Common use of Release or Exoneration Clause in Contracts

Release or Exoneration. The Settlement Fund or its designee(s) may do or suffer any of the following, by action or inaction, without releasing or exonerating any El Paso Settling Party or El Paso Pledgor from any of its obligations under this Agreement (including any release or exoneration that might occur under California Civil Code §§ 2819, 2845, 2848, 2849, or 2850): (i) renew, extend, rearrange, alter or otherwise modify this Agreement or any other document delivered by or on behalf of any El Paso Settling Party or El Paso Pledgor under or in connection with this Agreement (including any of the Security Documents), or any of the other Secured Obligations; (ii) release any El Paso Settling Party or El Paso Pledgor from any of the Secured Obligations; (iii) sell, release, subordinate, impair, waive or otherwise fail to obtain or perfect (or continue the perfection of) a security interest in any Collateral; (iv) fail to realize upon any Collateral; (v) perform on behalf of any El Paso Settling Party or El Paso Pledgor any obligation due hereunder or under any other document delivered by or on behalf of any El Paso Settling Party or El Paso Pledgor under or in connection with this Agreement (including any of the Security Documents) to cure any defaults of El Paso und er the same; (vi) foreclose on any Collateral in a manner that diminishes, impairs or precludes the right of an El Paso Settling Party or El Paso Pledgor to enjoy any rights of subrogation against another El Paso Settling Party or El Paso Pledgor, or to obtain reimbursement, performance, or indemnification for payment or performance under this Agreement (including any of the foregoing that results from the direct or indirect application of California Code of Civil Procedure §§ 580a, 580b, 580c, 580d, and 726, and Commercial Code §§ 1103 and 9501 et seq.); (vii) permit or suffer the impairment of any of the Secured Obligations in a case under the Bankruptcy Code by or against any El Paso Settling Party or El Paso Pledgor; (viii) make an election under Bankruptcy Code § 1111(b)(2) in a case by or against any El Paso Settling Party or El Paso Pledgor; (ix) permit or suffer the creation of secured or unsecured credit or debt under Bankruptcy Code § 364 in a case by or against any El Paso Settling Party or El Paso Pledgor; (x) permit or suffer the disallowance, avoidance or subordination of any of the Secured Obligations or Collateral; (xi) fail to exercise any right or remedy it may have with respect to the payment or performance of the Secured Obligations; or (xii) fail to obtain a guaranty, other assurance of payment, or credit enhancement from any other Person.

Release or Exoneration. The Settlement Fund or its designee(s) may do or suffer any of the following, by action or inaction, without releasing or exonerating any El Paso Settling Party or El Paso Pledgor from any of its obligations under this Agreement (including any release or exoneration that might occur under California Civil Code §§ Sections 2819, 2845, 2848, 2849, or 2850): (i) renew, extend, rearrange, alter or otherwise modify this Agreement or any other document delivered by or on behalf of any El Paso Settling Party or El Paso Pledgor under or in connection with this Agreement (including any of the Security Documents), or any of the other Secured Obligations; (ii) release any El Paso Settling Party or El Paso Pledgor from any of the Secured Obligations; (iii) sell, release, subordinate, impair, waive or otherwise fail to obtain or perfect (or continue the perfection of) a security interest in any Collateral; (iv) fail to realize upon any Collateral; (v) perform on behalf of any El Paso Settling Party or El Paso Pledgor any obligation due hereunder or under any other document delivered by or on behalf of any El Paso Settling Party or El Paso Pledgor under or in connection with this Agreement (including any of the Security Documents) to cure any defaults of El Paso und er under the same; (vi) foreclose on any Collateral in a manner that diminishes, impairs or precludes the right of an El Paso Settling Party or El Paso Pledgor to enjoy any rights of subrogation against another El Paso Settling Party or El Paso Pledgor, or to obtain reimbursement, performance, or indemnification for payment or performance under this Agreement (including any of the foregoing that results from the direct or indirect application of California Code of Civil Procedure §§ Sections 580a, 580b, 580c, 580d, and 726, and Commercial Code §§ Sections 1103 and 9501 et seq.); (vii) permit or suffer the impairment of any of the Secured Obligations in a case under the Bankruptcy Code by or against any El Paso Settling Party or El Paso Pledgor; (viii) make an election under Bankruptcy Code § Section 1111(b)(2) in a case by or against any El Paso Settling Party or El Paso Pledgor; (ix) permit or suffer the creation of secured or unsecured credit or debt under Bankruptcy Code § Section 364 in a case by or against any El Paso Settling Party or El Paso Pledgor; (x) permit or suffer the disallowance, avoidance or subordination of any of the Secured Obligations or Collateral; (xi) fail to exercise any right or remedy it may have with respect to the payment or performance of the Secured Obligations; or (xii) fail to obtain a guaranty, other assurance of payment, or credit enhancement from any other Person.