Non-Recourse Obligation. Notwithstanding any provision to the contrary contained in Section 3.04(a), the payment obligations provided in Sections 3.04(a)(i) (to the extent that such payment obligations do not arise from any failure or default in the performance by the Bank of any of its payment obligations under the RIC), 3.04(a)(ii) and (to the extent that such payment obligations do not arise from any failure or default in the performance by the Company of any of its obligations under the Transaction Agreements) 3.04(a)(iii)(A) and (B), and any interest on the foregoing in accordance with Section 3.04(a)(ix), shall not be recourse to the Company, WFS, WII, the Owner Trustee, the Indenture Trustee, the Collateral Agent or the Proceeds Agent, but shall be payable solely by application of moneys (excluding the Retained Yield) received from time to time in accordance with the Sale and Servicing Agreement (including but not limited to all amounts paid into the Collection Account, the Note Distribution Account, the Certificate Distribution Account or the Holding Account pursuant to the Sale and Servicing Agreement by any Western Entity, but not including the Retained Yield to the extent that any amount thereof is deposited into either such Account) and by realization on the Collateral pursuant to Section 6.03 hereof. Such payment obligations shall be limited, except as set forth in the preceding sentence, solely to application of monies, if any, in the Spread Account from time to time in accordance with Transaction Agreements.
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Non-Recourse Obligation. No recourse shall be had for the payment of the principal or interest of this Debenture, or for any claim based hereon, or otherwise in respect hereof, against any incorporator, shareholder, officer or director, as such, past, present or future, of the Company or any successor corporation, whether by virtue of any constitution, statute or rule of law, or by the enforcement of any assessment or penalty or otherwise, all such liability being by the acceptance hereof and as part of the consideration for the issue hereof, expressly waived and released.
Non-Recourse Obligation. Notwithstanding any other provision contained herein or in the Note, it is agreed that the execution of the Note shall impose no personal liability upon the Debtor for payment of the indebtedness evidenced thereby, and in the event of a default the Secured Party shall look solely to the property subject to the Mortgage and this Security Agreement and to the rents, issues and profits thereof in satisfaction of the indebtedness evidenced by the Note and will not seek or obtain any deficiency or personal judgment against the Debtor except such judgment as may be necessary to foreclose or bar its interest in the property subject to the Mortgage and this Security Agreement and all other property mortgaged, pledged, conveyed or assigned to secure payment of the Note; provided, that nothing in this condition and no action so taken shall operate to impair any obligation of the Debtor under that certain Regulatory Agreement of even date herewith between the Debtor and the Secretary.
Non-Recourse Obligation. Notwithstanding anything to the contrary contained in this Agreement, the obligations of WFSRC under Section 3.04(a) are solely the corporate obligations of WFSRC, and shall be payable by WFSRC, solely as provided in Section 3.04(a). WFSRC shall only be required to pay (a) any fees, expenses, indemnities or other liabilities that it may incur under Section 3.04(a) (i) from funds available pursuant to, and in accordance with, the payment priorities set forth in Section 5.05 of the Sale and Servicing Agreement and (ii) to the extent WFSRC has additional funds available (other than funds described in the preceding clause (i)) that would be in excess of amounts that would be necessary to pay the debt and other obligations of WFSRC incurred in accordance with WFSRC's certificate of incorporation and all financing documents to which WFSRC is a party and (b) any expenses, indemnities or other liabilities that it may incur under Section 3.04(a) (i) from funds available pursuant to, and in accordance with, the payment priorities set forth in Section 5.05 of the Sale and Servicing Agreement and (ii) only to the extent it receives additional funds designated for such purposes or to the extent it has additional funds available (other than funds described in the preceding clause (i)) that would be in excess of amounts that would be necessary to pay the debt and other obligations of WFSRC incurred in accordance with WFSRC's certificate of incorporation and all financing documents to which WFSRC is a party. In addition, no amount owing by WFSRC hereunder in excess of the liabilities that it is required to pay in accordance with the preceding sentence shall constitute a "claim" (as defined in Section 101(5) of the Bankruptcy Code) against it. No recourse shall be had for the payment of any amount owing hereunder or for the payment of any fee hereunder or any other obligation of, or claim against, WFSRC arising out of or based upon Section 3.04(a), against any stockholder, employee, officer, agent, director or authorized person of WFSRC or Affiliate thereof; provided, however, that the foregoing shall not relieve any such person or entity of any liability they might otherwise have as a result of fraudulent actions or omissions taken by them.
