Common use of No Recourse Clause in Contracts

No Recourse. The Certificateholder by accepting a Certificate acknowledges that the Certificate represents a beneficial interest in the Trust only and does not represent interests in or obligations of the Seller, the Servicer, the Owner Trustee, the Trustee, or any Affiliate thereof and no recourse may be had against such parties or their assets, except as may be expressly set forth or contemplated in this Agreement, the Certificate or the Basic Documents.

No Recourse. The Each Certificateholder by accepting a Certificate acknowledges that the Certificate represents a such Certificateholder's Certificates represent beneficial interest interests in the Trust only and does do not represent interests in or obligations of the SellerDepositor, the ServicerSeller, the Owner Trustee, the Indenture Trustee, the Certificate Registrar, the Certificate Paying Agent or any Affiliate thereof and no recourse may be had against such parties or their assets, except as may be expressly set forth or contemplated in this Trust Agreement, the Certificate Certificates or the Basic Documents.

No Recourse. The Certificateholder Each Certificateholder, by accepting a Certificate Certificate, acknowledges that the Certificate represents a Certificates represent beneficial interest interests in the Trust only and does do not represent interests in or obligations of the SellerDepositor, the Servicer, the Administrator, the Owner Trustee, the Trustee, Indenture Trustee or any Affiliate thereof thereof, and no recourse may be had against such parties or their assets, except as may be expressly set forth or contemplated in this Trust Agreement, the Certificate Certificates or the Basic other Transaction Documents.

No Recourse. The Certificateholder Certificateholder, by accepting a Certificate the Certificate, acknowledges that the such Certificate represents a beneficial interest interests in the Trust only and does not represent interests an interest in or obligations an obligation of the Seller, the ServicerSponsor, the Owner Trustee, the Trustee, Indenture Trustee or any Affiliate thereof and no recourse may be had against such parties or their assets, except as may be expressly set forth or contemplated in this Agreement, the Certificate other Basic Documents or the Basic DocumentsCertificate.

No Recourse. The Certificateholder Each Certificateholder, by accepting a Certificate Certificate, acknowledges that the Certificate represents a Certificates represent beneficial interest interests in the Trust only and does do not represent interests in or obligations of the SellerDepositor, the Servicer, the Administrator, the Owner Trustee, the Trustee, Indenture Trustee or any Affiliate thereof thereof, and no recourse may be had against such parties or their assets, except as may be expressly set forth or contemplated in this Agreement, the Certificate Certificates or the Basic other Transaction Documents.

No Recourse. The Certificateholder Certificateholder, by accepting a Certificate Certificate, acknowledges that the such Certificateholder’s Certificate represents a beneficial interest interests in the Trust only and does not represent interests in or obligations of the Seller, the Servicer, the Administrator, the Owner Trustee, the Trustee, Indenture Trustee or any Affiliate thereof and no recourse may be had against such parties or their assets, except as may be expressly set forth or contemplated in this Agreement, the Certificate or the Basic Documents.

No Recourse. The Each Certificateholder by accepting a Certificate (and each Certificate Owner by accepting a beneficial interest in a Certificate) acknowledges that the such Certificate represents a beneficial interest in the Trust only and does not represent interests in or obligations of the Seller, the Servicer, the Owner Trustee, the TrusteeCertificate Paying Agent, the Certificate Registrar, the Indenture Trustee or any Affiliate thereof and no recourse may be had against such parties or their assets, except as may be expressly set forth or contemplated in this Agreement, the Certificate Certificates or the Basic Documents.

No Recourse. The Certificateholder Each Certificateholder, by accepting a Certificate Certificate, acknowledges that the such Certificateholder's Certificate represents a beneficial interest in the Trust only and does not represent interests an interest in or obligations obligation of the SellerDepositor, the ServicerSellers, the Owner Trustee, the Trustee, Indenture Trustee or any Affiliate thereof thereof, and that no recourse may be had against such parties Persons or their assets, except as may be expressly set forth or contemplated in the Certificates, this Agreement, the Certificate Trust Agreement or the other Basic Documents.

No Recourse. The Certificateholder Each Certificateholder, by accepting a Certificate Certificate, acknowledges that the Certificate represents a Certificates represent beneficial interest interests in the Trust Issuer only and does do not represent interests in or obligations of the Depositor, the Seller, the Servicer, the Owner TrusteeAdministrator, the Trustee, either Trustee or any Affiliate thereof of their respective Affiliates and no recourse may be had against such parties or their assets, except as may be expressly set forth or contemplated in this Agreement, the Certificate Certificates or the any Basic DocumentsDocument.

No Recourse. The Each Certificateholder by accepting a Certificate acknowledges that the Certificate represents a such Certificateholder's Certificates represent beneficial interest interests in the Trust only and does do not represent interests in or obligations of the SellerDepositor, the ServicerSeller, the Owner Trustee, the Trustee, Indenture Trustee or any Affiliate thereof and no recourse may be had against such parties or their assets, except as may be expressly set forth or contemplated in this Trust Agreement, the Certificate Certificates or the Basic Documents.

No Recourse. The Certificateholder Each Certificateholder, by accepting a Certificate Certificate, acknowledges that the Certificate represents a such Certificateholder's Certificates represent beneficial interest interests in the Trust only and does do not represent interests in or obligations of the SellerDepositor, the Servicer, the Administrator, the Owner Trustee, the Trustee, Indenture Trustee or any Affiliate thereof thereof, and no recourse may be had against such parties or their assets, except as may be expressly set forth or contemplated in this Agreement, the Certificate Certificates or the other Basic Documents.

No Recourse. The Each Certificateholder by accepting a Certificate acknowledges that the Certificate represents a such Certificateholder's Certificates represent beneficial interest interests in the Trust only and does do not represent interests in or obligations of the SellerDepositor, the Servicer, the Company, the Administrator, the Owner Trustee, the Trustee, Indenture Trustee or any Affiliate thereof and no recourse may be had against such parties or their assets, except as may be expressly set forth or contemplated in this Agreement, the Certificate Certificates or the Basic Documents.

