Common use of LIMITATION OF LIABILITY OF INTERIM ELIGIBLE LENDER Clause in Contracts

LIMITATION OF LIABILITY OF INTERIM ELIGIBLE LENDER. Notwithstanding anything contained herein to the contrary, these Master Terms and the Initial Purchase Agreement has been, and any Additional Purchase Agreement will be, signed by The Bank of New York Mellon Trust Company, National Association, not in its individual capacity but solely in its capacity as Interim Eligible Lender Trustee for Funding, and in no event shall The Bank of New York Mellon Trust Company, National Association, in its individual capacity have any liability for the representations, warranties, covenants, agreements or other obligations of the Interim Eligible Lender Trustee or Funding, under these Master Terms or any Purchase Agreements 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 Funding.

Appears in 10 contracts

Samples: Additional Purchase Agreement (SLM Student Loan Trust 2010-2), Purchase Agreement (SLM Student Loan Trust 2012-1), Additional Purchase Agreement (SLM Student Loan Trust 2011-2)

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LIMITATION OF LIABILITY OF INTERIM ELIGIBLE LENDER. Notwithstanding anything contained herein to the contrary, these Master Terms and the Initial Purchase Agreement has been, and any Additional Purchase Agreement will be, signed by The Bank of New York Mellon Trust Company, National AssociationN.A., not in its individual capacity but solely in its capacity as Interim Eligible Lender Trustee for Funding, and in no event shall The Bank of New York Mellon Trust Company, National AssociationN.A., in its individual capacity have any liability for the representations, warranties, covenants, agreements or other obligations of the Interim Eligible Lender Trustee or Funding, under these Master Terms or any Purchase Agreements 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 Funding.

Appears in 10 contracts

Samples: Additional Purchase Agreement (SLM Student Loan Trust 2008-1), Additional Purchase Agreement (SLM Student Loan Trust 2008-6), Additional Purchase Agreement (SLM Student Loan Trust 2007-6)

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