Common use of Security, Enforcement and Limited Recourse Clause in Contracts

Security, Enforcement and Limited Recourse. Party A agrees with Party B to be bound by the terms of the Trust Deed, Security Agreement and acknowledges and accepts the Priorities of Payments, and in particular, confirms and agrees that: (i) all obligations of Party B are limited in recourse to the Charged Property and no sum shall be payable by or on behalf of Party B to it except in accordance with the provisions of the Trust Deed and Security Agreement and the Priorities of Payments; and (ii) it shall not institute or join any other person or entity in instituting against, or with respect to, Party B or any of its general partners any bankruptcy or insolvency event so long as any Covered Bonds issued by Royal Bank of Canada under the Programme shall be outstanding or there shall not have elapsed one year plus one day since the last day on which any such Covered Bonds shall have been outstanding. The foregoing provision shall survive the termination of this Agreement by either party.

Security, Enforcement and Limited Recourse. Party A agrees with Party B to be bound by the terms of the Trust Deed, Deed (as defined in the Master Definitions and Construction Agreement) and the Security Agreement and acknowledges and accepts the Priorities of Paymentsand, and in particular, confirms and agrees that: (i) all obligations of Party B are limited in recourse to the Charged Property and no sum shall be payable by or on behalf of Party B to it except in accordance with the provisions of the Trust Deed and Security Agreement and the Priorities of PaymentsAgreement; and (ii) it shall not institute or join any other person or entity in instituting against, or with respect to, Party B or any of its general partners any bankruptcy or insolvency event so long as any Covered Bonds issued by Royal National Bank of Canada under the Programme shall be outstanding or there shall not have elapsed one year plus one day since the last day on which any such Covered Bonds shall have been outstanding. The foregoing provision shall survive the termination of this Agreement by either party.

Security, Enforcement and Limited Recourse. Party A agrees with Party B to be bound by the terms of the Trust Deed, Deed (as defined in the Master Definitions and Construction Agreement) and the Security Agreement and acknowledges and accepts the Priorities of Paymentsand, and in particular, confirms and agrees that: (i) all obligations of Party B are limited in recourse to the Charged Property and no sum shall be payable by or on behalf of Party B to it except in accordance with the provisions of the Trust Deed and Security Agreement and the Priorities of PaymentsAgreement; and (ii) it shall not institute or join any other person or entity in instituting against, or with respect to, Party B or any of its general partners any bankruptcy or insolvency event so long as any Covered Bonds issued by Royal The Toronto-Dominion Bank of Canada under the Programme shall be outstanding or there shall not have elapsed one year plus one day since the last day on which any such Covered Bonds shall have been outstanding. The foregoing provision shall survive the termination of this Agreement by either party.party.‌

Security, Enforcement and Limited Recourse. Party A agrees with Party B to be bound by the terms of the Trust Deed, Deed (as defined in the Master Definitions and Construction Agreement) and the Security Agreement and acknowledges and accepts the Priorities of Paymentsand, and in particular, confirms and agrees that: (i) : all obligations of Party B are limited in recourse to the Charged Property and no sum shall be payable by or on behalf of Party B to it except in accordance with the provisions of the Trust Deed and Security Agreement Agreement; and the Priorities of Payments; and (ii) it shall not institute or join any other person or entity in instituting against, or with respect to, Party B or any of its general partners any bankruptcy or insolvency event so long as any Covered Bonds issued by Royal National Bank of Canada under the Programme shall be outstanding or there shall not have elapsed one year plus one day since the last day on which any such Covered Bonds shall have been outstanding. The foregoing provision shall survive the termination of this Agreement by either party.