No Recourse. The Each Certificateholder by accepting a Certificate acknowledges that the Certificate represents a such Certificateholder's Certificates represent beneficial interest interests in the Trust only and does do not represent interests in or obligations of the Depositor, the Holder of the Designated Certificate, the Seller, the ServicerAdministrator, the Owner Trustee, the Trustee, Indenture Trustee or any Affiliate thereof and no recourse may be had against such parties or their assets, except as may be expressly set forth or contemplated in this Trust Agreement, the Certificate Certificates or the Basic Documents.

No Recourse. The Certificateholder by accepting a Certificate acknowledges that the Certificate represents a beneficial interest in the Trust only and does do not represent interests in or obligations of the Seller, the Servicer, the Owner Trustee, the Trustee, the Security Insurer or any Affiliate thereof and no recourse may be had against such parties or their assets, except as may be expressly set forth or contemplated in this Agreement, the Certificate or the Basic Documents.

No Recourse. The Certificateholder by accepting a the Certificate acknowledges that the Certificate represents a beneficial interest in the Trust only and does not represent interests an interest in or obligations obligation of the SellerDepositor, the ServicerAdministrator, the Owner TrusteeTrustee (in its individual capacity), the Trustee, Indenture Trustee or any Affiliate thereof thereof, and no recourse may be had against such parties or their assets, except as may be expressly set forth or contemplated in this Agreement, against the Certificate or assets pledged under the Basic DocumentsIndenture.

No Recourse. The Each Certificateholder by accepting a Certificate acknowledges that the Certificate represents a such Certificateholder’s Certificates represent beneficial interest interests in the Trust only and does do not represent interests in or obligations of the SellerDepositor, the ServicerSeller, the Owner Trustee, the Indenture Trustee, the Certificate Registrar, the Certificate Paying Agent or any Affiliate thereof and no recourse may be had against such parties or their assets, except as may be expressly set forth or contemplated in this Trust Agreement, the Certificate Certificates or the Basic Documents.

No Recourse. The Certificateholder Each Certificateholder, by accepting a Certificate Certificate, acknowledges that the Certificate represents a such Certificateholder’s Certificates represent beneficial interest interests in the Trust only and does do not represent interests in or obligations of the Seller, the Servicer, the Backup Servicer, the Owner Trustee, the Trustee, Indenture Trustee or the Trust Collateral Agent or any Affiliate thereof and no recourse may be had against such parties or their assets, except as may be expressly set forth or contemplated in the Certificates, this Agreement, the Certificate or the other Basic Documents.

No Recourse. The Certificateholder Each Certificateholder, by accepting a Certificate Certificate, acknowledges that the Certificate represents a such Certificateholder's Certificates represent beneficial interest interests in the Trust only and does do not represent interests in or obligations of the SellerDepositor, the Servicer, the Administrator, the Owner Trustee, the Trustee, Indenture Trustee or any Affiliate thereof thereof, and no recourse may be had against such parties or their assets, except as may be expressly set forth or contemplated in this Agreement, the Certificate Certificates, or the other Basic Documents.

No Recourse. The Each Certificateholder by accepting a Trust Certificate acknowledges that the such Certificateholder’s Trust Certificate represents a beneficial interest interests in the Trust only and does not represent interests in or obligations of the Trust Depositor, the Servicer, the Seller, the ServicerAdministrator, the Owner Trustee, the Trustee, Indenture Trustee or any Affiliate thereof of the respective Affiliates (other than the Trust) and no recourse may be had against such parties or their assets, except as may be expressly set forth or contemplated in this Agreement, the Certificate Trust Certificates or the Basic other Transaction Documents.

No Recourse. The Each Certificateholder by accepting a Certificate acknowledges that the Certificate represents a the beneficial interest in the Trust only and does not represent interests in or obligations of the SellerDepositor, the Servicer, the Administrator, the Owner Trustee, the Indenture Trustee, or any Affiliate thereof of any of them and no recourse may be had against such those parties or their assets, except as may be expressly set forth stated or contemplated in this Agreement, the Certificate other Transaction Documents, or the Basic DocumentsCertificates.

No Recourse. The Certificateholder by accepting a Trust Certificate acknowledges that the such Certificateholder’s Trust Certificate represents a beneficial interest interests in the Trust only and does not represent interests in or obligations of the Trust Depositor, the Servicer, the Seller, the ServicerAdministrator, the Owner Trustee, the Trustee, Indenture Trustee or any Affiliate thereof of the respective Affiliates (other than the Trust) and no recourse may be had against such parties or their assets, except as may be expressly set forth or contemplated in this Agreement, the Trust Certificate or the Basic other Transaction Documents.

No Recourse. The Certificateholder by accepting a the Trust Certificate acknowledges that the such Certificateholder’s Trust Certificate represents a beneficial interest interests in the Trust only and does not represent interests in or obligations of the Trust Depositor, the Servicer, the Seller, the ServicerAdministrator, the Owner Trustee, the Trustee, Indenture Trustee or any Affiliate thereof of the respective Affiliates (other than the Trust) and no recourse may be had against such parties or their assets, except as may be expressly set forth or contemplated in this Agreement, the Trust Certificate or the Basic other Transaction Documents.

No Recourse. The Each Certificateholder by accepting a Certificate acknowledges that the such Certificateholder’s Certificate represents a beneficial interest in the Trust only and does not represent interests an interest in or obligations an obligation of the SellerDepositor, the ServicerTrust Administrator, the Owner Trustee, any co-trustee, the Trustee, Bank or any Affiliate thereof (other than the Trust) and no recourse may be had against such parties or their assets, except as may be expressly set forth or contemplated in this Agreement, the Certificate Certificates or the Basic Documentsother Operative Agreements.

No Recourse. The Certificateholder Each Certificateholder, by accepting a Certificate Certificate, acknowledges that the Certificate represents a such Certificateholder's Certificates represent beneficial interest interests in the Trust only and does do not represent interests in or obligations of the SellerDepositor, the General Partner, the Servicer, the Administrator, the Owner Trustee, the Trustee, Indenture Trustee or any Affiliate thereof thereof, and no recourse may be had against such parties or their assets, except as may be expressly set forth or contemplated in this Agreement, the Certificate Certificates or the other Basic Documents.

