Examples of Permitted Recourse in a sentence
Permitted Recourse Obligations means, collectively, for any Restricted Company, obligations or liabilities arising with respect to Customary Recourse Exceptions, Completion Guaranties, and letters of credit or similar arrangements entered into in support of obligations of an Unrestricted Subsidiary with respect to its Real Estate Project.
Following the date which is twelve (12) months following the Effective Date, Secured Debt shall be Non-Recourse Indebtedness, except for Permitted Recourse Debt, and the ratio of Secured Debt to Market Value shall not exceed thirty percent (30%).
If FNMA Mortgage Pool #1 shall be repaid in full prior to the date which is twelve (12) months following the Effective Date, from the date of such repayment until the date which is twelve (12) months following the Effective Date, Secured Debt shall be Non-Recourse Indebtedness, except for Permitted Recourse Debt, and the ratio of Secured Debt to Market Value shall not exceed thirty-five percent (35%).
As of any date, the Companies, individually or on a consolidated basis, to incur, guarantee, or otherwise be or become, directly or indirectly, liable in respect of any Recourse Debt (other than Permitted Recourse Debt).
Except in connection with Permitted Recourse Programs in an aggregate amount not to exceed $1,000,000, neither the Borrower nor any of its Subsidiaries shall directly or indirectly incur, assume, or suffer to exist any Contingent Obligation, excluding indemnities given in connection with the sale of Inventory or other asset dispositions permitted hereunder and Contingent Obligations for Indebtedness permitted to be incurred under Section 8.4, and Investments permitted under Section 8.9.
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However, they may claim exemption of income or relief from tax under certain circumstances on a year-by-year basis.
The questions asked may relate to the business of the issuer, information contained in the investment circular, the nature of the engagement undertaken by the reporting auditors, financial reporting, corporate governance, and other matters of interest to the issue managers, sponsors, managers and/or underwriters.
Section 10.8(m) is amended by adding the following parenthetical after the phrase "investments in Unrestricted Subsidiaries" in the first and second lines thereof: "(including, without limitation, the amount of any Permitted Recourse Obligations which constitutes Debt hereunder)".
Before incurring any Permitted Recourse Financing, Borrower shall first use reasonable, good faith efforts to borrow such funds as Permitted Mortgage Financing.