No Recourse Against Certain Persons. A director (or the equivalent for a Guarantor that is not a corporation), officer, employee or securityholder, as such, of a Guarantor or the Governing Body of a Guarantor will not have any liability for any obligations of such Guarantor under this Guarantee or for any claim based on, in respect of or by reason of such obligations or its creation. Each of the parties hereto acknowledges that BPY, Property Partnership and New LP are limited partnerships and that there is no recourse to the limited partners of BPY, Property Partnership or New LP.
Appears in 2 contracts
Samples: Subordinated Guarantee (Brookfield Property Partners L.P.), Subordinated Guarantee (BPY Bermuda Holdings IV LTD)
