Springing Recourse Event Sample Clauses

Springing Recourse Event. Promptly upon becoming aware thereof, notice of a Springing Recourse Event.
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Springing Recourse Event. As used herein, the term “Springing Recourse Event” means the occurrence of any of the following:
Springing Recourse Event. Notwithstanding anything to the contrary in this Agreement, the Note or any of the other Loan Documents, (A) neither the Agent nor the Lender shall be deemed to have waived any right which the Agent or the Lender may have under Section 506(a), 506(b), 1111(b) or any other provisions of the U.S. Bankruptcy Code to file a claim for the full amount of the Obligations secured by any Mortgage or to require that all collateral shall continue to secure all of the Obligations in accordance with the Loan Documents, and (B) notwithstanding that the Loan is fully recourse to each Borrower, the Debt shall also be fully recourse to each Guarantor pursuant to the terms of the Guaranty of Recourse Obligations (i) in the event of: (a) any Borrower Party filing a voluntary petition under the Bankruptcy Code or any other Federal or state bankruptcy or insolvency law; (b) the filing of an involuntary petition against any Borrower Party under the Bankruptcy Code or any other Federal or state bankruptcy or insolvency law if and only if any Borrower Related Person solicited, acted in concert with, colluded with, conspired with or otherwise assisted the petitioning creditors in connection with such involuntary petition; (c) any Borrower Related Person consenting to, acquiescing in, or otherwise joining in any involuntary petition filed against any Borrower Party by any other Person under the Bankruptcy Code or any other Federal or state bankruptcy or insolvency law; (d) any Borrower Related Person making, consenting to, otherwise joining in or soliciting, colluding, conspiring or acting in concert with any others in furtherance of an application for the appointment of a custodian, liquidator, receiver or trustee for any Borrower Party or any portion of any Property; (e) any Borrower Party making an assignment for the benefit of creditors; or (f) any Borrower Party admitting in writing in any legal proceeding its insolvency or inability to pay its debts as they become due; (ii) in the event of a breach of the covenant set forth in Section 4.1.31 hereof; (iii) if any Borrower Party fails to obtain the Agent’s prior written consent to (a) any Indebtedness of any Borrower for borrowed money in violation of this Agreement or (b) any Lien encumbering any Property or the Collateral or any indirect interest (of any form of ownership) in any Property, the Collateral or any Borrower (other than Permitted Encumbrances) if such Lien was filed by, or such filing was affirmatively approved or...
Springing Recourse Event. Notwithstanding anything to the contrary in this Agreement or any of the other Loan Documents, (A) neither Agent nor any Lender shall be deemed to have waived any right which Agent or any Lender may have under Section 506(a), 506(b), 1111(b) or any other provisions of the Bankruptcy Code to file a claim for the full amount of the Obligations or to require that all collateral shall continue to secure all of the Obligations owing to Agent and Lenders in accordance with the Loan Documents, and (B) the Obligations shall be fully recourse to Borrowers and Guarantor in the event of (each, a “Springing Recourse Event”):
Springing Recourse Event. The agreement contained in Section 10.1 and 10.2 to limit the personal liability of the Obligated Parties shall become null and void and be of no further force and effect in the event: (a) the Property or any part thereof or any interest therein, or any interest in the Fee Holder, the Beneficial Interest Holder, the General Partner, or the Guarantor shall be transferred in violation or in breach of the Loan Documents; or (b) Fee Holder or the Beneficial Interest Holder shall be the subject of, or the Property or any part thereof shall become an asset in: (i) a voluntary bankruptcy or insolvency proceeding filed by Fee Holder, the Beneficial Interest Holder, the General Partner, or the Guarantor; or (ii) an involuntary bankruptcy or insolvency proceeding which is not dismissed within sixty (60) days of filing, provided, however, that this Section 10.3(b) shall not apply if an involuntary bankruptcy is filed by Lender or if the involuntary bankruptcy filing was initiated by a third party creditor independent of any collusive action or consent by: (a) Fee Holder (unless solely as a result of the actions of the Limited Partners acting alone on behalf of the Fee Holder); (b) the Beneficial Interest Holder (unless solely as a result of the actions of the Limited Partners acting alone on behalf of the Beneficial Interest Holder), (c) the General Partner, or (d) the Guarantor; or (iii) or if Fee Holder or the Beneficial Interest Holder shall make a voluntary assignment for the benefit of creditors. Provided, further, that the foregoing limitations on personal liability with respect to the Loan shall not impair the validity of the indebtedness secured by Lender’s collateral or the lien on or security interest in the collateral or the right of Lender as Lender or secured party to foreclosure and/or enforce the mortgage lien or security interest or other interest in the collateral or any party thereof after default. In the event any person, whether Fee Holder or Beneficial Interest Holder, Beneficial Interest Holder’s partner or member (or its partner or member) or other person or entity shall have indemnified all or part of any aspect of the Loan or shall have indemnified Lender by separate written guarantee, indemnification agreement, or otherwise, none of the foregoing limitations on the personal liability of the Fee Holder or the Obligated Parties for payment of the Loan shall modify, diminish or discharge the personal liability of any such person under any such ...

