Common use of Partial Release of Pledged Shares Under Certain Circumstances Clause in Contracts

Partial Release of Pledged Shares Under Certain Circumstances. In the event that the Combined Market Value at a particular point in time of all shares of stock previously pledged to the Pledgee pursuant to this Agreement (or, if applicable, the Existing Pledge Agreement) and held at such time by the Pledgee exceeds $15,000,000, and so long as no Default or Event of Default is continuing at such time, the Pledgors, by a written request executed by each Pledgor and delivered to the Pledgee, shall have the right to request that the Pledgee release from the pledge and return to the Pledgors at the address identified in such notice, certificates representing specified shares of Pledged Stock previously pledged to the Pledgee and held at such time by the Pledgee. Such notice shall specify certificates (the "Specified Release Certificates") representing a number of shares of Pledged Stock such that the Combined Market Value, after accounting for the release of the Specified Release Certificates and calculated as of the date of such release, will equal or exceed $15,000,000; provided that no shares of Covista shall be so released unless and until all shares of Capsule and all shares of any other entity previously pledged to the Pledgee and held at such time by the Pledgee have been released. Within ten business days after its receipt of a valid notice, in accordance with 14 15 this paragraph, the Pledgee shall return to the Pledgors at the address identified in such notice the Specified Release Certificates. Nothing in this paragraph shall require the Pledgee to release and return the Specified Release Certificates, or any other shares or certificates in lieu thereof, if the Combined Market Value, after accounting for the release of the Specified Release Certificates and calculated as of the date of such release, would be below $15,000,000.

Partial Release of Pledged Shares Under Certain Circumstances. In the event that the sum of (i) the Combined Market Value at a particular point in time of all shares of stock previously pledged to plus (ii) the Pledgee pursuant to this Agreement (or, if applicable, the Existing Pledge Agreement) and held at such time by the Pledgee LLC Interest Value exceeds $15,000,000, and so long as no Default or Event of Default is continuing at such time, the Pledgors, by a written request executed by each Pledgor and delivered to the Pledgee, shall have the right to request that the Pledgee release from the pledge and return to the Pledgors Pledgors, at the address identified in such notice, certificates representing specified shares of Pledged Stock previously pledged to the Pledgee and held at such time by the Pledgee. Such notice shall specify certificates (the "Specified Release Certificates") representing a number of shares of Pledged Stock such that the sum of the Combined Market Value plus the LLC Interest Value, after accounting for the release of the Specified Release Certificates and calculated as of the date of such release, will equal or exceed $15,000,000; provided that, (x) for purposes of this Section 7.5, after March 31, 2001, such amount of $15,000,000.00 shall be reduced to $12,000,000.00 if by such date the Borrowers have duly made a principal payment on the Note of $3,000,000.00 to the order of the Pledgee, in accordance with the terms of the Note, (y) none of the Epoch Shares or the shares of any other entity not publicly traded on a market or exchange that have been previously pledged to the Pledgee pursuant to this Agreement and are held at such time by the Pledgee shall be eligible to be released pursuant to this Section 7.5, and (z) no shares of Covista shall be so released pursuant to this Section 7.5 unless and until all shares of Capsule and all shares of any other entity (other than those entities whose shares are ineligible for release under this Section 7.5 pursuant to the preceding clause (x)) previously pledged to the Pledgee and held at such time by the Pledgee have been released. Within ten business days after its receipt of a valid notice, in accordance with 14 15 this paragraph, the Pledgee shall return to the Pledgors at the address identified in such notice the Specified Release Certificates. Nothing in this paragraph shall require the Pledgee to release and return the Specified Release Certificates, or any other shares or certificates in lieu thereof, if the sum of the Combined Market Value plus the LLC Interest Value, after accounting for the release of the Specified Release Certificates and calculated as of the date of such release, would be below $15,000,00015,000,000 or $12,000,000, as the case may be.

Partial Release of Pledged Shares Under Certain Circumstances. In the event that the Combined Market Value at a particular point in time of all shares of stock previously pledged to the Pledgee pursuant to this Agreement (or, if applicable, the Existing Pledge Agreement) and held at such time by the Pledgee exceeds $15,000,000, and so long as no Default or Event of Default is continuing at such time, the Pledgors, by a written request executed by each Pledgor and delivered to the Pledgee, shall have the right to request that the Pledgee release from the pledge and return to the Pledgors at the address identified in such notice, certificates representing specified shares of Pledged Stock previously pledged to the Pledgee and held at such time by the Pledgee. Such notice shall specify certificates (the "Specified Release Certificates") representing a number of shares of Pledged Stock such that the Combined Market Value, after accounting for the release of the Specified Release Certificates and calculated as of the date of such release, will equal or exceed $15,000,000; provided that no shares of Covista shall be so released unless and until all shares of Capsule and all shares of any other entity previously pledged to the Pledgee and held at such time by the Pledgee have been released. Within ten business days after its receipt of a valid notice, in accordance with 14 15 this paragraph, the Pledgee shall return to the Pledgors at the address identified in such notice the Specified Release Certificates. Nothing in this paragraph shall require the Pledgee to release and return the Specified Release Certificates, or any other shares or certificates in lieu thereof, if the Combined Market Value, after accounting for the release of the Specified Release Certificates and calculated as of the date of such release, would be below $15,000,000.

Partial Release of Pledged Shares Under Certain Circumstances. In the event that the sum of (i) the Combined Market Value at a particular point in time of all shares of stock previously pledged to plus (ii) the Pledgee pursuant to this Agreement (or, if applicable, the Existing Pledge Agreement) and held at such time by the Pledgee LLC Interest Value exceeds $15,000,000, and so long as no Default or Event of Default is continuing at such time, the Pledgors, by a written request executed by each Pledgor and delivered to the Pledgee, shall have the right to request that the Pledgee release from the pledge and return to the Pledgors Pledgors, at the address identified in such notice, certificates representing specified shares of Pledged Stock previously pledged to the Pledgee and held at such time by the Pledgee. Such notice shall specify certificates (the "Specified Release Certificates") representing a number of shares of Pledged Stock such that the sum of the Combined Market Value plus the LLC Interest Value, after accounting for the release of the Specified Release Certificates and calculated as of the date of such release, will equal or exceed $15,000,000; provided that, (x) for purposes of this Section 7.5, after March 31, 2001, such amount of $15,000,000.00 shall be reduced to $12,000,000.00 if by such date the Borrowers have duly made a principal payment on the Note of $3,000,000.00 to the order of the Pledgee, in accordance with the terms of the Note, (y) none of the Epoch Shares or the shares of any other entity not publicly traded on a market or exchange that have been previously pledged to the Pledgee pursuant to this Agreement and are held at such time by the Pledgee shall be eligible to be released pursuant to this Section 7.5, and (z) no shares of Covista shall be so released pursuant to this Section 7.5 unless and until all shares of Capsule and all shares of any other entity (other than those entities whose shares are ineligible for release under this Section 7.5 pursuant to the preceding clause (x)) previously pledged to the Pledgee and held at such time by the Pledgee have been released. Within ten business days after its receipt of a valid notice, in accordance with 14 15 this paragraph, the Pledgee shall return to the Pledgors at the address identified in such notice the Specified Release Certificates. Nothing in this paragraph shall require the Pledgee to release and return the Specified Release Certificates, or any other shares or certificates in lieu thereof, if the sum of the Combined Market Value plus the LLC Interest Value, after accounting for the release of the Specified Release Certificates and calculated as of the date of such release, would be below $15,000,00015,000,000 or $12,000,000, as the case may be. SECTION 8.