Common use of Termination and Release of Pledge Clause in Contracts

Termination and Release of Pledge. 4.1 The Parties agree that the Pledge constituted is a continuing security for the due and punctual payment of the Secured Obligations, and subject to the terms of this Agreement. 4.2 The Vendors shall release the Pledged Shares from the Pledge as follows: 4.2.1 On the 30th day of the month of December 2014 and upon payment by the Purchasers in terms of the SSPA, of ten percent (10%) of the Sale Amount in cash and thirty percent (30%) of the Sale Amount in stock, in terms of the SSPA, the Vendors shall release the Pledged Shares from the Pledge. 4.3 Upon the lapse of ten (10) calendar days from the payment in terms of sub-clause 4.2 hereof, the Vendors shall: 4.3.1 Release all documents held by them vis-à-vis the Pledged Shares so released to the Purchasers and the annotation of the share certificates pertaining to the Pledged Shares so released shall be cancelled, and this for no consideration other than the refund of expenses incurred and fees due and payable by the Purchasers to the Vendors in advance for carrying out of the obligations by the Vendors set out and in terms of this Agreement; and 4.3.2 On a specific request in writing made by the Purchasers, or either of them, file the necessary documentation, with respect to the percentage of the Pledged Shares so released in terms of sub-clause 4.2, at the Register of Shareholders of the Company and of the Company’s book of shares.

Termination and Release of Pledge. 4.1 The Parties agree that the Pledge constituted is a continuing security for the due and punctual payment of the Secured Obligations, and subject to the terms of this Agreement. 4.2 The Vendors shall release the Pledged Shares from the Pledge as follows: 4.2.1 : On the 30th day of the month of December 2014 and upon payment by the Purchasers in terms of the SSPA, of ten percent (10%) of the Sale Amount in cash and thirty percent (30%) of the Sale Amount in stock, in terms of the SSPA, the Vendors shall release the Pledged Shares from the Pledge. 4.3 Upon the lapse of ten (10) calendar days from the payment in terms of sub-clause 4.2 hereof, the Vendors shall: 4.3.1 Release all documents held by them vis-à-vis the Pledged Shares so released to the Purchasers and the annotation of the share certificates pertaining to the Pledged Shares so released shall be cancelled, and this for no consideration other than the refund of expenses incurred and fees due and payable by the Purchasers to the Vendors in advance for carrying out of the obligations by the Vendors set out and in terms of this Agreement; and 4.3.2 On a specific request in writing made by the Purchasers, or either of them, file the necessary documentation, with respect to the percentage of the Pledged Shares so released in terms of sub-clause 4.2, at the Register of Shareholders of the Company and of the Company’s book of shares.

Termination and Release of Pledge. 4.1 The Parties agree that the Pledge constituted is a continuing security for the due and punctual payment of the Secured Obligations, and subject to the terms of this Agreement. 4.2 The Vendors shall release the Pledged Shares from the Pledge as follows: 4.2.1 On the 30th 20th day of the month of December 2014 June 2016 and upon payment made by the Purchasers in accordance with the terms of the SSPA, SSPA of ten percent (10%) of the Sale Amount in cash and thirty percent (30%) of the Sale Amount in stock, in terms cash and seventy percent (70%) of the SSPASale Amount in stock, the Vendors shall release the Pledged Shares from the Pledge. 4.3 Upon the lapse of ten (10) calendar days from the payment made in terms of sub-clause 4.2 hereof, the Vendors shall: 4.3.1 Release all documents held by them vis-à-vis the Pledged Shares so released to the Purchasers and the annotation of the share certificates pertaining to the Pledged Shares so released shall be cancelled, and this for no consideration other than the refund of expenses incurred and fees due and payable by the Purchasers to the Vendors in advance for carrying out of the obligations by the Vendors set out and in terms of this Agreement; and 4.3.2 On a specific request in writing made by the Purchasers, or either of them, file the necessary documentation, with respect to the percentage of the Pledged Shares so released in terms of sub-clause 4.2, at the Register of Shareholders of the Company and of the Company’s book of shares.

Termination and Release of Pledge. 4.1 The Parties agree that the Pledge constituted is a continuing security for the due and punctual payment of the Secured Obligations, and subject to the terms of this Agreement. 4.2 The Vendors shall release the Pledged Shares from the Pledge as follows: 4.2.1 On the 30th day of the month of December 2014 November 2015 and upon payment by the Purchasers in terms of the SSPA, of ten forty percent (1040%) of the Sale Amount in cash and thirty percent (30%) of the Sale Amount in stock, in terms of the SSPA, the Vendors shall release the Pledged Shares from the Pledge. 4.3 Upon the lapse of ten (10) calendar days from the payment in terms of sub-clause 4.2 hereof, the Vendors shall: 4.3.1 Release all documents held by them vis-à-vis the Pledged Shares so released to the Purchasers and the annotation of the share certificates pertaining to the Pledged Shares so released shall be cancelled, and this for no consideration other than the refund of expenses incurred and fees due and payable by the Purchasers to the Vendors in advance for carrying out of the obligations by the Vendors set out and in terms of this Agreement; and 4.3.2 On a specific request in writing made by the Purchasers, or either of them, file the necessary documentation, with respect to the percentage of the Pledged Shares so released in terms of sub-clause 4.2, at the Register of Shareholders of the Company and of the Company’s book of shares.