Common use of Material Taking Clause in Contracts

Material Taking. If (a) all or any portion of a Segment (or a Related Facility, as applicable) shall be acquired for any public or quasi-public use through taking by condemnation, eminent domain or any similar proceeding, or purchase in lieu thereof (each, a "Taking"); and (b) PTI and Colonial reasonably determine, as applicable, that (i) the Segment or portion thereof cannot, at reasonable cost, continue to be operated for both the existing Pipeline and the operation of the Telecommunications Network, or (ii) the Related Facility or portion thereof cannot, at reasonable cost, continue to be operated for both the existing Colonial Related Facility and the operation of PTI's Regen Facilities thereon (in either such case, a "Material Taking"), then any Permits or Segment Leases applicable to the portion of the Colonial Rights-of-Way or Related Facility so taken shall cease and terminate as of the date the condemning authority takes title or possession, whichever first occurs and only to the extent that such Permits or Segment Leases apply to the property so taken.