Common use of No Proceedings Limited Recourse Clause in Contracts

No Proceedings Limited Recourse. Each Originator covenants and agrees, for the benefit of the parties to the Second Tier Agreement, that it shall not institute against SPV, or join any other Person in instituting against SPV, any proceeding of a type referred to in the definition of Event of Bankruptcy until one (1) year and one (1) day after the Final Payment Date. In addition, all amounts payable by the SPV to an Originator pursuant to this Agreement shall be payable solely from funds available for that purpose pursuant to Section 2.14 of the Second Tier Agreement.

No Proceedings Limited Recourse. Each The Originator covenants and agrees, for the benefit of the parties to the Second Tier Agreement, that it shall not institute against the SPV, or join any other Person in instituting against the SPV, any proceeding of a type referred to in the definition of “Event of Bankruptcy Bankruptcy” (as defined in the Second Tier Agreement) until one (1) year two years and one (1) day after the Final Payment Payout Date. In addition, all amounts payable by the SPV to an the Originator pursuant to this Agreement shall be payable solely from funds available for that purpose pursuant to Section 2.14 2.16 of the Second Tier Agreement.

No Proceedings Limited Recourse. Each Originator covenants and agrees, for the benefit of the parties to the Second Tier Agreement, that it shall not institute against SPV, or join any other Person in instituting against SPV, any proceeding of a type referred to in the definition of Event of Bankruptcy until one (1) year and one (1) day after the Final Payment Payout Date. In addition, all amounts payable by the SPV to an Originator pursuant to this Agreement shall be payable solely from funds available for that purpose pursuant to Section 2.14 of the Second Tier Agreement.

No Proceedings Limited Recourse. Each Originator covenants and agrees, for the benefit of the parties to the Second Tier Agreement, that it shall not institute against the SPV, or join any other Person in instituting against SPV, any proceeding of a type referred to in the definition of Event of Bankruptcy until one (1) year and one (1) day after the Final Payment Date. In addition, all amounts payable by the SPV to an Originator pursuant to this Agreement shall be payable solely from funds available for that purpose pursuant to Section 2.14 of the Second Tier Agreement.