The "Release of Obligations" clause frees one or both parties from certain duties or liabilities defined in the contract once specific conditions are met or after a certain event occurs. This clause ensures that obligations are concluded, allowing the parties to move forward without further responsibilities under those specific terms.
(4) Release of Obligations. Upon execution of this Supplemental Indenture by the Company, the Guarantors and the Trustee, Acquisition Corp shall be unconditionally and irrevocably released and discharged from all obligations and liabilities under the Indenture and the Notes.
3. Release of Obligations of the Issuer. In accordance with Section 11.3 of the Indenture, upon the execution of this Supplemental Indenture by the Issuer, the New Issuer and the Trustee, the Issuer is released from all of its obligations and covenants under the Indenture and the Notes, and the New Issuer shall constitute the “Issuer” for purposes of the Notes and the Indenture.
3. Release of Obligations of the Issuer. In accordance with Section 802 of the Indenture, upon the execution of this Supplemental Indenture by the Issuer, the New Issuer and the Trustee, the Issuer is released from all of its obligations and covenants under the Indenture and the Notes, and the New Issuer shall constitute the “Issuer” for purposes of the Notes and the Indenture.
SECTION 5. Release of Obligations. Upon execution of this Supplemental Indenture by the New Issuer, the New Guarantors and the Trustee, the Escrow Issuer shall be unconditionally and irrevocably released and discharged from all obligations and liabilities under the Indenture and the Notes (other than those obligations and liabilities applicable to the Escrow Issuer as a Guarantor as described in Section 2(b) above).
2.Release of Obligations. Upon receipt by GHS of the Settlement Amount, GHS agrees to release Verde from any and all debts, claims, obligations, loans, amounts owed and other obligations liabilities under the Loans the Notes (the “Obligations”). Each Party acknowledges that (a) the consideration set forth in this Agreement, which includes, but is not limited to, the Settlement Amount, is in full settlement of the Obligations of whatsoever kind or character that they have, or may ever have had, against the other including, but not limited to any debts, claims, obligations or liabilities related to the Notes or the Loans.
5.3 Release of Obligations. Upon the close of this transaction, the Purchaser shall be forever released from the Covenant Not to Compete and the Lockup of Stock Consideration, as described in Sections 2.1 and 2.2 of the Agreement and Plan of Merger executed by the parties on November 30, 2018.
(5)Release of Obligations. Upon execution of this Supplemental Indenture by the New Issuer, the New Guarantor, the Existing Guarantors and the Trustee, the Original Issuer shall be unconditionally and irrevocably released and discharged from all obligations and liabilities under the Indenture and the Notes and the Original Co-Issuer shall continue to be bound by all applicable provisions of the Indenture solely in the capacity of a Guarantor.
6. Release of Obligations. This Guarantee will remain in full force and effect until all of the Obligations are irrevocably and unconditionally performed and paid in full or Debtor ceases to have any obligations in respect thereof in accordance with the terms of the APA.
5. Release of Obligations. Upon execution of this Supplemental Indenture by the New Issuer, the New Guarantors and the Trustee, the Escrow Issuers shall be unconditionally and irrevocably released and discharged from all obligations and liabilities under the Indenture and the Notes of each series (other than those obligations and liabilities applicable to the Escrow Issuers as a Subsidiary Guarantor as described in Section 2(b) above).
Release of Obligations. Payment of any benefits to you (or upon your death, your Successor(s)) will release us from all obligations under the Beneficiary Roth IRA to the extent of the payment. When we make a payment to a trust beneficiary, we will have no obligation to ensure that the payment is applied according to the terms of the trust document.
Release of Obligations. Upon the completion of the Unwind (the “Closing”), each Party shall be deemed to have released, remised and forever discharged any and all rights and claims that it has had, now has or might now have against the other, including the full release of BTHE of its obligations to issue and deliver the Milestone BTHE Shares to the PriveCo Members.
