Common use of Founder’s Release Clause in Contracts

Founder’s Release. Founder shall have delivered to Partner Company Stockholder an instrument dated the Closing Date releasing Partner Company Stockholder from any obligation to continue to guarantee the repayment of any Indebtedness scheduled as so guaranteed in Section 7.10 of Partner Company Disclosure Schedule.

Appears in 3 contracts

Sources: Combination Agreement (Taylor & Martin Group Inc), Combination Agreement (Taylor & Martin Group Inc), Combination Agreement (Taylor & Martin Group Inc)

Founder’s Release. Founder shall have delivered to Partner Company Stockholder Stockholders an instrument dated the Closing Date releasing each Partner Company Stockholder from any obligation to continue to guarantee the repayment of any Indebtedness scheduled as so guaranteed in Section 7.10 of Partner Company Disclosure Schedule.

Appears in 1 contract

Sources: Combination Agreement (Taylor & Martin Group Inc)