Common use of No Recourse Clause in Contracts

No Recourse. Each Certificateholder by accepting a Trust Certificate acknowledges that such Certificateholder's Trust Certificates represent beneficial interests in the Trust only and do not represent interests in or obligations of the Depositor, the Servicer, the Administrator, the Trustee, 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 Trust Certificates or the Basic Documents.

No Recourse. Each Certificateholder by accepting a Trust Certificate acknowledges that such Certificateholder's Trust Certificates represent beneficial interests in the Trust issuer only and do not represent interests in or obligations of the Depositor, the Seller, the Servicer, the Administrator, 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 Trust Certificates Certificates, this Agreement or the any other Basic DocumentsDocument.

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

No Recourse. Each Certificateholder by accepting a Trust Certificate acknowledges that such Certificateholder's ’s Trust Certificates represent beneficial interests in the Trust only and do does not represent interests in or obligations of the Depositor, the any Servicer, the Issuer Administrator, any other administrator, any Servicer, the Eligible Lender Trustee, the Delaware Trustee, the Indenture Trustee or any Affiliate 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 Trust Agreement, the Trust Certificates or the other Basic Documents.

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

No Recourse. Each Certificateholder by accepting a Trust Certificate acknowledges that such Certificateholder's Trust Certificates represent Certificate represents a beneficial interests interest in the Trust only and do does not represent interests an interest in or obligations an obligation of the Depositor, the Master Servicer, the Administrator, the Owner Trustee, 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 Trust Certificates or the Basic Documents.

No Recourse. Each Certificateholder by accepting a Trust Certificate acknowledges that such Certificateholder's Trust Certificates represent beneficial interests in the Trust only and do not represent interests in or obligations of the Depositor, the Seller, the Servicer, the Administrator, the Owner Trustee, 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 Trust Agreement, the Trust Certificates or the Basic Documents.

No Recourse. Each Certificateholder by accepting a Trust Certificate acknowledges that such Certificateholder's Trust Certificates represent Certificate represents a beneficial interests interest in the Trust only and do does not represent interests an interest in or obligations an obligation of the Depositor, the Servicer, the Administrator, the Owner Trustee, 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 Trust Certificates or the Basic Documents.

No Recourse. Each Certificateholder by accepting a Trust Certificate acknowledges that such Certificateholder's Trust Certificates represent beneficial interests in the Trust only and do not represent interests in or obligations of the Depositor, the Company, the Master Servicer, the Seller, the Administrator, 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 Trust Certificates or the Basic Documents.,

No Recourse. Each Certificateholder by accepting a Trust Certificate acknowledges that such Certificateholder's Trust Certificates represent Certificate represents a beneficial interests interest in the Trust only and do does not represent interests an interest in or obligations an obligation of the Depositor, the Master Servicer, the Administrator, the Owner Trustee, 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 Trust Certificates or the Basic Documents.

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

No Recourse. Each Certificateholder by accepting a Trust Certificate acknowledges that such Certificateholder's Trust Certificates represent Certificate represents a beneficial interests interest in the Trust only and do does not represent interests an interest in or obligations an obligation of the Depositor, the Servicer, the Administrator, the Owner Trustee, 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 Trust Certificates or the Basic Documents.

No Recourse. Each Certificateholder by accepting a Trust Certificate acknowledges that such Certificateholder's Trust Certificates represent beneficial interests in the Trust only and do not represent interests in or obligations of the Depositor, the Servicer, the Administrator, the Trustee, the Indenture Trustee Swap Counterparty, the Swap Guarantor or any Affiliate thereof of the foregoing Persons, and there shall be no recourse may be had against any such parties Persons or their respective assets, except as may be expressly set forth or contemplated in this the Trust Agreement, the Trust Certificates Swap Agreement or the Basic DocumentsCertificates.

No Recourse. Each Certificateholder by accepting a Trust Certificate acknowledges that such Certificateholder's Trust Certificates represent beneficial interests in the Trust only and do not represent interests in or obligations of the DepositorSeller, the Master Servicer, the Administrator, the Owner Trustee, 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 Trust Certificates or the Basic Documents.

No Recourse. Each Certificateholder by accepting a Trust Certificate acknowledges that such Certificateholder's Trust Certificates represent beneficial interests in the Trust only and do not represent interests in or obligations of the Seller, the Depositor, the Servicer, the Administrator, the Owner Trustee, the 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 Trust Certificates or the Basic Related Documents.

