Nonrecourse Liability Sample Clauses
A Nonrecourse Liability clause defines a type of debt or obligation where the lender's recovery is limited to specific collateral, and the borrower is not personally liable beyond that collateral. In practice, if the borrower defaults, the lender can seize the designated asset (such as property or equipment) but cannot pursue the borrower's other assets or income. This clause is commonly used in project financing or real estate transactions to allocate risk, ensuring that the borrower's exposure is limited and the lender's recourse is restricted to the pledged collateral.
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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. A liability as defined in Regulations § 1.704-2(b)(3).
Nonrecourse Liability. “Nonrecourse Liability” has the meaning ascribed to such term pursuant to Regulations Section 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. “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 1.752-2.
Nonrecourse Liability. 8 Section 1.49
Nonrecourse Liability. No recourse shall be had for the payment of the principal of or premium, if any, or interest on any Bonds, or any part thereof, or for any claim based thereon or otherwise in respect thereof, or of the indebtedness represented thereby, or upon any obligation, covenant or agreement under this Indenture or any other Project Document, against the Company or any Affiliate of the Company or any incorporator, stockholder, officer, employee or director, as such, past, present or future of the Company or any Affiliate of the Company or of any predecessor or successor corporation (either directly or through the Company or a predecessor or successor corporation), whether by virtue of any constitutional provision, statute or rule of law, or by the enforcement of any assessment or penalty or otherwise; it being expressly agreed and understood that the sources of payments on the Bonds are limited as provided in Section 2.14 and that this Indenture and the other Project Documents and all the Bonds are solely nonrecourse corporate obligations of the Company, and that no personal liability whatsoever shall attach to, or be incurred by, the Company, the Partnership or any Affiliate of the Company or the Partnership or incorporator, stockholder, officer, employee or director, past, present or future, of the Company, the Partnership or any Affiliate of the Company or the Partnership or of any predecessor or successor corporation (either directly or indirectly through the Company, the Partnership, or any Affiliate of the Company or the Partnership or any predecessor or successor corporation), because of the indebtedness hereby authorized or under or by reason of any of the obligations, covenants or agreements contained in this Indenture or any other Project Document or in any of the Bonds or to be implied herefrom or therefrom, and that any such personal liability is hereby expressly waived and released as a condition of, and as part of the consideration for, the execution of this Indenture and the issuance of the Bonds and no judgment for any deficiency upon the obligations hereunder, under the other Project Documents or under the Bonds shall be obtainable by the Holders, the Trustee or the Collateral Agent against the Company, the Partnership, or any Affiliate of the Company or the Partnership or any incorporator, stockholder, officer, employee or director, past, present or future of the Company, the Partnership, or any Affiliate of the Company or the Partnership or of any ...
Nonrecourse Liability. 8 1.53. Offer.......................................................... 8 1.54.
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.