Major Dispute shall have the meaning assigned to such term in Section 12.2(c).

Major Dispute means a dispute as between the NYSTRS Committee Member and the Xxxx Committee Member relating to any of the following subjects: (i) the sale or exchange of any of the Properties, (ii) the mortgaging, pledging or other encumbering of any of the Properties, or (iii) the terms of any new secured or unsecured borrowings by the Company in excess of $10,000,000, or any modification of any existing borrowings of the Company when the amount of the borrowing exceeds $10,000,000.

Major Dispute means any disagreement of the Members in respect of (i) the establishment of sale objectives and parameters for the Project; (ii) the sale or other disposition of the Project or any other property owned, directly or indirectly, by the Venture in excess of $100,000; (iii) incurring, materially restructuring or materially modifying any indebtedness of the Venture or the Subsidiary REIT in excess of $100,000 or causing or the Venture or Subsidiary REIT to become liable as an endorser, guarantor, surety or otherwise, except as otherwise contemplated under Section 6.3(a)(iii); (iv) a mortgage, pledge or hypothecation of the Project to secure indebtedness of the Subsidiary REIT, except as otherwise contemplated under Section 6.3(a)(v); or (v) selling any additional interests in the Venture (other than to the developer of the Project).

Examples of Major Dispute in a sentence

Unless the parties mutually agree to arbitrate a Major Dispute, prior to either party commencing litigation, the parties shall attempt to mediate such dispute.
In the instance of a Major Dispute, (A) the decision of the arbitrators shall not be final or binding, (B) either party shall have the right to file suit de novo in a court of competent jurisdiction, and (C) any and all statements, admissions, or other representations made during the arbitration by either party shall be deemed privileged, confidential and inadmissible for any and all purposes in any such subsequent litigation.
If the parties agree to arbitrate any Major Dispute, they shall do so pursuant to JAMS’ Comprehensive Arbitration Rules, as amended from time to time, and as modified to the extent practicable to give effect to the agreement of the parties as stated above in this Section 12.2(c).
If the dispute or disagreement involves a Major Dispute the parties may, but shall not be required to submit the matter to non-binding arbitration.
The closing of an acquisition pursuant to Sections 12.1 through 12.3 shall be held at the principal place of business of the Company on a mutually acceptable date (the "Closing Date") not later than 180 days after the Initiating Notice, in the event the Buy-Sell Option is exercised following the existence of a Major Dispute or an Unpermitted Transfer or 120 days after the Initiating Notice in any other event.

More Definitions of Major Dispute

Major Dispute means the failure of the Members to agree upon or approve any Major Decision or other action requiring the consent of all Members, in accordance with Section 4.2.

Major Dispute shall have the meaning given to that term in Paragraph (b)(iii) of Article 33 hereof.

Major Dispute means the failure of the Members or the Executive Committee to agree upon or approve any Major Decision, other than those Major Decisions identified in the immediately following sentence, which failure to agree has continued for a period of thirty (30) days after written notice thereof (the "Major Dispute Notice") has been given by a Member to the other Member(s). The failure of the Executive Committee to approve a Preliminary Presentation or a Final Presentation, including a Project Acquisition Budget, for a Target, or any amendment, modification or change to either of them, or the failure of the Executive Committee to agree whether a Target conforms to the Approved Investment Parameters, is not a Major Dispute. In order to be effective, any Major Dispute Notice must contain a description of the Major Decision which the Members or the Executive Committee has been unable to agree and must contain the following language typed in BOLD PRINT on the face of the Major Dispute Notice: THIS NOTICE IS GIVEN PURSUANT TO THE LIMITED LIABILITY COMPANY AGREEMENT OF STORAGE ACQUISITION PORTFOLIO, L.L.C. (THE "AGREEMENT") IN ORDER TO ADVISE A MEMBER THAT A MAJOR DISPUTE WILL EXIST UNDER THE AGREEMENT UNLESS THE MEMBERS ARE ABLE TO AGREE WITHIN THIRTY (30) DAYS WITH RESPECT TO THE MATTER OR MATTERS SET FORTH IN THIS NOTICE.

Major Dispute. As defined in Section 6.15.

Major Dispute has the meaning ascribed thereto in each Venture Agreement.

Major Dispute means any disagreement of the Members in respect of a Major Decision for the Venture, as set forth in Section 6.3(a)(vi) through (xviii), (xx) and (xxi) hereof.

Major Dispute has the meaning given to that term in Section 12.4 (ii). “Minor Dispute” has the meaning given to that term in section 12.4(ii). “Movable Property” means the vehicles, furniture, maintenance equipment, computers and other similar items owned by MWSS just prior to the Commencement Date related to the Service Are, and any items allocated to the Concessionaire by MWSS prior to bidding on the Concession from the shared facilities with the Other Operator, as such property shall be designated by MWSS in the document captioned “General Administration Equipment, Physical Inventory,” undated, distributed December 2, 1996.