Common use of Limitation on Liability of the Issuer Clause in Contracts

Limitation on Liability of the Issuer. Neither the Issuer nor any of the directors, officers, employees, agents or Control Persons of the Issuer, shall be under any liability to the Noteholders for any action taken or for refraining from the taking of any action in good faith pursuant to this Agreement, or for errors in judgment. The Issuer, and any director, officer, employee or agent of the Issuer may rely in good faith on any document of any kind which, prima facie, is properly executed and submitted by any Person respecting any matters arising hereunder. The Issuer shall be under no obligation to appear in, prosecute or defend any legal action unless such action is related to its duties under this Agreement and which in its opinion does not involve it in any expenses or liability; provided, however, that the Issuer may in its discretion undertake any such action which it may deem necessary or desirable with respect to this Agreement and the rights and duties of the parties hereto and the interests of the Noteholders and the Insurer hereunder.

Limitation on Liability of the Issuer. Neither the Issuer nor any of the directors, officers, employees, agents or Control Persons of the Issuer, shall be under any liability to the Noteholders for any action taken or for refraining from the taking of any action in good faith pursuant to this Agreement, or for errors in judgment. The Issuer, and any director, officer, employee or agent of the Issuer may rely in good faith on any document of any kind which, prima facie, is properly executed and submitted by any Person respecting any matters arising hereunder. The Issuer shall be under no obligation to appear in, prosecute or defend any legal action unless such action is related to its duties under this Agreement and which in its opinion does not involve it in any expenses or liability; provided, however, that the Issuer may in its discretion undertake any such action which it may deem necessary or desirable with respect to this Agreement and the rights and duties of the parties hereto and the interests of the Noteholders and the Insurer Insurers hereunder.