Recourse Secured Debt Sample Clauses
The Recourse Secured Debt clause defines a lender's right to seek repayment from both the specific collateral securing a loan and the borrower's other assets if the collateral is insufficient. In practice, this means that if a borrower defaults, the lender can first claim the secured property, such as real estate or equipment, and then pursue the borrower's personal or business assets to recover any remaining debt. This clause primarily serves to protect lenders by expanding their options for debt recovery, thereby reducing their risk in lending transactions.
Recourse Secured Debt. As at the end of each fiscal quarter of the Borrower, the aggregate outstanding amount of Recourse Secured Indebtedness to exceed 20% of Capitalization Value; provided that the aggregate outstanding amount of Recourse Secured Indebtedness that was incurred for purposes other than property construction does not exceed 10% of Capitalization Value.
Recourse Secured Debt. As at the end of each fiscal quarter of the Borrower (other than the end of any fiscal quarter ending during the Covenant Waiver Period, which Covenant Waiver Period shall in no event include the fiscal quarter ending September 30, 2021), the aggregate outstanding amount of Recourse Secured Indebtedness to exceed 20% of Capitalization Value; provided that the aggregate outstanding amount of Recourse Secured Indebtedness that was incurred for purposes other than property construction does not exceed 10% of Capitalization Value.