No Recourse. The Each Certificateholder by accepting a Certificate acknowledges that the such Certificateholder’s Certificate represents a beneficial interest in the Trust Issuing Entity only and does not represent interests an interest in or obligations an obligation of the Seller, the Servicer, the Owner TrusteeSponsor, the Trustee, Owner Trustee or any Affiliate thereof and no recourse may be had against such parties or their assets, except as may be expressly set forth or contemplated in this Agreement, the Certificate Certificates or the other Basic Documents.

No Recourse. The Each Certificateholder and Certificate Owner, by accepting a Certificate or a beneficial interest therein, acknowledges that the Certificate represents a Certificates represent beneficial interest interests in the Trust Issuer only and does do not represent interests in or obligations of the Depositor, the Seller, the Servicer, the Owner TrusteeAdministrator, the Trustee, either Trustee or any Affiliate thereof of their respective Affiliates and no recourse may be had against any such parties entities or their assets, except as may be expressly set forth or contemplated in this Agreement, the Certificate Certificates or the any Basic DocumentsDocument.

No Recourse. The Certificateholder by accepting a Certificate acknowledges that the such Certificateholder’s Certificate represents a beneficial interest interests in the Trust only and does do not represent interests in or obligations of the Seller, the Servicer, the Administrator, the Owner Trustee, the Trustee, Indenture Trustee or any Affiliate thereof and no recourse may be had against such parties or their assets, except as may be expressly set forth or contemplated in this Agreement, the Certificate or the Basic Documents.

No Recourse. The Each Certificateholder by accepting an interest in a Certificate acknowledges that the such Certificate represents a beneficial interest in the Trust Issuer only and does not represent interests an interest in or obligations obligation of the SellerDepositor, Cellco (in any capacity), the ServicerAdministrator, the Parent Support Provider, the Owner Trustee, the Trustee, Indenture Trustee or any Affiliate thereof and no recourse may be had against such parties or their assets, except as may be expressly set forth or contemplated in this Agreement, the Certificate Certificates or the Basic Transaction Documents.

No Recourse. The Certificateholder Each Certificateholder, by accepting a Certificate acknowledges that the Certificate represents a such Certificateholder’s Certificates represent beneficial interest interests in the Trust only and does do not represent interests in or obligations of the Seller, the Servicer, the Backup Servicer, the Owner Trustee, the Trustee, Indenture Trustee or the Trust Collateral Agent or any Affiliate thereof and no recourse may be had against such parties or their assets, except as may be expressly set forth or contemplated in this Agreement, the Certificate Certificates or the Basic Documents.

No Recourse. The Certificateholder by accepting a ----------- Certificate acknowledges that the Certificate represents a beneficial interest in the Trust only and does do not represent interests in or obligations of the Seller, the Servicer, the Owner Trustee, the Trustee, the Security Insurer or any Affiliate thereof and no recourse may be had against such parties or their assets, except as may be expressly set forth or contemplated in this Agreement, the Certificate or the Basic Documents.

No Recourse. The Each Certificateholder by accepting a Certificate acknowledges that the Certificate represents a such Certificateholder's Certificates represent beneficial interest interests in the Trust only and does do not represent interests in or obligations of the SellerDepositor, the Servicer, the Owner Trustee, the Trustee, Indenture Trustee or any Affiliate affiliate thereof and no recourse may be had against such parties or their assets, except as may be expressly set forth or contemplated in this Agreement, the Certificate Certificates or the Basic Operative Documents.

No Recourse. The Each Certificateholder by accepting a Certificate acknowledges that the such Certificate represents a beneficial interest in the Trust only and does not represent interests in or obligations of the Seller, the Servicer, the Owner Trustee, the Indenture Trustee, EFIT or any Affiliate thereof and no recourse may be had against such parties or their assets, except as may be expressly set forth or contemplated in this Agreement, the Certificate Certificates or the Basic Documents.

No Recourse. The Each Certificateholder by accepting a Certificate acknowledges that the such Certificate represents a beneficial interest in the Trust only and does not represent interests an interest in or obligations an obligation of the SellerDepositor, the Administrator, the Certificate Paying Agent, the Master Servicer, the Owner Trustee, any co-trustee, the Trustee, Bank or any Affiliate thereof (other than the Trust) and no recourse may be had against such parties or their assets, except as may be expressly set forth or contemplated in this Agreement, the Certificate Certificates or the Basic Documentsother Operative Agreements.

No Recourse. The Each Certificateholder by accepting a Certificate acknowledges that the Certificate represents a such Certificateholder's Certificates represent beneficial interest interests in the Trust only and does do not represent interests in or obligations of the SellerMaster Servicer, the ServicerSponsor, the Owner Trustee, the Indenture Trustee, the Insurer or any Affiliate thereof and no recourse may be had against such parties or their assets, except as may be expressly set forth or contemplated in this Agreement, the Certificate Certificates or the Basic Operative Documents.

No Recourse. The Certificateholder by accepting a the Certificate acknowledges that the Certificate represents a beneficial interest in the Trust only and does not represent interests an interest in or obligations obligation of the Seller, the Servicer, the Administrator, the Owner Trustee, the Trustee, Indenture Trustee or any Affiliate thereof thereof, and no recourse may be had against such parties or their assets, except as may be expressly set forth or contemplated in this Agreement, the Certificate or the other Basic Documents.

No Recourse. The Each Certificateholder by accepting a Certificate acknowledges that the a Certificate represents a beneficial interest in the Trust only and does not represent interests in or obligations of the SellerDepositor, the Servicer, the Owner Trustee, the Indenture Trustee, the Security Insurer or any Affiliate thereof and no recourse may be had against such parties or their assets, except as may be expressly set forth or contemplated in this Agreement, the Certificate Certificates or the Basic Documents.

No Recourse. The Certificateholder Each Certificateholder, by accepting its acceptance of a Certificate Certificate, acknowledges that the such Certificate represents a beneficial interest in the Trust only only, and does not represent interests an interest in or obligations obligation of the Seller, the ServicerDepositor, the Owner Trustee, the Trustee, Indenture Trustee or any Affiliate thereof thereof, and no recourse may be had against such parties Persons or their assets, assets except as may be expressly set forth or contemplated in the Certificate, this Agreement, the Certificate Agreement or the other Basic Documents.

