Recourse Event shall include, without limitation, the following: (i) a breach of any representation or warranty or covenant of this Agreement by Client; (ii) the existence of any dispute of any kind, regardless of validity, now or hereafter arising, between Client and an Account Debtor, or between an Account Debtor and Factor, that is asserted by an Account Debtor as a basis for refusing to pay all or part of any Accepted Account ("Dispute"); (iii) the assertion by any Account Debtor, or by a bankruptcy trustee or any other party which is acting for an Account Debtor, of a claim of loss, counterclaim, refund, credit, return of goods, return of payment or offset of any kind against Client or Factor ("Claim"); and (iv) non-payment by the Account Debtor of the full amount of any Accepted Account 91 days after the purchase of such Accepted Account by Factor, or, if Factor believes, in Factor's sole judgment, at any time prior to such 91st day, that the Account Debtor may be unable or unwilling to pay any Accepted Account; Client and Factor hereby agree that any Accepted Account covered by clause (iv) is a "defective good". Upon the occurrence of any event described in clauses (i), (ii), (iii) or (iv) of the preceding sentence, Client will immediately pay to Factor, on the Accepted Account which is subject to the Recourse Event, the amount of the Initial Payment on the Accepted Account plus the Commission and Factor's Fee on the Accepted Account calculated at the time of Client's payment. If Factor does not receive an immediate payment from Client, Factor may, in addition to any other remedies available to Factor under this Agreement, immediately charge back to Client any Accepted Account which is subject to a Recourse Event by taking funds out of the Reserve Account, or immediately exercise the remedies described in Section 10. With Factor's agreement, Client may assign other accounts receivable which are acceptable to Factor, in substitution for an Accepted Account which is subject to a Recourse Event.
Recourse Event means any of the following events:
Recourse Event means the occurrence of any of the following events:
Examples of Recourse Event in a sentence
If HSBC confirms a Documentary Credit or SBLC (whether on a disclosed or undisclosed basis) and payment in full or part is not received by HSBC from the relevant issuing bank, the Customer is only required to reimburse HSBC for amounts not received if the non-payment was due to a Recourse Event.
If HSBC has agreed to Finance a Document or Documentary Credit on a non- recourse basis and payment in full or part is not received by HSBC (or cannot be accepted by HSBC) from the relevant issuing bank, confirming bank, collecting bank, presenting bank, drawee or obligor (as applicable), the Customer is only required to reimburse HSBC for amounts not received if the non-payment was due to a Recourse Event.
The Customer will notify ANZ promptly in writing if the Customer is aware that a Recourse Event has occurred or is likely to occur and the details of that Recourse Event.
This Guaranty is a guaranty of payment, and not of collection, and upon the occurrence of a Springing Recourse Event, a debt of Guarantor for its own account.
Upon the occurrence of a Springing Recourse Event, the liability of REIT under this Guaranty shall be primary, direct and immediate and not conditional or contingent upon the pursuit of any remedies against Borrower or any other Person, nor against securities or liens available to Lender, its successors, successors in title, endorsees or assigns.
More Definitions of Recourse Event
Recourse Event means either (i) the written acknowledgment by any Loan Party of obligations under the Transeastern Guaranties in excess of $25,000,000 in the aggregate, (ii) a determination by a court of competent jurisdiction or arbitration panel that the Loan Parties are obligated to make payments under the Transeastern Guaranties in excess of $25,000,000 in the aggregate, or (iii) payment by the Loan Parties of more than $10,000,000 in the aggregate on account of the Transeastern Guaranties. For the purposes of this definition “Transeastern Guaranties” means any guarantee or indemnity given by a Loan Party in connection with any credit agreement entered into by EH/Transeastern, LLC.
Recourse Event means the occurrence of any gross negligence, willful misconduct, intentional misrepresentation or fraud on the part of an Obligor in connection with all or any portion of the Obligations. Limited Guaranty (Rep-Based)
Recourse Event means the occurrence of any of the following events: (i) the Participant receives any notice of fraud, forgery or other defect or any notice of demand, cancellation, order or direction from the Company or any other person that is not curable by the Company within three days from the date of receipt of the notice; or (ii) any corporate action, legal proceedings or other procedure or step is taken in relation to the suspension of payment, moratorium, winding-up, administration, provisional supervision or reorganisation of the Company or any Obligor; or (iii) any Commercial Dispute or any rejection, non-delivery or non-performance of Sales Contracts; or (iv) the Company’s breaches of representation, warranty or covenant of the Company set forth in this Agreement which has a Material Adverse Effect.
Recourse Event means either (i) the written acknowledgment by any Loan Party of obligations under the Transeastern Guaranties in excess of $25,000,000 in the aggregate, (ii) a determination by a court of competent jurisdiction or arbitration panel that the Loan Parties are obligated to make payments under the Transeastern Guaranties in excess of $25,000,000 in the aggregate, or (iii) payment by the Loan Parties of more than $10,000,000 in the aggregate on account of the Transeastern Guaranties. For the purposes of this definition “Transeastern Guaranties” means any guarantee or indemnity given by a Loan Party in connection with any credit agreement entered into by EH/Transeastern, LLC. For the avoidance of doubt, guarantees of the obligations under (1) the Senior Mezzanine Credit Agreement dated as of August 1, 2005 by and among TE/TOUSA Mezzanine, LLC, as borrower, Deutsche Bank Trust Company Americas and the other institutions party thereto as lenders, and Deutsche Bank Trust Company Americas, as administrative agent and (2) the Junior Mezzanine Credit Agreement dated as of August 1, 2005 by and among TE/TOUSA Mezzanine Two, LLC, as borrower, Deutsche Bank Trust Company Americas and the other institutions party thereto as lenders, and Deutsche Bank Trust Company Americas, as administrative agent, shall constitute Transeastern Guaranties.
Recourse Event shall occur if any one or more of the following shall occur:
Recourse Event means any Full Recourse Event or any Partial Recourse Event.
Recourse Event as used in this Guaranty shall mean any one or more of the following: