Discharge and Release Clause Samples

Discharge and Release. Notwithstanding any discharge, release or settlement from time to time between any Purchaser and the Guarantors, if any security, disposition or payment granted or made to the Majority Holders or any Purchaser in respect of the Obligations by the Guarantors or any other person is avoided or set aside or ordered to be surrendered, paid away, refunded or reduced by virtue of any provision, law or enactment relating to bankruptcy, insolvency, liquidation, winding-up, composition or arrangement for the time being in force or for any other reason, the Majority Holders shall be entitled hereafter to enforce this Agreement as if no such discharge, release or settlement had occurred.

Discharge and Release. Effective upon the Interest Payment and the Contribution and Exchange in accordance with the terms and conditions of this Agreement, and without further action by any Party: (a) Shinyoung hereby acknowledges that any and all debts, liabilities and obligations of the Company under and in connection with the Shinyoung Indebtedness, including all principal and accrued and unpaid interest owed by the Company or its Affiliates to Shinyoung or its Affiliates with respect to any Indebtedness, shall be deemed satisfied in full, and Shinyoung and its Affiliates shall not be owed any additional Indebtedness by the Company or its Affiliates in connection with the Shinyoung Indebtedness or otherwise, upon consummation of the Contribution and Exchange in accordance with this Agreement; and (b) ▇▇▇▇▇▇▇▇▇ hereby absolutely and unconditionally releases and forever discharges the Company from any and all claims arising from or otherwise in connection with the Shinyoung Indebtedness.

Discharge and Release. Any settlement or discharge between the Beneficiary and the Guarantor in respect of the Guaranteed Obligations shall be conditional on no security or payment to the Beneficiary by the Guarantor or any other person being avoided or reduced by virtue of any provisions or enactments relating to insolvency or otherwise. If any such security or payment is avoided or reduced, the Beneficiary shall be entitled to recover the value or amount of that security or payment subsequently from the Guarantor and to exercise its rights under this Guarantee as if no such settlement or discharge had been made or given.

Discharge and Release. Notwithstanding any discharge, release or settlement from time to time between any Finance Party and the Guarantor or any other Security Party, if any security, disposition or payment granted or made to any Finance Party in respect of the Guaranteed Obligations by the Guarantor or any other person is avoided or set aside or ordered to be surrendered, paid away, refunded or reduced by virtue of any provision, law or enactment relating to bankruptcy, insolvency, liquidation, winding-up, composition or arrangement for the time being in force or for any other reason, the Security Trustee shall be entitled hereafter to enforce this Deed as if no such discharge, release or settlement had occurred.

Discharge and Release. In the event that (i) any Guarantor is sold as contemplated by Section 6.08(b) of the Credit Agreement, (ii) this Guaranty or any portion hereof is released as contemplated by Section 9.01(a)(vi) of the Credit Agreement or (iii) the indebtedness shall have been paid in full and the obligations of the Lenders to extend credit to the Borrower under the Credit Agreement shall have terminated, the Administrative Agent, on behalf of the Lenders, shall discharge and release the relevant Guarantor(s) from all of its obligations under this Guaranty. Upon any such release and discharge, the Administrative Agent, on behalf of the Lenders, will execute and deliver to the relevant Guarantor(s) such documents as such Guarantor(s) shall reasonably request to evidence such discharge and release.

Discharge and Release. (a) The Guarantors may not terminate their obligations hereunder by notice to the Secured Parties or otherwise. (b) Provided that the Principal Repayment Date shall have occurred and full payment of the Advance and all outstanding amounts due under the Finance Documents have been received by the Secured Parties, the Finance Parties at the request and cost of the Guarantors shall discharge or release the Guarantors by written instrument signed by the Finance Parties. (c) Any discharge or release shall be deemed to be made subject to the condition that it will be void if any payment, performance or security which any Secured Party has received or may receive from any Person in respect of the Secured Obligations is set aside, refunded or reduced under any Applicable Law or proves to have been invalid. If such condition is satisfied, the Secured Parties shall be entitled to recover from any of the Guarantors on demand the value of such security or the amount of any such payment as if such discharge or release had not been effected.

Discharge and Release. Section 13.1. The discharge and release provisions set forth in Article 11 of the REA, along with the definitions set forth in Article 1 of the REA, shall also apply to this Lease.

Discharge and Release. 4.1 The Guarantor hereby declares that this Guarantee shall remain in full force and effect if the Terms and Conditions are amended in accordance with Condition 15.1 of the Terms and Conditions. 4.2 Any discharge or release and any composition or arrangement which the Guarantor may effect with the Debentureholders' Representative or the Debentureholders shall be deemed to be made subject to the condition that it will be void if any payment, performance or security which the Debentureholders' Representative or any other Debentureholder has received or may receive from any person in respect of the Guaranteed Amounts is required to be set aside, refunded or reduced under any applicable law or proves to have been invalid. If such condition is satisfied, the Debentureholders' Representative and the Debentureholders shall be entitled to recover from the Guarantor on demand the value of such security or the amount of any such payment as if such discharge, release, composition or arrangement had not been effected. 4.3 Subject to Clause 4.2 above, the Guarantor shall be subrogated to all rights of the Debentureholders against the Issuer in respect of any amounts paid by the Guarantor pursuant to the provisions of this Guarantee; provided, however, that the Guarantor shall not be entitled to enforce or to receive any payments arising out of, or based upon, such right of subrogation until the Guaranteed Amount shall have been irrevocably paid in full.

Discharge and Release. (a) Except as specifically provided in the Plan or in the Confirmation Order, effective on the Effective Date, the Debtor and Reorganized ARTRA shall be discharged from responsibility, obligation or liability for any and all Claims and Demands, including any Claim of a kind specified in section 502(g), 502(h) or 502(i) of the Bankruptcy Code, any Asbestos Personal Injury Claim, or any Unsecured Claim, whether or not (i) a Proof of Claim based on such Claim was filed or deemed filed under section 501 of the Bankruptcy Code, or such Claim was listed on the Schedules of the Debtor, (ii) such Claim is or was Allowed under section 502 of the Bankruptcy Code, or (iii) the holder of such Claim has voted on or accepted the Plan. Except as specifically provided in the Plan to the contrary, the rights that are provided in the Plan shall be in complete (x) satisfaction, discharge and release of all Claims or Demands against, Liens on, and Interests in the Debtor (or Reorganized ARTRA) or the Asbestos Trust, or the assets and property of the Debtor (or Reorganized ARTRA) or the Asbestos Trust, (y) satisfaction, discharge and release of all Claims constituting Released Claims, including, but not limited to, all causes of action, whether known or unknown, either directly or derivatively through the Debtor or Reorganized ARTRA against the Released Parties on the same subject matter as any of the Claims, Liens, or Interests described in subpart (x) of this Article 8.3, and (z) satisfaction, discharge and release of all Causes of Action of the Debtor or Reorganized ARTRA, whether known or unknown, including but not limited to, all Claims, including the Released Claims, against the Released Parties. Further, but in no way limiting the generality of the foregoing, except as otherwise specifically provided in the Plan, any Entity accepting any distributions or rights pursuant to the Plan shall be presumed conclusively to discharge the Debtor and Reorganized ARTRA and have released the Released Parties from (a) the Released Claims and (b) any other cause of action based on the same subject matter as the Claim or Interest on which the distribution or right is received. (b) Except as specifically provided in the Plan or in the Confirmation Order, effective on the Effective Date, the Debtor and Reorganized ARTRA shall satisfy, discharge and release all of their Claims against, Liens on, and Causes of Action, whether known or unknown, either directly or derivatively through the As...