Talk:Programme Deed

7 Limited Recourse and Non-Petition 7.1 General Limited Recourse (a) The Issuer’s obligations to pay any amounts due for a Series and to the other Transaction Parties at any time for a Series shall be limited to the proceeds available out of the Secured Property for any Series at such time to make such payments under Master Condition 15 (Application of Available Proceeds). Notwithstanding anything to the contrary contained herein or in any other Transaction Document, for the Series, the Transaction Parties, Holders shall have recourse only to the Secured Property for the Series, subject always to the Security, and not to any other assets of the Issuer. If, after (i) the Secured Property for the Series is exhausted (whether following Liquidation or enforcement of the Security or otherwise) and (ii) application of the Available Proceeds as provided in Master Condition 15 (Application of Available Proceeds), any outstanding claim, debt or liability against the Issuer for this Issue Deed, the Notes of the Series or any other Transaction Document relating to the Notes of the Series remains unpaid, then such outstanding claim, debt or liability shall be extinguished and no debt shall be owed by the Issuer in respect thereof. (b) Following extinguishment under Master Condition 17(a) (General Limited Recourse) and this Clause 7.1, none of the Transaction Parties, the Holders or any other person acting on behalf of any of them may take any further steps against the Issuer or any of its officers, shareholders, members, incorporators, corporate service providers or directors to recover any further sum for 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 for such further sum for the Series. 7.2 Non-Petition: None of the Transaction Parties (except the Trustee who may lodge a claim in liquidation of the Issuer which is initiated by another party or take proceedings to obtain a declaration or judgment as to the Issuer’s obligations), the Holders 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 proceedings (whether court-based or otherwise) for the Issuer or any of its officers, shareholders, members, incorporators, corporate service providers or directors or any of its assets, and none of them shall have any claim arising with respect to the assets or property attributable to any notes other than the Notes issued by the Issuer (except any further notes which form a single series with the Notes) or Secured Property for a different series or Obligations issued or entered into by the Issuer or any other assets of the Issuer (other than the Secured Property for the Series). 7.3 Corporate Obligation: In addition, none of the Transaction Parties, the Holders or any person acting on behalf of any of them shall have any recourse against any director, shareholder or officer of the Issuer for any obligations, covenant or agreement entered into or made by the Issuer under the terms of this Issue Deed or any other Transaction Documents. 7.4 Survival: The provisions of this Clause 7 shall survive notwithstanding any redemption of any Notes or the termination or expiration of this Issue Deed or any other Transaction Document.