Non-recourse Obligations. Notwithstanding anything in this Agreement or any Basic Document, the Owner Trustee agrees in its individual capacity and in its capacity as Owner Trustee for the Trust that all obligations of the Trust to the Owner Trustee individually or as Owner Trustee for the Trust shall be with recourse to the Owner Trust Estate only and specifically shall be without recourse to the assets of the Holder.
Non-recourse Obligations. Notwithstanding anything in this Agreement or any other Basic Document, the Owner Trustee agrees that all obligations of the Trust or the Owner Trustee on behalf of the Trust shall be recourse to the Trust Property only, shall be paid in accordance with the priorities set forth in Section 5.08 of the Sale and Servicing Agreement and specifically shall not be recourse to the assets of any Holder. U.S. Bank Trust National Association agrees not to seek recourse against any Holder, in its capacity as a Holder, with respect to any obligations of the Trust owed to it.
Non-recourse Obligations. Notwithstanding anything in this Agreement or any Transaction Document, (i) the Owner Trustee agrees in its individual capacity and in its capacity as Owner Trustee for the Trust that all obligations of the Trust to the Owner Trustee individually or as Owner Trustee for the Trust shall be recourse to the Trust only and specifically shall not be recourse to the assets of any Noteholder and (ii) the Delaware Trustee agrees in its individual capacity and in its capacity as Delaware Trustee for the Trust that all obligations of the Trust to the Delaware Trustee individually or as Delaware Trustee for the Trust shall be recourse to the Trust only and specifically shall not be recourse to the assets of any Noteholder.
Non-recourse Obligations. Notwithstanding anything to the contrary stated herein, Lxxxxx agrees that for payment of this Note it will look solely to the cash and Class A shares of the Borrower, and no other asset of Borrower shall be subject to levy, execution or other enforcement procedures for the satisfaction of remedies of Lender, or for any payment required to be made under this Note.
Non-recourse Obligations. Anything contained in this Mortgage or the other Loan Documents to the contrary notwithstanding (except as provided below), Mortgagee's recourse for the satisfaction of the Indebtedness and for the payment and performance of all of the Obligations of the Mortgagor under this Mortgage, the Mortgage Notes or the other Loan Documents shall be limited solely to the Mortgagor's interest in the Mortgaged Property, and none of (i) Mortgagor or any Affiliate thereof, (ii) any Direct Beneficial Owner or any Affiliate thereof, (iii) any Person owning, directly or indirectly, any legal or beneficial interest in Mortgagor or any Direct Beneficial Owner or any Affiliate thereof, or (iv) any partner, principal, officer, controlling person, beneficiary, trustee, advisor, shareholder, employee, agent, Affiliate or director of any Person described in clauses (i) through (iii) above shall be personally liable for the performance of any Obligation or the payment of any Indebtedness, provided, however, that the foregoing limitation on the personal liability of the Persons described in clauses (i) through (iv) above shall not impair the validity of the Lien of this Mortgage, any other Loan Documents, or the right of Mortgagee to foreclose and/or enforce any of its rights or remedies in and to the Mortgaged Property upon the occurrence of an Event of Default as provided in this Mortgage or the other Loan Documents. Nothing herein shall be deemed to be a waiver of any right which Mortgagee may have under Section 506(a), 506(b), 1111(b) or any other provision of the Bankruptcy Reform Act of 1978 or any successor thereto or similar provisions under applicable state law to file a claim for the full amount of the Indebtedness owing to Mortgagee by Mortgagor or to require that all the Mortgaged Property shall continue to secure all of the Indebtedness owing to Mortgagee in accordance with this Mortgage, the Mortgage Notes and the other Loan Documents.
Non-recourse Obligations. Notwithstanding anything in this Agreement or any Basic Document to the contrary, each of the Owner Trustee, the Co-Owner Trustee and the Trust Eligible Lender Trustee agrees in its individual capacity and in its respective capacity as Owner Trustee, Co-Owner Trustee or Trust Eligible Lender Trustee of the Trust that all obligations under this Agreement to the Owner Trustee, the Co-Owner Trustee or the Trust Eligible Lender Trustee, individually or as Trustees, respectively, of the Trust shall be recourse to the Trust Property only and specifically shall not be recourse to the assets of the Certificateholder.
Non-recourse Obligations. Notwithstanding anything in this Agreement or any Transaction Document, the Owner Trustee agrees that all obligations of the Issuer individually or as Owner Trustee for the Issuer shall be recourse to the Trust Estate only, shall be paid in accordance with the priorities set forth in Section 4.4 of the Sale and Servicing Agreement and Section 5.4 of the Indenture and specifically shall not be recourse to the assets of any Holder.
Non-recourse Obligations. Notwithstanding anything in this Agreement or any Related Document to the contrary, each of the Delaware Trustee, the Co-Owner Trustee and the Co-Owner Eligible Lender Trustee agrees in its individual capacity and in its respective capacity as Delaware Trustee, Co-Owner Trustee or Co-Owner Eligible Lender Trustee of the Trust that all obligations under this Agreement to the Delaware Trustee, the Co-Owner Trustee or the Co-Owner Eligible Lender Trustee, individually or as Trustees, respectively, of the Trust shall be recourse to the Trust Property only and specifically shall not be recourse to the assets of the Certificateholder.
Non-recourse Obligations. (a) Notwithstanding anything to the contrary contained herein, the obligations of the Seller under the Transaction Documents are limited recourse obligations of the Seller and shall be payable only at such time as funds are available therefor thereunder from the Receivables, the Related Security, the Collections, the Designated Accounts and the other rights transferred to the Seller pursuant to the Sale Agreement or specified in this Agreement, and, to the extent funds are not so available to pay such obligations, the claims relating thereto shall not constitute a claim against the Seller but shall continue to accrue.
Non-recourse Obligations. The Class A-R Notes and all obligations of the Co-Issuers under this Agreement are non‑recourse obligations of the Co-Issuers. The Class A-R Notes are payable solely from the Assets pursuant to the Priority of Distributions. Upon realization of the Assets and the application of the proceeds thereof in accordance with the Indenture, any outstanding obligations of the Co-Issuers hereunder shall be extinguished and shall not thereafter revive. None of the Collateral Manager, the Trustee, the Class A-R Note Agent, the Administrator, any of their respective affiliates, security holders (including shareholders), members, partners, officers, directors or employees, or the security holders (including shareholders), members, partners, officers, directors, employees or incorporators of the Co-Issuers, or any other person or entity will be obligated to make payments on the Class A-R Notes. Consequently, the Class A-R Noteholders must rely solely on amounts received in respect of the Assets for the payment of principal thereof and interest and the Class A-R Commitment Fee thereon. This section shall survive the termination of this Agreement.
