Non-Recourse Indebtedness. Indebtedness of a Person for borrowed money (other than construction completion guaranties with respect to Development Properties) in respect of which recourse for payment (except for Non-Recourse Exclusions until a claim is made with respect thereto, and then such Indebtedness shall not constitute “Non-Recourse Indebtedness” only to the extent of the amount of such claim) is contractually and solely limited to specific assets of such Person encumbered by a Lien securing such Indebtedness and is not a general obligation of such Person. Notes. Collectively, the Revolving Credit Notes and the Swing Loan Note. Notice. See §19.
Appears in 2 contracts
Sources: Credit Agreement (Mid-America Apartments, L.P.), Credit Agreement (Mid America Apartment Communities Inc)
Non-Recourse Indebtedness. Indebtedness of a Person for borrowed money (other than construction completion guaranties with respect to Development Properties) in respect of which recourse for payment (except for Non-Recourse Exclusions until a claim is made with respect thereto, and then such Indebtedness shall not constitute “Non-Recourse Indebtedness” only to the extent of the amount of such claim) is contractually and solely limited to specific assets of such Person encumbered by a Lien securing such Indebtedness and is not a general obligation of such Person. Notes. Collectively, the Revolving Credit Notes and the Swing Loan Note. Notice. See §19.
Appears in 2 contracts
Sources: Credit Agreement (Mid-America Apartments, L.P.), Credit Agreement (Mid-America Apartments, L.P.)
Non-Recourse Indebtedness. With respect to a Person, (a) Indebtedness of a Person for borrowed money (other than construction completion guaranties with respect to Development Properties) in respect of which recourse for payment (except for Non-Recourse Non‑Recourse Exclusions until a claim is made with respect thereto, and then such Indebtedness shall not constitute “Non-Recourse Indebtedness” Non‑Recourse Indebtedness only to the extent of the amount of such claim) is contractually and solely limited to specific assets of such Person encumbered by a Lien securing such Indebtedness and or (b) if such Person is not a general obligation Single Asset Entity, any Indebtedness solely of such Person. Notes. Collectively, the Revolving Credit Notes and the Swing Loan Note. Notice. See §19.
Appears in 1 contract
Sources: Credit Agreement (GTJ REIT, Inc.)
Non-Recourse Indebtedness. With respect to a Person, (a) Indebtedness of a Person for borrowed money (other than construction completion guaranties with respect to Development Properties) in respect of which recourse for payment (except for Non-Recourse Exclusions until a claim is made with respect thereto, and then such Indebtedness shall not constitute “Non-Recourse Indebtedness” Indebtedness only to the extent of the amount of such claim) is contractually and solely limited to specific assets of such Person encumbered by a Lien securing such Indebtedness and or (b) if such Person is not a general obligation Single Asset Entity, any Indebtedness of such Person. Notes. Collectively, the Revolving Credit Notes and the Swing Loan Note. Notice. See §19.
Appears in 1 contract