Permitted Recourse Obligations definition

Permitted Recourse Obligations means, collectively, for any Restricted Company, obligations or liabilities arising with respect to Customary Recourse Exceptions, Completion Guaranties, and letters of credit or similar arrangements entered into in support of obligations of an Unrestricted Subsidiary with respect to its Real Estate Project.

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Permitted Recourse Obligations means representations, warranties, covenants, repurchase obligations and indemnities entered into by an Issuer or any Subsidiary that are reasonably customary for a seller or servicer of assets or guarantor or performance in connection with a Permitted Securitization, Permitted Inventory Facility, Permitted Term Receivables Facility, Permitted Residual Funding Facility, Permitted Credit Facility or Permitted Warehouse Facility and obligations of the Issuers and the Restricted Subsidiaries (including Securitization Trusts) under Credit Enhancement Agreements and Demand Notes.

Permitted Recourse Obligations means: (a) the Obligations; (b) Recourse Obligations for interim secured construction loans entered into by the Companies and Joint Ventures in the ordinary course of business not to exceed in the aggregate (i) at the time any Company or Joint Venture incurs such Recourse Obligations, (A) $125,000,000, if Gross EBITDA for the most-recent four (4) fiscal quarters ending on or before such time exceeds $150,000,000, and (B) $100,000,000, if Gross EBITDA for the most-recent four (4) fiscal quarters ending on or before such time is equal to or less than $150,000,000, and (ii) at all other times, (A) $125,000,000, if Gross EBITDA for the most-recent fiscal year ending on or before such time exceeds $150,000,000, and (B) $100,000,000, if Gross EBITDA for the most-recent fiscal year ending on or before such time is equal to or less than $150,000,000; and (c) other unsecured Recourse Obligations not to exceed $25,000,000 at any time outstanding.

Examples of Permitted Recourse Obligations in a sentence

As of the date hereof, the Restricted Companies have aggregate liabilities and obligations with respect to Permitted Recourse Obligations not constituting Debt in the amount set forth in Item 10.8(s)(xv) below.
Seller hereby further acknowledges and agrees that the granting of a security interest in and delivery to Buyer of the Permitted Recourse Reserve Amount with respect to any Purchased Receivable shall not in any way diminish, limit or otherwise reduce any of Seller’s Permitted Recourse 3 725594943 17555228 Obligations hereunder whether or not there are amounts in respect of Permitted Recourse Reserve Amounts available at such time to cover any such Permitted Recourse Obligations.
Following the satisfaction and payment in full of all of Seller’s Permitted Recourse Obligations being settled on each applicable Payment Date, the Permitted Recourse Reserve Amount with respect to such Purchased Receivables being settled on such date shall be paid and returned to Seller on that Payment Date less the aggregate sum of Permitted Recourse Obligations payable by Seller to the Buyer on such Payment Date.

More Definitions of Permitted Recourse Obligations

Permitted Recourse Obligations is added alphabetically to read as follows:

Permitted Recourse Obligations means: (a) the Obligations; (b) Recourse Obligations for interim secured construction loans entered into by the Companies and Unconsolidated Entities in the ordinary course of business not to exceed in the aggregate $125,000,000; (c) Indebtedness between Companies; (d) Exempt Construction Loans and any guarantees thereof; and (e) other unsecured Recourse Obligations or Pari Passu Indebtedness not to exceed in the aggregate $150,000,000 at any time outstanding; provided that the amount of such Recourse Obligations or Pari Passu Indebtedness which exceeds $25,000,000: (a) is governed by covenants not more restrictive than those under this Agreement; (b) has a maturity date which is at least one hundred eighty (180) days after the Maturity Date; (c) if such Indebtedness is suitable for syndication to banks, then the Lenders have an opportunity to participate in such financing; and (d) is governed by contracts or agreements in form and substance acceptable to Administrative Agent (such acceptance not to be unreasonably withheld).

Permitted Recourse Obligations means: (a) the Obligations; (b) Recourse Obligations for interim secured construction loans entered into by the Companies and Unconsolidated Entities in the ordinary course of business not to exceed in the aggregate (i) at the time any Company or Unconsolidated Entity incurs such Recourse Obligations, (A) $125,000,000, if Gross EBITDA for the most-recent four (4) fiscal quarters ending on or before such time exceeds $150,000,000, and (B) $100,000,000, if Gross EBITDA for the most-recent four (4) fiscal quarters ending on or before such time is equal to or less than $150,000,000, and (ii) at all other times, (A) $125,000,000, if Gross EBITDA for the most-recent fiscal year ending on or before such time exceeds $150,000,000, and (B) $100,000,000, if Gross EBITDA for the most-recent fiscal year ending on or before such time is equal to or less than $150,000,000; (c) Indebtedness between Companies; (d) the Deferred Payment Obligation (e) the Guaranty; provided that the guaranty of the Deferred Payment Obligation thereunder is limited to ; (f) the Cross Contribution Agreements;