Release of Pledged Stock. Upon the execution hereof, Pledgor ------------------------ will deliver to Escrow Agent the stock certificates representing the Pledged Stock, including Pledgor's endorsement thereon or appropriate stock powers duly executed in blank, as appropriate, to be held by the Escrow Agent in accordance with the terms of this Agreement and Section 1.9 of the Purchase Agreement.
Release of Pledged Stock. The Collateral Agent agrees that it will ------------------------ not release or otherwise dispose of any of the Pledged Stock except (a) to the Trustee in accordance with the terms hereof, unless instructed by the Trustee to the contrary, or (b) in the exercise of its remedies under the terms hereof or (c) to the respective Pledgor upon satisfaction of all Secured Obligations.
Release of Pledged Stock. Upon a partial satisfaction of the Obligations as provided for in the Employment Agreement and payment of all costs and expenses of Lender as provided herein, a portion of the Pledged Stock as provided for in the Employment Agreement shall be released from the security interest granted pursuant to this Agreement and Lender shall deliver to Pledgor, at Pledgor's expense, such Pledged Stock. Upon the satisfaction in full of all Obligations and the full payment of all costs and expenses of Lender as provided herein, this Agreement shall terminate and Lender shall deliver to Pledgor, at Pledgor's expense, such of the Pledged Stock as shall not have been sold or otherwise applied pursuant to this Agreement.
Release of Pledged Stock. The following new Section 10.16 of the Credit Agreement is added immediately following Section 10.15 of the Credit Agreement:
Release of Pledged Stock. Lender hereby releases the Pledged Stock, pursuant to the Release of Pledged Stock dated as of even date herewith.
Release of Pledged Stock. The Pledged Stock (or the relevant portion thereof, as the case may be) shall be automatically released from pledge hereunder upon the earlier to occur of (i) the sale thereof, in whole or in part, to a third party in accordance with this Pledge Agreement, the Stipulation or a subsequent order of the Court, and (ii) the payment in full of the Pledge Obligations, the Subordinated Pledge Obligations and reimbursement of any amounts paid by Emerson in accordance xxxx xaragraph 3(g) of the Stipulation. The proceeds of any sale of any Emerson Shares to a thixx xxxty shall be distributed in accordance with paragraphs 3(f) and (g) of the Stipulation. Upon payment in full of the Pledge Obligations and the Subordinated Pledge Obligations to the Creditors and Jurick (subject to the xxxxxsions of the Stipulation) and reimbursement of amounts paid by Emerson in accordance wxxx xxxagraph 3(g) of the Stipulation, any Pledged Stock or other Collateral remaining in the possession of the Collateral Agent or in the custody of the Court, including any proceeds of the Emerson Shares in excess xx xxe Pledge Obligations, the Subordinated Pledge Obligations and any such amounts to be reimbursed, shall be returned to the Pledgor or its designee, unless otherwise required by law, by the Collateral Agent and/or the Office of the Clerk of the Court, as the case may be. The security interest and lien granted pursuant hereto and pursuant to the Stipulation shall be deemed released upon such payment in full.
Release of Pledged Stock. On December 31st of each year during the term of this Agreement, a number of shares of the Securities calculated as set forth below shall be automatically released from the pledge of this Agreement, and shall thereupon no longer be considered to be collateral for the Note. The number of shares to be released on each such date shall equal the number of shares held on such date that are subject to the pledge of this Agreement immediately before such release, multiplied by a fraction. The numerator of the fraction is the amount of principal and interest paid on the Note for the year ended on such date. The denominator of the fraction is the sum of the numerator plus the principal and interest to be paid on the Note for all future years, determined without taking into account any possible extensions or renewal periods. For this purpose, the interest to be paid in future years shall be computed on each date on which Securities are to be released hereunder by using the interest rate in effect under the Note on such date.
Release of Pledged Stock. Upon full payment of the Loans and satisfaction of all Obligations in connection therewith, Secured Party shall take all action necessary to terminate the security interest in the Pledged Stock.
Release of Pledged Stock. Upon the execution hereof, Pledgor shall deliver to Secured Party, the stock certificate or certificates representing the Pledged Stock, including Pledgor's endorsement thereon or appropriate stock powers duly executed in blank, to be held in accordance with the terms of this Agreement. Provided all indebtedness secured hereunder shall at the time have been paid in full, the Pledged Stock shall be released from pledge and returned to Pledgor upon the full and final satisfaction of Pledgor's obligations under the Promissory Note and this Agreement, subject to any continuing escrow requirements under the Stock Purchase Agreement.
Release of Pledged Stock. Upon the BetzDearborn Sale Effective Date, the pledges and grants of security interests in the Pledged Collateral (as defined in the Pledge Agreement) shall be deemed released and the covenants and other agreements contained in the Pledge Agreement shall otherwise cease and be of no further force and effect as to the Credit Parties. Promptly following the BetzDearborn Sale Effective Date, the Collateral Agent shall, at the Credit Parties expense, deliver to the Credit Parties such documentation as is reasonably necessary to evidence the Collateral Agent's release of its security interest in the Pledged Collateral (as defined in the Pledge Agreement) including without limitation the return of the stock certificates and stock powers delivered to the Collateral Agent thereunder.
