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:
Recourse Event means the occurrence of any of the following events:
Examples of Recourse Event in a sentence
Upon a Recourse Event, you shall, upon our written notification, buy back from us the relevant Receivables assigned under Clause 2.1.3 above, in the Re- Purchase Amount.
Guarantor hereby absolutely and unconditionally guarantees to Lender the full and prompt payment and performance when due, whether at maturity or earlier by reason of acceleration or otherwise, of (I) all Carve-Out Liabilities and all Collection Costs and (ii) following the occurrence of any Full Recourse Event, 100% of Borrower’s obligations to Lender, including all principal, interest and all other amounts payable by Borrower under the Credit limit Documents.
More Definitions of Recourse Event
Recourse Event means any of the following: (i) the occurrence of a Failed Coupon Payment Date, (ii) on the Maturity Date, the Bank does not pay the aggregate principal amount of the Notes, together with any accrued and unpaid interest thereon, in cash, (iii) the occurrence of an Event of Default, (iv) in connection with the redemption of the Notes, on the Redemption Date, the Bank does not pay the Redemption Price in cash, or (v) the occurrence of a Trigger Event.
Recourse Event means any Full Recourse Event or any Partial Recourse Event.
Recourse Event shall have the meaning set forth in Section 10.3 of this Agreement.
Recourse Event means either --------------
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.