Release of Issuer. (a) The Issuer shall be released from its obligations under this Indenture and the Notes, without the consent of the Holders, if: (1) the Company or any successor to the Company has assumed the obligations of the Issuer under this Indenture and the Notes, by supplemental indenture executed and delivered to the Trustee and satisfactory in form to the Trustee, (2) the Company delivers an Opinion of Counsel to the Trustee to the effect that beneficial owners of Notes will not recognize income, gain or loss for United States federal income tax purposes as a result of such release and such beneficial owners of Notes will be subject to United States federal income tax on the same amounts, in the same manner and at the same times as would have been the case if such release had not occurred and (3) the Issuer shall (w) become a Guarantor at such time subject to the provisions of Article 6 and Section 4.11 hereof, (x) execute a Guarantee, (y) execute a supplemental indenture evidencing its Guarantee and (z) deliver an Opinion of Counsel to the Trustee to the effect that the supplemental indenture has been duly authorized, executed and delivered by the Issuer and constitutes a valid and binding obligation of the Issuer, enforceable against the Issuer in accordance with its terms (subject to customary exceptions), until such time, if any, as such Guarantee may be released as described above under Section 4.18 and Article 6.
Release of Issuer. The Issuer may be released from its obligations under the Indenture and the Notes in accordance with the provisions of Article Fourteen of the Base Indenture and the following is added at the end of clause (3) of Article Fourteen thereof: “until such time, if any, as such Guarantee may be released pursuant to Section 5.02 hereof.”.
Release of Issuer. Any agreement by the Note Trustee pursuant to Clause 17.1 (Procedure) shall, if so expressed, operate to release the Issuer or any previous Substituted Issuer from all of its obligations as principal debtor under the Notes and this Trust Deed (but without prejudice to its liabilities under any guarantee given pursuant to sub-clause 17.1.4), the Coupons and the other Issuer Transaction Documents and as principal lender under the Intercompany Loan Agreement. Not later than 15 days after the execution of any such undertaking and such other deeds, documents and instruments as aforesaid and compliance with the said conditions and requirements of the Note Trustee, the Issuer shall give notice thereof to the Noteholders in accordance with the Conditions.
Release of Issuer. Upon Holders’ receipt of the Payoff Discount, solely in accordance with the timing set forth in the second paragraph of paragraph 1 above, the Notes shall be deemed paid in full and Holders will be deemed to have released and discharged Issuer from any liability it might have to repay the Notes and from any of the other Obligations under the Notes and the other Note Documents (as such term is defined in the Notes) and Holders shall redeliver to Issuer the original Notes within two business days of the Holders’ receipt of their respective portions of the Payoff Discount, which Issuer may xxxx “paid in full.”
Release of Issuer. Any agreement by the Note Trustee pursuant to sub-clause 10.3.1 (Procedure) shall, if so expressed, operate to release the Issuer (or such previous substitute) from all of its obligations as principal debtor under the Notes, the Security Documents and the other Secured Obligations (but without prejudice to its liabilities under any guarantee given pursuant to paragraph (d) of sub-clause 10.3 (Substitution)).
Release of Issuer. Pursuant to Section 5.1 of the Indenture, upon execution of this Supplemental Indenture by the Trustee the Successor Issuer shall succeed to, and be substituted for, and shall be entitled to exercise every right and power of, the Issuer under the Indenture, with the same effect as if it were the Issuer thereunder, and the Original Issuer shall be discharged from all obligations and covenants under the Indenture and the Notes.
Release of Issuer. Upon the assumption by the Guarantor of all of the rights and obligations of the Issuer pursuant to Section 2.01 hereof, the Issuer as of the Effective Date (i) shall be released from its liabilities under the Base Indenture and under the Senior Debt Securities as obligor on the Senior Debt Securities, (ii) shall cease to be a party to the Base Indenture and an obligor on the Senior Debt Securities and (iii) shall release the Trustee from any and all claims it may have on the Trustee under the Indenture, as supplemented or amended from time to time.
Release of Issuer. ARTICLE 11
Release of Issuer. The Secured Parties agree that the Issuer shall have no liability for any misapplication of funds withdrawn from the Account by any Secured Party and shall be considered to have discharged its obligation to each Secured Party in an amount equal to each Secured Party's pro rata portion of any amount withdrawn by any Secured Party in excess of the withdrawing Secured Party's pro rata share of the funds in the Account.
Release of Issuer. Upon the consummation of the Panavision Assumption, the Issuer shall be discharged from all obligations and covenants under this Agreement.
