Full Recourse Event definition

Full Recourse Event means any of those events or circumstances described in clause (h) of the definition of “Recourse Liability Events” in this Section 1.1.

Full Recourse Event has the meaning provided in Section 8.14.

Full Recourse Event means, collectively, any or all of the following:

Examples of Full Recourse Event in a sentence

• Such assumption and responsibility shall occur automatically upon the occurrence of any Full Recourse Event without further action on the part of any Person.

• In the event of the occurrence of any Full Recourse Event, Guarantor hereby irrevocably, unconditionally and absolutely agrees to assume and be responsible for the prompt and complete payments of all principal, Interest, Additional Interest and other sums evidenced by the Note or payable under any other Loan Documents.

• 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.

• For the avoidance of doubt, if a Full Recourse Event has occurred, the Bank may at any time commence procedures for the administration or collection of, and commencement and continuation of, any legal or other proceedings against any Debtor to enforce payment of any Purchased Receivable.

• In relation to any Purchased Receivable, a Debtor Full Recourse Event has occurred if an Insolvency Event has occurred in relation to the Debtor of such Purchased Receivable.

More Definitions of Full Recourse Event

Full Recourse Event means any of the following: (a) a filing by Borrower of a bankruptcy petition or involuntary placement of Borrower into bankruptcy by Guarantor or an accountant, attorney or other representative of Guarantor, (b) making by Borrower of an assignment for the benefit of creditors, (c) the appointment of a receiver of any property of Borrower in any action initiated by, or consented to, by Guarantor, or (d) any change of Control of the Borrower or Guarantor prohibited under the terms of the Loan Agreement or any Loan Document.

Full Recourse Event means: (i) The encumbrance of the property encumbered by the Mortgage or any part thereof or interest therein by any consensual lien or encumbrance other than that of the Mortgage, without Lender’s prior written consent; provided, however, that, for purposes of this clause (i), the lien or encumbrance of general property taxes or special assessments or of persons supplying labor or materials to or in connection with said property shall not be deemed to be consensual in nature; or (ii) The sale (by contract or otherwise), conveyance or other transfer of the property encumbered by the Mortgage or any part thereof or interest therein, without Lender’s prior written consent; or (iii) The filing of any bankruptcy or insolvency proceeding by Borrower. This is a guaranty of payment, not of collection. If the amount outstanding under the Loan or any other moneys due or which may become due under the Note or any of the other Loan Documents is determined by a court of competent jurisdiction, that determination shall be conclusive and binding on Guarantor, regardless of whether Guarantor was a party to the proceeding in which such determination was made or not.

Full Recourse Event means:

Full Recourse Event shall have the meaning set forth in Section 9.3.

Full Recourse Event means (a) any fraudulent act or omission or illegal acts or willful misconduct of the Construction Agent or any Guarantor in connection with the (i) the negotiation, execution, delivery, consummation and/or performance hereof or of any Operative Document; or (ii) the acquisition, construction or operation of the Equipment (or the construction in progress with respect thereto); (b) the misapplication of any Advance or any portion thereof or any other funds made available to the Construction Agent, any Guarantor or any of their respective Affiliates; or (c) an insolvency or bankruptcy event affecting the Construction Agent or Lessee.

Full Recourse Event means that Borrower or Guarantor files a voluntary petition or otherwise initiates proceedings to have Borrower or Guarantor adjudicated bankrupt or insolvent, or consents to the institution of bankruptcy or insolvency proceedings against Borrower or Guarantor, or files a petition seeking or consenting to reorganization or relief of Borrower or Guarantor as debtor under any applicable federal or state law relating to bankruptcy, insolvency, or other relief for debtors with respect to Borrower or Guarantor; or seeks or consents to the appointment of any trustee, receiver, conservator, assignee, sequestrator, custodian, liquidator (or other similar official) of Borrower or Guarantor, or of all or any substantial part of the properties and assets of Borrower or Guarantor, or admits in writing the inability of Borrower or Guarantor to pay its debts generally as they become due, or declares or effects a moratorium on Borrower’s or Guarantor’s debts, or takes any action in furtherance of any such action, or an involuntary petition is filed against Borrower or Guarantor and is not adjudicated in a final judgment determining that the petitioner(s) are not entitled to involuntary relief within sixty (60) days of the filing of the involuntary petition; provided, however, that the foregoing event shall not constitute a Full Recourse Event if Lender is one of the creditors filing an involuntary petition

Full Recourse Event means (a) a Lease Event of Default described in Section 16.1(f) or 16.1(g) of the Lease or a CAA Event of Default described in Section 5.1(h) or 5.1(i) of the Construction Agency Agreement, (b) fraud, misapplication of funds, illegal acts or willful misconduct on the part of any Lessee Party, (c) any act or failure to act by any Lessee Party (other than failure to complete Construction of the Property when required pursuant to the Construction Agency Agreement or, except as provided in clause (b) above, to pay the costs of such Construction), or (d) any representation or warranty of any Lessee Party is untrue, inaccurate or incorrect and would have a Material Adverse Effect.