Non-Recourse Obligation. The obligations of the City under this Reimbursement Agreement are non-recourse and payable only from Pledged Revenues and such obligations do not create a debt or other obligation payable from any other City revenues, taxes, income, or property. Neither the City nor any of its elected or appointed officials nor any of its employees shall incur any liability hereunder to the Developer or any other party in their individual capacities by reason of this Reimbursement Agreement or their acts or omission under this Reimbursement Agreement. Developer acknowledges that no appropriation of City funds has been or will be made to provide payments due under this Reimbursement Agreement. Further, Developer acknowledges that the only source of funds for payment under this Reimbursement Agreement is from an Operating Account or the reimbursement fund created by an Indenture to pay the applicable Improvement Area Reimbursement Obligation.
Non-Recourse Obligation. Notwithstanding any other terms or provisions of this Agreement to the contrary, Borrower, its members, and its or their assigns shall have no personal liability for repayment of the Leverage Loan or any interest thereon or other charges in connection therewith, and Lender shall instead look solely to the Collateral for the satisfaction of such debt or liability if Borrower fails to make any payment thereof when due for any reason; provided, however, that (a) Borrower shall have given irrevocable directions (i) to the Company to pay to Borrower’s specified depository bank all cash distributions from the Company to Borrower, and (ii) to such depository bank to pay to Lender from such distributions required to pay Loan obligations, and (b) nothing herein shall be construed to waive any right or remedy Lender may have at law or in equity for damages arising in the event of fraud, intentional misrepresentation, other willful misconduct, or gross negligence by Borrower or any member of Borrower.
Non-Recourse Obligation. The Obligations of the Borrower under the Credit Documents shall be non-recourse to Transocean and its Subsidiaries (excluding the Borrower) other than as expressly provided in the Operative Documents. No recourse with respect to any Credit Document, any amount payable or which may be payable by the Borrower under any Credit Document or any representation, warranty, covenant, obligation, liability or agreement of the Borrower contained in, made or incurred pursuant to or in any way arising out of or resulting from any Credit Document (collectively, the "Non-Recourse Obligations") (including without limitation under any judgment obtained against the Borrower or by the enforcement of any assessment or by any legal or equitable proceeding by virtue of any constitution or statute or otherwise or under any other circumstances) shall be had against any incorporator, shareholder, Affiliate, director, officer or employee, past, present or future, of the Borrower (or any Person directly or indirectly controlling any of the foregoing Persons) (collectively, the "Released Persons"), either directly or through the Borrower. Any and all personal liability of every nature, whether at common law or in equity or by statute or by constitution or otherwise, of any such Released Person (i) to respond by reason of any act or omission on its part or otherwise, for the payment to any Lender, the Agent and/or the Collateral Agent or for or to the Borrower or any receiver thereof, of any sum that may remain due and unpaid under or on account of any Non-Recourse Obligation, and (ii) otherwise in respect of the Non-Recourse Obligations, is hereby expressly waived and released by the Lenders, the Agent and the Collateral Agent as a condition of and as consideration for the execution of this Agreement by the Borrower. Nothing in this Section 10.23 releases Transocean from, or modifies in any respect, any liability or obligation, past, present or future, of Transocean under the express terms of any Credit Document to which it is or hereafter becomes a party (by executing the same).
Non-Recourse Obligation. The Funding Note shall be a non-recourse obligation of the Subsidiary payable solely from the Collateral to the extent such Collateral has not been properly released from the security interest created by this Agreement. Neither the Parent nor any Affiliate of the Parent (except for the Subsidiary, but only to the extent of the Collateral as provided in the preceding sentence) nor any of their respective successors and assigns shall be liable in any respect or under any theory (including, without limitation, any theory based upon piercing the corporate veil of the Subsidiary) for payments due on the Funding Note.
Non-Recourse Obligation. The obligations under this Agreement are non-recourse to the Dealer except as provided in Section 5 hereinabove. If section 5 becomes applicable, then the Agreement will become full recourse until the account is paid in full or until the Dealer repurchases the account as provided in section 5.