No Recourse. Each Certificateholder Certificateholder, by accepting a Trust Certificate Certificate, acknowledges that such Certificateholder's Trust Certificates represent beneficial interests in the Trust only and do not represent interests in or obligations of the Depositor, the Servicer, the AdministratorDepositor, the Owner Trustee, the Trustee, the Indenture Trustee 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 Trust Certificates or the Basic Documents.

No Recourse. Each Certificateholder by accepting a Trust Certificate acknowledges that such Certificateholder's Trust Certificates represent beneficial interests in the Trust only and do not represent interests in or obligations of the DepositorSeller, the Servicer, the AdministratorGeneral Partner, the Owner Trustee, the Trustee, the Indenture Trustee 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 Trust Certificates or the Basic Documents.

No Recourse. Each Certificateholder holder of the Trust Certificate by accepting a Trust Certificate acknowledges that such Certificateholderholder's Trust Certificates Certificate represent beneficial interests in the Trust only and do not represent interests in or obligations of the DepositorSeller, the Master Servicer, the Administrator, the Eligible Lender Trustee, the Cap Provider, the Indenture Trustee Trustee, the Swap Counterparty, the Securities Insurer or any Affiliate 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 Trust Agreement, the Trust Certificates Certificate or the other Basic Documents.

No Recourse. Each Certificateholder by accepting a Trust ----------- Certificate acknowledges that such Certificateholder's Trust Certificates represent beneficial interests in the Trust only and do not represent interests in or obligations of the Depositor, the Servicer, the Administrator, the Eligible Lender Trustee, the Indenture Trustee or any Affiliate 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 Trust Certificates or the other Basic Documents.

No Recourse. Each Certificateholder by accepting a Trust Certificate acknowledges that such Certificateholder's Trust Certificates represent beneficial interests in the Trust only and do not represent interests in or obligations of the Depositor, the Servicer, the Administrator, the Owner Trustee, 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 Trust Certificates or the Basic DocumentsDocuments to which such parties are a party.

No Recourse. Each Certificateholder by accepting a Trust Certificate acknowledges that such Certificateholder's Trust Certificates represent beneficial interests in the Trust only and do not represent interests in or obligations of the Master Servicer, the Depositor, the Servicer, the AdministratorOwner Trustee, the Trustee, the Indenture Trustee 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 Trust Certificates or the Basic Documents.

No Recourse. Each Certificateholder by accepting a Trust Certificate acknowledges that such Certificateholder's Trust Certificates represent beneficial interests in the Trust only and do does not represent interests in or obligations of the Depositor, the any Servicer, the Administrator, any Servicer, the Eligible Lender Trustee, the Indenture Delaware Trustee, the Trustee or any Affiliate 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 Trust Certificates or the other Basic Documents.

No Recourse. Each Certificateholder by accepting a Trust Certificate acknowledges that such Certificateholder's ’s Trust Certificates represent beneficial interests in the Trust only and do does not represent interests in or obligations of the Depositor, the any Servicer, the Issuer Administrator, any other administrator, any Servicer, the Eligible Lender Trustee, the Delaware Trustee, the Indenture Trustee or any Affiliate 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 Trust Certificates or the other Basic Documents.

No Recourse. Each Certificateholder by accepting a Trust Certificate acknowledges that such Certificateholder's Trust Certificates represent beneficial interests in the Trust only and do not represent interests in or obligations of the DepositorSeller, the General Partner, the Servicer, the Administrator, the Owner Trustee, the 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 Trust Certificates or the Basic Related Documents.

No Recourse. Each Certificateholder by accepting a Trust Certificate acknowledges that such Certificateholder's Trust Certificates represent Certificate represents a beneficial interests interest in the Trust only and do does not represent interests an interest in or obligations an obligation of the Depositor, the Servicer, the Administrator, the Owner Trustee, the Indenture Trustee Trustee, the Backup Servicer 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 Trust Certificates or the Basic Documents.

No Recourse. Each Certificateholder by accepting a Trust Certificate acknowledges that such Certificateholder's Trust Certificates represent beneficial interests in the Trust only and do not represent interests in or obligations of the DepositorSeller, the Servicer, the AdministratorTransferor, the Depositor, the Owner Trustee, the Indenture Trustee 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 Trust Certificates or the Basic Documents.

