Common use of LIMITATION OF LIABILITY OF Clause in Contracts

LIMITATION OF LIABILITY OF. [_______________], Eligible Lender Trustee and Indenture Trustee. (a) Notwithstanding anything contained herein to the contrary (other than as provided in subsection (d)), this Agreement has been signed by [_______________] not in its individual capacity but solely in its capacity as trustee for the Seller and in no event shall [_______________] in its individual capacity or, except as expressly provided herein or in the Instrument of Resignation, Appointment and Acceptance dated [_____________] in connection with the trust agreement between Seller and [_____________], dated [_______________], as legal owner of the Financed Student Loans, have any liability for representations, warranties, covenants, agreements or other obligations of the Seller hereunder or in any of the certificates, notices or agreements delivered by the Seller pursuant hereto as to all of which recourse shall be had solely against the Seller. (b) Notwithstanding anything contained herein to the contrary (other than as provided in subsection (d)), this Agreement has been signed by [_______________], not in its individual capacity but solely in its capacity as Eligible Lender Trustee of the Issuer and in no event shall [_______________], in its individual capacity or, except as expressly provided in the Trust Agreement, as beneficial owner of the Issuer have any liability for the representations, warranties, covenants, agreements or other obligations of the Issuer hereunder or in any of the certificates, notices or agreements delivered pursuant hereto as to all of which recourse shall be had solely to the assets of the Issuer. (c) Notwithstanding anything contained herein to the contrary (other than as provided in subsection (d)), this Agreement has been accepted by [_______________] not in its individual capacity but solely as Indenture Trustee and in no event shall [_______________] have any liability for the representations, warranties, covenants, agreements or other obligations of the Issuer hereunder or in any of the certificates, notices or agreements delivered pursuant hereto, as to all of which recourse shall be had solely to the assets of the Issuer. (d) Notwithstanding any other provision in this Agreement or the other Basic Documents, nothing in this Agreement or the other Basic Documents shall be construed to limit the legal responsibility of the Eligible Lender Trustee or the Indenture Trustee, to the U.S. Secretary of Education or a Guarantor for any violations of statutory or regulatory requirements that may occur with respect to loans held by the Eligible Lender Trustee or the Indenture Trustee pursuant to, or to otherwise comply with their obligations under, the Higher Education Act or implementing regulations. Agreement Of Seller And [_______________]. Each of the Seller and [_______________] agrees to execute and deliver such instruments and to take such actions as the Eligible Lender Trustee, the Issuer or the Indenture Trustee may reasonably request in order to effectuate the terms and carry out the purposes of the Agreement. Each of the Seller and [_______________] agrees to execute and deliver such instruments and to take such actions as the Eligible Lender Trustee, the Issuer or the Indenture Trustee may reasonably request in order to effectuate the terms and carry out the purposes of the Agreement.