Nonrecourse Debt

Nonrecourse Debt. Means Indebtedness of a Subsidiary created after the date hereof, which is nonrecourse to such Subsidiary, Holdco or any other Subsidiary of Holdco, which is secured by assets acquired after the date hereof by such Subsidiary (and not previously held by Holdco or any other Subsidiary of Holdco) and which assets are income producing properties which at the time of acquisition are expected by such Subsidiary in good faith based on historical performance to generate sufficient income to service... such nonrecourse debt. View More