6.2 Release of Obligations. The obligations of Licensee, and of its Affiliates’ directors, officers, employees and agents, with respect to any Confidential Information disclosed thereto by Licensor pursuant to this Agreement shall cease if Licensee can establish to the satisfaction of Licensor or, failing agreement by Licensor, of a court of competent jurisdiction (provided it is a court of last resort, the Parties have agreed to abandon all appeals or the time for filing an appeal has expired) that the Confidential Information: (a) was legally known to or in the possession of Licensee, without obligation of confidentiality or non-use, at the time of disclosure to Licensee by Licensor; (b) legally is or has become part of the public domain through no fault of Licensee; or (c) has been disclosed to Licensee by a third party on a non-confidential basis and without breaching any contractual, confidential or fiduciary obligation to Licensor or any law. A general disclosure in the public domain, or possession by Licensee of general information, will not cause more specific (but related) information to be excluded as Confidential Information under one of the above exceptions. Similarly, a combination of several pieces of information, where each piece of information individually is in the public domain or in the possession of Licensee, will not operate to exempt the combination as Confidential Information unless the combination itself is in the public domain. In the event Licensee becomes legally compelled by law, regulation, court order or administrative body to disclose any of Licensor’s Confidential Information, Licensee shall be entitled to disclose such information, provided that Licensee provides Licensor with prompt prior written notice (if legally able) so that Licensor may seek a protective order or such other appropriate remedy and Licensee limits disclosure of Licensor’s Confidential Information to only that portion which is legally required.
6.2 Release of Obligations. The obligations of Licensee, and of its Affiliates’ directors, officers, employees and agents, with respect to any Confidential Information disclosed thereto by Licensor pursuant to this Agreement shall cease if Licensee can establish to the satisfaction of Licensor or, failing agreement by Licensor, of a court of competent jurisdiction (provided it is a court of last resort, the Parties have agreed to abandon all appeals or the time for filing an appeal has expired) that the Confidential Information: (a) was legally known to or in the possession of Licensee, without obligation of confidentiality or non-use, at the time of disclosure to Licensee by Licensor; (b) legally is or has become part of the public domain through no fault of Licensee; or (c) has been disclosed to Licensee by a third party on a non-confidential basis and without breaching any contractual, confidential or fiduciary obligation to Licensor or any law. A general disclosure in the public domain, or possession by Licensee of general information, will not cause more specific (but related) information to be excluded as Confidential Information under one of the above exceptions. Similarly, a combination of several pieces of information, where each piece of information individually is in the public domain or in the possession of Licensee, will not operate to exempt the combination as Confidential Information unless the combination itself is in the public domain. In the event Licensee becomes legally compelled by law, regulation, court order or administrative body to disclose any of Licensor’s Confidential Information, Licensee shall be entitled to disclose such information, provided that Licensee provides Licensor with prompt prior written notice (if legally able) so that Licensor may seek a protective order or such other appropriate remedy and Licensee limits disclosure of Licensor’s Confidential Information to only that portion which is legally required.
Release of Obligations of Transferor. Upon consummation of the Subject Transfer, the Transferor shall be deemed to relinquish its rights and be released from its obligations under the Agreement with respect to the Subject Transfer. Representations and Warranties of the Transferor. The Transferor hereby represents and warrants that the Subject Transfer does not violate any of the provisions contained in Section 2.6(e) of the Agreement.
Release of obligations The Agent releases the Shareholder from its obligations under any undertakings relating to the Security Assets under the Limited Liability Company Interests Security Deed (and as defined therein
21. Release of Obligations. This Guarantee will remain in full force and effect until all of the Obligations are irrevocably and unconditionally performed and paid in full or Debtor ceases to have any obligations in respect thereof in accordance with the terms of the APA.
6. Release of Obligations. This Guarantee will remain in full force and effect until all of the Obligations are irrevocably and unconditionally performed and paid in full or Debtor ceases to have any obligations in respect thereof in accordance with the terms of the APA.
Release of Obligations of Transferor. Upon consummation of the Subject Transfer, the Transferor shall be deemed to relinquish its rights and be released from its obligations under the Agreement with respect to the Subject Transfer.
