Common use of RELEASE FROM GUARANTEES; REPAYMENT OF CERTAIN OBLIGATIONS Clause in Contracts

RELEASE FROM GUARANTEES; REPAYMENT OF CERTAIN OBLIGATIONS. TSII shall, contemporaneously with the Funding and Consummation Date, use its best efforts to have the STOCKHOLDERS released from any and all guarantees on any indebtedness that they personally guaranteed and from any and all pledges of assets that they pledged to secure such indebtedness for the benefit of the COMPANY, with all such guarantees on indebtedness being assumed by TSII. In the event that TSII cannot obtain such releases from the lenders of any such guaranteed indebtedness on the Funding and Consummation Date, TSII shall pay off or otherwise refinance or retire such indebtedness on the Funding and Consummation Date. TSII shall indemnify and hold harmless STOCKHOLDERS from the payment of any guaranties on any indebtedness or contractual obligations that STOCKHOLDERS had incurred prior to the Closing Date provided that such indebtedness or obligations are related to the business of the COMPANY as being conducted at the Closing Date.

RELEASE FROM GUARANTEES; REPAYMENT OF CERTAIN OBLIGATIONS. TSII shall, contemporaneously with the Funding and Consummation Date, use its best efforts to have the STOCKHOLDERS STOCKHOLDER released from any and all guarantees on any indebtedness that they personally guaranteed and from any and all pledges of assets that they pledged to secure such indebtedness for the benefit of the COMPANY, with all such guarantees on indebtedness being assumed by TSII. In the event that TSII cannot obtain such releases from the lenders of any such guaranteed indebtedness on the Funding and Consummation Date, TSII shall pay off or otherwise refinance or retire such indebtedness on the Funding and Consummation Date. TSII shall indemnify and hold harmless STOCKHOLDERS STOCKHOLDER from the payment 62 of any guaranties on any indebtedness or contractual obligations that STOCKHOLDERS STOCKHOLDER had incurred prior to the Closing Date provided that such indebtedness or obligations are related to the business of the COMPANY as being conducted at the Closing Date.

RELEASE FROM GUARANTEES; REPAYMENT OF CERTAIN OBLIGATIONS. TSII shall, contemporaneously with the Funding and Consummation Date, use its best efforts to have the STOCKHOLDERS released from any and all guarantees on any indebtedness and trade credits that they personally guaranteed and from any and all pledges of assets that they pledged to secure such indebtedness for the benefit of the COMPANY, with all such guarantees on indebtedness being assumed by TSII. In the event that TSII cannot obtain such releases from the lenders of any such guaranteed indebtedness on the Funding and Consummation Date, TSII shall pay off or otherwise refinance or retire such indebtedness on the Funding and Consummation Date. TSII shall indemnify and hold harmless STOCKHOLDERS from the payment of any guaranties on any indebtedness or contractual obligations that STOCKHOLDERS had incurred prior to the Pre-Closing Date provided that such indebtedness or obligations are related to the business of the COMPANY as being conducted at the Pre-Closing DateDate whether or not previously disclosed.