Common use of Limited Obligations Clause in Contracts

Limited Obligations. (a) THE CERTIFICATES ARE SPECIAL LIMITED OBLIGATIONS OF THE ISSUER PAYABLE SOLELY FROM THE TRUST ESTATE AND, EXCEPT FROM SUCH SOURCE, NONE OF THE ISSUER, ANY MEMBER, ANY ISSUER SPONSOR, ANY ISSUER INDEMNIFIED PARTY, THE STATE OF WISCONSIN OR ANY POLITICAL SUBDIVISION OR AGENCY THEREOF OR ANY POLITICAL SUBDIVISION APPROVING THE ISSUANCE OF THE CERTIFICATES SHALL BE OBLIGATED FOR THE PAYMENT OF DISTRIBUTIONS ON THE CERTIFICATES OR ANY COSTS INCIDENTAL THERETO, EXCEPT AS PROVIDED IN THIS TRUST AGREEMENT AND TO THE EXTENT OF THE TRUST ESTATE. THE CERTIFICATES ARE NOT A DEBT OF THE STATE OF WISCONSIN OR ANY MEMBER AND DO NOT, DIRECTLY, INDIRECTLY OR CONTINGENTLY, OBLIGATE, IN ANY MANNER, ANY MEMBER, THE STATE OF WISCONSIN OR ANY POLITICAL SUBDIVISION OR AGENCY THEREOF OR ANY POLITICAL SUBDIVISION APPROVING THE ISSUANCE OF THE CERTIFICATES TO LEVY ANY TAX OR TO MAKE ANY APPROPRIATION FOR THE PAYMENT OF THE DISTRIBUTIONS ON THE CERTIFICATES OR ANY COSTS INCIDENTAL THERETO. NEITHER THE FAITH AND CREDIT NOR THE TAXING POWER OF ANY MEMBER, THE STATE OF WISCONSIN OR ANY POLITICAL SUBDIVISION OR AGENCY THEREOF OR ANY POLITICAL SUBDIVISION APPROVING THE ISSUANCE OF THE CERTIFICATES, NOR THE FAITH AND CREDIT OF THE ISSUER, ANY ISSUER SPONSOR OR ANY ISSUER INDEMNIFIED PARTY, SHALL BE PLEDGED TO THE PAYMENT OF THE DISTRIBUTIONS ON THE CERTIFICATES OR ANY COSTS INCIDENTAL THERETO. THE ISSUER HAS NO TAXING POWER. (b) NO RECOURSE SHALL BE HAD FOR THE PAYMENT OF DISTRIBUTIONS ON THE CERTIFICATES AGAINST ANY ISSUER INDEMNIFIED PARTY, UNDER ANY RULE OF LAW OR EQUITY, STATUTE, OR CONSTITUTION OR BY THE ENFORCEMENT OF ANY ASSESSMENT OR PENALTY OR OTHERWISE, AND ALL SUCH LIABILITY OF ANY SUCH PERSON, AS SUCH, IS HEREBY EXPRESSLY WAIVED AND RELEASED AS A CONDITION OF AND CONSIDERATION FOR THE EXECUTION AND ISSUANCE OF THE CERTIFICATES.

Appears in 2 contracts

Samples: Trust Agreement (Greystone Housing Impact Investors LP), Trust Agreement (Greystone Housing Impact Investors LP)

