Common use of No Recourse Clause in Contracts

No Recourse. Each Certificateholder by accepting a Trust Certificate acknowledges that such Certificateholder’s Trust Certificates represent beneficial interests in the Issuer only and do not represent interests in or obligations of the Depositor, the Seller, the Servicer, the Administrator, the Owner Trustee, the Delaware Trustee, the Indenture Trustee or any of their respective Affiliates and no recourse may be had against such parties or their assets, except as may be expressly set forth or contemplated in the Trust Certificates, this Agreement or any other Basic Document.

No Recourse. Each Certificateholder by accepting a Trust Certificate acknowledges that such Certificateholder’s Trust Certificates represent beneficial interests in the Issuer Trust only and do not represent interests in or obligations of the Depositor, the Seller, the Servicer, the Administrator, the Owner Trustee, the Delaware Trustee, the Indenture Trustee or any of their respective Affiliates Affiliate thereof and no recourse may be had against such parties or their assets, except as may be expressly set forth or contemplated in this Agreement, the Trust Certificates, this Agreement Certificates or any other the Basic DocumentDocuments.

No Recourse. Each Trust Certificateholder by accepting a Trust Certificate acknowledges that such Trust Certificateholder’s Trust Certificates represent beneficial interests in the Issuer Securitization Trust only and do not represent interests in or obligations of the Depositor, the Seller, the Servicer, the Administrator, the Owner Trustee, the Delaware TrusteeTrust Company, the Indenture Trustee or any of their respective Affiliates and no recourse may be had against such parties or their assets, except as may be expressly set forth or contemplated in this Agreement or the Trust Certificates, this Agreement or any other Basic Document.

No Recourse. Each Certificateholder by accepting a Trust Certificate acknowledges that such Certificateholder’s Trust Certificates represent beneficial interests in the Issuer only and do not represent interests in or obligations of the Depositor, the Seller, the Servicer, the Administrator, the Owner Trustee, the Delaware Trustee, the Indenture Trustee or any of their respective Affiliates and no recourse may be had against such parties or their assets, except as may be expressly set forth or contemplated in the Trust Certificates, this Agreement or any other Basic Document.

No Recourse. Each Certificateholder by accepting a Trust Certificate acknowledges that such Certificateholder’s 's Trust Certificates represent beneficial interests in the Issuer Trust only and do not represent interests in or obligations of the Depositor, the SellerMaster Servicer, the ServicerSeller, the Administrator, the Owner Trustee, the Delaware Trustee, the Indenture Trustee or any of their respective Affiliates and no recourse may be had against such parties or their assets, except as may be expressly set forth or contemplated in this Agreement, the Trust Certificates, this Agreement Certificates or any the other Basic DocumentDocuments.

No Recourse. Each Certificateholder by accepting a Trust Certificate acknowledges that such Certificateholder’s 's Trust Certificates represent beneficial interests in the Issuer Trust only and do not represent interests in or obligations of the Depositor, the SellerServicer, the ServicerCompany, the Administrator, the Owner Trustee, the Delaware Trustee, the Indenture Trustee or any of their respective Affiliates Affiliate thereof and no recourse may be had against such parties or their assets, except as may be expressly set forth or contemplated in this Agreement, the Trust Certificates, this Agreement Certificates or any other the Basic DocumentDocuments.

No Recourse. Each Certificateholder by accepting a Trust Certificate acknowledges that such Certificateholder’s 's Trust Certificates represent beneficial interests in the Issuer Trust only and do not represent interests in or obligations of the Depositor, the Seller, the Servicer, the Administrator, the Owner Trustee, the Delaware Trustee, the Indenture Trustee or any of their respective Affiliates Affiliate thereof and no recourse may be had against such parties or their assets, except as may be expressly set forth or contemplated in this Agreement, the Trust Certificates, this Agreement Certificates or any other the Basic DocumentDocuments.

