Liability of Trust Depositor. (a) All liabilities of the Trust, to the extent not paid by a third party, are and shall be obligations of the Trust and when due and payable shall be satisfied out of the Trust Estate.
Liability of Trust Depositor. The Trust Depositor shall be liable in accordance herewith only to the extent of the obligations specifically undertaken by the Trust Depositor under this Agreement.
Liability of Trust Depositor. (a) Pursuant to Section 3803(a) of the Business Trust Statute, the Trust Depositor shall be liable directly to and will indemnify any injured party or any other creditor of the Trust for all losses, claims, damages, liabilities and expenses of the Trust to the extent that the Trust Depositor would be liable if the Trust were a partnership under the Delaware Revised Uniform Limited Partnership Act in which Trust Depositor were a general partner (including any New Jersey personal property replacement tax that is imposed on the Trust as a partnership); provided, however, that Trust Depositor shall not be liable for any losses incurred by a Certificateholder in the capacity of an investor in the Trust Certificate or a Noteholder in the capacity of an investor in the Notes. In addition, any third party creditors of the Trust (other than in connection with the obligations described in the immediately preceding sentence for which the Trust Depositor shall not be liable) shall be deemed third party beneficiaries of this paragraph. The obligations of the Trust Depositor under this paragraph shall be evidenced by the Trust Certificate described in Section 3.11.
Liability of Trust Depositor. 6 Section 2.08 Title to Trust Property......................................................7 Section 2.09 Situs of Trust...............................................................7 Section 2.10 Representations and Warranties of the Trust Depositor........................7 Section 2.11 Federal Income Tax Treatment.................................................8
Liability of Trust Depositor. (a) Pursuant to Section 3803(a) of the Business Trust Statute, the Trust Depositor as Owner shall be liable directly to and will indemnify any injured party or any other creditor of the Trust for all losses, claims, damages, liabilities and expenses of the Trust to the extent that the Owner would be liable if the Trust were a partnership under the Delaware Revised Uniform Limited Partnership Act in which Trust Depositor were a general partner; provided, however, that the Owner shall not be liable for any losses incurred by the Equity Certificateholder in the capacity of an investor in the Trust Certificate or a Noteholder in the capacity of an investor in the Notes; and provided further, that the Owner shall not be so liable to any injured party or other creditor if such party has agreed that its recourse against the Trust for any obligation or liability of the Trust to such party shall be limited to the assets of the Trust. In addition, any third party creditors of the Trust (other than in connection with the obligations described in the immediately preceding sentence for which the Owner shall not be liable) shall be deemed third party beneficiaries of this paragraph.
Liability of Trust Depositor. 5 SECTION 2.08. TITLE TO TRUST PROPERTY . . . . . . . . . . . . . . . . .5 SECTION 2.09.
Liability of Trust Depositor. 6 Section 2.08. Title to Trust Property 6
Liability of Trust Depositor. 7 Section 2.08. Title to Trust Property ........................................................ 7 Section 2.09. Situs of Trust ................................................................ 7 Section 2.10. Representations and Warranties of the Trust Depositor ......................... 8 Section 2.11. Federal Income Tax Treatment ................................................. 9 Section 2.12 Covenants of the Trust Depositor ............................................ 10 ARTICLE THREE TRUST CERTIFICATE AND TRANSFER OF INTERESTS Section 3.01. Ownership .................................................................... 11 Section 3.02. The Trust Certificate ........................................................ 11 Section 3.03. Authentication and Delivery of Trust Certificate ............................ 12 Section 3.04. Registration of Transfer and Exchange of Trust Certificate ................. 12 Section 3.05. Mutilated, Destroyed, Lost or Stolen Trust Certificates ..................... 13 Section 3.06. Persons Deemed Owners ........................................................ 13 Section 3.07. Access to List of Certificateholder's Name and Addresses .................... 13 Section 3.08. Maintenance of Office or Agency ............................................. 14
Liability of Trust Depositor. (a) Pursuant to Section 3803(a) of the Statutory Trust Statute, the Trust Depositor shall be liable directly to and will indemnify any injured party or any other creditor of the Trust for all losses, claims, damages, liabilities and expenses of the Trust to the extent that the Trust Depositor would be liable if the Trust were a partnership under the Delaware Revised Uniform Limited Partnership Act in which Trust Depositor were a general partner; provided, however, that neither Trust Depositor nor Owner shall under any circumstances be liable for any losses incurred by a Noteholder in the capacity of an investor in the Notes or for any losses in respect of the payment performance of the Receivables. In addition, any third party creditors of the Trust (other than in connection with the obligations described in the immediately preceding sentence for which the Trust Depositor and Owner shall not be liable) shall be deemed third party beneficiaries of the Trust Depositor's obligations under this paragraph. The obligations of the Trust Depositor under this paragraph shall be evidenced by the Residual Interest Certificate described in Section 3.12.
Liability of Trust Depositor. 6 Section 2.08. Title to Trust Property 6 Section 2.09. Situs of Trust 7 Section 2.10. Representations and Warranties of the Trust Depositor 7 Section 2.11. Tax Treatment 8 Section 2.12. Texas State Tax Matters 8 ARTICLE THREE TRUST CERTIFICATE AND TRANSFER OF INTERESTS 9 Section 3.01. Initial Ownership 9 Section 3.02. The Trust Certificate 9 Section 3.03. Authentication and Delivery of Trust Certificates 9
