NON-RECOURSE NOTE Sample Clauses

A Non-Recourse Note is a financial instrument in which the lender's only remedy in the event of borrower default is to seize the collateral specified in the agreement, without the ability to pursue the borrower's other assets. In practice, this means that if the borrower fails to repay the loan, the lender can claim the property or asset securing the note, but cannot seek further compensation from the borrower personally. This clause is commonly used in real estate and asset-based lending to limit the borrower's liability, thereby allocating risk primarily to the lender and providing borrowers with greater protection against personal financial loss.
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NON-RECOURSE NOTE. This is a non-recourse Note. In the event the Borrower defaults in making any payment due under this Note the Borrower shall have no personal liability and the Lender's sole recourse shall be to enforce its rights under the Pledge and Security Agreement which secures this Note.
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NON-RECOURSE NOTE. This Note is secured by a pledge by Borrower of its partnership interests in Lender pursuant to that certain Collateral Assignment of Partnership Interest and Pledge Agreement of even date (the "Collateral Assignment"
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NON-RECOURSE NOTE. Notwithstanding anything to the contrary herein, except for any liability arising out of or with respect to any breach of Section 3 or Section 11 hereof (for which Maker shall be personally liable), Maker shall not be personally liable for any amounts owing under this Note.
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NON-RECOURSE NOTE. The Non-Recourse Note duly executed by the Purchaser.
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NON-RECOURSE NOTE. The Purchaser shall deliver to Seller a promissory note in the aggregate principal amount of $1,250,000 (the "Non-Recourse Note") in favor of the Seller. The Non-Recourse note shall be a non-recourse obligation of the Purchaser and shall bear interest only at a rate of 12% per annum over a term of five years with the final payment of principal being due and payable to Seller on December 15, 2003. The Non-Recourse Note shall be in substantially the form attached hereto as Exhibit E. The Non-Recourse Note shall be secured by a second lien mortgage on the Assets in favor of the Seller.
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NON-RECOURSE NOTE. In conjunction with each non-recourse Advance, the form of Non-Recourse Note set forth in Exhibit G1 ("Non-Recourse Note") shall be utilized.
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NON-RECOURSE NOTE. The Employee is the obligor on a promissory note made in favor of the Company with respect to the purchase of 206,080 shares of Company stock, which the Employee pledged as collateral for the note. The note is non-recourse as to its principal amount, but carries an interest payment obligation that constitutes a personal obligation of the Employee, which obligation, calculated to the Retirement Date, equals $47,004.00 (the "Accrued Interest"). The Company hereby extends the maturity date of the note to April 15, 2004 (the "New Maturity Date") and agrees to suspend the accrual of interest on the note for the period between the Retirement Date and the New Maturity Date, and the note is hereby amended accordingly. On or before the New Maturity Date, the Employee shall assign and transfer all of said shares of stock to the Company, and the Company shall, upon receipt of said shares of stock, cancel the non-recourse debt evidenced by the note. The parties acknowledge that, on the New Maturity Date, $81,370.69 of the Employee's Deferred Salary shall be offset against the Accrued Interest. The remaining $31,129.31 shall be paid to the Employee in two (2) equal installments of $15,564.65, the first of which shall be due within six (6) months of the Effective Date, and the second of which shall be due within twelve (12) months of the Effective Date. The Accrued Interest offset and Deferred Salary payments described in this paragraph shall be, in each case, net of applicable Federal and state withholding employment taxes. The Company will make the appropriate state and Federal tax employment and withholding taxes payments to the respective taxing entities within the time and in the manner prescribed by applicable law.
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Related to NON-RECOURSE NOTE

  • Non-Recourse Notwithstanding anything to the contrary that may be expressed or implied in this Agreement or any document or instrument delivered contemporaneously herewith, and notwithstanding the fact that Holder or any of its successors or permitted assignees may be a partnership, limited liability company or similar domestic or foreign entity, Parent by its acceptance of the benefits of this Agreement, covenants, agrees and acknowledges that no person other than Holder and its successors and permitted assignees shall have any obligation hereunder and that it has no rights of recovery against, and no recourse hereunder or under this Agreement, the Merger Agreement, the JBA, H▇▇▇▇▇’s ECL (if any) or any documents or instruments delivered in connection herewith or therewith shall be had against, any former, current or future director, officer, agent, Affiliate, manager or employee of Holder (or any of its successors or assignees), against any former, current or future general or limited partner, manager, equityholder or member of Holder (or any of its successors or assignees) or any Affiliate or related party thereof or against any former, current or future director, officer, agent, employee, Affiliate, related party, assignee, general or limited partner, equityholder, manager or member of any of the foregoing (each, other than H▇▇▇▇▇ and its successors and permitted assignees, a “Holder Affiliate”), whether by or through attempted piercing of the corporate veil, by or through a claim by or on behalf of Holder against the Holder Affiliates, by the enforcement of any assessment or by any legal or equitable proceeding, or by virtue of any statute, regulation or other applicable law, or otherwise; provided that (and notwithstanding anything to the contrary provided herein or in any document or instrument delivered contemporaneously herewith), (A) nothing herein shall limit the rights of each of the other parties to the JBA (other than Holder) against Holder under the JBA pursuant to the terms and conditions of the JBA, and (B) nothing herein shall limit the rights of each of the other parties to the JBA (other than Holder) and Parent against Holder (or with respect to any assignee hereof) as a third-party beneficiary under H▇▇▇▇▇’s ECL (if any) pursuant to the terms and conditions thereof. The parties hereto expressly agree and acknowledge that no liability whatsoever shall attach to, be imposed on, or otherwise be incurred by any Holder Affiliate, as such, for any obligations of Holder under this Agreement or the transactions contemplated hereby, under any documents or instruments delivered in connection herewith, or for any claim based on, in respect of, or by reason of, such obligations or their creation.

