Common use of Nonliability of Authority Clause in Contracts

Nonliability of Authority. This Master Loan Agreement and the Authority Loan shall not be deemed to constitute a debt or liability of the State or of any political subdivision thereof, or a pledge of the faith and credit of the State or of any political subdivision other than the Authority, but shall be payable solely from the funds therefor provided. Neither the State nor the Authority shall be obligated to pay the principal of the Authority or the premium, if any, or the interest thereon except from Payments made by the Borrower under this Master Loan Agreement, and neither the faith and credit nor the taxing power of the State or of any political subdivision thereof is pledged to the payment of the principal of or the premium, if any, or the interest on the Authority Loan. The execution and delivery of this Master Loan Agreement and the Authority Loan shall not directly or indirectly or contingently obligate the State or any political subdivision thereof to levy or to pledge any form of taxation whatever therefor or to make any appropriation for its payment. The Authority has no taxing power. The Authority shall not be liable for any costs, expenses, losses, damages, claims or actions, of any conceivable kind or any conceivable theory, under or by reason of or in connection with this Master Loan Agreement, except only to the extent amounts are received for payment thereof from the Borrower under this Master Loan Agreement. The Borrower hereby acknowledges that the Authority's sole source of moneys to repay the Authority Loan will be the Payments made by the Borrower hereunder, and hereby agrees that if the Payments to be made by the Borrower hereunder shall ever prove insufficient to pay all principal of, and premium, if any, and interest on the Authority Loan as the same shall become due (whether by maturity, prepayment, acceleration or otherwise), then upon notice, the Borrower shall pay such amounts as are required from time to time to prevent any deficiency or default in the payment of such principal, premium or interest, including, but not limited to, any deficiency caused by acts, omissions, nonfeasance or malfeasance on the part of the Borrower, the Authority or any third party. No member, officer, official, agent or employee of the Authority shall be individually or personally liable for the payment of the principal of the Authority Loan or the premium, if any, or interest on the Authority Loan or be subject to any personal liability or accountability by reason of the origination thereof; but nothing herein contained shall relieve any such member, officer, official, agent or employee of the Authority from the performance of any official duty provided by law or by this Master Loan Agreement.

Nonliability of Authority. This Master Loan Agreement and the The Authority Loan shall not be deemed to constitute a debt or liability of the State or of any political subdivision thereof, or a pledge of the faith and credit of the State or of any political subdivision other than the Authority, but shall be payable solely from the funds therefor provided. Neither the State nor the Authority shall be obligated to pay the principal of the Authority [or the purchase price] of, and premium, if any, or and interest on the interest thereon Bonds, except from Payments made by Revenues and other assets pledged under the Borrower under this Master Loan Agreement, and neither Bond Indenture. Neither the faith and credit nor the taxing power of the State of California or of any political subdivision thereof is pledged to the payment of the principal of [or the purchase price] of, premium, if any, or the interest on the Authority Loan. The execution and delivery of this Master Loan Agreement and the Authority Loan shall not directly or indirectly or contingently obligate the State or any political subdivision thereof to levy or to pledge any form of taxation whatever therefor or to make any appropriation for its payment. The Authority has no taxing powerBonds. The Authority shall not be liable for any costs, expenses, losses, damages, claims or actions, of any conceivable kind or any conceivable theory, under or by reason of or in connection with this Master Loan Agreement, the Bonds or the Indenture, except only to the extent amounts are received for payment thereof from the Borrower under this Master Loan Agreement. The Borrower hereby acknowledges that the Authority's ’s sole source of moneys to repay the Authority Loan Bonds will be provided by the Payments payments made by the Borrower hereunderhereunder and other Revenues, together with investment income on certain funds and accounts held by the Trustee under the Indenture, and hereby agrees that if the Payments payments to be made by the Borrower hereunder shall ever prove insufficient to pay all principal [or purchase price] of, and premium, if any, and interest on the Authority Loan Bonds as the same shall become due (whether by maturity, prepaymentredemption, acceleration or otherwise), then upon noticenotice from the Trustee, the Borrower shall pay such amounts as are required from time to time to prevent any deficiency or default in the payment of such principalprincipal [or purchase price], premium or interest, interest including, but not limited to, any deficiency caused by acts, omissions, nonfeasance or malfeasance on the part of the Trustee, the Borrower, the Authority or any third party. No member, officer, official, agent or employee of the Authority shall be individually or personally liable for the payment of the principal of the Authority Loan or the premium, if any, or interest on the Authority Loan or be subject to any personal liability or accountability by reason of the origination thereof; but nothing herein contained shall relieve any such member, officer, official, agent or employee of the Authority from the performance of any official duty provided by law or by this Master Loan Agreement.

Nonliability of Authority. This Master Loan Agreement and the The Authority Loan shall not be deemed to constitute a debt or liability of the State or of any political subdivision thereof, or a pledge of the faith and credit of the State or of any political subdivision other than the Authority, but shall be payable solely from the funds therefor provided. Neither the State nor the Authority shall be obligated to pay the principal of of, Redemption Price and interest on the Authority or the premiumBonds, if anyincluding any prepayments, or the interest thereon except from Payments made by the Borrower under this Master Loan Agreement, and neither Revenues. Neither the faith and credit nor the taxing power of the State or of any political subdivision thereof thereof, nor the faith and credit of the Authority or any member of the Authority is pledged to the payment of the principal of of, Redemption Price or the premium, if any, or the interest on the Authority LoanBonds. The execution and delivery of this Master Loan Agreement and Neither the Authority Loan nor its members, officers, directors, agents or employees, or their successors and assigns, shall not directly or indirectly or contingently obligate the State or any political subdivision thereof to levy or to pledge any form of taxation whatever therefor or to make any appropriation for its payment. The Authority has no taxing power. The Authority shall not be liable for any costs, expenses, losses, damages, claims or actions, of any conceivable kind or on any conceivable theory, under or by reason of or in connection with this Master Loan Agreement, the Bonds or the Indenture, except only to the extent amounts are received for the payment thereof from the Borrower Corporation under this Master Loan Agreement. The Borrower Corporation hereby acknowledges that the Authority's ’s sole source of moneys to repay the Authority Loan Bonds will be provided by the Payments payments made by the Borrower hereunderCorporation pursuant to this Loan Agreement (and, if required, the Deed of Trust), together with investment income on certain funds and accounts held by the Trustee under the Indenture, and hereby agrees that if the Payments payments to be made by the Borrower hereunder shall ever prove insufficient to pay all principal of, and premium, if any, and Redemption Price or interest on the Authority Loan Bonds as the same shall become due (whether by maturity, prepaymentredemption, acceleration or otherwise), then upon noticenotice from the Trustee, the Borrower Corporation shall pay such amounts as are required from time to time to prevent any deficiency or default in the payment of such principal, premium Redemption Price or interest, including, but not limited to, any deficiency caused by acts, omissions, nonfeasance or malfeasance on the part of the BorrowerTrustee, the Corporation, the Authority or any third party. No member, officer, official, agent or employee of the Authority shall be individually or personally liable for the payment of the principal of the Authority Loan or the premium, if any, or interest on the Authority Loan or be subject to any personal liability right of reimbursement from the Trustee, the Authority or accountability by reason any such third party, as the case may be, therefor but solely, in the case of the origination thereof; but nothing herein contained shall relieve Authority, from Revenues, other than with respect to any such member, officer, official, agent or employee deficiency caused by the willful misconduct of the Authority from the performance of any official duty provided by law or by this Master Loan AgreementAuthority.