Talk:Limited recourse

TD

(a) Secured, limited recourse nature of Series Agreements: Issuer’s obligations under each Series of Notes and the related Series Agreements will be secured on and limited in recourse to the realised proceeds of the Secured Property for that Series. Subject to the Security, the Secured Parties will have recourse only to the Secured Property and sums derived from it. Once Trustee has realised the Secured Property and distributed its net proceeds under the Issue Deed, the Secured Parties may not take further steps against Issuer to recover any further sum and Issuer will owe no debt to any Secured Party. (b) Trustee to act: Only Trustee may pursue the remedies available against Issuer under the Issue Deed. Secured Parties may not proceed against Issuer unless Trustee, having become bound to act, fails to do so. (c) Non-Petition: The Secured Parties may not petition or take any other step to wind up Issuer and will have no claim over Issuer’s property other than the Secured Property. However, Trustee may lodge a claim on the Secured Parties’ behalf in any insolvency proceedings commenced by a third party. (d) Application: The terms of this clause (Limited Recourse Terms) will apply severally to each Series Agreement and each Secured Party for each Series without amendment and will survive the redemption of any Notes of that Series and the termination of any Series Agreement.