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. (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. 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, actually received from Ardshinbank (after any tax deduction required by law to be made by Ardshinbank in respect of such sums and for which the Issuer has not received a corresponding additional payment from Ardshinbank pursuant to the Loan Agreement (also after any tax deduction as may be required by law)) by or for the account of the Issuer 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 claims of Ardshinbank and that any such claims of the Agents shall be reduced pro rata so that the total of all such claims shall not exceed the aggregate value of the Issuer Assets after meeting claims secured on them. The Trustee having realised the same, none of the Agents, Ardshinbank or any person acting on behalf of any of them 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. Neither any Agent nor Ardshinbank (nor any other person acting on behalf of any of them) 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 the Loan 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. 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. SCHEDULE 1 SPECIFIED OFFICES OF THE AGENTS The Principal Paying Agent and Transfer Agent Citibank, N.A., London Branch Citigroup Centre 25 Canada Square Xxxxxx Xxxxx Xxxxxx ...
Limited Recourse and Non-Petition. 10.1 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. EFF shall have recourse only to the net assets of EFSPV (other than any Collateral excluded pursuant to Section 2.1 of the Security Agreement) (the "EFSPV Assets") following the realization of Collateral in accordance with the terms of the Security Agreement. If the proceeds following the realization of such EFSPV Assets and application thereof in accordance with the Security Agreement and Financing Agreement (the "Net Proceeds") are insufficient to discharge all payments which, but for the effect of this clause, would then be due and payable to EFF hereunder (the "Amounts Due"), then the obligations of EFSPV to EFF hereunder shall be limited to the amounts available from the Net Proceeds and no debt shall be owed to EFF by EFSPV for any further sum. EFF shall not take any action or commence any proceedings against EFSPV to recover any Amounts Due except as expressly permitted by the provisions of this Agreement. EFF shall not take any action or commence any proceedings or petition a court for the liquidation of EFSPV, nor enter into any arrangement, reorganization or insolvency proceedings in relation to EFSPV 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. EFF hereby acknowledges and agrees that the EFSPV's obligations under this Agreement are solely the corporate obligations of EFSPV, and that EFF shall not have any recourse against any of the directors, officers or employees of EFSPV for any claims, losses, damages, liabilities, indemnities or other obligations whatsoever in connection with any transactions contemplated by this Agreement. <Signatures on Next Page> 15651.005 4829-8396-4018.2 12
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. 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. 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. 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 (Limited Recourse and Non-Petition) of the Common Terms apply to this Agreement as if set out in full in this Agreement.
