No Recourse to Issuer. In the event of a Default, the Holders of the Bonds shall have no recourse to the Issuer, except to the assets of the Issuer included in the Trust Estate. The Trust Estate granted to the Trustee hereunder shall serve as collateral security only for the Bonds and other obligations of the Issuer hereunder, in the priority and to the extent set forth herein. In addition, the Owner Trustee is entering into this Indenture solely as owner trustee under the Trust Agreement and not in its individual capacity and in no case whatsoever shall the Trust Company or the Owner Participants be personally liable on, or for any loss in respect of, any of the statements, representations, warranties, agreements or obligations of the Issuer or the Owner Trustee hereunder as to all of which the parties hereto agree to look solely to the assets of the Issuer.
Appears in 4 contracts
Samples: Administration Agreement (National Collegiate Trust 1997-S2), Custodial Agreement (National Collegiate Trust 1996-S2), Indenture (National Collegiate Trust 1996-S2)
