Common use of Owner Trustee and Trust Agent Not Liable for Residual Interest Instruments, Notes or Contracts Clause in Contracts

Owner Trustee and Trust Agent Not Liable for Residual Interest Instruments, Notes or Contracts. The recitals contained herein and in the Residual Interest Instruments (other than the respective signatures of the Owner Trustee and the Trust Agent, and, in the case of the Trust Agent, the certificate of authentication on the Residual Interest Instruments) shall be taken as the statements of the Depositor, and neither the Owner Trustee nor the Trust Agent assumes responsibility for the correctness thereof. Neither the Owner Trustee nor the Trust Agent makes any representations as to the validity or sufficiency of this Agreement, any other Basic Document or the Residual Interest Instruments (other than (i) the respective signatures of the Owner Trustee and the Trust Agent; (ii) in the case of the Owner Trustee, the recitals contained in Section 7.03(a); and (iii) in the case of the Trust Agent, the recitals contained in Section 7.03(b) and the certificate of authentication on the Residual Interest Instruments) or the Notes, or of any Contract or related documents. The Owner Trustee and the Trust Agent shall at no time have any responsibility or liability for or with respect to the legality, validity and enforceability of any Contract, or the perfection and priority of any security interest created by any Contract in any Financed Vehicle or the maintenance of any such perfection and priority, or for or with respect to the sufficiency of the Trust Estate or its ability to generate the payments to be distributed to Owners under this Agreement or the Noteholders under the Indenture, including, without limitation, the existence, condition and ownership of any Financed Vehicle; the existence and enforceability of any insurance thereon; the existence and contents of any Contract on any computer or other record thereof; the validity of the assignment of any Contract to the Trust or of any intervening assignment; the completeness of any Contract; the performance or enforcement of any Contract; the compliance by the Depositor, the Insurer or the Servicer with any warranty or representation made under any Basic Document or in any related document or the accuracy of any such warranty or representation; or any action of the Administrator, the Indenture Trustee or the Servicer or any subservicer taken in the name of the Owner Trustee or the Trust Agent.

Owner Trustee and Trust Agent Not Liable for Residual Interest Instruments, Notes or Contracts. The recitals contained herein and in the Residual Interest Instruments (other than the respective signatures of the Owner Trustee and the Trust Agent, and, in the case of the Trust Agent, the certificate of authentication on the Residual Interest Instruments) shall be taken as the statements of the Depositor, and neither the Owner Trustee nor the Trust Agent assumes responsibility for the correctness thereof. Neither the Owner Trustee nor the Trust Agent makes any representations as to the validity or sufficiency of this Agreement, any other Basic Document or the Residual Interest Instruments (other than (i) the respective signatures of the Owner Trustee and the Trust Agent; (ii) in the case of the Owner Trustee, the recitals contained in Section 7.03(a); and (iii) and, in the case of the Trust Agent, the recitals contained in Section 7.03(b) and the certificate of authentication on the Residual Interest Instruments) or the Notes, or of any Contract or related documents. The Owner Trustee and the Trust Agent shall at no time have any responsibility or liability for or with respect to the legality, validity and enforceability of any Contract, or the perfection and priority of any security interest created by any Contract in any Financed Vehicle or the maintenance of any such perfection and priority, or for or with respect to the sufficiency of the Trust Estate or its ability to generate the payments to be distributed to Owners under this Agreement or the Noteholders under the Indenture, including, without limitation, the existence, condition and ownership of any Financed Vehicle; the existence and enforceability of any insurance thereon; the existence and contents of any Contract on any computer or other record thereof; the validity of the assignment of any Contract to the Trust or of any intervening assignment; the completeness of any Contract; the performance or enforcement of any Contract; the compliance by the Depositor, the Insurer or the Servicer with any warranty or representation made under any Basic Document or in any related document or the accuracy of any such warranty or representation; or any action of the Administrator, the Indenture Trustee or the Servicer or any subservicer taken in the name of the Owner Trustee or the Trust Agent.