Release of the Borrower. The Lender will release the Borrower from the Borrower’s obligations under the Contract and to pay the Loan, and, if applicable, the Lender will also release any Surety from their suretyship of this Contract, if: (i) the Lender gives written approval to the Borrower to transfer title to the Hypothecated Property, (ii) the transfer is to a person or persons other than the Borrower so that the Borrower will not retain any ownership interest in the Hypothecated Property after the transfer of title takes place; (iii) the person or persons to whom the Borrower transfers the Hypothecated Property and any Surety the Lender requests enter into an agreement to pay the amounts secured by the Contract and Agreements and to perform the obligations in the Contract and Agreements; and (iv) the Borrower provides the Lender with proof of registration of a transfer/deed of the Hypothecated Property to the approved person or persons.
Release of the Borrower. Upon the written request of the Borrower given at any time on or after the Release Date, the Administrative Agent shall, at the expense of the Borrower, release the Borrower and the Collateral from the Security Interests and such release shall serve to terminate any licence granted in this Agreement. Upon such release, and at the request and expense of the Borrower, the Administrative Agent shall execute and deliver to the Borrower such releases and discharges as the Borrower may reasonably request.
Release of the Borrower. As a material inducement to the Borrower to enter into the Agreement, and subject at all times to the terms of this Agreement, Creditors and each of its respective owners, stockholders, predecessors, successors, assigns, agents, directors, officers, employees, representatives, attorneys, divisions, subsidiaries, affiliates and all persons acting under or in concert with any of them (collectively the “Creditors Releasors”) hereby irrevocably and unconditionally releases, acquits and forever discharges the Borrower and its owners, stockholders, predecessors, successors, assigns, agents, directors, officers, employees, representatives, attorneys, divisions, subsidiaries, affiliates and all persons acting under or in concert with any of them (collectively the “Borrower Releasees”) from any and all charges, complaints, claims, liabilities, obligations, promises, agreements, controversies, damages, actions, causes of action, suits, rights, demands, costs, losses, debts and expenses (including attorneys’ fees and costs actually incurred), of any nature whatsoever, known or unknown, whether suspected or unsuspected, and whether concealed or hidden (“Claim” or “Claims”) which the Creditors Releasors now has, owns, holds or which the Creditors Releasors at any time heretofore had, owned or held against each of the Borrower Releasees; provided, however, that the release set forth in this Section 2 is subject to delivery by the Borrower to Creditors of the “Settlement Shares” and the execution of the “Share Purchase Agreement” described in Section 1 above. Subject at all times to the above, the Creditors Releasors agree that this release of the Borrower Releasees is intended to be a broad release in favor of the Borrower Releasees and to include all actual or potential legal claims that the Creditors Releasors may have against the Borrower Releasees, except as otherwise provided in Section 1 of this Agreement.
