Nonrecourse Provisions Sample Clauses

Nonrecourse Provisions. Notwithstanding any term or provisions contained herein to the contrary, this Nonrecourse Promissory Note and Stock Pledge Agreements is, as to payment of any principal or interest hereunder, a nonrecourse obligation for which Maker is not personally liable to Holder if Maker defaults hereunder. Holder's sold recourse hereunder upon an Event of Default (as defined below) is to foreclose upon the Collateral (as defined below) pledged hereunder in full satisfaction and accord of the indebtedness of Maker to Holder hereunder. The terms and provisions of this Section 2.0 shall apply regardless of the fair market value of the Collateral at the time of the Event of Default.
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Nonrecourse Provisions. Except in the case of fraud or other willful misconduct by any Trust Person,
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Nonrecourse Provisions. Notwithstanding anything to the contrary, the obligations of the Borrower pursuant to this Financing Agreement shall not be secured by or create a lien or charge on in any manner the property of the Borrower or its partners, including the Project or the rents, issues and profits thereof, and except with respect to Sections 4.02 and 5.09 hereof shall be non-recourse to the Borrower and its partners. Sections 4.02 and 5.09 shall be recourse to the Borrower but non-recourse to the partners of the Borrower.
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Nonrecourse Provisions. Notwithstanding any provisions to the contrary contained elsewhere in this Loan Agreement, in the Indenture, the Loan Documents, or in any other document related to, evidencing or securing the indebtedness identified herein, the Loan Payments and any and all other monetary obligations hereunder shall (except as otherwise provided in this Section 4.6) be payable solely from general assets of the Borrower, the Project Revenues and the Mortgaged Property, but not from any other assets of the or the assets of any member, shareholder, officer or director of the Borrower, or from the assets of any officer, director or shareholder of a member of the Borrower (no member of the Borrower shall be required to contribute capital to the Borrower to satisfy the aforesaid indebtedness or perform the aforesaid obligations and any right of the Borrower or any party to require or receive by contract or by law such capital contributions shall not be deemed an asset of the Borrower), it being understood and agreed that, in any action commenced to enforce the obligations of the Borrower created or arising hereunder, including, but not limited to, any action for specific performance, performance of an indemnity, breach of warranty or misrepresentation or for monetary damages or for the performance of any obligation whatsoever, any judgment obtained shall not be enforceable personally against any member, shareholder, officer or director of the Borrower or against any assets of any member, shareholder, officer or director of such member, nor shall any such judgment be enforceable indirectly against such person or entity as a result of his or its being a member of Borrower, except for their interest in the Project and except as set forth below. Nothing herein contained shall be construed to: (i) be a release or impairment of the indebtedness evidenced or secured by the Series 2012 Bonds or the other Loan Documents; (ii) prevent the Trustee from exercising and enforcing, consistent with the above limitations on liability contained in the first paragraph of this Section, any right, power or remedy allowed at law or in equity (including without limitation the enforcement of any covenant or provision of the Series 2012 Bonds or the other Loan Documents); (iii) prevent the Trustee from enforcing any separate undertaking, guaranty or indemnity or from exercising any other available right, power or remedy against the Borrower or any guarantor, surety, indemnitor or other obligor (other t...
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Nonrecourse Provisions. If default occurs in the timely and proper payment of all or any portion of the Debt, or in the timely performance of any such covenants, any judicial proceedings brought by Payee against Maker shall be limited to the enforcement of the conversion to Shares pursuant to Section 4, and no attachment, execution or other writ or process shall be sought, issued or levied upon any assets, properties or funds of Maker.
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Nonrecourse Provisions. In no event shall Landlord (or any of the officers, trustees. directors, partners, beneficiaries, joint venturers, members, stockholders or other principals or representatives, and the like, disclosed or undisclosed, thereof) ever be personally liable for any obligations of Landlord under this Sublease. Notwithstanding anything to the contrary set forth herein, Landlord (but not any officer, trustee, director, partner, beneficiary, joint venturer, member, stockholder or other principal or representative, and the like, disclosed or undisclosed, thereof) shall be liable for up to $100.000.00 ("Recourse Amount") of any final, unappealable (or unappealed) judgment against Landlord in favor of Tenant resulting from the termination of this Sublease due solely to Landlord's default under the Lease. The Recourse Amount shall be decreased by $20,000 on January 1 of each calendar year during the Term of this Sublease.
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Nonrecourse Provisions. Borrower's obligations under this Mortgage are subject to certain nonrecourse provisions set forth in the Note, which provisions are incorporated in this Mortgage by reference. Dated September 30, 1998. BORROWER: DECADE COMPANIES INCOME PROPERTIES, A LIMITED PARTNERSHIP By:Decade Companies, a Wisconsin general partnership, General Partner By: /s/ Jxxxxxx Xxxxxxxxxx Jxxxxxx Xxxxxxxxxx, General Partner By: Decade 80, Inc., a Wisconsin Corporation, General Partner By: /s/ Jxxxxxx Xxxxxxxxxx Jxxxxxx Xxxxxxxxxx, President ACKNOWLEDGMENT STATE OF WISCONSIN ss COUNTY OF MILWAUKEE This instrument was acknowledged before me September 30, 1998 by Jxxxxxx Xxxxxxxxxx, as a General Partner of Decade Companies, a Wisconsin general partnership and as President of Decade 80, Inc. as the other General Partner of Decade Companies, the sole general partner of Decade Companies Income Properties, a Limited Partnership, on behalf of such limited partnership. /s/ Jxxx X. Xxxxxxx Jxxx X. Xxxxxxx Notary Public, State of Wisconsin My commission expires: 7-1-2001 Drafted by Dxxxxxx X. Xxxxxx Mxxxxxx & Zxxxxxxxx, S.C. Suite 900 000 Xxxxx Xxxxxxx Xxxxxx Milwaukee, Wisconsin 53202 Attachments: Exhibit A - Legal Description Exhibit B - Permitted Encumbrances Exhibit C - Personal Property EXHIBIT A LEGAL DESCRIPTION PARCEL A: Lot One (1) of Certified Survey Map No. 2982 recorded in the Dane County Register of Deeds Office in Volume 11 of Certified Survey Maps, page 399, as Document No. 1593404, in the City of Madison, Dane County, Wisconsin.
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Nonrecourse Provisions. (a) Except as provided in Section 5.11(b) hereof and except as otherwise provided in the Mortgage, in any action or proceeding brought on any instrument evidencing any indebtedness to the Issuer or the Trustee no deficiency or other money judgment shall be enforced against the Borrower personally, or any successor or assign of the Borrower, and any judgment obtained shall, subject in all respects to the limitations of the Regulatory Agreement, be enforced only against the property of the Borrower, and the rents, issues and profits thereof, and any other security for the indebtedness evidenced hereby, and not against the Borrower, or any successor or assign of the Borrower. It is understood and agreed that nothing herein shall be construed in any way to limit or restrict any of the Reserved Rights of the Issuer or any of the rights and remedies of the Issuer in any proceeding or other enforcement for the payment of any indebtedness, subject only to the aforesaid limitation upon enforcement of any judgment against the Borrower, and any successor or assign of the Borrower, subject in all respects to the limitations of the Regulatory Agreement.
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Nonrecourse Provisions. (a) Holdings agrees that, notwithstanding to the contrary in this Agreement (including, without limitation, Article 8) or any agreement, instrument or certificate of the Trust delivered pursuant to this Agreement (each a "Transaction Document") or under any applicable rule of law or equity, (i) the sole recourse of Holdings under the Transaction Documents or otherwise with respect to the matters contemplated hereby or thereby shall be limited to the Trust and its assets and (ii) the Trust's obligations and liabilities under all Transaction Documents and otherwise in connection with the transactions contemplated therein shall be Nonrecourse to the Trustees and the beneficiaries, employees, advisors and agents of the Trust (collectively, "Trust Persons").
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Related to Nonrecourse Provisions

