Non-Recourse Loan. This Loan shall be non-recourse to any Guarantor except as set forth in the Guaranty.
Non-Recourse Loan. 55- 56
(a) Except as otherwise provided herein, Noteholder, Surety and Trustee shall not enforce the liability and obligation of Borrower to perform and observe the obligations contained in this Agreement, the Note or the Transaction Documents by any action or proceeding wherein a money judgment shall be sought against Borrower or Equity Investor, except that Noteholder, Surety and Trustee may bring a foreclosure action, action for specific performance or other appropriate action or proceeding to enable Noteholder, Surety and Trustee to enforce and realize upon the Mortgages or other Transaction Documents, and the Leased Properties or any of them; provided, however, that any judgment in any action or proceeding shall be enforceable against Borrower only to the extent of Borrower's interests in the Leased Properties.
(b) Notwithstanding the foregoing, Borrower and Equity Investor shall be personally liable in the amount of any loss, damage or cost resulting or arising from (i) fraud or intentional misrepresentation by Borrower or Equity Investor in connection with obtaining the Loan evidenced by the Notes, (ii) Borrower's or Equity Investor's misappropriation or misapplication of Rents in violation of the Flow of Funds Agreement or any other Transaction Document, (iii) Borrower's or Equity Investor's violation of the provisions of Section 5.2, 5.3, 5.7 or 5.8 of the Loan Agreement and (iv) upon the occurrence of any Event of Default with respect to Borrower under Section 7.1(f); provided, however, that Equity Investor shall only be liable for any loss, damage or costs resulting or arising from any of the foregoing acts of Borrower or matters with respect to Borrower occurring or existing during the period that Equity Investor is Borrower's controlling shareholder.
(c) No provision of this Section 11.12 shall (i) affect the enforcement of the Guaranty, or any guaranty or similar agreement executed in connection with the debt evidenced by the Note, (ii) release or reduce the debt evidenced by the Note, (iii) impair the lien of the Mortgages or any other Transaction Documents, (iv) impair the rights of Noteholder to enforce any provisions of the Transaction Documents, (v) limit Noteholder's ability to obtain a deficiency judgment or judgment on the Note or otherwise against any Borrower Party to the extent necessary to obtain any amount for which such Borrower Party may be liable in accordance with this Section 11.12 or any other Transaction Documents or (vi) ...
Non-Recourse Loan. The Gap Financing Loan is non- recourse to the Applicant; provided however, the nonrecourse carveouts set forth in the Loan Documents are personal obligations of the Applicant and shall be guaranteed by one or more Guarantors acceptable to LHC under the terms and conditions set forth in the Loan Documents. The obligations of each Guarantor shall survive any foreclosure proceeding, any foreclosure sale, any delivery of any deed in lieu of foreclosure, and any release of record of the Mortgage. LHC may pursue its remedies against any Guarantor without first exhausting its remedies against the Applicant or the Project. Additionally, in the event of a default by the borrower under the Gap Financing Loan, LHC may pursue remedies against the borrower under any other loan agreements, grant agreements, or other obligations of the borrower in favor of LHC.
Non-Recourse Loan. The provisions of Section 11 of the Note (Non-Recourse Liability; Recourse Carve-Outs) are hereby incorporated herein by this reference.
Non-Recourse Loan. The Loan is non-recourse to the Applicant; provided however, the nonrecourse carveouts set forth in the Loan Documents are personal obligations of the Applicant and shall be guaranteed by one or more Guarantor(s)s acceptable to Grantee under the terms and conditions set forth in the Loan Documents. The obligations of each Guarantor(s) shall survive any foreclosure proceeding, any foreclosure sale, any delivery of any deed in lieu of foreclosure, and any release of record of the Mortgage. Grantee may pursue its remedies against any Guarantor(s) without first exhausting its remedies against the Applicant or the Project.