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Limited Obligations. (a) THE CERTIFICATES BONDS ARE SPECIAL LIMITED OBLIGATIONS OF THE ISSUER ISSUER, PAYABLE SOLELY FROM THE TRUST ESTATE AND, EXCEPT FROM SUCH SOURCE, NONE OUT OF THE ISSUERREVENUES, ANY MEMBERRECEIPTS, ANY ISSUER SPONSOR, ANY ISSUER INDEMNIFIED PARTY, THE STATE OF WISCONSIN OR ANY POLITICAL SUBDIVISION OR AGENCY THEREOF OR ANY POLITICAL SUBDIVISION APPROVING THE ISSUANCE OF THE CERTIFICATES SHALL BE OBLIGATED FOR THE PAYMENT OF DISTRIBUTIONS ON THE CERTIFICATES OR ANY COSTS INCIDENTAL THERETO, EXCEPT AS PROVIDED IN AND OTHER MONEYS PLEDGED THEREFOR UNDER THIS TRUST AGREEMENT AND TO THE EXTENT OF THE TRUST ESTATEINDENTURE. THE CERTIFICATES BONDS ARE NOT A DEBT OF THE STATE OF WISCONSIN STATE, THE ISSUER (EXCEPT TO THE LIMITED EXTENT SET FORTH IN THIS INDENTURE) OR ANY MEMBER OTHER POLITICAL SUBDIVISION OF THE STATE, AND DO NOT, DIRECTLY, INDIRECTLY OR CONTINGENTLY, OBLIGATE, IN ANY MANNER, ANY MEMBERNONE OF THE STATE, THE STATE OF WISCONSIN ISSUER (EXCEPT TO THE LIMITED EXTENT SET FORTH IN THIS INDENTURE) OR ANY OTHER POLITICAL SUBDIVISION OR AGENCY THEREOF OR ANY POLITICAL SUBDIVISION APPROVING THE ISSUANCE OF THE CERTIFICATES TO LEVY ANY TAX OR TO MAKE ANY APPROPRIATION STATE IS LIABLE FOR THE PAYMENT OF THE DISTRIBUTIONS ON THE CERTIFICATES OR ANY COSTS INCIDENTAL THERETOBONDS. NEITHER THE FAITH AND CREDIT OF THE STATE, THE ISSUER NOR THE TAXING POWER OF ANY MEMBER, OTHER POLITICAL SUBDIVISION OF THE STATE OF WISCONSIN OR ANY POLITICAL SUBDIVISION OR AGENCY THEREOF OR ANY POLITICAL SUBDIVISION APPROVING THE ISSUANCE OF THE CERTIFICATES, NOR THE FAITH AND CREDIT OF THE ISSUER, ANY ISSUER SPONSOR OR ANY ISSUER INDEMNIFIED PARTY, SHALL BE ARE PLEDGED TO THE PAYMENT OF THE DISTRIBUTIONS PRINCIPAL OR OF INTEREST ON THE CERTIFICATES BONDS. No recourse shall be had for the payment of the principal of, premium, if any, or interest on any of the Bonds, or for any claim based thereon or upon any obligation, covenant or agreement contained herein or therein, against any past, present or future Councilmember, officer, employee or agent of the Issuer, under any rule of law or equity or statutory or constitutional provision, or by the enforcement of any assessment or penalty or otherwise. DESPITE THE COMMITMENT FROM XXXXXXX MAC TO PROVIDE THE CREDIT FACILITY FROM AND AFTER THE CONVERSION DATE, THE BONDS ARE NOT A DEBT OF THE UNITED STATES OF AMERICA, ANY AGENCY OF THE UNITED STATES OF AMERICA, OR ANY COSTS INCIDENTAL THERETOOF XXXXXXX MAC, AND ARE NOT GUARANTEED BY THE FULL FAITH AND CREDIT OF THE UNITED STATES OF AMERICA OR BY XXXXXXX MAC. PAYMENT OF THE PRINCIPAL OF, PREMIUM, IF ANY, OR INTEREST ON THE BONDS IS NOT GUARANTEED BY XXXXXXX MAC. THE ISSUER HAS NO TAXING POWER. (b) NO RECOURSE SHALL BE HAD FOR OBLIGATIONS OF XXXXXXX MAC CONTEMPLATED UNDER THE PAYMENT CREDIT ENHANCEMENT AGREEMENT ARE OBLIGATIONS SOLELY OF DISTRIBUTIONS ON THE CERTIFICATES AGAINST ANY ISSUER INDEMNIFIED PARTY, UNDER ANY RULE OF LAW OR EQUITY, STATUTE, OR CONSTITUTION OR XXXXXXX MAC AND ARE NOT BACKED BY THE ENFORCEMENT OF ANY ASSESSMENT OR PENALTY OR OTHERWISE, FULL FAITH AND ALL SUCH LIABILITY OF ANY SUCH PERSON, AS SUCH, IS HEREBY EXPRESSLY WAIVED AND RELEASED AS A CONDITION OF AND CONSIDERATION FOR THE EXECUTION AND ISSUANCE CREDIT OF THE CERTIFICATESUNITED STATES OF AMERICA. Any obligation of the Issuer under this Indenture to the Credit Facility Provider by reason of the pledge of the Trust Estate for the benefit of the Credit Facility Provider pursuant to the Granting Clause of this Indenture shall be limited as provided in Sections 5.09 and 11.09 hereof.

