Condemnation Event definition

Condemnation Event means any act of taking by a public or quasi-public authority through condemnation, reverse condemnation or eminent domain.

Condemnation Event means any condemnation or other taking or temporary or permanent requisition of any property, any interest therein or right appurtenant thereto, or any change of grade affecting any property, as the result of the exercise of any right of condemnation or eminent domain. A transfer to a Governmental Authority in lieu or anticipation of condemnation shall be deemed to be a Condemnation Event.

Condemnation Event means any Facility (or any portion thereof in excess of $20,000,000) is condemned, confiscated, requisitioned, captured, seized or subjected to forfeiture, or title thereto is taken, by any governmental authority (or any Person acting under color of governmental authority).

Examples of Condemnation Event in a sentence

• Promptly after the occurrence of any Insurance and Condemnation Event or Asset Disposition, in either case involving Net Proceeds in an aggregate amount in excess of $5,000,000, notice of such Insurance and Condemnation Event or Asset Disposition that reasonably describes such Insurance and Condemnation Event or Asset Disposition, as applicable.

• The Parent Borrower (on behalf of the Borrowers) shall make mandatory principal prepayments of the Loans in the manner set forth in clause (vii) below in an amount equal to one hundred percent (100%) of the aggregate Net Cash Proceeds from any Insurance and Condemnation Event by any Credit Party or any of its Subsidiaries.

• The Borrower shall make mandatory principal prepayments of the Loans in the manner set forth in clause (iv) below in an amount equal to 100% of the aggregate Net Cash Proceeds from any Insurance and Condemnation Event to the extent that the aggregate amount of such Net Cash Proceeds not reinvested as set forth below exceeds $25,000,000 during any Fiscal Year.

• At 31 March2016At 31 March2015Completed properties available for sale3,7671,933Properties in construction1,8851,595Amount recognised to cost of sales(2,520)(1,092)Van Stocks20-Total3,1522,436Housing property stock relate to acquisition and development expenditure on first tranche of unsold shared ownership properties.

• The Borrower shall make mandatory principal prepayments of the Term Loans in the manner set forth in clause (iv) below in an amount equal to 100% of the aggregate Net Cash Proceeds from any Insurance and Condemnation Event to the extent that the aggregate amount of such Net Cash Proceeds not reinvested as set forth below exceeds $62,500,000 during any Fiscal Year.

More Definitions of Condemnation Event

Condemnation Event means any actual condemnation, seizure or taking, by exercise of the power of eminent domain or otherwise, of any property or assets of a Person, or confiscation of such property or assets or the requisition of the use of such property or assets.

Condemnation Event means an event pursuant to which any Borrower or any Guarantor has the right to collect and receive proceeds as a result of any action or proceeding for the taking of any property of any Borrower or any Guarantor, or any part thereof or interest therein, for public or quasi-public use under the power of eminent domain, by reason of any public improvement or condemnation proceeding or in any other manner.

Condemnation Event any action or series of actions by any Governmental Authority (a) by which such Governmental Authority appropriates, confiscates, condemns, expropriates, nationalizes, seizes or otherwise takes any part of the Collateral (in whole or in part) or (b) by which such Governmental Authority assumes custody or control of the Collateral (other than immaterial portions of such Collateral) or business operations of the Borrower or any of its Subsidiaries or any Capital Stock of the Borrower or any of its Subsidiaries.

Condemnation Event has the meaning assigned to such term in the definition of “Casualty Event”.

Condemnation Event means any compulsory transfer or taking or transfer under threat of compulsory transfer or taking of all or a material portion of any Project by any Governmental Authority or entity acting under power of eminent domain.

Condemnation Event has the meaning set forth in Section 8.07.

Condemnation Event means, with respect to any Project Site or other Collateral, any condemnation or seizure or other taking by a public or quasi-public authority of such Project Site (or any portion thereof) or other Collateral (or any portion thereof) that (a) in the reasonable judgment of the Co-Issuers, diminishes the net book value of such Project Site or other Collateral by an amount greater than $5,000,000 or (b) results in Condemnation Proceeds received with respect to such damage, disappearance, loss or destruction to such Project Site or any other such Collateral in an amount greater than $5,000,000.