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Limited Recourse and Non-Petition | |||
(a) General Limited Recourse | |||
payable in respect of a Series of Notes and to the other Transaction Parties at any time in | The obligations of the Issuer to pay any amounts due and payable in respect of a | ||
respect of a Series shall be limited to the proceeds available out of the Mortgaged Property | Series of Notes and to the other Transaction Parties at any time in respect of a Series | ||
in respect of such Series at such time to make such payments in accordance with Master | shall be limited to the proceeds available out of the Mortgaged Property in respect | ||
Condition 15 (Application of Available Proceeds). Notwithstanding anything to the contrary | of such Series at such time to make such payments in accordance with Master | ||
contained herein or in any | Condition 15 (Application of Available Proceeds). Notwithstanding anything to the | ||
Transaction Parties, the Noteholders and the Couponholders shall have recourse only to the | contrary contained herein, or in any Transaction Document, in respect of a Series, | ||
Mortgaged Property in respect of the Series, subject always to the Security, and not to any | the Transaction Parties, the Noteholders and the Couponholders shall have recourse | ||
other assets of the Issuer. If, after (i) the Mortgaged Property in respect of the Series is | only to the Mortgaged Property in respect of the Series, subject always to the | ||
exhausted (whether following Liquidation or enforcement of the Security or otherwise) and | Security, and not to any other assets of the Issuer. If, after (i) the Mortgaged Property | ||
(ii) application of the Available Proceeds as provided in Master Condition 15 (Application of | in respect of the Series is exhausted (whether following Liquidation or enforcement | ||
Available Proceeds), any outstanding claim, debt or liability against the Issuer in relation to | of the Security or otherwise) and (ii) application of the Available Proceeds as | ||
provided in Master Condition 15 (Application of Available Proceeds), any outstanding | |||
Notes of the Series remains unpaid, then such outstanding claim, debt or liability shall be | claim, debt or liability against the Issuer in relation to the Notes of the Series or the | ||
extinguished and no debt shall be owed by the Issuer in respect thereof. Following | Transaction Documents relating to the Notes of the Series remains unpaid, then such | ||
extinguishment in accordance with Master Condition 17(a) | outstanding claim, debt or liability, as the case may be, shall be extinguished and no | ||
debt shall be owed by the Issuer in respect thereof. Following extinguishment in | |||
any other person acting on behalf of any of them shall be entitled to take any further steps | accordance with this Master Condition 17 (a), none of the Transaction Parties, the | ||
against the Issuer or any of its officers, shareholders, members, incorporators, corporate | Noteholders, the Couponholders or any other person acting on behalf of any of them | ||
service providers or directors to recover any further sum in respect of the extinguished claim | shall be entitled to take any further steps against the Issuer or any of its officers, | ||
and no debt shall be owed to any such persons by the Issuer or any of its officers, | shareholders, members, incorporators, corporate service providers or directors to | ||
shareholders, members, incorporators, corporate service providers or directors in respect of | recover any further sum in respect of the extinguished claim and no debt shall be | ||
owed to any such persons by the Issuer or any of its officers, shareholders, | |||
members, incorporators, corporate service providers or directors in respect of such | |||
further sum in respect of the Series. | |||
162 | |||
incorporators, corporate service providers or directors or any of its assets, and none of them | (b) Non-Petition | ||
shall have any claim arising with respect to the assets and/or property attributable to any | None of the Transaction Parties (save for the Trustee who may lodge a claim in | ||
notes other than the Notes issued by the Issuer (save for any further notes which form a | liquidation of the Issuer which is initiated by another party or take proceedings to | ||
single series with the Notes) or Mortgaged Property in respect of a different series or | obtain a declaration or judgment as to the obligations of the Issuer), the Noteholders, | ||
Obligations issued or entered into by the Issuer or any other assets of the Issuer (other than | the Couponholders or any person acting on behalf of any of them may, at any time, | ||
institute, or join with any other person in bringing, instituting or joining, insolvency, | |||
administration, bankruptcy, winding-up, examinership or any other similar | |||
Couponholders or any person acting on behalf of any of them shall have any recourse | proceedings (whether court-based or otherwise) in relation to the Issuer or any of its | ||
against any director, shareholder | officers, shareholders, members, incorporators, corporate service providers or | ||
directors or any of its assets, and none of them shall have any claim arising with | |||
Deed or any other Transaction Documents. | respect to the assets and/or property attributable to any notes other than the Notes | ||
issued by the Issuer (save for any further notes which form a single series with the | |||
the Notes of any Series | Notes) or Mortgaged Property in respect of a different series or Obligations issued | ||
or entered into by the Issuer or any other assets of the Issuer (other than the | |||
Mortgaged Property in respect of this Series). | |||
(c) Corporate Obligation | |||
In addition, none of the Transaction Parties, the Noteholders, the Couponholders or | |||
any person acting on behalf of any of them shall have any recourse against any | |||
director, shareholder or officer of the Issuer in respect of any obligations, covenant | |||
or agreement entered into or made by the Issuer pursuant to the terms of these | |||
Conditions, the Trust Deed or any other Transaction Documents. | |||
(d) Survival | |||
The provisions of this Master Condition 17 shall survive notwithstanding any | |||
redemption of the Notes of any Series or the termination or expiration of any | |||
Transaction Document. |