Appears in 1 contract

Samples: Trust Indenture

Limited Obligations. (a) NOTWITHSTANDING ANY OTHER PROVISION OF THIS FUNDING LOAN AGREEMENT TO THE CERTIFICATES ARE CONTRARY, THE ISSUER SHALL BE OBLIGATED TO PAY THE PRINCIPAL OF, PREMIUM, IF ANY, AND INTEREST ON, THE GOVERNMENTAL NOTE SOLELY OUT OF THE REVENUES RECEIVED UNDER THE PROJECT LOAN AGREEMENT. THE GOVERNMENTAL NOTE SHALL BE A SPECIAL LIMITED OBLIGATIONS OBLIGATION OF THE ISSUER PAYABLE SOLELY FROM THE TRUST ESTATE ANDREVENUES DERIVED FROM THE PROJECT LOAN AGREEMENT. THE GOVERNMENTAL NOTE SHALL CONSTITUTE A VALID CLAIM OF THE HOLDER THEREOF AGAINST THE SUCH REVENUES, WHICH ARE PLEDGED TO SECURE THE PAYMENT OF THE PRINCIPAL OF, PREMIUM, IF ANY, AND INTEREST ON THE GOVERNMENTAL NOTE AND WHICH SHALL BE UTILIZED FOR NO OTHER PURPOSE, EXCEPT FROM SUCH SOURCE, NONE AS EXPRESSLY AUTHORIZED IN THE FUNDING LOAN AGREEMENT. THE GOVERNMENTAL NOTE SHALL NEVER CONSTITUTE AN INDEBTEDNESS OR GENERAL OBLIGATION OF THE ISSUER, ANY MEMBER, ANY ISSUER SPONSOR, ANY ISSUER INDEMNIFIED PARTY, THE STATE OF WISCONSIN TEXAS, THE CITY OF AUSTIN, TEXAS, THE SPONSOR, OR ANY OTHER POLITICAL SUBDIVISION OR AGENCY THEREOF OR ANY POLITICAL SUBDIVISION APPROVING THE ISSUANCE OF THE CERTIFICATES SHALL BE OBLIGATED FOR THE PAYMENT OF DISTRIBUTIONS ON THE CERTIFICATES OR ANY COSTS INCIDENTAL THERETO, EXCEPT AS PROVIDED IN THIS TRUST AGREEMENT AND TO THE EXTENT OF THE TRUST ESTATE. THE CERTIFICATES ARE NOT A DEBT OF THE STATE OF WISCONSIN TEXAS, WITHIN THE MEANING OF ANY CONSTITUTIONAL PROVISION OR ANY MEMBER AND DO NOT, DIRECTLY, INDIRECTLY OR CONTINGENTLY, OBLIGATE, IN ANY MANNER, ANY MEMBER, THE STATE OF WISCONSIN OR ANY POLITICAL SUBDIVISION OR AGENCY THEREOF OR ANY POLITICAL SUBDIVISION APPROVING THE ISSUANCE OF THE CERTIFICATES TO LEVY ANY TAX OR TO MAKE ANY APPROPRIATION FOR THE PAYMENT OF THE DISTRIBUTIONS ON THE CERTIFICATES OR ANY COSTS INCIDENTAL THERETOSTATUTORY LIMITATION WHATSOEVER. NEITHER THE FAITH AND CREDIT NOR THE TAXING POWER OF ANY MEMBER, THE STATE OF WISCONSIN TEXAS, THE CITY OF AUSTIN, TEXAS, THE SPONSOR, OR ANY OTHER POLITICAL SUBDIVISION OR AGENCY THEREOF OR ANY POLITICAL SUBDIVISION APPROVING THE ISSUANCE OF THE CERTIFICATES, NOR THE FAITH AND CREDIT STATE OF THE ISSUER, ANY ISSUER SPONSOR OR ANY ISSUER INDEMNIFIED PARTY, SHALL BE TEXAS IS PLEDGED TO THE PAYMENT OF THE DISTRIBUTIONS ON PRINCIPAL OF THE CERTIFICATES GOVERNMENTAL NOTE OR THE INTEREST OR ANY PREMIUM THEREON OR OTHER COSTS INCIDENTAL INCIDENT THERETO. THE ISSUER HAS NO TAXING POWER. (b) NO RECOURSE SHALL BE HAD FOR THE PAYMENT OF DISTRIBUTIONS ON THE CERTIFICATES AGAINST ANY ISSUER INDEMNIFIED PARTY, UNDER ANY RULE OF LAW OR EQUITY, STATUTE, OR CONSTITUTION OR BY THE ENFORCEMENT OF ANY ASSESSMENT OR PENALTY OR OTHERWISE, AND ALL SUCH LIABILITY OF ANY SUCH PERSON, AS SUCH, IS HEREBY EXPRESSLY WAIVED AND RELEASED AS A CONDITION OF AND CONSIDERATION FOR THE EXECUTION AND ISSUANCE OF THE CERTIFICATES.

