Talk:Limited recourse

TCs

(a) Limited recourse: Issuer’s obligations under the Notes and the Series Agreements will be secured on and limited in recourse to the proceeds of realisation of the Secured Property. 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 this Issue Deed, none of the Secured Parties may take any further steps against Issuer to recover any further sum and no debt will be owed by Issuer for that sum. (b) Trustee to act: Only Trustee may pursue the remedies available against Issuer under the Issue Deed and the Notes. No Secured Party may proceed against Issuer unless, having become bound to act, Trustee 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 behalf of the Secured Parties in insolvency proceedings commenced by a third party. (d) Survival: The Limited Recourse Terms will survive notwithstanding redemption of the Notes or the termination of any Series Agreement.