No Recourse. The Certificateholder Each Certi▇▇▇▇▇▇▇▇lder by accepting a Certificate acknowledges that the Certificate represents a such Certificateholder's Certificates represent beneficial interest interests in the Trust only and does do not represent interests in or obligations of the SellerDepositor, the ServicerSeller, the Owner Trustee, the Trustee, Indenture Trustee or any Affiliate thereof and no recourse may be had against such parties or their assets, except as may be expressly set forth or contemplated in this Trust Agreement, the Certificate Certificates or the Basic Documents.

No Recourse. The Certificateholder by accepting a the Certificate acknowledges that the Certificate represents a beneficial interest interests in the Trust only and does not represent interests in or obligations of the SellerDepositor, the ServicerSeller, the Owner Trustee, the Trustee, Indenture Trustee or any Affiliate thereof and no recourse may be had against such parties or their assets, except as may be expressly set forth or contemplated in this Owner Trust Agreement, the Certificate or the Basic Documents.

No Recourse. The Certificateholder Each Certificateholder, by accepting a Certificate Certificate, acknowledges that such Certificateholder's Certificates, as the Certificate represents a case may be, represent beneficial interest interests in the Trust only and does do not represent interests in or obligations of the SellerDepositor, the Servicer, the Administrator, the Owner Trustee, the Trustee, Indenture Trustee or any Affiliate thereof thereof, and no recourse may be had against such parties or their assets, except as may be expressly set forth or contemplated in this Agreement, the Certificate Certificates, or the other Basic Documents.

No Recourse. The Certificateholder Each Certificateholder, by accepting a Certificate Certificate, acknowledges that the such Certificateholder's Certificate represents a beneficial interest in the Trust only and does not represent interests an interest in or obligations obligation of the SellerDepositor, the ServicerSeller, the Owner Trustee, the Trustee, Indenture Trustee or any Affiliate thereof thereof, and that no recourse may be had against such parties Persons or their assets, except as may be expressly set forth or contemplated in the Certificates, this Agreement, the Certificate Trust Agreement or the other Basic Documents.

No Recourse. The Each Certificateholder by accepting a Certificate acknowledges that the such Certificateholder's Certificate represents a beneficial interest in the Trust only and does not represent interests an interest in or obligations an obligation of the SellerDepositor, the ServicerTrust Administrator, the Owner Trustee, any co-trustee, the Trustee, Bank or any Affiliate thereof (other than the Trust) and no recourse may be had against such parties or their assets, except as may be expressly set forth or contemplated in this Agreement, the Certificate Certificates or the Basic Documentsother Operative Agreements.

No Recourse. The Certificateholder Certificateholder, by accepting a Certificate its Certificates, acknowledges that the Certificate represents such Certificateholder’s Certificates represent a beneficial interest in the Trust only and does do not represent interests an interest in or obligations an obligation of the SellerDepositor, the ServicerSecurities Administrator, the Owner Trustee, any co-trustee, the Trustee, Bank or any Affiliate thereof (other than the Trust) and no recourse may be had against such parties or their assets, except as may be expressly set forth or contemplated in this Agreement, the Certificate Certificates or the Basic Documentsother Operative Agreements.

No Recourse. The Certificateholder by accepting a the Trust Certificate acknowledges that the such Certificateholder's Trust Certificate represents a beneficial interest interests in the Trust only and does not represent interests in or obligations of the Trust Depositor, the Servicer, the Seller, the ServicerAdministrator, the Owner Trustee, the Trustee, Indenture Trustee or any Affiliate thereof of the respective Affiliates and no recourse may be had against such parties or their assets, except as may be expressly set forth or contemplated in this Agreement, the Trust Certificate or the Basic other Transaction Documents.

No Recourse. The Each Certificateholder by accepting a Certificate acknowledges that the Certificate represents a such Certificateholder’s Certificates represent beneficial interest interests in the Trust only and does do not represent interests in or obligations of the Depositor, the Holder of the Designated Certificate, the Seller, the ServicerAdministrator, the Owner Trustee, the Trustee, Indenture Trustee or any Affiliate thereof and no recourse may be had against such parties or their assets, except as may be expressly set forth or contemplated in this Trust Agreement, the Certificate Certificates or the Basic Documents.

No Recourse. The Each Certificateholder by accepting a Certificate acknowledges that the Certificate represents a such Certificateholder's Certificates represent beneficial interest interests in the Trust only and does do not represent interests in or obligations of the SellerDepositor, the ServicerOriginator, the Seller, the Owner Trustee, the Indenture Trustee, the Certificate Registrar, the Certificate Paying Agent or any Affiliate thereof and no recourse may be had against such parties or their assets, except as may be expressly set forth or contemplated in this Trust Agreement, the Certificate Certificates or the Basic Documents.

No Recourse. The Each Certificateholder by accepting a Certificate acknowledges that the Certificate represents a such Certificateholder's Certificates represent beneficial interest interests in the Trust only and does do not represent interests in or obligations of the SellerCompany, the ServicerSeller, the Owner Trustee, the Trustee, Indenture Trustee or any Affiliate thereof and no recourse may be had against such parties or their assets, except as may be expressly set forth or contemplated in this Trust Agreement, the Certificate Certificates or the Basic Documents.

No Recourse. The Each Certificateholder by accepting an interest in a Certificate acknowledges that the such Certificate represents a beneficial interest in the Trust Issuer only and does not represent interests an interest in or obligations obligation of the SellerDepositor, Cellco (in any capacity), the ServicerAdministrator, the Parent Support Provider, the Owner Trustee, the Trustee, Indenture Trustee or any Affiliate thereof and no recourse may be had against such parties or their assets, except as may be expressly set forth or contemplated in this Agreement, the Certificate Certificates or the Basic Transaction Documents.

No Recourse. The Certificateholder by accepting a Certificate acknowledges that the Certificate represents a beneficial interest in the Trust only and does not represent interests in or obligations of the Seller, the Servicer, the Owner Trustee, the Trustee, Trustee or any Affiliate thereof and no recourse may be had against such parties or their assets, except as may be expressly set forth or contemplated in this Agreement, the Certificate or the Basic Documents.

