Common use of Release of Group Members Clause in Contracts

Release of Group Members. If any person which is a member of the Group shall cease to be such a member in consequence of the enforcement of any of the Securities or in consequence of a disposal of the shares therein effected at the request of the Majority Banks in circumstances where any of the security created by the Securities has become enforceable, any claim which any Obligor may have against such person or any of its Subsidiaries in or arising out of this Agreement or any of the Securities (including, without limitation, any claim by way of subrogation to the rights of the Agent and the Banks against such person under the Transaction Documents and any claim by way of contribution or indemnity) shall be released automatically and immediately upon such person ceasing to be a member of the Group.

Release of Group Members. If any person which is a member of the Group (other than the Borrower) shall cease to be such a member in consequence of the enforcement of any of the Securities or in consequence of a disposal of the shares therein effected at the request of the Majority Banks in circumstances where any of the security created by the Securities has become enforceable, any claim which any Obligor may have against such person or any of its Subsidiaries in or arising out of this Agreement or any of the Securities (including, without limitation, any claim by way of subrogation to the rights of the Agent Agents and the Banks against such person under the Transaction Documents and any claim by way of contribution or indemnity) shall be released automatically and immediately upon such person ceasing to be a member of the Group.

Release of Group Members. If any person which is a member of the Group shall cease to be such a member in consequence of the enforcement of any of the Securities or in consequence of a disposal of the shares therein effected at the request of the Majority Banks in circumstances where any of the security created by the Securities has become enforceable, any claim which any Obligor may have against such person or any of its Subsidiaries in or arising out of this Agreement or any of the Securities (including, without limitation, any claim by way of subrogation to the rights of the Agent Agents and the Banks against such person under the Transaction Documents and any claim by way of contribution or indemnity) shall be released automatically and immediately upon such person ceasing to be a member of the Group.