Common use of Release Procedure Clause in Contracts

Release Procedure. If and only if no Insolvency Action has occurred, then ----------------- effective the Release Date: a. TI, on behalf of itself and the other TI Releasees, agrees as follows: i. TI, on behalf of itself and each other TI Releasee, fully and forever releases and discharges each of the MPI Releasees from and against any and all claims, damages and causes of action they may have against each such person or entity with respect to any matter under the provisions of, arising out of or in connection with, the Loan Documents, including any breach of any representation or warranty or noncompliance or nonfulfillment of any covenant or agreement set forth in such documents; provided that such release and discharge shall not extend to any claims, damages and causes of action any TI Releasee may have against any MPI Releasee for fraud or willful misconduct with respect to any of the Loan Documents or any of the transactions contemplated by this Agreement. ii. TI agrees that each of the Loan Documents, regardless of whether they are in default, are fully and completely terminated and rendered devoid of legal effect and unenforceable, such that even provisions of the Loan Documents that, according to their terms, survive termination, are terminated and nullified. Further, TI acknowledges and agrees that any loan, debt, liability or other obligation created pursuant to or arising out of the Loan Documents, as well as any writings, agreements, notes or certificates representing such loan, debt, liability or obligations, are canceled and rendered devoid of force and effect. b. MPI, on behalf of itself and the other MPI Releasees, agrees as follows: i. MPI, on behalf of itself and each other MPI Releasee, fully and forever releases and discharges each of the TI Releasees from any claims, damages, and causes of action it or they may have against any of them with respect to any matter under the provisions of, arising out of or in connection with the Loan Documents; provided that such release and discharge shall not extend to any claims, damages and causes of action any MPI Releasee may have against any TI Releasee for fraud or willful misconduct with respect to any of the Loan Documents or any of the transactions contemplated by this Agreement. ii. MPI acknowledges and agrees that each of the Loan Documents are fully and completely terminated and rendered devoid of force and effect, such that even provisions of the Loan Documents and each of their respective related agreements, letters, documents and instruments that, according to their terms, survive termination, are terminated and nullified.

Release Procedure. If and only if no Insolvency Action has occurred, then ----------------- effective the Release Date: a. TINSEB, on behalf of itself and the other TI NSEB Releasees, agrees as follows: i. TINSEB, on behalf of itself and each other TI NSEB Releasee, fully and forever releases and discharges each of the MPI Releasees from and against any and all claims, damages and causes of action they may have against each such person or entity with respect to any matter under the provisions of, arising out of or in connection with, the Loan Documents, including any breach of any representation or warranty or noncompliance or nonfulfillment of any covenant or agreement set forth in such documents; provided that such release and discharge shall not extend to any claims, damages and causes of action any TI NSEB Releasee may have against any MPI Releasee for fraud or willful misconduct with respect to any of the Loan Documents or any of the transactions contemplated by this AgreementDocuments. ii. TI NSEB agrees that each of the Loan Documents, regardless of whether they are in default, are fully and completely terminated and rendered devoid of legal effect and unenforceable, such that even provisions of the Loan Documents that, according to their terms, survive termination, are terminated and nullified. Further, TI NSEB acknowledges and agrees that any loan, debt, liability or other obligation created pursuant to or arising out of the Loan Documents, as well as any writings, agreements, notes or certificates representing such loan, debt, liability or obligations, are canceled and rendered devoid of force and effect. b. MPI, on behalf of itself and the other MPI Releasees, agrees as follows: i. MPI, on behalf of itself and each other MPI Releasee, fully and forever releases and discharges each of the TI NSEB Releasees from any claims, damages, and causes of action it or they may have against any of them with respect to any matter under the provisions of, arising out of or in connection with the Loan Documents; provided that such release and discharge shall not extend to any claims, damages and causes of action any MPI Releasee may have against any TI NSEB Releasee for fraud or willful misconduct with respect to any of the Loan Documents or any of the transactions contemplated by this AgreementDocuments. ii. MPI acknowledges and agrees that each of the Loan Documents are fully and completely terminated and rendered devoid of force and effect, such that even provisions of the Loan Documents and each of their respective related agreements, letters, documents and instruments that, according to their terms, survive termination, are terminated and nullified.