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Liability Disclaimer. Under no circumstances whatsoever shall Newgulf Petroleum be deemed to assume any responsibility for or obligation or duty with respect to any part or all transactions, of any nature or kind whatsoever, or any matter or proceedings arising out of or relating thereto to our Vendor companies. The Newgulf Petroleum shall not be required to take any action of any kind to collect or protect any interest in transaction, including but not limited to any action necessary to preserve its or the undersigned’s rights against prior parties to any of the transaction. Newgulf Petroleum shall not be liable or responsible in any way for the safekeeping, care or custody of any of the transaction, or for any loss or damage thereto, or for any diminution in the value thereof, or for any act or default of our vendor companies or the undersigned, or of any carrier, forwarding agency or other person whomsoever, or for the collection of any proceeds, but the same shall be at the undersigned’s sole risk at all times. The undersigned hereby releases Newgulf Petroleum from any claims, causes of action and demands at any time arising out of or with respect to this Agreement or the Obligations, and any actions taken or omitted to be taken by Newgulf Petroleum with respect thereto, and the undersigned agrees to defend and hold the Newgulf Petroleum harmless from and with respect to any and all such claims, causes of action and demands. Newgulf Petroleum prior recourse to any part of all of the Transaction shall not constitute a condition of any demand for payment of the Obligations or of any suit or other proceeding for the collection of the Obligations.