Exculpation and Release of Liability Clause Samples
The Exculpation and Release of Liability clause serves to limit or eliminate one party's legal responsibility for certain actions, damages, or losses that may occur in connection with an agreement or activity. Typically, this clause specifies the types of claims or liabilities from which a party is released, such as injuries, property damage, or financial losses, and may outline exceptions where liability cannot be waived, like cases of gross negligence or willful misconduct. Its core practical function is to allocate risk by protecting the released party from lawsuits or claims, thereby providing clarity and reducing potential legal exposure.
Exculpation and Release of Liability. Without in any way affecting the limitations on liability set forth in the Operative Documents, the Indenture Trustee, and each Note Holder by accepting any Equipment Note hereunder, hereby acknowledge and agree that none of the Trust Company, the Owner Participant or any director, officer, employee, stockholder, agent or affiliate of the Trust Company or the Owner Participant (the "Exculpated Equity Persons") shall have any obligation, duty or liability of any kind whatsoever to the Indenture Trustee or any such Note Holder in connection with the exercise by any Exculpated Equity Person of any rights of the Owner Trustee or the taking of any action or the failure to take any action by any Exculpated Equity Person in connection with any rights of the Owner Trustee under this Indenture or the Lease, and each such Note Holder hereby waives and releases, to the extent permitted by applicable law, each Exculpated Equity Person of any and all such obligations, duties or liabilities.