Appears in 1 contract

Samples: Trust Indenture

Limited Obligations. (a) THE CERTIFICATES ARE SPECIAL LIMITED OBLIGATIONS OF THE ISSUER PAYABLE SOLELY FROM THE TRUST ESTATE AND, EXCEPT FROM SUCH SOURCE, NONE OF THE ISSUER, ANY MEMBER, ANY ISSUER SPONSOR, ANY ISSUER INDEMNIFIED PARTY, THE STATE OF WISCONSIN OR ANY POLITICAL SUBDIVISION OR AGENCY THEREOF OR ANY POLITICAL SUBDIVISION APPROVING THE ISSUANCE OF THE CERTIFICATES SHALL BE OBLIGATED FOR THE PAYMENT OF DISTRIBUTIONS ON THE CERTIFICATES OR ANY COSTS INCIDENTAL THERETO, EXCEPT AS PROVIDED IN THIS TRUST AGREEMENT AND TO THE EXTENT OF THE TRUST ESTATE. THE CERTIFICATES ARE NOT A DEBT OF THE STATE OF WISCONSIN OR ANY MEMBER AND DO NOT, DIRECTLY, INDIRECTLY OR CONTINGENTLY, OBLIGATE, IN ANY MANNER, ANY MEMBER, THE STATE OF WISCONSIN OR ANY POLITICAL SUBDIVISION OR AGENCY THEREOF OR ANY POLITICAL SUBDIVISION APPROVING THE ISSUANCE OF THE CERTIFICATES TO LEVY ANY TAX OR TO MAKE ANY APPROPRIATION FOR THE PAYMENT OF THE DISTRIBUTIONS ON THE CERTIFICATES OR ANY COSTS INCIDENTAL THERETO. NEITHER THE FAITH AND CREDIT NOR THE TAXING POWER OF ANY MEMBER, THE STATE OF WISCONSIN OR ANY POLITICAL SUBDIVISION OR AGENCY THEREOF OR ANY POLITICAL SUBDIVISION APPROVING THE ISSUANCE OF THE CERTIFICATES, NOR THE FAITH AND CREDIT OF THE ISSUER, ANY ISSUER SPONSOR OR ANY ISSUER INDEMNIFIED PARTY, SHALL BE PLEDGED TO THE PAYMENT OF THE DISTRIBUTIONS ON THE CERTIFICATES OR ANY COSTS INCIDENTAL THERETO. THE ISSUER HAS NO TAXING POWER. . (b) NO RECOURSE SHALL BE HAD FOR THE PAYMENT OF DISTRIBUTIONS ON THE CERTIFICATES AGAINST ANY ISSUER INDEMNIFIED PARTY, UNDER ANY RULE OF LAW OR EQUITY, STATUTE, OR CONSTITUTION OR BY THE ENFORCEMENT OF ANY ASSESSMENT OR PENALTY OR OTHERWISE, AND ALL SUCH LIABILITY OF ANY SUCH PERSON, AS SUCH, IS HEREBY EXPRESSLY WAIVED AND RELEASED AS A CONDITION OF AND CONSIDERATION FOR THE EXECUTION AND ISSUANCE OF THE CERTIFICATES. (c) To the fullest extent permitted by law and except as provided herein, none of the Issuer, the Trustee, the Dissemination Agent, the Administrator or the Custodian, shall have any personal liability for the Certificates, Distributions or any obligations of the Portfolio or for any losses, claims, damages, liabilities or expenses of the Underlying Enhanced Receipts. The Trustee shall not have any liability or obligation hereunder with respect to the Issuer, the Administrator, the Dissemination Agent, the Custodian, the Holders, the Beneficial Owners, or any other Person, except as otherwise expressly provided herein. (d) No Issuer Indemnified Party (including any Issuer Indemnified Party who executes any certificate in connection with the Certificates that restates or certifies as to the truth and accuracy thereof) shall be individually or personally liable for the breach by the Issuer of any representation or covenant contained in the document. (e) All Distributions made by the Trustee shall be made only from the income and proceeds of the Portfolio Assets to the extent available for distribution as set forth herein. Each Holder, by its acceptance of a Certificate, agrees that it will look solely to the income and proceeds from the Portfolio Assets to the extent available for distribution to it as provided herein and that the Issuer is not personally liable to any Holder or Beneficial Owner for any Distributions. (f) Nothing in the Certificates or in this Trust Agreement shall be considered or construed as pledging any funds or assets of the Issuer other than those deposited hereby or creating any liability of the Issuer Indemnified Parties.

