the Pledgors, return to the Pledgors any such Pledged Collateral in its possession and (B) execute and deliver all UCC termination statements and/or other to Pledgor such documents reasonably requested by the Pledgors evidencing such termination. Upon the consummation of any disposition of any Pledgor permitted by the Agreement, such as Pledgor shall by automatically released from its obligations hereunder and the security interest and Lien in the Pledged Collateral of such Pledgor shall automatically terminate and be released and the Administrative Agent shall, upon the reasonably request and at the expense of the Pledgors, return to the Pledgors any such Pledged Collateral in its possession and execute and deliver all UCC termination statements and/or other documents reasonably requested by the Pledgors evidencing evidence such termination.

Release of Pledged Collateral. The Administrative Agent may release any (a) At the time provided in Section 8.02(b) of the Note Purchase Agreement, the Pledged Collateral shall automatically be released from the Lien created hereby and this Pledge Agreement and all obligations (other than those expressly stated to survive such termination) of the Collateral Agent and each Grantor hereunder shall terminate, all without delivery of any instrument or may substitute performance of any of act by any party, and all rights to the Pledged Collateral for other Pledged shall revert to the Grantors. Each Grantor is hereby authorized to file UCC amendments at such time evidencing the termination of the Liens so released. At the request and expense of any Grantor following any such termination, the Collateral without altering, varying or diminishing in any way the force, effect, lien, pledge or security interest of this Pledge Agreement as Agent shall deliver to such Grantor any Pledged Collateral not expressly released or substituted, and this Pledge Agreement shall continue as a first priority lien on all Pledged Collateral not expressly released or substituted. Upon the consummation of any disposition of any Pledged Collateral permitted such Grantor held by the Agreement, the security interest and Lien granted hereby in the Pledged Collateral subject to such disposition shall automatically terminate and be released and the Administrative Agent shall, upon the request and at the expense of the Pledgors, return to the Pledgors any such Pledged Collateral in its possession hereunder and execute and deliver all UCC termination statements and/or other to such Grantor such documents as such Grantor shall reasonably requested by the Pledgors evidencing request to evidence such termination. (b) If the Collateral Agent shall be directed or permitted pursuant to Section 8.02(b) of the Note Purchase Agreement to release any Lien or any Pledged Collateral, such Pledged Collateral shall be released from the Lien created hereby to the extent provided under, and subject to the terms and conditions set forth in Section 8.02(b) of the Note Purchase Agreement. Upon In connection therewith, the consummation Collateral Agent, at the request of any disposition of Grantor, shall execute and deliver to such Grantor such documents as such Grantor shall reasonably request to evidence such release. (c) Each Grantor shall automatically and without any Pledgor permitted by the Agreement, such Pledgor shall by automatically further action be released from its obligations hereunder and the security interest and Lien in the Pledged Collateral event that the Capital Stock of such Pledgor Grantor shall automatically terminate and be released and sold to any Person in a transaction permitted by the Administrative Agent shall, upon Note Purchase Agreement. At the request and at the expense of the PledgorsParent or any other Grantor, return to the Pledgors any such Pledged Collateral in its possession and Agent shall execute and deliver all UCC termination statements and/or other to the Parent or such Grantor such documents as the Parent or such Grantor shall reasonably requested by the Pledgors evidencing request to evidence such terminationrelease.