Common use of Limited Recourse Obligations Clause in Contracts

Limited Recourse Obligations. (a) The liability of Guarantor arising out of this Guaranty is limited to and shall be solely paid out of Collateral on which it has granted a Lien and the proceeds thereof. Nothing herein contained shall be construed to prevent the Guaranteed Parties from exercising and enforcing their remedies against such Collateral, nor shall anything herein contained be deemed to be a release or impairment of the Liens granted by Guarantor to secure the Obligations. (b) No recourse shall be had for the payment of the Guaranteed Obligations, or upon any obligation, covenant or agreement in this Guaranty, against any member, stockholder, officer, employee or director, as such, of Guarantor; it being expressly agreed and understood that Guarantor’s obligations under this Guaranty, the Credit Agreement and the other Loan Documents are solely limited liability company obligations of Guarantor, and that no personal liability shall attach to, or be incurred by, any such member, stockholder, officer, employee or director, as such]3.

Limited Recourse Obligations. (a) The liability of Guarantor arising out of this Guaranty is limited to and shall be solely paid out of Collateral on which it has granted a Lien and the proceeds thereof. Nothing herein contained shall be construed to prevent the Guaranteed Parties from exercising and enforcing their remedies against such Collateral, nor shall anything herein contained be deemed to be a release or impairment of the Liens granted by Guarantor to secure the Obligations. (b) No recourse shall be had for the payment of the Guaranteed Obligations, or upon any obligation, covenant or agreement in this Guaranty, against any member, stockholder, officer, employee or director, as such, of Guarantor; it being expressly agreed and understood that Guarantor’s obligations under this Guaranty, the Credit Agreement and the other Loan Documents are solely limited liability company obligations of Guarantor, and that no personal liability shall attach to, or be incurred by, any such member, stockholder, officer, employee or director, as such]3such]1.

Limited Recourse Obligations. (a) The liability of Guarantor arising out of this Guaranty is limited to and shall be solely paid out of Collateral on which it has granted a Lien and the proceeds thereof. .Nothing herein contained shall be construed to prevent the Guaranteed Parties from exercising and enforcing their remedies against such Collateral, nor shall anything herein contained be deemed to be a release or impairment of the Liens granted by Guarantor to secure the Obligations. (b) No recourse shall be had for the payment of the Guaranteed Obligations, or upon any obligation, covenant or agreement in this Guaranty, against any member, stockholder, officer, employee or director, as such, of Guarantor; it being expressly agreed and understood that Guarantor’s obligations under this Guaranty, the Credit Agreement and the other Loan Documents are solely limited liability company obligations of Guarantor, and that no personal liability shall attach to, or be incurred by, any such member, stockholder, officer, employee or director, as such]3.