Nonrecourse Obligations definition

Nonrecourse Obligations means, with respect to a Person, obligations or liabilities in respect of which recourse for payment (except for customary exceptions for fraud, misapplication of funds, environmental indemnities, violation of “special purpose entity” covenants, voluntary bankruptcy, collusive involuntary bankruptcy and other similar customary exceptions to non-recourse liability) is contractually limited to specific assets of such Person.
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Nonrecourse Obligations means Indebtedness or lease payment obligations related to (i) the acquisition of a Principal Property not previously owned by the Company or any Subsidiary or (ii) the financing of a project involving the development or expansion of any Principal Property owned by the Company or any Subsidiary, as to which the obligee with respect to such Indebtedness or obligation has no recourse to the Company or any Subsidiary or any of the Company’s or its Subsidiaries’ assets other than such Principal Property so acquired, developed or expanded, as applicable.
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Examples of Nonrecourse Obligations in a sentence

  • COMPENSATION OF OWNER TRUSTEE 25 SECTION 7.1. Owner Trustee’s Fees and Expenses 25 SECTION 7.2. Indemnification 26 SECTION 7.3. Payments to the Owner Trustee 26 SECTION 7.4. Non-recourse Obligations 26 ARTICLE VIII.

  • COMPENSATION OF OWNER TRUSTEE 26 SECTION 7.1. Owner Trustee’s Fees and Expenses 26 SECTION 7.2. Indemnification 26 SECTION 7.3. Payments to the Owner Trustee 27 SECTION 7.4. Non-recourse Obligations 27 ARTICLE VIII.

  • Compensation of Owner Trustee 23 SECTION 7.1. Owner Trustee’s Fees and Expenses 23 SECTION 7.2. Indemnification 23 SECTION 7.3. Payments to the Owner Trustee 23 SECTION 7.4. Non-recourse Obligations 23 ARTICLE VIII.

  • COMPENSATION OF OWNER TRUSTEE 24 SECTION 7.1. Owner Trustee’s Fees and Expenses 24 SECTION 7.2. Indemnification 24 SECTION 7.3. Payments to the Owner Trustee 25 SECTION 7.4. Non-recourse Obligations 25 ARTICLE VIII.

  • Compensation of Owner Trustee 23 SECTION 7.1. Owner Trustee’s Fees and Expenses 23 SECTION 7.2. Indemnification 23 SECTION 7.3. Payments to the Owner Trustee 23 SECTION 7.4. Non-recourse Obligations 24 ARTICLE VIII.

  • COMPENSATION OF OWNER TRUSTEE 26 SECTION 7.1. Owner Trustee’s Fees and Expenses 26 SECTION 7.2. Indemnification 26 SECTION 7.3. Payments to the Owner Trustee 26 SECTION 7.4. Non-recourse Obligations 27 ARTICLE VIII.

  • Nonrecourse Obligations 37 ARTICLE VII SERVICER PROVISIONS 37 Section 7.01.

  • COMPENSATION OF OWNER TRUSTEE 22 SECTION 7.1. Owner Trustee’s Fees and Expenses 22 SECTION 7.2. Indemnification 23 SECTION 7.3. Payments to the Owner Trustee 23 SECTION 7.4. Non-recourse Obligations 23 ARTICLE VIII.

  • COMPENSATION OF OWNER TRUSTEE 24 SECTION 7.1. Owner Trustee’s Fees and Expenses 24 SECTION 7.2. Indemnification 25 SECTION 7.3. Payments to the Owner Trustee 25 SECTION 7.4. Non-recourse Obligations 25 ARTICLE VIII.

  • COMPENSATION OF OWNER TRUSTEE 25 SECTION 7.1. Owner Trustee’s Fees and Expenses 25 SECTION 7.2. Indemnification 25 SECTION 7.3. Payments to the Owner Trustee 26 SECTION 7.4. Non-recourse Obligations 26 ARTICLE VIII.

Related to Nonrecourse Obligations

  • Nonrecourse Obligation means indebtedness or other obligations substantially related to (i) the acquisition of assets not previously owned by the Company or any Restricted Subsidiary or (ii) the financing of a project involving the development or expansion of properties of the Company or any Restricted Subsidiary, as to which the obligee with respect to such indebtedness or obligation has no recourse to the Company or any Restricted Subsidiary or any assets of the Company or any Restricted Subsidiary other than the assets which were acquired with the proceeds of such transaction or the project financed with the proceeds of such transaction (and the proceeds thereof).

  • Recourse Obligations has the meaning set forth in Section 2.1.

  • Nonrecourse Indebtedness means, with respect to a Person, Indebtedness for borrowed money in respect of which recourse for payment (except for customary exceptions for fraud, misapplication of funds, environmental indemnities, voluntary bankruptcy, collusive involuntary bankruptcy and other similar customary exceptions to nonrecourse liability) is contractually limited to specific assets of such Person encumbered by a Lien securing such Indebtedness.

  • Nonrecourse Liabilities has the meaning set forth in Section 1.704-2(b)(3) of the Regulations.

  • Nonrecourse Liability has the meaning set forth in Treasury Regulation Section 1.752-1(a)(2).

