Limitation on Liability of the Issuer. Neither the Issuer nor any of the directors, officers, employees, agents or Control Persons of the Issuer, shall be under any liability to the Noteholders for any action taken or for refraining from the taking of any action in good faith pursuant to this Agreement, or for errors in judgment. The Issuer, and any director, officer, employee or agent of the Issuer may rely in good faith on any document of any kind which, prima facie, is properly executed and submitted by any Person respecting any matters arising hereunder. The Issuer shall be under no obligation to appear in, prosecute or defend any legal action unless such action is related to its duties under this Agreement and which in its opinion does not involve it in any expenses or liability; provided, however, that the Issuer may in its discretion undertake any such action which it may deem necessary or desirable with respect to this Agreement and the rights and duties of the parties hereto and the interests of the Noteholders and the Insurer hereunder.
Limitation on Liability of the Issuer. It is understood and agreed by the Borrower that the Bonds shall not be general obligations of the Issuer or give rise to a charge against the general credit or taxing powers of the Issuer, but rather shall be special obligations payable solely from revenues pledged and assigned to the payment thereof and secured by this Loan Agreement. No Holder or Holders of the Bonds shall ever have the right to compel any exercise of the taxing power of the Issuer to pay the Bonds or the interest or premium, if any, thereon, nor to enforce payment thereof against any property of the Issuer except the revenues under this Loan Agreement pledged to the payment thereof. No failure of the Issuer to comply with any term, condition, covenant or agreement herein shall subject the Issuer to liability for any claim for damages, costs or other financial or pecuniary charge, and no execution on any claim, demand, cause of action or judgment shall be levied upon or collected from the general credit, general funds or taxing power of the Issuer. The Bonds shall not constitute a debt of the Issuer within the meaning of any constitutional, statutory or charter limitation.
Limitation on Liability of the Issuer. Following the enforcement, realisation and ultimate distribution of the proceeds of the Lease Certificate Assets in respect of the Certificates to the Certificateholders in accordance with these Conditions and the Representative Agreement, the Issuer shall not be liable for any further sums, and accordingly no Certificateholder may take any action against the Issuer or any other Person to recover any such sum in respect of the Certificates or Lease Certificate Assets.
Limitation on Liability of the Issuer. 30 Section 8.01 Liabilities of the Issuer.................................................................30
Limitation on Liability of the Issuer the Depositor, the Servicer and Others. None of the Depositor, the Servicer or any of the directors, officers, employees or agents of the Depositor or the Servicer shall be under any liability to the Issuer or the Securityholders for any action taken or for refraining from the taking of any action in good faith pursuant to this Agreement, or for errors in judgment; provided, however, that this provision shall not protect the Depositor, the Servicer or any such person against any breach of warranties, representations or covenants made herein, or against any specific liability imposed on the Servicer pursuant hereto, or against any liability which would otherwise be imposed by reason of willful misfeasance, bad faith or gross negligence in the case of the Depositor, and willful misfeasance, bad faith or negligence in the case of the Servicer, in the performance of duties or by reason of reckless disregard of obligations and duties hereunder. The Depositor, the Servicer and any director, officer, employee or agent of the Depositor or the Servicer may rely in good faith on any document of any kind which, prima facie, is properly executed and submitted by any Person respecting any matters arising hereunder. The Depositor, the Servicer and any director, officer, employee or agent of the Depositor or the Servicer shall be indemnified and held harmless by the Issuer against any loss, liability or expense incurred in connection with any legal action relating to this Agreement or the Securities, other than any loss, liability or expense relating to any specific Mortgage Loan or Mortgage Loans (except as any such loss, liability or expense shall be otherwise reimbursable pursuant to this Agreement) or any loss, liability or expense incurred by reason of willful misfeasance, bad faith or gross negligence in the case of the Depositor, and willful misfeasance, bad faith or negligence in the case of the Servicer, in the performance of duties hereunder or by reason of reckless disregard of obligations and duties hereunder. Neither the Depositor nor the Servicer shall be under any obligation to appear in, prosecute or defend any legal action unless such action is related to its respective duties under this Agreement and, in its opinion, does not involve it in any expense or liability; provided, however, that each of the Depositor and the Servicer may in its discretion undertake any such action which it may deem necessary or desirable with respect to this Agreement and the ...
