Common use of Timing of Release Clause in Contracts

Timing of Release. The releases contemplated in this Article VII shall become effective on the Initial Payment Due Date. A failure by any Defendant to make any payment required by the Class Settlement Agreement or Individual Settlement Agreement, including any part of its Initial Defendant Payment, shall not affect the validity or enforceability of the Releases as to any Defendant or Releasee, including the defaulting Defendant. However, as noted herein, the Litigation Trustee shall have the right to pursue the remedies described in Section 7.7 against the defaulting Defendant.

Timing of Release. The releases contemplated in described under this Article VII shall become effective on the Initial Payment Due Date. A failure by any Defendant to make any payment Class Settlement Agreement 27 required by the Class Settlement Agreement or Individual Settlement Agreement, including any part of its Initial Defendant Payment, shall not affect the validity or enforceability of the Releases as to any Defendant or Releasee, including the defaulting Defendant. However, as noted herein, the Litigation Trustee shall have the right to pursue the remedies described in Section 7.7 against the defaulting Defendant.

Timing of Release. The releases contemplated in described under this Article VII shall become effective on the Initial Payment Due Date. A failure by any Defendant to make any payment required by the Class Settlement Agreement or Individual Settlement Agreement, including any part of its Initial Defendant Payment, shall not affect the validity or enforceability of the Releases as to any Defendant or Releasee, including the defaulting Defendant. However, as noted herein, the Litigation Trustee shall have the right to pursue the remedies described in Section 7.7 against the defaulting Defendant.