RELEASE OF PLEDGORS. In the event that at any time after a Person becomes a Pledgor hereunder (a) such Pledgor does not own any Eligible Pledged Securities (including, without limitation, as a result of the enactment of any Law or the entering into a material contract by the Company or one of its Subsidiaries at any time that has the effect of prohibiting or restricting Collateral owned by such Pledgor from being pledged, assigned, transferred or otherwise subject to a Lien in favor of another Person), (b) one of the circumstances described in Section 6.14(a)(2) of the Credit Agreement applies to such Pledgor, or (c) such Pledgor is otherwise permitted to be released pursuant to Section 6.14(d) or 9.10 of the Credit Agreement, such Pledgor shall be automatically released from this Agreement and this Agreement shall, as to such Pledgor only, automatically have no further force or effect. At the request of the Company or such Pledgor, the Pledgee will promptly execute and deliver to such Pledgor a proper instrument or instruments acknowledging such release, and will duly assign, transfer and deliver to such Pledgor (without recourse and without any representation or warranty) the Collateral of such Pledgor that is in Pledgee’s possession, if any.
Appears in 4 contracts
Samples: Pledge and Security Agreement (Host Hotels & Resorts L.P.), Pledge and Security Agreement (Host Hotels & Resorts L.P.), Pledge and Security Agreement (Host Hotels & Resorts, Inc.)
