No Recourse to the Owner Trustee Sample Clauses

No Recourse to the Owner Trustee. It is expressly understood and agreed by and between Trust Company, the Owner Trustee, the Lessee, the Owner Participant, the Indenture Trustee, the Pass Through Trustee, and the Loan Participant, and their respective successors and permitted assigns that, subject to the proviso contained in this Section 10.13(b), all representations, warranties and undertakings of the Owner Trustee hereunder shall be binding upon the Owner Trustee only in its capacity as Owner Trustee under the Trust Agreement, and (except as expressly provided herein) Trust Company shall not be liable for any breach thereof, except for its gross negligence or willful misconduct, or for breach of its covenants, representations and warranties contained herein, except to the extent covenanted or made in its individual capacity; provided, however, that nothing in this Section 10.13 (b) shall be construed to limit in scope or substance those representations and warranties of Trust Company made expressly in its individual capacity set forth herein. The term "Owner Trustee" as used in this Agreement shall include any successor trustee under the Trust Agreement, or the Owner Participant if the trust created thereby is revoked.
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No Recourse to the Owner Trustee. It is expressly understood and agreed by and between Trust Company, the Owner Trustee, the Lessee, the Owner Participant, the Indenture Trustee, and the Loan Participant, and their respective successors and permitted assigns that, subject to the proviso contained in this Section 10.13(b), all representations, warranties and undertakings of the Owner Trustee hereunder shall be binding upon the Owner Trustee only in its capacity as Owner Trustee under the Trust Agreement, and (except as expressly provided herein) Trust Company shall not be liable for any breach thereof, except for its gross Participation Agreement (TRLI 2001-1A) 93
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No Recourse to the Owner Trustee. It is expressly understood and agreed by and between Trust Company, the Owner Trustee, the Lessee, the Owner Participant, the Indenture Trustee, and the Loan Participant, and their respective successors and permitted assigns that, subject to the proviso contained in this Section 10.13(b), all representations, warranties and undertakings of the Owner Trustee hereunder shall be binding upon the Owner Trustee only in its capacity as Owner Trustee under the Trust Agreement, and (except as expressly provided herein) Trust Company shall not be liable for any breach thereof, except for its gross negligence or willful misconduct, or for breach of its covenants, representations and warranties contained herein, except to the extent covenanted or made in its individual capacity; provided, however, that nothing in this Section 10.13(b) shall be 88 Participation Agreement (TRLI 2001-1B)
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No Recourse to the Owner Trustee. It is expressly understood and agreed by and between the Owner Trustee, the Lessee, the Owner Participant, the Indenture Trustee, and the Loan Participant, and their respective successors and permitted assigns that, subject to the proviso contained in this Section 10.13(b), all representations, warranties and undertakings of
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No Recourse to the Owner Trustee. Anything in this Participation Agreement or the Loan Certificates to the contrary notwithstanding, except as otherwise provided in Sections 3.1, 6.1, 6.2 and 6.7 and except with respect to Facility Owner's Liens, it is understood and agreed that (irrespective of any breach of any representation, covenant, agreement or undertaking of any nature whatsoever made in this Participation Agreement or the Loan Certificates by the Owner Trustee), no recourse shall be had under any rule of law, statute or constitution or by the enforcement of any assessments or penalties or otherwise for the payment of any amounts due on the Loan Certificates or due under the Operative Documents or for any claim based thereon or otherwise in respect thereof against (i) except as a result of its gross negligence, fraud or willful misconduct, the Owner Trustee, the Trust Company or any past, present or future Affiliate, partner, officer, director, any owner, shareholder, agent or employee of or in any thereof or director or shareholder of any partner thereof or their legal representatives, successors or assigns, (ii) except as a result of its gross negligence, fraud or willful misconduct, any successor Owner Trustee or (iii) any Person for whom the Owner Trustee was acting as an agent for the account and benefit of such Person in entering into the transactions evidenced by this Participation Agreement and the Loan Certificates, and that such Person was or was alleged to be the principal of the Owner Trustee. Furthermore, it is expressly understood that, except as expressly set forth in this Section 13.12(b), all such liability (a) of the Owner Trustee, the Trust Company or any past, present or future Affiliate, partner, officer, director, any owner, shareholder, agent or employee of or in any thereof or director or shareholder of any partner thereof or any of their respective legal representatives, successors or assigns, (b) any successor Owner Trustee or (c) such other Person, is and is being expressly waived and released as consideration for the execution of this Participation Agreement by the Owner Trustee and all Persons having any claim against the Owner Trustee by reason of the transactions contemplated by this Participation Agreement and the other Operative Documents agree to look solely to the Trust Estate and to the sums due or to become due under the Trust Estate (other than Excluded Payments) for the payment of any such sums.
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No Recourse to the Owner Trustee. Anything in this Participation Agreement or the Loan Certificates to the contrary notwithstanding, except as otherwise provided in Sections 3.1, 6.1, 6.2 and 6.7 and except with respect to Lessor's Liens, it is understood and agreed that (irrespective of any breach of any representation, covenant, agreement or undertaking of any nature whatsoever made in this Participation Agreement or the Loan Certificates by the Owner Trustee), no recourse shall be had under any rule of law, statute or constitution or by the enforcement of any assessments or penalties or otherwise for the payment of any amounts due on the Loan Certificates or due under the Operative Documents or for any claim based thereon or otherwise in respect thereof against (i) except as a result of its gross negligence, fraud or willful misconduct, the Owner Trustee or any past, present or future Affiliate, partner, officer, director, any owner, shareholder, agent or employee of or in any thereof or director or shareholder of any partner thereof or their legal representatives, successors or assigns, (ii) except as a result of its gross negligence, fraud or willful misconduct, any successor Owner Trustee or (iii) any Person for whom the Owner Trustee was acting as an agent for the account and benefit of such Person in entering into the transactions evidenced by this Participation Agreement and the Loan Certificates, and that such Person was or was alleged to be the principal of the Owner Trustee. Furthermore, it is expressly understood that, except as expressly set forth in this
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No Recourse to the Owner Trustee. It is expressly understood and agreed by the parties hereto that (a) this Amendment is executed and delivered by The Bank of New York (Delaware), not individually or personally but solely as trustee of the Trust, in the exercise of the powers and authority conferred and vested in it, (b) each of the representations, undertakings and agreements herein made on the part of the Trust is made and intended not as personal representations, undertakings and agreements by The Bank of New York (Delaware) but is made and intended for the purpose of binding only the Trust, (c) nothing herein contained shall be construed as creating any liability on The Bank of New York (Delaware), individually or personally, to perform any covenant either expressed or implied contained herein, all such liability, if any, being expressly waived by the parties hereto and by any Person claiming by, through or under the parties hereto and (d) under no circumstances shall The Bank of New York (Delaware) be personally liable for the payment of any indebtedness or expenses of the Trust or be liable for the breach or failure of any obligation, representation, warranty or covenant made or undertaken by the Trust under this Amendment or any other related documents. Omnibus Amendment VW Floor plan
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Related to No Recourse to the Owner Trustee

