Non-recourse Obligations Sample Clauses

Non-recourse Obligations. Notwithstanding anything in this Agreement or any Basic Document, the Owner Trustee agrees in its individual capacity and in its capacity as Owner Trustee for the Trust that all obligations of the Trust to the Owner Trustee individually or as Owner Trustee for the Trust shall be with recourse to the Owner Trust Estate only and specifically shall be without recourse to the assets of the Holder.

Non-recourse Obligations. Notwithstanding anything in this Agreement or any other Basic Document, the Owner Trustee agrees that all obligations of the Trust or the Owner Trustee on behalf of the Trust shall be recourse to the Trust Property only, shall be paid in accordance with the priorities set forth in Section 5.08 of the Sale and Servicing Agreement and specifically shall not be recourse to the assets of any Holder. U.S. Bank Trust National Association agrees not to seek recourse against any Holder, in its capacity as a Holder, with respect to any obligations of the Trust owed to it.

Non-recourse Obligations. Notwithstanding anything in this Agreement or any Transaction Document, (i) the Owner Trustee agrees in its individual capacity and in its capacity as Owner Trustee for the Trust that all obligations of the Trust to the Owner Trustee individually or as Owner Trustee for the Trust shall be recourse to the Trust only and specifically shall not be recourse to the assets of any Noteholder and (ii) the Delaware Trustee agrees in its individual capacity and in its capacity as Delaware Trustee for the Trust that all obligations of the Trust to the Delaware Trustee individually or as Delaware Trustee for the Trust shall be recourse to the Trust only and specifically shall not be recourse to the assets of any Noteholder.

Non-recourse Obligations. (a) In recognition of the Pledgor granting the security referred to in Section 2, the Security Trustee hereby agrees that, notwithstanding the provisions of this Agreement or any Loan Operative Document to the contrary, any and all liability of the Pledgor that is created hereunder shall, in the absence of fraud, gross negligence or willful misconduct in performing its obligations under this Agreement, be limited to the Pledged Collateral. Except as specified above, the Pledgor shall not be personally liable for any shortfall that may arise as a result thereof. The provisions of this Section 24(a) shall only limit the personal liability of the Pledgor for the discharge of its obligations as specified above and shall not (i) limit or restrict in any way the accrual of interest on any such unpaid amount, or (ii) derogate from or otherwise limit the right of recovery, realization or application by the Security Trustee, the Agent, the Swap Counterparty and each Participant under or pursuant to any of the Loan Operative Documents on anything assigned, mortgaged, charged, pledged or secured (by way of security) to or for the benefit of the Security Trustee, the Agent, the Swap Counterparty and each Participant under or pursuant to any of the Loan Operative Documents. (b) The Security Trustee hereby acknowledges and agrees that the Pledgor’s obligations under this Agreement and the other Loan Operative Documents are solely the corporate obligations of the Pledgor and that none of the Security Trustee, the Agent, the Swap Counterparty or the Participants shall have any recourse against any of the directors, shareholders, officers or employees of the Pledgor for any claims, losses, damages, liabilities, indemnities or other obligations of the Pledgor under this Agreement and the other Loan Operative Documents.

Non-recourse Obligations. Notwithstanding anything to the contrary stated herein, Lxxxxx agrees that for payment of this Note it will look solely to the cash and Class A shares of the Borrower, and no other asset of Borrower shall be subject to levy, execution or other enforcement procedures for the satisfaction of remedies of Lender, or for any payment required to be made under this Note.

Non-recourse Obligations. Notwithstanding anything in this Agreement or any Basic Document to the contrary, each of the Owner Trustee, the Co-Owner Trustee and the Trust Eligible Lender Trustee agrees in its individual capacity and in its respective capacity as Owner Trustee, Co-Owner Trustee or Trust Eligible Lender Trustee of the Trust that all obligations under this Agreement to the Owner Trustee, the Co-Owner Trustee or the Trust Eligible Lender Trustee, individually or as Trustees, respectively, of the Trust shall be recourse to the Trust Property only and specifically shall not be recourse to the assets of the Certificateholder.

Non-recourse Obligations. Notwithstanding anything in this Agreement or any Transaction Document, the Owner Trustee agrees that all obligations of the Issuer individually or as Owner Trustee for the Issuer shall be recourse to the Trust Estate only, shall be paid in accordance with the priorities set forth in Section 4.4 of the Sale and Servicing Agreement and Section 5.4 of the Indenture and specifically shall not be recourse to the assets of any Holder.

Non-recourse Obligations. The liability and obligations of Assignor to perform and observe the obligations contained in this Agreement shall be subject to and limited by the terms of Section 32 of the Credit Agreement.

Non-recourse Obligations. Notwithstanding anything in this Agreement or any Related Document to the contrary, each of the Delaware Trustee, the Co-Owner Trustee and the Co-Owner Eligible Lender Trustee agrees in its individual capacity and in its respective capacity as Delaware Trustee, Co-Owner Trustee or Co-Owner Eligible Lender Trustee of the Trust that all obligations under this Agreement to the Delaware Trustee, the Co-Owner Trustee or the Co-Owner Eligible Lender Trustee, individually or as Trustees, respectively, of the Trust shall be recourse to the Trust Property only and specifically shall not be recourse to the assets of the Certificateholder.

Non-recourse Obligations. The Class A-1R Notes and all obligations of the Co-Issuers under this Agreement are non-recourse obligations of the Co-Issuers. The Class A-1R Notes are payable solely from the Assets. Upon realization of the Assets and the application of the proceeds thereof in accordance with the Indenture, any outstanding obligations of the Co-Issuers hereunder shall be extinguished and shall not thereafter revive. None of the Collateral Manager, the Trustee, the Class A-1R Note Agent, the Administrator, any of their respective affiliates, security holders (including shareholders), members, partners, officers, directors or employees, or the security holders (including shareholders), members, partners, officers, directors, employees or incorporators of the Co-Issuers, or any other person or entity will be obligated to make payments on the Class A-1R Notes. Consequently, the Class A-1R Noteholders must rely solely on amounts received in respect of the Assets for the payment of principal thereof and interest and the Commitment Fee thereon. This section shall survive the termination of this Agreement.