  • Allocation of Nonrecourse Debt For purposes of Regulations Section 1.752-3(a), the Partners agree that Nonrecourse Liabilities of the Partnership in excess of the sum of (i) the amount of Partnership Minimum Gain and (ii) the total amount of Nonrecourse Built-in Gain shall be allocated among the Partners in accordance with their respective Partnership Interests.

  • Nonrecourse Liabilities For purposes of Treasury Regulation Section 1.752-3(a)(3), the Partners agree that Nonrecourse Liabilities of the Partnership in excess of the sum of (A) the amount of Partnership Minimum Gain and (B) the total amount of Nonrecourse Built-in Gain shall be allocated among the Partners in accordance with their respective Percentage Interests.

  • Partner Nonrecourse Debt Minimum Gain Chargeback Except as otherwise provided in Treasury Regulations Section 1.704-2(i)(4), notwithstanding any other provision of this Article 5, if there is a net decrease in Partner Nonrecourse Debt Minimum Gain attributable to a Partner Nonrecourse Debt during any Fiscal Year, each Partner who has a share of the Partner Nonrecourse Debt Minimum Gain attributable to such Partner Nonrecourse Debt, determined in accordance with Treasury Regulations Section 1.704-2(i)(5), shall be specially allocated items of Partnership income and gain for such Fiscal Year (and, if necessary, subsequent Fiscal Years) in an amount equal to such Partner’s share of the net decrease in Partner Nonrecourse Debt Minimum Gain attributable to such Partner Nonrecourse Debt, determined in accordance with Treasury Regulations Section 1.704-2(i)(4). Allocations pursuant to the previous sentence shall be made in proportion to the respective amounts required to be allocated to each Partner pursuant thereto. The items to be so allocated shall be determined in accordance with Treasury Regulations Sections 1.704-2(i)(4) and 1.704-2(j)(2). This Section 5.04(b)(ii) is intended to comply with the minimum gain chargeback requirement in Treasury Regulations Section 1.704-2(i)(4) and shall be interpreted consistently therewith.

