Impairment of Security definition

Impairment of Security means that, based upon Lender's commercially reasonable projections, twelve (12) months after the date of the damage, destruction, condemnation or casualty, (i) the ratio of the annual cash flow derived from the Property to the annual debt service for the Loan will be less than 1.40:1, as determined in accordance with GAAP, or (ii) the ratio of the remaining balance of the Loan to the value of the Property (which will be determined by Lender in Lender's sole discretion acting in good faith and which may, at Lender's sole discretion, be based on MAI appraisal) will be greater than the ratio resulting from dividing the outstanding principal balance of the Loan by the agreed value of the Property as of the Acceptance Date, as shown on Exhibit "B" to the Application, minus three percent (3%).
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Impairment of Security shall have the meaning set forth in Section 5.2.1(c).
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Impairment of Security means any or all of the following: (i) the estimated cost of such Restoration is reasonably estimated by Lender to exceed 20% or more of the Full Replacement Cost (as reasonably determined by Lender); (ii) any of the Operational Documents is canceled as a result thereof, or contains any exercisable right to cancel as a result of the damage, destruction or casualty, unless same is replaced in accordance herewith or such exercisable right is waived in writing; (iii) access to the Property or the parking available therefor has been materially limited and cannot be restored within 6 months, as determined by Lender in Lender’s reasonable discretion; (ix) the casualty or damage occurs during the last year of the term of the Loan; or (x) Restoration of the Property is estimated to require more than twenty four (24) months to complete from the date of the occurrence.
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Examples of Impairment of Security in a sentence

  • Impairment of Security, etc........................................

  • Impairment of Security, etc..............................121 SECTION 8.1.11.

  • Impairment of Security, etc..........................................................................

  • Impairment of Security, etc...........................................99 8.1.11.

  • Impairment of Security Interest...................................................

  • In the event that the Authority shall have already paid amounts under the Guarantee, if requested by the Authority, the Lender shall refund to the Authority the amount of the Authority’s losses caused by Lender’s failure to prevent Impairment of Security, together with interest thereon at the Default Rate from the date of payment by the Authority until the date of reimbursement in full by the Lender.

  • Beach Avenue is utilized as the southbound exit to 25th Avenue from I-290 and as such experiences substantial traffic at times.

  • Impairment of Security Interests........................................................

  • Impairment of Security Interests...................................................

  • Impairment of Security, etc........................................................................81 8.1.11.


More Definitions of Impairment of Security

Impairment of Security. Any condition or situation which, in the reasonable determination of the LENDER, constitutes a danger or material impairment of the SECURITY and/or the BUILDING, and/or the EQUIPMENT and such condition or situation is not remedied within thirty (30) days after written notice to the BORROWER to remedy such condition or situation, or action has not been commenced to remedy such condition or situation where it is not possible to fully remedy such condition or situation within thirty (30) calendar days. The LENDER agrees that it will not exercise this right in an unreasonable manner.
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Related to Impairment of Security

  • Breach of Security means the occurrence of unauthorised access to or use of the Premises, the Services, the Contractor system or any ICT or data (including the Authority’s Data) used by the Authority or the Contractor in connection with this Contract.

  • LCR Security means any commercial paper or security (other than equity securities issued to Parent or any Originator that is a consolidated subsidiary of Parent under GAAP) within the meaning of Paragraph .32(e)(viii) of the final rules titled Liquidity Coverage Ratio: Liquidity Risk Measurement Standards, 79 Fed. Reg. 197, 61440 et seq. (October 10, 2014).

  • or "Security means any debt securities or debt security, as the case may be, authenticated and delivered under this Indenture.

  • Exercise of Secured Creditor Remedies means, except as otherwise provided in the final sentence of this definition:

  • Nonpayment of premium means the failure or inability of the named insured to discharge any obligation in connection with the payment of premiums on a policy of insurance subject to this section, whether such payments are payable directly to the insurer or its agent or indirectly payable under a premium finance plan or extension of credit;

  • Quasi-Security means an arrangement or transaction described in paragraph (b) below.

  • the obligors on a note means "the obligor or obligors on a note"). "Until [something occurs]" does not imply that it must occur, and will not be modified by the word "unless." The word "due" and the word "payable" are each used in the sense that the stated time for payment has passed. The word "accrued" is used in its accounting sense, i.e., an amount paid is no longer accrued. In the calculation of amounts of things, differences and sums may generally result in negative numbers, but when the calculation of the excess of one thing over another results in zero or a negative number, the calculation is disregarded and an "excess" does not exist. Portions of things may be expressed as fractions or percentages interchangeably.

