Common use of Extinguishment of Obligations Clause in Contracts

Extinguishment of Obligations. Notwithstanding anything to the contrary in this Agreement, all obligations of the Guarantor hereunder shall be deemed to be extinguished in the event that, at any time, the Issuer, the Guarantor and the Asset Entities have no assets (which shall include claims that may be asserted by the Issuer, the Guarantor and the Asset Entities with respect to contractual obligations of third parties to the Issuer, the Guarantor and the Asset Entities). To the fullest extent permitted by applicable law, no further claims may be brought against any of the Guarantor’s directors or officers or against their shareholders, partners or members, as the case may be, for any such obligations.