Liabilities of the Trust Sample Clauses
The 'Liabilities of the Trust' clause defines the obligations and debts for which the trust is responsible. It typically outlines that only the assets held within the trust can be used to satisfy its liabilities, and that beneficiaries or trustees are not personally liable for the trust's debts unless they have acted outside their authority or engaged in misconduct. This clause is essential for clarifying the separation between the trust's obligations and the personal assets of those involved, thereby protecting trustees and beneficiaries from personal financial risk related to the trust's activities.
Liabilities of the Trust. The Trust Estate shall be charged with the liabilities of the Trust and with all expenses, costs, charges and reserves attributable to the Trust. The Sponsor shall have full discretion, to the extent not inconsistent with applicable law, to determine which items shall be treated as income and which items as capital, and each such determination and allocation shall be conclusive and binding upon the Shareholders.
Liabilities of the Trust and Parties to this Indenture; Limitations Thereon.
(a) The obligations evidenced by the Notes provide recourse only to the Pledged Property and provide no recourse against Sier▇▇▇▇▇▇▇▇.▇▇▇, ▇▇e Depositor, the Servicer, the Indenture Trustee, the Owner Trustee or any other Person, except as set forth in paragraph (b) below and as may be set forth in the Transaction Documents.
(b) Neither Sier▇▇▇▇▇▇▇▇.▇▇▇, ▇▇e Trust, the Depositor, the Servicer nor any other Person shall be liable to the Indenture Trustee or the Noteholders except as provided in Article VI hereof and Sections 5.01, 5.03, and 5.07 of the Servicing Agreement and Section 4.01(g) of the Receivables Transfer Agreement. Without limiting the generality of the foregoing, if any Obligor fails to pay any Scheduled Payment, Final Scheduled Payment or other amounts due under a Contract, then neither the Indenture Trustee nor the Noteholders will have any recourse against Sier▇▇▇▇▇▇▇▇.▇▇▇ ▇▇ the Servicer for such Scheduled Payment, Final Scheduled Payment, other amounts due under the Contract or any losses, damages, claims, liabilities or expenses incurred by the Indenture Trustee or any Noteholder as a direct or indirect result thereof, except as may be provided for in Article VI hereof and Sections 5.01, 5.03 and 5.07 of the Servicing Agreement and Section 4.01(g) of the Receivables Transfer Agreement.
(c) The Indenture Trustee agrees that in the event of a default by an Obligor under the terms of a Contract, which default is not cured within any applicable cure period set forth in such Contract, the Indenture Trustee and the Noteholders shall be expressly limited to the sources of payment specified herein. In addition, the Indenture Trustee shall have the right to exercise the rights of Sier▇▇▇▇▇▇▇▇.▇▇▇ ▇▇▇er the Contracts, the Insurance Policies and any document in any Contract File in the name of the Indenture Trustee and the Noteholders, either directly or through the Servicer as agent, and the Indenture Trustee is hereby directed by the Trust to exercise such rights; provided, however, that the Indenture Trustee shall not be required to take any action pursuant to this Section 2.05
Liabilities of the Trust. The Trust is a series trust and all debts, liabilities, obligations and expenses of a particular Fund shall be enforceable only against the assets of that Fund and not against the assets of any other Fund or of the Trust as a whole. Neither the Trustees, officers, agents or shareholders of the Trust assume any personal liability for obligations entered into on behalf of the Trust (or a Fund thereof).
Liabilities of the Trust. The Certificateholders and their respective successors and assigns shall not be liable for any expenses, liabilities and obligations of the Trust, including, without limitation, any obligations in respect of the License Agreement, and the Certificateholders shall be entitled to the same limitation of personal liability extended to stockholders of corporations organized under the General Corporation Law of the State of Delaware.
Liabilities of the Trust and Parties to this Indenture; Limitations Thereon 6 SECTION 2.07..........................................................Intended Tax Characterization 7 SECTION 2.08...............................................Originators or Affiliates as Noteholders 8 ARTICLE III ACCOUNTS; ALLOCATION AND APPLICATION OF THE TRUST PROPERTY......................... 8
Liabilities of the Trust and Parties to this Indenture; Limitations Thereon----------------------------------------------5
Liabilities of the Trust. The Trust is a business trust organized under the Delaware Business Trust Act pursuant to a certificate of trust dated July 29, 1992. The Trust is a series trust and all debts, liabilities, obligations and expenses of a particular Portfolio shall be enforceable only against the assets of that Portfolio and not against the assets of any other Portfolio or of the Trust as a whole. Neither the Trustees, officers, agents or shareholders of the Trust assume any personal liability for obligations entered into on behalf of the Trust (or a Portfolio thereof).