No Recourse. The Certificateholder Certificateholders by accepting a Certificate acknowledges that the such Certificate represents a beneficial interest in the Trust only and does not represent interests an interest in or obligations an obligation of the SellerDepositor, the ServicerAdministrator, the Insurer, the Owner Trustee, any co-trustee, the Trustee, Bank or any Affiliate thereof (other than the Trust) and no recourse may be had against such parties or their assets, except as may be expressly set forth or contemplated in this Agreement, the Certificate Certificates or the Basic other Transaction Documents.

No Recourse. The Certificateholder Each Certificateholder, by accepting a Certificate Certificate, acknowledges that the such Certificateholder’s Certificate represents a beneficial interest in the Trust only and does not represent interests an interest in or obligations obligation of the SellerDepositor, the ServicerSellers, the Owner Trustee, the Trustee, Indenture Trustee or any Affiliate thereof thereof, and that no recourse may be had against such parties Persons or their assets, except as may be expressly set forth or contemplated in the Certificates, this Agreement, the Certificate Trust Agreement or the other Basic Documents.

No Recourse. The Certificateholder by accepting a Certificate acknowledges that the Certificate represents a beneficial interest in the Trust only and does not represent interests in or obligations of the Seller, the Servicer, the Owner Trustee, the Trustee, the Insurer or any Affiliate thereof and no recourse may be had against such parties or their assets, except as may be expressly set forth or contemplated in this Agreement, the Certificate or the Basic Documents.

No Recourse. The Each Certificateholder by accepting a Certificate acknowledges that the Certificate represents a beneficial interest in the Trust only and does not represent interests an interest in or obligations obligation of the SellerDepositor, the Servicer, the Administrator, the Owner Trustee, the Trustee, Indenture Trustee or any Affiliate thereof thereof, and no recourse may be had against such parties or their assets, except as may be expressly set forth or contemplated in this Agreement, the Certificate Certificates or the other Basic Documents.

No Recourse. The Each Certificateholder by accepting a Certificate acknowledges that the such Certificateholder's Certificate represents a beneficial interest in the Trust only and does not represent interests an interest in or obligations an obligation of the Seller, the Master Servicer, the Owner TrusteeBackup Servicer, the TrusteeSponsor, the Owner Trustee or any Affiliate thereof and no recourse may be had against such parties or their assets, except as may be expressly set forth or contemplated in this Agreement, the Certificate Certificates or the other Basic Documents.

No Recourse. The Each Certificateholder by accepting a Certificate acknowledges that the such Certificateholder’s Certificate represents a beneficial interest in the Trust only and does not represent interests an interest in or obligations an obligation of the Seller, the Master Servicer, the Owner TrusteeBackup Servicer, the TrusteeSponsor, the Owner Trustee or any Affiliate thereof and no recourse may be had against such parties or their assets, except as may be expressly set forth or contemplated in this Agreement, the Certificate Certificates or the other Basic Documents.

No Recourse. The Certificateholder by accepting a the Owner Trust Certificate acknowledges that the Owner Trust Certificate represents a beneficial interest interests in the Trust only and does do not represent interests in or obligations of the SellerDepositor, the ServicerSeller, the Owner Trustee, the Trustee, Indenture Trustee or any Affiliate thereof and no recourse may be had against such parties or their assets, except as may be expressly set forth or contemplated in this Owner Trust Agreement, the Certificate or the Basic Documents.

No Recourse. The Each Certificateholder by accepting a Certificate acknowledges that the such Certificateholder’s Certificate represents a beneficial interest in the Trust only and does not represent interests an interest in or obligations an obligation of the Seller, the Servicer, the Owner TrusteeSponsor, the Trustee, Owner Trustee or any Affiliate thereof and no recourse may be had against such parties or their assets, except as may be expressly set forth or contemplated in this Agreement, the Certificate Certificates or the other Basic Documents.

No Recourse. The Each Certificateholder by accepting a Certificate acknowledges that the such Certificate represents a beneficial interest in the Trust Issuer only and does not represent interests an interest in or obligations an obligation of the SellerDepositor, the Servicer, the Owner Trustee, the Trustee, Indenture Trustee or any Affiliate thereof and no recourse may be had against such parties or their assets, except as may be expressly set forth or contemplated in this Agreement, the Certificate Certificates or the Basic Documents.

No Recourse. The Certificateholder by accepting a Certificate acknowledges that the Certificate represents a beneficial interest in the Trust only and does not represent interests in or obligations of the Seller, the Servicer, the Owner Trustee, the Trustee, the Security Insurer or any Affiliate thereof and no recourse may be had against such parties or their assets, except as may be expressly set forth or contemplated in this Agreement, the Certificate or the Basic Documents.

No Recourse. The Certificateholder Each Certificateholder, by accepting a Certificate Certificate, acknowledges that the such Certificateholder's Certificate represents a beneficial interest in the Trust only and does not represent interests an interest in or obligations obligation of the SellerDepositor, the ServicerSeller, the Owner Trustee, the Indenture Trustee, the Paying Agent or any Affiliate thereof thereof, and that no recourse may be had against such parties Persons or their assets, except as may be expressly set forth or contemplated in the Certificates, this Agreement, the Certificate Trust Agreement or the other Basic Documents.

No Recourse. The Certificateholder Each Certificateholder, by accepting a Certificate Certificate, acknowledges that the Certificate represents a such Certificateholder’s Certificates represent beneficial interest interests in the Trust only and does do not represent interests in or obligations of the SellerDepositor, the Servicer, the Administrator, the Owner Trustee, the Trustee, Indenture Trustee or any Affiliate thereof thereof, and no recourse may be had against such parties or their assets, except as may be expressly set forth or contemplated in this Agreement, the Certificate Certificates or the other Basic Documents.

No Recourse. The Each Certificateholder by accepting a Certificate acknowledges that the such Certificateholder's Certificate represents a beneficial interest in the Trust only and does not represent interests an interest in or obligations an obligation of the Seller, the Servicer, the Owner TrusteeDepositor, the Trustee, Owner Trustee or any Affiliate thereof and no recourse may be had against such parties or their assets, except as may be expressly set forth or contemplated in this Agreement, the Certificate Certificates or the Basic Documents.

