Non-Recourse Provision Sample Clauses

A Non-Recourse Provision limits the liability of a party, typically a borrower, so that the lender can only seek repayment from specified collateral and not from the borrower's other assets. In practice, this means if the borrower defaults, the lender's recovery is restricted to the property or assets pledged as security, and the borrower's personal assets remain protected. This clause is commonly used in project finance or real estate loans to allocate risk and provide assurance to borrowers that their exposure is limited to the collateral involved in the transaction.
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Non-Recourse Provision. Notwithstanding anything herein to the contrary, but subject to the balance of this Section 9.04, Manager’s obligations pursuant to this Agreement and the Pooling Agreement are in all instances non-recourse to Manager, and in the event of any claim, suit or cause of action by Tenant against Manager pursuant to or in connection with this Agreement or the Pooling Agreement or the transactions contemplated by either of them, Tenant’s sole recourse against Manager shall be with respect to amounts held by Marriott or Manager for the account of Tenant pursuant to this Agreement or the Pooling Agreement, and to amounts available pursuant to the Marriott Guaranty Agreement and to amounts available pursuant to the Security Deposit Agreement, and Manager shall have no other liability beyond the extent thereof with respect to any such claim, suit or cause of action. Notwithstanding the foregoing, this Section 9.04 shall not be applicable with respect to (a) fraud committed by Manager, (b) misapplication or misappropriation of funds committed by Manager, (c) the willful misconduct of Manager, (d) the gross negligence of Manager, or (e) losses against which Manager has elected to self-insure pursuant to Section 6.01 and Exhibit D hereof. This Section 9.04 shall not be construed to limit any right of set-off to which Tenant may be entitled with respect to any amount to which Manager or any Affiliate may be entitled pursuant to this Agreement, any Other Management Agreement or the Pooling Agreement, and Tenant shall be entitled to set-off against amounts owed by Tenant to Manager hereunder amounts owed to Tenant under this Agreement or any Incidental Document, but excluding in any event System Fees due to Manager hereunder or under any Other Management Agreement and any fees due to Marriott pursuant to any Franchise Agreement.
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Non-Recourse Provision. All insurance policies shall provide that the insurers shall have no recourse against the Additional Insureds for payment of any premium or assessment and shall contain a severability of interest provision in regard to the Parties’ liability policies.
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Non-Recourse Provision. All insurance policies shall provide that the insurers shall have no recourse against the Additional Insured for payment of any premium or assessment and shall contain a severability of interest provision in regard to mutual coverage liability policies. The coverages provided by mutual coverage liability insurance policies required hereunder shall be the primary source of any restitution or other recovery for any injuries to or death of persons or loss or damage to property incurred as a result of an action or inaction of the Company or its Subcontractors, of their respective suppliers, employees, agents, representatives, or invitees, that fall within these coverages and also within the coverages of any liability insurance or self-insurance program maintained by the Borough.
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Non-Recourse Provision. The Company shall look solely to the Pledged Collateral (as defined below) and no other property of Executive shall be subject to levy, or execution for payment of the Loan.
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Non-Recourse Provision. In the event of any default hereunder on the part of Licensor, Licensee shall have no right, claim or cause of action whatsoever against any manager, director, Unit Owner or employee of Licensor, it being understood and agreed that any obligation or liability of Licensor hereunder is undertaken and accepted without personal recourse against any such individual or entity and shall be enforceable solely against the assets of Licensor and not against the individual assets of any such individual or entity.
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Non-Recourse Provision. Notwithstanding anything to the contrary contained herein, this Mortgage is non-recourse and Mortgagee shall have no recourse against Mortgagor or Mortgagor’s other assets (other than the Property) to collect on the obligations due under the Notes. Among other things, Mortgagee shall not seek a deficiency judgment against ▇▇▇▇▇▇▇▇▇, it being understood that ▇▇▇▇▇▇▇▇▇ shall not have any personal liability for payment of the obligations evidenced by the Notes.
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Non-Recourse Provision. Notwithstanding anything herein to the contrary, but subject to the balance of this Section 9.04 and further subject to Manager’s obligations in Section
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Related to Non-Recourse Provision

  • Non-Recourse All actions, obligations, losses or causes of action (whether in tort, contract or otherwise) that may be based upon, in respect of, arise under, out or by reason of, be connected with, or relate in any manner to (a) this Agreement and/or any other Transaction Document, (b) the negotiation, execution or performance of this Agreement and/or any other Transaction Document, (c) any breach or violation of this Agreement and/or any other Transaction Document and (d) any failure of the transactions contemplated hereby or in the other Transaction Documents to be consummated, in each case, may only be made against (and are those solely of) the Persons that are expressly named as parties hereto or thereto to the extent set forth herein and therein. In furtherance and not in limitation of the foregoing, and notwithstanding anything contained in this Agreement or the other Transaction Documents or otherwise to the contrary, each party covenants, agrees and acknowledges, on behalf of itself and its Affiliates and its and their respective representatives, that no recourse under this Agreement or any other Transaction Document shall be had against (i) any past, present or future direct or indirect equity holder, controlling person, Affiliate, member, manager, general or limited partner, stockholder, incorporator, representative or assignee of any party hereto or thereto (unless such Person is also a party) or (ii) any past, present or future direct or indirect equity holder, controlling person, Affiliate, member, manager, general or limited partner, stockholder, incorporator, representative or assignee of any of the foregoing (unless such Person is also a party), and none of the foregoing shall have any liability hereunder or thereunder (in each case, whether in tort, contract or otherwise), it being expressly agreed and acknowledged that no personal liability or losses whatsoever shall attach to, be imposed on or otherwise be incurred by any of the aforementioned, as such, arising out of, in connection with or related in any manner to the items in the immediately preceding clauses (a) through (d).