RECAPTURE INDEBTEDNESS Clause Samples

RECAPTURE INDEBTEDNESS. Reduction Event" shall include the following: incurrence by the Borrower of any Recapture Indebtedness; provided, that incurrence of successor Recapture Indebtedness to refinance predecessor Recapture Indebtedness shall not constitute a Reduction Event to the extent of the principal amount of the predecessor Recapture Indebtedness so refinanced. The "Reduction Event Application Amount" corresponding to the foregoing Reduction Event shall be the Dollar Equivalent of the principal amount of such Recapture Indebtedness. The "Reduction Event Date" corresponding to the foregoing Reduction Event shall be five Business Days after the date the Borrower incurs such Recapture Indebtedness.