Release from Indebtedness Clause Samples
Release from Indebtedness. With respect to a Selling Stockholder which sells all shares of Stock owned by such Stockholder pursuant to this Agreement: (i) the Corporation agrees to use its best efforts to release any property of a Selling Stockholder that is used as security for any indebtedness of the Corporation, said release to occur, to the extent practicable, within twelve (12) months of the date of the death of Thom▇▇ ▇. ▇▇▇▇▇▇▇▇; (▇i) the Corporation shall also use its best efforts to release the Selling Stockholders from any liability on any notes or other obligations incurred for the benefit of the Corporation for which they are individually or jointly liable, said releases to occur, to the extent practicable, within twelve (12) months after the date of death of Thom▇▇ ▇. ▇▇▇▇▇▇▇▇; ▇▇ovided, however, that in the event that the Corporation is unable to secure said releases, it shall indemnify and hold harmless the Selling Stockholders, their estates and successors, from any and all liabilities which are incurred in the event of a default by the Corporation.
Release from Indebtedness. All Indebtedness of the Company outstanding on the Closing Date (together with all interest accrued thereon through the Closing Date and any prepayment premiums, penalties or fees) shall have been repaid or the Assets shall have been released from all such Indebtedness prior to or at Closing. Prior to or at Closing, the creditors under any Indebtedness of the Company or the Parent shall have terminated and released all Liens of any kind on the Assets of the Company securing such Indebtedness. The Buyer shall have received copies of such payoff letters and other evidences of termination and release as are reasonably satisfactory to the Buyer.
Release from Indebtedness. The $1,050,000 of outstanding debt as of November 30, 2003 related to the building located at ▇▇ ▇▇▇▇▇▇▇▇ ▇▇▇▇▇▇, ▇▇▇▇ ▇▇▇▇▇▇▇▇▇▇▇, ▇▇ will be transferred from the Sunburst balance sheet to the Chase balance sheet.
Release from Indebtedness. At the Closing, Foodbrands shall pay or cause the Company to be released from all of the Company's long-term debt, including the current portion thereof.