Release of Shares from Pledge. Upon the full payment of all amounts due to the Pledgee under the Note, the parties hereto shall notify the Escrow Agent to such effect in writing. Upon receipt of such written notice, the Escrow Agent shall return to the Pledgor the Transfer Documents and the certificates representing the Shares, whereupon any and all rights of Pledgee in the Pledged Materials shall be terminated. Notwithstanding anything to the contrary contained herein, upon full payment of all amounts due to the Pledgee under the Note, this Agreement and Pledgee's security interest and rights in and to the Shares, shall terminate.
Release of Shares from Pledge. When Pledgor has paid the amount due ----------------------------- under the Note in full, Pledgee shall transfer to Pledgor all of the Shares, and the pledge shall then terminate, and the terms thereof shall thereafter have no force or effect.
Release of Shares from Pledge. As of each date that a payment of principal is made under the Loan, a number of Shares shall be released from pledge hereunder. The number of Shares to be so released shall be calculated by multiplying the number of Shares held by the Company under the pledge (immediately before the release) by a fraction. The numerator of the fraction shall be the amount of principal and/or interest paid on that date. The denominator of the fraction shall be the sum of the numerator and the remaining payments of principal and interest projected to be payable on the Loan under Section 2.1.
Release of Shares from Pledge. Upon the consummation of the Second Closing and the full payment and settlement of all the amounts due to the Pledgees under the Notes, the parties hereto shall notify the Escrow Agent to such effect in writing. Upon receipt of such written notice, the Escrow Agent shall return to the Pledgor the Transfer Documents, the certificates representing the Shares, and any Additional Pledged Property (collectively, the “Pledged Materials”), whereupon any and all rights of Pledgees in the Pledged Materials shall immediately terminate. (Notwithstanding anything to the contrary contained herein, upon full payment of all amounts due to the Pledgees under the Notes, this Escrow Agreement and Pledgees’ security interests and rights in and to the Shares, shall terminate.)
Release of Shares from Pledge. Upon the full and complete payment, performance and satisfaction of the Obligations, the Shares shall be released from this Agreement and shall be delivered by the Pledgee to the Pledgor unless Pledgee is required to deliver same to any junior or subordinated pledgee.
Release of Shares from Pledge. Upon the payment of all amounts due to the Pledgee pursuant to Transaction Documents and the Convertible Debentures issued thereunder through either conversion of securities or repayment in accordance with the terms of the Convertible Debentures, the parties hereto shall notify the Escrow Agent to such effect in writing. Upon receipt of such written notice for payment of the amounts due to the Pledgee under the Transaction Documents and Convertible Debentures, the Escrow Agent shall return to the Pledgor the Transfer Documents, the certificates representing the Shares, and any Additional Pledged Property (collectively, the “Pledged Materials”), whereupon any and all rights of Pledgee in the Pledged Materials shall be terminated. Notwithstanding anything to the contrary contained herein, upon full payment of all amounts due to the Pledgee under the Transaction Documents and the Convertible Debentures issued thereunder, through either conversion of securities or repayment in accordance with the terms of the Convertible Debentures, this Agreement and Pledgee’s security interest and rights in and to the Shares shall terminate.
Release of Shares from Pledge. Upon the consummation of the reverse merger of the Company and Netfran Development Corp and the filing of the registration statement pursuant to the Investor's Registration Rights Agreement dated September 30, 2004 by an between the Company and the Pledgee , the parties hereto shall notify the Escrow Agent to such effect in writing. Upon receipt of such written notice, the Escrow Agent shall return to the Pledgor the Transfer Documents, the certificates representing the Shares, and any Additional Pledged Property (collectively, the "Pledged Materials"), whereupon any and all rights of Pledgee in the Pledged Materials shall be terminated. Notwithstanding anything to the contrary contained herein, upon full payment of all amounts due to the Pledgee under the Note, this Agreement and Pledgee's security interest and rights in and to the Shares, shall terminate.
Release of Shares from Pledge. As of each date that a payment of principal is made under the Loan, a number of the Shares shall be released from pledge hereunder. The number of Shares to be so released shall be calculated by multiplying the number of Shares held by the Company under the pledge (immediately before the release) by a fraction. The numerator of the fraction shall be the amount of the principal payment being made on that date. The denominator of the fraction shall be the sum of the numerator plus the remaining outstanding principal balance under the Loan. If at any time the ESOP fails to meet the requirements of Treasury Regulation Section 54.4975-7(b)(8)(ii), thereafter, the number of Shares released from pledge hereunder and delivered by the Company to the ESOP shall be calculated in accordance with the Principal/Interest Method set forth in Section 6(c)(1) of the ESOP.
Release of Shares from Pledge. Within ten days after each payment of principal and/or interest under the ESOP Loan, a number of the Shares shall be released from pledge hereunder. The number of Shares to be so released shall be calculated by multiplying the number of Shares held by the Company under the pledge (immediately before the release) by a fraction. The numerator of the fraction shall be the amount of principal and interest represented by such payment on the
Release of Shares from Pledge. Promptly upon the filing of a registration statement with the SEC to register 14,444,445 Ordinary Shares pursuant to a certain Standby Equity Distribution Agreement dated as of March 30, 2004 by and between the Pledgee and the Borrower, the parties hereto shall notify the Escrow Agent to such effect in writing. Upon receipt of such written notice, the Escrow Agent shall return to the Borrower or a designee appointed by the Borrower, the Transfer Documents, the certificates representing the Pledge Shares, and any Additional Pledged Property (collectively, the “Pledged Materials”), whereupon any and all rights of Pledgee in the Shares and any Additional Pledged Property shall be terminated. Notwithstanding anything to the contrary contained herein, the Escrow Agent shall have no obligation pursuant to the preceding sentence if there is an Event of Default. Notwithstanding anything to the contrary contained herein, upon full payment of all amounts due to the Pledgee under the Documents, this Agreement and Pledgees’ security interest and rights in and to the Shares, shall terminate.
