Common use of Purchaser’s Release Clause in Contracts

Purchaser’s Release. Effective as of the Closing, Purchaser hereby unconditionally releases and discharges Sellers, Sellers’ Affiliates, and the partners, employees, officers and directors of Sellers and Sellers’ Affiliates, from all of the Assumed Liabilities, which include all environmental liabilities (including all Environmental Claims) relating to or arising out of the Assets, whether existing or asserted before or after the Closing Date, whether based on past, present or future conditions or events, whether or not known to Purchaser on the Closing Date and wherever located. This release includes, but is not limited to, any environmental liabilities under the Comprehensive Environmental Response, Compensation and Liability Act of 1980, as amended, the Resource Conservation and Recovery Act of 1976, as amended, the federal Clean Air Act, as amended, and other Environmental Laws, and environmental liabilities for injury, death, destruction, loss or damage to the person or property of Purchaser and its employees arising out (i) the environmental condition of the Assets, and (ii) the existence of Hazardous Materials at the Assets. In connection with this release, Purchaser hereby expressly waives the benefits of any statute limiting the waiver of unknown claims, including Section 1542 of the California Civil Code which reads as follows: “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 to him must have materially affected his settlement with the debtor.” For the avoidance of doubt, nothing in Sections 4.2 or 4.3 are intended to deprive Purchaser of its rights against Sellers under Sections 6.4 or 12.1 (as limited by Section 12.3).

Purchaser’s Release. Effective as of the Closing, Purchaser hereby unconditionally releases and discharges SellersSeller, Sellers’ Affiliates, Seller's Affiliates and the partners, Seller's employees, officers officers, directors and directors contractors and those of Sellers and Sellers’ Affiliates, its Affiliates from all of the Assumed Liabilities, which include all environmental liabilities (including all Environmental Claims) Liabilities relating to or arising out of the AssetsRefinery or the Operations of the Refinery, whether existing or asserted before or after the Closing Date, whether based on past, present or future conditions or events, whether or not known to Purchaser on the Closing Date and wherever located, except for Seller's Retained Refinery Environmental Liabilities. This release includes, but is not limited to, any environmental liabilities Environmental Liabilities under the Comprehensive Environmental Response, Compensation and Liability Act of 1980, as amendedCERCLA, the Resource Conservation and Recovery Act of 1976, as amendedamended ("RCRA"), the federal Clean Air Act, as amended, and other Environmental Laws, Laws and environmental liabilities Environmental Liabilities for injury, death, destruction, loss or damage to the person or property of Purchaser and its employees arising out (i) the environmental condition of the AssetsRefinery and the improvements and the equipment at the Refinery, and (ii) the existence of Hazardous Materials at the AssetsRefinery. Nothing in this release is intended to limit the Seller's Retained Liability set forth in Section 4.1. In connection with this release, Purchaser hereby expressly waives the benefits of any statute limiting the waiver of unknown claims, including Section 1542 of the California Civil Code which reads as follows: “"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 to him must have materially affected his settlement with the debtor.” For the avoidance of doubt, nothing in Sections 4.2 or 4.3 are intended to deprive Purchaser of its rights against Sellers under Sections 6.4 or 12.1 (as limited by Section 12.3)."