  • Discharge of Second Lien Obligations means the occurrence of all of the following:

  • holder of Securities “registered holder”, or other similar term, means the Person or Persons in whose name or names a particular Security is registered on the Security Register kept for that purpose in accordance with the terms of this Indenture.

  • Form of Note means the “Form of Note” attached hereto as Exhibit A.

  • of a Security means the principal of the Security plus the premium, if any, payable on the Security which is due or overdue or is to become due at the relevant time.

  • Series of Secured Debt means, severally, each Series of Priority Lien Debt and each Series of Parity Lien Debt.

  • of a debt security means the principal of the security plus, when appropriate, the premium, if any, on the security.

  • Similar Security means a reference bond or reference bonds issued by the same issuer as the Reference Security having an actual or interpolated maturity comparable with the remaining term of the Notes that would be utilised, at the time of selection and in accordance with customary financial practice, in pricing new issues of corporate debt securities of comparable maturity to the remaining term of the Notes.

  • Discharge of Senior Obligations means the date on which the Discharge of Credit Agreement Obligations and the Discharge of each Additional Senior Debt Facility has occurred.

  • Guarantor Security Agreement means any security agreement executed by any Guarantor in favor of Agent securing the Obligations or the Guaranty of such Guarantor, in form and substance satisfactory to Agent.

  • Holders of Secured Obligations means the holders of the Secured Obligations from time to time and shall include their respective successors, transferees and assigns.

  • Breach of system security means unauthorized acquisition of computerized data that compromises the security, confidentiality, or integrity of sensitive personal information maintained by a person, including data that is encrypted if the person accessing the data has the key required to decrypt the data. Good faith acquisition of sensitive personal information by an employee or agent of the person for the purposes of the person is not a breach of system security unless the person uses or discloses the sensitive personal information in an unauthorized manner. Business and Commerce Code 521.053(a)

  • Interest Free Security Deposit/ Performance Security means interest free amount to be deposited by the Licensee with DMRC as per terms and conditions of License Agreement as a security against the performance of the License Agreement.

  • Discharge of Senior Lender Claims means, except to the extent otherwise provided in Section 5.7 below, payment in full in cash (except for contingent indemnities and cost and reimbursement obligations to the extent no claim has been made) of (a) all Obligations in respect of all outstanding Senior Lender Claims and, with respect to letters of credit or letter of credit guaranties outstanding thereunder, delivery of cash collateral or backstop letters of credit in respect thereof in compliance with the Credit Agreement, in each case after or concurrently with the termination of all commitments to extend credit thereunder and (b) any other Senior Lender Claims that are due and payable or otherwise accrued and owing at or prior to the time such principal and interest are paid; provided that the Discharge of Senior Lender Claims shall not be deemed to have occurred if such payments are made with the proceeds of other Senior Lender Claims that constitute an exchange or replacement for or a refinancing of such Obligations or Senior Lender Claims. In the event the Senior Lender Claims are modified and the Obligations are paid over time or otherwise modified pursuant to Section 1129 of the Bankruptcy Code, the Senior Lender Claims shall be deemed to be discharged when the final payment is made, in cash, in respect of such indebtedness and any obligations pursuant to such new indebtedness shall have been satisfied.

  • Fixed Rate Security means a Security which provides for the payment of interest at a fixed rate.

  • of any particular Security means every previous Security evidencing all or a portion of the same debt as that evidenced by such particular Security; and, for the purposes of this definition, any Security authenticated and delivered under Section 306 in exchange for or in lieu of a mutilated, destroyed, lost or stolen Security shall be deemed to evidence the same debt as the mutilated, destroyed, lost or stolen Security.

  • Physical Security has the meaning specified in Section 303.

  • of any particular Debt Security means every previous Debt Security evidencing all or a portion of the same debt as that evidenced by such particular Debt Security; and, for the purposes of this definition, any Debt Security authenticated and delivered under Section 2.06 in lieu of a lost, destroyed or stolen Debt Security shall be deemed to evidence the same debt as the lost, destroyed or stolen Debt Security.

  • Successor Security of any particular Security means every Security issued after, and evidencing all or a portion of the same debt as that evidenced by, such particular Security; and, for the purposes of this definition, any Security authenticated and delivered under Section 3.7 in exchange for or in lieu of a mutilated, destroyed, lost or stolen Security shall be deemed to evidence the same debt as the mutilated, destroyed, lost or stolen Security.

  • Preferred Security means an undivided beneficial interest in the assets of the Trust, having a Liquidation Amount of $1,000 and having the rights provided therefor in this Trust Agreement.