Common use of Limit of Owner's Liability Clause in Contracts

Limit of Owner's Liability. The Owner shall have no obligation to indemnify the Servicer for losses due to the Servicer's willful misconduct or negligence, and, if the same is determined by an arbitrator or a court of competent jurisdiction from which no appeal is available, the Owner shall be entitled to reimbursement for expenses incurred by the Owner or previously reimbursed to the Servicer by the Owner. Other than as expressly set forth herein and subject to Section 7 herein, the Owner shall have no obligation to indemnify the Servicer for any losses.

Limit of Owner's Liability. The Owner shall have no obligation to indemnify the Servicer for losses due to the Servicer's ’s willful misconduct or negligence, and, if the same is determined by an arbitrator or a court of competent jurisdiction from which no appeal is available, the Owner shall be entitled to reimbursement for expenses incurred by the Owner or previously reimbursed to the Servicer by the Owner. Other than as expressly set forth herein and subject to Section 7 herein, the Owner shall have no obligation to indemnify the Servicer for any losses.