Economic Force Majeure definition
Economic Force Majeure means periods during which the price of gold or other mineral commodities is too low to allow economic recovery and sale of ore from the Property.
Economic Force Majeure means a significant decline in the commercial real estate market. during the preceding twelve (12) month period, measured on a quarterly basis. Economic Force Majeure shall commence upon Developer’s delivery of written notice to City of the Economic Force Majeure (together with appropriate backup evidence). Economic Force Majeure shall continue prospectively on a quarterly basis and remain in effect until the commercial real estate market increases for three (3) successive quarters during the preceding twelve (12) month period; provided that the cumulative total Economic Force Majeure shall not exceed sixty (60) months. City and Developer acknowledge that, with the exception of Economic Force Majeure as defined above, adverse changes in economic conditions, either of the affected Party specifically or the economy generally, changes in market conditions or demand, and/or inability to obtain financing to complete the Project shall not constitute grounds of Force Majeure pursuant to this Section. Each Party expressly assumes the risk of such adverse economic or market changes and/or financial inability (not constituting Economic Force Majeure), whether or not foreseeable as of the Effective Date. Without limiting the generality of the foregoing, Developer’s inability or failure to obtain financing shall not be deemed to be a cause outside the reasonable control of the Developer and shall not be the basis for an excused delay unless such inability, failure, or delay is a result of Economic Force Majeure or another event of Force Majeure.
Economic Force Majeure means economic conditions or events that materially impair access to debt or equity markets by developers for development of projects in the United States similar to the Project or allow a committed debt or equity participant to terminate its debt or equity commitment, such as a temporary or long term liquidity crisis or major recession, which occurs prior to the Commencement of Construction.
Examples of Economic Force Majeure in a sentence
During the extended term of this Agreement, Lessee shall have the right to suspend operations and hold the Property during periods of Economic Force Majeure.
However, Lessee shall continue to pay advance royalties and maintain the Property during conditions of Economic Force Majeure.
The Party claiming Force Majeure shall use due diligence to remove the cause and mitigate its impact with all reasonable dispatch; provided, however, that this provision shall not require the settlement Economic Force Majeure described below, or of strikes, lockouts, or other labor difficulty of the Party involved, when such course is determined inadvisable by the Party having the difficulty.
However, Lessee shall continue to pay advance royalties during conditions of Economic Force Majeure.
Economic Force Majeure shall mean a significant decline in the residential real estate market, as measured by a decline of more than ten percent (10%) in the Home Price Index during the preceding twelve (12) month period, measured on a quarterly basis.
More Definitions of Economic Force Majeure
Economic Force Majeure is defined in Section 11.2.2.
Economic Force Majeure means substantial and unusual economic conditions, such as a recession or other substantial economic downturn, that results in the performance of the Comparable Arenas and the Arena suffering a significant decline in attendance and performance beyond the control of the applicable owner/operator of the applicable arena or a substantial and unusual economic downturn that specifically affects the Hampton Roads area and the attendance and performance of the Arena beyond the control of the Arena owner/operator.
Economic Force Majeure is defined in Section 11.2.2. “ENA” is defined in Recital B.
Economic Force Majeure means periods during which the price of gold or other mineral commodities is too low to allow economic recovery and sale of ore from the Property. However, McDonald shall continue to pay advance royalties during conditions of Economic Force Majeure.
Economic Force Majeure means a significant decline in the real estate market during the preceding twelve (12) month period, measured on a quarterly basis. Economic Force Majeure shall commence upon Developer’s delivery of written notice to City of the Economic Force Majeure (together with appropriate backup evidence). Economic Force Majeure shall continue prospectively on a quarterly basis and remain in effect until the commercial real estate market increases for three
Economic Force Majeure is defined as a significant and unavoidable change in Developer’s ability to obtain financing for the Project or any Project Component on commercially reasonable terms, or to perform the act required to be performed by Developer hereunder, including based upon any of the following: (A) an annualized year-over- year decline of seven percent (7%) or more in the average asking apartment rent in San Mateo County as reported by CoStar or if not available any longer a similar apartment market research firm, (B) an annualized year-over-year decline of seven percent (7%) or more in the average asking Class A direct office rent in San Mateo County as reported by ▇▇▇▇▇ ▇▇▇▇ LaSalle or if not available any longer a similar office market research firm, or (C) an annualized year-over- year decline of eight percent (8%) or more in the average daily rate (ADR) for limited full service hotels as determined by ▇▇▇▇▇ Travel Research or if not available any longer a similar hotel market research firm. Notwithstanding the foregoing, the Hotel Milestones under Section 2.2.1 may be extended for period of Economic Force Majeure only based on a showing of a decline in ADR under part C of the above definition. The Party claiming a period of Economic Force Majeure shall submit a report by an independent economic consultant retained by such Party (an “Economic Report”), and the other Party may, but shall not be obligated to, retain a separate economic consultant to independently verify that a period of Economic Force Majeure is in effect. The Parties have engaged in a good faith effort to define the conditions of Economic Force Majeure. The foregoing economic conditions are intended to provide guidance on the conditions that could give rise to Economic Force Majeure, and the Parties recognize that there may be conditions giving rise to an Economic Force Majeure event which may have a significant and unavoidable negative effect which cannot be measured by the indices listed above alone but are similar in the degree of negative economic effect., provided, however, that the occurrence of the events stated in subsections (A), (B), and (C) above shall create a presumption that an Economic Force Majeure Event has occurred, and conditions not measured by such indices shall not create that presumption. Any period of Economic Force Majeure shall vary in length based on the times per year the applicable index listed above is reported, such that a positive change in any index noted in an updat...
Economic Force Majeure shall have the meaning set forth in Section 7.5 “Economic Report” shall have the meaning set forth in Section 7.5. “Effective Date” shall have the meaning set forth in Section 1.1.6.