Recourse Events definition

Recourse Events. The meaning set forth in Section 9.18 of this Agreement.
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Recourse Events shall have the meaning set forth in Section 9.4(b) hereof.
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Recourse Events means any of the following:
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Examples of Recourse Events in a sentence

  • The Borrowers and Indemnitor shall not remain liable for any liabilities and obligations described in the Loan Documents and Recourse Events described in Section 9.18 first occurring after such transfer; however, Borrowers and Indemnitor shall remain liable for any liabilities and obligations in the Loan Documents including the Recourse Events first occurring prior to such transfer.

  • The occurrences set forth in such subparagraphs (a) through (k) are hereinafter collectively referred to as the "Recourse Events." Notwithstanding the foregoing, the Guaranteed Obligations (as defined below) with respect to the Recourse Events set forth in subparagraphs (a) through (g) herein shall be limited to the amount of all Losses, as defined by the Security Instruments, incurred by Lender due to such occurrences.

  • If Borrower fails at all times during the term of the Mezzanine Loan to cause one or more Guarantors having a combined net worth of not less than Ten Million Dollars ($10,000,000.00) to be obligated and liable for the obligations set forth in the Recourse Events Guaranty and Environmental Indemnity Agreement, and any other failure by Borrower to comply with Section 6.29 of this Agreement.

  • Such assumption and responsibility shall occur automatically upon the occurrence of any Full Recourse Event without further action on the part of any Person; provided, however, that Guarantor shall only be liable for Full Recourse Events arising and accruing on or after the date hereof.

  • The 10% limitation on the debt guaranty provided herein is not intended to limit any liability of New Borrower for any Borrower Recourse Liabilities or Springing Recourse Events described in Section 10.1 of the Loan Agreement nor of New Indemnitor under the Guaranteed Obligations as defined in the Amended Guaranty.

  • Borrower shall, at all times during the term of the Mezzanine Loan, cause one or more Guarantors having a combined net worth of not less than Ten Million Dollars ($10,000,000.00) to be obligated and liable for the obligations set forth in the Recourse Events Guaranty and Environmental Indemnity Agreement.

  • Nothing in this Agreement shall be construed as a waiver on the part of Agent or Lenders of any Defaults, Events of Defaults, Recourse Liability Events and/or Full Recourse Events of Original Guarantor, and Agent and Lenders reserve all rights and remedies against Original Guarantor arising under the Original Recourse Liability Agreement.


More Definitions of Recourse Events

Recourse Events. The meaning set forth in Section 9.18 of this Agreement. Loan Agreement
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Related to Recourse Events

  • Non-Recourse Parties has the meaning provided in Section 12.16.

  • Financial Covenant Event of Default has the meaning specified in Section 8.01(b).

  • Non-recourse Project Financing means any Indebtedness incurred in connection with the financing of all or part of the costs of the acquisition, construction or development of any project, provided that: (i) any Security Interest given by the Bank or the relevant Subsidiary is limited solely to assets of the project; (ii) the Person or Persons providing such financing expressly agrees to limit their recourse to the project financed and the revenues derived from such project as the principal source of repayment for the moneys advanced; and (iii) there is no other recourse to the Bank or the relevant Subsidiary in respect of any default by any Person under the financing; and

  • Customary Recourse Exceptions means, with respect to any Non-Recourse Debt of an Unrestricted Subsidiary, exclusions from the exculpation provisions with respect to such Non-Recourse Debt for the voluntary bankruptcy of such Unrestricted Subsidiary, fraud, misapplication of cash, environmental claims, waste, willful destruction and other circumstances customarily excluded by lenders from exculpation provisions or included in separate indemnification agreements in non-recourse financings.

  • Non-Recourse Party means, with respect to a party, any of such party’s former, current and future equityholders, controlling Persons, directors, officers, employees, agents, representatives, Affiliates, members, managers, general or limited partners, or assignees (or any former, current or future equity holder, controlling Person, director, officer, employee, agent, representative, Affiliate, member, manager, general or limited partner, or assignee of any of the foregoing).

  • Lease Event of Default shall have the meaning specified in Section 17.1 of the Lease.

