Full Recourse Loan Clause Samples
A Full Recourse Loan clause establishes that the borrower is personally liable for repaying the entire loan amount, regardless of the value or sufficiency of any collateral securing the loan. In practice, if the borrower defaults, the lender can pursue not only the collateral but also the borrower's other assets to recover the outstanding debt. This clause ensures that the lender has multiple avenues for repayment, thereby reducing the lender's risk and incentivizing the borrower to fulfill their obligations.
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Full Recourse Loan. ▇▇▇▇▇▇▇▇ accepts and agrees that the Loan evidenced by this Note is a full recourse Loan and that Lender may exercise any and all remedies available to it at law or in equity against Borrower in order to collect the entire amount of the Indebtedness in accordance with the Loan Documents as and when due.
Full Recourse Loan. The terms and provisions of Section 9 of the Note are hereby incorporated by reference into this Agreement to the same extent and with the same force and effect as if fully set forth herein.
Full Recourse Loan. No later than thirty (30) days following the Effective Date, the Corporation shall provide the Executive with a full recourse loan in the amount of TWO HUNDRED THOUSAND DOLLARS ($200,000) and bearing interest at the minimum rate necessary to avoid imputed income under Section 7872 of the Internal Revenue Code of 1986, as amended (the "Code"). Repayment of the principal of such loan shall be made by the Executive in one-third (1/3) installments no later than February 28 of each of 2003, 2004 and 2005, with all accrued interest due and payable on February 28, 2005. In the event of the Executive's termination prior to full repayment, any separation payments due under Section 8 will be reduced by the amount outstanding.
Full Recourse Loan. This Promissory Note evidences a full recourse ------------------ loan. Borrower acknowledges that ▇▇▇▇▇▇▇▇ is personally liable for the performance of the obligations of Borrower under this Promissory Note, and Borrower's liability shall not be limited to the value of the Pledged Collateral or other security provided to E-Stamp to secure Borrower's performance of its obligations under this Promissory Note.