No Recourse. Each Certificateholder by accepting a Trust Certificate acknowledges that such Certificateholder's Trust Certificates represent beneficial interests in the Trust only and do not represent interests in or obligations of the Servicer, the Depositor, the Servicer, the AdministratorOwner Trustee, the Trustee, the Indenture Trustee 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 Trust Certificates or the Basic Documents.

No Recourse. Each Certificateholder by accepting a Trust Certificate acknowledges that such Certificateholder's Trust Certificates represent beneficial interests in the Trust only and do not represent interests in or obligations of the Depositor, the Master Servicer, the Depositor, the Administrator, the Owner Trustee, 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 Trust Certificates or the Basic Documents.

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

No Recourse. Each Certificateholder by accepting a Trust Certificate acknowledges that such Certificateholder's ’s Trust Certificates represent beneficial interests in the Trust only and do does not represent interests in or obligations of the Depositor, the Administrator, any other administrator, any Servicer, the Administratorany Subservicer, the Eligible Lender Trustee, the Delaware Trustee, the Indenture Trustee or any Affiliate 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 Trust Agreement, the Trust Certificates or the other Basic Documents.

No Recourse. Each Certificateholder by accepting a Trust Certificate acknowledges that such Certificateholder's Trust Certificates represent Certificate represents beneficial interests in the Trust only and do does not represent interests in or obligations of the Trust Depositor, the Servicer, the Seller, the Administrator, the Owner Trustee, the 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 Certificates Certificate or the Basic other Transaction Documents.

No Recourse. Each Certificateholder by accepting a Trust Certificate acknowledges that such Certificateholder's Trust Certificates Certificate represent beneficial interests in the Trust only and do not represent interests in or obligations of the Depositor, the ServicerSeller, the Administrator, the Owner Trustee, the Indenture Trustee 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 Trust Certificates Certificate or the Basic Documents.

No Recourse. Each Certificateholder by accepting a Trust ----------- Certificate acknowledges that such Certificateholder's Trust Certificates represent beneficial interests in the Trust only and do not represent interests in or obligations of the DepositorSeller, the Servicer, the AdministratorTransferor, the Depositor, the Owner Trustee, the Indenture Trustee 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 Trust Certificates or the Basic Documents.

No Recourse. Each Certificateholder by accepting a Trust Certificate acknowledges that such Certificateholder's Trust Certificates represent beneficial interests in the Trust only and do not represent interests in or obligations of the Depositor, the ServicerHolder of the Designated Certificate, the AdministratorSeller, the Owner Trustee, 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 Trust Agreement, the Trust Certificates or the Basic Documents.

No Recourse. Each Certificateholder by accepting a Trust Certificate acknowledges that such CertificateholderCertificate- holder's Trust Certificates represent beneficial interests in the Trust only and do not represent interests in or obligations of the DepositorCompany, the ServicerSeller, the Administrator, the Owner Trustee, 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 Trust Agreement, the Trust Certificates or the Basic Documents.

No Recourse. Each Certificateholder by accepting a Trust ----------- Certificate acknowledges that such Certificateholder's Trust Certificates represent beneficial interests in the Trust only and do not represent interests in or obligations of the Depositor, the Master Servicer, the Company, the Administrator, the Owner Trustee, 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 Trust Certificates or the Basic Documents.

No Recourse. Each Certificateholder by accepting a Trust Certificate acknowledges that such Certificateholder's Trust Certificates represent beneficial interests in the Trust only and do not represent interests in or obligations of the Depositor, the ServicerHolder of the Designated Certificate, the AdministratorDesignated Seller, the Owner Trustee, 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 Trust Agreement, the Trust Certificates or the Basic Documents.

No Recourse. Each Certificateholder by accepting a Trust Certificate acknowledges that such Certificateholder's Trust Certificates represent beneficial interests in the Trust only and do not represent interests in or obligations of the Depositor, the Servicer, the Seller, the Administrator, the Owner Trustee, the 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 my be expressly set forth or contemplated in this Agreement, the Trust Certificates or the Basic other Transaction Documents.

No Recourse. Each Certificateholder by accepting a Trust Certificate acknowledges that such Certificateholder's Trust Certificates represent beneficial interests in the Trust related Subdivision only and do not represent interests in or obligations of the Depositor, the Servicer, the Company, the Administrator, the Owner Trustee, the Indenture Trustee of any Series 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 AgreementAgreement and the related Supplement, the related Trust Certificates or the related Basic Documents.

