No recourse definition

No recourse is defined: “The lack of means by which to obtain reimbursement from, or a judgment against, a person or entity.” Black’s Law Dictionary (9th ed. 2009).
View Source
No recourse. The Company shall not incur any indebtedness or other obligations that are recourse to Tishman Speyer.
View Source
No recourse is defined as “[t]he lack of means by which to obtain reimbursement from, or a judgment against, a person or entity. Black’s Law Dictionary (10th ed. 2014). Subcontractors contend any recourse that is available to the plaintiff is sufficient for the subcontractors to avoid liability. Put another way, through the lens of Subcontractors, a builder/general contractor with assets equal to $1, a nominal amount, is sufficient for the Subcontractors to avoid liability. From a technical standpoint, the plaintiff would have “recourse” because even $1 is reimbursement obtained from the builder/general contractor.
View Source

Examples of No recourse in a sentence

  • No recourse shall be had for any obligation or claim arising out of or based upon this Agreement or any other Transaction Document against any member, director, officer, employee or incorporator of any such Person.

  • No recourse shall be had against any principal, director, officer, employee, beneficiary, shareholder, partner, member, trustee, agent or affiliate of the Issuer or any person owning, directly or indirectly, any legal or beneficial interest in the Issuer, or any successors or assigns of any of the foregoing (the “Exculpated Parties”) for the payment of any amounts payable hereunder or thereunder.

  • No recourse may be taken, directly or indirectly, against any incorporator, subscriber to the capital stock, stockholder, officer, director or employee of the Company or the Trustee or of any predecessor or successor of the Company or the Trustee with respect to the Company's obligations on the Securities or the obligations of the Company or the Trustee under this Indenture or any certificate or other writing delivered in connection herewith.

  • No recourse shall be had for the payment of any amount owing hereunder or any other obligation of, or claim against the Trust Depositor arising out of or based upon this Section against any stockholder, employee, officer, agent, director or authorized person of the Trust Depositor or Affiliate thereof; provided, however, that the foregoing shall not relieve any such person or entity of any liability they might otherwise have as a result of fraudulent actions or omissions taken by them.

  • No recourse shall be had for the payment of any amount owing hereunder or any other obligation of, or claim against the Trust Depositor arising out of or based up on this Section against any stockholder, employee, officer, agent, director or authorized person of the Trust Depositor or Affiliate thereof; provided, however, that the foregoing shall not relieve any such person or entity of any liability they might otherwise have as a result of fraudulent actions or omissions taken by them.

  • No recourse may be taken, directly or indirectly, against any incorporator, subscriber to the capital stock, stockholder, officer, director or employee of the Company or the Trustee or of any predecessor or successor of the Company or the Trustee with respect to the Company’s obligations on the Securities or the obligations of the Company or the Trustee under this Indenture or any certificate or other writing delivered in connection herewith.

  • No recourse shall be had for any obligation of Brandywine Realty Trust against any past, present or future trustee, shareholder, officer or employee thereof.

  • No recourse may be had to the Seller, Trust Depositor, Trustees, Servicer, or any of their respective Affiliates in the event that amounts available under Section 7.05(a) are insufficient for payment of the Indenture Trustee’s Fee and the Monthly Servicing Fee.

  • No recourse shall be had for the payment of any amount owing in respect of the Notes or this Indenture or for any action or inaction of the Issuer against any officer, director, employee, shareholder, stockholder or incorporator of the Issuer or any of their successors or assigns for any amounts payable under the Notes or this Indenture.

  • No recourse shall be had against any officer, director, employee, shareholder, member, manager, agent, partner, principal or incorporator of the Borrower or their respective successors or assigns for any amounts payable under this Agreement.


More Definitions of No recourse

No recourse is defined as ‘[t]he lack of means by which to obtain reimbursement from, or a judgment against, a person or entity.’” (Pl. Br. at 34, quoting Black’s Law Dictionary (10th ed. 2014)). A “no recourse” test will not as plaintiff contends, require any complex analysis of the value of a builder or developer’s assets or whether those assets might be adequate to satisfy a potential judgment in full. Rather, a “no recourse” test would require a trial court to determine only whether a purchaser either: (1) is able to pursue a judgment against a builder- or developer-vendor; or (2) has some means of otherwise obtaining reimbursement from the builder- or developer-vendor.
View Source

Related to No recourse

  • No Recognition Opinion means an opinion of a nationally recognized independent tax counsel experienced in such matters, which opinion may rely on published revenue rulings of the Internal Revenue Service, to the effect that the holders of the Capital Securities and Common Securities will not recognize any gain or loss for United States federal income tax purposes as a result of the dissolution of the Trust and the distribution of the Notes.

  • Base Recourse means a portion of the Indebtedness equal to zero percent (0%) of the original principal balance of this Note.

  • Non-Recourse means, with respect to any specified Person and the Indebtedness of such Person:

  • Premium means any premium payable under the terms of the Notes.

  • Overdue Payment shall have the meaning specified in Section 4.03(a).