Liability of the Seller. (a) The Seller shall pay organizational expenses of the Trust as they may arise or shall, upon the request of the Owner Trustee, promptly reimburse the Owner Trustee for any such expenses paid by the Owner Trustee. (b) No Holder, other than to the extent set forth in clause (a), shall have any personal liability for any liability or obligation of the Trust.
Appears in 7 contracts
Samples: Trust Agreement (Franklin Auto Trust 2003-2), Trust Agreement (Franklin Auto Trust 2004-1), Trust Agreement (Franklin Auto Trust 2004-2)
Liability of the Seller. (a) The Seller shall pay ----------------------- organizational expenses of the Trust as they may arise or shall, upon the request of the Owner Trustee, promptly reimburse the Owner Trustee for any such expenses paid by the Owner Trustee.
(b) No Holder, other than to the extent set forth in clause (a), shall have any personal liability for any liability or obligation of the Trust.
Appears in 2 contracts
Samples: Trust Agreement (Franklin Receivables LLC), Trust Agreement (Franklin Receivables LLC)
Liability of the Seller. (a) The Seller shall pay organizational expenses of the Trust as they may arise or shall, upon the request of the Owner Trustee, promptly reimburse the Owner Trustee for any such expenses paid by the Owner Trustee.
(b) . No Holder, other than to the extent set forth in clause (a), shall have any personal liability for any liability or obligation of the Trust.
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