Recourse Debt Amount definition

Recourse Debt Amount has the meaning set forth in Section 6.1B(2) hereof.
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Recourse Debt Amount means, initially, a number equal to the Total Required Debt Amount minus the Nonrecourse Debt Amount, but which number shall in no event be less than zero. The Members acknowledge that the Recourse Debt Amount, the Total Required Debt Amount and the Nonrecourse Debt Amount may change as a result of any subsequent contribution of Property by a Non-Managing Member to the Company or other events, including but not limited to, the repayment or substitution of Company indebtedness. In such event, the Non-Managing Member Representative shall provide the Managing Member and the Company with advance written notice of the new Recourse Debt Amount, the guarantee of which is necessary to prevent the recognition of gain by the Non-Managing Members (or their direct or indirect owners), provided the accuracy of such Recourse Debt Amount (and the components thereof) shall be subject to the approval of the Managing Member, not to be unreasonably withheld. Such notice shall be provided not less than thirty (30) days in advance of the date such changes are to be effective, along with schedules which support the need for such changes; provided, however, that in the event such changes are required by reason of any repayment or substitution of indebtedness with respect to which the Company has delivered notice to the Non-Managing Member Representative a notice pursuant to Section 7.3.E(4) below, the foregoing notice shall be timely if delivered not less than seven (7) days in advance of the date such changes are to be effective. To the extent the Non-Managing Member reasonably cannot determine the new Nonrecourse Debt Amount (or the components thereof) at the time such notice is delivered, the notice shall include the Non-Managing Member's best estimate of such amounts with periodic updates as such amounts reasonably can be determined. Neither the Managing Member nor the Company shall be responsible or liable in any way for making such determinations or for requesting updates to information previously delivered to the Managing Member or the Company.
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Recourse Debt Amount has the meaning set forth in SECTION 6.1.E."
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Examples of Recourse Debt Amount in a sentence

  • Managing Members shall have the option from time to time during the Tax Protection Period to guarantee debt of the Company (or enter into a reimbursement agreement with respect to debt of the Company) in an amount up to the Recourse Debt Amount.

  • The Company shall be required to ensure that there is a sufficient level of debt available to all Non-Managing Members for such guarantees, but not greater in the aggregate, than the Recourse Debt Amount.

  • The Recourse Debt Percentage of each Unit Holder who exercises his option under this PARAGRAPH 9 shall be determined from time to time and shall be equal to a fraction expressed as a percentage, the numerator of which is the amount of recourse debt specified by such Unit Holder, and the denominator of which is the total recourse debt of the Partnership, subject to the Maximum Holder Recourse Debt Amount.

  • Notwithstanding the foregoing, the Partnership shall have the right to cause the amount of outstanding Recourse Liabilities to fall below the Target Recourse Debt Amount if the General Partner determines, in good faith, that such action is in the best economic interest of the Partnership and its Partners (without taking into account the tax consequences of taking such action).

  • The Investors shall have the option from time to time to guarantee debt of the Company or a Subsidiary in an amount not to exceed the Maximum Investor Recourse Debt Amount; provided that while the Manager and Inland shall use their good faith efforts to assist the Investors in guarantying such debt, neither the Manager nor Inland provide any assurance that such guaranties shall be accepted or respected by any applicable lender.


More Definitions of Recourse Debt Amount

Recourse Debt Amount means a number equal to (i) $22,000,000 minus (ii) the amount of nonrecourse debt of the Company allocable to the Non-Managing Members, as determined from time to time in the reasonable discretion of the Non Managing Member Representative and communicated to the Company and the Managing Member, but which number shall in no event be less than zero. The Non-Managing Member Representative has informed the Managing Member and the Company that the amount of nonrecourse debt of the Company allocable to the Non-Managing Members as of the date of this Agreement is Twenty-Five Million Two Hundred Four Thousand Dollars ($25,204,000.00).
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Related to Recourse Debt Amount

  • Recourse Debt means Indebtedness that is not Non-Recourse Indebtedness.

  • Nonrecourse Debt means any Company liability to the extent that no Member or related Person bears the economic risk of loss for such liability under Section 1.752-2 of the Treasury Regulations.

  • Member Nonrecourse Debt has the meaning of “partner nonrecourse debt” set forth in Treasury Regulations Section 1.704-2(b)(4).

  • Combined Debt Amount means, as of any date, (i) the aggregate Commitments as of such date (or, if greater, the Revolving Credit Exposures of all Lenders as of such date) plus (ii) the aggregate amount of outstanding Designated Indebtedness (as such term is defined in the Guarantee and Security Agreement) and, without duplication, the aggregate amount of unused commitments under any Designated Indebtedness (as such term is defined in the Guarantee and Security Agreement).