No Recourse. The Certificateholder Certificateholder, by accepting a Certificate acknowledges that the such Certificateholder's Certificate represents a represent beneficial interest interests in the Trust only and does do not represent interests in or obligations of the SellerDepositor, the ServicerSponsor, the Owner Trustee, the Indenture Trustee, the Certificate Registrar, the Certificate Paying Agent or any Affiliate thereof and no recourse may be had against such parties or their assets, except as may be expressly set forth or contemplated in this Trust Agreement, the Certificate or the Basic Documents.

No Recourse. The Certificateholder by accepting a Certificate acknowledges that the such Certificateholder's Certificate represents a such Certificateholder's beneficial interest in the Trust only and does not represent interests in or obligations of the SellerDepositor, the Administrator, the Master Servicer, the Delaware Trustee, the Co-Owner Trustee, the Co-Owner Eligible Lender Trustee, the Indenture Trustee or any Affiliate thereof affiliate of any of the foregoing and no recourse may be had against such parties or their assets, except as may be expressly set forth or contemplated in this Agreement, the in each Certificate or in the Basic Related Documents.

No Recourse. The Certificateholder by accepting a Certificate acknowledges that the Certificate represents a beneficial interest in the Trust only and does not represent interests in or obligations of the Seller, the Servicer, the Owner Trustee, the Trustee, the Insurer, the Swap Provider or any Affiliate thereof and no recourse may be had against such parties or their assets, except as may be expressly set forth or contemplated in this Agreement, the Certificate or the Basic Documents.

No Recourse. The Each Certificateholder by accepting a Certificate acknowledges that the such Certificateholder’s Certificate represents a beneficial interest interests in the Trust only and does do not represent interests in or obligations of the SellerDepositor, the Master Servicer, the Administrator, the Owner Trustee, the Trustee, Indenture Trustee or any Affiliate thereof and no recourse may be had against such parties or their assets, except as may be expressly set forth or contemplated in this Agreement, the Certificate Certificates or the Basic Operative Documents.

No Recourse. The Each Certificateholder by accepting a Certificate acknowledges that the Certificate represents a such Certificateholder's Certificates represent beneficial interest interests in the Trust only and does do not represent interests in or obligations of the Seller, the Servicer, the Owner Trustee, the Trustee, Indenture Trustee or any Affiliate affiliate thereof and no recourse may be had against such parties or their assets, except as may be expressly set forth or contemplated in this Agreement, the Certificate Certificates or the Basic Operative Documents.

No Recourse. The Each Certificateholder by accepting a Certificate acknowledges that the such Certificateholder's Certificate represents a beneficial interest in the Trust only and does not represent interests an interest in or obligations an obligation of the Seller, the Servicer, the Owner TrusteeDepositor, the Owner Trustee, or any Affiliate thereof and no recourse may be had against such parties or their assets, except as may be expressly set forth or contemplated in this Agreement, the Certificate Certificates, or the Basic Documents.

No Recourse. The Certificateholder by accepting a Certificate acknowledges that the such Certificateholder's Certificate represents a such Certificateholder's beneficial interest in the Trust only and does not represent interests in or obligations of the SellerDepositor, the Administrator, the Master Servicer, the Owner Trustee, the Co-Owner Trustee, the Trust Eligible Lender Trustee, the Indenture Trustee or any Affiliate thereof affiliate of any of the foregoing and no recourse may be had against such parties or their assets, except as may be expressly set forth or contemplated in this Agreement, the in each Certificate or in the Basic Documents.

No Recourse. The Certificateholder Each Certificateholder, by accepting a Certificate Certificate, acknowledges that the Certificate represents a such Certificateholder's Certificates represent beneficial interest interests in the Trust only and does do not represent interests in or obligations of the SellerDepositor, the Servicer, the Owner Trustee, the Trustee, the Noteholders, the Insurer or any Affiliate thereof and no recourse may be had against such parties or their assets, except as may be expressly set forth or contemplated in this Agreement, the Certificate Certificates or the Basic Documents.

No Recourse. The Each Certificateholder by accepting a Certificate acknowledges that the Certificate represents a such Certificateholder's Certificates represent beneficial interest interests in the Trust only and does do not represent interests in or obligations of the Seller, the Servicer, the Owner TrusteeDepositor, the Trustee, any Option Holder or any Affiliate thereof of any of them and no recourse may be had against such parties or their assets, except as may be expressly set forth or contemplated in this Agreement, the Certificate Agreement or the Basic DocumentsCertificates, and each Certificateholder's recourse is limited to the Underlying Securities and the proceeds thereof. The Trustee shall have no recourse to the Underlying Securities.

No Recourse. The Certificateholder by accepting a Certificate acknowledges that the Certificate represents a beneficial interest in the Trust only and does not represent interests in or obligations of the SellerTransferor, the Servicer, the Owner Trustee, the Indenture Trustee, [the Note Insurer or any Affiliate thereof thereof] and no recourse may be had against such parties or their assets, except as may be expressly set forth or contemplated in this Agreement, the Certificate or the Basic Documents.

No Recourse. The Certificateholder Each Certificateholder, by accepting a Certificate acknowledges that the Certificate represents a such Certificateholder's Certificates represent beneficial interest interests in the Trust only and does do not represent interests in or obligations of the Seller, the Servicer, the Backup Servicer, the Owner Trustee, the Indenture Trustee, the Class A Insurer, the Backup Insurer or the Trust Collateral Agent or any Affiliate thereof and no recourse may be had against such parties or their assets, except as may be expressly set forth or contemplated in this Agreement, the Certificate Certificates or the Basic Documents.

No Recourse. The Certificateholder Each Certificateholder, by accepting a Certificate Certificate, acknowledges that the Certificate represents a such Certificateholder's Certificates represent beneficial interest interests in the Trust only and does do not represent interests in or obligations of the Depositor, the Seller, the Servicer, the Administrator, the Owner Trustee, the Trustee, Indenture Trustee or any Affiliate thereof thereof, and no recourse may be had against such parties or their assets, except as may be expressly set forth or contemplated in this Agreement, the Certificate Certificates or the other Basic Documents.

No Recourse. The Certificateholder by accepting a Certificate acknowledges that the such Certificateholder's Certificate represents a beneficial interest interests in the Trust only and does do not represent interests in or obligations of the Seller, the Servicer, the Administrator, the Owner Trustee, the Trustee, Indenture Trustee or any Affiliate thereof and no recourse may be had against such parties or their assets, except as may be expressly set forth or contemplated in this Agreement, the Certificate or the Basic Documents.