Security, Enforcement and Limited Recourse. Party A agrees with Party B to be bound by the terms of the Trust Deed, Deed and the Security Agreement and acknowledges and accepts the Priorities of Payments, and and, in particular, confirms and agrees that: (i) all obligations of Party B are limited in recourse to the Charged Property and no sum shall be payable by or on behalf of Party B to it except in accordance with the provisions of the Trust Deed and Security Agreement and the Priorities of Payments; and (ii) it shall not institute or join any other person or entity in instituting against, or with respect to, Party B or any of its general partners any bankruptcy or insolvency event so long as any Covered Bonds issued by Royal Equitable Bank of Canada under the Programme shall be outstanding or there shall not have elapsed one year plus one day since the last day on which any such Covered Bonds shall have been outstanding. The foregoing provision shall survive the termination of this Agreement by either party.party.‌

Security, Enforcement and Limited Recourse. Party A agrees with Party B to be bound by the terms of the Trust Deed, Deed and the Security Agreement and acknowledges and accepts the Priorities of Payments, and and, in particular, confirms and agrees that: (i) all obligations of Party B are limited in recourse to the Charged Property and no sum shall be payable by or on behalf of Party B to it except in accordance with the provisions of the Trust Deed and Security Agreement and the Priorities of Payments; and (ii) it shall not institute or join any other person or entity in instituting against, or with respect to, Party B or any of its general partners any bankruptcy or insolvency event so long as any Covered Bonds issued by Royal Equitable Bank of Canada under the Programme shall be outstanding or there shall not have elapsed one year plus one day since the last day on which any such Covered Bonds shall have been outstanding. The foregoing provision shall survive the termination of this Agreement by either party.

Security, Enforcement and Limited Recourse. Party A agrees with Party B to be bound by the terms of the Trust Deed, Security Agreement and acknowledges and accepts the Priorities of Payments, and in particular, confirms and agrees that: (i) all obligations of Party B are limited in recourse to the Charged Property and no sum shall be payable by or on behalf of Party B to it except in accordance with the provisions of the Trust Deed and Security Agreement and the Priorities of Payments; and (ii) it shall not institute or join any other person or entity in instituting against, or with respect to, Party B or any of its general partners any bankruptcy or insolvency event so long as any Covered Bonds issued by Royal Laurentian Bank of Canada under the Programme shall be outstanding or there shall not have elapsed one year plus one day since the last day on which any such Covered Bonds shall have been outstanding. The foregoing provision shall survive the termination of this Agreement by either party.

Security, Enforcement and Limited Recourse. Party A agrees with Party B to be bound by the terms of the Trust Deed, Deed (as defined in the Master Definitions and Construction Agreement) and Security Agreement and acknowledges and accepts the Priorities of Paymentsand, and in particular, confirms and agrees that: (i) all obligations of Party B are limited in recourse to the Charged Property and no sum shall be payable by or on behalf of Party B to it except in accordance with the provisions of the Trust Deed and Security Agreement and the Priorities of PaymentsAgreement; and (ii) it shall not institute or join any other person or entity in instituting against, or with respect to, Party B or any of its general partners any bankruptcy or insolvency event so long as any Covered Bonds issued by Royal The Toronto-Dominion Bank of Canada under the Programme shall be outstanding or there shall not have elapsed one year plus one day since the last day on which any such Covered Bonds shall have been outstanding. The foregoing provision shall survive the termination of this Agreement by either party.

Security, Enforcement and Limited Recourse. Party A agrees with Party B to be bound by the terms of the Trust Deed, Deed (as defined in the Master Definitions and Construction Agreement) and the Security Agreement and acknowledges and accepts the Priorities of Paymentsand, and in particular, confirms and agrees that: (i) all obligations of Party B are limited in recourse to the Charged Property and no sum shall be payable by or on behalf of Party B to it except in accordance with the provisions of the Trust Deed and Security Agreement and the Priorities of PaymentsAgreement; and (ii) it shall not institute or join any other person or entity in instituting against, or with respect to, Party B or any of its general partners any bankruptcy or insolvency event so long as any Covered Bonds issued by Royal HSBC Bank of Canada under the Programme shall be outstanding or there shall not have elapsed one year plus one day since the last day on which any such Covered Bonds shall have been outstanding. The foregoing provision shall survive the termination of this Agreement by either party.