Liability Neither Clause Samples
The 'Liability Neither' clause serves to clarify that neither party will be held liable to the other for certain types of damages or losses arising from the agreement. Typically, this clause excludes liability for indirect, incidental, or consequential damages, such as lost profits or business interruptions, regardless of the cause. Its core function is to allocate risk between the parties by limiting exposure to potentially significant and unpredictable claims, thereby providing both sides with greater certainty and protection in their contractual relationship.
Liability Neither the Agent nor any of its directors, officers, employees or agents shall be liable to the Lenders for anything done or omitted to be done by the Agent under or in connection with any of the Relevant Documents unless as a result of the Agent’s gross negligence or wilful misconduct.
Liability Neither the Agent nor the Security Trustee nor any of their respective directors, officers, employees or agents shall be liable to any of the other Finance Parties for anything done or omitted to be done by the Agent or the Security Trustee under or in connection with the Security Documents unless as a result of the Agent’s or the Security Trustee’s wilful misconduct or gross negligence.
Liability Neither the Seventh Issuer Security Trustee nor the Receiver of the Seventh Issuer shall be liable to the Seventh Issuer in the absence of breach of the terms of this Deed by them, or wilful default, fraud, negligence or wilful misconduct on their part or that of their officers, employees or agents in respect of any loss or damage which arises out of the exercise or the attempted or purported exercise of or failure to exercise any of their respective powers.
Liability Neither the Chargee nor any Receiver shall, if it has exercised due care in selecting the Delegate, be in any way liable or responsible to the Chargor for any loss or liability arising from any act, default, omission or misconduct on the part of any Delegate. 14. APPLICATION OF PROCEEDS
14.1 Order of application of proceeds Subject to the claims of any person having prior rights thereto, all monies received by the Chargee, a Receiver or a Delegate pursuant to this Deed, after the Security constituted by this Deed has become enforceable, shall be applied in the following order of priority: (a) first, in or towards payment of or provision for all costs, charges and expenses incurred by or on behalf of the Chargee (and any Receiver, Delegate, attorney or agent appointed by it) under or in connection with this Deed, and of all remuneration due to any Receiver under or in connection with this Deed;