No Recourse. Each Certificateholder by accepting a Trust Certificate acknowledges that such Certificateholder’s 's Trust Certificates represent beneficial interests in the Issuer Trust only and do not represent interests in or obligations of the Depositor, the SellerCompany, the Master Servicer, the Seller, the Administrator, the Owner Trustee, the Delaware Trustee, the Indenture Trustee or any of their respective Affiliates and no recourse may be had against such parties or their assets, except as may be expressly set forth or contemplated in this Agreement, the Trust Certificates, this Agreement Certificates or any the other Basic DocumentDocuments.

No Recourse. Each Certificateholder by accepting a Trust Certificate acknowledges that such Certificateholder’s 's Trust Certificates represent beneficial interests in the Issuer only and do not represent interests in or obligations of the Depositor, the Seller, the Servicer, the Administrator, the Owner Trustee, the Delaware Trustee, the Indenture Trustee or any of their respective Affiliates and no recourse may be had against such parties or their assets, except as may be expressly set forth or contemplated in the Trust Certificates, this Agreement or any other Basic Document.

No Recourse. Each Certificateholder by accepting a Trust Certificate acknowledges that such Certificateholder’s 's Trust Certificates represent beneficial interests in the Issuer Trust only and do not represent interests in or obligations of the Depositor, the Seller, the Servicer, the Administrator, the Owner Trustee, the Delaware Trustee, the Indenture Trustee or any of their respective Affiliates Affiliate thereof and no recourse may be had against such parties or their assets, except as may be expressly set forth or contemplated in this Agreement, the Trust Certificates, this Agreement Certificates or any other the Basic DocumentDocuments.

No Recourse. Each Certificateholder by accepting a Trust Certificate acknowledges that such Certificateholder’s 's Trust Certificates represent beneficial interests in the Issuer Trust only and do not represent interests in or obligations of the Depositor, the Seller, the Servicer, the Administrator, the Owner Trustee, the Delaware Eligible Lender Trustee, the Indenture Trustee or any Affiliate thereof or any officer, director or employee of their respective Affiliates any thereof and no recourse may be had against such parties or their assets, except as may be expressly set forth or contemplated in this Agreement, the Trust Certificates, this Agreement Certificates or any the other Basic DocumentDocuments.

No Recourse. Each Certificateholder by accepting a Trust Certificate acknowledges that such Certificateholder’s 's Trust Certificates represent beneficial interests in the Issuer only and do not represent interests in or obligations of the Depositor, the Seller, the Servicer, the Administrator, the Owner Trustee, the Delaware Trustee, the Indenture Trustee or any of their respective Affiliates and no recourse may be had against such parties or their assets, except as may be expressly set forth or contemplated in the Trust Certificates, this Agreement or any other Basic Document.

No Recourse. Each Certificateholder by accepting a Trust Certificate acknowledges that such Certificateholder’s Trust Certificates represent beneficial interests in the Issuer Trust only and do does not represent interests in or obligations of the Depositor, the Seller, the any Servicer, the Issuer Administrator, any other administrator, any Servicer, the Owner Eligible Lender Trustee, the Delaware Trustee, the Indenture Trustee or any Affiliate thereof or any officer, director or employee of their respective Affiliates any thereof and no recourse may be had against such parties or their assets, except as may be expressly set forth or contemplated in this Trust Agreement, the Trust Certificates, this Agreement Certificates or any the other Basic DocumentDocuments.

No Recourse. Each Certificateholder by accepting a Trust Certificate acknowledges that such Certificateholder’s 's Trust Certificates represent beneficial interests in the Issuer issuer only and do not represent interests in or obligations of the Depositor, the Seller, the Servicer, the Administrator, the Owner Trustee, the Delaware Trustee, the Indenture Trustee or any of their respective Affiliates and no recourse may be had against such parties or their assets, except as may be expressly set forth or contemplated in the Trust Certificates, this Agreement or any other Basic Document.

