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.

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.

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.