NO LIABILITY AND NO PETITION Sample Clauses

NO LIABILITY AND NO PETITION. Party A shall not be entitled to have recourse for the payment or recovery of any monies owing to it by Party B under this Agreement to any asset of Party B except to the extent provided in the Deed of Charge. Accordingly: 5.9.1 Party A agrees that it shall not: (i) take any corporate action or other steps or legal proceedings for the winding-up, dissolution or re-organisation or for the appointment of a receiver, administrator, administrative receiver, trustee, liquidator, sequestrator or similar officer of Party B or of any or all Party B's revenues and assets; or (ii) have any right to take any steps for the purpose of obtaining payment of any amounts payable to it under this Agreement by Party B and shall not take any steps to recover any debts whatsoever owing to it by Party B, except as permitted by the Deed of Charge; and 5.9.2 If the net proceeds of realisation of the security constituted by the Deed of Charge upon enforcement thereof in accordance with the provisions of the Deed of Charge are less than the aggregate amount payable in such circumstances by the Issuer to Party A and the other parties to the Deed of Charge (the "TRANSACTION PARTIES") (such negative amount being referred to herein as a "shortfall"), the obligations of Party B in respect of the Notes of each Class and its obligations to Party A and the other Transaction Parties in such circumstances will be limited to such net proceeds which shall be applied in accordance with the order of priority set out in the Deed of Charge. In such circumstances, the other assets (if any) of Party B will not be available for payment of such shortfall, which shortfall shall be borne by the Transaction Parties in accordance with the order of priority set out in the Deed of Charge (applied in reverse order), the rights of the Transaction Parties to receive any further amounts in respect of such obligations shall be extinguished and none of the Noteholders of each Class or the other Transaction Parties may take any further action to recover such amounts. Only the Note Trustee may pursue the remedies available under applicable laws, under the Notes, the Deed of Charge and under the other Documents (including this Agreement) to enforce the rights of the Noteholders, Party A, the Note Trustee or the Expenses Loan Provider against the Issuer, and no Noteholder or any of Party A, the Note Trustee or the Expenses Loan Provider shall be entitled to proceed directly against the Issuer other than in accordance...

NO LIABILITY AND NO PETITION. 11.1 No recourse under any obligation, covenant, or agreement of any party contained in this Agreement shall be had against any shareholder, officer or director of the relevant party as such, by the enforcement of any assessment or by any proceeding, by virtue of any statute or otherwise; it being expressly agreed and understood that this Agreement is a corporate obligation of the relevant party and no personal liability shall attach to or be incurred by the shareholders, officers, agents or directors of the relevant party as such, or any of them, under or by reason of any of the obligations, covenants or agreements of such party contained in this Agreement, or implied therefrom, and that any and all personal liability for breaches by such party of any such obligations, covenants or agreements, either at law or by statute or constitution, of every such shareholder, officer, agent or director is hereby expressly waived by the other party as a condition of and consideration for the execution of this Agreement.

NO LIABILITY AND NO PETITION. 11.1 No recourse under any obligation, covenant, or agreement of the Master Purchaser contained in this Agreement or any Subordinated VLN shall be had against any shareholder, officer, trustee or director of the Master Purchaser, by the enforcement of any assessment or by any proceeding, by virtue of any statute or otherwise, it being expressly agreed and understood that each obligation, covenant and agreement of the Master Purchaser under this Agreement or any other Transaction Document is a corporate obligation and no personal liability shall attach to or be incurred by the shareholders, officers, trustees, agents, employees or directors of the Master Purchaser as such, or any of them, or implied therefore, and that any and all personal liability for breaches by such party of any such obligations, covenants or agreements, either at law or by statute or constitution, of every such shareholder, officer, trustee, agent, employee or director is hereby expressly waived by the other parties as a condition of and consideration for the execution of this Agreement.

