Common use of Limited Liability and Bankruptcy Remoteness Clause in Contracts

Limited Liability and Bankruptcy Remoteness. Without limiting the generality of Section 2.11, the Titling Trust will be operated in such a manner as the Titling Trustee may deem to be reasonable and necessary or appropriate to preserve (a) the limited liability of the Holders and the Initial Beneficiary and their respective Affiliates, (b) the separateness of the Titling Trust from the respective businesses of the Holders and the Initial Beneficiary and their respective Affiliates and (c) until the expiration of the period of one year and one day (or, if longer, any applicable preference period) after the payment in full of all Trust-Related Obligations (including all Secured Titling Trust Debt and other Titling Trust Debt), the bankruptcy-remote status of the Titling Trust.

Limited Liability and Bankruptcy Remoteness. Without limiting the generality of Section 2.11, the Titling Trust will be operated in such a manner as the Titling Trustee may deem to be Trust Administrator deems reasonable and necessary or appropriate to preserve (a) the limited liability of the Holders and the Initial Beneficiary and their respective Affiliates, (b) the separateness of the Titling Trust from the respective businesses of the Holders and the Initial Beneficiary and their respective Affiliates and (c) until the expiration of the period of one year and one day (or, if longer, any applicable preference period) after the payment in full of all Trust-Related Obligations (including distributions to all Secured Holders, Registered Pledgees and Titling Trust Debt and other Titling Trust Debt)Noteholders, the bankruptcy-remote status of the Titling Trust.