Common use of Liabilities of the Trust and Parties to this Indenture; Limitations Thereon Clause in Contracts

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 First Sierra, the Depositor, the Servicer, the Indenture Trustee, the Owner Trustee or any other Person other than the Note Insurer under the Note Insurance Policy. (b) Neither First Sierra, the Trust, the Depositor, the Servicer nor any other Person shall be liable to the Indenture Trustee or the Noteholders except as provided in Article VI hereof and Sections 5.01, 5.03, 5.05, 5.07 and 5.08 of the Servicing Agreement and Section 4.01(g) of the Receivables Transfer Agreement. Without limiting the generality of the foregoing, if any Obligor fails to pay any Scheduled Payment, Final Scheduled Payment or other amounts due under a Contract, then neither the Indenture Trustee nor the Noteholders will have any recourse against First Sierra or the Servicer for such Scheduled Payment, Final Scheduled Payment, other amounts due under the Contract or any losses, damages, claims, liabilities or expenses incurred by the Indenture Trustee or any Noteholder as a direct or indirect result thereof, except as may be provided for in Article VI hereof and Sections 5.01, 5.03, 5.05, 5.07 and 5.08 of the Servicing Agreement and Section 4.01(g) of the Receivables Transfer Agreement. (c) The Indenture Trustee agrees that in the event of a default by an Obligor under the terms of a Contract, which default is not cured within any applicable cure period set forth in such Contract, the Indenture Trustee and the Noteholders shall be expressly limited to the sources of payment specified herein. In addition, the Indenture Trustee shall have the right to exercise the rights of the Originator under the Contracts, the Insurance Policies and any document in any Contract File in the name of the Indenture Trustee and the Noteholders, either directly or through the Servicer as agent, and the Indenture Trustee is hereby directed by the Trust to exercise such rights; provided, however, that the Indenture Trustee shall not be required to take any action pursuant to this Section 2.05

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 First Sierra, the Transferor, the Depositor, the Servicer, the Indenture Trustee, the Owner Trustee or any other Person Person, other than the Note Insurer under pursuant to the Note Insurance PolicyPolicy and the Letter of Credit Bank pursuant to the Letter of Credit. (b) Neither First Sierra, the TrustTransferor, the Depositor, the Servicer, the Back-up Servicer nor any other Person shall be liable to the Indenture Trustee or the Noteholders except as provided in Article VI hereof and Sections 5.01, 5.03, 5.05, 5.07 and 5.08 of the Servicing Agreement and Section 4.01(g) Sections 4.03 and 4.04 of the Receivables Depositor Transfer Agreement. Without limiting the generality of the foregoing, if any Obligor fails to pay any Scheduled Payment, Final Scheduled Payment, exercised Purchase Option Payment or other amounts due under a Contract, then neither the Indenture Trustee nor the Noteholders will have any recourse against First Sierra or the Servicer for such Scheduled Payment, Final Scheduled Payment, exercised Purchase Option Payment, other amounts due under the Contract or any losses, damages, claims, liabilities or expenses incurred by the Indenture Trustee or any Noteholder as a direct or indirect result thereof, except as may be provided for in Article VI hereof and Sections 5.01, 5.03, 5.05, 5.07 and 5.07and 5.08 of the Servicing Agreement and Section 4.01(g) Sections 4.03 and 4.04 of the Receivables Depositor Transfer Agreement. (c) The Indenture Trustee agrees that in the event of a default by an Obligor under the terms of a Contract, which default is not cured within any applicable cure period set forth in such Contract, the Indenture Trustee and the Noteholders shall be expressly limited to the sources of payment specified herein. In addition, the Indenture Trustee shall have the right to exercise the rights of the Originator under the Contracts, the Insurance Policies and any document in any Contract File in the name of the Indenture Trustee and the Noteholders, either directly or through the Servicer as agent, and the Indenture Trustee is hereby directed by the Trust to exercise such rights; provided, however, that the Indenture Trustee shall not be required to take any action pursuant to this Section 2.05

