Common use of NON-PETITION AND LIMITED RECOURSE Clause in Contracts

NON-PETITION AND LIMITED RECOURSE. The Note Trustee, any Noteholders, any Security Beneficiary in respect of Series 2023-1 (A1) and the Series 2023-1 (A1) Secured Creditors shall have recourse to the Series 2023-1 (A1) Secured Property provided that if at any time following (a) the Final Redemption Date or any earlier date upon which the Series 2023-1 (A1) Notes are due and payable, (b) the date on which the Issuer has received all sums due to it in respect of the Series 2023-1 (A1) Notes and (c) the application in full of any amounts available to pay amounts due and payable under the Series 2023-1 (A1) Notes in accordance with the relevant priority of payments, there remains any amount due and payable under the Series 2023-1 (A1) Notes then such amount shall, on the day following the application in full of the amounts referred to in (c) above, cease to be due and payable by the Issuer. In particular, no Security Beneficiary, Noteholder, nor any Secured Creditor in respect of any Series may (at any time, whether prior to or after the realisation of the Series 2023-1 (A1) Secured Property):

Appears in 1 contract

Samples: bank.tescoplc.com

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NON-PETITION AND LIMITED RECOURSE. The Note Trustee, any Noteholders, any Security Beneficiary in respect of Series 20232020-1 (A1A4) and the Series 20232020-1 (A1A4) Secured Creditors shall have recourse to the Series 20232020-1 (A1A4) Secured Property provided that if at any time following (a) the Final Redemption Date or any earlier date upon which the Series 20232020-1 (A1A4) Notes are due and payable, (b) the date on which the Issuer has received all sums due to it in respect of the Series 20232020-1 (A1A4) Notes and (c) the application in full of any amounts available to pay amounts due and payable under the Series 20232020-1 (A1A4) Notes in accordance with the relevant priority of payments, there remains any amount due and payable under the Series 20232020-1 (A1A4) Notes then such amount shall, on the day following the application in full of the amounts referred to in (c) above, cease to be due and payable by the Issuer. In particular, no Security Beneficiary, Noteholder, nor any Secured Creditor in respect of any Series may (at any time, whether prior to or after the realisation of the Series 20232020-1 (A1A4) Secured Property):

Appears in 1 contract

Samples: bank.tescoplc.com

NON-PETITION AND LIMITED RECOURSE. The Note Trustee, any Noteholders, any Security Beneficiary in respect of Series 2023-1 (A1A3) and the Series 2023-1 (A1A3) Secured Creditors shall have recourse to the Series 2023-1 (A1A3) Secured Property provided that if at any time following (a) the Final Redemption Date or any earlier date upon which the Series 2023-1 (A1A3) Notes are due and payable, (b) the date on which the Issuer has received all sums due to it in respect of the Series 2023-1 (A1A3) Notes and (c) the application in full of any amounts available to pay amounts due and payable under the Series 2023-1 (A1A3) Notes in accordance with the relevant priority of payments, there remains any amount due and payable under the Series 2023-1 (A1A3) Notes then such amount shall, on the day following the application in full of the amounts referred to in (c) above, cease to be due and payable by the Issuer. In particular, no Security Beneficiary, Noteholder, nor any Secured Creditor in respect of any Series may (at any time, whether prior to or after the realisation of the Series 2023-1 (A1A3) Secured Property):

Appears in 1 contract

Samples: bank.tescoplc.com

NON-PETITION AND LIMITED RECOURSE. The Note Trustee, any Noteholders, any Security Beneficiary in respect of Series 2023-1 2 (A1) and the Series 2023-1 2 (A1) Secured Creditors shall have recourse to the Series 2023-1 2 (A1) Secured Property provided that if at any time following (a) the Final Redemption Date or any earlier date upon which the Series 2023-1 2 (A1) Notes are due and payable, (b) the date on which the Issuer has received all sums due to it in respect of the Series 2023-1 2 (A1) Notes and (c) the application in full of any amounts available to pay amounts due and payable under the Series 2023-1 2 (A1) Notes in accordance with the relevant priority of payments, there remains any amount due and payable under the Series 2023-1 2 (A1) Notes then such amount shall, on the day following the application in full of the amounts referred to in (c) above, cease to be due and payable by the Issuer. In particular, no Security Beneficiary, Noteholder, nor any Secured Creditor in respect of any Series may (at any time, whether prior to or after the realisation of the Series 2023-1 2 (A1) Secured Property):

Appears in 1 contract

Samples: bank.tescoplc.com

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NON-PETITION AND LIMITED RECOURSE. The Note Trustee, any Noteholders, any Security Beneficiary in respect of Series 20232020-1 (A1A3) and the Series 20232020-1 (A1A3) Secured Creditors shall have recourse to the Series 20232020-1 (A1A3) Secured Property provided that if at any time following (a) the Final Redemption Date or any earlier date upon which the Series 20232020-1 (A1A3) Notes are due and payable, (b) the date on which the Issuer has received all sums due to it in respect of the Series 20232020-1 (A1A3) Notes and (c) the application in full of any amounts available to pay amounts due and payable under the Series 20232020-1 (A1A3) Notes in accordance with the relevant priority of payments, there remains any amount due and payable under the Series 20232020-1 (A1A3) Notes then such amount shall, on the day following the application in full of the amounts referred to in (c) above, cease to be due and payable by the Issuer. In particular, no Security Beneficiary, Noteholder, nor any Secured Creditor in respect of any Series may (at any time, whether prior to or after the realisation of the Series 20232020-1 (A1A3) Secured Property):

Appears in 1 contract

Samples: bank.tescoplc.com

NON-PETITION AND LIMITED RECOURSE. The Note Trustee, any Noteholders, any Security Beneficiary in respect of Series 2023-1 (A1A2) and the Series 2023-1 (A1A2) Secured Creditors shall have recourse to the Series 2023-1 (A1A2) Secured Property provided that if at any time following (a) the Final Redemption Date or any earlier date upon which the Series 2023-1 (A1A2) Notes are due and payable, (b) the date on which the Issuer has received all sums due to it in respect of the Series 2023-1 (A1A2) Notes and (c) the application in full of any amounts available to pay amounts due and payable under the Series 2023-1 (A1A2) Notes in accordance with the relevant priority of payments, there remains any amount due and payable under the Series 2023-1 (A1A2) Notes then such amount shall, on the day following the application in full of the amounts referred to in (c) above, cease to be due and payable by the Issuer. In particular, no Security Beneficiary, Noteholder, nor any Secured Creditor in respect of any Series may (at any time, whether prior to or after the realisation of the Series 2023-1 (A1A2) Secured Property):

Appears in 1 contract

Samples: bank.tescoplc.com

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