No Recourse Provision Clause Samples

A No Recourse Provision limits the parties to seeking remedies only against specific assets or entities, rather than pursuing claims against individuals or other related parties. In practice, this means that if a borrower defaults on a loan, the lender can only recover from the collateral specified in the agreement and cannot go after the personal assets of the borrower or other affiliates. This clause is commonly used in project finance or securitization transactions to protect sponsors or investors from personal liability. Its core function is to allocate risk by clearly defining the boundaries of liability, thereby providing certainty and protecting certain parties from broader financial exposure.
No Recourse Provision. (a) In the event HUD cancels the Cooperative Agreement with the Grantee or the Grantee cancels the Rental Assistance Contract in accordance with the provisions of the RAC, the Owner agrees that it shall have no financial or legal recourse against the Grantee. Name of Owner (Print) __________________________________________________________ _ _____________________________________________________________________________________________ By: __ Signature of authorized representative Name (Print) Official Title (Print) Date: Grantee By: Signature of authorized representative Name (Print) Official Title (Print) Date: Number of Assisted Units Number of Bedrooms Contract Rent Utility Allowance Gross Rent Maximum Annual Contract Commitment (Number of Assisted Units x Gross Rent) Total Maximum Annual Contract Commitment2: Total Number of Assisted Units: Total Number of Non-Assisted Units Restricted to Persons with Disabilities: Expiration Date of the Unit Restriction above, if applicable: This Exhibit was amended on (date) by (Legal Name of Owner) and (Grantee) to be EFFECTIVE on . Owner Signature: Print Name: Grantee Signature: Print Name: Total Number of Units at the Property (Assisted + Non-Assisted): Percent of Assisted Units and other Units Restricted to Persons with Disabilities at the Property3: 1 This Exhibit must be completed and attached to the Contract at the time the Agreement is executed. It may, however, be amended in accordance with program rules.
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No Recourse Provision. (a) In the event HUD cancels the Cooperative Agreement with the Grantee or the Grantee cancels the Rental Assistance Contract in accordance with the provisions of the RAC, the Owner agrees that it shall have no financial or legal recourse against the Grantee. Name of Owner (Print) By: Signature of authorized representative Name (Print) Official Title (Print) Date: Grantee By: Signature of authorized representative Name (Print) Official Title (Print) Date: Number of Assisted Units Number of Bedrooms Contract Rent Utility Allowance Gross Rent Maximum Annual Contract Commitment (Number of Assisted Units x Gross Rent) Total Maximum Annual Contract Commitment2: Total Number of Assisted Units: Percent of Assisted Units and other Units Restricted to Persons with Disabilities at the Property3 Instructions: This signature box should only be signed by the Owner and Grantee if the schedule of units needs an amendment. This Exhibit was amended on (date) by (Legal Name of Owner) and Pennsylvania Housing Finance Agency (Grantee) to be EFFECTIVE on . Owner Signature: Print Name: Grantee Signature: Print Name: 1 This Exhibit must be completed and attached to the Contract at the time the Agreement is executed. It may, however, be amended in accordance with program rules.‌
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No Recourse Provision. (a) In the event HUD cancels the Cooperative Agreement with the Grantee or the Grantee cancels the Rental Assistance Contract in accordance with the provisions of the RAC, the Owner agrees that it shall have no financial or legal recourse against the Grantee. Name of Owner (Print) __________________________________________________________ _ _____________________________________________________________________________________________ By: __ Signature of authorized representative Name (Print) Official Title (Print) Date: Grantee By: Signature of authorized representative Name (Print) Official Title (Print) Date: Schedule of Assisted Units and Contract Rents 1 Bedroom Type Number of Assisted Units Contract Rent Utility Allowance Gross Rent Maximum Annual Contract Commitment (Number of Assisted Units x Gross Rent) Total Maximum Annual Contract Commitment 2: Total Number of Assisted Units: Total Number of Non-Assisted Units Restricted to Persons with Disabilities: Expiration Date of the Unit Restriction above, if applicable: 1 This Exhibit must be completed and attached to the Contract at the time the Agreement is executed. It may, however, be amended in accordance with program rules..
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Related to No Recourse Provision

  • No Recourse The Certificateholder by accepting a Certificate acknowledges that the Certificate represents a beneficial interest in the Trust only and does not represent interests in or obligations of the Seller, the Servicer, the Owner Trustee, the Trustee, or any Affiliate thereof and no recourse may be had against such parties or their assets, except as may be expressly set forth or contemplated in this Agreement, the Certificate or the Basic Documents.

  • No Recourse Against Others A director, officer, employee or stockholder, as such, of the Company shall not have any liability for any obligations of the Company under the Securities or the Indenture or for any claim based on, in respect of or by reason of such obligations or their creation. Each Securityholder by accepting a Security waives and releases all such liability. The waiver and release are part of the consideration for the issue of the Securities.

  • No Recourse Against Certain Persons No recourse shall be had for the payment of any principal, interest or any other sums at any time owing under the terms of this Note, or for any claim based hereon, or otherwise in respect hereof, or based on or in respect of the Indenture or any indenture supplemental thereto, against the Nonrecourse Parties, whether by virtue of any constitution, statute or rule of law, or by the enforcement of any assessment or penalty or otherwise, all such personal liability being, by the acceptance hereof and as part of the consideration for issue hereof, expressly waived and released.

  • Limited Recourse and Non-Petition Notwithstanding any other provision of this Agreement or any other document to which it may be a party, the obligations of each IP Party from time to time and at any time hereunder are limited recourse obligations of such IP Party and are payable solely from its assets available at such time and amounts derived therefrom and following realization of its assets, and application of the proceeds thereof in accordance with this Agreement, all obligations of and any remaining claims against such IP Party hereunder or in connection herewith after such realization shall be extinguished and shall not thereafter revive. No recourse shall be had against any officer, director, employee, shareholder, administrator or incorporator of any IP Party or their respective successors or assigns for any amounts payable hereunder. Notwithstanding any other provision of this Agreement, no Person may, prior to the date which is one year (or if longer, any applicable preference period) and one day after the discharge of all Secured Obligations, institute against, or join any other Person in instituting against, any IP Party any bankruptcy, winding up, reorganization, restructuring, arrangement, insolvency, moratorium or liquidation (including provisional liquidation) proceedings, or other proceedings under any Bankruptcy Laws. Nothing in this Section 8.16 shall preclude, or be deemed to estop, any Obligor from taking any action prior to the expiration of the aforementioned period in any proceedings under any Bankruptcy Laws filed or commenced by any other non-affiliated Person, or from commencing against any IP Party or any of its properties any legal action which is not a bankruptcy, winding up, reorganization, arrangement, insolvency, moratorium, restructuring or liquidation (including provisional liquidation) proceedings or any equivalent proceedings. It is understood that the foregoing provisions of this Section 8.16 shall not (A) prevent recourse to the assets of an IP Party for the sums due or to become due under the Transaction Documents or (B) constitute a waiver, release or discharge of any obligation hereunder until the assets of such IP Party have been realized. It is further understood that the foregoing provisions of this Section 8.16 shall not limit the right of any Person to name an IP Party as a party defendant in any proceeding under any Bankruptcy Laws or in the exercise of any other remedy hereunder, so long as no judgment in the nature of a deficiency judgment or seeking personal liability shall be asked for or (if obtained) enforced against any such Person. The provisions of this Section 8.16 shall survive the termination of this Agreement.

  • No Recourse Against Trust Account The Purchaser agrees not to seek recourse against the Trust Account for any reason whatsoever in connection with its purchase of the Units or any Claim that may arise now or in the future.