Liability of the Certificateholders. No Certificateholder shall have any personal liability for any liability or obligation of the Trust, solely by reason of it being a Certificateholder.
Liability of the Certificateholders. Certificateholders and holders of beneficial interests therein shall be entitled to the same limitation of personal liability extended to stockholders of private corporations for profit organized under the General Corporation Law of the State of Delaware.
Liability of the Certificateholders. No Certificateholder shall have any personal liability for any liability or obligation of the Trust. The Certificateholders shall be entitled to the same limitation of personal liability extended to stockholders of corporations under the Delaware General Corporation Law.
Liability of the Certificateholders. Subject to Section 2.05, no Certificateholder shall have any personal liability for any liability or obligation of the Trust. The Certificates shall be fully paid and nonassessable.
Liability of the Certificateholders. (a) The Depositor shall be liable directly to, and will indemnify, any injured party for all losses, claims, damages, liabilities and expenses of the Trust (including Expenses, to the extent not paid out of the Trust Estate) to the extent that the Depositor would be liable if the Trust were a partnership under the Delaware Revised Uniform Limited Partnership Act in which the Depositor were a general partner; provided, however, that the Depositor shall not be liable for any losses incurred by a Certificateholder in the capacity of an investor in the Trust Certificates, a Class B Noteholder in the capacity of an investor in the Class B Notes or an Indenture Noteholder in the capacity of an investor in the Indenture Notes. In addition, any third party creditors of the Trust (other than in connection with the obligations described in the preceding sentence for which the Depositor shall not be liable) shall be deemed third party beneficiaries of this paragraph. The obligations of the Depositor under this paragraph shall be evidenced by the Trust Certificates described in Section 3.10, which for purposes of the Trust Statute shall be deemed to be a separate class of Trust Certificates from all other Trust Certificates issued by the Trust; provided, that the rights and obligations evidenced by all Trust Certificates, regardless of class, except as provided in this Section, shall be identical.
(b) No Certificateholder, other than to the extent set forth in paragraph (a), shall have any personal liability for any liability or obligation of the Trust.
Liability of the Certificateholders. (a) Notwithstanding the provisions of Section 3803 of the Delaware Business Trust Act, the Depositor shall be liable directly to and shall indemnify the injured party for all losses, claims, damages, liabilities and expenses of the Trust (including Expenses, to the extent that the assets of the Trust that would remain if all of the Notes were paid in full would not be sufficient to pay any such liabilities, or if such liabilities in fact are not paid out of the Trust Estate) to the extent that the Depositor would be liable if the Trust were a partnership under the Delaware Revised Uniform Limited Partnership Act in which the Depositor were a general partner; provided, however, that the Depositor shall not be liable for any losses incurred by a beneficial owner of a Note in its capacity as a holder of limited recourse debt or to any Certificateholder. In addition, any third party creditors of the Trust (other than in connection with the obligations to Noteholders excepted above) shall be third party beneficiaries of this paragraph.
(b) No Certificateholder shall have any personal liability for any liability or obligation of the Trust.
Liability of the Certificateholders. Except as expressly provided in Sections 5.03, 6.08 and 7.03 hereof, to the fullest extent permitted by applicable law, no Certificateholder shall have any personal liability for any liability, obligation or expense of the Trust or by reason of any action taken by the parties to this Trust Agreement pursuant to any provisions of this Trust Agreement. The Certificateholders shall be entitled to the same limitation of personal liability extended to stockholders of corporations under the General Corporation Law of the State of Delaware.
Liability of the Certificateholders. (a) TMS Student Holdings, Inc., as holder of no less than a 1% interest in the Trust Certificates and the Originators' Interests, shall be liable directly to and will indemnify the injured party for all losses, claims, damages, liabilities and expenses of the Trust (including Expenses, to the extent not paid out of the Trust Estate) to the extent that TMS Student Holdings, Inc. would be liable if the Trust were a partnership under the _____________ Revised Uniform Limited Partnership Act in which TMS Student Holdings, Inc. were a general partner; PROVIDED, HOWEVER, that TMS Student Holdings, Inc. shall not be liable for any principal of or interest on the Certificates, the Originators' Interests or the Notes. In addition, any third party creditors of the Trust (other than in connection with the obligations described in the preceding sentence for which TMS Student Holdings, Inc. shall not be liable) shall be deemed third party beneficiaries of this paragraph. The obligations of TMS Student Holdings, Inc. under this paragraph shall be evidenced by the Trust Certificates and the Originators' Interests described in Section 3.11, which shall be deemed to be a separate class of Trust Certificates and Originators' Interests from all other Trust Certificates and Originators' Interests issued by the Trust; PROVIDED that the rights and obligations evidenced by all Trust Certificates and Originators' Interests, respectively, regardless of class, except as provided in this Section, Section 5.1 hereof and Article V of the Sale and Servicing Agreement, shall be identical.
(b) No Certificateholder, other than to the extent set forth in paragraph (a), shall have any personal liability for any liability or obligation of the Trust.
(c) TMS Student Holdings, Inc. shall maintain a minimum capital value (not including its interest in the Trust or its interest in [Educaid Student Loan Trust 1994-1]) equal to the greater of (a) $2,000,000 and (b) two percent of the sum of the Certificate Balance and the [Educaid Student Loan Trust 1994-1] Certificate Balance.
Liability of the Certificateholders. (a) The Sponsor shall be liable directly to and will indemnify the Certificateholders, Noteholders or any other injured party for all losses, claims, damages, liabilities and expenses of the Trust (including expenses, to the extent not paid out of the Trust Estate) to the extent that the Sponsor would be liable if the Trust were a ___________ limited partnership in which the Sponsor were a general partner; provided, however, that the Sponsor shall not be liable (i) to any Certificateholder or Noteholder for any losses incurred by such Certificateholder in the capacity of an investor in the Certificates or such Noteholder in the capacity of an investor in the Notes or (ii) to any Person for any losses incurred by such Person as a result of the fraudulent actions, misrepresentations or willful misconduct of such Person.
(b) No Certificateholder (other than to the extent set forth in paragraph (a) above) shall have any personal liability for any liability or obligation of the Trust.
Liability of the Certificateholders. Section 1A.06.
