Springing Recourse Event definition

Springing Recourse Event shall have the meaning set forth in Section 11.22 hereof.

Springing Recourse Event. (1) Borrower fails to maintain its status as a single purpose entity as required by, and in accordance with the terms and provisions of, this Agreement and the other Loan Documents (other than those single purpose entity covenants that relate to solvency or adequacy of capital and excluding any breach to the extent arising out of insufficient cash flow from the operation of the Property), which failure is cited as a factor in a substantive consolidation of the assets and liabilities of Borrower with any other Person in connection with a proceeding under the Bankruptcy Law (other than a motion or pleading seeking a substantive consolidation brought by Lender); (2) Borrower fails to obtain Lender’s prior consent to any Indebtedness or any voluntary Lien encumbering the Property or any portion thereof or interest therein except, in each case, to the extent expressly permitted by this Agreement or the other Loan Documents; (3) Borrower fails to obtain Lender’s prior consent to any Transfer except to the extent expressly permitted by this Agreement and the other Loan Documents; (4) Borrower files a voluntary petition under the Bankruptcy Law; (5) Guarantor or any Borrower Related Party which controls, directly or indirectly, Borrower files, or joins in the filing of, an involuntary petition against Borrower under the Bankruptcy Law, or solicits or causes to be solicited petitioning creditors for any involuntary petition against Borrower from any Person; (6) Borrower, Guarantor or any Borrower Related Party which Controls, directly or indirectly, Borrower files an answer consenting to or otherwise acquiescing in or joining in any involuntary petition filed against such Person by any other Person under the Bankruptcy Law, or solicits or causes to be solicited petitioning creditors for any involuntary petition against Borrower from any Person; (7) Guarantor or any Borrower Related Party which Controls, directly or indirectly, Borrower consents to or acquiesces in or joins in an application for the appointment of a custodian, receiver, trustee, or examiner for Borrower or all or any portion of the Property; (8) Borrower makes an assignment for the benefit of creditors, or admits, in writing or in any action or proceeding, its insolvency or inability to pay its debts as they become due (unless failure to make such admission would be a violation of applicable law); (9) the Ionis Lease is amended, modified or terminated without Lender’s prior written consent; or (10) ...

Springing Recourse Event has the meaning given that term in the Springing Guaranty.

Examples of Springing Recourse Event in a sentence

• 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.

• Guarantor agrees, to the fullest extent permitted by Applicable Law and subject to the terms hereof, that any Participant may exercise rights of setoff or counterclaim and other rights with respect to its participation after the occurrence of a Springing Recourse Event as fully as if such Participant were a direct creditor of Guarantor in the amount of such participation.

• Nevertheless, REIT hereby authorizes and empowers Lender, its successors, endorsees and assigns, to exercise in its or their sole discretion, any rights and remedies, or any combination thereof, which may then be available, it being the purpose and intent of REIT that the obligations hereunder shall, upon the occurrence of a Springing Recourse Event, be absolute, continuing, independent and unconditional under any and all circumstances.

• REIT acknowledges and agrees that the Obligations guaranteed hereunder shall automatically become fully effective upon a Springing Recourse Event and no other documentation shall be required to evidence same.

More Definitions of Springing Recourse Event

Springing Recourse Event. 10.1 “Subaccounts” - 3.1 “Successor Borrower” - 2.3.3 “Tax and Insurance Subaccount” - 3.3 “Toxic Mold” - 4.21 “Transfer and Assumption” - 5.26 “Transferee Borrower” - 5.26 “Underwriter Group” - 9.1.3

Springing Recourse Event means the occurrence of any of the following:

Springing Recourse Event means as described in Section 10.1.

Springing Recourse Event. 10.1 “Subaccounts” - 3.1

Springing Recourse Event the meaning set forth in Section 10.1. State: the state in which the Property is located.

Springing Recourse Event means any breach of, or the Parent’s (or, if applicable, any Parent Entity’s) failure to perform, any term, covenant or agreement contained in, the third sentence of Section 7.14 of the Credit Agreement.

Springing Recourse Event shall have the meaning ascribed to such term in Section 3.1(c) hereof.