Common use of Termination and Release of Pledge Clause in Contracts

Termination and Release of Pledge. 5.1 It is agreed that the Pledge constituted hereby is a continuing security for the due and punctual performance of all the Secured Obligations, and subject to the terms of this Agreement, the Pledge may only be terminated by the Pledgee and Pledgors in writing and shall, in particular, not terminate by reason solely of the fact that there may, at any time, be no amounts owing by the Pledgors to the Pledgee. 5.2 On final and full performance and discharge of the Secured Obligations to the satisfaction of the Pledgee, the Pledgee shall, at the Pledgors’ cost: (a) agree to terminate this Agreement and shall release all documents held by it hereunder to the Pledgors and the annotation of the share certificates shall be cancelled and this for no consideration other than the refund of expenses incurred and fees due for carrying out its obligations hereunder and in accordance with this Agreement; and (b) on a specific request in writing made by the Pledgors, file the necessary notification (Form T3) at the Registry of Companies in accordance with the Companies Act.

Termination and Release of Pledge. 5.1 It is agreed that the Pledge constituted hereby is a continuing security for the due and punctual performance of all the Secured Obligations, and subject to the terms of this Agreement, the Pledge may only be terminated by the Pledgee and Pledgors Pledgor in writing and shall, in particular, not terminate by reason solely of the fact that there may, at any time, be no amounts owing by the Pledgors Pledgor to the Pledgee. 5.2 On final and full performance and discharge of the Secured Obligations to the satisfaction of the Pledgee, the Pledgee shall, at the Pledgors’ Pledgor’s cost: (a) agree to terminate this Agreement and shall release all documents held by it hereunder to the Pledgors Pledgor and the annotation of the share certificates shall be cancelled and this for no consideration other than the refund of expenses incurred and fees due for carrying out its obligations hereunder and in accordance with this Agreement; and (b) on a specific request in writing made by the PledgorsPledgor, file the necessary notification (Form T3) at the Registry of Companies in accordance with the Companies Act.