NO LIABILITY AND NO PETITION. Party A shall not be entitled to have recourse for the payment or recovery of any monies owing to it by Party B under this Agreement to any asset of Party B except to the extent provided in the [Deed of Charge]. Accordingly: 5.9.1 Party A agrees that it shall not: (i) take any corporate action or other steps or legal proceedings for the winding-up, dissolution or re-organisation or for the appointment of a receiver, administrator, administrative receiver, trustee, liquidator, sequestrator or similar officer of Party B or of any or all Party B's revenues and assets; or (ii) have any right to take any steps for the purpose of obtaining payment of any amounts payable to it under this Agreement by Party B and shall not take any steps to recover any debts whatsoever owing to it by Party B, except as permitted by the [Deed of Charge]; and 5.9.2 Party B's obligation to make payment hereunder shall be limited to the extent it has funds available to make such payment as determined in accordance with the provisions of the [Deed of Charge]. To the extent that, as a result of having insufficient funds available, Party B makes only a partial payment of any amount due to Party A, then the related shortfall shall reduce Party A's payment obligations but otherwise shall not discharge Party A from its obligation hereunder. Provided that, for the avoidance of doubt, if Party B fails to pay any amount which would, but for the provisions of this Part 5.9.2, have been due, such an event will constitute an Event of Default pursuant to Section 5(a)(i) (Failure to Pay or Deliver).

NO LIABILITY AND NO PETITION. 19.1 No recourse under any obligation, covenant, or agreement of the Purchaser contained in this Agreement shall be had against any shareholder, officer or director of the Purchaser as such, by the enforcement of any assessment or by any proceeding, by virtue of any statute or otherwise; it being expressly agreed and understood that this Agreement is a corporate obligation of the Purchaser and no personal liability shall attach to or be incurred by the shareholders, officers, agents or directors of the Purchaser as such, or any of them, under or by reason of any of the obligations, covenants or agreements of such Purchaser contained in this Agreement, or implied therefrom, and that any and all personal liability for breaches by the Purchaser 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 hereby expressly waived by the Servicer as a condition of and consideration for the execution of this Agreement. 19.2 The Servicer hereby undertakes to the Purchaser that, until one year and one day has elapsed after the payment of all sums outstanding and owing under the latest maturing note under the CP Programme, it will not petition or commence proceedings for the administration or winding up (nor join any person in a petition or proceedings for the administration or winding up) of the Purchaser nor will it enforce any judgement against the Purchaser if to do so would cause the Purchaser's financial situation to become such as to make it liable to insolvency proceedings. The Servicer acknowledges that its recourse against the Purchaser in respect of any matter provided in this Agreement shall be limited at any time to the extent of the aggregate of (a) the unpaid amount of any Purchase Price Advance payable under the Receivables Purchase Agreement, and (b) the Deferred Purchase Price due, owing or payable to it thereunder at that time (but only if and to the extent that there are funds credited to the Operating Account which the Accounts Administrator is entitled in accordance with the terms of the Accounts Administration Agreement).

NO LIABILITY AND NO PETITION. 10 12. NO PETITION.......................................................... 11 13. LIMITED RECOURSE..................................................... 11 14.

NO LIABILITY AND NO PETITION. No recourse under any obligation, covenant, or agreement of the Silver Note Issuer or the Silver Note Purchaser contained in this Agreement or any Silver Note shall be held against any officer, member, director, employee, security holder, partner or affiliate of the Silver Note Issuer or the Silver Note Purchaser as such, by the enforcement of any assessment or by any proceeding, by virtue of any statute or otherwise, it being expressly agreed and understood that each of this Agreement and each Silver Note is a limited recourse obligation of the Silver Note Issuer and no personal liability shall attach to or be incurred by the officers, members, directors, employees, security holders, partners or affiliates of the Silver Note Issuer as such, or any of them, under or by reason of any of the obligations, covenants or agreements of the Silver Note Issuer or the Silver Note Purchaser contained in this Agreement and/or any Silver Note or implied therein, and that any and all personal liability for breaches by such party of any such obligations, covenants or agreements, either at law or by statute or constitution, of every such officer, member, director, employee, security holder, partner or affiliate is hereby expressly waived by the other parties as a condition of and consideration for the execution of this Agreement.

