Common use of Limitations on Liability of the Transferor Clause in Contracts

Limitations on Liability of the Transferor. Subject to Sections 7.01 and 7.04, neither the Transferor nor any of the directors, officers, employees or agents of the Transferor acting in such capacity shall be under any liability to the Trust, the Trustee, the Certificateholders, any Series Enhancer or any other Person for any action taken or for refraining from the taking of any action in good faith in such capacity pursuant to this Agreement; provided, however, that this provision shall not protect the Transferor or any such Person against any liability which would otherwise be imposed by reason of willful misfeasance, bad faith or gross negligence in the performance of its duties or by reason of reckless disregard of its obligations and duties hereunder. The Transferor and any director, officer, employee or agent of the Transferor may rely in good faith on any document of any kind prima facie properly executed and submitted by any Person (other than the Transferor) respecting any matters arising hereunder.

Limitations on Liability of the Transferor. Subject to Sections 7.01 7.1 and 7.047.4, neither the Transferor, any Holder of the Transferor Certificate nor any of the directors, officers, employees or agents of the Transferor acting in such capacity capacities shall be under any liability to the Trust, the Trustee, the Certificateholders, any Series Enhancer Enhancement Provider or any other Person for any action taken or for refraining from the taking of any action in good faith in such capacity their capacities as Transferor pursuant to this Agreement; provided, however, that this provision shall not protect the Transferor, any Holder of the Transferor Certificate or any such Person against any liability which would otherwise be imposed by reason of willful misfeasance, bad faith or gross negligence in the performance of its duties or by reason of reckless disregard of its obligations and duties hereunder. The Transferor and any director, officer, employee or agent of the Transferor may rely in good faith on any document of any kind prima facie properly executed and submitted by any Person (other than the Transferor) respecting any matters arising hereunder.