Springing Recourse Event shall have the meaning set forth in Section 11.22 hereof.
Springing Recourse Event has the meaning given that term in the Springing Guaranty.
Springing Recourse Event. Borrower fails to obtain Lender’s prior consent to any Indebtedness or voluntary Lien (subject to Borrower’s right to contest same in accordance with the terms of this Agreement and other Loan Documents) encumbering the Property or any part thereof or interest therein and such Indebtedness or voluntary Lien is not paid off in full or released within ten (10) Business Days after Borrower’s receipt of Lender’s written demand except to the extent expressly permitted by this Agreement; (2) Borrower fails to obtain Lender’s prior consent to any Transfer except to the extent expressly permitted by this Agreement or the Security Instrument; (3) Borrower files a voluntary petition under the Bankruptcy Law; (4) an Affiliate, officer, director, or representative which controls, directly or indirectly, Borrower files, or joins in the filing of, an involuntary petition against Borrower under the Bankruptcy Law, or solicits or causes to be solicited petitioning creditors for any involuntary petition against Borrower from any Person; (5) Borrower files an answer consenting to or otherwise acquiescing in or joining in any involuntary petition filed against it by any other Person under the Bankruptcy Law, or solicits or causes to be solicited petitioning creditors for any involuntary petition against Borrower from any Person; (6) any Affiliate, officer, director, or representative which controls, directly or indirectly, Borrower consents to or acquiesces in or joins in an application for the appointment of a custodian, receiver, trustee, or examiner for Borrower or any portion of the Property; (7) Borrower makes an assignment for the benefit of creditors, or admits, in writing or in any action or proceeding, its insolvency or inability to pay its debts as they become due; or (8) the first full monthly payment of principal and interest on the Note is not paid when due unless sums sufficient to pay such amounts have been deposited with Lender in the Cash Management Account. As used in this Section 11.22, the term “control” means the possession, directly or indirectly, of the power to direct or cause the direction of the management, policies or activities of a Person, whether through ownership of voting securities, by contract or otherwise and the terms “controlled” and “controlling” shall have correlative meanings.
Examples of Springing Recourse Event in a sentence
This Guaranty is a guaranty of payment, and not of collection, and upon the occurrence of a Springing Recourse Event, a debt of Guarantor for its own account.
Guarantor acknowledges and agrees that the guaranty under this Guaranty of the Guarantied Obligations shall automatically become fully effective upon the occurrence of any Springing Recourse Event and no other documentation or notice shall be required to evidence the same.
Guarantor agrees, to the fullest extent permitted by Applicable Law and subject to the terms hereof, that any Participant may exercise rights of setoff or counterclaim and other rights with respect to its participation after the occurrence of a Springing Recourse Event as fully as if such Participant were a direct creditor of Guarantor in the amount of such participation.
REIT acknowledges and agrees that the Obligations guaranteed hereunder shall automatically become fully effective upon a Springing Recourse Event and no other documentation shall be required to evidence same.
Upon the occurrence of a Springing Recourse Event, the liability of REIT under this Guaranty shall be primary, direct and immediate and not conditional or contingent upon the pursuit of any remedies against Borrower or any other Person, nor against securities or liens available to Lender, its successors, successors in title, endorsees or assigns.
More Definitions of Springing Recourse Event
Springing Recourse Event. (1) either (x) a breach of the covenant set forth in Section 4.4 hereof or a breach by any Mezzanine Borrower of the “special purpose entity” covenants contained in the applicable Mezzanine Loan Documents, in each case with respect to clause (d) of the definition of Special Purpose Bankruptcy Remote Entity (or the equivalent with respect to the Mezzanine Loan Documents), that results in the substantive consolidation of the assets and liabilities of Borrower or any Mezzanine Borrower with any other Person as a result of such breach, or (y) a breach of the covenants set forth in Section 4.4 hereof with respect to clauses (a), (b), (l) and (n) of the definition of Special Purpose Bankruptcy Remote Entity (“Specific SPE Covenants”) or a breach by any Mezzanine Borrower of the “special purpose entity” covenants contained in the applicable Mezzanine Loan Documents relating to the Specific SPE Covenants, (2) Borrower fails to obtain Agent’s prior consent to any subordinate financing secured by any Property or other voluntary Lien encumbering any Property (to the extent Agent consent is required pursuant to this Agreement); (3) Borrower fails to obtain Agent’s prior consent to any Transfer of any Property or any interest therein or any Transfer of any direct or indirect interest in Borrower, in either case as required by the Mortgage or this Agreement other than a Permitted Transfer; (4) Borrower files a voluntary petition under the Bankruptcy Code or any other Federal or state bankruptcy or insolvency law; (5) Borrower is substantively consolidated with any other Person or any Mezzanine Borrower is substantively consolidated with another Person; unless such consolidation was involuntary and not consented to by Borrower, such Mezzanine Borrower or any Guarantor and is discharged, stayed or dismissed within thirty (30) days following the occurrence of such consolidation; (6) the filing of an involuntary petition against Borrower or any Mezzanine Borrower under the Bankruptcy Code or any other Federal or state bankruptcy or insolvency law by any other Person in which Borrower or any Mezzanine Borrower colludes with or otherwise assists such Person, and/or Borrower and/or any Mezzanine Borrower solicits or causes to be solicited petitioning creditors for any involuntary petition against Borrower or any Mezzanine Borrower by any Person; (7) Borrower or any Mezzanine Borrower files an answer consenting to, or otherwise acquiescing in, or joining in, any involuntary pet...
Springing Recourse Event. 10.1 “Subaccounts” - 3.1 “Successor Borrower” - 2.3.3 “Tax and Insurance Subaccount” - 3.3 “Toxic Mold” - 4.21 “Transfer and Assumption” - 5.26 “Transferee Borrower” - 5.26 “Underwriter Group” - 9.1.3
Springing Recourse Event means the occurrence of any of the following:
Springing Recourse Event means as described in Section 10.1.
Springing Recourse Event. 10.1 “Subaccounts” - 3.1
Springing Recourse Event the meaning set forth in Section 10.1. State: the state in which the Property is located.
Springing Recourse Event. 10.1 “Subaccounts” - 3.1 “Successor Borrower” - 2.