Common use of NO LIABILITY AND NO PETITION Clause in Contracts

NO LIABILITY AND NO PETITION. Party A shall not be entitled to have recourse for the payment or recovery of any monies owing to it by Party B under this Agreement to any asset of Party B except to the extent provided in the [Deed of Charge]. Accordingly: 5.9.1 Party A agrees that it shall not: (i) take any corporate action or other steps or legal proceedings for the winding-up, dissolution or re-organisation or for the appointment of a receiver, administrator, administrative receiver, trustee, liquidator, sequestrator or similar officer of Party B or of any or all Party B's revenues and assets; or (ii) have any right to take any steps for the purpose of obtaining payment of any amounts payable to it under this Agreement by Party B and shall not take any steps to recover any debts whatsoever owing to it by Party B, except as permitted by the [Deed of Charge]; and 5.9.2 Party B's obligation to make payment hereunder shall be limited to the extent it has funds available to make such payment as determined in accordance with the provisions of the [Deed of Charge]. To the extent that, as a result of having insufficient funds available, Party B makes only a partial payment of any amount due to Party A, then the related shortfall shall reduce Party A's payment obligations but otherwise shall not discharge Party A from its obligation hereunder. Provided that, for the avoidance of doubt, if Party B fails to pay any amount which would, but for the provisions of this Part 5.9.2, have been due, such an event will constitute an Event of Default pursuant to Section 5(a)(i) (Failure to Pay or Deliver).

NO LIABILITY AND NO PETITION. Party A shall not be entitled to have recourse for the payment or recovery of any monies owing to it by Party B under this Agreement to any asset of Party B except to the extent provided in the [Deed of Charge]. Accordingly: 5.9.1 Party A agrees that it shall not: (i) take any corporate action or other steps or legal proceedings for the winding-up, dissolution or re-organisation or for the appointment of a receiver, administrator, administrative receiver, trustee, liquidator, sequestrator or similar officer of Party B or of any or all Party B's revenues and assets; or (ii) have any right to take any steps for the purpose of obtaining payment of any amounts payable to it under this Agreement by Party B and shall not take any steps to recover any debts whatsoever owing to it by Party B, except as permitted by the [Deed of Charge]; and 5.9.2 Party B's obligation to make payment hereunder shall be limited to the extent it has funds available to make such payment as determined in accordance with the provisions of the [Deed of Charge]. To the extent that, as a result of having insufficient funds available, Party B makes only a partial payment of any amount due to Party A, then the related shortfall shall reduce Party A's payment obligations but otherwise shall not discharge Party A from its obligation hereunder. Provided that, for the avoidance of doubt, if Party B fails to pay any amount which would, but for the provisions of this Part 5.9.2, have been due, such an event will constitute an Event of Default pursuant to Section 5(a)(i) (Failure to Pay or Deliver).