Related to Springing Recourse Event

  • What Will Happen After We Receive Your Letter When we receive your letter, we must do two things:

  • Actions following an Event of Default On, or at any time after, the occurrence and during the continuation of an Event of Default: (a) the Agent may, and if so instructed by the Majority Lenders, the Agent shall: (i) serve on the Borrowers a notice stating that all or part of the Commitments and of the other obligations of each Lender to the Borrowers under this Agreement are cancelled; and/or (ii) serve on the Borrowers a notice stating that all or part of the Loan together with accrued interest and all other amounts accrued or owing under this Agreement are immediately due and payable or are due and payable on demand; and/or (iii) take any other action which, as a result of the Event of Default or any notice served under paragraph (i) or (ii), the Agent and/or the Lenders are entitled to take under any Finance Document or any applicable law; and/or (b) the Security Trustee may, and if so instructed by the Agent, acting with the authorisation of the Majority Lenders, the Security Trustee shall take any action which, as a result of the Event of Default or any notice served under paragraph (a)(i) or (a)(ii), the Security Trustee, the Agent and/or the Lenders and/or the Swap Counterparties are entitled to take under any Finance Document or any applicable law.

  • Waiver of Event of Default The Majority Certificateholders may, on behalf of all Certificateholders, by notice in writing to the Trustee, direct the Trustee to waive any events permitting removal of any Master Servicer under this Agreement, provided, however, that the Majority Certificateholders may not waive an event that results in a failure to make any required distribution on a Certificate without the consent of the Holder of such Certificate. Upon any waiver of an Event of Default, such event shall cease to exist and any Event of Default arising therefrom shall be deemed to have been remedied for every purpose of this Agreement. No such waiver shall extend to any subsequent or other event or impair any right consequent thereto except to the extent expressly so waived. Notice of any such waiver shall be given by the Trustee to the Rating Agency.

  • Default under Specified Transaction The party, any Credit Support Provider of such party or any applicable Specified Entity of such party (1) defaults under a Specified Transaction and, after giving effect to any applicable notice requirement or grace period, there occurs a liquidation of, an acceleration of obligations under, or an early termination of, that Specified Transaction, (2) defaults, after giving effect to any applicable notice requirement or grace period, in making any payment or delivery due on the last payment, delivery or exchange date of, or any payment on early termination of, a Specified Transaction (or such default continues for at least three Local Business Days if there is no applicable notice requirement or grace period) or (3) disaffirms, disclaims, repudiates or rejects, in whole or in part, a Specified Transaction (or such action is taken by any person or entity appointed or empowered to operate it or act on its behalf);

  • Answer and Default An answer and any counterclaims to the Arbitration Notice shall be required to be delivered to the party initiating the Arbitration within twenty (20) calendar days after the Arbitration Commencement Date. If an answer is not delivered by the required deadline, the arbitrator must provide written notice to the defaulting party stating that the arbitrator will enter a default award against such party if such party does not file an answer within five (5) calendar days of receipt of such notice. If an answer is not filed within the five (5) day extension period, the arbitrator must render a default award, consistent with the relief requested in the Arbitration Notice, against a party that fails to submit an answer within such time period.

  • Additional Event of Default The following will constitute an additional Event of Default with respect to Party B: "NOTE ACCELERATION NOTICE. A Note Acceleration Notice is served on Party B in relation to the Relevant Notes."

  • Happen After We Receive Your Letter When we receive your letter, we must do two things:

  • Event of Default; Notice (a) The Guarantee Trustee shall, within 90 days after the occurrence of an Event of Default known to the Guarantee Trustee, transmit by mail, first class postage prepaid, to the Holders, notice of any such Event of Default known to the Guarantee Trustee, unless such Event of Default has been cured before the giving of such notice, provided that, except in the case of a default in the payment of a Guarantee Payment, the Guarantee Trustee shall be protected in withholding such notice if and so long as the board of directors, the executive committee or a trust committee of directors and/or Responsible Officers of the Guarantee Trustee in good faith determines that the withholding of such notice is in the interests of the Holders. (b) The Guarantee Trustee shall not be deemed to have knowledge of any Event of Default unless the Guarantee Trustee shall have received written notice, or a Responsible Officer charged with the administration of this Guarantee Agreement shall have obtained written notice, of such Event of Default.

  • Happen After We Receive Your Letter When we receive your letter, we must do two things:

  • Continuing Liability Under Collateral Notwithstanding anything herein to the contrary, (i) each Grantor shall remain liable for all obligations under the Collateral and nothing contained herein is intended or shall be a delegation of duties to the Collateral Agent or any Secured Party, (ii) each Grantor shall remain liable under each of the agreements included in the Collateral, including, without limitation, any agreements relating to Pledged Partnership Interests or Pledged LLC Interests, to perform all of the obligations undertaken by it thereunder all in accordance with and pursuant to the terms and provisions thereof and neither the Collateral Agent nor any Secured Party shall have any obligation or liability under any of such agreements by reason of or arising out of this Agreement or any other document related thereto nor shall the Collateral Agent nor any Secured Party have any obligation to make any inquiry as to the nature or sufficiency of any payment received by it or have any obligation to take any action to collect or enforce any rights under any agreement included in the Collateral, including, without limitation, any agreements relating to Pledged Partnership Interests or Pledged LLC Interests, and (iii) the exercise by the Collateral Agent of any of its rights hereunder shall not release any Grantor from any of its duties or obligations under the contracts and agreements included in the Collateral.

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