Common use of Limited Recourse Provision Clause in Contracts

Limited Recourse Provision. Except as to Guarantor as set forth in the Guaranty, Agent and Lenders shall have no recourse against, nor shall there be any personal liability to, the members of any existing Borrower (or any Borrower hereafter becoming a Borrower under the Loan), or to any shareholders, members, partners, beneficial interest holders or any other entity or person in the ownership (directly or indirectly) of any such existing or future Borrower (except for Guarantor as provided in the Guaranty, but including the sole member of each Borrower (including any New Borrower), KBS LIMITED PARTNERSHIP or KBS REAL ESTATE INVESTMENT TRUST, INC. so long as KBS REAL ESTATE INVESTMENT TRUST, INC. is not a Guarantor) with respect to the obligations of Borrower and Guarantor under the Loan. For purposes of clarification, in no event shall the above language limit, reduce or otherwise affect any Borrower's liability or obligations under the Loan Documents, Guarantor’s liability or obligations under the Guaranty or Agent's right to exercise any rights or remedies against any collateral securing the Loan.

Appears in 2 contracts

Samples: Promissory Note (KBS Real Estate Investment Trust, Inc.), Promissory Note (KBS Real Estate Investment Trust, Inc.)

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Limited Recourse Provision. Except as to each Guarantor as set forth in the Guaranty, Agent and Lenders shall have no recourse against, nor shall there be any personal liability to, the members of any existing Borrower (or any Borrower hereafter becoming a Borrower under the Loan)Borrower, or to any shareholders, members, partners, beneficial interest holders or any other entity or person in the ownership (directly or indirectly) of any such existing or future Borrower (except for each Guarantor as provided in the Guaranty, but including KBSIII REIT ACQUISITION I, LLC, KBSIII REIT ACQUISITION II, LLC, KBSIII REIT ACQUISITION IV, LLC, KBS Real Estate Investment Trust III, Inc. (once and after KBS Real Estate Investment Trust III, Inc. has been released from its obligations under the sole member of each Borrower (including any New Borrower), Guaranty) or KBS LIMITED PARTNERSHIP or KBS REAL ESTATE INVESTMENT TRUST, INC. so long as KBS REAL ESTATE INVESTMENT TRUST, INC. is not a GuarantorIII) with respect to the obligations of Borrower and Guarantor Guarantors under the Loan. For purposes of clarification, in no event shall the above language limit, reduce or otherwise affect any Borrower's liability or obligations under the Loan Documents, any Guarantor’s liability or obligations under the Guaranty or Agent's right to exercise any rights or remedies against any collateral securing the Loan.

Appears in 1 contract

Samples: Promissory Note (KBS Real Estate Investment Trust III, Inc.)

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Limited Recourse Provision. Except as to Guarantor as set forth in the Guaranty, Agent and Lenders shall have no recourse against, nor shall there be any personal liability to, the members of any existing Borrower (or any Borrower hereafter becoming a Borrower under the Loan), or to any shareholders, members, partners, beneficial interest holders or any other entity or person in the ownership (directly or indirectly) of any such existing or future Borrower (except for the Guarantor as provided in the Guaranty, but including the sole member of each Borrower (including the sole member of any New Borrower), KBS LIMITED PARTNERSHIP Limited Partnership or KBS REAL ESTATE INVESTMENT TRUST, INC. Parent REIT so long as KBS REAL ESTATE INVESTMENT TRUST, INC. Parent REIT is not a Guarantor) with respect to the obligations of Borrower and Guarantor under the Loan. For purposes of clarification, in no event shall the above language limit, reduce or otherwise affect any Borrower's liability or obligations under the Loan Documents, Guarantor’s 's liability or obligations under the Guaranty or Agent's right to exercise any rights or remedies against any collateral securing the Loan.

Appears in 1 contract

Samples: Loan Agreement (KBS Real Estate Investment Trust, Inc.)

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