Liabilities of Participants. Neither the Indenture Trustee, the Owner Trustee nor any Participant shall have any obligation or duty to the Lessee, to TILC, to any other Participant or to others with respect to the transactions contemplated hereby, except those obligations or duties of such Participant expressly set forth in this Agreement and the other Operative Agreements, and neither the Indenture Trustee nor any Participant shall be liable for performance by any other party hereto of such other party's obligations or duties hereunder. Without limitation of the generality of the foregoing, under no circumstances whatsoever shall the Indenture Trustee or any Participant be liable to the Lessee or TILC for any action or inaction on the part of the Owner Trustee in connection with the transactions contemplated herein, whether or not such action or inaction is caused by willful misconduct or gross negligence of the Owner Trustee, unless such action or inaction is at the direction of the Indenture Trustee or any Participant, as the case may be, and such action or inaction is expressly prohibited hereby.
Liabilities of Participants. Anything contained in any of the Operative Agreements to the contrary notwithstanding, no Participant shall have any obligation or duty of any kind to any other party hereto or to any Holder with respect to the transactions contemplated hereby except those obligations or duties expressly set forth in the Operative Agreements. Without limiting the generality of the foregoing, under no circumstances whatsoever shall any Participant as such be liable to the Lessee, nor shall any Participant be liable to any other Participant, for any action or inaction on the part of the Owner Trustee or the Finance Lessor in connection with any of the Operative Agreements, the holding of any interest in, or the use of, the Aircraft or the administration of the Trust Estate or the Collateral, whether or not such action or inaction is caused by the willful misconduct or gross negligence of the Owner Trustee or the Finance Lessor, unless such action or inaction is pursuant to instructions of a Participant, in which case such Participant shall be liable therefor. The Lessee and the Participants each acknowledge and agree that the Trust Company is (except as otherwise expressly provided herein or therein) entering into this Agreement and the other Operative Agreements to which it is a party (other than the Trust Agreement) in its capacity as trustee under the Trust Agreement and that the Trust Company shall not be liable or accountable under any circumstances whatsoever in its individual capacity, except as otherwise expressly provided herein and in the other Operative Agreements and except for its gross negligence and willful misconduct.
Liabilities of Participants. No Participant shall have any --------------------------- obligation to any other Participant or to Lessee, Sublessee, Lessor or Agent with respect to the transactions contemplated by the Operative Documents, except those obligations of such Participant expressly set forth in the Operative Documents or except as set forth in the instruments delivered in connection therewith, and no Participant shall be liable for performance by any other party hereto of such other party's obligations under the Operative Documents, except as otherwise so set forth.