Appears in 1 contract

Samples: Trust Agreement (Greystone Housing Impact Investors LP)

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Limited Obligations. (a) THE CERTIFICATES BONDS ARE SPECIAL LIMITED OBLIGATIONS OF THE ISSUER ISSUER, PAYABLE SOLELY FROM THE TRUST ESTATE AND, EXCEPT FROM SUCH SOURCE, NONE OUT OF THE ISSUERREVENUES, ANY MEMBERRECEIPTS, ANY ISSUER SPONSOR, ANY ISSUER INDEMNIFIED PARTY, THE STATE OF WISCONSIN OR ANY POLITICAL SUBDIVISION OR AGENCY THEREOF OR ANY POLITICAL SUBDIVISION APPROVING THE ISSUANCE OF THE CERTIFICATES SHALL BE OBLIGATED FOR THE PAYMENT OF DISTRIBUTIONS ON THE CERTIFICATES OR ANY COSTS INCIDENTAL THERETO, EXCEPT AS PROVIDED IN AND OTHER MONEYS PLEDGED THEREFOR UNDER THIS TRUST AGREEMENT AND TO THE EXTENT OF THE TRUST ESTATEINDENTURE. THE CERTIFICATES BONDS ARE NOT A DEBT OF THE STATE OF WISCONSIN STATE, THE ISSUER (EXCEPT TO THE LIMITED EXTENT SET FORTH IN THIS INDENTURE) OR ANY MEMBER OTHER POLITICAL SUBDIVISION OF THE STATE, AND DO NOT, DIRECTLY, INDIRECTLY OR CONTINGENTLY, OBLIGATE, IN ANY MANNER, ANY MEMBERNONE OF THE STATE, THE STATE OF WISCONSIN ISSUER (EXCEPT TO THE LIMITED EXTENT SET FORTH IN THIS INDENTURE) OR ANY OTHER POLITICAL SUBDIVISION OR AGENCY THEREOF OR ANY POLITICAL SUBDIVISION APPROVING THE ISSUANCE OF THE CERTIFICATES TO LEVY ANY TAX OR TO MAKE ANY APPROPRIATION STATE IS LIABLE FOR THE PAYMENT OF THE DISTRIBUTIONS ON THE CERTIFICATES OR ANY COSTS INCIDENTAL THERETOBONDS. NEITHER THE FAITH AND CREDIT OF THE STATE, THE ISSUER NOR THE TAXING POWER OF ANY MEMBER, OTHER POLITICAL SUBDIVISION OF THE STATE OF WISCONSIN OR ANY POLITICAL SUBDIVISION OR AGENCY THEREOF OR ANY POLITICAL SUBDIVISION APPROVING THE ISSUANCE OF THE CERTIFICATES, NOR THE FAITH AND CREDIT OF THE ISSUER, ANY ISSUER SPONSOR OR ANY ISSUER INDEMNIFIED PARTY, SHALL BE ARE PLEDGED TO THE PAYMENT OF THE DISTRIBUTIONS PRINCIPAL OR OF INTEREST ON THE CERTIFICATES BONDS. No recourse shall be had for the payment of the principal of, premium, if any, or interest on any of the Bonds, or for any claim based thereon or upon any obligation, covenant or agreement contained herein or therein, against any past, present or future Councilmember, officer, employee or agent of the Issuer, under any rule of law or equity or statutory or constitutional provision, or by the enforcement of any assessment or penalty or otherwise. DESPITE THE COMMITMENT FROM FREDDIE MAC TO PROVIDE THE CREDIT FACILITY FROM AND AFTER THE CONVERSION DATE, THE BONDS ARE NOT A DEBT OF THE UNITED STATES OF AMERICA, ANY AGENCY OF THE UNITED STATES OF AMERICA, OR ANY COSTS INCIDENTAL THERETOOF FREDDIE MAC, AND ARE NOT GUARANTEED BY THE FULL FAITH AND CREDIT OF THE UNITED STATES OF AMERICA OR BY FREDDIE MAC. PAYMENT OF THE PRINCIPAL OF, PREMIUM, IF ANY, OR INTEREST ON THE BONDS IS NOT GUARANTEED BY FREDDIE MAC. THE ISSUER HAS NO TAXING POWER. (b) NO RECOURSE SHALL BE HAD FOR OBLIGATIONS OF FREDDIE MAC CONTEMPLATED UNDER THE PAYMENT CREDIT ENHANCEMENT AGREEMENT ARE OBLIGATIONS SOLELY OF DISTRIBUTIONS ON THE CERTIFICATES AGAINST ANY ISSUER INDEMNIFIED PARTY, UNDER ANY RULE OF LAW OR EQUITY, STATUTE, OR CONSTITUTION OR FREDDIE MAC AND ARE NOT BACKED BY THE ENFORCEMENT OF ANY ASSESSMENT OR PENALTY OR OTHERWISE, FULL FAITH AND ALL SUCH LIABILITY OF ANY SUCH PERSON, AS SUCH, IS HEREBY EXPRESSLY WAIVED AND RELEASED AS A CONDITION OF AND CONSIDERATION FOR THE EXECUTION AND ISSUANCE CREDIT OF THE CERTIFICATESUNITED STATES OF AMERICA. Any obligation of the Issuer under this Indenture to the Credit Facility Provider by reason of the pledge of the Trust Estate for the benefit of the Credit Facility Provider pursuant to the Granting Clause of this Indenture shall be limited as provided in Sections 5.09 and 11.09 hereof.

