Common use of Non-Recourse Obligation Clause in Contracts

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.

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 or WFAL2 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.

Non-Recourse Obligation. (a) 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 or the WFAL2 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 Seller 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 CompanySeller, 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 any 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.

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, 42 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.

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 37 42 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.