Release upon Satisfaction Clause Samples
The 'Release upon Satisfaction' clause establishes that certain obligations or liabilities are discharged once specified conditions or requirements have been fulfilled. In practice, this means that a party is formally released from further responsibility, such as payment or performance, after meeting agreed-upon milestones or delivering required documentation. This clause ensures that parties are not indefinitely bound by obligations, providing clarity and finality once contractual duties are completed.
Release upon Satisfaction. In consideration of the covenants and agreements contained herein, the Obligors hereby agree to execute and deliver a general release to Lender in conjunction with any payoff or satisfaction of the Obligations related to all matters arising in connection with the Obligations.
Release upon Satisfaction or Defeasance of all Outstanding Obligations. The Liens on, and pledges of, all Collateral will also be terminated and released upon (i) payment in full of the principal of, premium, if any, on, accrued and unpaid interest and Additional Interest, if any, on the Notes and all other Obligations hereunder, the Guarantees and the Collateral Agreements that are due and payable at or prior to the time such principal, premium, if any, accrued and unpaid interest and Additional Interest, if any, are paid, (ii) a satisfaction and discharge of this Indenture as described above under Section 8.02 and (iii) the occurrence of a Legal Defeasance or Covenant Defeasance as described above under Section 8.01.
Release upon Satisfaction or Defeasance of all Outstanding Obligations. The Liens on, and pledges of, the Pledged Capital Stock will also be terminated and released upon (i) payment in full of the principal of, premium, if any, on, accrued and unpaid interest on the Notes and all other obligations of the Company hereunder and under the Pledge Agreement that are due and payable at or prior to the time such principal, premium, if any, and accrued and unpaid interest are paid, and (ii) a satisfaction and discharge of this Indenture or the occurrence of a legal defeasance or covenant defeasance as described above under Section 8.1.