Common use of RELEASE OF LIABILITY AND INDEMNITY Clause in Contracts

RELEASE OF LIABILITY AND INDEMNITY. 4.1 The Parties acknowledge that in no event shall the WFOE be required to bear any liability or provide any economic or other indemnity to the other Parties or to any third party in connection with the exercise of the Proxy Rights hereunder by the individual(s) designated by the WFOE. 4.2 The Existing Shareholders and the Company agree to indemnify and hold the WFOE harmless against any and all losses suffered or likely to be suffered by the WFOE as a result of the exercise by its designated Proxy of the Proxy Rights, including without limitation any losses arising out of any suit, recourse, arbitration or claims brought by any third party against it or any administrative investigation or sanction by any governmental authorities, but exclusive of any losses arising out of any willful misconduct or gross negligence of the Proxy.