Personal Liability Amount definition

Personal Liability Amount means all damages, losses, costs and expenses suffered or incurred by Administrative Agent and the Lenders as a result of (i) fraud by Borrower, Guarantor or any employee of Borrower or Guarantor or any agent of Borrower or Guarantor if acting for, on behalf of or under the direction of Borrower, Guarantor or any employee or principal of Borrower or Guarantor; (ii) any untruth or inaccuracy in any material respect, which untruth or inaccuracy was known to Borrower when delivered, of any instrument or information delivered to Administrative Agent or any Lender by or on behalf of Borrower as a condition to or in connection with the execution of the Loan Agreement or to satisfy any condition set forth in the Loan Agreement or in any Loan Document; (iii) any representation or warranty of Borrower that is knowingly untrue or inaccurate in any material respect or knowingly fails to include any fact or information necessary to keep the information contained therein from being materially misleading; (iv) the misapplication or misuse by Borrower or anyone acting for or on behalf of Borrower of any insurance proceeds or condemnation awards, or any Loan proceeds, contrary to the terms of the Loan Agreement; (v) following written notice of a Default, the failure of Borrower to apply all revenues, rents, issues, accounts, profits, accounts receivable and income of Borrower arising from or in connection with the Project to the normal operating expenses of the Project (which expenses shall not include the payment of any legal fees unless first approved in writing by Administrative Agent or expenses or overhead of Borrower, any direct or indirect owner of Borrower, or Guarantor) and/or any payments due under the Loan; (vi) the failure of Borrower to fully perform and satisfy all of the obligations and liabilities of Borrower under Section 2.16 of the Loan Agreement or any indemnity in the Loan Agreement relating thereto; (vii) all costs, expenses and fees including, but not limited to, court costs and reasonable attorneys’ fees, costs and expenses, arising in connection with any proceedings under Debtor Relief Laws applicable to Borrower or Guarantor; (viii) failure of Borrower to pay all taxes and general and special assessments relating to the Property; (ix) the destruction, theft, damage, disappearance or other loss of any “stored materials” (as defined in Exhibit “F” to the Loan Agreement) to the extent that the Lenders have made advances of the Loan for such stored m...
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Personal Liability Amount shall have the meaning specified in Section 10.2.
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Personal Liability Amount means, upon occurrence of any circumstance or event that causes Borrower or any Personal Obligor to become personally liable to Lender pursuant to this Nonrecourse Provision, the amount of such personal liability as provided for (and more specifically defined) in this Nonrecourse Provision, including the entire amount of all Loan Obligations where expressly stated;
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Examples of Personal Liability Amount in a sentence

  • Nothing in this Nonrecourse Provision shall in any way limit, impair, qualify, modify, or otherwise adversely affect the validity or enforceability of the Loan, any Personal Liability Document, any Personal Obligor’s liability under any Personal Liability Document or as to any Personal Liability Amount, the Loan Documents, or the lien of the Mortgage or of any other security interest or collateral held by Lender or the enforcement of it by Lender.

Related to Personal Liability Amount

  • Personal liability means personal liability for a debt, liability, or other obligation of an organization which is imposed on a person that co-owns, has an interest in, or is a member of the organization:

  • Professional liability insurance means insurance against legal liability incident to the practice of a profession and provision of a professional service.

  • Maximum Liability has the meaning assigned to such term in Section 10.10.

  • General Liabilities shall have the meaning given it in Article III, Section 6(b) of this Declaration of Trust;

  • Related Liability Amount with respect to any Related Liability on the books of the Assuming Institution, means the amount of such Related Liability as stated on the Accounting Records of the Assuming Institution (as maintained in accordance with generally accepted accounting principles) as of the date as of which the Related Liability Amount is being determined. With respect to a liability that relates to more than one asset, the amount of such Related Liability shall be allocated among such assets for the purpose of determining the Related Liability Amount with respect to any one of such assets. Such allocation shall be made by specific allocation, where determinable, and otherwise shall be pro rata based upon the dollar amount of such assets stated on the Accounting Records of the entity that owns such asset.

  • Legal Liability means responsibility which courts recognize and enforce between persons who sue one another.

  • Liability Cap has the meaning ascribed to it in paragraph 1 of Schedule 9;

  • Personal lines insurance means property and casualty insurance coverage sold for primarily noncommercial purposes to:

  • General Liability Insurance Subcontractor shall carry minimum primary General Liability Insurance for the following amounts:

  • D&O Liability Insurance Policies means all insurance policies (including any “tail policy”) of any of the Debtors for liability of any current or former directors, managers, officers, and members.

  • Indemnity Amount means the amount of any indemnification obligation payable under the Basic Documents.

  • Personal Law means the law of inheritance and succession as applicable to the individual Unit Holder.

  • Loss in excess of policy limits means 90.0% of any amount paid or payable by the Company in excess of its policy limits, but otherwise within the terms of its policy, such loss in excess of the Company’s policy limits having been incurred because of, but not limited to, failure by the Company to settle within the policy limits or by reason of the Company’s alleged or actual negligence, fraud or bad faith in rejecting an offer of settlement or in the preparation of the defense or in the trial of an action against its insured or reinsured or in the preparation or prosecution of an appeal consequent upon such an action.

  • Liability Insurance means compulsory professional liability errors and omissions insurance required by a governing body;

  • General Liability means:Your legal liability in respect of Personal Injury and/or Property Damage and/or Advertising Injury caused by or arising out of an Occurrence happening in connection with the Business other than Products Liability.

  • Defects Liability Period means the warranty period following the taking over, during which the Contractor is responsible for making good, defects and damage in Goods and Services provided, under the Contract.

  • Gross Liability Value means, with respect to any Liability of the Partnership described in Treasury Regulation Section 1.752-7(b)(3)(i), the amount of cash that a willing assignor would pay to a willing assignee to assume such Liability in an arm’s-length transaction.

  • Excess Insurance means insurance purchased from an insurance company authorized or admitted in the State of New Jersey or deemed eligible by the Commissioner as a surplus lines insurer or from any other entity authorized to provide said coverage in this state pursuant to law, covering losses in excess of an amount set forth in insurance contracts on a specific occurrence, or per accident or annual aggregate basis.

  • Contingent Liability means any agreement, undertaking or arrangement by which any Person guarantees, endorses or otherwise becomes or is contingently liable upon (by direct or indirect agreement, contingent or otherwise, to provide funds for payment, to supply funds to, or otherwise to invest in, a debtor, or otherwise to assure a creditor against loss) the indebtedness, obligation or any other liability of any other Person (other than by endorsements of instruments in the course of collection), or guarantees the payment of dividends or other distributions upon the shares of any other Person. The amount of any Person’s obligation under any Contingent Liability shall (subject to any limitation set forth therein) be deemed to be the outstanding principal amount (or maximum outstanding principal amount, if larger) of the debt, obligation or other liability guaranteed thereby.

  • Annual Additions means the sum of the following amounts credited to a Participant for a Limitation Year:

  • Aggregate Limit shall have the meaning assigned to such term in Section 1.1 hereof.

  • Eligible Liabilities and “Special Deposits” have the meanings given to them from time to time under or pursuant to the Bank of England Act 1998 or (as may be appropriate) by the Bank of England;

  • Indemnity Obligations means all obligations of the Company to Indemnitee under this Agreement, including the Company’s obligations to provide indemnification to Indemnitee and advance Expenses to Indemnitee under this Agreement.

  • Total Liabilities is on any day, obligations that should, under GAAP, be classified as liabilities on Borrower’s consolidated balance sheet, including all Indebtedness.