Common use of California Civil Code Section 1542 Waiver Clause in Contracts

California Civil Code Section 1542 Waiver. Each of the Parent Parties and each Contributor Releasing Party acknowledges that it may discover facts or law different from, or in addition to, the facts or law that it knows or believes to be true with respect to the claims released in this Section 7.2 and agrees, nonetheless, that the Release contained in this Section 7.2 shall be and remain effective in all respects notwithstanding such different or additional facts or the discovery of them. Each of the Parent Parties and each Contributor Releasing Party expressly acknowledges and agrees that all rights under Section 1542 of the California Civil Code are expressly waived. That section provides: A GENERAL RELEASE DOES NOT EXTEND TO CLAIMS WHICH THE CREDITOR DOES NOT KNOW OR SUSPECT TO EXIST IN HIS FAVOR AT THE TIME OF EXECUTING THE RELEASE, WHICH IF KNOWN BY HIM MUST HAVE MATERIALLY AFFECTED HIS SETTLEMENT WITH THE DEBTOR.