Appears in 1 contract

Samples: Trust Indenture

Limited Obligations. (a) THE CERTIFICATES ARE SPECIAL GOVERNMENTAL NOTE IS A SPECIAL, LIMITED OBLIGATIONS OBLIGATION OF THE ISSUER PAYABLE GOVERNMENTAL LENDER PAYABLE, AS TO PRINCIPAL, PREMIUM, IF ANY, AND INTEREST SOLELY FROM THE TRUST ESTATE AND, EXCEPT FROM SUCH SOURCE, NONE PLEDGED REVENUES AND OTHER FUNDS AND MONEYS AND SECURITY PLEDGED AND ASSIGNED HEREUNDER. THE GOVERNMENTAL NOTE SHALL CONSTITUTE A VALID CLAIM OF THE ISSUEROWNER OR OWNERS THEREOF AGAINST THE PLEDGED REVENUES AND OTHER FUNDS AND MONEYS AND SECURITY PLEDGED AND ASSIGNED HEREUNDER, ANY MEMBERWHICH ARE PLEDGED TO SECURE THE PAYMENT OF THE PRINCIPAL OF AND INTEREST ON THE GOVERNMENTAL NOTE, ANY ISSUER SPONSOR, ANY ISSUER INDEMNIFIED PARTY, AND WHICH SHALL BE USED FOR NO OTHER PURPOSE EXCEPT AS EXPRESSLY AUTHORIZED IN THIS FUNDING LOAN AGREEMENT. THE GOVERNMENTAL NOTE SHALL NOT BE A DEBT OR INDEBTEDNESS OF THE STATE OF WISCONSIN OR ANY POLITICAL SUBDIVISION OR AGENCY THEREOF OR THEREOF, AND NEITHER THE STATE NOR ANY POLITICAL SUBDIVISION APPROVING THEREOF SHALL BE LIABLE THEREON, NOR IN ANY EVENT SHALL THE ISSUANCE GOVERNMENTAL NOTE BE PAYABLE OUT OF ANY FUNDS OR PROPERTIES OTHER THAN THOSE OF THE CERTIFICATES SHALL BE OBLIGATED FOR THE PAYMENT OF DISTRIBUTIONS ON THE CERTIFICATES OR ANY COSTS INCIDENTAL THERETO, EXCEPT AS PROVIDED IN GOVERNMENTAL LENDER PLEDGED UNDER THIS TRUST AGREEMENT AND TO THE EXTENT OF THE TRUST ESTATEFUNDING LOAN AGREEMENT. THE CERTIFICATES ARE GOVERNMENTAL NOTE SHALL NOT CONSTITUTE AN INDEBTEDNESS OR A MULTIPLE FISCAL-YEAR FINANCIAL OBLIGATION WITHIN THE MEANING OF ANY CONSTITUTIONAL OR STATUTORY DEBT OF LIMITATION OR RESTRICTION. NEITHER THE STATE OF WISCONSIN OR ANY MEMBER AND DO NOT, DIRECTLY, INDIRECTLY OR CONTINGENTLY, OBLIGATE, IN ANY MANNER, ANY MEMBER, THE STATE OF WISCONSIN OR NOR ANY POLITICAL SUBDIVISION OR AGENCY THEREOF OR ANY POLITICAL SUBDIVISION APPROVING (EXCEPT THE ISSUANCE OF GOVERNMENTAL LENDER FROM THE CERTIFICATES TO LEVY ANY TAX OR TO MAKE ANY APPROPRIATION SOURCES IDENTIFIED HEREIN) SHALL BE LIABLE FOR THE PAYMENT OF THE DISTRIBUTIONS GOVERNMENTAL NOTE NOR IN ANY EVENT SHALL PRINCIPAL OF, PREMIUM, IF ANY, AND INTEREST ON THE CERTIFICATES OR ANY COSTS