Common use of Liability to Third Persons Clause in Contracts

Liability to Third Persons. No Liquidation Trust Beneficiary shall be subject to any personal liability whatsoever, in tort, contract or otherwise, to any person in connection with the Liquidation Trust Assets, the Trust Proceeds, or the affairs of the Liquidation Trust Administrator. The Liquidation Trust Administrator, agents of and professionals retained by the Liquidation Trust Administrator and the members of the Liquidation Trust Committee shall not be subject to any personal liability whatsoever, in tort, contract or otherwise, to any person in connection with the Liquidation Trust Assets, the Trust Proceeds, or the affairs of the Liquidation Trust, except for its own gross negligence, fraud or reckless, intentional or willful misconduct, and all such persons shall look solely to the Liquidation Trust Assets and/or the Trust Proceeds for satisfaction of claims of any nature arising in connection with affairs of the Liquidation Trust. Other than as set forth in the Plan or the Confirmation Order, nothing in this Section 7.3 shall be deemed to release any Liquidation Trust Beneficiary from any actions or omissions occurring prior to the Effective Date; provided that nothing in this Section 7.3 shall contravene any releases granted pursuant to the Plan or the Confirmation Order.

Liability to Third Persons. No Liquidation Post-Consummation Trust Beneficiary shall be subject to any personal liability whatsoever, in tort, contract or otherwise, to any person in connection with the Liquidation Post-Consummation Trust Assets, the Trust Proceeds, or the affairs of the Liquidation Trust Plan Administrator. The Liquidation Trust Plan Administrator, agents of and professionals retained by the Liquidation Trust Plan Administrator and the members of the Liquidation Post-Consummation Trust Committee shall not be subject to any personal liability whatsoever, in tort, contract or otherwise, to any person in connection with the Liquidation Post-Consummation Trust Assets, the Trust Proceeds, Proceeds or the affairs of the Liquidation Post- Consummation Trust, except for its own gross negligence, fraud or reckless, intentional or willful misconduct, and all such persons shall look solely to the Liquidation Trust Assets and/or the Trust Proceeds for satisfaction of claims of any nature arising in connection with affairs of the Liquidation Post-Consummation Trust. Other than as set forth in the Plan or the Confirmation Order, nothing in this Section 7.3 shall be deemed to release any Liquidation Post-Consummation Trust Beneficiary from any actions or omissions occurring prior to the Effective Date; provided that nothing in this Section 7.3 shall contravene any releases granted pursuant to the Plan or the Confirmation Order.