General Limited Recourse. Each party to the relevant Trust Deed acknowledges and agrees that, in respect of any claim against the Issuer in connection with any relevant Series of ETP Securities or otherwise (whether arising under the relevant Trust Deed, the general law or otherwise), it shall only have recourse in the case of any claim whether secured or unsecured to the Secured Property in respect of the relevant Series of ETP Securities, subject always to the Security constituted by the relevant Security Documents and not to any other assets of the Issuer. Any unsecured claim by a party to the relevant Trust Deed and any claims against the Issuer of any other unsecured creditors of the Issuer who have agreed to limit their recourse in respect of such claim to such Secured Property on the same terms (mutatis mutandis) as this Clause 21.1 shall be reduced pro rata so that the total value of all unsecured claims against the Issuer in respect of the relevant Series of ETP Securities shall not exceed the aggregate value of such Secured Property after meeting claims secured thereon and the claims of any other creditors of the Issuer who have not agreed to limit their recourse to the specified assets of the Issuer. If, following realisation in full of the such Secured Property (whether by way of liquidation or enforcement) and application of available cash sums as provided in Condition 6.5, this Clause 21 and any outstanding claim against the Issuer whether secured or unsecured remains unpaid, then such outstanding claim shall be extinguished and no debt shall be owed by the Issuer in respect thereof. Following extinguishment in accordance with this Clause 21, with the exception of the Margin Loan Provider with respect to the LS Margin Account Agreement, none of the parties to the relevant Trust Deed, any other Programme Party, the ETP Securityholders or any other person acting on behalf of any of them shall be entitled to take any further steps against the Issuer or any of its officers, shareholders, corporate service providers or directors to recover any further sum in respect of the extinguished claim and no debt shall be owed to any such persons by the Issuer in respect of such further sum.
General Limited Recourse. The Transaction Counterparties, the Noteholders, the holders of Receipts and the Couponholders shall have recourse only to the Mortgaged Property, subject always to the Security, and not to any other assets of the Issuer. If after (i) the Mortgaged Property is exhausted (whether following Liquidation or enforcement of the Security) and (ii) application of the Enforcement Proceeds or the Net Proceeds as provided in Condition 4(d) (Application of Proceeds), any outstanding claim, debt or liability against the Issuer in respect of the relevant Notes or the Transaction Agreement relating to the relevant Notes remains unpaid, then such outstanding claim, debt or liability, as the case may be, shall be extinguished and the Issuer shall have no further obligation in respect thereof. Following extinguishment in accordance with Condition 11 (Limited Recourse and Non-Petition) and this Clause 20, none of the Transaction Counterparties, the Noteholders, the holders of Receipts, the Couponholders or any other person acting on behalf of any of them shall be entitled to take any further steps against the Issuer or any of its officers, shareholders, members, incorporators, corporate service providers or directors to recover any further sum in respect of the extinguished claim, debt or liability, and the Issuer shall have no obligation to any such persons in respect of such further sum.