No Recourse. Each Certificateholder by accepting a Trust Certificate acknowledges that such Certificateholder’s 's Trust Certificates represent beneficial interests in the Issuer Trust only and do not represent interests in or obligations of the Depositor, the Seller, the Servicer, the Administrator, the Owner Trustee, the Delaware Trustee, the Indenture Trustee or any of their respective Affiliates Affiliate thereof and no recourse may be had against such parties or their assets, except as may be expressly set forth or contemplated in this Agreement, the Trust Certificates, this Agreement Certificates or any other the Basic DocumentDocuments.

No Recourse. Each Certificateholder by accepting a Trust Certificate acknowledges that such Certificateholder’s 's Trust Certificates represent beneficial ownership interests in the Issuer Trust only and do not represent interests in or obligations of the Depositor, the Seller, the Servicer, the Administrator, the Owner Trustee, the Delaware Trustee, the Indenture Trustee Security Insurer or any of their respective Affiliates Affiliate thereof and no recourse by such Certificateholder may be had against such parties or their assets, except as may be expressly set forth or contemplated in this Agreement, the Trust Certificates, this Agreement Certificates or any other the Basic DocumentDocuments.

No Recourse. Each Certificateholder by accepting a Trust Certificate acknowledges that such Certificateholder’s 's Trust Certificates represent beneficial interests in the Issuer Trust only and do not represent interests in or obligations of the Depositor, the SellerCompany, the Master Servicer, the Seller, the Administrator, the Owner Trustee, the Delaware Trustee, the Indenture Trustee or any of their respective Affiliates and no recourse may be had against such parties or their assets, except as may be expressly set forth or contemplated in the Trust Certificates, this Agreement or any other Basic Document.,

No Recourse. Each Certificateholder by accepting a Trust Certificate acknowledges that such Certificateholder’s Trust Certificates represent beneficial ownership interests in the Issuer Trust only and do not represent interests in or obligations of the Depositor, the Seller, the Servicer, the Administrator, the Owner Trustee, the Delaware Trustee, the Indenture Trustee Security Insurer or any of their respective Affiliates Affiliate thereof and no recourse by such Certificateholder may be had against such parties or their assets, except as may be expressly set forth or contemplated in this Agreement, the Trust Certificates, this Agreement Certificates or any other the Basic DocumentDocuments.

No Recourse. Each Certificateholder by accepting a Trust Certificate acknowledges that such Certificateholder’s Trust Certificates represent beneficial ownership interests in the Issuer Trust only and do not represent interests in or obligations of the Depositor, the Seller, the Servicer, the Administrator, the Owner Trustee, the Delaware Indenture Trustee, the Indenture Trustee Letter of Credit Provider, or any of their respective Affiliates Affiliate thereof and no recourse by such Certificateholder may be had against such parties or their assets, except as may be expressly set forth or contemplated in this Agreement, the Trust Certificates, this Agreement Certificates or any other the Basic DocumentDocuments.

No Recourse. Each Certificateholder by accepting a Trust Certificate acknowledges that such Certificateholder’s 's Trust Certificates represent beneficial interests in the Issuer Trust only and do not represent interests in or obligations of the Depositor, the Seller, the Servicer, the AdministratorGeneral Partner, the Owner Trustee, the Delaware Trustee, the Indenture Trustee Security Insurer or any of their respective Affiliates Affiliate thereof and no recourse may be had against such parties or their assets, except as may be expressly set forth or contemplated in this Agreement, the Trust Certificates, this Agreement Certificates or any other the Basic DocumentDocuments.

No Recourse. Each Certificateholder by accepting a Trust Certificate acknowledges that such Certificateholder’s 's Trust Certificates represent beneficial interests in the Issuer Trust only and do does not represent interests in or obligations of the Depositor, the Seller, the any Servicer, the Administrator, any Servicer, the Owner Eligible Lender Trustee, the Delaware Trustee, the Indenture Trustee or any Affiliate thereof or any officer, director or employee of their respective Affiliates any thereof and no recourse may be had against such parties or their assets, except as may be expressly set forth or contemplated in this Agreement, the Trust Certificates, this Agreement Certificates or any the other Basic DocumentDocuments.

