Liabilities of the Trust. The Trust Estate shall be charged with the liabilities of the Trust and with all expenses, costs, charges and reserves attributable to the Trust. The Sponsor shall have full discretion, to the extent not inconsistent with applicable law, to determine which items shall be treated as income and which items as capital, and each such determination and allocation shall be conclusive and binding upon the Shareholders.
Liabilities of the Trust. The Trust is a series trust and all debts, liabilities, obligations and expenses of a particular Fund shall be enforceable only against the assets of that Fund and not against the assets of any other Fund or of the Trust as a whole. Neither the Trustees, officers, agents or shareholders of the Trust assume any personal liability for obligations entered into on behalf of the Trust (or a Fund thereof).
Liabilities of the Trust and Parties to this ------ -------------------------------------------- Indenture; Limitations Thereon ------------------------------
Liabilities of the Trust. The Trust is a business trust organized under the Delaware Business Trust Act pursuant to a certificate of trust dated July 29, 1992. The Trust is a series trust and all debts, liabilities, obligations and expenses of a particular Portfolio shall be enforceable only against the assets of that Portfolio and not against the assets of any other Portfolio or of the Trust as a whole. Neither the Trustees, officers, agents or shareholders of the Trust assume any personal liability for obligations entered into on behalf of the Trust (or a Portfolio thereof).
Liabilities of the Trust and Parties to this Agreement; Limitations Thereon. (a) The obligations evidenced by the Certificates provide recourse only to the Trust Property and provide no recourse against the Depositor, the Transferor, the Contributor, the Servicer, the Trustee, or any other Person. The Holder of the Trust Certificate hereby instructs the Trustee to, and the Trustee hereby agrees to, cause the Trust to pay to (i) the Class A Certificateholders (x) an amount of principal equal to the Initial Class A Certificate Principal Amount and (y) Class A Certificate Interest and (ii) to the Class B Certificateholders (x) an amount of principal equal to the Initial Class B Certificate Principal Amount and (y) Class B Certificate Interest, in each case at the times, from the sources and on the terms and conditions set forth herein.
Liabilities of the Trust and Parties to this Indenture; Limitations Thereon. (a) The obligations evidenced by the Notes provide recourse only to the Pledged Property and provide no recourse against SierxxXxxxxx.xxx, xxe Depositor, the Servicer, the Indenture Trustee, the Owner Trustee or any other Person, except as set forth in paragraph (b) below and as may be set forth in the Transaction Documents.
Liabilities of the Trust and Parties to this Indenture; Limitations Thereon. (a) The obligations evidenced by the Notes provide recourse only to the Trust Property and provide no recourse against the Originator, the Transferors, the Depositor, the Servicer, the Indenture Trustee, the Owner Trustee or any other Person, other than the Note Insurer pursuant to the Note Insurance Policy.
Liabilities of the Trust. The Certificateholders and their respective successors and assigns shall not be liable for any expenses, liabilities and obligations of the Trust, including, without limitation, any obligations in respect of the License Agreement, and the Certificateholders shall be entitled to the same limitation of personal liability extended to stockholders of corporations organized under the General Corporation Law of the State of Delaware.
Liabilities of the Trust and Parties to this Agreement; Limitations Thereon. (a) The obligations evidenced by the Certificates provide recourse only to the Trust Property and provide no recourse against the Depositor, First Sierra, the Servicer, the Trustee, or any other Person. The Holder of the Trust Certificate hereby instructs the Trustee to, and the Trustee hereby agrees to, cause the Trust to pay to (i) the Class A Certificateholders (A) an amount of principal equal to the Initial Class A Certificate Principal Amount and (B) Class A Certificate Interest, (ii) to the Certificate Insurer, the Reimbursement Amount, (iii) to the Class B-1 Certificateholders (A) an amount of principal equal to the Initial Class B-1 Certificate Principal Amount and (B) Class B-1 Certificate Interest and (iv) to the Class B-2 Certificateholders (A) an amount of principal equal to the Initial Class B-2 Certificate Principal Amount and (B) Class B-2 Certificate Interest, in each case at the times, from the sources and on the terms and conditions set forth herein.
Liabilities of the Trust and Parties to this Indenture; Limitations Thereon 6 SECTION 2.07..........................................................Intended Tax Characterization 7 SECTION 2.08...............................................Originators or Affiliates as Noteholders 8 ARTICLE III ACCOUNTS; ALLOCATION AND APPLICATION OF THE TRUST PROPERTY......................... 8