No Recourse. Each Certificateholder by accepting a Trust Certificate acknowledges that such Certificateholder's Trust Certificates represent beneficial interests in the Trust only and do not represent interests in or obligations of the Depositor, the Servicer, the Administrator, the Eligible Lender Trustee, the Indenture Trustee Trustee, any Swap Counterparty or any Affiliate 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 Trust Certificates or the other Basic Documents.

No Recourse. Each Certificateholder by accepting a Trust Certificate acknowledges that such Certificateholder's Trust Certificates represent beneficial interests in the Trust only and do not represent interests in or obligations of the DepositorSeller, OGP I, OGP II, the Servicer, the Administrator, the Owner Trustee, the Indenture Trustee Trustee, the Security Insurer 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 Trust Certificates or the Basic Related Documents.

No Recourse. Each The Certificateholder by accepting a the Trust Certificate acknowledges that such Certificateholder's Trust Certificates represent Certificate represents beneficial interests in the Trust only and do does not represent interests in or obligations of the Trust Depositor, the Servicer, the Seller, the Administrator, the Owner Trustee, the 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 Certificates Certificate or the Basic other Transaction Documents.

No Recourse. Each Certificateholder by accepting a Trust Certificate acknowledges that such Certificateholder's Trust Certificates represent beneficial interests in the Trust Issuer only and do not represent interests in or obligations of the Depositor, the Transferor, the Servicer, the Administrator, 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 Trust Certificates Certificates, this Agreement or the any other Basic DocumentsDocument.

No Recourse. Each Certificateholder by accepting a Trust Certificate acknowledges that such Certificateholder's Trust Certificates represent beneficial interests in the Trust only and do not represent interests in or obligations of the Depositor, the ServicerSeller, the AdministratorMortgage Loan Seller, the Owner Trustee, the Indenture Trustee 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 Trust Certificates or the Basic Documents.

No Recourse. Each Certificateholder by accepting a Trust Certificate acknowledges that such Certificateholder's Trust Certificates represent beneficial interests in the Trust only and do not represent interests in or obligations of the Depositor, the Master Servicer, the Company, the Administrator, the Owner Trustee, 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 Trust Certificates or the Basic Documents.

No Recourse. Each Certificateholder by accepting a Trust Certificate acknowledges ac▇▇▇▇▇▇▇▇es that such Certificateholder's Trust Certificates represent beneficial interests in the Trust only and do not represent interests in or obligations of the Depositor, the ServicerSeller, the Administrator, the Owner Trustee, 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 Trust Agreement, the Trust Certificates or the Basic Documents.

No Recourse. Each Certificateholder by accepting a Trust Certificate acknowledges that such Certificateholder's Trust the Certificates represent beneficial interests in the Trust only and do not represent interests in or obligations of the Depositor, the ServicerSeller, the AdministratorOwner Trustee, the TrusteeSecurities Administrator, 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 Trust Agreement, the Trust Certificates or the Basic other Operative Documents.

No Recourse. Each Certificateholder by accepting a Trust Certificate acknowledges that such Certificateholder's Trust Certificates represent beneficial interests in the Trust only and do not represent interests in or obligations of the DepositorSeller, the Servicer, the AdministratorHolder of the GP Interest, the Holder of the Voting Interest, the Owner Trustee, the Trustee, the Indenture Trustee 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 Trust Certificates or the Basic Documents.

No Recourse. Each Certificateholder by accepting a Trust Certificate acknowledges that such Certificateholder's Trust Certificates represent beneficial interests in the Trust only and do not represent interests in or obligations of the Depositor, the ServicerNote Insurer, the AdministratorOriginator, the Seller, the Owner Trustee, the Indenture Trustee 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 Trust Certificates or the Basic Documents.

No Recourse. Each Certificateholder by accepting a Trust Certificate acknowledges that such Certificateholder's Trust Certificates represent Certificate represents a beneficial interests interest in the Trust only and do does not represent interests an interest in or obligations an obligation of the Depositor, the Trust Administrator, the Certificate Paying Agent, the Master Servicer, the AdministratorOwner Trustee, any co-trustee, the Trustee, the Indenture 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 Trust Certificates or the Basic Documentsother Operative Agreements.

No Recourse. Each Certificateholder by accepting a Trust Certificate acknowledges that such Certificateholder's Trust Certificates represent beneficial interests in the Trust only and do not represent interests in or obligations of the DepositorTransferor, the Servicer, the AdministratorManager, the Trustee, 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 Trust Certificates or the Basic Documents.