No Recourse. The Certificateholder by accepting a the Certificate acknowledges that the Certificate represents a beneficial interest in the Trust only and does not represent interests an interest in or obligations obligation of the SellerDepositor, the Servicer, the Administrator, the Owner Trustee, the Trustee, Indenture Trustee or any Affiliate thereof thereof, and no recourse may be had against such parties or their assets, except as may be expressly set forth or contemplated in this Agreement, the Certificate or the other Basic Documents.

No Recourse. The Each Certificateholder by accepting a Certificate acknowledges that the Certificate represents a such Certificateholder’s Certificates represent beneficial interest interests in the Trust only and does do not represent interests in or obligations of the SellerDepositor, the Servicer, the Backup Servicer, the Company, the Administrator, the Owner Trustee, the Trustee, Indenture Trustee or any Affiliate thereof and no recourse may be had against such parties or their assets, except as may be expressly set forth or contemplated in this Agreement, the Certificate Certificates or the Basic Documents.

No Recourse. The Each Certificateholder by accepting a Certificate acknowledges that the such Certificateholder's Certificate represents a beneficial interest in the Trust only and does not represent interests an interest in or obligations an obligation of the Seller, the Servicer, the Owner TrusteeCompany, the Owner Trustee, or any Affiliate thereof and no recourse may be had against such parties or their assets, except as may be expressly set forth or contemplated in this Agreement, the Certificate Certificates, or the Basic Documents.

No Recourse. The Each Certificateholder by accepting a Certificate acknowledges that the Certificate represents a such Certificateholder’s Certificates represent beneficial interest interests in the Trust only and does do not represent interests in or obligations of the SellerDepositor, the Servicer, the Company, DCRR, the Administrator, the Owner Trustee, the Trustee, Indenture Trustee or any Affiliate thereof and no recourse may be had against such parties or their assets, except as may be expressly set forth or contemplated in this Agreement, the Certificate Certificates or the Basic Documents.

No Recourse. The Certificateholder Each Certificateholder, by accepting a Certificate Certificate, acknowledges that the such holder’s Certificate represents a beneficial interest interests in the Trust Issuer only and does not represent interests in or obligations of the SellerDepositor, the Master Servicer, the Administrator, the Owner Trustee, the Indenture Trustee, the Eligible Lender Trustee or any Affiliate of any thereof or any officer, director or employee of any thereof and no recourse may be had against such parties or their assets, except as may be expressly set forth or contemplated in this Agreement, the Certificate Certificates or the Basic other Transaction Documents.

No Recourse. The Certificateholder Each Certificateholder, by accepting a Certificate Certificate, acknowledges that the such Certificateholder’s Certificate represents a beneficial interest in the Trust only and does not represent interests an interest in or obligations obligation of the SellerDepositor, the ServicerSeller, the Owner Trustee, the Trustee, Indenture Trustee or any Affiliate thereof thereof, and that no recourse may be had against such parties Persons or their assets, except as may be expressly set forth or contemplated in the Certificates, this Agreement, the Certificate Trust Agreement or the other Basic Documents.

No Recourse. The Each Certificateholder by accepting a Certificate acknowledges that the Certificate represents a such Certificateholder's Certificates represent beneficial interest interests in the Trust only and does do not represent interests in or obligations of the Seller, the Servicer, the Owner Trustee, the Trustee, Indenture Trustee or any Affiliate thereof of any of the foregoing and no recourse may be had against such parties or their assets, except as may be expressly set forth or contemplated in this Agreement, the Certificate Certificates or the Basic Related Documents.

No Recourse. The Each Certificateholder by accepting a Certificate acknowledges that the Certificate represents a such Certificateholder's Certificates represent beneficial interest interests in the Trust only and does do not represent interests in or obligations of the Seller, the holder of the GP Interest, the Servicer, the Owner Trustee, the Trustee, Indenture Trustee or any Affiliate thereof and no recourse may be had against such parties or their assets, except as may be expressly set forth or contemplated in this Agreement, the Certificate Certificates or the Basic Documents.

No Recourse. The Each Certificateholder by accepting a Certificate acknowledges that the Certificate represents a such Certificateholder's Certificates represent beneficial interest interests in the Trust only and does do not represent interests in or obligations of the Seller, the holder of the AO Interest, the Servicer, the Owner Trustee, the Trustee, Indenture Trustee or any Affiliate thereof and no recourse may be had against such parties or their assets, except as may be expressly set forth or contemplated in this Agreement, the Certificate Certificates or the Basic Documents.

No Recourse. The Each Certificateholder by accepting a Certificate acknowledges that the Certificate represents a such Certificateholder's Certificates represent beneficial interest interests in the Trust only and does do not represent interests in or obligations of the SellerServicer, the ServicerSponsor, the Owner Trustee, the Indenture Trustee, the Insurer or any Affiliate thereof and no recourse may be had against such parties or their assets, except as may be expressly set forth or contemplated in this Agreement, the Certificate Certificates or the Basic Documents.

No Recourse. The Certificateholder Each Certificateholder, by accepting a Certificate Certificate, acknowledges that the such Certificateholder's Certificate represents a 100% beneficial interest in the assets of the Trust only and does not represent interests an interest in or obligations obligation of the SellerTransferor, the Servicer, the Back-up Servicer, the Master Servicer, the Originator, the Owner Trustee, the Indenture Trustee, the Note Insurer, the Collateral Agent, the Trust Collateral Agent or any Affiliate thereof and no recourse may be had against such parties or their assets, except as may be expressly set forth or contemplated in this Agreement, the Certificate or the Basic Documents.

No Recourse. The Each Certificateholder by accepting a Certificate acknowledges that the such Certificateholder's Certificate represents a beneficial interest in the Trust only and does not represent interests an interest in or obligations an obligation of the Seller, the Servicer, the Owner TrusteeCompany, the Trustee, Owner Trustee or any Affiliate thereof and no recourse may be had against such parties or their assets, except as may be expressly set forth or contemplated in this Agreement, the Certificate Certificates or the Basic Documents.

