First Recourse Sample Clauses
The First Recourse clause establishes that a party must first seek remedies or recover losses from a specified source before pursuing claims against another party. For example, in a loan agreement, a lender may be required to exhaust all available remedies against collateral or a guarantor before making a claim against the borrower. This clause ensures that the primary source of recovery is utilized first, thereby protecting secondary parties from immediate liability and clarifying the order in which claims should be made.
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First Recourse. Notwithstanding of any other provisions of this Agreement, each Investor covenants and agrees, as such Investor’s and its Indemnified Person’s first recourse under this Agreement and other Transaction Documents, to use its best efforts to seek, pursue and obtain full recovery from the Warrantors other than the Founders and the Founder Holdcos for claims arising out of this Agreement and other Transaction Documents (“Investor’s First Recourse Obligations”) whether or not such Investor or its Indemnified Person has an independent claim or cause of action against any of the Founders and Founder Holdcos. The failure to fulfil the Investor’s First Recourse Obligations shall constitute an absolute and complete bar of action by such Investor or its Indemnified Person for, and an absolute and complete defense by the Founders and Founder Holdcos to, any claim by such Investor or any its Indemnified Person against any of the Founders and/or Founder Holdcos. Provided that an Investor or its Indemnified Person duly performs its Investor’s First Recourse Obligations aforementioned, if such Investor or its Indemnified Person has not been indemnified in part or in full for the Indemnifiable Losses, such Investor and its Indemnified Person shall be entitled to seek, pursue and obtain full recovery from the Founders and Founder Holdcos for claims arising out of this Agreement and other Transaction Documents.
First Recourse. Before making any claim against the Guarantor under this Clause 2, HTIHL (or any trustee or agent on its behalf) must claim payment from the Borrower for any amounts payable under the Promissory Note and, in the event any security rights have become enforceable by HTIHL against the Borrower under the Security Document, enforce such security rights. Accordingly, it is the intent of the Guarantor and of HTIHL that the maximum amount that may be claimed under the guarantee and indemnity in this Clause 2 should be the difference between the total amount due under the Promissory Note and the net amount realised following the enforcement of such security rights including the sale of the Charged Assets under the Security Document.