Common use of LIMITATION ON LIABILITY OF ISSUER AND OTHERS Clause in Contracts

LIMITATION ON LIABILITY OF ISSUER AND OTHERS. The Issuer and any director or officer or employee or agent of the Issuer may rely in good faith on the advice of counsel or on any document of any kind, prima facie properly executed and submitted by any Person respecting any matters arising under this Agreement. The Issuer shall not be under any obligation to appear in, prosecute or defend any legal action that is not incidental to its obligations as Issuer under this Agreement or as the acquirer of the Receivables under the Receivables Contribution Agreement, and that in its opinion may involve it in any expense or liability.

Appears in 3 contracts

Samples: Indenture and Servicing Agreement (MCM Capital Group Inc), Indenture and Servicing Agreement (MCM Capital Group Inc), Indenture and Servicing Agreement (MCM Capital Group Inc)

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LIMITATION ON LIABILITY OF ISSUER AND OTHERS. The Issuer and any director manager or officer or employee or agent of the Issuer may rely in good faith on the advice of counsel or on any document of any kind, prima facie properly executed and submitted by any proper Person respecting any matters arising under this Agreement. The Issuer shall not be under any obligation to appear in, prosecute or defend any legal action that is not incidental to its obligations as Issuer under this Agreement or as the acquirer of the Receivables Purchaser under the Receivables Contribution Agreement, Agreement and that in its opinion may involve it in any expense or liability.

Appears in 1 contract

Samples: Indenture and Servicing Agreement (Creditrust Corp)

LIMITATION ON LIABILITY OF ISSUER AND OTHERS. The Issuer and any director manager or officer or employee or agent of the Issuer may rely in good faith on the advice of counsel or on any document of any kind, prima facie properly executed and submitted by any Person respecting any matters arising under this Agreement. The Issuer shall not be under any obligation to appear in, prosecute or defend any legal action that is not incidental to its obligations as Issuer under this Agreement or as the acquirer of the Receivables under the Receivables Contribution Agreement, and that in its opinion may involve it in any expense or liability.

Appears in 1 contract

Samples: Indenture and Servicing Agreement (Creditrust Corp)

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LIMITATION ON LIABILITY OF ISSUER AND OTHERS. The Issuer and any director manager or officer or employee or agent of the Issuer may rely in good faith on the advice of counsel or on any document of any kind, prima facie properly executed and submitted by any Person respecting any matters arising under this Agreement. The Issuer shall not be under any obligation to appear in, prosecute or defend any legal action that is not incidental to its obligations as Issuer under this Agreement or as the acquirer of the Receivables Purchaser under the Receivables Contribution Agreement, Agreement and that in its opinion may involve it in any expense or liability.

Appears in 1 contract

Samples: Indenture and Servicing Agreement (Creditrust Corp)

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