Non-Recourse Indebtedness means Indebtedness the terms of which provide that the lender’s claim for repayment of such Indebtedness is limited solely to a claim against the property which secures such Indebtedness.
Non-Recourse Indebtedness means Indebtedness:
Non-Recourse Indebtedness with respect to any Person means Indebtedness of such Person for which (i) the sole legal recourse for collection of principal and interest on such Indebtedness is against the specific Property identified in the instruments evidencing or securing such Indebtedness (and any accessions thereto and proceeds thereof) and such Property was acquired with the proceeds of such Indebtedness or such Indebtedness was incurred within 180 days after the acquisition of such Property and (ii) no other assets of such Person may be realized upon in collection of principal or interest on such Indebtedness. Indebtedness which is otherwise Non-Recourse Indebtedness will not lose its character as Non-Recourse Indebtedness because there is recourse to the borrower, any guarantor or any other Person for (i) environmental or tax warranties and indemnities and such other representations, warranties, covenants and indemnities as are customarily required in such transactions, or (ii) indemnities for and liabilities arising from fraud, misrepresentation, misapplication or non-payment of rents, profits, insurance and condemnation proceeds and other sums actually received by the borrower from secured assets to be paid to the lender, waste and mechanics’ liens.
Examples of Non-Recourse Indebtedness in a sentence
Recourse Indebtedness shall not include Non-Recourse Indebtedness, but shall include any Non-Recourse Exclusions at such time a written claim is made with respect thereto.
A bankruptcy remote, single purpose entity which is a Subsidiary of the Borrower and which is not an Unencumbered Pool Asset Owner or a Guarantor, which owns real property and related assets which are security for Indebtedness of such entity, and which Indebtedness does not constitute Indebtedness of any other Person except as provided in the definition of Non-Recourse Indebtedness (except for Non-Recourse Exclusions).
More Definitions of Non-Recourse Indebtedness
Non-Recourse Indebtedness means Indebtedness upon the enforcement of which recourse may be had by the holder(s) thereof only to identified assets of the Company or, prior to the Distribution, the Guarantor or any of their respective Subsidiaries and, in each case, not to such entity personally (subject to, for the avoidance of doubt, customary exceptions contained in non-recourse financings to the non-recourse nature of the obligations thereunder).
Non-Recourse Indebtedness means any of the Company’s or any of its Subsidiaries’ Indebtedness that is:
Non-Recourse Indebtedness with respect to any Person means Indebtedness of such Person for which (i) the sole legal recourse for collection of principal and interest on such Indebtedness is against the specific property identified in the instruments evidencing or securing such Indebtedness and such property was acquired with the proceeds of such Indebtedness or such Indebtedness was incurred within 90 days after the acquisition of such property and (ii) no other assets of such Person may be realized upon in collection of principal or interest on such Indebtedness. Indebtedness which is otherwise Non-Recourse Indebtedness will not lose its character as Non-Recourse Indebtedness because there is recourse to the borrower, any guarantor or any other Person for (i) environmental warranties and indemnities, or (ii) indemnities for and liabilities arising from fraud, misrepresentation, misapplication or non-payment of rents, profits, insurance and condemnation proceeds and other sums actually received by the borrower from secured assets to be paid to the lender, waste and mechanics' liens.
Non-Recourse Indebtedness means any Indebtedness of a Subsidiary (such Subsidiary, a “Non-Recourse Subsidiary”), provided that (i) such Indebtedness is without recourse to the Borrower or any Subsidiary (other than any Subsidiary of the Borrower formed solely for the purpose of owning the Capital Stock of such Non-Recourse Subsidiary (any such holding Subsidiary, a “Non-Recourse Holding Subsidiary”), such Non-Recourse Subsidiary and its Subsidiaries formed for purposes directly related to the business of such Non-Recourse Subsidiary and doing business only in connection with the business of such Non-Recourse Subsidiary (any such Subsidiary, a “Related Subsidiary”)) or to any property of the Borrower or any Subsidiary (other than any Capital Stock in such Non-Recourse Subsidiary that is owned by such Non-Recourse Holding Subsidiary and the property owned by such Non-Recourse Subsidiary and its Related Subsidiaries); (ii) neither the Borrower nor any Subsidiaries (other than such Non-Recourse Holding Subsidiary, such Non-Recourse Subsidiary and its Related Subsidiaries) provides credit support of any kind for (including any undertaking, agreement or instrument that would constitute Indebtedness), or is directly or indirectly liable as a guarantor or otherwise in respect of, such Indebtedness or in respect of the business or operations of such Non-Recourse Holding Subsidiary, such Non-Recourse Subsidiary or any of its Related Subsidiaries (other than a pledge of the Capital Stock in such Non-Recourse Subsidiary by such Non-Recourse Holding Subsidiary and the property owned by such Non-Recourse Subsidiary and its Related Subsidiaries); (iii) neither the Borrower nor any of its Subsidiaries constitutes the lender of such Indebtedness; (iv) no default with respect to such Indebtedness (including any rights that the holders of such Indebtedness may have to take enforcement action against such Non-Recourse Holding Subsidiary, such Non-Recourse Subsidiary and its Related Subsidiaries) would permit, upon notice, lapse of time or both, any holder of any Indebtedness (other than Indebtedness under this Agreement, any other related loan documents or any existing indentures, as supplemented, replaced, refinanced or otherwise modified from time to time) of the Borrower or any of its Subsidiaries (other than such Non-Recourse Holding Company, such Non-Recourse Subsidiary and its Related Subsidiaries) to declare a default on such other Indebtedness or cause the payment of such other Indebtedness to...
Non-Recourse Indebtedness. With respect to any Person and any date, indebtedness of such Person as of such date for borrowed money in respect of which recourse for payment (except for customary exceptions for fraud, misapplication of funds, environmental indemnities, Insolvency Events, non-approved transfers or other events) is contractually limited to specific assets of such Person encumbered by a Lien securing such Indebtedness.
Non-Recourse Indebtedness with respect to any Person means Indebtedness of such Person for which (1) the sole legal recourse for collection of principal and interest on such Indebtedness is against the specific property identified in the instruments evidencing or securing such Indebtedness and such property was acquired with the proceeds of such Indebtedness or such Indebtedness was incurred within 90 days after the acquisition of such property and (2) no other assets of such Person may be realized upon in collection of principal or interest on such Indebtedness.
Non-Recourse Indebtedness of any Person means Indebtedness of such Person that: (i) is not guaranteed by any other Person (except a Wholly Owned Subsidiary of the referent Person); (ii) is not recourse to and does not obligate any other Person (except a Wholly Owned Subsidiary of the referent Person) in any way; (iii) does not subject any property or assets of any other Person (except a Wholly Owned Subsidiary of the referent Person), directly or indirectly, contingently or otherwise, to the satisfaction thereof, and (iv) is not required by GAAP to be reflected on the financial statements of any other Person (other than a Subsidiary of the referent Person) prepared in accordance with GAAP.