No Recourse. Each Certificateholder by accepting a Trust Certificate acknowledges that such Certificateholder’s 's Trust Certificates represent beneficial interests in the Issuer issuer only and do not represent interests in or obligations of the Depositor, the Seller, the Servicer, the Administrator, the Owner Trustee, the Delaware Trustee, the Indenture Trustee or any of their respective Affiliates and no recourse may be had against such parties or their assets, except as may be expressly set forth or contemplated in the Trust Certificates, this Agreement or any other Basic Document.

No Recourse. Each Certificateholder by accepting a Trust Certificate acknowledges that such Certificateholder’s 's Trust Certificates represent beneficial interests in the Issuer Trust only and do not represent interests in or obligations of the Depositor, the SellerMaster Servicer, the ServicerDepositor, the Administrator, the Owner Trustee, the Delaware Trustee, the Indenture Trustee or any of their respective Affiliates Affiliate thereof and no recourse may be had against such parties or their assets, except as may be expressly set forth or contemplated in this Agreement, the Trust Certificates, this Agreement Certificates or any other the Basic DocumentDocuments.

No Recourse. Each Certificateholder by accepting a Trust Certificate acknowledges that such Certificateholder’s 's Trust Certificates represent beneficial interests in the Issuer Trust only and do not represent interests in or obligations of the Depositor, the Seller, the Servicer, the Administrator, the Owner Trustee, the Delaware Trustee, the Indenture Trustee or any of their respective Affiliates Affiliate thereof and no recourse may be had against such parties or their assets, except as may be expressly set forth or contemplated in this Agreement, the Trust Certificates, this Agreement Certificates or any other the Basic DocumentDocuments to which such parties are a party.

No Recourse. Each Certificateholder by accepting a Trust Certificate acknowledges that such Certificateholder’s 's Trust Certificates represent beneficial interests in the Issuer Trust only and do not represent interests in or obligations of the Depositor, the Seller, the Master Servicer, the Administrator, the Owner Trustee, the Delaware Trustee, the Indenture Trustee or any of their respective Affiliates Affiliate thereof and no recourse may be had against such parties or their assets, except as may be expressly set forth or contemplated in this Agreement, the Trust Certificates, this Agreement Certificates or any other the Basic DocumentDocuments.

No Recourse. Each Certificateholder by accepting a Trust Certificate acknowledges that such Certificateholder’s 's Trust Certificates represent beneficial interests in the Issuer Trust only and do not represent interests in or obligations of the Depositor, the Seller, the Servicer, the AdministratorTransferor, the Depositor, the Owner Trustee, the Delaware Indenture Trustee, the Indenture Trustee Insurer or any of their respective Affiliates Affiliate thereof and no recourse may be had against such parties or their assets, except as may be expressly set forth or contemplated in this Agreement, the Trust Certificates, this Agreement Certificates or any other the Basic DocumentDocuments.

No Recourse. Each Certificateholder by accepting a Trust ----------- Certificate acknowledges that such Certificateholder’s 's Trust Certificates represent beneficial interests in the Issuer Trust only and do not represent interests in or obligations of the Depositor, the Seller, the Servicer, the Administrator, the Owner Trustee, the Delaware Eligible Lender Trustee, the Indenture Trustee or any Affiliate thereof or any officer, director or employee of their respective Affiliates any thereof and no recourse may be had against such parties or their assets, except as may be expressly set forth or contemplated in this Agreement, the Trust Certificates, this Agreement Certificates or any the other Basic DocumentDocuments.

No Recourse. Each Certificateholder by accepting a Trust Certificate acknowledges that such Certificateholder’s Trust Certificates represent beneficial interests in the Issuer Trust only and do does not represent interests in or obligations of the Depositor, the Seller, the any Servicer, the Issuer Administrator, any other administrator, any Servicer, the Owner Eligible Lender Trustee, the Delaware Trustee, the Indenture Trustee or any Affiliate thereof or any officer, director or employee of their respective Affiliates any thereof and no recourse may be had against such parties or their assets, except as may be expressly set forth or contemplated in this Agreement, the Trust Certificates, this Agreement Certificates or any the other Basic DocumentDocuments.

