Nonrecourse carveout definition

Nonrecourse carveout means a specific exemption, if any, to the nonrecourse provisions set forth in the loan documents for a nonrecourse loan that has the effect of creating, if specified events occur, personal liability of the borrower or guarantor or other surety of the loan for all or some amounts owed to the lender.

Nonrecourse carveout means a specific exception, if any, to the nonrecourse provisions set forth in the loan documents for a nonrecourse loan that has the effect of creating, if specified events occur, personal liability of the

Examples of Nonrecourse carveout in a sentence

• Non-recourse carveout guarantees generally require that our project-entity borrower not commit specified improper acts, with us potentially liable for all or a portion of such entity’s indebtedness or other damages suffered by the lender if those acts occur.

• Non-recourse carve-out from guarantor (Xxxxxxx Xxxxxxx) obtained for related losses, however.

• Non-recourse carve-out for related losses obtained as to guarantors, whose aggregate stated net worth and liquidity is over $83 million/ $7 million, respectively, as of June 2012.

• Non-recourse carve-out are obtained from guarantors re losses from prior owned property, including environmental.

• With respect to the debtors’ “liqui- dated damages” argument, the appel- late court stated that: Non-recourse carve-out clauses like the one here are not consid- ered liquidated damages provisions because they operate principally to define the terms and conditions of personal liability, and not to affix probable damages.