Recourse Secured Indebtedness definition

Recourse Secured Indebtedness means the aggregate outstanding principal amount of Secured Indebtedness that is Recourse Indebtedness.

Recourse Secured Indebtedness means Secured Indebtedness of the Parent, its Subsidiaries and its Unconsolidated Affiliates to the extent for which any Loan Party or any other Subsidiary owning an Unencumbered Pool Property is liable for repayment of such Indebtedness.

Recourse Secured Indebtedness of any Person means the sum of the following: (A) all Indebtedness of such Person and its Subsidiaries determined on a consolidated basis in conformity with GAAP (x) which is secured by a Lien (other than a Permitted Lien) and (y) as to which recourse for payment is not limited to the specific assets encumbered by such Lien, provided, however, that personal recourse of a holder of Indebtedness against (i) any Subsidiary (or Unconsolidated Entity) of the US Borrower formed specifically for the limited purpose of owning specific assets which secure Indebtedness which does not exceed 65% of the value of the assets owned by such Subsidiary (or Unconsolidated Entity) or (ii) any obligor with respect thereto for fraud, misrepresentation, misapplication of cash, waste and other circumstances customarily excluded from non-recourse provisions in non-recourse financing of real estate, shall not, by itself, cause any Indebtedness to be characterized as Recourse Secured Indebtedness, provided further, that if a personal recourse claim is made in connection therewith, such claim shall constitute Recourse Secured Indebtedness for the purposes of this Agreement; plus (B) such Person's Pro Rata Share of Recourse Secured Indebtedness of such Person's Unconsolidated Entities.

Examples of Recourse Secured Indebtedness in a sentence

• Permit Consolidated Recourse Secured Indebtedness to, at any time on or after the Initial Compliance Date, exceed an amount equal to five percent (5%) of Consolidated Total Asset Value; provided that, notwithstanding the foregoing, once during the term of this Agreement, so long as no Default has occurred and is continuing, for up to four (4) consecutive quarters, Consolidated Recourse Secured Indebtedness may exceed five percent (5%) but not exceed ten percent (10%) of Consolidated Total Asset Value.

• The ratio of the aggregate amount of all Recourse Secured Indebtedness to Total Asset Value to exceed 10%.

• Permit Consolidated Recourse Secured Indebtedness to, at any time, exceed an amount equal to five percent (5%) of Consolidated Total Asset Value; provided that, notwithstanding the foregoing, once during the term of this Agreement, so long as no Default has occurred and is continuing, for up to four (4) consecutive quarters, Consolidated Recourse Secured Indebtedness may exceed five percent (5%) but not exceed ten percent (10%) of Consolidated Total Asset Value.

• The Parent shall not at any time permit the ratio of Recourse Secured Indebtedness to Gross Asset Value to exceed 0.15 to 1.00 at any time.

• Permit Consolidated Recourse Secured Indebtedness to, at any time, exceed an amount equal to five percent (5%) of Consolidated Total Asset Value.

More Definitions of Recourse Secured Indebtedness

Recourse Secured Indebtedness means, with respect to a Person as of a given date, the aggregate principal amount of all Recourse Indebtedness of such Person outstanding on such date that is secured in any manner by any Lien on any property and, in the case of the Parent, shall include (without duplication) the Parent’s Ownership Share of the Secured Indebtedness of any of its Unconsolidated Affiliates.

Recourse Secured Indebtedness any secured Indebtedness of Kimco or of any other Person, (A) to the extent that Kimco is liable for direct claims for payment of such debt, or (B) to the extent that the payment of such debt is guaranteed by Kimco, or (C) as to which a Lien securing such debt has been placed against any assets of Kimco (excluding from this clause (C) Non-Recourse Indebtedness of Kimco). (Any such Indebtedness shall not be treated as Recourse Secured Indebtedness solely because of customary potential recourse carveouts contained in documentation, provided that if a claim is made in connection with such potential recourse carve-outs, such Indebtedness shall not constitute Non-Recourse Indebtedness for the purposes of this Agreement).

Recourse Secured Indebtedness any secured Indebtedness of the Borrower or of any other Person, (A) to the extent that the Borrower is liable for direct claims for payment of such debt, or (B) to the extent that the payment of such debt is guaranteed by the Borrower, or (C) as to which a Lien securing such debt has been placed against any assets of the Borrower (excluding from this clause (C) Non-Recourse Indebtedness of the Borrower). (Any such Indebtedness shall not be treated as Recourse Secured Indebtedness solely because of customary potential recourse carveouts contained in documentation, provided that if a claim is made in connection with such potential recourse carve-outs, such Indebtedness shall not constitute Non-Recourse Indebtedness for the purposes of this Agreement).

Recourse Secured Indebtedness means (a) Guarantees of the Company, the Borrower and their Subsidiaries and the Borrower’s pro rata share of any Guarantees of Unconsolidated Affiliates, and (b) Secured Indebtedness affecting any Project that is recourse to the Company, the Borrower or their Subsidiaries or Unconsolidated Affiliates, in the case of each of clauses (a) and (b) limited to the amount of such Guarantee or Secured Indebtedness that is recourse to the Company, the Borrower or their Subsidiaries or Unconsolidated Affiliates, as the case may be.

Recourse Secured Indebtedness means (a) Guarantees of the Company, the Borrower and their Subsidiaries and (b) Secured Indebtedness affecting any Project that is recourse to the Borrower or its Subsidiaries. 16

Recourse Secured Indebtedness means (a) Guarantees of Secured Indebtedness of the Company, the Borrower and their Subsidiaries and the Borrower’s pro rata share of any Guarantees of Secured Indebtedness of Unconsolidated Affiliates, and (b) Secured Indebtedness affecting any Project that is recourse to the Company, the Borrower or their Subsidiaries or Unconsolidated Affiliates, in the case of each of clauses (a) and (b) limited to the amount of such Guarantee or Secured Indebtedness that is recourse to the Company, the Borrower or their Subsidiaries or Unconsolidated Affiliates, as the case may be.

Recourse Secured Indebtedness means (a) Guarantees of the Company, the Borrower and their Subsidiaries and (b) Secured Indebtedness affecting any Project that is recourse to the Borrower or its Subsidiaries.