Limited Recourse and Non-Petition. (a) The Secured Parties shall have recourse only to the proceeds of the realization of Collateral once the proceeds have been applied in accordance with the terms of the Pledge and Security Agreement (the “Net Proceeds”). If the Net Proceeds are insufficient to discharge all payments which, but for the effect of this clause, would then be due (the “Amounts Due”), the obligation of the Company shall be limited to the amounts available from the Net Proceeds and no debt shall be owed to the Secured Parties by the Company for any further sum. The Secured Parties shall not take any action or commence any proceedings against the Company to recover any amounts due and payable by the Company under this Agreement except as expressly permitted by the provisions of this Agreement. The Secured Parties shall not take any action or commence any proceedings or petition a court for the liquidation of the Company, nor enter into any arrangement, reorganization or insolvency proceedings in relation to the Company whether under the laws of the Cayman Islands or other applicable bankruptcy laws until after the later to occur of the payment of all of the Amounts Due or the application of all of the Net Proceeds.
Limited Recourse and Non-Petition. The Seller shall have recourse only to the net assets of the Purchase (other than any Collateral excluded pursuant to Section 2.1 of the Security Agreement) (the “Purchaser Assets”) following the realization of Collateral in accordance with the terms of the Security Agreement. If the proceeds following the realization of such Purchaser Assets (the “Net Proceeds”) are insufficient discharge all payments which, but for the effect of this clause, would then be due and payable to the Seller herunder (the “Amounts Due”), the obligation of the Purchaser to the Seller hereunder shall be limited to the amounts available from the Net Proceeds and no debt shall be owed to the Seller by the Purchaser for any further sum. The Seller shall not take any action or commence any proceedings against the Purchaser to recover any Amounts Due except as expressly permitted by the provisions of this Agreement. The Seller shall not take any action or commence any proceedings or petition a court for the liquidation of Purchaser, nor enter into any arrangement, reorganisation or insolvency proceedings in relation to the Purchaser whether under the laws of the Cayman Islands or other applicable bankruptcy laws until after the later to occur of the payment of all of the Amounts Due or the application of all of the Net Proceeds. The Seller hereby acknowledges and agrees that the Purchaser’s obligations under this Agreement are solely the corporate obligations of the Purchaser, and that the Seller shall not have any recourse against any of the directors, officers or employees of the Purchaser for any claims, losses, damages, liabilities, indemnities or other obligations whatsoever in connection with any transactions contemplated by this Agreement. [****] = CERTAIN CONFIDENTIAL INFORMATION CONTAINED IN THIS DOCUMENT, MARKED BY BRACKETS, HAS BEEN OMITTED AND FILED SEPARATELY WITH THE SECURITIES AND EXCHANGE COMMISSION PURSUANT TO RULE 406 OF THE SECURITIES ACT OF 1933, AS AMENDED.
Limited Recourse and Non-Petition. (a) Notwithstanding any other provision of this Agreement, the Servicer, the Special Servicer, the Collateral Manager, the Note Administrator, the Advancing Agent and the Trustee hereby agree and acknowledge that the obligations of the Issuer under this Agreement are limited recourse obligations of the Issuer payable solely from the Commercial Real Estate Loans as contemplated hereby or in accordance with the Priority of Payments (as defined in the Indenture), and, following realization of all of the Commercial Real Estate Loans, all obligations of the Issuer and all claims of the Servicer, the Special Servicer, the Collateral Manager, the Advancing Agent, the Note Administrator and the Trustee against the Issuer under this Agreement shall be extinguished and shall not thereafter revive. Each of the Servicer, the Special Servicer, the Collateral Manager, the Advancing Agent, the Note Administrator and the Trustee hereby agrees and acknowledges that the Issuer’s obligations hereunder will be solely the corporate obligations of the Issuer, and that none of the Servicer, the Special Servicer, the Collateral Manager, the Advancing Agent, the Note Administrator or the Trustee will have any recourse to any of the directors, officers, employees, shareholders or Affiliates of the Issuer with respect to any claims, losses, damages, liabilities, indemnities or other obligations in connection with any transaction contemplated hereby.
