Common use of Defendants’ Release Clause in Contracts

Defendants’ Release. Effective upon receipt of the Settlement Payment by KCC, Defendant, on behalf of itself, and its respective assigns, attorneys, insurers, beneficiaries, employees, officers, directors, shareholders, direct and indirect parents, subsidiaries, parties, affiliates, partners, legal and equitable owners, members, predecessors in interest, successors in interest, heirs, executors, administrators, trustees, representatives and spouses that it has the ability to bind, solely in their capacity as such, hereby releases and forever discharges the Plaintiffs, their respective predecessors, successors, heirs, executors, administrators, and assigns, all of their past and present, direct and indirect parents, subsidiaries, affiliates, shareholders, members, partners, legal and equitable owners, and all of their respective past and present attorneys, accountants, insurers, beneficiaries, employees, officers, directors, managers and representatives from any and all present, past, or future claims, demands, debts, losses, offsets, obligations, warranties, costs, expenses, rights of action, judgment reduction, and causes of action of every kind and nature whatsoever, whether based on contract, tort, statutory, or other legal or equitable theory of recovery, whether known or unknown, suspected or unsuspected, existing, or claimed to exist, and whether arising in the past or future, respecting Defendant’s Shareholder Transfers that are the subject matter of this litigation. The foregoing release does not include, inter alia, the matters set forth in Paragraph 4.d or claims or rights arising out of or seeking to enforce this Agreement.