No Recourse. Each Certificateholder by accepting a Trust Certificate acknowledges that such Certificateholder's Trust Certificates represent beneficial interests in the Trust only and do not represent interests in or obligations of the Trust Depositor, the Servicer, the Seller, the Administrator, the Owner Trustee, the 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 my be expressly set forth or contemplated in this Agreement, the Trust Certificates or the Basic other Transaction Documents.

No Recourse. Each Certificateholder by accepting a Trust Certificate acknowledges that such Certificateholder's Trust Certificates represent beneficial interests in the Trust only and do not represent interests in or obligations of the Depositor, the Seller, the Master Servicer, the Administrator, the Eligible Lender Trustee, the Delaware Trustee, the Indenture Trustee or any Affiliate 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 Trust Certificates or the other Basic Documents.

No Recourse. Each Certificateholder Certificateholder, by accepting a Trust Certificate acknowledges that such Certificateholder's Trust Certificates represent beneficial interests in the Trust only and do not represent interests in or obligations of the DepositorSeller, the Servicer, the AdministratorBackup Servicer, the Owner Trustee, the Indenture Trustee Trustee, the Class A 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 Trust Certificates or the Basic Documents.

No Recourse. Each Certificateholder by accepting a Trust Certificate acknowledges that such Certificateholder's Trust Certificates represent Certificate represents a beneficial interests interest in the Trust only and do does not represent interests an interest in or obligations an obligation of the Depositor, the Administrator, the Certificate Paying Agent, the Master Servicer, the AdministratorOwner Trustee, any co-trustee, the Trustee, the Indenture 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 Trust Certificates or the Basic Documentsother Operative Agreements.

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

No Recourse. Each Certificateholder by accepting a Trust Certificate acknowledges that such Certificateholder's Trust the Certificates represent beneficial interests in the Trust only and do not represent interests in or obligations of the Depositor, the ServicerSponsor, the Administrator, the Owner Trustee, 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 Trust Agreement, the Trust Certificates or the Basic Documents.

No Recourse. Each Certificateholder by accepting a Trust Certificate acknowledges that such Certificateholder's Trust Certificates represent beneficial interests in the Trust only and do does not represent interests in or obligations of the DepositorSponsor, the any Servicer, the Issuer Administrator, any other administrator, any Servicer, the Eligible Lender Trustee, the Delaware Trustee, the Indenture Trustee or any Affiliate 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 Trust Agreement, the Trust Certificates or the other Basic Documents.

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

No Recourse. Each Certificateholder by accepting a Trust Certificate acknowledges that such Certificateholder's ’s Trust Certificates represent beneficial interests in the Trust only and do not represent interests in or obligations of the Depositor, the Servicer, the Administrator, the Owner Trustee, 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 Trust Certificates or the Basic DocumentsDocuments to which such parties are a party.

No Recourse. Each Certificateholder by accepting a Trust Certificate acknowledges that such Certificateholder's Trust Certificates represent beneficial interests in the Trust only and do not represent interests in or obligations of the DepositorSeller, the Master Servicer, the Administratorholder of the GP Interest, the Owner Trustee, 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 Trust Certificates or the Basic Documents.

No Recourse. Each Certificateholder by accepting a Trust Certificate acknowledges that such Certificateholder's Trust the Certificates represent beneficial interests in the Trust only and do not represent interests in or obligations of the Depositor, the ServicerSeller, the Administrator, the Owner Trustee, 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 Trust Agreement, the Trust Certificates or the Basic Documents.

No Recourse. Each Certificateholder by accepting a Trust Certificate acknowledges that such Certificateholder's Trust Certificates represent beneficial interests in the Trust only and do not represent interests in or obligations of the DepositorInitial Beneficial Holder, the Master Servicer, the Administrator, the Owner Trustee, 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 Trust Certificates or the Basic Documents.

No Recourse. Each The Certificateholder by accepting a the Trust Certificate acknowledges that such Certificateholder's ’s Trust Certificates represent Certificate represents beneficial interests in the Trust only and do does not represent interests in or obligations of the Trust Depositor, the Servicer, the Seller, the Administrator, the Owner Trustee, the 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 Certificates Certificate or the Basic other Transaction Documents.

