Common use of NO LIABILITY AND NO PETITION Clause in Contracts

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 with the Deed of Charge (including, without limitation, Clause 17 (Limited Recourse; Non-Petition) thereof)

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 (for the avoidance of doubt, not in respect of the Notes of each Class) 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 with the Deed of Charge (including, without limitation, Clause 17 (Limited Recourse; Non-Petition) thereof).

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 with the Deed of Charge (including, without limitation, Clause 17 (Limited Recourse; Non-Petition) thereof).

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 (for the avoidance of doubt, not in respect of the Notes of each Class) 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 (other than the Noteholders) 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 (other than the Noteholders) 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 with the Deed of Charge (including, without limitation, Clause 17 (Limited Recourse; Non-Petition) thereof).

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 Bs 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 (for the avoidance of doubt, not in respect of the Notes of each Class) 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 (other than the Noteholders) 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 (other than the Noteholders) 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 with the Deed of Charge (including, without limitation, Clause 17 (Limited Recourse; Non-Petition) thereof).