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.
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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.
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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.
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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.

  • However, Lessee shall continue to pay advance royalties 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, McDonald shall continue to pay advance royalties during conditions of Economic Force Majeure.

  • Economic Force Majeure shall commence upon the Market Rate Developer's notification to the Commission of the Economic Force Majeure (together with appropriate backup evidence).

  • However, lessee shall continue to pay advance royalties during conditions of Economic Force Majeure.

  • However, Lessee shall continue to pay semiannual AMR payments 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.

  • During the extended terra of this Agreement, Lessee shall have the right to suspend operations and hold the Property during periods of Economic Force Majeure.


More Definitions of Economic Force Majeure

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 Xxxxx Xxxx 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 Xxxxx 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...
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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.
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Economic Force Majeure is defined in Section 11.2.2. “ENA” is defined in Recital B.
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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.
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Economic Force Majeure is defined in Section 11.2.2.
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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.
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Related to Economic Force Majeure

  • Force Majeure means an event beyond the control of the supplier and not involving the supplier’s fault or negligence and not foreseeable. Such events may include, but is not restricted to, acts of the purchaser in its sovereign capacity, wars or revolutions, fires, floods, epidemics, quarantine restrictions and freight embargoes.

  • Force Majeure Event means an event beyond the reasonable control of any party including an outbreak of a serious disease or epidemic, or quarantine or other public health emergencies, fire, flood, earthquake, explosion or other casualty or accident or act of God, or war or other violence, strike, lock-out, labour dispute, acts of any governmental body, war, insurrection, sabotage, embargo, interruption of or delay in transportation, unavailability of or interruption or delay in telecommunications or inability to obtain raw materials, supplies or power.

  • Relevant Force Majeure Event means a Force Majeure Event in relation to which an Affected Party is claiming relief under this Clause 17; and

  • Force Majeure Events means acts of war, domestic and/or international terrorism, civil riots or rebellions, quarantines, embargoes and other similar unusual governmental actions, extraordinary elements of nature or acts of God.

  • Force Majeure Period has the meaning specified in Section 13.1.

  • Force Majeure Exception means any failure or delay in the performance of the Fund’s reporting obligation pursuant to Section 2.3 arising out of or caused, directly or indirectly, by circumstances beyond its reasonable control, including, without limitation, acts of God; earthquakes; flood; terrorism; wars and other military disturbances; sabotage; epidemics; riots; loss or malfunctions of utilities, computer (hardware or software) or communication services; accidents; acts of civil or military authority and governmental action. The Fund shall use commercially reasonable efforts to commence performance of its obligations during any of the foregoing circumstances.

  • Force Majeure Notice means a notice to be given by the Affected Party to the other party stating that a Force Majeure Event has occurred;

  • Event of Force Majeure means one of the following events:

  • Force Majeure Delay means with respect to the Servicer, any cause or event which is beyond the control and not due to the negligence of the Servicer, which delays, prevents or prohibits such Person’s delivery of the reports required to be delivered or the performance of any other duty or obligation of the Servicer under the Indenture, as the case may be, including, without limitation, computer, electrical and mechanical failures, acts of God or the elements and fire; provided, that no such cause or event shall be deemed to be a Force Majeure Delay unless the Servicer shall have given the Indenture Trustee written notice thereof as soon as practicable after the beginning of such delay.

  • Force Majeure Report means a report to be given by the Affected Party to the other party following the giving of a Force Majeure Notice;

  • Force Majeure Delays means any actual delay in the construction of the Tenant Improvements, which is beyond the reasonable control of Landlord or Tenant, as the case may be, as described in Paragraph 33 of the Lease.

  • Uncontrollable Circumstance means any act, event or condition that is:

  • Unplanned Service Interruption means any Service Interruption where events or circumstances prevent the timely communication of prior warning or notice to the Trader or any affected Customer;

  • Extreme Vetting means data mining, threat modeling, predictive risk analysis, or other similar services." Extreme Vetting does not include:

  • Essential functions means the fundamental job duties of the employment position the individual with a disability holds or desires. “Essential functions” does not include the marginal functions of the position.

  • Planned Service Interruption means a Service Interruption that has been scheduled to occur in accordance with Schedule 5;

  • Excused Downtime means the number of minutes in the Charging Period that the LSP is unavailable due to:

  • Services Interruption Event means any interruption to a Works caused by; a Force Majeure Event, the Customer’s failure to carry out or perform any obligation required of it under this agreement which in the sole opinion of the Company does or may cause a delay in the Works and any other matter which in the reasonable opinion of the Company will cause an interruption or delay in the performance of the Works;

  • Dedicated FX Traffic means those calls routed by means of a physical, dedicated circuit delivering dial tone or otherwise serving an End User’s station from a serving Central Office (also known as End Office) located outside of that station’s mandatory local calling area. Dedicated FX Service permits the End User physically located in one exchange to be assigned telephone numbers resident in the serving Central (or End) Office in another “foreign” exchange, thereby creating a local presence in that “foreign” exchange.

  • Uncontrollable Force means any cause beyond the control of the Borrower, including: (a) a hurricane, tornado, flood or similar occurrence, landslide, earthquake, fire or other casualty, strike or labor disturbance, freight embargo, act of a public enemy, explosion, war, blockade, terrorist act, insurrection, riot, general arrest or restraint of government and people, civil disturbance or similar occurrence, sabotage, or act of God (provided that the Borrower shall not be required to settle any strike or labor disturbance in which it may be involved) or (b) the order or judgment of any federal, state or local court, administrative agency or governmental officer or body, if it is not also the result of willful or negligent action or a lack of reasonable diligence of the Borrower and the Borrower does not control the administrative agency or governmental officer or body; provided that the diligent contest in good faith of any such order or judgment shall not constitute or be construed as a willful or negligent action or a lack of reasonable diligence of the Borrower.

  • reasonable measures means appropriate measures which are commensurate with the money laundering or terrorism financing risks;

  • Service Interruption means the cessation of electricity supply to an ICP for a period of 1 minute or longer, other than by reason of De-energisation of that ICP:

  • Generator Planned Outage means the scheduled removal from service, in whole or in part, of a generating unit for inspection, maintenance or repair with the approval of the Office of the Interconnection in accordance with the PJM Manuals.

  • Third Party Terminating Carrier means a Telecommunications Carrier to which traffic is terminated when CLEC originates traffic that is sent through AT&T-TSP’s network, i.e., CLEC is using AT&T-TSP’s Transit Traffic Service.

  • Aggravated circumstances means circumstances in which a parent:

  • Generator Forced Outage means an immediate reduction in output or capacity or removal from service, in whole or in part, of a generating unit by reason of an Emergency or threatened Emergency, unanticipated failure, or other cause beyond the control of the owner or operator of the facility, as specified in the relevant portions of the PJM Manuals. A reduction in output or removal from service of a generating unit in response to changes in market conditions shall not constitute a Generator Forced Outage.