  • Partner Nonrecourse Debt has the meaning set forth in Treasury Regulation Section 1.704-2(b)(4).

  • Member Nonrecourse Debt Minimum Gain means an amount, with respect to each Member Nonrecourse Debt, equal to the Company Minimum Gain that would result if such Member Nonrecourse Debt were treated as a Nonrecourse Liability, determined in accordance with Section 1.704-2(i)(3) of the Regulations.

  • Non-Recourse Debt means Indebtedness:

  • Recourse Amount Has the meaning specified in Section 17.10 of the Participation Agreement.

  • Partner Nonrecourse Debt Minimum Gain has the meaning set forth in Treasury Regulation Section 1.704-2(i)(2).

  • Debt Amount means all accrued and unpaid interest and any “make whole” payments or breakage fees (less any breakage benefits) which Project Co is obligated to pay to Lender pursuant to the Lending Agreements, together with the outstanding principal amount of debt funded under the Lending Agreements.

  • Nonrecourse Deduction has the meaning assigned to that term in Treasury Regulation Section 1.704-2(b).

  • Covered Debt Amount means, on any date, the sum of (x) all of the Revolving Credit Exposures of all Lenders on such date plus (y) the aggregate principal amount (including any increase in the aggregate principal amount resulting from payable-in-kind interest) of Other Covered Indebtedness outstanding on such date.

  • Member Nonrecourse Deduction means “partner nonrecourse deduction” as defined in Treasury Regulations Section 1.704-2(i), substituting the term “Member” for the term “partner” as the context requires.

  • Member Nonrecourse Deductions has the meaning of “partner nonrecourse deductions” set forth in Treasury Regulations Sections 1.704-2(i)(1) and 1.704-2(i)(2).

  • Nonrecourse Indebtedness means, with respect to a Person, Indebtedness for borrowed money in respect of which recourse for payment (except for customary exceptions for fraud, misapplication of funds, environmental indemnities, voluntary bankruptcy, collusive involuntary bankruptcy and other similar customary exceptions to nonrecourse liability) is contractually limited to specific assets of such Person encumbered by a Lien securing such Indebtedness.

  • Nonrecourse Deductions has the meaning set forth in Section 1.704-2(b)(1) of the Regulations.

  • Nonrecourse Obligation means indebtedness or other obligations substantially related to (i) the acquisition of assets not previously owned by the Company or any Restricted Subsidiary or (ii) the financing of a project involving the development or expansion of properties of the Company or any Restricted Subsidiary, as to which the obligee with respect to such indebtedness or obligation has no recourse to the Company or any Restricted Subsidiary or any assets of the Company or any Restricted Subsidiary other than the assets which were acquired with the proceeds of such transaction or the project financed with the proceeds of such transaction (and the proceeds thereof).

  • Partner Nonrecourse Deductions has the meaning set forth in Regulations Section 1.704-2(i)(2), and the amount of Partner Nonrecourse Deductions with respect to a Partner Nonrecourse Debt for a Partnership taxable year shall be determined in accordance with the rules of Regulations Section 1.704-2(i)(2).

  • Partially Adjusted Capital Account means, with respect to any Member for any Fiscal Year, the Capital Account balance of such Member at the beginning of such period, adjusted as set forth in the definition of Capital Account for all contributions and distributions during such period and all special allocations pursuant to Section 7.3 with respect to such period but before giving effect to any allocation with respect to such period pursuant to Section 7.2.

  • Nonrecourse Liability has the meaning set forth in Treasury Regulation Section 1.752-1(a)(2).

  • Nonrecourse Liabilities has the meaning set forth in Section 1.704-2(b)(3) of the Regulations.

  • Interest Expense Coverage Ratio means, for any period, the ratio of (a) Consolidated EBITDA for such period to (b) Consolidated Interest Expense for such period.

  • Consolidated Senior Funded Debt means Consolidated Funded Debt that is not Subordinated Debt.

  • Consolidated Adjusted EBITDA means, with respect to any specified Person for any period, the Consolidated Net Income of such Person for such period plus, without duplication:

  • Consolidated Excess Cash Flow means, for any period, an amount (if positive) equal to:

  • Retained Excess Cash Flow Amount means, at any date of determination, an amount, determined on a cumulative basis, that is equal to the aggregate cumulative sum of the Excess Cash Flow that is not required to be applied as a mandatory prepayment under Section 2.11(b)(i) for all Excess Cash Flow Periods ending after the Closing Date and prior to such date; provided that such amount shall not be less than zero for any Excess Cash Flow Period.