Misplaced Liability definition
Examples of Misplaced Liability in a sentence
For the avoidance of doubt, it is acknowledged that the Business Holdco shall not have any obligations under this Schedule 5 to the Asset Holder or Liability Holder (as applicable) of any Misplaced Asset or Misplaced Liability in excess of the obligations to the third person which the Asset Holder or Liability Holder is able to meet from its own assets, without any recourse to the provisions of this Schedule 5.
To the extent that any Misplaced Liability is not, or cannot be, novated to the Intended Holder with effect on and from the Notification Date pursuant to clause 3.2 of this Schedule, the provisions of the relevant Transitional and Long Term Services Agreement(s) will apply in respect of that Misplaced Liability until such novation occurs.
Without prejudice to clauses 2.5 and 3.3, all reasonable costs (including all losses, damages, liabilities, claims and expenses) incurred as a result of the matters contemplated in this Schedule 5 in relation to any Misplaced Asset or Misplaced Liability shall be for the account of the Business Holdco that is carrying on the business to which the Misplaced Asset or Misplaced Liability is properly attributable.
Notwithstanding the foregoing, the provisions of clause 7.6(b) and Schedule 4 are not intended to create any obligation for the benefit of, or be enforceable by, any third person to whom any obligations are owed in respect of any Misplaced Asset or Misplaced Liability.