Release of Obligations of Transferor. Upon consummation of the Subject Transfer, the Transferor shall be deemed to relinquish its rights and be released from its obligations under the Agreement with respect to the Subject Transfer.
4.2. Release of Obligations. The obligations of Licensee, and of its Affiliates’ directors, officers, employees and agents, with respect to any Confidential Information disclosed thereto by INmuneBio pursuant to this Agreement shall cease if Licensee can establish to the satisfaction of INmuneBio or, failing agreement by INmuneBio, of a court of competent jurisdiction (provided it is a court of last resort, the Parties have agreed to abandon all appeals or the time for filing an appeal has expired) that the Confidential Information (a) was legally known to or in the possession of Licensee, without obligation of confidentiality or non-use, at the time of disclosure to Licensee by INmuneBio; (b) legally is or has become part of the public domain through no fault of Licensee; (c) has been disclosed to Licensee by a third party on a non-confidential basis and without breaching any contractual, confidential or fiduciary obligation to INmuneBio or any law; or (d) is required to be disclosed pursuant to law or valid court order, provided that Licensee promptly notifies INmuneBio of such required disclosure and reasonably cooperates in any action by INmuneBio to limit the scope of the required disclosure. A general disclosure in the public domain, or possession by Licensee of general information, will not cause more specific (but related) information to be excluded as Confidential Information under one of the above exceptions; similarly, a combination of several pieces of information, where each piece of information individually is in the public domain or in the possession of Licensee, will not operate to exempt the combination as Confidential Information unless the combination itself is in the public domain.
6.2 Release of Obligations. The obligations of Licensee, and of its Affiliates’ directors, officers, employees and agents, with respect to any Confidential Information disclosed thereto by Licensor pursuant to this Agreement shall cease if Licensee can establish to the satisfaction of Licensor or, failing agreement by Licensor, of a court of competent jurisdiction (provided it is a court of last resort, the Parties have agreed to abandon all appeals or the time for filing an appeal has expired) that the Confidential Information: (a) was legally known to or in the possession of Licensee, without obligation of confidentiality or non-use, at the time of disclosure to Licensee by Licensor; (b) legally is or has become part of the public domain through no fault of Licensee; or (c) has been disclosed to Licensee by a third party on a non-confidential basis and without breaching any contractual, confidential or fiduciary obligation to Licensor or any law. A general disclosure in the public domain, or possession by Licensee of general information, will not cause more specific (but related) information to be excluded as Confidential Information under one of the above exceptions. Similarly, a combination of several pieces of information, where each piece of information individually is in the public domain or in the possession of Licensee, will not operate to exempt the combination as Confidential Information unless the combination itself is in the public domain. In the event Licensee becomes legally compelled by law, regulation, court order or administrative body to disclose any of Licensor’s Confidential Information, Licensee shall be entitled to disclose such information, provided that Licensee provides Licensor with prompt prior written notice (if legally able) so that Licensor may seek a protective order or such other appropriate remedy and Licensee limits disclosure of Licensor’s Confidential Information to only that portion which is legally required.
A Release of Obligations is a legal document or clause within a contract that formally relinquishes one party from their duties or responsibilities under the terms of the agreement. This release can be partial or complete and typically requires mutual consent from all parties involved. This formal agreement ensures that no further claims can be made against the released party concerning the specified responsibilities.
A Release of Obligations should be used in the following scenarios:
To write a Release of Obligations, follow these steps:
Release of Obligations
This Release of Obligations (“Release”) is made effective as of [Effective Date] by and between [Party A] and [Party B].
Release of Obligations Party B is hereby released from all obligations and duties under the contract dated [Contract Date] between the parties. This release is conditioned upon the receipt of [Consideration].
Conditions The release is subject to the following conditions: [List Conditions, if any].
Signatures By signing below, the parties acknowledge their understanding and agreement to the terms of this Release.
[Signatures]
Release of Obligations clauses are commonly found in the following types of contracts:
Having a Release of Obligations within these contracts ensures that all parties are clear about the termination of duties and mitigates future legal risks.
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