Certificate of Partial Discharge of Security Interest by Ingalls & Snyder LLC for CanArgo Limited

Contract Categories: Business Finance › Release Agreements
Summary

This certificate, dated June 5, 2007, is issued by Ingalls & Snyder LLC, acting as security agent for certain secured parties, to confirm the partial release of a security interest previously granted by CanArgo Limited under a 2007 agreement. Specifically, 6 million ordinary shares in Tethys Petroleum Limited, previously held as collateral, are now released and no longer subject to the security interest. Ingalls & Snyder LLC agrees to return the relevant share certificates to CanArgo Limited. The document is acknowledged by CanArgo Limited and Tethys Petroleum Limited.

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EX-10.6 8 u52905exv10w6.htm exv10w6  

Exhibit 10.6
The Security Interests (Guernsey) Law
Certificate of discharge
We, Ingalls & Snyder LLC, a company formed under the laws of New York having its office at 61 Broadway, New York, USA as security agent acting for and on behalf of the Secured Parties (as defined in the Security Interest Agreement, as defined below), certify that the security interest created or provided by CanArgo Limited, a company incorporated under the laws of Guernsey having its registered office at Borough House, Rue due Pre, St Peter Port, Guernsey under a security interest agreement dated 9 February 2007 (the “Security Interest Agreement”) is discharged in part such that 6 million of the ordinary shares of $0.10 each in the capital of Tethys Petroleum Limited (being formerly 30 million ordinary shares of £0.01, the shares in Tethys Petroleum Limited having been consolidated on a five for one basis in or around May 2007) held by CanArgo Limited is hereby released and no longer forms part of the Collateral (as defined in the Security Interest Agreement) (the “Released Collateral”).
We covenant to deliver to CanArgo Limited the certificates of title to the Released Collateral and (if any) the Derivative Assets (as defined in the Security Interest Agreement) in respect of the Released Collateral.
We confirm we give this certificate on behalf of and with the authority of each of the Secured Parties (as defined under the Security Interest Agreement).
Dated: 5 June 2007
     
 
 
Signed for and on behalf of
Ingalls & Snyder LLC
   
We accept and agree to the above
     
 
 
Signed for and on behalf of
CanArgo Limited
   
 
    
 
 
Signed for and on behalf of
Tethys Petroleum Limited
   

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