Common use of Liability of Owner Trustee Clause in Contracts

Liability of Owner Trustee. It is expressly understood that (i) this Agreement has been executed by U.S. Bank Trust National Association, not in its individual capacity but solely as Owner Trustee on behalf of the Trust, (ii) each of the representations, undertakings and agreements herein or therein made on the part of the Trust is made and intended not as a personal representation, undertaking or agreement by U.S. Bank Trust National Association but is made and intended for the purpose of binding only the Trust, (iii) nothing herein contained shall be construed as creating any liability on U.S. Bank Trust National Association, individually or personally, to perform any covenant of the Trust either expressed or implied contained herein, all such liability, if any, being expressly waived by the parties hereto and by any Person claiming by, through or under the parties hereto, and (iv) under no circumstances will U.S. Bank Trust National Association be personally liable for the payment of any obligation, indebtedness or expenses of the Trust or be liable for the breach or failure of any obligation, representation, warranty or covenant made or undertaken by the Trust under this Agreement. The rights, duties and obligations of the Trust hereunder will be exercised and performed by Ally Financial Inc. (formerly GMAC Inc.) in its capacity as Administrator on behalf of the Trust. The Owner Trustee shall have no duty or obligation to monitor, exercise or perform the rights, duties or obligations of the Trust or the Administrator hereunder.