Common use of Purchaser’s Release Clause in Contracts

Purchaser’s Release. Effective as of the Closing, Purchaser hereby unconditionally releases and discharges, Seller, Seller's Affiliates and Seller's employees, officers, directors and contractors and those of its Affiliates from all Environmental Liabilities relating to or arising out of the Marketing Assets or the Operations of the Marketing 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, except for Seller's Retained Marketing Environmental Liabilities. This release includes, but is not limited to, any Environmental Liabilities under CERCLA, RCRA, 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 Marketing Sites and the improvements and the equipment on the Marketing Sites, and (ii) the existence of Hazardous Materials on the Marketing Sites. In connection with this release, Purchaser hereby expressly waives the benefits of 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."