Limited Recourse and Non-Petition. No party to this Agreement (nor any other person acting on their behalf) shall be entitled at any time to institute against the Issuer, or join in any institution against the Issuer of, any bankruptcy, administration, moratorium, reorganisation, controlled management, arrangement, insolvency, examinership, winding-up or liquidation proceedings or similar insolvency proceedings under any applicable bankruptcy or similar law in connection with any obligation of the Issuer under this Agreement, save for lodging a claim in the liquidation of the Issuer which is initiated by another party or taking proceedings to obtain a declaration or judgment as to the obligations of the Issuer. The parties to this Agreement hereby agree that they shall have recourse in respect of any claim against the Issuer only to sums in respect of principal, interest or other amounts (if any), as the case may be, received by or for the account of the Issuer (after deduction or withholding of such taxes as may be required to be made by the Issuer by law in respect of such sum or in respect of the Notes and for which the Issuer has not received a corresponding payment (also after deduction or withholding of such taxes or duties as may be required to be made by the issuer in respect thereof) pursuant to the Loan Agreement) pursuant to the Loan Agreement (the “Issuer Assets”), subject always to (i) the Security Interests (as defined in the Trust Deed) and (ii) to the fact that any claims of the Agents shall rank in priority to any claims of RZD, and that any such claim by any and all such Agents or RZD shall be reduced pro rata so that the total of all such claims does not exceed the aggregate value of the Issuer Assets after meeting claims secured on them. The Trustee having realised the Issuer Assets, neither any Agent, RZD nor any person acting on its behalf shall be entitled to take any further steps against the Issuer to recover any further sums and no debt shall be owed by the Issuer to such person in respect of any such further sum. No party to this Agreement shall have any recourse against any director, shareholder or officer of the Issuer in respect of any obligations, covenants or agreement entered into or made by the Issuer in respect of this Agreement, except to the extent that any such person acts in bad faith or is negligent in the context of its obligations. The provisions of this Clause 19 shall survive the termination of this Agreement. SCHEDULE 1 Specified Offices of th...
Limited Recourse and Non-Petition. 11.1 Notwithstanding any contrary provision herein, clause 3 (Limited Recourse; No Lien or Set- off; No Petition) of the Incorporated Terms Memorandum shall apply mutatis mutandis as if set out herein in full. The Account Bank and the Cash Administrator each hereby acknowledges, and agrees to, such limitation of its rights hereunder.
Limited Recourse and Non-Petition. Managed and Enhanced Tap (Magenta) Funding S.T. Each of the parties hereto (other than the Replacement VFN Noteholder) acting for itself hereby acknowledges and agrees that:
Limited Recourse and Non-Petition. 18.1 The Corporate Services Provider, the Security Trustee and the Shareholder acknowledge that all payments of principal and/or interest to be made by Issuer under the Notes, securities and relevant Transaction Documents and all payments to be made by Issuer under or in connection with the relevant Transaction Documents (including this Agreement) will be payable only from, and to the extent of, the sums paid to, or net proceeds recovered by or on behalf of, the Issuer or the Security Trustee in respect of the Issuer's assets and from the available sums.
Limited Recourse and Non-Petition. Paragraphs 6 (Limited Recourse; Non-Petition) and 7 (Obligations as Corporate Obligations) of the Common Terms apply to this Deed and shall be deemed set out in full herein.
Limited Recourse and Non-Petition. In respect of each Series of Certificates, each Agent, the Bank and the Delegate agrees that notwithstanding anything to the contrary contained herein or in any other Transaction Document:
Limited Recourse and Non-Petition. The provisions of Paragraph 8 (Non-Petition) of the Common Terms apply to this Agreement as if set out in full in this Agreement.
