Source for Payment; Limited Recourse Sample Clauses
The "Source for Payment; Limited Recourse" clause defines the specific sources from which payments under an agreement will be made and limits the parties' ability to seek payment beyond those sources. In practice, this means that the payee can only claim payment from designated funds, accounts, or assets, and cannot pursue the payer's other assets if those sources are insufficient. This clause is commonly used in project finance or securitization transactions to allocate risk and provide certainty to both parties by clearly outlining the extent of payment obligations and recourse available.
Source for Payment; Limited Recourse. The 2020-A Exchange Note will be payable solely from Exchange Note Available Funds, the proceeds of the other Borrower Collateral and any Shared Amounts allocated to the 2020-A Exchange Note under Section 5.1, in each case, according to the priorities in Section 5.1. For purposes of determining the 2020-A Collections, the Leases and Leased Vehicles will be deemed to have been allocated to the 2020-A Reference Pool from and after the related Cutoff Date. Recourse for the 2020-A Exchange Noteholder will be limited to the 2020-A Reference Pool.
Source for Payment; Limited Recourse. The 2018-B Exchange Note will be payable solely from Exchange Note Available Funds, the proceeds of the other Borrower Collateral and any Shared Amounts allocated to the 2018-B Exchange Note under Section 5.1, in each case, according to the priorities in Section 5.1. For purposes of determining the 2018-B Collections, the Leases and Leased Vehicles will be deemed to have been allocated to the 2018-B Reference Pool from and after the related Cutoff Date. Recourse for the 2018-B Exchange Noteholder will be limited to the 2018-B Reference Pool.
Source for Payment; Limited Recourse. The 20__-__ Exchange Note will be payable solely from Exchange Note Available Funds, the proceeds of the other Borrower Collateral and any Shared Amounts allocated to the 20__-__ Exchange Note under Section 5.1, in each case, according to the priorities in Section 5.1. For purposes of determining the 20__-__ Collections, the Leases and Leased Vehicles will be deemed to have been allocated to the 20__-__ Reference Pool from and after the related Cutoff Date. Recourse for the 20__-__ Exchange Noteholder will be limited to the 20__-__ Reference Pool.
Source for Payment; Limited Recourse. The 2016-A Exchange Note will be payable solely from Collections on the Leases and Leased Vehicles allocated to the 2016-A Reference Pool, the proceeds of the other Borrower Collateral and any Shared Amounts allocated to the 2016-A Exchange Note under Section 5.1, in each case, according to the priorities in Section 5.1. For purposes of determining the Collections that are for the 2016-A Reference Pool, the Leases and Leased Vehicles will be deemed to have been allocated to the 2016-A Reference Pool from and after the related Cutoff Date. Recourse for the 2016-A Exchange Noteholder will be limited to the 2016-A Reference Pool.
Source for Payment; Limited Recourse. The 2016-A Exchange Note will be payable solely from Collections on the Leases and Leased Vehicles allocated to the 2016-A Reference Pool, the proceeds of the other Borrower Collateral and any Shared Amounts allocated to the 2016-A Exchange Note under Section 5.1, in each case, according to the priorities in Section 5.1. For purposes of determining the Collections that are for the 2016-A Reference Pool, the Leases and Leased Vehicles will be deemed to have been allocated to the 2016-A Reference Pool from and after the related Cutoff Date. Recourse for the 2016-A Exchange Noteholder will be limited to the 2016-A Reference Pool.