No Recourse. Each Certificateholder by accepting a Trust Certificate acknowledges that such Certificateholder’s 's Trust Certificates represent beneficial ownership interests in the Issuer Trust only and do not represent interests in or obligations of the Depositor, the Seller, the Servicer, the Administrator, the Owner Trustee, the Delaware Trustee, the Indenture Trustee or any of their respective Affiliates Affiliate thereof and no recourse by such Certificateholder may be had against such parties or their assets, except as may be expressly set forth or contemplated in this Agreement, the Trust Certificates, this Agreement Certificates or any other the Basic DocumentDocuments.

No Recourse. Each Certificateholder by accepting a Trust Certificate acknowledges that such Certificateholder’s Trust Certificates represent Certificate represents a beneficial interests interest in the Issuer Trust only and do does not represent interests an interest in or obligations an obligation of the Depositor, the SellerTrust Administrator, the ServicerCertificate Paying Agent, the AdministratorMaster Servicer, the Owner Trustee, the Delaware Trusteeany co-trustee, the Indenture Trustee Bank or any of their respective Affiliates Affiliate thereof (other than the Trust) and no recourse may be had against such parties or their assets, except as may be expressly set forth or contemplated in this Agreement, the Trust Certificates, this Agreement Certificates or any the other Basic DocumentOperative Agreements.

No Recourse. Each Certificateholder by accepting a Trust Certificate acknowledges that such Certificateholder’s Trust Certificates represent beneficial interests in the Issuer Trust only and do does not represent interests in or obligations of the Depositor, the SellerAdministrator, any other administrator, any Servicer, any Subservicer, the Servicer, the Administrator, the Owner Eligible Lender Trustee, the Delaware Trustee, the Indenture Trustee or any Affiliate thereof or any officer, director or employee of their respective Affiliates any thereof and no recourse may be had against such parties or their assets, except as may be expressly set forth or contemplated in this Trust Agreement, the Trust Certificates, this Agreement Certificates or any the other Basic DocumentDocuments.

No Recourse. Each Certificateholder by accepting a Trust Certificate acknowledges that such Certificateholder’s 's Trust Certificates represent beneficial interests in the Issuer Trust only and do not represent interests in or obligations of the Trust Depositor, the SellerServicer, the ServicerSeller, the Administrator, the Owner Trustee, the Delaware Trustee, the Indenture Trustee or any of their the respective Affiliates and no recourse may be had against such parties or their assets, except as may my be expressly set forth or contemplated in this Agreement, the Trust Certificates, this Agreement Certificates or any the other Basic DocumentTransaction Documents.

No Recourse. Each Certificateholder by accepting a Trust Certificate acknowledges that such Certificateholder’s Trust Certificates represent beneficial interests in the Issuer Trust only and do not represent interests in or obligations of the Depositor, the Seller, the Servicer, the Administrator, the Owner Trustee, the Delaware Trustee, the Indenture Trustee or any of their respective Affiliates Affiliate thereof and no recourse may be had against such parties or their assets, except as may be expressly set forth or contemplated in this Agreement, the Trust Certificates, this Agreement Certificates or any other the Basic DocumentDocuments to which such parties are a party.

No Recourse. Each Certificateholder by accepting a Trust Certificate acknowledges that such Certificateholder’s Trust Certificates represent beneficial interests in the Issuer Trust only and do does not represent interests in or obligations of the Depositor, the Seller, the any Servicer, the Administrator, any Servicer, the Owner Eligible Lender Trustee, the Delaware Trustee, the Indenture Trustee or any Affiliate thereof or any officer, director or employee of their respective Affiliates any thereof and no recourse may be had against such parties or their assets, except as may be expressly set forth or contemplated in this Agreement, the Trust Certificates, this Agreement Certificates or any the other Basic DocumentDocuments.

