Common use of Section 1542 Clause in Contracts

Section 1542. Owner and Operator do not believe that ------------ this Agreement is governed by Section 1542 of the California Civil Code, which provides that: 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 by him must have materially affected his settlement with the debtor. To the extent that Section 1542 may be deemed to govern Section 9 of this Agreement, Owner and Operator each knowingly and voluntarily waives the provisions of Section 1542 and acknowledges and agrees that this waiver is an essential and material term of this Agreement and without the waiver the Agreement would not have been entered into. Each of Owner and Operator have been advised by its legal counsel and understands and acknowledges the significance and consequences of this Agreement and of this specific waiver of Section 1542.

Section 1542. Owner and Operator do not believe that this ------------ this Agreement is governed by Section 1542 of the California Civil Code, which provides that: 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 by him must have materially affected his settlement with the debtor. To the extent that Section 1542 may be deemed to govern Section 9 of this Agreement, Owner and Operator each knowingly and voluntarily waives the provisions of Section 1542 and acknowledges and agrees that this waiver is an essential and material term of this Agreement and without the waiver the Agreement would not have been entered into. Each of Owner and Operator have been advised by its legal counsel and understands and acknowledges the significance and consequences of this Agreement and of this specific waiver of Section 1542.