Non-Recourse Exceptions definition

Non-Recourse Exceptions shall have the meaning set forth in Section 5.18.

Non-Recourse Exceptions means, with respect to Non-Recourse Indebtedness, exceptions for fraud, misrepresentation, misapplication of cash, waste, environmental claims and liabilities and other circumstances customarily excluded by institutional lenders from exculpation provisions and/or included in separate indemnification agreements in non-recourse financing of real estate.

Non-Recourse Exceptions has the meaning assigned in Section 12.2(1).

Examples of Non-Recourse Exceptions in a sentence

• This product was developed in Australia to fight nature’s toughest elements.

• Wells Fargo sought damages from MBS-The Falls and Normandale under Non-Recourse Exceptions (a) and (b), alleging they committed waste and permitted liens to be filed on the property, thereby impairing the value of the collateral and Wells Fargo’s rights relative to foreclosure.

• Two of the Non-Recourse Exceptions, items (a) and (b), are relevant in the present case.

• The amount of the damages award, regardless of whether it equaled the balance of the note, could only be damages for Wells Fargo‘s cause of action against the Borrowers for their violation of the nonrecourse exceptions as proven by the deemed admissions.Paragraph 12 of the promissory note states, ―Borrower‘s liability under the Non-Recourse Exceptions .

• At the lease end in year 10, the chance of a lease renewal is very small and the cash flow recovers only as the probability of a re-letting after an expected void period rises with passing time.

More Definitions of Non-Recourse Exceptions

Non-Recourse Exceptions has the meaning set forth in Section 14.5.

Non-Recourse Exceptions. [ ] Yes [ ] N/A The Debt Finance Documents for such B-Note, Mezzanine Loan, Whole Loan or (where the Lender so designates the same) Eligible Other Asset provide that such B-Note, Mezzanine Loan, Whole Loan or (where the Lender so designates the same) Eligible Other Asset constitutes the limited recourse obligations of the related obligor thereon except that the related obligor and an additional guarantor accepts responsibility for any loss incurred due to fraud on the part of the related Mortgagor and/or other intentional misrepresentation.

Non-Recourse Exceptions. [ ] Yes [ ] N/A To the best knowledge of the Borrower, the Securities Finance Documents for such CMBS or (where the Lender so designates the same) Eligible Other Asset provide that such CMBS or (where the Lender so designates the same) Eligible Other Asset constitutes the limited recourse obligations of the related obligor thereon.

Non-Recourse Exceptions shall have the meaning set forth in Section 5.19.

Non-Recourse Exceptions shall have the meaning set forth in the Note.

Non-Recourse Exceptions means, with respect to Non-Recourse Indebtedness, exceptions for fraud, misrepresentation, misapplication of cash, waste, environmental claims and liabilities and other circumstances customarily excluded by institutional lenders from exculpation provisions and/or included in separate indemnification agreements in non-recourse financing of real estate. “Non-Recourse Indebtedness” means any single loan with respect to which recourse for payment is limited to specific assets related to a particular Property or group of Properties encumbered by a Lien securing such Indebtedness; provided, however, that personal recourse to the Parent, the Borrower or any Subsidiary by a holder of any such loan for Non-Recourse Exceptions shall not, by itself, prevent such loan from being characterized as Non-Recourse Indebtedness. “Note” means a Revolving Note, a Term Note or a Swingline Note.

Non-Recourse Exceptions has the meaning given to that term in Section 7.14.