Limitation on Personal Liability. (a) Except as otherwise provided in Section 9.11(b), neither the Sponsor nor its officers, directors, partners, members, managers or employees, shall have personal liability under this Agreement or any other Sponsor Document for the payment of the payment Obligations or for the performance of any other Obligations of the Sponsor under the Sponsor Documents, and Xxxxxxx Mac’s only recourse for the satisfaction or performance of the Obligations shall be Xxxxxxx Mac’s exercise of its rights and remedies with respect to the UCC Collateral and any other collateral held by Xxxxxxx Mac as security for the Obligations. The foregoing notwithstanding, the Sponsor acknowledges that this Section 9.11(a) shall not be construed as limiting the coverage of, or any of Xxxxxxx Mac’s rights under, the Guaranty.
Appears in 3 contracts
Samples: Pledge and Security Agreement (America First Multifamily Investors, L.P.), Pledge and Security Agreement (America First Multifamily Investors, L.P.), Pledge and Security Agreement (America First Multifamily Investors, L.P.)
Limitation on Personal Liability. (a) Except as otherwise provided in Section 9.11(b), neither the Sponsor nor its officers, directors, partners, members, managers or employees, shall have personal liability under this Agreement or any other Sponsor Document for the payment of the payment Obligations or for the performance of any other Obligations of the Sponsor under the Sponsor Documents, and Xxxxxxx Fxxxxxx Mac’s only recourse for the satisfaction or performance of the Obligations shall be Xxxxxxx Fxxxxxx Mac’s exercise of its rights and remedies with respect to the UCC Collateral and any other collateral held by Xxxxxxx Fxxxxxx Mac as security for the Obligations. The foregoing notwithstanding, the Sponsor acknowledges that this Section 9.11(a) shall not be construed as limiting the coverage of, or any of Xxxxxxx Fxxxxxx Mac’s rights under, the Guaranty.
Appears in 2 contracts
Samples: Pledge and Security Agreement (America First Multifamily Investors, L.P.), Pledge and Security Agreement (America First Tax Exempt Investors Lp)
