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Clear Channel Outdoor Holdings (CCO)
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CCO » Topics » No Personal Liability of Directors, Officers, Employees and Stockholders

This excerpt taken from the CCO 8-K filed Dec 11, 2009.

No Personal Liability of Directors, Officers, Employees and Stockholders

No past, present or future director, officer, employee, incorporator, member, partner or stockholder of the Issuer or any Guarantor or any of their direct or indirect parent companies shall have any liability for any obligations of the Issuer or the Guarantors under the 2017 B Notes, the Guarantees or the 2017 B Indenture or for any claim based on, in respect of, or by reason of such obligations or their creation. Each Holder by accepting 2017 B Notes waives and releases all such liability. The waiver and release are part of the consideration for issuance of the 2017 B Notes. Such waiver may not be effective to waive liabilities under the federal securities laws and it is the view of the SEC that such a waiver is against public policy.

 

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