  • Non-recourse Obligation means indebtedness or other obligations substantially related to (1) the acquisition of assets not previously owned by the Company or any direct or indirect Subsidiaries of the Company or (2) the financing of a project involving the development or expansion of properties of the Company or any direct or indirect Subsidiaries of the Company, as to which the obligee with respect to such indebtedness or obligation has no recourse to the Company or any direct or indirect Subsidiary of the Company or such Subsidiary’s assets other than the assets which were acquired with the proceeds of such transaction or the project financed with the proceeds of such transaction (and the proceeds thereof).

  • Capital Lease Obligations of any Person means the obligations of such Person to pay rent or other amounts under any lease of (or other arrangement conveying the right to use) real or personal property, or a combination thereof, which obligations are required to be classified and accounted for as capital leases on a balance sheet of such Person under GAAP, and the amount of such obligations shall be the capitalized amount thereof determined in accordance with GAAP.

  • Finance Lease Obligations of any Person means the obligations of such person under any lease that meets the criteria of a finance lease (as defined by ASC 842) and would be capitalized on a balance sheet of such person prepared in accordance with GAAP, and the amount of such obligations at any time shall be the capitalized amount thereof at such time determined in accordance with GAAP.

  • Recourse Liabilities means the amount of liabilities owed by the Partnership (other than Nonrecourse Liabilities and liabilities to which Partner Nonrecourse Deductions are attributable in accordance with Section 1.704-(2)(i) of the Regulations).

  • Capital Lease Obligation means, at the time any determination thereof is to be made, the amount of the liability in respect of a capital lease that would at such time be required to be capitalized on a balance sheet in accordance with GAAP.

  • Operating Lease Obligations means all obligations for the payment of rent for any real or personal property under leases or agreements to lease, other than Capitalized Lease Obligations.

  • Member Nonrecourse Debt has the meaning of “partner nonrecourse debt” set forth in Treasury Regulations Section 1.704-2(b)(4).

  • Lease Obligations of the Company and its Subsidiaries, as of the date of any determination thereof, the rental commitments of the Company and its Subsidiaries determined on a consolidated basis, if any, under leases for real and/or personal property (net of rental commitments from sub-leases thereof), excluding however, obligations under Financing Leases.

  • Finance Lease Obligation means, at the time any determination thereof is to be made, the amount of the liability in respect of a Finance Lease that would at such time be required to be capitalized and reflected as a liability on a balance sheet (excluding the footnotes thereto) prepared in accordance with GAAP.

  • Nonrecourse Debt means any Company liability to the extent that no Member or related Person bears the economic risk of loss for such liability under Section 1.752-2 of the Treasury Regulations.

  • Financing Lease Obligation means, as applied to any Person, an obligation that is required to be accounted for as a financing or capital lease (and, for the avoidance of doubt, not a straight-line or operating lease) on both the balance sheet and income statement for financial reporting purposes in accordance with GAAP. At the time any determination thereof is to be made, the amount of the liability in respect of a financing or capital lease would be the amount required to be reflected as a liability on such balance sheet (excluding the footnotes thereto) in accordance with GAAP.

  • Synthetic Lease Obligations means, with respect to any Person, the sum of (i) all remaining rental obligations of such Person as lessee under Synthetic Leases which are attributable to principal and, without duplication, (ii) all rental and purchase price payment obligations of such Person under such Synthetic Leases assuming such Person exercises the option to purchase the lease property at the end of the lease term.

  • Recourse Debt means Indebtedness that is not Non-Recourse Indebtedness.

  • Capitalized Lease Obligations means, with respect to any Person, obligations of such Person and its Subsidiaries under Capitalized Leases, and, for purposes hereof, the amount of any such obligation shall be the capitalized amount thereof determined in accordance with GAAP.

  • Recourse Indebtedness means Indebtedness that is not Non-Recourse Indebtedness; provided that personal recourse for Customary Recourse Exceptions shall not, by itself, cause such Indebtedness to be characterized as Recourse Indebtedness.

  • Secured Recourse Indebtedness means all Indebtedness (including Guaranties of Secured Indebtedness) that is Secured Indebtedness and is not Nonrecourse Indebtedness.

  • Partner Nonrecourse Debt has the meaning set forth in Treasury Regulation Section 1.704-2(b)(4).

  • Synthetic Lease Obligation means the monetary obligation of a Person under (a) a so-called synthetic, off-balance sheet or tax retention lease, or (b) an agreement for the use or possession of property creating obligations that do not appear on the balance sheet of such Person but which, upon the insolvency or bankruptcy of such Person, would be characterized as the indebtedness of such Person (without regard to accounting treatment).

  • Nonrecourse Built-in Gain means with respect to any Contributed Properties or Adjusted Properties that are subject to a mortgage or pledge securing a Nonrecourse Liability, the amount of any taxable gain that would be allocated to the Partners pursuant to Section 6.2(b) if such properties were disposed of in a taxable transaction in full satisfaction of such liabilities and for no other consideration.

  • Project Finance Indebtedness means any present or future indebtedness incurred to finance the ownership, acquisition, development and/or operation of an asset, whether or not an asset of a member of the Group:

  • Capitalized Lease Obligation means an obligation under a lease that is required to be capitalized for financial reporting purposes in accordance with generally accepted accounting principles, and the amount of Indebtedness represented by such obligation shall be the capitalized amount of such obligation determined in accordance with such principles.