RECOURSE PROPERTY definition
RECOURSE PROPERTY has the meaning assigned thereto in Section 2.10.
RECOURSE PROPERTY means the [“Mortgaged Property”] as defined in the Mortgage.
RECOURSE PROPERTY means the Article 9 Collateral (as defined in the API Security Agreement).
Examples of RECOURSE PROPERTY in a sentence
The Obligations of Borrower hereunder shall be limited in recourse to the property and assets of Borrower which Borrower pledges on the date hereof, or may hereinafter from time to time pledge, as Collateral pursuant to the terms of this Agreement (the "RECOURSE PROPERTY").
More Definitions of RECOURSE PROPERTY
RECOURSE PROPERTY means property to which a creditor has recourse to enforce a guarantee or indemnity for a debt, if the guarantee or indemnity expressly provides recourse to “only” that property. The word “only” should be removed as it implies that the provision will not apply if the creditor has limited surety over two or more properties. (New Zealand Institute of Chartered Accountants)