Springing Recourse Event definition

Springing Recourse Event shall have the meaning set forth in Section 11.22 hereof.

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Springing Recourse Event has the meaning given that term in the Springing Guaranty.

Springing Recourse Event. Borrower fails to maintain its status as a single purpose entity as required by, and in accordance with the terms and provisions of, this Agreement and the other Loan Documents (other than those single purpose entity covenants that relate to solvency or adequacy of capital and excluding any breach to the extent arising out of insufficient cash flow from the operation of the Property), which failure is cited as a factor in a substantive consolidation of the assets and liabilities of Borrower with any other Person in connection with a proceeding under the Bankruptcy Law (other than a motion or pleading seeking a substantive consolidation brought by Lender); (2) Borrower fails to obtain Lender’s prior consent to any Indebtedness or any voluntary Lien encumbering the Property or any portion thereof or interest therein except, in each case, to the extent expressly permitted by this Agreement or the other Loan Documents; (3) Borrower fails to obtain Lender’s prior consent to any Transfer except to the extent expressly permitted by this Agreement and the other Loan Documents; (4) Borrower files a voluntary petition under the Bankruptcy Law; (5) Guarantor or any Borrower Related Party 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; (6) Borrower, Guarantor or any Borrower Related Party which Controls, directly or indirectly, Borrower files an answer consenting to or otherwise acquiescing in or joining in any involuntary petition filed against such Person 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; (7) Guarantor or any Borrower Related Party 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 all or any portion of the Property; (8) 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 (unless failure to make such admission would be a violation of applicable law); (9) the Ionis Lease is amended, modified or terminated without Lender’s prior written consent; or (10) the ...

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.
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.
The Borrower will give, and will cause Parent and each of their respective Subsidiaries to give, notice in writing to the Administrative Agent and the Lenders of the occurrence of any Springing Recourse Event promptly after an Authorized Officer of the Parent or the Borrower, as applicable, obtains knowledge of the same.

More Definitions of Springing Recourse Event

Springing Recourse Event means the occurrence of any of the following:

Springing Recourse Event. (i) Borrower or any Senior Borrower files a voluntary petition under the Bankruptcy Code or any other federal or state bankruptcy or insolvency law; (ii) Borrower, any Senior Borrower, any New Junior Mezzanine Loan Borrower, Guarantor, any Affiliate of Borrower or Guarantor, or any officer, director, or representative of Borrower, any Senior Borrower, any New Junior Mezzanine Loan Borrower, Guarantor or any Affiliate or Borrower or Guarantor, files, or joins in the filing of, an involuntary petition against Borrower or any Senior Borrower under the Bankruptcy Code or any other federal or state bankruptcy or insolvency law, or solicits or causes to be solicited petitioning creditors for any involuntary petition against Borrower or any Senior Borrower from any Person; (iii) Borrower or any Senior Borrower files an answer consenting to or otherwise acquiescing in or joining in any involuntary petition filed against Borrower or any Senior Borrower, by any other Person under the Bankruptcy Code or any other federal or state bankruptcy or insolvency law, or solicits or causes to be solicited petitioning creditors for any involuntary petition from any Person; (iv) Borrower fails to obtain Lender’s prior consent (if and to the extent required under the Loan Documents) to any subordinate financing encumbering the Collateral or any Individual Property (which Lien constitutes security for indebtedness, but specifically excluding mechanics’, materialmen’s and 98 Mezzanine Loan Agreement other similar liens and encumbrances); (v) any Transfer (excluding any mechanic’s, materialmen’s or other similar liens and encumbrances that are covered in clause (vi) of Borrower’s Recourse Liabilities) of the Collateral or any Individual Property or a controlling interest in Borrower or any Senior Borrower, in each case, in violation of the Loan Documents; (vi) Borrower, any Senior Borrower, any New Junior Mezzanine Loan Borrower, Guarantor, or any Affiliate, officer, director, or representative of Borrower, any Senior Borrower or Guarantor consents to or acquiesces (in writing) in or joins in (or fails to object to) an application for the appointment of a custodian, receiver, trustee, or examiner for Borrower, any Senior Borrower or any portion of the Collateral or the Property (other than an application initiated by Lender); (vii) Borrower or any Senior Borrower makes an assignment for the benefit of creditors, or admits, in writing or in any legal proceeding, its insolvency or in...

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 the meaning set forth in Section 10.1. State: the state in which the Property is located.

Springing Recourse Event means as described in Section 10.1.

Springing Recourse Event. 10.1 “Subaccounts” - 3.1

Springing Recourse Event. 10.1 “Subaccounts” - 3.1 “Successor Borrower” - 2.