Common use of Nonrecourse Provisions Clause in Contracts

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.