  • Non-recourse Obligations Notwithstanding anything in this Agreement or any Basic Document, the Owner Trustee agrees in its individual capacity and in its capacity as Owner Trustee for the Trust that all obligations of the Trust to the Owner Trustee individually or as Owner Trustee for the Trust shall be with recourse to the Owner Trust Estate only and specifically shall be without recourse to the assets of the Holder.

  • Non-Recourse Exceptions The Mortgage Loan documents for each Mortgage Loan provide that such Mortgage Loan constitutes either (a) the recourse obligations of at least one natural person or (b) the non-recourse obligations of the related Mortgagor, provided that at least one natural person (and the Mortgagor if the Mortgagor is not a natural person) is liable to the holder of the Mortgage Loan for damages arising in the case of fraud or willful misrepresentation by the Mortgagor, misappropriation of rents, insurance proceeds or condemnation awards and breaches of the environmental covenants in the Mortgage Loan documents.

  • Non-Recourse Indebtedness Indebtedness of REIT Guarantor, Borrower, their respective Subsidiaries, or an Unconsolidated Affiliate of any such Person, which is secured by one or more parcels of Real Estate (other than an Unencumbered Property) or interests therein or equipment and which is not a general obligation of Guarantor, Borrower or such Subsidiary or Unconsolidated Affiliate, the holder of such Indebtedness having recourse solely to the parcels of Real Estate, or interests therein, securing such Indebtedness or the direct owner of such Real Estate, the leases thereon and the rents, profits and equity thereof or equipment, as applicable (except for recourse against the general credit of the Person obligated thereon for any Non-Recourse Exclusions), provided that in calculating the amount of Non-Recourse Indebtedness at any time, the Borrower’s reasonable estimate of the amount of any Non-Recourse Exclusions which are the subject of a claim and action shall not be included in the Non-Recourse Indebtedness but shall constitute Recourse Indebtedness. Non-Recourse Indebtedness shall also include Indebtedness of a Subsidiary of Guarantor or Borrower that is not a Subsidiary Guarantor or of an Unconsolidated Affiliate which is a special purpose entity that is recourse solely to such Subsidiary or Unconsolidated Affiliate, which is not cross-defaulted to other Indebtedness of the Borrower and which does not constitute Indebtedness of any other Person (other than such Subsidiary or Unconsolidated Affiliate which is the borrower thereunder). Notes. Collectively, the Revolving Credit Notes, Swing Notes and Term Notes.

  • Limited Recourse and Non-Petition Notwithstanding any other provision of this Agreement or any other document to which it may be a party, the obligations of each IP Party from time to time and at any time hereunder are limited recourse obligations of such IP Party and are payable solely from its assets available at such time and amounts derived therefrom and following realization of its assets, and application of the proceeds thereof in accordance with this Agreement, all obligations of and any remaining claims against such IP Party hereunder or in connection herewith after such realization shall be extinguished and shall not thereafter revive. No recourse shall be had against any officer, director, employee, shareholder, administrator or incorporator of any IP Party or their respective successors or assigns for any amounts payable hereunder. Notwithstanding any other provision of this Agreement, no Person may, prior to the date which is one year (or if longer, any applicable preference period) and one day after the discharge of all Secured Obligations, institute against, or join any other Person in instituting against, any IP Party any bankruptcy, winding up, reorganization, restructuring, arrangement, insolvency, moratorium or liquidation (including provisional liquidation) proceedings, or other proceedings under any Bankruptcy Laws. Nothing in this Section 8.16 shall preclude, or be deemed to estop, any Obligor from taking any action prior to the expiration of the aforementioned period in any proceedings under any Bankruptcy Laws filed or commenced by any other non-affiliated Person, or from commencing against any IP Party or any of its properties any legal action which is not a bankruptcy, winding up, reorganization, arrangement, insolvency, moratorium, restructuring or liquidation (including provisional liquidation) proceedings or any equivalent proceedings. It is understood that the foregoing provisions of this Section 8.16 shall not (A) prevent recourse to the assets of an IP Party for the sums due or to become due under the Transaction Documents or (B) constitute a waiver, release or discharge of any obligation hereunder until the assets of such IP Party have been realized. It is further understood that the foregoing provisions of this Section 8.16 shall not limit the right of any Person to name an IP Party as a party defendant in any proceeding under any Bankruptcy Laws or in the exercise of any other remedy hereunder, 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. The provisions of this Section 8.16 shall survive the termination of this Agreement.