Common use of General Limited Recourse Clause in Contracts

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. Each party to the relevant Trust Deed this Security Agreement acknowledges and agrees that, in respect of any claim against the Issuer in connection with any relevant the Relevant Series of ETP Securities or otherwise (whether arising under the relevant Trust DeedSecurity Documents, 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 SecuritiesRelevant Series, subject always to the Security security constituted by the relevant Security Documents in respect of the Relevant Series and not to any other assets of the Issuer. Any unsecured claim by a party to the relevant Trust Deed this Security Agreement 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 section 20 shall be reduced pro rata so that the total value of all unsecured claims against the Issuer in respect of the relevant Relevant Series of ETP Securities shall not exceed the aggregate value of such the 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 6.5the Conditions, 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 Agreementsuch extinguishment, none of the parties to the relevant Trust Deed, any other Programme Party, the ETP Securityholders this Security Agreement 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. 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 Second 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. Each party to the relevant Trust Deed this Security Agreement acknowledges and agrees that, in respect of any claim against the Issuer in connection with any relevant the Relevant Series of ETP Securities or otherwise (whether arising under the relevant Trust DeedSecurity Documents, 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 SecuritiesRelevant Series, subject always to the Security security constituted by the relevant Security Documents in respect of the Relevant Series and not to any other assets of the Issuer. Any unsecured claim by a party to the relevant Trust Deed this Security Agreement 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 section 19 shall be reduced pro rata so that the total value of all unsecured claims against the Issuer in respect of the relevant Relevant Series of ETP Securities shall not exceed the aggregate value of such the 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 6.5the Conditions, 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 Agreementsuch extinguishment, none of the parties to the relevant Trust Deed, any other Programme Party, the ETP Securityholders this Security Agreement 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. Each party ‌ The obligations of the Issuer to (a) pay any amounts due and payable in respect of this Indenture, the Notes or any tranche or series of them and under the Note Documents; and (b) perform all obligations of the Issuer under this Indenture, the Notes or any tranche or series of them and under the other Note Documents, to the relevant Trust Deed acknowledges parties hereto under the Notes and agrees thatthis Indenture and under the other Note Documents at any time shall be limited to the proceeds available out of the Collateral in respect of the Notes or any tranche or series of them at such time to make payments of any such amounts due and payable in respect of this Indenture, the Notes and under the other Note Documents. Notwithstanding anything to the contrary contained herein or in any other Note Document, in respect of the Notes or any claim against tranche or series of them, the Issuer in connection with any relevant Series of ETP Securities or otherwise (whether arising parties hereto under the relevant Trust DeedNotes and this Indenture and under the other Note Documents (including, without limitation, the general law Holders or otherwise), it the Trustee and the Security Agent under this Indenture) shall only have recourse in the case of any claim whether secured or unsecured only to the Secured Property Collateral in respect of the relevant Series Notes or any tranche or series of ETP Securitiesthem (“Available Proceeds”), subject always to the terms of the Intercreditor Agreement, any Additional Intercreditor Agreement and the Security constituted by the relevant Security Documents 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 general assets of the Issuer. If, following realisation after (i) the Collateral in full respect of the such Secured Property Notes or any tranche or series of them is exhausted (whether by way following liquidation of liquidation the Issuer or enforcementthe taking of any enforcement action with respect to the Collateral or otherwise) and (ii) application of available cash sums as provided in Condition 6.5the Available Proceeds, this Clause 21 and any outstanding claim claim, debt or liability against the Issuer whether secured in relation to this Indenture, the Notes or unsecured any tranche or series of them and any other Note Documents remains unpaid, then such outstanding claim claim, debt or liability, as the case may be, 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 AgreementSection 11.01, none of the parties to hereto under the relevant Trust Deed, any Notes and this Indenture and under the other Programme Party, the ETP Securityholders Note Documents 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 claim, debt or liability and no debt shall be owed to any such persons by the Issuer or any of its officers, shareholders, members, incorporators, corporate service providers or directors in respect of such further sumsum in respect of the Notes or any tranche or series of them. No recourse under any obligation, covenant, or agreement of the Issuer contained in this Indenture, the Notes and under the other Note Documents shall be had against any shareholder, officer, agent or director of the Issuer as such, by the enforcement of any obligation or by any proceeding, by virtue of any statute or otherwise; it being expressly agreed and understood that this Indenture constitutes corporate obligations of the Issuer and no liability shall attach to or be incurred by the shareholders, officers, agents or directors of the Issuer as such, or any of them, under or by reason of any of the obligations, covenants or agreements of the Issuer contained in this Indenture, the Notes and under the other Note Documents or implied therefrom, and that any and all personal liability for breaches by the Issuer of any of such obligations, covenants or agreements, either at law or by statute or constitution, of every such shareholder, officer, agent or director is expressly waived by the other parties hereto as a condition of the execution of this Indenture. The provisions of this Section 11.01 shall survive termination of this Indenture.