  • Regarding the Owner Trustee Owner Participant will cause Owner Trustee to perform its obligations under each Owner Trustee Agreement.

  • Concerning the Owner Trustee 17 Section 7.01 Acceptance of Trusts and Duties............................................................17 Section 7.02 Furnishing of Documents....................................................................19 Section 7.03

  • Payments to the Owner Trustee Any amounts paid to the Owner Trustee pursuant to this Article VIII shall be deemed not to be a part of the Owner Trust Estate immediately after such payment.

  • The Owner Trustee Section 3.01.

  • No Legal Title to Owner Trust Estate in Certificateholder The Certificateholder shall not have legal title to any part of the Owner Trust Estate. The Certificateholder shall be entitled to receive distributions in accordance with Article VIII. No transfer, by operation of law or otherwise, of any right, title or interest of the Certificateholder to and in its ownership interest in the Owner Trust Estate shall operate to terminate this Agreement or the trust hereunder or entitle any transferee to an accounting or to the transfer to it of legal title to any part of the Owner Trust Estate.

  • No Contractual Relationship Between Subservicer and Trustee or Certificateholders Any Subservicing Agreement that may be entered into and any other transactions or services relating to the Mortgage Loans involving a Subservicer in its capacity as such and not as an originator shall be deemed to be between the Subservicer and the Master Servicer alone and the Trustee and the Certificateholders shall not be deemed parties thereto and shall have no claims, rights, obligations, duties or liabilities with respect to the Subservicer in its capacity as such except as set forth in Section 3.06. The foregoing provision shall not in any way limit a Subservicer's obligation to cure an omission or defect or to repurchase a Mortgage Loan as referred to in Section 2.02 hereof.

  • No Legal Title to Owner Trust Estate in Certificateholders The Certificateholders shall not have legal title to any part of the Owner Trust Estate. The Certificateholders shall be entitled to receive distributions with respect to their undivided ownership interest therein only in accordance with Articles V and IX. No transfer, by operation of law or otherwise, of any right, title or interest of the Certificateholders to and in their ownership interest in the Owner Trust Estate shall operate to terminate this Agreement or the trusts hereunder or entitle any transferee to an accounting or to the transfer to it of legal title to any part of the Owner Trust Estate.

  • Payments from Owner Trust Estate All payments to be made by the Owner Trustee under this Agreement or any of the Basic Documents to which the Trust or the Owner Trustee is a party shall be made only from the income and proceeds of the Owner Trust Estate and only to the extent that the Owner Trustee shall have received income or proceeds from the Owner Trust Estate to make such payments in accordance with the terms hereof. Wilmington Trust Company or any successor thereto, in its individual capacity, shall not be liable for any amounts payable under this Agreement or any of the Basic Documents to which the Trust or the Owner Trustee is a party.

  • Owner Trustee Opinion The Representatives will have received an opinion addressed to the Representatives, the Depositor and Ford Credit of Xxxxxxxx, Xxxxxx & Finger P.A. (or such other counsel satisfactory to the Representatives in their reasonable judgment), counsel to the Owner Trustee, dated the Closing Date and satisfactory in form and substance to the Representatives and their counsel, addressing such matters as the Representatives may request and substantially to the effect that:

  • Owner Trustee The name and business address of the sole trustee of the Trust in the State of Delaware is U.S. Bank Trust National Association, 000 Xxxxxxxx Xxxxxx, 0xx Xxxxx, Xxxxxxxxx Xxxxx, Xxxxxxxxxx, Xxxxxxxx 00000.

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