Nonrecourse Nature of Transactions. Each of the Funding Agent and the APA Banks hereby agrees that all Purchases shall be without recourse of any kind to PARCO or the Funding Agent, except as expressly provided in Sections 4.3 and 4.7 with respect to the Funding Agent.
Nonrecourse Nature of Transactions. Each of the parties ---------------------------------- hereto hereby acknowledges and agrees that all transactions with the Conduits hereunder shall be without recourse of any kind to such Conduit. Each Conduit shall have no obligation to pay any amounts owing hereunder unless and until such Conduit has received such amounts pursuant to the Receivable Interests or the Liquidity Agreement. In addition, each party agrees that each Conduit shall have no obligation to pay any party, any amounts constituting fees, a reimbursement for expenses or indemnities, (collectively, "Expense Claims") and such Expense Claims shall not constitute a claim against such Conduit (as defined in Section 101 of Title 11 of the United States Bankruptcy Code), unless or until such Conduit has received amounts sufficient to pay such Expense Claims pursuant to the Receivable Interests or the Liquidity Agreement and such amounts are not required to pay the commercial paper of such Conduit. This provision shall survive termination of the Agreement.
Nonrecourse Nature of Transactions. Each party hereto hereby acknowledges and agrees that all transactions with a CP Issuing Purchaser shall be without recourse of any kind to such Purchaser. No CP Issuing Purchaser shall have any obligation to pay any amounts owing hereunder unless and until such Purchaser has received such amounts pursuant to the Notes. In addition, each party hereto agrees that no CP Issuing Purchaser shall have any obligation to pay any party hereto any amounts constituting a reimbursement for expenses or indemnities (collectively, "Expense Claims") and such Expense Claims shall not constitute a claim against such Purchaser (as defined in Section 101 of Title 11 of the United Bankruptcy Code), unless or until such Purchaser has received amounts sufficient to pay such Expense Claims pursuant to the Notes and such amounts are not required to pay Commercial Paper of such Purchaser. Any such delay in receiving amounts referred to in this Section 9.14 shall not increase the obligations of any other Purchaser without its consent. The agreements set forth in this paragraph and the parties' respective obligations hereunder shall survive termination of this Agreement and repayment of the Notes.
Nonrecourse Nature of Transactions. The Junior Lender, the Residual Lender, the Servicer, the Borrower, each Liquidity Provider and the Agent hereby acknowledges and agrees that all transactions with the Senior Lender hereunder shall be without recourse of any kind to the Senior Lender. The Junior Lender, the Residual Lender, the Servicer, the Borrower, each Liquidity Provider and the Agent agrees that the Senior Lender shall have no obligation to pay any of the Junior Lender, the Residual Lender, the Servicer, the Borrower, any Liquidity Provider or the Agent, any amounts constituting commitment fees, a reimbursement for expenses or indemnities (collectively, "Expense Claims") and such Expense Claims shall not constitute a claim against the Senior Lender (as defined in Section 101 of Title 11 of the United States Bankruptcy Code), unless or until the Senior Lender has received amounts sufficient to pay such Expense Claims pursuant to SECTION 4.01 and such amounts are not required to pay the commercial paper of the Senior Lender.
Nonrecourse Nature of Transactions. Each of the Liquidity Agent and the Liquidity Banks hereby agrees that all Purchases shall be without recourse of any kind to ISC, the Agent or the Liquidity Agent except as expressly provided in Sections 4.3 and 4.7 with respect to the Liquidity Agent.
Nonrecourse Nature of Transactions. Each of the parties hereto agrees to limit its recourse against the CP Issuer for all amounts payable by the CP Issuer under this Agreement as follows: Notwithstanding anything to the contrary contained in this Agreement, the obligations of the CP Issuer under this Agreement are solely the company obligations of the CP Issuer and shall be payable by the CP Issuer and shall constitute a claim (as defined in Section 101 of Title 11 of the United States Bankruptcy Code) against the CP Issuer solely to the extent of funds received by the CP Issuer in respect of this Agreement. In addition, the parties hereto agree that the CP Issuer shall have no obligation to pay any party hereto any amounts constituting fees, a reimbursement for expenses or indemnities, (collectively, “Expense Claims”) and such Expense Claims shall not constitute a claim against the CP Issuer (as defined in Section 101 of Title 11 of the United States Bankruptcy Code), unless or until the CP Issuer has received amounts sufficient to pay such Expense Claims pursuant to this Agreement and such amounts are not required to pay the principal or interest on the Commercial Paper and any other debt securities of the CP Issuer, rated at the request of the CP Issuer by an internationally recognized rating agency. The provisions of this Section shall survive termination of this Agreement.
Nonrecourse Nature of Transactions. All assignments of any Note Interest from any Conduit Investor to any Alternate Investors pursuant to Section 2.09 shall be without recourse or warranty, express or implied, except that such Note Interests are free and clear of adverse claims created by or arising as a result of claims against the Agent or such Conduit Investor. Nothing in this Section 2.10 shall be deemed to limit any rights of any Conduit Investor under any other provisions of this Agreement to assign its right, title and interest in any portion of any Note Interests owned by such Conduit Investor.
Nonrecourse Nature of Transactions. Each of the Funding Agent and the APA Banks hereby agrees that all Purchases under this Article V shall be without recourse, representation or warranty of any kind to PARCO or the Funding Agent.
Nonrecourse Nature of Transactions. All assignments of the Variable Funding Note Interests from the Conduit Investor to the Alternate Investors pursuant to Section 2.07 shall be without recourse or warranty, express or implied, except that such Variable Funding Note Interests are free and clear of adverse claims created by or arising as a result of claims against the Agent or the Conduit Investor. Nothing in this Section 2.08 shall be deemed to limit any rights of the Conduit Investor under any other provisions of this Agreement to assign its right, title and interest in any portion of the Variable Funding Note Interests owned by the Conduit Investor.
Nonrecourse Nature of Transactions. Each of the parties hereto hereby acknowledges and agrees that all transactions with the Conduits hereunder shall be without recourse of any kind to such Conduit. Each Conduit shall have no obligation to pay any amounts owing hereunder unless and until such Conduit has received such amounts pursuant to the Agreement. In addition, each party agrees that each Conduit shall have no obligation to pay any party, any amounts constituting fees, a reimbursement for expenses of indemnities, (collectively, "Expense Claims") and such Expense Claims shall not constitute a claim against such Conduit (as defined in Section 101 of Title 11 of the United States Bankruptcy Code), unless or until such Conduit has received amounts sufficient to pay such Expense Claims pursuant to the Agreement or the Liquidity Agreement and such amounts are not required to pay the Commercial Paper issued on behalf of such Conduit. This provision shall survive termination of the Agreement.
