Non-Recourse Indebtedness

Non-Recourse Indebtedness. Indebtedness of any Person (including of any Managed Vehicle) for which the owner of such Indebtedness has no recourse, directly or indirectly, to the Borrower or any of its Subsidiaries or to any property (except as provided below) of the Borrower or any of its Subsidiaries for the principal of, premium, if any, and interest on such Indebtedness, and for which the Borrower and its Subsidiaries are not directly or indirectly liable for the principal of, premium, if any, and interest on such... Indebtedness. Notwithstanding the foregoing, Indebtedness of a Person shall be "Non-Recourse Indebtedness" if the owner of such Indebtedness has recourse that is limited solely to (i) real property securing such Indebtedness pursuant to mortgages, deeds of trust or other security interests to which such Indebtedness relates and (ii) recourse obligations or liabilities solely for fraud, environmental matters and other customary "non-recourse carve-outs" in respect of any such Indebtedness View More

Non-Recourse Indebtedness. With respect to any specified Person or any of its Affiliates, Indebtedness that is (A) specifically advanced to finance the acquisition of investment assets and secured only by the assets to which such Indebtedness relates without recourse to such Person or any of its Affiliates (other than subject to such customary carve-out matters for which such Person or its Affiliates acts as a guarantor in connection with such Indebtedness, such as fraud, misappropriation, breach of representation and... warranty and misapplication, unless, until and for so long as a claim for payment or performance has been made thereunder (which has not been satisfied) at which time the obligations with respect to any such customary carve-out shall not be considered Non-Recourse Indebtedness, to the extent that such claim is a liability of such Person for GAAP purposes) or (B) secured by (i) bonds, debentures, treasury bills, notes or other securities issued by the government of the United States of America or (ii) Qualified GSE Securities. View More

Non-Recourse Indebtedness. With respect to any Person and any date, indebtedness of such Person as of such date for borrowed money in respect of which recourse for payment (except for customary exceptions for fraud, misapplication of funds, environmental indemnities, Acts of Insolvency, non‐approved transfers or other events) is contractually limited to specific assets of such Person encumbered by a Lien securing such Indebtedness.