Common use of Immunity of Certain Persons Clause in Contracts

Immunity of Certain Persons. No recourse under or upon any obligation, covenant or agreement of this Indenture, or of any Security, or for any claim based thereon or otherwise in respect thereof, shall be had against any incorporator, stockholder, officer or director, past, present or future as such, of the Company or of any predecessor or successor corporation, either directly or through the Company or any such predecessor or successor corporation, whether by virtue of any constitution, statute or rule of law, or by the enforcement of any assessment or penalty or otherwise; it being expressly understood that this Indenture and the obligations issued hereunder are solely corporate obligations, and that no such personal liability whatever shall attach to, or is or shall be incurred by, the incorporators, stockholders, officers or directors as such, of the Company or of any predecessor or successor corporation, or any of them, because of the creation of the indebtedness hereby authorized, or under or by reason of the obligations, covenants or agreements contained in this Indenture or in any of the Securities or implied therefrom; and that any and all such personal liability of every name and nature, either at common law or in equity or by constitution or statute, of, and any and all such rights and claims against, every such incorporator, stockholder, officer or director as such, because of the creation of the indebtedness hereby authorized, or under or by reason of the obligations, covenants or agreements contained in this Indenture or in any of the Securities or implied therefrom, are hereby expressly waived and released as a condition of, and as a consideration for, the execution of this Indenture and the issuance of such Securities.

Immunity of Certain Persons. No recourse under for the payment of the principal of or upon any obligationpremium, covenant or agreement of this Indentureif any, or of interest on any SecuritySubordinated Note, or for any claim based thereon or otherwise in respect thereof, shall and no recourse under or upon any obligation, covenant or agreement contained in the Indenture or in any Subordinated Note, or for any claim based thereon or otherwise in respect thereof, will be had against any incorporator, stockholder, officer or director, past, present or future incorporator, shareholder, employee, officer, director or agent, as such, of the Company or of any predecessor or successor corporationsuccessor, either directly or through the Company or any such predecessor or successor corporationsuccessor, whether by virtue of under any constitution, statute or rule of law, statute or constitutional provision or by the enforcement of any assessment or penalty by any legal or equitable proceeding or otherwise; , it being expressly understood that this Indenture and the obligations issued hereunder are solely corporate obligations, and that no such personal liability whatever shall attach to, or is or shall be incurred by, the incorporators, stockholders, officers employees, officers, directors or directors agents, as such, of the Company or of any predecessor or successor corporationsuccessor, or any of them, because of the creation of the indebtedness hereby authorized, or under or by reason of the obligations, covenants or agreements contained in this Indenture or in any of the Securities Subordinated Notes or implied therefrom; and that any and all such personal liability of every name and nature, either at common law or in equity or by constitution or statute, of, and any and all such rights and claims against, every such incorporator, stockholdershareholder, officer employee, officer, director or director agent, as such, because of the creation of the indebtedness hereby authorized, or under or by reason of the obligations, covenants or agreements contained in this Indenture or in any of the Securities Subordinated Notes or implied therefrom, are hereby expressly waived and released as a condition of, by the acceptance of the Subordinated Notes by the Holders and as a part of the consideration for, for the execution of this Indenture and the issuance of such Securitiesthe Subordinated Notes.