NO LIABILITY AND NO PETITION. No recourse under any obligation, covenant, or agreement of the US Master Purchaser contained in this Agreement or any Xxxxxxxx US Note shall be held against any shareholder, officer or director of the US Master Purchaser as such, by the enforcement of any assessment or by any proceeding, by virtue of any statute or otherwise, it being expressly agreed and understood that each of this Agreement and each Xxxxxxxx US Note is a corporate obligation of the US Master Purchaser, and no personal liability shall attach to or be incurred by the shareholders, officers, agents, employees or directors of the US Master Purchaser as such, or any of them, under or by reason of any of the obligations, covenants or agreements of the US Master Purchaser contained in this Agreement, or any Xxxxxxxx US Note, or implied therefore, and that any and all personal liability for breaches by such party of any such obligations, covenants or agreements, either at law or by statute or constitution, of every such shareholder, officer, agent, employee or director is hereby expressly waived by the other parties as a condition of and consideration for the execution of this Agreement.

NO LIABILITY AND NO PETITION. 17.1 No recourse under any obligation, covenant, or agreement of any party contained in this Agreement shall be had against any shareholder, officer or director of the relevant party as such, by the enforcement of any assessment or by any proceeding, by virtue of any statute or otherwise, it being expressly agreed and understood that this Agreement is a corporate obligation of the relevant party and no personal liability shall attach to or be incurred by the shareholders, officers, agents or directors of the relevant party as such, or any of them, under or by reason of any of the obligations, covenants or agreements of such relevant party contained in this Agreement, or implied therefrom, and that any and all personal liability for breaches by such party of any of such obligations, covenants or agreements, either at law or by statute or constitution, of every shareholder, officer, agent or director is hereby expressly waived by the other parties as a condition of and consideration for the execution of this Agreement. 17.2 Without prejudice to the rights of the Programme Trustee to enforce the security created pursuant to the Issuer Security Trust Deed, the Master Security Trust Deed (as supplemented by the Purchaser Supplemental Agreement, the relevant Swedish Pledge Agreement and the relevant Accounts Pledge Agreement, each of the Programme Trustee and the Seller hereby agrees that it shall not, until the expiry of one (1) year and one (1) day after the payment of all sums outstanding and owing under the latest maturing note issued under the CP Programme take any corporate action or other steps or legal proceedings for the winding-up, dissolution or re-organisation or for the appointment of a receiver, administrator, administrative receiver, trustee, liquidator, sequestrator or similar officer of the Issuer or the Purchaser or of any or all of the Issuer’s or the Purchaser’s revenues and assets.

NO LIABILITY AND NO PETITION. 15.1 No recourse under any obligation, covenant, or agreement of the Issuer, the MTN Issuer, Barclays Bank or the Receivables Trustee contained in this Agreement shall be had against any shareholder, officer or director of the Issuer, the MTN Issuer, Barclays Bank or the Receivables Trustee as such, by the enforcement of any assessment or by any proceeding, by virtue of any statute or otherwise; it being expressly agreed and understood that this Agreement is a corporate obligation of the Issuer, the MTN Issuer, Barclays Bank and the Receivables Trustee and no liability shall attach to or be incurred by the shareholders, officers, agents or directors of the Issuer, the MTN Issuer, Barclays Bank or the Receivables Trustee as such, or any of them, under or by reason of any of the obligations, covenants or agreements of the Issuer, the MTN Issuer, Barclays Bank or the Receivables Trustee contained in this Agreement, or implied therefrom, and that any and all personal liability for breaches by the Issuer, the MTN Issuer, Barclays Bank or the Receivables Trustee 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 hereby expressly waived by the Issuer, the MTN Issuer, Barclays Bank and the Receivables Trustee and each of the Managers as a condition of and consideration for the execution of this Agreement. 15.2 Each of Managers hereby agrees that it shall not, until the expiry of one year and one day after the payment of all sums outstanding and owing under the latest maturing Note: (a) take any corporate action or other steps or legal proceedings for the winding-up, dissolution or re-organisation or for the appointment of a receiver, administrator, administrative receiver, trustee, liquidator, sequestrator or similar officer of the Issuer, the MTN Issuer, Barclays Bank or the Receivables Trustee or any or all the Issuer's or the Receivables Trustee's revenues and assets; or (b) have any right to take any steps for the purpose of enforcing payment of any amounts payable to it under this Agreement by the Issuer, the MTN Issuer, Barclays Bank or the Receivables Trustee and shall not until such time take any steps to recover any debts whatsoever owing to it by the Issuer, the MTN Issuer, Barclays Bank or the Receivables Trustee.