  • Permitted Non-Recourse Guarantees means customary completion or budget guarantees or indemnities (including by means of separate indemnification agreements and carve-out guarantees) provided under Non-Recourse Debt in the ordinary course of business by the Company or any Subsidiary of the Company in financing transactions that are directly or indirectly secured by real estate assets or other real estate-related assets (including equity interests) of a Subsidiary of the Company (or entity in which the Company is the general partner or managing member), in each case that is the borrower in such financing, but is non-recourse to the Company or any of the Company’s other Subsidiaries, except for customary completion or budget guarantees or indemnities (including by means of separate indemnification agreements or carve-out guarantees) as are consistent with customary industry practice (such as environmental indemnities and recourse triggers based on violation of transfer restrictions and other customary exceptions to nonrecourse liability).

  • Non-Recourse Subsidiary means any Subsidiary of the Company (1) whose principal purpose is to incur Non-Recourse Indebtedness and/or construct, lease, own or operate the assets financed thereby, or to become a direct or indirect partner, member or other equity participant or owner in a partnership, limited partnership, limited liability partnership, corporation (including a business trust), limited liability company, unlimited liability company, joint stock company, trust, unincorporated association or joint venture created for such purpose (collectively, a “Business Entity”), (2) who is not an obligor or otherwise bound with respect to any Indebtedness other than Non-Recourse Indebtedness, (3) substantially all the assets of which Subsidiary or Business Entity are limited to (x) those assets being financed (or to be financed), or the operation of which is being financed (or to be financed), in whole or in part by Non-Recourse Indebtedness, or (y) Capital Stock in, or Indebtedness or other obligations of, one or more other Non-Recourse Subsidiaries or Business Entities, and (4) any Subsidiary of a Non-Recourse Subsidiary; provided that such Subsidiary shall be considered to be a Non-Recourse Subsidiary only to the extent that and for so long as each of the above requirements are met.

  • Non-Recourse Debt means Indebtedness:

  • Financial Covenant Default has the meaning assigned to such term in Section 8.01(6).

  • Force Majeure Events means acts of war, domestic and/or international terrorism, civil riots or rebellions, quarantines, embargoes and other similar unusual governmental actions, extraordinary elements of nature or acts of God.

  • Events Each of the following events or conditions will constitute an Event of Default and a repudiation of this Agreement by Lessee (whether any such event or condition is voluntary or involuntary or occurs by operation of law or pursuant to or in compliance with any judgment, decree or order of any court or any order, rule or regulation of any Government Entity):-

  • Guarantor Event of Default means the occurrence of any “Event of Default” under and as defined in the Performance Guaranty.

  • Owner Event of Default shall have the meaning set forth in Section 12.3 hereof

  • Recourse Obligations has the meaning set forth in Section 2.1.

  • PTC Event of Default means, with respect to each Trust Agreement, the failure to pay within 10 Business Days after the due date thereof: (i) the outstanding Pool Balance of the applicable Class of Certificates on the Final Legal Distribution Date for such Class or (ii) interest due on such Certificates on any Distribution Date (unless the Subordination Agent shall have made an Interest Drawing or a withdrawal from the Cash Collateral Account relating to a Liquidity Facility for such Class, with respect thereto in an aggregate amount sufficient to pay such interest and shall have distributed such amount to the Trustee entitled thereto).

  • Insurance Agreement Event of Default means an "Event of Default" as defined in the Insurance Agreement.

  • Recourse Liabilities means the amount of liabilities owed by the Partnership (other than Nonrecourse Liabilities and liabilities to which Partner Nonrecourse Deductions are attributable in accordance with Section 1.704-(2)(i) of the Regulations).

  • Covenant Relief Period means the period commencing on the Amendment No. 1 Effective Date and ending on and including December 31, 2022.

  • Guarantee Event of Default means a default by the Guarantor on any of its payment or other obligations under this Guarantee.

  • Collateral Event of Default has the meaning set forth in Section 13.01(b).

  • Indenture Event of Default means an "Event of Default" as defined in the Indenture.

  • Senior Event of Default means an Event of Default under a Senior Financing Agreement.

  • Recourse Debt means Indebtedness that is not Non-Recourse Indebtedness.

  • Note Event of Default means any “Event of Default” specified in Section 5.1 of the Indenture.

  • Potential Event of Default means any event which, with the giving of notice or the lapse of time or both, would constitute an Event of Default.