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Section 11.03 Exculpation and Limitation of Liability
<br />Notwithstanding anything to the contrary herein, the Debtors, its Professionals
<br />retained in the Chapter 11 Cases, its officers, directors, managers, or employees
<br />existing as of the Petition Date, the Creditors' Committee, individual members of
<br />the Creditors' Committee, and Professionals for the Creditors' Committee, and the
<br />Released Parties shall not have or incur any liability to any holder of a Claim or
<br />Equity Interest for any act, event, or omission in connection with, or arising out of,
<br />the Chapter 11 Cases, formulating, negotiating, soliciting, preparing, disseminating,
<br />confirming, or implementing the Plan, the Sale Agreements, the Sale Transaction,
<br />or the Settlement Agreement, consummating the Plan, the Sale Agreements, the Sale
<br />Transaction, or the Settlement Agreement, or the administration of the Plan or the
<br />property to be distributed under the Plan, unless it shall be determined in a Final
<br />Order to have constituted willful misconduct or gross negligence; provided,
<br />however, that for avoidance of doubt, nothing herein shall provide any exculpation
<br />or release any holder of an Equity Interest or any other current or former officer,
<br />director, manager, or employee of the Debtors for conduct occurring prior to the
<br />Petition Date.
<br />See First Amended Plan at Article XI, Section 11.03
<br />12. The definition of Released Parties in the First Amended Plan reads as follows:
<br />"Released Parties" shall mean (i) the DIP Secured Parties, (ii) the Prepetition Secured
<br />Parties, (iii) Pledge Servicing Partners, LLC, (iv) ARC Financial Partners, LLC, (v)
<br />Appalachian Resource Company, LLC and (vi) with respect to each of the foregoing
<br />parties in clauses (i) through (v), such party's respective current and former affiliates,
<br />and such parry's and their current and former affiliates' current and former officers,
<br />managers, directors, equity holders (regardless of whether such interests are held
<br />directly or indirectly), predecessors, successors, and assigns, subsidiaries, principals,
<br />members, employees, agents, managed accounts or funds, management companies,
<br />fund advisors, advisory board members, financial advisors, partners, attorneys,
<br />accountants, investment bankers, consultants, representatives, and other professionals.
<br />See First Amended Plan at Article I, pg.11.
<br />13. Debtor's current definition of Released Parties includes several lenders and secured
<br />parties. The exculpation provision of Section 11.03 incorporates the Released Parties into the terms
<br />of the exculpation. These additional exculpated parties are not estate fiduciaries, and the Debtors will
<br />not be able to establish that they owe a fiduciary duty to these bankruptcy estates. The First Amended
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