Limited Recourse Loan Sample Clauses

Limited Recourse Loan. The Loan is limited recourse to an Investor’s interest in the Units and any assets of the relevant Investor Trust (including without limitation any Final Coupon, corresponding Delivery Assets or Sale Monies). Since the Loan is limited recourse to an Investor’s interest in the Units, once an Investor has paid their Prepaid Interest and any Fees as specified in the relevant Term Sheet PDS, even if the return on the Units is insufficient to repay the Loan Amount, the Investor cannot be pursued for anything more (even upon Early Maturity or Issuer Buy-Back). Your Units will be issued to, and held by the Custodian in a separate trust (an “Investor Trust”) under the terms of the Custody Deed to secure amounts owing under the Loan Agreement. The Custodian grants a Security Interest over each Investor Trust in favour of the Lender. The Custodian holds the Units for your behalf subject to the Investor Security Deed. You therefore acquire your Units subject to the Investor Security Deed until your obligations under the Loan are satisfied in full. Please see the description of the Custody Deed and Investor Security Deed in “Custody Deed” and “Investor Security Deed” in Section 3 “Security Arrangements” for further information.
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Limited Recourse Loan. The Loan is a limited recourse facility whereby the Lender’s recourse against the Investor for repayment of the Loan is limited to the interest of the Investor in the Units and any assets of the Investor Trust (including without limitation any corresponding Final Coupon, Delivery Assets or Sale Monies). The Lender will not take any action against the Investor or the Acceptor in relation to the Loan to recover any amount beyond enforcing the Investor Security Deed.
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Limited Recourse Loan. The Federal CDBG Loan is a limited recourse obligation of the Borrower. The County Board's recovery against the Borrower with respect to the Federal CDBG Loan shall be limited solely to the County Board's security in the Required Project Property, except that the Borrower may be personally liable to the County Board for any losses or damages incurred by the following matters: (a) fraud or willful misrepresentation or (b) any breach by the Borrower of any covenant in the CDBG Deed of Trust or this Agreement regarding Hazardous Materials. The officers, employees or agents of the Borrower shall not have any direct or indirect personal liability to the County Board for payment of the principal of, or interest on, the Federal CDBG Loan or the performance of the covenants of the Borrower under this Agreement. ARTICLE III SUBSEQUENT AGREEMENTS FOR THE DEVELOPMENT OF THE SHELL SITE PROJECT
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Limited Recourse Loan. 5.1 The Borrower covenants that, at all times until repayment of the Loan,:
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Limited Recourse Loan. The parties acknowledge and agree that the obligation imposed upon CITY for the Loan or under this Loan Agreement is not a general obligation of CITY, but is a special, limited obligation of CITY and shall not be payable from or a charge upon any general funds of CITY. The sole source of repayment for the Loan is the Public Improvements Use Fee, which will be assigned to MBOI, and any other collateral as provided herein and in the Related Documents. Neither the Note, nor any of the obligations or agreements of the CITY contained in this Agreement or any Related Documents, shall be construed to constitute an indebtedness of the CITY within the meaning of any constitutional, statutory or charter provisions whatsoever. No agreements or provisions contained in this Agreement nor any agreement, covenant or undertaking by CITY contained in any document executed by CITY in connection with the Public Improvements or the Loan shall give rise to any pecuniary liability of CITY or a charge against its general credit or taxing powers, or shall obligate CITY financially in any way except with respect to the Public Improvements Use Fees, the application of Use Fee payments, or the proper application of the Loan Proceeds, and no execution on any claim, demand, cause of action or judgment shall be levied upon or collected from the general credit, general funds or taxing powers of CITY. Nothing herein shall preclude a proper party in interest from seeking and obtaining specific performance against CITY for any failure to comply with any term, condition, covenant or agreement herein or from resorting to any Collateral provided to secure the Loan; provided, that no costs, expenses or other monetary relief shall be recoverable from CITY except as may be payable from the Public Improvements Use Fee or proceeds of the Loan.
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Related to Limited Recourse Loan

  • Limited Recourse; Non-Petition Party A agrees that the obligations of Party B hereunder are limited recourse obligations payable solely from the assets of Party B, and due to the extent funds are available for the payment thereof in accordance with the priority of payments described in the Pooling and Servicing Agreement. Party A agrees that it will not, prior to the date which is at least one year and one day or, if longer, the then applicable preference period following the payment in full of all the Certificates issued pursuant to the Pooling and Servicing Agreement and the expiration of all applicable preference periods under Title 11 of the United States Code or other applicable law relating to any such payment, acquiesce, petition or otherwise invoke or cause Party B to invoke the process of any governmental authority for the purpose of commencing or sustaining a case (whether voluntary or involuntary) against Party B under any bankruptcy, insolvency or similar law or appointing a receiver, liquidator, assignee, trustee, custodian, sequestrator or other similar official of Party B or any substantial part of its property or ordering the winding-up or liquidation of the affairs of Party B. Nothing contained herein shall prohibit Party A from submitting a claim, or proof of claim, in any proceeding or process instituted by or against Party B by any person other than Party A or its Affiliates. Party A and Party B agree that this Part 5(p) shall survive the termination of this Agreement for any reason whatsoever.

