Nonrecourse Obligations. Notwithstanding any provision in any other Section of this Agreement to the contrary, any obligation of Buyer to pay any amounts payable to the Originators pursuant to this Agreement shall be without recourse to Buyer except to the extent that funds from Advances or Collections are available to Buyer pursuant to the terms of the Funding Agreement for such payment (collectively, the “Buyer Available Amounts”). In the event that amounts payable to the Originators pursuant to this Agreement exceed Buyer Available Amounts, the excess of the amounts due hereunder (and subject to this Section 6.15) over the Buyer Available Amounts paid shall not constitute a “claim” under Section 101(5) of the Bankruptcy Code against Buyer until such time as Buyer has Buyer Available Amounts.
Nonrecourse Obligations. Notwithstanding anything in this Agreement or any Related 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 recourse to the Trust Property only and specifically shall not be recourse to the assets of any Certificateholder.
Nonrecourse Obligations. Notwithstanding any provision in any other Section of this Agreement to the contrary, the obligation of the Issuer to pay any amounts payable to a Purchaser or any other Owner pursuant to Sections 2.06, 2.07, 2.08, 2.09, 5.02 and 7.08 of this Agreement shall be without recourse to the Issuer (or its assignee, if applicable), the Servicer (or any Person acting on behalf of any of them), the Indenture Trustee or any other Owner or any affiliate, officer or director of any of them, and the obligation of the Issuer to pay any amounts hereunder shall be limited solely to the application of Pool Collections and other amounts (collectively, the “Available Amounts”) required to be distributed to the Managing Agents, on behalf of the related Purchasers, in the Indenture and the Series Supplement, to the extent that such amounts are available for distribution. In the event that amounts payable to a Purchaser or any other Owner pursuant to this Agreement exceed the Available Amounts, the excess of the amounts due hereunder (and subject to this Section 2.10) over the Available Amounts paid shall not constitute a “claim” under Section 101(5) of the Federal Bankruptcy Code against the applicable party until such time as such party has Available Amounts.
Nonrecourse Obligations. Shipper acknowledges and agrees that (a) Transporter is a Delaware limited liability company; (b) Shipper shall have no recourse against any member of Transporter with respect to Transporter’s obligations under this Agreement and its sole recourse shall be against the assets of Transporter, irrespective of any failure to comply with applicable law or any provision of this Agreement; (c) no claim shall be made against any member of Transporter under or in connection with this Agreement; (d) Shipper shall have no right of subrogation to any claim of Transporter for any Capital Contribution from any member of Transporter; and (e) this representation is made expressly for the benefit of the members in Transporter.
Nonrecourse Obligations. Notwithstanding anything to the contrary contained in this Agreement, in any other Loan Document or in any other document, certificate or instrument executed by the Borrower, each Lender and the Agent (as used in this Article XIV, collectively, the "Creditors") agree that, except as set forth in Section 14.2, their rights in respect of the Obligations and any claim or liability under any Loan Document asserted against the Borrower by the Creditors shall be limited to satisfaction out of, and enforcement against, the property and assets of the Borrower. The Creditors also hereby acknowledge and agree that, except as set forth in Section 14.2, neither Partner, and no Affiliate of the Borrower or a Partner, and no present or future officer, employee, servant, controlling person, manager, agent or Authorized Officer of the Borrower, any Partner or any Affiliate of the Borrower or a Partner (collectively, the "NONRECOURSE PERSONS"), shall have, any liability to all or any of the Creditors (such liability, including such as may arise by operation of law, being hereby waived) for the payment of any sums now or hereafter owing by the Borrower under this Agreement or any other Loan Document or for the performance of any of the obligations of the Borrower contained herein or therein or shall otherwise be liable or responsible with respect thereto. Accordingly, dividends or other distributions made by the Borrower to its partners without violating Section 6.10 shall not be deemed to be property or assets of the Borrower in which the Creditors have any interest. If any Default or Unmatured Default shall exist or if any claim of the Creditors against the Borrower or alleged liability to the Creditors of the Borrower shall be asserted under this Agreement or any other Loan Document, then the Creditors agree that, except as set forth in Section 14.2, they shall not have the right to proceed directly or indirectly against the Nonrecourse Persons or against their respective properties and assets for the satisfaction of any Obligations or of any such claim or liability or for any deficiency judgment in respect of the Obligations or any such claim or liability.
Nonrecourse Obligations. Shipper acknowledges and agrees that (a) Company is a Delaware limited liability company; (b) Shipper shall have no recourse against any member of Company with respect to Company's obligations under this agreement and its sole recourse shall be against the assets of Company, irrespective of any failure to comply with applicable law or any provision of this agreement; (c) no claim shall be made against any member of Company under or in connection with this Agreement; (d) Shipper shall have no right of subrogation to any claim of Company for any Capital Contribution from any member of Company; and (e) this representation is made expressly for the benefit of the members in Company.
Nonrecourse Obligations. A copy of the Master Trust Agreement, as ----------------------- amended from time to time, of the Customer is on file with Secretary of State of Massachusetts, and notice is hereby given that this Agreement is not executed on behalf of the Trustees of the Customer as individuals, and the obligations of this Agreement are not binding upon any of the Trustees, officers, or shareholders of the Customer individually, but are binding only upon the assets and property of the Customer. The Bank agrees that no shareholder, Trustee or officer of the Customer may be held personally liable or responsible for any obligations of the Customer arising hereunder.
Nonrecourse Obligations. Acquiring Shipper acknowledges and agrees that (a) Transporter is a Delaware limited liability company; (b) Acquiring Shipper shall have no recourse against any member of Transporter with respect to Transporter's obligations under this Agreement and its sole recourse shall be against the assets of Transporter, irrespective of any failure to comply with applicable law or any provision of this Agreement;
Nonrecourse Obligations. Notwithstanding any other provision of this Agreement to the contrary, the obligations of Owner hereunder are recourse only to the assets of Owner and neither the partners of Owner nor any shareholder, director, officer, agent or affiliate of Owner or any partner of Owner, shall have any personal responsibility or liability for any payment obligations of Owner hereunder, or otherwise for any breach in performance or observance of the covenants, representations, or obligations of Owner hereunder.
Nonrecourse Obligations. Subject to the qualifications that the Security Instrument and the estate of the Borrower in the Property shall continue to secure this Note, the Borrower shall be liable for payment and performance of all of the obligations, covenants and agreements under this Note to the full extent (but only to the extent) of the estate of the Borrower in the Property. If an Event of Default occurs in the timely and proper payment of any portion of this Note, except to the extent set forth above in this paragraph 8, Borrower shall not be personally liable for the repayment of any of the principal of, interest on, or prepayment fees or late charges, or other charges or fees due under this Note.
