Common use of Non-Recourse Obligation Clause in Contracts

Non-Recourse Obligation. Notwithstanding any other provision of this Indenture, the obligations of the Issuer under this Indenture and the Notes are limited recourse obligations of the Issuer, payable solely from the Collateral in accordance with the terms of this Indenture. No recourse may be taken, directly or indirectly, with respect to the obligations of the Issuer on the Notes or under this Indenture (other than with respect to Permitted Investments as to which such Person is the issuer) or any certificate or other writing delivered in connection herewith or therewith, against (i) any owner of an interest in the Issuer or (ii) any partner, owner, beneficiary, agent, officer, director, employee, agent or Control Person of the Indenture Trustee in its individual capacity, the Indenture Trustee in its individual capacity, except as any such Person may have expressly agreed (it being understood that the Indenture Trustee does not have any such obligations in its individual capacity). It is understood that the foregoing provisions of this Section shall not (i) prevent recourse to the Collateral for the sums due or to become due under any security, instrument or agreement which is part of the Collateral or (ii) constitute a waiver, release or discharge of any indebtedness or obligation evidenced by the Notes or secured by this Indenture, and the same shall continue until paid or discharged. It is further understood that the foregoing provisions of this Section shall not limit the right of any person to name the Issuer as a party defendant in any action or suit or in the exercise of any other remedy under the Notes or this Indenture, so long as no judgment in the nature of a deficiency judgment or seeking personal liability shall be asked for or (if obtained) enforced against any such person or entity.

Non-Recourse Obligation. Notwithstanding any other provision of this Indenture, the obligations The Obligations of the Issuer Borrower under this Indenture the Credit Documents shall be non-recourse to the Guarantor and its Subsidiaries (excluding the Notes are limited recourse obligations of Borrower) other than as expressly provided in the Issuer, payable solely from the Collateral in accordance with the terms of this IndentureOperative Documents. No recourse may be taken, directly or indirectly, with respect to any Credit Document, any amount payable or which may be payable by the obligations Borrower under any Credit Document or any representation, warranty, covenant, obligation, liability or agreement of the Issuer on Borrower contained in, made or incurred pursuant to or in any way arising out of or resulting from any Credit Document (collectively, the Notes "Non-Recourse Obligations") (including without limitation under any judgment obtained against the Borrower or by the enforcement of any assessment or by any legal or equitable proceeding by virtue of any constitution or statute or otherwise or under this Indenture any other circumstances) shall be had against any incorporator, shareholder, Affiliate, director, officer or employee, past, present or future, of the Borrower (other than with respect to Permitted Investments as to which such Person is the issuer) or any certificate Person directly or other writing delivered indirectly controlling any of the foregoing Persons) (collectively, the "Released Persons"), either directly or through the Borrower. Any and all personal liability of every nature, whether at common law or in connection herewith equity or therewithby statute or by constitution or otherwise, against of any such Released Person (i) to respond by reason of any owner act or omission on its part or otherwise, for the payment to any Lender, the Agent and/or the Collateral Agent or for or to the Borrower or any receiver thereof, of an interest in the Issuer any sum that may remain due and unpaid under or on account of any Non-Recourse Obligation, and (ii) any partner, owner, beneficiary, agent, officer, director, employee, agent or Control Person otherwise in respect of the Indenture Trustee in its individual capacityNon-Recourse Obligations, is hereby expressly waived and released by the Lenders, the Indenture Trustee in its individual capacity, except Agent and the Collateral Agent as any such Person may have expressly agreed (it being understood that a condition of and as consideration for the Indenture Trustee does not have any such obligations in its individual capacity). It is understood that the foregoing provisions execution of this Agreement by the Borrower. Nothing in this Section shall not (i) prevent recourse to 10.22 releases the Collateral for the sums due Guarantor from, or to become due under modifies in any securityrespect, instrument any liability or agreement which is part obligation, past, present or future, of the Collateral or (ii) constitute a waiver, release or discharge Guarantor under the express terms of any indebtedness Credit Document to which it is or obligation evidenced by the Notes or secured by this Indenture, and the same shall continue until paid or discharged. It is further understood that the foregoing provisions of this Section shall not limit the right of any person to name the Issuer as hereafter becomes a party defendant in any action or suit or in (by executing the exercise of any other remedy under the Notes or this Indenture, so long as no judgment in the nature of a deficiency judgment or seeking personal liability shall be asked for or (if obtained) enforced against any such person or entitysame).

Non-Recourse Obligation. Notwithstanding any other provision of this Indenture, the obligations The Obligations of the Issuer Borrower under this Indenture the Credit Documents shall be non-recourse to Transocean and its Subsidiaries (excluding the Notes are limited recourse obligations of Borrower) other than as expressly provided in the Issuer, payable solely from the Collateral in accordance with the terms of this IndentureOperative Documents. No recourse may be taken, directly or indirectly, with respect to any Credit Document, any amount payable or which may be payable by the obligations Borrower under any Credit Document or any representation, warranty, covenant, obligation, liability or agreement of the Issuer on Borrower contained in, made or incurred pursuant to or in any way arising out of or resulting from any Credit Document (collectively, the Notes "Non-Recourse Obligations") (including without limitation under any judgment obtained against the Borrower or by the enforcement of any assessment or by any legal or equitable proceeding by virtue of any constitution or statute or otherwise or under this Indenture any other circumstances) shall be had against any incorporator, shareholder, Affiliate, director, officer or employee, past, present or future, of the Borrower (other than with respect to Permitted Investments as to which such Person is the issuer) or any certificate Person directly or other writing delivered indirectly controlling any of the foregoing Persons) (collectively, the "Released Persons"), either directly or through the Borrower. Any and all personal liability of every nature, whether at common law or in connection herewith equity or therewithby statute or by constitution or otherwise, against of any such Released Person (i) to respond by reason of any owner act or omission on its part or otherwise, for the payment to any Lender, the Agent and/or the Collateral Agent or for or to the Borrower or any receiver thereof, of an interest in the Issuer any sum that may remain due and unpaid under or on account of any Non-Recourse Obligation, and (ii) any partner, owner, beneficiary, agent, officer, director, employee, agent or Control Person otherwise in respect of the Indenture Trustee in its individual capacityNon-Recourse Obligations, is hereby expressly waived and released by the Lenders, the Indenture Trustee in its individual capacity, except Agent and the Collateral Agent as any such Person may have expressly agreed (it being understood that a condition of and as consideration for the Indenture Trustee does not have any such obligations in its individual capacity). It is understood that the foregoing provisions execution of this Agreement by the Borrower. Nothing in this Section shall not (i) prevent recourse to 10.23 releases Transocean from, or modifies in any respect, any liability or obligation, past, present or future, of Transocean under the Collateral for the sums due or to become due under any security, instrument or agreement which is part of the Collateral or (ii) constitute a waiver, release or discharge express terms of any indebtedness Credit Document to which it is or obligation evidenced by the Notes or secured by this Indenture, and the same shall continue until paid or discharged. It is further understood that the foregoing provisions of this Section shall not limit the right of any person to name the Issuer as hereafter becomes a party defendant in any action or suit or in (by executing the exercise of any other remedy under the Notes or this Indenture, so long as no judgment in the nature of a deficiency judgment or seeking personal liability shall be asked for or (if obtained) enforced against any such person or entitysame).