No Recourse. The Each Certificateholder by accepting a Certificate acknowledges that the such Certificateholder’s Certificate represents a beneficial interest in the Trust Issuer only and does not represent interests an interest in or obligations an obligation of the Seller, the Servicer, the Owner TrusteeSponsor, the Trustee, Owner Trustee or any Affiliate thereof and no recourse may be had against such parties or their assets, except as may be expressly set forth or contemplated in this Agreement, the Certificate Certificates or the other Basic Documents.

No Recourse. The Certificateholder by accepting a Certificate acknowledges that the Certificate represents a beneficial interest in the Trust only and does do not represent interests in or obligations of the Seller, the Servicer, the Owner Trustee, the Trustee, Trustee or any Affiliate thereof and no recourse may be had against such parties or their assets, except as may be expressly set forth or contemplated in this Agreement, the Certificate or the Basic Documents.

No Recourse. The Certificateholder Certificateholders by accepting a Residual Certificate acknowledges that the such Certificate represents a beneficial interest in the Trust only and does not represent interests an interest in or obligations an obligation of the SellerDepositor, the ServicerAdministrator, the Insurer, the Owner Trustee, any co-trustee, the Trustee, Bank or any Affiliate thereof (other than the Trust) and no recourse may be had against such parties or their assets, except as may be expressly set forth or contemplated in this Agreement, the Certificate Residual Certificates or the Basic Documentsother Operative Agreements.

No Recourse. The Each Certificateholder by accepting a Certificate acknowledges that the Certificate represents a such Certificateholder's Certificates represent beneficial interest interests in the Trust only and does do not represent interests in or obligations of the SellerSponsor, the Servicer, the Owner Trustee, the Indenture Trustee, the Collateral Trustee or any Affiliate thereof and no recourse may be had against such parties or their assets, except as may be expressly set forth or contemplated in this Agreement, the Certificate Certificates or the Basic Documents.

No Recourse. The Certificateholder Each Certificateholder, by accepting a its acceptance of its Certificate or beneficial interest therein, acknowledges that the Certificate represents a beneficial interest in the Trust Issuer only and does not represent interests in or obligations of the SellerDepositor, the Servicer, the Owner Trustee, the Indenture Trustee, or any Affiliate thereof of their respective Affiliates and no recourse may be had against such parties or their assets, except as may be expressly set forth or contemplated in this Agreement, the Certificate Certificates or the other Basic Documents.

No Recourse. The Certificateholder Each Certificateholder, by accepting a Certificate ----------- Certificate, acknowledges that the Certificate represents a Certificates represent beneficial interest interests in the Trust only and does do not represent interests in or obligations of the SellerDepositor, the Servicer, the Administrator, the Owner Trustee, the Trustee, Indenture Trustee or any Affiliate thereof thereof, and no recourse may be had against such parties or their assets, except as may be expressly set forth or contemplated in this Agreement, the Certificate Certificates or the Basic other Transaction Documents.

No Recourse. The Certificateholder by accepting a the Certificate acknowledges that the Certificate represents a beneficial interest interests in the Trust only and does not represent interests in or obligations of the SellerDepositor, the ServicerSponsor, the Owner Trustee, the Trustee, Indenture Trustee or any Affiliate thereof and no recourse may be had against such parties or their assets, except as may be expressly set forth or contemplated in this Owner Trust Agreement, the Certificate or the Basic Documents.

No Recourse. The Certificateholder by accepting a Certificate acknowledges that the Certificate represents a beneficial interest in the Trust only and does not represent interests in or obligations of the SellerTransferor, the Servicer, the Owner Trustee, the Indenture Trustee, the Note Insurer or any Affiliate thereof and no recourse may be had against such parties or their assets, except as may be expressly set forth or contemplated in this Agreement, the Certificate or the Basic Documents.

No Recourse. The Certificateholder Each Certificateholder, by accepting a Certificate Certificate, acknowledges that the such Certificateholder's Certificate represents a 100% beneficial interest in the assets of the Trust only and does not represent interests an interest in or obligations obligation of the SellerTransferor, the Servicer, the Back-up Servicer, the Standby Servicer, BVAC, the Owner Trustee, the Indenture Trustee, the Insurer, the Collateral Agent or any Affiliate thereof thereof, and no recourse may be had against such parties or their assets, except as may be expressly set forth or contemplated in this Agreement, the Certificate or the Basic Documents.

No Recourse. The Certificateholder Each Certificateholder, by accepting a Certificate Certificate, acknowledges that the such Certificateholder's Certificate represents a 100% beneficial interest in the assets of the Trust only and does not represent interests an interest in or obligations obligation of the SellerTransferor, the Servicer, the Back-up Servicer, the Standby Servicer, the Owner Trustee, the Indenture Trustee, the Insurer, or any Affiliate thereof thereof, and no recourse may be had against such parties or their assets, except as may be expressly set forth or contemplated in this Agreement, the Certificate or the Basic Documents.

No Recourse. The Certificateholder by accepting a Certificate acknowledges that the such Certificateholder's Certificate represents a such Certificateholder's beneficial interest in the Trust only and does not represent interests in or obligations of the SellerDepositor, the Administrator, the Servicer, the Owner Trustee, the Co-Owner Trustee, the Trust Eligible Lender Trustee, the Indenture Trustee or any Affiliate thereof affiliate of any of the foregoing and no recourse may be had against such parties or their assets, except as may be expressly set forth or contemplated in this Agreement, the in each Certificate or in the Basic Documents.

No Recourse. The Each Certificateholder by accepting a Certificate acknowledges that the Certificate represents a such Certificateholder's Certificates represent beneficial interest interests in the Trust only and does do not represent interests in or obligations of the Seller, the Servicer, the General Partner, the Owner Trustee, the Trustee, the Security Insurer or any Affiliate thereof and no recourse may be had against such parties or their assets, except as may be expressly set forth or contemplated in this Agreement, the Certificate Certificates or the Basic Documents.

No Recourse. The Certificateholder by accepting a Certificate acknowledges that the such Certificateholder’s Certificate represents a beneficial interest interests in the Trust only and does not represent interests in or obligations of the Seller, the Servicer, the Administrator, the Owner Trustee, the Trustee, Indenture Trustee or any Affiliate thereof and no recourse may be had against such parties or their assets, except as may be expressly set forth or contemplated in this Agreement, the Certificate or the Basic Documents.