Without Recourse or “without recourse”. With reference to any obligation or liability, any obligation or liability for which the obligor thereunder is not liable or obligated other than as to its interest in a designated Real Estate Asset or other specifically identified asset only, subject to such limited exceptions to the non-recourse nature of such obligation or liability, such as fraud, misappropriation and misapplication indemnities, as are usual and customary in like transactions involving institutional lenders at the time of the incurrence of such obligation or liability, and to usual and customary environmental indemnification obligations in connection with such designated Real Estate Asset.
Without Recourse means, with reference to any indebtedness for money borrowed, any portion of such indebtedness for which the obligor thereunder is not liable or obligated other than as to such obligor’s interest in an asset specifically identified or designated with respect to such indebtedness, subject to such limited exceptions to the non-recourse nature of such indebtedness, such as, but not limited to, fraud, misappropriation, misapplication and environmental indemnities, as are usual and customary in like transactions involving institutional lenders at the time of the incurrence of such indebtedness.
Without Recourse means that the assignment to Company is not conditioned on the Purchaser's performance of the Contract and that the risk of loss on the Contract rests with Company, except as otherwise provided in this Agreement and in the warranty terms of the Contract. The term "limited recourse" means that the assignment to Company is conditioned on the Purchaser's performance of the Contract for the time and/or on the terms indicated in the assignment section of the Contract. If the Purchaser fails to perform a Contract on a "limited recourse" basis for the time and/or on the terms indicated in the assignment section of the Contract, Company at any time may require Dealer to repurchase the Contract for the amount then owing. After the Purchaser has met the terms indicated in the assignment section of the Contract, an assignment on a "limited recourse" basis shall be treated as an assignment on a "without recourse" basis. Notwithstanding any provision of this Agreement, or any assigned Contract to the contrary, the warranty and breach provisions of this Agreement and the assigned Contract shall control over the terms of assignment.
Examples of Without Recourse in a sentence
Purchaser is buying the property As-Is, Where-Is and Without Recourse.
The sale will be on "As Is Where Is, As Is What Is, Whatever There Is and Without Recourse Basis" and the prospective bidders are cautioned to exercise their own diligence in respect of the quantity, quality, condition, usefulness, availability and any other related aspects.
The sale will be on "As Is Where Is, As Is What Is, Whatever There Is And Without Recourse Basis" and the prospective bidders are cautioned to exercise their own diligence in respect of the quantity, quality, condition, usefulness, availability and any other related aspects.
The sale will be on "As Is Where Is, As Is What Is, Whatever There Is And Without Recourse Basis" and the prospective bidders are cautioned to exercise their own diligence in respect of the quantity, quality, completeness, condition, usefulness, availability, and any other related aspects.
The sale will be on "As Is Where Is, As Is What Is, Whatever There Is and Without Recourse Basis" and the prospective Bidders are cautioned to exercise their own diligence in respect of the quality, condition, usefulness, availability and other related aspects.
More Definitions of Without Recourse
Without Recourse means there is no obligation to return withdrawn money to the fund from which it was transferred.
Without Recourse means the Seller of Accounts is not obligated to pay or repurchase an Account sold to Allied unless Seller breaches its warranties or representations concerning such Account. “With Recourse” or "Recourse" means Seller shall pay or repurchase Accounts acquired by Allied that are not paid according to the terms of the invoice.
Without Recourse means that if the net cashflows related to the foreclosed property are insufficient to pay the defaulted debt in full, the Federal credit agency must write off the remaining debt. If the net cashflows are greater than necessary to repay the debt, the agency retains the excess. The loan contract with the borrower should indicate the terms of the loan.
Without Recourse means that if the factor cannot recover the money from the debtor, it cannot reassign the debt back to the client and therefore bears the risk of non-payment of the debt.
Without Recourse means that (i) the only recourse of the Bank against the Borrower in respect of any of the Liabilities shall be strictly limited to the exercise of the Bank's right of set-off as set out in Section 9.11, and the realization of the Bank's security interest in the Collateral pursuant to the Pledge; (ii) the Borrower shall not be liable to any person with respect to any shortfall which may be experienced upon any such realization and shall have no personal liability under any of the Liabilities following such realization, and
Without Recourse means, with respect to an item of Indebtedness and assets, that such Indebtedness is without recourse to such assets, except for customary non-recourse carve-out or environmental guarantees or indemnities that have not been called; provided that, at the time any such guarantees or indemnities are called, such Indebtedness shall no longer be Without Recourse to such assets.
Without Recourse in turn, means that the participation is not subject to any agreement that requires the lead to repurchase the participant’s interest or to otherwise compensate the participant due to a default on the underlying obligation.