NON-RECOURSE NOTE Sample Clauses
A Non-Recourse Note is a financial instrument in which the lender's only remedy in the event of borrower default is to seize the collateral specified in the agreement, without the ability to pursue the borrower's other assets. In practice, this means that if the borrower fails to repay the loan, the lender can claim the property or asset securing the note, but cannot seek further compensation from the borrower personally. This clause is commonly used in real estate and asset-based lending to limit the borrower's liability, thereby allocating risk primarily to the lender and providing borrowers with greater protection against personal financial loss.
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NON-RECOURSE NOTE. This is a non-recourse Note. In the event the Borrower defaults in making any payment due under this Note the Borrower shall have no personal liability and the Lender's sole recourse shall be to enforce its rights under the Pledge and Security Agreement which secures this Note.
NON-RECOURSE NOTE. This Note is secured by a pledge by Borrower of its partnership interests in Lender pursuant to that certain Collateral Assignment of Partnership Interest and Pledge Agreement of even date (the "Collateral Assignment"
NON-RECOURSE NOTE. Notwithstanding anything to the contrary herein, except for any liability arising out of or with respect to any breach of Section 3 or Section 11 hereof (for which Maker shall be personally liable), Maker shall not be personally liable for any amounts owing under this Note.
NON-RECOURSE NOTE. The Non-Recourse Note duly executed by the Purchaser.
NON-RECOURSE NOTE. The Purchaser shall deliver to Seller a promissory note in the aggregate principal amount of $1,250,000 (the "Non-Recourse Note") in favor of the Seller. The Non-Recourse note shall be a non-recourse obligation of the Purchaser and shall bear interest only at a rate of 12% per annum over a term of five years with the final payment of principal being due and payable to Seller on December 15, 2003. The Non-Recourse Note shall be in substantially the form attached hereto as Exhibit E. The Non-Recourse Note shall be secured by a second lien mortgage on the Assets in favor of the Seller.
NON-RECOURSE NOTE. In conjunction with each non-recourse Advance, the form of Non-Recourse Note set forth in Exhibit G1 ("Non-Recourse Note") shall be utilized.
NON-RECOURSE NOTE. The Employee is the obligor on a promissory note made in favor of the Company with respect to the purchase of 206,080 shares of Company stock, which the Employee pledged as collateral for the note. The note is non-recourse as to its principal amount, but carries an interest payment obligation that constitutes a personal obligation of the Employee, which obligation, calculated to the Retirement Date, equals $47,004.00 (the "Accrued Interest"). The Company hereby extends the maturity date of the note to April 15, 2004 (the "New Maturity Date") and agrees to suspend the accrual of interest on the note for the period between the Retirement Date and the New Maturity Date, and the note is hereby amended accordingly. On or before the New Maturity Date, the Employee shall assign and transfer all of said shares of stock to the Company, and the Company shall, upon receipt of said shares of stock, cancel the non-recourse debt evidenced by the note. The parties acknowledge that, on the New Maturity Date, $81,370.69 of the Employee's Deferred Salary shall be offset against the Accrued Interest. The remaining $31,129.31 shall be paid to the Employee in two (2) equal installments of $15,564.65, the first of which shall be due within six (6) months of the Effective Date, and the second of which shall be due within twelve (12) months of the Effective Date. The Accrued Interest offset and Deferred Salary payments described in this paragraph shall be, in each case, net of applicable Federal and state withholding employment taxes. The Company will make the appropriate state and Federal tax employment and withholding taxes payments to the respective taxing entities within the time and in the manner prescribed by applicable law.