Liability of the Transferor. (a) The Transferor 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 3 contracts
Samples: Trust Agreement (Ml Asset Backed Corp), Trust Agreement (Securitized Asset Backed Receivables LLC), Trust Agreement (Painewebber Asset Acceptance Corp)
Liability of the Transferor. (a) The Transferor 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 (Prudential Securities Secured Financing Corp), Trust Agreement (Prudential Securities Secured Financing Corp)
