Nonrecourse definition

Nonrecourse means that the collateral can be forfeited at the end of the term with no penalty. The government takes no recourse against the borrower beyond accepting the commodity as full settlement of the loan, even if the market price of the commodity is less than the loan.

Nonrecourse means that the obligations and liabilities are limited in recourse solely to the assets of the Parties (for those purposes, any capital contribution obligations of the equity holders or other owners of such Party, or any negative capital account balances of such Persons will not be deemed be assets of such Party) and are not guaranteed, directly or indirectly by, or the primary obligations of, any owner of such Party in such capacity, and no partner, member or other owner in such capacity of any successor entity (including any limited liability company or partnership), either directly or indirectly, will be personally liable in any respect (except to the extent of (i) such Person's interests in the assets of such Party and (ii) any distribution which has been received by such Person and is required by applicable law to be returned, directly or indirectly, to such Party) for any obligation or liability of such Party under this Agreement.

Nonrecourse in respect of the Borrower or any Subsidiary and any Securitization Transaction, means that the Borrower, or such Subsidiary, as the case may be, has no obligation in respect of any payment due on such Securitization Transaction other than Permitted Securitization Obligations.

Examples of Nonrecourse in a sentence

• Partner Nonrecourse Deductions for any taxable period shall be allocated 100% to the Partner that bears the Economic Risk of Loss with respect to the Partner Nonrecourse Debt to which such Partner Nonrecourse Deductions are attributable in accordance with Treasury Regulation Section 1.704-2(i).

• Nonrecourse Deductions for any taxable period shall be allocated to the Partners in accordance with their respective Percentage Interests.

• If more than one Partner bears the Economic Risk of Loss with respect to a Partner Nonrecourse Debt, such Partner Nonrecourse Deductions attributable thereto shall be allocated between or among such Partners in accordance with the ratios in which they share such Economic Risk of Loss.

• If the General Partner determines that the Partnership’s Nonrecourse Deductions should be allocated in a different ratio to satisfy the safe harbor requirements of the Treasury Regulations promulgated under Section 704(b) of the Code, the General Partner is authorized, upon notice to the other Partners, to revise the prescribed ratio to the numerically closest ratio that does satisfy such requirements.

• For purposes of Treasury Regulation Section 1.752-3(a)(3), the Partners agree that Nonrecourse Liabilities of the Partnership in excess of the sum of (A) the amount of Partnership Minimum Gain and (B) the total amount of Nonrecourse Built-in Gain shall be allocated among the Partners in accordance with their respective Percentage Interests.

More Definitions of Nonrecourse

Nonrecourse means that the obligations and liabilities are limited in recourse solely to the assets of Sellers (for those purposes, any capital contribution obligations of the general and limited partners of Sellers or any negative capital account balances of such partners shall not be deemed to be assets of Sellers) and are not guaranteed directly or indirectly by, or the primary obligations of, any general or limited partner of Sellers, and neither Sellers nor any general or limited partner or any officer, director, partner, employee or agent of Sellers or any general or limited partner of any successor partnership, either directly or indirectly, shall be personally liable in any respect (except to the extent of their respective interests in the assets of Sellers) for any obligation or liability of Sellers under any Transaction Document or any transaction contemplated therein.

Nonrecourse means that the obligations and liabilities are limited in recourse solely to the Seller and the assets of the Seller (which shall not include any receivables due from or other rights against Trust Persons), and no Trust Person shall be directly or indirectly personally liable in any respect for any obligations or liability of the Seller under any Transaction Document or any transaction contemplated herein or therein.

Nonrecourse means that the obligations and liabilities are limited in recourse solely to the assets of Sublessors (for those purposes, any capital contribution obligations of the general and limited partners of Sublessors or any negative capital account balances of such partners shall not be deemed to be assets of Sublessors) and are not guaranteed directly or indirectly by, or the primary obligations of, any general or limited partner of any Sublessor, and neither any Sublessor nor any general or limited partner or any officer, director, partner, employee or agent of any Sublessor or any general or limited partner of any successor partnership, either directly or indirectly, shall be personally liable in any respect (except to the extent of their respective interests in the assets of any Sublessor) for any obligation or liability of any Sublessor under any Transaction Document or any transaction contemplated therein.

Nonrecourse as applied to any Debt means Debt of a Person (or any portion thereof) to the extent that, under the terms thereof, no personal recourse may be had against such Person or any Affiliate of such Person for the payment of all or a portion of the principal of or interest or premium on such Debt, and enforcement of obligations on such Debt (except with respect to fraud, willful misconduct, intentional misrepresentation, misapplication of funds, waste and undertakings with respect to environmental matters) is limited only to recourse against interests in specified assets and properties owned by such Person (the “Subject Assets”), accounts and proceeds arising therefrom, and rights under purchase agreements or other agreements relating to such Subject Assets.

Nonrecourse means, with respect to Indebtedness of the Borrower or its Subsidiaries, Indebtedness for which the Borrower or such Subsidiary has no personal liability (other than to the extent of the property securing such Indebtedness) except under circumstances which are reasonable and customary in the commercial real estate lending industry.

Nonrecourse means that the crop itself is the only asset securing the loan and the government may not seek additional payment, which is the mechanism that guarantees the price floor. In order to avoid a glut of CCC-owned forfeitures, producers do not actually need to turn over their crop to CCC.26 Instead, producers may sell the crop on the market, repay the loan at the prevailing market price and keep the difference as a “marketing loan gain.”27 Producers who did not take out an MAL are entitled to a “loan deficiency payment” equal to the marketing loan gain.

Nonrecourse has the meaning specified in Section 13.15.