  • Limited Recourse (a) With respect to any claim by the Administrator for recovery of that portion of any fees or reimbursable expenses (or any other liability of a Fund arising under this Agreement) related to a particular series and class of a Fund, whether in accordance with the express terms of this Agreement or otherwise, the Administrator will have recourse solely against the assets of that series and class to satisfy the claim and will have no recourse against the assets of any other series and class of any Fund.

  • Non-Recourse Indebtedness Indebtedness of Parent Borrower, its Subsidiaries or an Unconsolidated Affiliate which is secured by one or more parcels of Real Estate (other than an Eligible Real Estate Asset) or interests therein or equipment and which is not a general obligation of Parent 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, the leases thereon and the rents, profits and equity thereof or equipment, as applicable (except for recourse against the general credit of the Parent Borrower or its Subsidiaries or an Unconsolidated Affiliate for any Non-Recourse Exclusions), provided that in calculating the amount of Non-Recourse Indebtedness at any time, 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 Parent Borrower that is not a Subsidiary Borrower 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 Borrowers and which does not constitute Indebtedness of any other Person (other than such Subsidiary or Unconsolidated Affiliate which is the borrower thereunder).

  • Excess Nonrecourse Liabilities Solely for purposes of determining a Member’s proportionate share of the “excess nonrecourse liabilities” of the Company within the meaning of Section 1.752-3(a)(3) of the Regulations, the Members’ interests in the Company’s Profits are in proportion to their LLC Percentages.

  • Manner of Conveyance; Limited Warranty; Nonrecourse; Etc THE CONVEYANCE OF ALL ASSETS, INCLUDING REAL AND PERSONAL PROPERTY INTERESTS, PURCHASED BY THE ASSUMING INSTITUTION UNDER THIS AGREEMENT SHALL BE MADE, AS NECESSARY, BY RECEIVER'S DEED OR RECEIVER'S XXXX OF SALE, "AS IS", "WHERE IS", WITHOUT RECOURSE AND, EXCEPT AS OTHERWISE SPECIFICALLY PROVIDED IN THIS AGREEMENT, WITHOUT ANY WARRANTIES WHATSOEVER WITH RESPECT TO SUCH ASSETS, EXPRESS OR IMPLIED, WITH RESPECT TO TITLE, ENFORCEABILITY, COLLECTIBILITY, DOCUMENTATION OR FREEDOM FROM LIENS OR ENCUMBRANCES (IN WHOLE OR IN PART), OR ANY OTHER MATTERS.

  • Excess Nonrecourse Liability Safe Harbor Pursuant to Section 1.752-3(a)(3) of the Regulations, solely for purposes of determining each Partner’s proportionate share of the “excess nonrecourse liabilities” of the Partnership (as defined in Section 1.752-3(a)(3) of the Regulations), the Partners’ respective interests in Partnership profits shall be determined under any permissible method reasonably determined by the General Partner; provided, however, that each Partner who has contributed an asset to the Partnership shall be allocated, to the extent possible, a share of “excess nonrecourse liabilities” of the Partnership which results in such Partner being allocated nonrecourse liabilities in an amount which is at least equal to the amount of income pursuant to Section 704(c) of the Code and the Regulations promulgated thereunder (the “Liability Shortfall”). If there is an insufficient amount of nonrecourse liabilities to allocate to each Partner an amount of nonrecourse liabilities equal to the Liability Shortfall, then an amount of nonrecourse liabilities in proportion to, and to the extent of, the Liability Shortfall shall be allocated to each Partner.

  • Nonrecourse Liabilities 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.

  • Return of Contribution Nonrecourse to Other Members Except as provided by law, upon dissolution, each member shall look solely to the assets of the Company for the return of the member's capital contribution. If the Company property remaining after the payment or discharge of the Company's debts and liabilities is insufficient to return the cash contribution of one or more members, such member or members shall have no recourse against any other member or the Board.

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