Common use of Liability of the Depositor Clause in Contracts

Liability of the Depositor. The Depositor shall be liable directly to indemnify each injured party for all losses, claims, damages, liabilities and expenses of the Trust, to the extent not paid out of the Trust Property, to the extent provided in, and subject to the terms and conditions contained in, the Spread Account Agreement; PROVIDED, FURTHER, that the Depositor shall not be liable to indemnify any injured party if such party has agreed that its recourse against the Trust for any obligation or liability of the Trust to such party shall be limited to the assets of the Trust. In addition, any third party creditors of the Trust (other than in connection with the obligations described in the provisos to the preceding sentence for which the Depositor shall not be liable) shall be deemed third party beneficiaries of this paragraph.