Common use of Independence of the Securities Administrator Clause in Contracts

Independence of the Securities Administrator. For all purposes of this Agreement, the Securities Administrator shall be an independent contractor and shall not be subject to the supervision of the Issuer or the Owner Trustee with respect to the manner in which it accomplishes the performance of its obligations hereunder. Unless expressly authorized by the Issuer, the Securities Administrator shall have no authority to act for or represent the Issuer or the Owner Trustee in any way and shall not otherwise be deemed an agent of the Issuer or the Owner Trustee.

Independence of the Securities Administrator. For all purposes of this Agreement, the Securities Administrator shall be an independent contractor and shall not be subject to the supervision of the Issuer Issuing Entity or the Owner Trustee with respect to the manner in which it accomplishes the performance of its obligations hereunder. Unless expressly authorized by the IssuerIssuing Entity, the Securities Administrator shall have no authority to act for or represent the Issuer Issuing Entity or the Owner Trustee in any way and shall not otherwise be deemed an agent of the Issuer Issuing Entity or the Owner Trustee.

Independence of the Securities Administrator. For all purposes of this Agreement, the Securities Administrator shall be an independent contractor and shall not be subject to the supervision of the Issuer Trust or the Owner Trustee with respect to the manner in which it accomplishes the performance of its obligations hereunder. Unless expressly authorized by the IssuerTrust, the Securities Administrator shall have no authority to act for or represent the Issuer Trust or the Owner Trustee in any way and shall not otherwise be deemed an agent of the Issuer Trust or the Owner Trustee.