Common use of Discharge and Release Clause in Contracts

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 Asbestos Trust, including but not limited to, the Released Claims, against any of the Released Parties. The foregoing notwithstanding, the Debtor does not believe that there are any Claims against, Liens on, or Causes of Actions against any of the Released Parties except as specifically set forth in this Plan or the Disclosure Statement. (c) Notwithstanding anything contained in the Plan to the contrary, the Plan shall not satisfy, discharge or release any Cause of Action, claim or demand of the Debtor, Reorganized ARTRA or the Asbestos Trust, or any Claim or Demand of an Asbestos Personal Injury Claimant, against any Asbestos Insurance Company or against any Settling Asbestos Insurance Company except as provided in an Asbestos Insurance Settlement Agreement. (d) Nothing in this section 8.3 shall affect the right of any Listed Asbestos Insurance Company to assert any Insurer Coverage Defense.

Discharge and Release. Section 4.01. Discharge and Release (a) Except Other than as specifically provided in the Plan or in the Confirmation Order, effective on the Effective DateSection 4.01(b), 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 ClaimGuarantor may not terminate this Deed, whether by notice to EBRD 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 receivedotherwise. (b) Except The Guarantor shall cease to have any liability under Article II (Guarantee and Indemnity) and Article III (Project Completion) of this Deed, except as specifically provided in the Plan or in the Confirmation OrderSection 4.01(c), effective on the Effective Date, earlier of: (i) the Debtor date on which the Guaranteed Obligations have been fully 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 irrevocably discharged strictly in accordance with the Asbestos Trust, including but not limited to, the Released Claims, against any provisions of the Released Parties. The foregoing notwithstandingFinancing Agreements, as evidenced by a written instrument signed by EBRD; or (ii) the Debtor does not believe that there are any Claims against, Liens on, or Causes of Actions against any of the Released Parties except as specifically set forth in this Plan or the Disclosure StatementProject Completion Date. (c) Notwithstanding anything contained in the Plan to the contrary, the Plan shall not satisfy, Any discharge or release and any Cause composition or arrangement which the Guarantor may effect with EBRD shall be deemed to be made subject to the condition that: (i) it will be void if any payment, performance or security which EBRD has received or may receive from the Guarantor pursuant to the terms of Action, claim or demand this Deed in respect of the DebtorGuaranteed Obligations is set aside, Reorganized ARTRA refunded or reduced under any Applicable Law or proves to have been invalid. If such condition is satisfied, EBRD shall, be entitled to recover from the Guarantor on demand the amount of any such payment or the Asbestos Trustvalue of such security as if such discharge, release, composition or any Claim or Demand of an Asbestos Personal Injury Claimant, against any Asbestos Insurance Company or against any Settling Asbestos Insurance Company except as provided in an Asbestos Insurance Settlement Agreement.arrangement had not been made; and (dii) Nothing it will be void if any payment, performance or security which EBRD has received or may receive from any third party (other than the Guarantor pursuant to the terms of this Deed) in this section 8.3 respect of the Guaranteed Obligations is set aside, refunded or reduced under any Applicable Law or proves to have been invalid. If such condition is satisfied, EBRD shall affect be entitled to recover from the right Guarantor on demand the amount of any Listed Asbestos Insurance Company to assert any Insurer Coverage Defensesuch payment or the value of such security as if such discharge, release, composition or arrangement had not been made.