No Recourse. Each Certificateholder by accepting a Trust Certificate acknowledges that such Certificateholder's Trust Certificates represent beneficial interests in the Trust only and do not represent interests in or obligations of the Depositor, the ServicerSeller, the AdministratorOwner Trustee, the TrusteeSecurities Administrator, 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 Trust Agreement, the Trust Certificates or the other Basic Documents.

No Recourse. Each Certificateholder holder of the Trust Certificates by accepting a Trust Certificate acknowledges that such Certificateholderholder's Trust Certificates represent beneficial interests in the Trust only and do not represent interests in or obligations of the DepositorSeller, the any Servicer, the Administrator, the Eligible Lender Trustee, the Indenture Trustee or any Affiliate 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 Trust Certificates or the other Basic Documents.

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

No Recourse. Each Certificateholder by accepting a Trust Certificate acknowledges that such Certificateholder's Trust Certificates represent Certificate represents a beneficial interests interest in the Trust only and do does not represent interests an interest in or obligations an obligation of the Depositor, the Servicer, the Trust Administrator, the Owner Trustee, the Indenture Trustee Trustee, the Backup Servicer 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 Trust Certificates or the Basic Documents.

No Recourse. Each Certificateholder by accepting a Trust Certificate acknowledges that such Certificateholder's Trust ’s Certificates represent beneficial interests in the Trust Issuing Entity only and do not represent interests in or obligations of the Depositor, the ServicerSponsor, the Administrator, the Owner Trustee, the Indenture Trustee 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 Trust Certificates or the Basic Documents.

No Recourse. Each Certificateholder by accepting a Trust Certificate acknowledges that such Certificateholder's Trust Certificates represent beneficial interests in the Trust only and do not represent interests in or obligations of the DepositorDepositors, the Master Servicer, the Seller, the Administrator, 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 Trust Certificates or the other Basic Documents.

No Recourse. Each Certificateholder by accepting a Trust Certificate acknowledges that such Certificateholder's Trust Certificates represent beneficial interests in the Trust A only and do not represent interests in or obligations of the Depositor, the Master Servicer, the AdministratorSponsor, the Owner Trustee, the Indenture Trustee 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 Trust Certificates or the Basic Operative Documents.

No Recourse. Each Certificateholder by accepting a Trust Certificate acknowledges that such Certificateholder's Trust Certificates represent Certificate represents a beneficial interests interest in the Trust only and do does not represent interests an interest in or obligations an obligation of the Seller, the Depositor, the Servicer, the Administrator, the Owner Trustee, 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 Trust Certificates or the Basic Documents.

No Recourse. Each Certificateholder by accepting a Trust Certificate acknowledges that such Certificateholder's Trust Certificates represent beneficial interests in the Trust only and do not represent interests in or obligations of the Depositor, the Servicer, the Administrator, the Trustee, the Indenture Trustee or any Affiliate thereof Affiliate, employee or agent of the foregoing Persons and no recourse may be had against such parties Persons or their respective assets, except as may be expressly set forth or contemplated in this Agreement, the Trust Certificates Agreement or the Basic DocumentsCertificates.

No Recourse. Each Certificateholder by accepting a Trust Certificate acknowledges that such Certificateholder's Trust Certificates represent beneficial ownership interests in the Trust only and do not represent interests in or obligations of the DepositorRepresentative, the Originators, the Servicer, the AdministratorHolder of the Special Interest, the Holder of the Voting Interest, the Owner Trustee, the Bank, the Indenture Trustee Trustee, the Note Insurer or any Affiliate thereof and no recourse by such Certificateholder may be had against such parties or their assets, except as may be expressly set forth or contemplated in this Agreement, the Trust Certificates or the Basic Documents.

No Recourse. Each Certificateholder by accepting a Trust Certificate acknowledges that such Certificateholder's Trust Certificates represent beneficial interests in the Trust only and do not represent interests in or obligations of the Depositor, the Servicer, the Representative, the Administrator, the Owner Trustee, 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 Trust Certificates or the Basic Documents.

No Recourse. Each Certificateholder by accepting a Trust Certificate acknowledges that such Certificateholder's Trust Certificates represent beneficial interests in the Trust only and do not represent interests in or obligations of the Depositor, the Master Servicer, the AdministratorSponsor, the Trustee, 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 Trust Certificates or the Basic Documents.the

No Recourse. Each Certificateholder by accepting a Trust Certificate acknowledges that such Certificateholder's Trust Certificates represent beneficial interests in the Trust only and do not represent interests in or obligations of the Depositor, the ServicerSeller, the Administrator, the Owner Trustee, the Indenture Trustee Trustee, the Securities Administrator 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 Trust Certificates or the Basic Documents.

