Title Event definition

Title Event means the existence of any defect of title or Lien or encumbrance on a Project (other than Permitted Liens) in effect on the Closing Date that entitles the Collateral Agent to make a claim under the policy or policies of title insurance required pursuant to the Financing Documents.

Title Event means the existence of any defect of title or Lien on a Project (other than Permitted Liens) that entitles the applicable Loan Party to make a claim under any title policies issued in favor of such Loan Party.

Title Event has the meaning specified in the Security Deposit Agreement.

Examples of Title Event in a sentence

• If a Perfection of Title Event occurs under the Master Sale and Servicing Deed the Trustee may be required to take certain actions to perfect its legal title to the Mortgage Loans, related mortgages and collateral securities.

• If, following a Perfection of Title Event, the Trustee obtains legal title to a Mortgage Loan, Commonwealth Bank of Australia will no longer be able to offer an interest offset arrangement for that Mortgage Loan.

• The Trustee will not be entitled to take any steps to perfect its legal title or give notice to any party to the Mortgage Loan Documents of the assignment unless a Perfection of Title Event occurs as described in the Base Information Memorandum and has not taken any such steps as at the Preparation Date of this Supplemental Information Memorandum.

• If the Trustee declares that a Perfection of Title Event has occurred under the Master Sale and Servicing Deed (see Section 10.2(l)), the Trustee and the Manager must, amongst other things, take all such steps as are necessary to perfect the Trustee’s legal title in the mortgages relating to the Mortgage Loans (see Section 10.2(l) for further details on Perfection of Title Events).

• The Trustee has no duty, and is under no obligation, to investigate whether a Servicer Default or a Perfection of Title Event has occurred other than where it has actual notice, knowledge or awareness that such event has occurred.

More Definitions of Title Event

Title Event shall have the meaning assigned to such term in the Depositary Agreement.

Title Event means the existence of any defect of title or Lien on any Project (other than Permitted Liens) that entitles the Company, any Project Company or the Collateral Agent to make a claim under any title policies issued in favor of the Company, any Project Company or the Collateral Agent.

Title Event means the existence of any defect of title or lien or encumbrance on the Mortgage Estate (other than Permitted Liens in effect on the Closing Date) that entitles the Collateral Agent to make a claim under the Title Policy.

Title Event means, on any date, any of the following events, if such event could reasonably be expected to cause or result in a Material Reduction in Value of the Collateral: (a) the failure of Borrower to be the true and lawful owner of, and to have good and indefeasible title to, any oil and gas property, or lease interest forming part of the Collateral free and clear of all Liens other than Excepted Liens or the Liens permitted pursuant to Section 9.03 of the Agreement; (b) the failure of any oil and gas lease or other interest described in any Security Agreement to be valid and subsisting and in full force and effect, insofar as it covers or relates to any Collateral; (c) any material agreement affecting the Collateral shall at any time cease to be valid, binding and enforceable against the Borrower in accordance with the terms of such document; (d) any Lien shall exist with respect to any Collateral other than Excepted Liens or the Liens permitted pursuant to Section 9.03 of the Agreement; (e) the Borrower shall suffer a writ or warrant of attachment or similar process to be issued by any court or any other creditor's right shall be exercised or attempted to be exercised against any Collateral; or (f) any material representation or warranty with respect to title or ownership or lack of liens made by the Borrower under any Loan Document shall fail to be correct in any material respect; or (g) any Collateral shall become the subject matter of litigation which would or might, in the reasonable opinion of the Lenders, upon final determination result in impairment of ownership or title to the Collateral. As used in this schedule, the following terms shall have the meaning as set forth below:

Title Event means, on any date, any of the following events, if such event would reasonably be expected to cause or result in a Material Reduction in Value of the Collateral: (a) the failure of the Borrower to be the true and lawful owner of, and to have good and indefeasible title to, any oil and gas property, or lease interest forming part of the Collateral free and clear of all Liens other than Excepted Liens or the Liens permitted pursuant to Section 10.03 of the Agreement; (b) the failure of any oil and gas lease or other interest described in any security agreement to be valid and subsisting and in full force and effect, insofar as it covers or relates to any Collateral; (c) any material agreement affecting the Collateral shall at any time cease to be valid, binding and enforceable against the Borrower in accordance with the terms of such document; (d) the Borrower shall suffer a writ or warrant of attachment or similar process to be issued by any court or any other creditor’s right shall be exercised or attempted to be exercised against any Collateral; or (e) any material representation or warranty with respect to title or ownership or lack of liens made by the Borrower under any Loan Document shall fail to be correct in any material respect; or (f) any Collateral shall become the subject matter of litigation which would or might, upon final determination result in impairment of ownership or title to the Collateral. As used in this schedule, the following terms shall have the meaning as set forth below:

Title Event means the existence of any defect of title or lien or ----------- encumbrance on a Project (other than certain Permitted Liens) in effect on the Closing Date that entitles the Collateral Agent to make a claim under the Title Policy.

Title Event is defined in Section 5.23.