Common use of Limitation on Liability of the Seller Clause in Contracts

Limitation on Liability of the Seller. Subject to Sections 7.1, 7.3 and 7.4, neither the Seller, any of its partners, employees or agents, nor any of the shareholders, directors, officers, employees or agents of such partners in its capacity as Seller shall be under any liability to the Trust, the Trustee, the Certificateholders or any other Person for any action taken or for refraining from the taking of any action in the capacity as Seller pursuant to this Agreement whether arising from express or implied duties under this Agreement; provided, however, that this provision shall not protect the Seller or any such Person against any liability which would otherwise be imposed by reason of wilful misfeasance, bad faith or gross negligence in the performance of duties or by reason of reckless disregard of obligations and duties hereunder. The Seller and any of its partners and any director or officer or employee or agent of the Seller or any of its partners may rely in good faith on any document of any kind prima facie properly executed and submitted by any Person respecting any matters arising hereunder.

Limitation on Liability of the Seller. Subject to ------------------------------------- Sections 7.1, 7.3 and 7.4, neither the Seller, any of its partners, employees or agents, nor any of the shareholders, directors, officers, employees or agents of such partners in its capacity as Seller shall be under any liability to the Trust, the Trustee, the Certificateholders or any other Person for any action taken or for refraining from the taking of any action in the capacity as Seller pursuant to this Agreement whether arising from express or implied duties under this Agreement; provided, however, that this provision shall not protect the -------- ------- Seller or any such Person against any liability which would otherwise be imposed by reason of wilful misfeasance, bad faith or gross negligence in the performance of duties or by reason of reckless disregard of obligations and duties hereunder. The Seller and any of its partners and any director or officer or employee or agent of the Seller or any of its partners may rely in good faith on any document of any kind prima facie properly executed and submitted by any Person respecting any matters arising hereunder.