  • Excess Nonrecourse Liabilities Solely for purposes of determining a Member’s proportionate share of the “excess nonrecourse liabilities” of the Company within the meaning of Section 1.752-3(a)(3) of the Regulations, the Members’ interests in the Company’s Profits are in proportion to their LLC Percentages.

  • Excess Nonrecourse Liability Safe Harbor Pursuant to Section 1.752-3(a)(3) of the Regulations, solely for purposes of determining each Partner’s proportionate share of the “excess nonrecourse liabilities” of the Partnership (as defined in Section 1.752-3(a)(3) of the Regulations), the Partners’ respective interests in Partnership profits shall be determined under any permissible method reasonably determined by the General Partner; provided, however, that each Partner who has contributed an asset to the Partnership shall be allocated, to the extent possible, a share of “excess nonrecourse liabilities” of the Partnership which results in such Partner being allocated nonrecourse liabilities in an amount which is at least equal to the amount of income pursuant to Section 704(c) of the Code and the Regulations promulgated thereunder (the “Liability Shortfall”). If there is an insufficient amount of nonrecourse liabilities to allocate to each Partner an amount of nonrecourse liabilities equal to the Liability Shortfall, then an amount of nonrecourse liabilities in proportion to, and to the extent of, the Liability Shortfall shall be allocated to each Partner.

  • Minimum Gain Chargeback (Nonrecourse Liabilities) Except as otherwise provided in Section 1.704-2(f) of the Regulations, if there is a net decrease in Partnership Minimum Gain for any Partnership fiscal year, each Partner shall be specially allocated items of Partnership income and gain for such year (and, if necessary, subsequent years) in an amount equal to such Partner’s share of the net decrease in Partnership Minimum Gain to the extent required by Section 1.704-2(f) of the Regulations. The items to be so allocated shall be determined in accordance with Sections 1.704-2(f) and (i) of the Regulations. This subparagraph 2(a) is intended to comply with the minimum gain chargeback requirement in said section of the Regulations and shall be interpreted consistently therewith. Allocations pursuant to this subparagraph 2(a) shall be made in proportion to the respective amounts required to be allocated to each Partner pursuant hereto.

  • Member Nonrecourse Debt Minimum Gain Chargeback Except as otherwise provided in Treasury Regulations Section 1.704-2(i)(4), notwithstanding any other provision of this Article V, if there is a net decrease in Member Nonrecourse Debt Minimum Gain attributable to a Member Nonrecourse Debt during any Fiscal Year, each Member who has a share of the Member Nonrecourse Debt Minimum Gain attributable to such Member Nonrecourse Debt, determined in accordance with Treasury Regulations Section 1.704-2(i)(5), shall be specially allocated items of Company income and gain for such Fiscal Year (and, if necessary, subsequent Fiscal Years) in an amount equal to such Member’s share of the net decrease in Member Nonrecourse Debt Minimum Gain attributable to such Member Nonrecourse Debt, determined in accordance with Treasury Regulations Section 1.704-2(i)(4). Allocations pursuant to the previous sentence shall be made in proportion to the respective amounts required to be allocated to each Member pursuant thereto. The items to be so allocated shall be determined in accordance with Treasury Regulations Sections 1.704-2(i)(4) and 1.704-2(j)(2). This Section 5.04(b)(ii) is intended to comply with the minimum gain chargeback requirement in Treasury Regulations Section 1.704-2(i)(4) and shall be interpreted consistently therewith.

  • Allocation of Nonrecourse Deductions Nonrecourse Deductions shall be allocated to the Members in accordance with their respective Percentage Interests.

  • Allocation of Excess Nonrecourse Liabilities For purposes of determining a Holder’s proportional share of the “excess nonrecourse liabilities” of the Partnership within the meaning of Regulations Section 1.752-3(a)(3), each Holder’s respective interest in Partnership profits shall be equal to such Holder’s Percentage Interest with respect to Partnership Common Units, except as otherwise determined by the General Partner.

  • Chargeback of Partner Nonrecourse Debt Minimum Gain Notwithstanding the other provisions of this Section 6.1 (other than Section 6.1(d)(i)), except as provided in Treasury Regulation Section 1.704-2(i)(4), if there is a net decrease in Partner Nonrecourse Debt Minimum Gain during any Partnership taxable period, any Partner with a share of Partner Nonrecourse Debt Minimum Gain at the beginning of such taxable period shall be allocated items of Partnership income and gain for such period (and, if necessary, subsequent periods) in the manner and amounts provided in Treasury Regulation Sections 1.704-2(i)(4) and 1.704-2(j)(2)(ii), or any successor provisions. For purposes of this Section 6.1(d), each Partner’s Adjusted Capital Account balance shall be determined, and the allocation of income or gain required hereunder shall be effected, prior to the application of any other allocations pursuant to this Section 6.1(d), other than Section 6.1(d)(i) and other than an allocation pursuant to Section 6.1(d)(vi) and Section 6.1(d)(vii), with respect to such taxable period. This Section 6.1(d)(ii) is intended to comply with the chargeback of items of income and gain requirement in Treasury Regulation Section 1.704-2(i)(4) and shall be interpreted consistently therewith.

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