Exculpatory definition

Exculpatory provisions set forth in the Deed of Trust, in the Note or in any other document referred to therein and evidencing or securing the repayment of the Loan, such that Indemnitor shall be fully and personally liable on a full recourse basis for all of Indemnitor's obligations hereunder, and such liability shall not be limited to the original principal amount of the Loan.

Split View

AI-Powered Contracts

Draft, Review & Redline at the Speed of AI

Get StartedSchedule a Demo

Exculpatory is defined as that which tends to clear from alleged fault or guilt. BLACK’S 508 (5th Ed. 1989). The phrase “clearly exculpatory” appears to be borrowed from the line of cases descending from ▇▇▇▇▇ Maryland, 373 83 and culminating in United States Augurs 427 97 (1973). In these cases the Court held that in the absence of a specific discovery request, a prosecutor with- holding evidence from the defense would not violate due process unless it was clearly exculpatory- that is, “highly probative” and of of such substantial value to the defense” that the withholding would violate notions of fundamental fairness. Augurs, 427 U.S. at 110. infra text accompanying notes For analysis of state court decisions dealing with exculpatory witness immunity, see ▇▇▇▇▇▇ ▇. ▇▇▇▇▇▇▇▇▇▇, Annotation, Right of Defendant In Criminal Proceeding To Have Immunity From Prosecution Granted to Defense Witnesses, 4 4th 617 (1981). United States ▇. ▇▇▇▇▇▇ 33 ▇.▇. 370 (C.M.A. 1991) (although not reversing judge’s denial of the defense motion, court applied the “clearly exculpatory” ▇▇▇▇- dard).

Exculpatory means “clearing, or tending to clear, from alleged fault or guilt; excusing.” In the case of State v. Langdon, 46 N.M. 277, [279,] 127 P.2d 875[, 876 (1942)], [the Supreme Court of New Mexico] used the following language: “The word ‘exculpate’ is employed in the sense of excuse or justification.”

Examples of Exculpatory in a sentence

• Subject to the provisions of Section 9.6 [Exculpatory Provisions, Etc.], no Bank shall have any right of action whatsoever against the Administrative Agent as a result of the Administrative Agent acting or refraining from acting hereunder in accordance with the instructions of the Required Banks, or in the absence of such instructions, in the absolute discretion of the Administrative Agent.

• Such amount shall be used to pay Recourse Liabilities and/or Exculpatory Liabilities or shall be distributed to Members other than DAI in accordance with their positive Capital Account balances.

• The Agent may perform any of its duties hereunder by or through agents or employees (provided such delegation does not constitute a relinquishment of its duties as Agent) and, subject to Sections 9.5 [Reimbursement of Agent by Borrower, Etc.] and 9.6 [Exculpatory Provisions; Limitation of Liability], shall be entitled to engage and pay for the advice or services of any attorneys, accountants or other experts concerning all matters pertaining to its duties hereunder and to rely upon any advice so obtained.

• Amend Section 5.2 [Pro Rata Treatment of Lenders], 10.3 [Exculpatory Provisions, Etc.] or 5.3 [Sharing of Payments by Lenders] or this Section 11.1, alter any provision regarding the pro rata treatment of the Lenders or requiring all Lenders to authorize the taking of any action or reduce any percentage specified in the definition of Required Lenders, in each case without the consent of all of the Lenders.

• Subject to the provisions of Section 9.6 (Exculpatory Provisions; Limitation of Liability), no Bank shall have any right of action whatsoever against the Agent as a result of the Agent acting or refraining from acting hereunder in accordance with the instructions of the Required Banks, or in the absence of such instructions, in the absolute discretion of the Agent.

• Any action taken or failure to act pursuant to such instructions or discretion shall be binding on the Banks, subject to Section 9.6 [Exculpatory Provisions, Etc.].

• Subject to the provisions of Section 9.6 [Exculpatory Provisions; Limitation of Liability], no Lender shall have any right of action whatsoever against the Agent as a result of the Agent acting or refraining from acting hereunder in accordance with the instructions of the Required Lenders, or in the absence of such instructions, in the absolute discretion of the Agent.

• Section 9.01 Appointment and Authority 154 Section 9.02 Rights as a Lender 155 Section 9.03 Exculpatory Provisions 155 Section 9.04 Reliance by Administrative Agent 156 Section 9.05 Delegation of Duties 156 Section 9.06 Resignation of Administrative Agent 157 Section 9.08 No Other Duties, Etc.

• AGENCY PROVISIONS 42 10.1 Appointment 42 10.2 Delegation of Duties 43 10.3 Exculpatory Provisions 43 10.4 Reliance on Communications 44 10.5 Notice of Default 44 10.6 Non-Reliance on Administrative Agent and Other Lenders 44 10.7 Indemnification 45 10.8 Administrative Agent in Its Individual Capacity 45 10.9 Successor Administrative Agent 46 SECTION 11.

• THE AGENTS 39 Section 11.1. Authorization and Action 39 Section 11.2. Delegation of Duties 40 Section 11.3. Exculpatory Provisions 40 Section 11.4. Reliance by Agents 41 Section 11.5. Non-Reliance on Other Agents and Other Lenders 41 Section 11.6. Reimbursement and Indemnification 42 Section 11.7. Agents in their Individual Capacities 42 Section 11.8. Conflict Waivers 42 Section 11.9. UCC Filings 42 Section 11.10.