No Recourse. Each Certificateholder by accepting a Trust Certificate acknowledges that such Certificateholder’s 's Trust Certificates represent beneficial ownership interests in the Issuer Trust only and do not represent interests in or obligations of the DepositorRepresentative, the SellerOriginators, the Servicer, the AdministratorHolder of the GP Interest, the Holder of the Voting Interest, the Owner Trustee, the Delaware TrusteeBank, the Indenture Trustee or any of their respective Affiliates Affiliate thereof and no recourse by such Certificateholder may be had against such parties or their assets, except as may be expressly set forth or contemplated in this Agreement, the Trust Certificates, this Agreement Certificates or any other the Basic DocumentDocuments.

No Recourse. Each Certificateholder by accepting a Trust Certificate acknowledges that such Certificateholder’s 's Trust Certificates represent beneficial interests in the Issuer Trust only and do does not represent interests in or obligations of the DepositorSponsor, the Seller, the any Servicer, the Issuer Administrator, any other administrator, any Servicer, the Owner Eligible Lender Trustee, the Delaware Trustee, the Indenture Trustee or any Affiliate thereof or any officer, director or employee of their respective Affiliates any thereof and no recourse may be had against such parties or their assets, except as may be expressly set forth or contemplated in this Trust Agreement, the Trust Certificates, this Agreement Certificates or any the other Basic DocumentDocuments.

No Recourse. Each Certificateholder by accepting a Trust Certificate acknowledges that such Certificateholder’s 's Trust Certificates represent beneficial interests in the Issuer Trust only and do not represent interests in or obligations of the Depositor, the Seller, the Servicer, the Administrator, the Owner Trustee, the Delaware Eligible Lender Trustee, the Indenture Trustee Trustee, any Swap Counterparty or any Affiliate thereof or any officer, director or employee of their respective Affiliates any thereof and no recourse may be had against such parties or their assets, except as may be expressly set forth or contemplated in this Agreement, the Trust Certificates, this Agreement Certificates or any the other Basic DocumentDocuments.

No Recourse. Each Certificateholder by accepting a Trust Certificate acknowledges that such Certificateholder’s 's Trust Certificates represent beneficial interests in the Issuer only and do not represent interests in or obligations of the Depositor, the SellerTransferor, the Servicer, the Administrator, the Owner Trustee, the Delaware Trustee, the Indenture Trustee or any of their respective Affiliates and no recourse may be had against such parties or their assets, except as may be expressly set forth or contemplated in the Trust Certificates, this Agreement or any other Basic Document.

No Recourse. Each Certificateholder by accepting a Trust Certificate acknowledges that such Certificateholder’s 's Trust Certificates represent beneficial ownership interests in the Issuer Trust only and do not represent interests in or obligations of the Depositor, the Seller, the Servicer, the Administratorholder of the GP Interest, the Owner Trustee, the Delaware Trustee, the Indenture Trustee or any of their respective Affiliates Affiliate thereof and no recourse by such Certificateholder may be had against such parties or their assets, except as may be expressly set forth or contemplated in this Agreement, the Trust Certificates, this Agreement Certificates or any other the Basic DocumentDocuments.

No Recourse. Each Certificateholder by accepting a Trust Certificate acknowledges that such Certificateholder’s Trust 's Certificates represent beneficial interests in the Issuer Trust only and do not represent interests in or obligations of the Depositor, the Seller, the Servicerholder of the AO Interest, the AdministratorServicer, the Owner Trustee, the Delaware Trustee, the Indenture Trustee or any of their respective Affiliates Affiliate thereof and no recourse may be had against such parties or their assets, except as may be expressly set forth or contemplated in this Agreement, the Trust Certificates, this Agreement Certificates or any other the Basic DocumentDocuments.

