Common use of No Personal Liability of Directors, Managers, Officers, Members, Partners, Employees and Equityholders Clause in Contracts

No Personal Liability of Directors, Managers, Officers, Members, Partners, Employees and Equityholders. No past, present or future director, officer, manager, employee, incorporator, member, partner or direct or indirect stockholder, member or unitholder of the Issuer or any Restricted Subsidiaries or of any of their direct or indirect parent companies, as such, will have any liability for any obligations of the Issuer or the Guarantors under the Notes, this Indenture, the Guarantees or any Security Documents, or for any claim based on, in respect of, or by reason of, such obligations or their creation. Each Holder by accepting a Note waives and releases all such liability. The waiver and release are part of the consideration for issuance of the Notes. The waiver may not be effective to waive liabilities under the federal securities laws.