Common use of LIMITATION OF LIABILITY OF Clause in Contracts

LIMITATION OF LIABILITY OF. (owner trustee). ------------------------------------------ It is expressly understood and agreed by the parties hereto that (a) this Agreement is executed and delivered by (owner trustee), not individually or personally but solely as owner trustee of (________________) Home Equity Loan Trust 199_ under the Trust Agreement, in the exercise of the powers and authority conferred and vested in it, (b) each of the representations, undertakings and agreements herein made on the part of the Issuer is made and intended not as personal representations, undertakings and agreements by (owner trustee) but is made and intended for the purpose for binding only the Issuer, (c) nothing herein contained shall be construed as creating any liability on (owner trustee), other than any liability arising out of its gross negligence, bad faith or willful misconduct, and (d) under no circumstances shall (owner trustee) be personally liable for the payment of any indebtedness or expenses of the Issuer or be liable for the breach or failure of any obligation, representation, warranty or covenant made or undertaken by the Issuer under this Agreement or the other Operative Documents.

LIMITATION OF LIABILITY OF. (owner trustee). ------------------------------------------ It is expressly understood and agreed by the parties hereto that (a) this Agreement is executed and delivered by (owner trustee), not individually or personally but solely as owner trustee of (________________Provident) Home Equity Loan Trust 199_ under the Trust Agreement, in the exercise of the powers and authority conferred and vested in it, (b) each of the representations, undertakings and agreements herein made on the part of the Issuer is made and intended not as personal representations, undertakings and agreements by (owner trustee) but is made and intended for the purpose for binding only the Issuer, (c) nothing herein contained shall be construed as creating any liability on (owner trustee), other than any liability arising out of its gross negligence, bad faith or willful misconduct, and (d) under no circumstances shall (owner trustee) be personally liable for the payment of any indebtedness or expenses of the Issuer or be liable for the breach or failure of any obligation, representation, warranty or covenant made or undertaken by the Issuer under this Agreement or the other Operative Documents.