Trust Certificates Nonassessable and Fully Paid. Certificateholders shall not be personally liable for obligations of the Issuer. The interests represented by the Trust Certificates shall be nonassessable for any losses or expenses of the Issuer or for any reason whatsoever, and, upon the authentication thereof by the Owner Trustee pursuant to Section 3.03, 3.04 or 3.05, the Trust Certificates are and shall be deemed fully paid.
Appears in 141 contracts
Samples: Trust Agreement (Honda Auto Receivables 2010-1 Owner Trust), Trust Agreement (Honda Auto Receivables 2013-3 Owner Trust), Trust Agreement (Honda Auto Receivables 2013-4 Owner Trust)
Trust Certificates Nonassessable and Fully Paid. Subject to Section 2.07, Trust Certificateholders shall not be personally liable for obligations of the Issuer. The interests represented by the Trust Certificates shall be nonassessable for any losses or expenses of the Issuer or for any reason whatsoever, and, upon the authentication thereof by the Owner Trustee pursuant to Section 3.03, 3.04 or and 3.05, the Trust Certificates are and shall be deemed fully paid.
Appears in 2 contracts
Samples: Trust Agreement (Ryder Truck Rental Lt), Trust Agreement (Ryder Funding Ii Lp)