No Recourse. Each Certificateholder by accepting a Trust ----------- Certificate acknowledges that such Certificateholder’s 's Trust Certificates represent beneficial interests in the Issuer Trust only and do not represent interests in or obligations of the Depositor, the Seller, the Servicer, the Administrator, the Owner Trustee, the Delaware Trustee, the Indenture Trustee or any of their respective Affiliates Affiliate thereof and no recourse may be had against such parties or their assets, except as may be expressly set forth or contemplated in this Agreement, the Trust Certificates, this Agreement Certificates or any other the Basic DocumentDocuments to which such parties are a party.

No Recourse. Each Certificateholder by accepting a ----------- Trust Certificate acknowledges that such Certificateholder’s 's Trust Certificates represent beneficial interests in the Issuer Trust only and do not represent interests in or obligations of the Depositor, the Seller, the Servicer, the Administrator, the Owner Trustee, the Delaware Trustee, the Indenture Trustee or any of their respective Affiliates Affiliate thereof and no recourse may be had against such parties or their assets, except as may be expressly set forth or contemplated in this Agreement, the Trust Certificates, this Agreement Certificates or any other the Basic DocumentDocuments to which such parties are a party.

No Recourse. Each Certificateholder by accepting a Trust Certificate acknowledges that such Certificateholder’s Trust Certificates represent beneficial interests in the Issuer Trust only and do does not represent interests in or obligations of the DepositorSponsor, the Seller, the any Servicer, the Issuer Administrator, the Owner Eligible Lender Trustee, the Delaware Trustee, the Indenture Trustee or any Affiliate thereof or any officer, director or employee of their respective Affiliates any thereof and no recourse may be had against such parties or their assets, except as may be expressly set forth or contemplated in this Agreement, the Trust Certificates, this Agreement Certificates or any the other Basic DocumentDocuments.

No Recourse. Each Certificateholder by accepting a Trust Certificate acknowledges that such Certificateholder’s the Trust Certificates represent beneficial interests in the Issuer only and do not represent interests in or obligations of the Depositor, AHFC (in any capacity), the Seller, the Servicer, the Administrator, the Owner Trustee, the Delaware Trustee, the Indenture Trustee or any of their respective Affiliates and no recourse may be had against such parties or their assets, except as may be expressly set forth or contemplated in the Trust Certificates, this Agreement or any other Basic Document.

No Recourse. Each Certificateholder by accepting a Trust Certificate acknowledges that such Certificateholder’s Trust 's Certificates represent beneficial interests in the Issuer Trust only and do not represent interests in or obligations of the Depositor, the Seller, the Master Servicer, the Administrator, the Owner Eligible Lender Trustee, the Delaware Trustee, the Indenture Trustee or any Affiliate thereof or any officer, director or employee of their respective Affiliates any thereof and no recourse may be had against such parties or their assets, except as may be expressly set forth in this Agreement, the Certificates or contemplated in the Trust Certificates, this Agreement or any other Basic DocumentDocuments.

No Recourse. Each Certificateholder by accepting a the Trust Certificate acknowledges that such Certificateholderholder’s Trust Certificates represent Certificate represents beneficial interests in the Issuer Trust only and do does not represent interests in or obligations of the Depositor, the Seller, the Servicer, the Administrator, the Owner Trustee, the Delaware Trustee, the Indenture Trustee Buyer or any Affiliate thereof or any officer, director or employee of their respective Affiliates any thereof and no recourse may be had against such parties or their assets, except as may be expressly set forth or contemplated in this Agreement, the Trust Certificates, this Agreement Certificate or any the other Basic Document.Trust Documents. Section 11.12

No Recourse. Each Certificateholder by accepting a Trust Certificate acknowledges that such Certificateholder’s Trust 's Certificates represent beneficial interests in the Issuer Owner Trust Estate only and do not represent interests in or obligations of the Depositor, the Seller, the Master Servicer, the AdministratorDepositor, the Owner Trustee, the Delaware Trustee, the Indenture Trustee Trustee, any Support Provider or any of their respective Affiliates Affiliate thereof and no recourse may be had against such parties or their assets, except as may be expressly set forth or contemplated in this Agreement, the Trust Certificates, this Agreement the Basic Documents, the Series Supplement or any other Basic DocumentRelated Documents.