No Recourse. Each Certificateholder by accepting a Trust Certificate acknowledges that such Certificateholder's Trust Certificates represent beneficial interests in the Trust only and do not represent interests in or obligations of the DepositorSeller, the Servicer, the AdministratorGeneral Partner, the Owner Trustee, the Trustee, the Indenture Trustee 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 Trust Certificates or the Basic Documents.

No Recourse. Each Certificateholder by Certificateholderby accepting a Trust Certificate acknowledges that such Certificateholder's Trust Certificates represent beneficial interests in the Trust only and do not represent interests in or obligations of the Depositor, the ServicerSeller, the Administrator, the Owner Trustee, the Indenture Trustee 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 Trust Certificates or the Basic Documents.

No Recourse. Each Certificateholder by accepting a Trust Certificate acknowledges that such Certificateholder's Trust Certificates represent beneficial ownership interests in the Trust only and do not represent interests in or obligations of the DepositorRepresentative, the Originators, the Servicer, the AdministratorHolder of the Special Interests, the Holder of the Voting Interest, the Owner Trustee, the Bank, the Indenture Trustee Trustee, or any Affiliate thereof and no recourse by such Certificateholder may be had against such parties or their assets, except as may be expressly set forth or contemplated in this Agreement, the Trust Certificates or the Basic Documents.

No Recourse. Each Certificateholder by accepting a Trust Certificate acknowledges that such Certificateholder's Trust ’s Certificates represent beneficial interests in the Trust only and do not represent interests in or obligations of the Depositor, the ServicerSeller, the AdministratorOwner Trustee, the TrusteeSecurities Administrator, 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 Trust Agreement, the Trust Certificates or the other Basic Documents.

No Recourse. Each Certificateholder by accepting a Trust Certificate acknowledges that such Certificateholder's Trust ’s Certificates represent beneficial interests in the Trust only and do not represent interests in or obligations of the Trust Depositor, the ServicerCollateral Manager, the AdministratorOwner Trustee, the TrusteeTrust Company, 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 Trust Agreement, the Trust Certificates or the Basic Transaction Documents.

No Recourse. Each Certificateholder by accepting a Trust Certificate acknowledges that such Certificateholder's Trust Certificates represent Certificate represents a beneficial interests interest in the Trust only and do does not represent interests an interest in or obligations an obligation of the Depositor, the Servicer, the Special Servicer, the Administrator, the Owner Trustee, 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 Trust Certificates or the Basic Documents.

No Recourse. Each Certificateholder The Trust Certificateholder, by accepting a Trust Certificate acknowledges that such Trust Certificateholder's Trust Certificates Certificate represent beneficial interests in the Trust only and do not represent interests in or obligations of the Depositor, the ServicerSponsor, the Administrator, the Owner Trustee, the Indenture Trustee 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 Trust Certificates Certificate or the Basic Documents.

No Recourse. Each Certificateholder by accepting a Trust Certificate acknowledges that such Certificateholder's Trust Certificates represent beneficial interests in the Trust B only and do not represent interests in or obligations of the Depositor, the Master Servicer, the AdministratorSponsor, the Owner Trustee, the Indenture Trustee 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 Trust Certificates or the Basic Operative Documents.

No Recourse. Each Certificateholder by accepting a ----------- Trust Certificate acknowledges that such Certificateholder's Trust Certificates represent beneficial interests in the Trust only and do not represent interests in or obligations of the Seller, the Master Servicer, any Subservicer, the Depositor, the ServicerCompany, the Administrator, the Eligible Lender Trustee, the Indenture Trustee or any Affiliate 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 Trust Certificates or the other Basic Documents.

No Recourse. Each Certificateholder by accepting a Trust ----------- Certificate acknowledges that such Certificateholder's Trust Certificates represent beneficial interests in the Trust only and do not represent interests in or obligations of the Depositor, the Servicer, the Administrator, the Owner Trustee, the Indenture Trustee Trustee, (the Swap Counterparty) 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 Trust Agreement, the Trust Certificates or the other Basic Documents.

No Recourse. Each Certificateholder by accepting a Trust Certificate acknowledges that such Certificateholder's Trust Certificates represent Certificate represents a beneficial interests interest in the Trust only and do does not represent interests an interest in or obligations an obligation of the Depositor, the Servicer, the Trust Administrator, the Owner Trustee, 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 Trust Certificates or the Basic Documents.

