Nonrecourse Liability. “Nonrecourse Liability” has the meaning ascribed to such term pursuant to Regulations Section 1.704-2(b)(3).
Nonrecourse Liability. A liability as defined in Regulations § 1.704-2(b)(3).
Nonrecourse Liability. The term "Nonrecourse Liability" shall mean a debt or liability of the Partnership to the extent that no Partner or related person bears the economic risk of loss for that liability within the meaning of Regulations sections 1.704-2(b)(3) and 1.752-2.
Nonrecourse Liability. Any Partnership liability (or portion thereof) for which no Partner bears the "economic risk of loss," within the meaning of Treasury Regulations Section 1.704-2(i).
Nonrecourse Liability. “Nonrecourse Liability” shall have the meaning set forth in Treasury Regulations Section 1.752-1(a)(2).
Nonrecourse Liability. Any liability to the extent that no Partner or related person bears (or is deemed to bear) the economic risk of loss within the meaning of Treasury Regulation Section 1.
Nonrecourse Liability. 8 1.53. Offer.......................................................... 8 1.54.
Nonrecourse Liability. Any liability secured by a property or Company assets with respect to which no Member (or a party closely related to the Member) is personally liable.
Nonrecourse Liability. Nonrecourse Liability" of Palace shall mean any liability (or portion thereof of Palace for which no Member (and no Related Person to any Member) bears the Economic Risk of Loss. It is understood that, as a general matter, any liability of Palace that, by its own terms, is nonrecourse to Palace and the Members (and Related Persons to the Members) is a "Nonrecourse Liability" if (a) it is not owed to any Member (or Related Person to such Member) and (b) no Member (or Related Person to such Member) bears the Economic Risk of Loss for such liability.
Nonrecourse Liability. (a) Notwithstanding any provision in the Operative Agreements to the contrary, except as provided in clauses (b) and (c) of this Section), it is expressly understood and agreed that if any suit is instituted on this Note, any judgment obtained thereby shall be satisfied solely out of the foreclosure and sale of the Collateral and/or suit on the Guarantee, the Facility Agency Agreement, the Residual Value Policy and the Construction Termination Policy. If a lesser sum is realized from such foreclosure, sale and/or suit, neither Holder nor the Indenture Trustee will institute any action, suit, claim or demand in law or equity against the other assets of Maker or against Maker's managers, officers, directors, employees or the Investor, for or on account of the deficiency or for any other matter with respect to Maker's obligations hereunder or under any of the other Operative Agreements.
(b) Nothing contained in clause (a) above will in any way affect or impair: (i) the Lien of the Security Documents securing the entirety of all amounts due under the Bonds, this Note and under the Indenture; (ii) the Holder's rights under the Guarantee (including upon acceleration to receive the entirety of all amounts due under this Note and under the Indenture), the Facility Agency Agreement, the Residual Value Policy or the Construction Termination Policy; (iii) Maker's liability for its obligations as landlord under the Lease; (iv) Maker's liability for its obligations under Section 8.2(a), (d), (f), (i) and (1) of the Participation Agreement; or (v) the Holder's and the Indenture Trustee's rights pursuant to the Lease, the Assignment of Leases or any other Operative Agreement to institute actions, suits, claims or demands in law or equity against the Lessee.
(c) Further, the following, (x) in the case of clauses (iii), (iv), (v), (vii), (ix) or (xi), if liability imposed thereby results from any action of the Borrower directed by the Investor, and (y) in the case of all other clauses, as provided therein, are excluded from the provisions of clause (a), and the Indenture Trustee or Holder, as appropriate, may recover personally against the other assets of Maker (but not against any assets of any manager, officer, director or employee of the Borrower or the Investor or their personal assets) for the following as aforesaid:
(i) all actual losses, damages or liabilities that the Noteholders suffer arising out of any fraud or willful or intentional misrepresentation by Maker i...