Liabilities of the Trust and Parties to this Indenture; Limitations Thereon. (a) The obligations evidenced by the Notes provide recourse only to the Trust Pledged Property and provide no recourse against First SierraSierxxXxxxxx.xxx, the xxe Depositor, the Servicer, the Indenture Trustee, the Owner Trustee or any other Person other than Person, except as set forth in paragraph (b) below and as may be set forth in the Note Insurer under the Note Insurance PolicyTransaction Documents. (b) Neither First SierraSierxxXxxxxx.xxx, the xxe Trust, the Depositor, the Servicer nor any other Person shall be liable to the Indenture Trustee or the Noteholders except as provided in Article VI hereof and Sections 5.01, 5.03, 5.05, and 5.07 and 5.08 of the Servicing Agreement and Section 4.01(g) of the Receivables Transfer Agreement. Without limiting the generality of the foregoing, if any Obligor fails to pay any Scheduled Payment, Final Scheduled Payment or other amounts due under a Contract, then neither the Indenture Trustee nor the Noteholders will have any recourse against First Sierra or SierxxXxxxxx.xxx xx the Servicer for such Scheduled Payment, Final Scheduled Payment, other amounts due under the Contract or any losses, damages, claims, liabilities or expenses incurred by the Indenture Trustee or any Noteholder as a direct or indirect result thereof, except as may be provided for in Article VI hereof and Sections 5.01, 5.03, 5.05, and 5.07 and 5.08 of the Servicing Agreement and Section 4.01(g) of the Receivables Transfer Agreement. (c) The Indenture Trustee agrees that in the event of a default by an Obligor under the terms of a Contract, which default is not cured within any applicable cure period set forth in such Contract, the Indenture Trustee and the Noteholders shall be expressly limited to the sources of payment specified herein. In addition, the Indenture Trustee shall have the right to exercise the rights of the Originator under the Contracts, the Insurance Policies and any document in any Contract File in the name of the Indenture Trustee and the Noteholders, either directly or through the Servicer as agent, and the Indenture Trustee is hereby directed by the Trust to exercise such rights; provided, however, that the Indenture Trustee shall not be required to take any action pursuant to this Section 2.05

Liabilities of the Trust and Parties to this Indenture; Limitations Thereon. (a) The obligations evidenced by the Notes provide recourse only to the Trust Pledged Property and provide no recourse against First Sierra, the Depositor, the Servicer, the Indenture Trustee, the Owner Trustee or any other Person other than the Note Insurer under the Note Insurance PolicyPerson, except as set forth in paragraph (b) below. (b) Neither First Sierra, the Trust, the Depositor, the Servicer nor any other Person shall be liable to the Indenture Trustee or the Noteholders except as provided in Article VI hereof and Sections 5.01, 5.03, 5.05, and 5.07 and 5.08 of the Servicing Agreement and Section 4.01(g) of the Receivables Transfer Agreement. Without limiting the generality of the foregoing, if any Obligor fails to pay any Scheduled Payment, Final Scheduled Payment or other amounts due under a Contract, then neither the Indenture Trustee nor the Noteholders will have any recourse against First Sierra or the Servicer for such Scheduled Payment, Final Scheduled Payment, other amounts due under the Contract or any losses, damages, claims, liabilities or expenses incurred by the Indenture Trustee or any Noteholder as a direct or indirect result thereof, except as may be provided for in Article VI hereof and Sections 5.01, 5.03, 5.05, and 5.07 and 5.08 of the Servicing Agreement and Section 4.01(g) of the Receivables Transfer Agreement. (c) The Indenture Trustee agrees that in the event of a default by an Obligor under the terms of a Contract, which default is not cured within any applicable cure period set forth in such Contract, the Indenture Trustee and the Noteholders shall be expressly limited to the sources of payment specified herein. In addition, the Indenture Trustee shall have the right to exercise the rights of the Originator under the Contracts, the Insurance Policies and any document in any Contract File in the name of the Indenture Trustee and the Noteholders, either directly or through the Servicer as agent, and the Indenture Trustee is hereby directed by the Trust to exercise such rights; provided, however, that the Indenture Trustee shall not be required to take any action pursuant to this Section 2.05