No Recourse. Each Certificateholder by accepting a Trust Certificate acknowledges that such Certificateholder's Trust the Certificates represent beneficial interests in the Trust only and do not represent interests in or obligations of the Depositor, the ServicerSeller, the AdministratorOwner Trustee, the TrusteeTrust Administrator, 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 Trust Agreement, the Trust Certificates or the Basic Documents.

No Recourse. Each Certificateholder by accepting ----------- a Trust Certificate acknowledges that such Certificateholder's Trust the Certificates represent beneficial interests in the Trust only and do not represent interests in or obligations of the Depositor, the ServicerSeller, the Administrator, the Owner Trustee, 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 Owner Trust Agreement, the Trust Certificates or the Basic Documents.

No Recourse. Each Certificateholder by accepting ----------- a Trust Certificate acknowledges that such Certificateholder's Trust Certificates represent beneficial interests in the Trust only and do not represent interests in or obligations of the Depositor, the Master Servicer, the Company, the Administrator, the Owner Trustee, 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 Trust Certificates or the Basic Documents.

No Recourse. Each Certificateholder by accepting a Trust Certificate acknowledges that such Certificateholder's Trust ’s Certificates represent beneficial interests in the Trust only and do not represent interests in or obligations of the Depositor, the ServicerSeller, the Administrator, the Owner Trustee, 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 Trust Agreement, the Trust Certificates or the Basic Documents.

No Recourse. Each Certificateholder by accepting a Trust Certificate acknowledges that such Certificateholder's Trust ’s Certificates represent beneficial interests in the Trust only and do not represent interests in or obligations of the DepositorRFS Holding, Inc., RFS Holding, L.L.C., the Servicer, the Administrator, the Trustee, 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 Trust Certificates or the Basic Related Documents.

No Recourse. Each Certificateholder by accepting a Trust Certificate acknowledges that such Certificateholder's ’s Trust Certificates represent beneficial interests in the Trust only and do not represent interests in or obligations of the DepositorInitial Beneficial Holder, the Master Servicer, the Administrator, the Owner Trustee, 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 Trust Certificates or the Basic Documents.

No Recourse. Each Certificateholder by accepting a Trust Certificate acknowledges that such Certificateholder's Trust Certificates represent beneficial interests in the Trust only and do does not represent interests an interest in or obligations obligation of the Depositor, the Master Servicer, the Depositor, the Company, the Administrator, the Eligible Lender Trustee, the Indenture Trustee or any Affiliate 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 Trust Certificates or the other Basic Documents.

No Recourse. Each Certificateholder by accepting a Trust Certificate acknowledges that such Certificateholder's Trust Certificates represent beneficial interests in the Trust only and do not represent interests in or obligations of the DepositorCEF Holding, the Servicer, the Administrator, the Trustee, 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 Trust Certificates or the Basic Related Documents.

No Recourse. Each Certificateholder Certificateholder, by accepting a Trust Certificate Certificate, acknowledges that such Certificateholder's Trust Certificates represent beneficial interests in the Trust only and do not represent interests in or obligations of the Depositor, the Servicer, the Administrator, the Trustee, 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 Trust Certificates or the Basic Documents.,

No Recourse. Each Certificateholder by accepting a Trust Certificate acknowledges that such Certificateholder's Trust Certificates represent Certificate represents a beneficial interests interest in the Trust only and do does not represent interests an interest in or obligations an obligation of the Seller, the Depositor, the Servicer, the Trust Administrator, the Owner Trustee, the Indenture Trustee Trustee, the Bond Administrator 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 Trust Certificates or the Basic Documents.

No Recourse. Each Certificateholder by accepting a Trust Certificate acknowledges that such Certificateholder's Trust Certificates represent beneficial interests in the Holding Trust only and do not represent interests in or obligations of the Depositor, the Master Servicer, the AdministratorSponsor, the Owner Trustee, the Indenture Trustee 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 Trust Certificates or the Basic Operative Documents.

No Recourse. Each Certificateholder by accepting a Trust Certificate acknowledges that such Certificateholder's Trust Certificates represent beneficial interests in the Trust only and do not represent interests in or obligations of the Trust Depositor,, the Servicer, the Seller, the Administrator, the Owner Trustee, the 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 my be expressly set forth or contemplated in this Agreement, the Trust Certificates or the Basic other Transaction Documents.