Non-Recourse Loan. Lender acknowledges and agrees that the Term Loan is “non-recourse” pursuant to the terms, provisions, limitations and exceptions set forth in Section 9.2(c) hereof.
Non-Recourse Loan. (a) Subject to the provisions of Section 8 and notwithstanding any other provision in this Note or the other Loan Documents, the personal liability of the Borrower to pay the Principal Amount and interest thereon and any other sums under this Note or the other Loan Documents shall be limited to (i) the Premises, (ii) the Intangible Personalty, (iii) all Rents and Profits distributed (except to the extent that the Borrower did not have the legal right, because of a bankruptcy, receivership or similar judicial proceeding, to direct the disbursement of such sums), and not applied (in accordance with the Loan Documents), first, to the payment of reasonable Operating Expenses Leases or Operating Expenses Premises as such Operating Expenses Leases or Operating Expenses Premises become due and payable, and then, to the payment of the Principal Amount and interest then due and payable under this Note and any other sums due under the other Loan Documents (including but not limited to deposits, escrows and/or reserves); provided, however, that there shall be no personal liability incurred for Rents and Profits distributed in any particular fiscal year to the extent that all Operating Expenses and principal and interest due under this Note and other sums due under the other Loan Documents (including but not limited to deposits, escrows and/or reserves) are paid in full in that fiscal year, and (iv) all other collateral or security for the Loan.
(b) Except as provided above and in Section 8, the Lender shall not seek (i) any judgment for a deficiency against the Borrower, or any Borrower Principal, or the Borrower's heirs, legal representatives, successors or assigns, in any action to enforce any right or remedy under the Security Instrument, or (ii) any judgment on this Note except as may be necessary in any action brought under the Security Instrument to enforce the lien against the Premises, the Intangible Personalty, the Rents and Profits or any other collateral or security for the Loan, or to exercise any remedies under any of the other Loan Documents.
Non-Recourse Loan. The Company agrees that at any time up to and including December 31, 1999, Executive may request that the Company loan him up to $100,000 and the Company will promptly make such a loan on substantially the following terms: non-recourse loan secured only by a pledge of Common Stock of the Company owned by Executive; term of the loan, 3 years; interest rate to be 5.0%, compounding quarterly; principal and accrued interest due at maturity, unless forgiven; 1/3 of the principal and 1/3 of the accrued interest will be forgiven on December 31, 1999; 1/3 of principal and interest will be forgiven on December 31, 2000; any remainder of principal and interest will be forgiven on December 31, 2001. Notwithstanding the foregoing, the entire amount of principal and accrued interest will be forgiven in the event: (i) Executive is terminated for any reason other than Cause (as defined in Section 5 below), (ii) a Change of Control or (iii) a Downgrading. In the event that Executive voluntarily terminates his employment with the Company, any principal and interest outstanding under the loan shall be fully due and payable on December 31, 2001.
Non-Recourse Loan. No recourse shall be had to Borrower for payment of principal and/or interest under the Note, and Telehub shall look solely to the Real Property as security for payment of principal or interest under the Note. In no event shall Borrower be held personally liable for any payment of principal or interest under the Note or for any Event of Default, as hereinafter defined, under the terms of this Agreement, the Note or the Deed of Trust (collectively, the "Loan Document").
Non-Recourse Loan. Borrower shall not be obligated to make payments hereunder from any source other than from funds attributable to distributions from the CDE. If and to the extent Borrower shall have not received distributions from the CDE of funds attributable to Project Loan payments (after payment of CDE’s expenses) in an amount sufficient to pay amounts then due to Lender, then (i) Borrower shall not be in default hereunder or under the other Loan Documents, (ii) Lender’s right to receive payments pursuant to the Loan Documents shall not be waived, and (iii) such amounts then due shall accrue and shall only become payable at such time as sufficient distributions are available from the CDE to permit such payments to be made; provided, that in all events such amounts shall be payable in full on the Maturity Date.
