Recourse Event definition
Recourse Event means any of the following: (i) the Bank does not pay the Outstanding aggregate principal amount of the Notes, together with any accrued and unpaid interest thereon, in cash, on the Stated Maturity, (ii) the occurrence of a Failed Coupon Payment Date, (iii) in connection with the redemption of the Notes, on the Redemption Date, the Bank does not pay the applicable Redemption Price in cash, (iv) the occurrence of an Event of Default or (v) the occurrence of a Trigger Event.
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 within 24 hours 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 on the Accepted Account and plus the aggregate Factor’s Fee on the Accepted Account for all days from the Initial Payment on such Accepted Account to the time of Client’s payment in full of the Accepted Account. Factor may also, in addition to any other remedies available to Factor under this Agreement, immediately charge back to Client (and/or, at Factor’s sole option, repurchase) 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:
Examples of Recourse Event in a sentence
The receipt by a Noteholder of its proportionate share of the Trust Assets upon the occurrence of a Recourse Event shall exhaust the remedies of the Noteholders under the Notes.
The occurrence of an event of default is a Recourse Event for which the sole remedy of the Noteholders shall be the delivery of the Trust Assets.
Upon the occurrence of a Recourse Event that is a Trigger Event, the Bank will deliver, or cause the LRT Trustee to deliver, to each Noteholder that Noteholder’s proportionate share of the Common Shares issued in connection with the Trigger Event.
Upon the occurrence of a Recourse Event, including if the Bank becomes insolvent or is wound-up (prior to the occurrence of a Trigger Event), the recourse of each Noteholder will be limited to such Noteholder’s proportionate share of the Trust Assets.
As mentioned above, the receipt by a Noteholder of its proportionate share of the Trust Assets upon the occurrence of a Recourse Event shall exhaust the remedies of such Noteholder under the Notes.
More Definitions of Recourse Event
Recourse Event means the occurrence of (a) a Bankruptcy Event, or (b) a Trigger Event.
Recourse Event means the occurrence of any of the following: (i) if the Borrower or any Guarantor commences a case, proceeding or other action (A) under any existing or future law of any jurisdiction, domestic or foreign, relating to bankruptcy, insolvency, reorganization or relief of debtors, seeking to have an order for relief entered with respect to it, or seeking reorganization, arrangement, adjustment, winding-up, liquidation, dissolution, composition or other relief with respect to it or its his debts, or (B) seeking appointment of a receiver, trustee, custodian or other similar official for it or for all or any substantial part of its assets, or the Borrower or any Guarantor shall make a general assignment for the benefit of its creditors; (ii) if Borrower or Guarantor has filed against it an involuntary petition (an "Involuntary Petition") for bankruptcy protection under the United States Bankruptcy Code or involuntary becomes subject to any reorganization, receivership, insolvency proceeding or other similar proceeding pursuant to any other Federal or State law affecting debtor and creditor rights and, in the event of an Involuntary Petition (except if such Involuntary Petition is brought by Lender), such Involuntary Petition is not discharged within 90 days of filing; (iii) any sale, assignment, transfer or other disposition of all or any interest in the Existing debt, the Existing Debt Instruments, the Loan, the Loan Documents or any direct or indirect ownership interest in Borrower, including, without limitation, any transfer of a shareholder interest without Lender's prior written consent; (iv) if the Borrower or any Guarantor contests the validity or enforceability of this Credit Agreement, the Note or any of the Security Instruments or Loan Documents (including, without limitation, the Guaranty provided, however, nothing herein shall preclude Borrower or Guarantor from challenging the wrongful acts of Lender or enforcing their respective rights under the Loan Documents); (v) any amendment or modification of or supplement to any of the Existing Debt Instruments or any waiver of the terms thereof (or any agreement to forbear from exercising any rights thereunder shall be given) shall be entered into voluntarily by the Borrower or become effective with Borrower's consent without Lender's prior written consent in each instance; (vi) Borrower, any Guarantor or any of their Affiliates (except with respect to wrongful acts of Lender or enforcing their respective ...
Recourse Event shall occur if any one or more of the following shall occur:
Recourse Event as used in this Guaranty shall mean any one or more of the following:
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 --------------
Recourse Event shall have the meaning set forth in Section 10.3 of this Agreement.