Common use of Term of the Pledge Clause in Contracts

Term of the Pledge. (1) The Pledge shall take effect on the Execution Date and shall subsist and continue to be in force until the earlier of the date upon which (i) the Closing under the Share Purchase Agreement shall have been consummated, (ii) the Share Purchase Agreement shall have been properly terminated in accordance with Article 8 of the Share Purchaser Agreement, or (iii) the Secured Obligations shall have been performed or extinguished in full. (2) In the event that the term of the Pledge shall have expired pursuant to Section 4(1), the Pledgee shall immediately release the Pledge upon the Pledged Shares. In such case, the Pledgee shall take necessary steps to release the Pledge upon the Pledged Shares, including, but not limited to, providing necessary documents to the Pledgor.