INCIDENTAL THERETO. NEITHER THE FAITH AND CREDIT NOR THE TAXING POWER GOVERNMENTAL NOTE BE PAYABLE OUT OF ANY MEMBER, THE STATE OF WISCONSIN FUNDS OR ANY POLITICAL SUBDIVISION OR AGENCY THEREOF OR ANY POLITICAL SUBDIVISION APPROVING THE ISSUANCE OF THE CERTIFICATES, NOR THE FAITH AND CREDIT OF THE ISSUER, ANY ISSUER SPONSOR OR ANY ISSUER INDEMNIFIED PARTY, SHALL BE ASSETS OTHER THAN THOSE PLEDGED TO THAT PURPOSE BY THE PAYMENT OF THE DISTRIBUTIONS ON THE CERTIFICATES OR ANY COSTS INCIDENTAL THERETOGOVERNMENTAL LENDER HEREIN. THE ISSUER GOVERNMENTAL LENDER HAS NO TAXING POWER. . (b) NO RECOURSE SHALL BE HAD FOR THE PAYMENT OF DISTRIBUTIONS ON THE CERTIFICATES AGAINST ANY ISSUER INDEMNIFIED PARTYThe Borrower hereby acknowledges that the Governmental Xxxxxx’s sole source of money to repay the Funding Loan will be provided by the Revenues, UNDER ANY RULE OF LAW OR EQUITYtogether with investment income on certain funds and accounts held by the Fiscal Agent under the Project Loan Agreement, STATUTEand hereby agrees that if the payments to be made hereunder shall ever prove insufficient to pay all principal (or prepayment premium) and interest on the Funding Loan as the same shall become due (whether by maturity, OR CONSTITUTION OR BY THE ENFORCEMENT OF ANY ASSESSMENT OR PENALTY OR OTHERWISEprepayment, AND ALL SUCH LIABILITY OF ANY SUCH PERSONacceleration or otherwise), AS SUCHthen upon notice from the Fiscal Agent, IS HEREBY EXPRESSLY WAIVED AND RELEASED AS A CONDITION OF AND CONSIDERATION FOR THE EXECUTION AND ISSUANCE OF THE CERTIFICATESsubject to the limitations in Section 4.06 of the Project Loan Agreement, the Borrower shall pay such amounts as are required from time to time to prevent any deficiency or default in the payment of such principal (or prepayment premium) or interest, including, but not limited to, any deficiency caused by acts, omissions, nonfeasance or malfeasance on the part of the Fiscal Agent, the Borrower, the Governmental Lender or any third party, subject to any right of reimbursement from the Fiscal Agent, the Governmental Lender or any such third party, as the case may be, therefor.

Appears in 1 contract

Samples: Funding Loan Agreement

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