Major Taking definition

Major Taking has the meaning ascribed to such term in paragraph 10 of this Agreement.
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Major Taking means any condemnation or other taking by eminent domain, or conveyance in lieu thereof, of a portion of the Property for which a claim for payment of an award for such taking and for damages in connection therewith exceeds the lesser of (x) $50,000.00 or (y) twenty-five percent (25%) of the outstanding principal balance of the Note. The foregoing provisions providing for the application of Condemnation Proceeds to the sums secured by the Instrument are agreed to be necessary to prevent an impairment of Lender’s security resulting from such taking. In the event, however, that any provision hereof providing for the application of any Condemnation Proceeds to the indebtedness secured by the Instrument is held to be unenforceable, in whole or in part, then all Condemnation Proceeds not payable to Lender for immediate application to the sums secured by the Instrument as the result of such invalidity, shall be applied by Borrower to the restoration of the Property for use of the Property as contemplated by this Agreement with the balance thereof, if any, being deposited with Lender as additional amounts due under paragraph 3 hereof, which balance shall be held and applied as provided for therein. Unless Borrower and Lender otherwise agree in writing, any application of proceeds to principal shall not extend or postpone the due date of the monthly installments referred to in paragraphs 1 and 3 hereof or change the amount of such installments. Such application of proceeds to principal shall be without penalty or premium Borrower agrees to execute such further evidence of assignment of any awards, proceeds, damages or claims arising in connection with such condemnation or taking as Lender may require.
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Major Taking means a taking that : (a) renders more than 50% of the Premises untenantable or (b) eliminates a sufficient number of parking spaces at the Premises such that (1) the loss of parking renders Tenant's operations at the Premises legally prohibited, (2) replacement parking that would render Tenant's operations at the Premises legally permitted cannot be supplied, and (3) despite its reasonable efforts, Tenant is unable to obtain a waiver or approval from the appropriate governmental authority that would render Tenant's operations at the Premises legally permitted.
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Examples of Major Taking in a sentence

  • The proceeds of any award, payment or claim for damages, direct or consequential, in connection with any Major Taking, whether direct or indirect, of the Property, or part thereof, or for conveyances in lieu of condemnation (“Condemnation Proceeds”), are hereby assigned to and shall be paid to Lender subject to the rights of Landlord under the Lease.

  • If Tenant determines in good faith that the remaining portion does not feasibly permit the economic continuation of the operation of the Property by Tenant for its intended purpose (in which case the taking shall be deemed a "Major Taking"), Tenant shall have the right to terminate this Lease within forty-five (45) days after the full extent of such intended condemnation is ascertained and fixed.

  • If any part of the Leased Premises or the Joint Use Areas shall be taken in an expropriation proceeding other than a Major Taking (“Minor Taking”), then this Lease shall, upon vesting of title in the Minor Taking, terminate as to the parts so taken, and Tenant shall have no claim or interest in the award, damages, consequential damages and compensation, or any part thereof other than for Tenant’s Recoverable Damages.

  • If the parties cannot agree upon whether a Taking is a Major Taking, the disagreement shall be an Arbitration Event and shall be resolved in accordance with the provisions of Section 20.4.

  • In the event of any termination of this Agreement as a result of any such Major Taking or Minor Taking, Lessee shall pay to Landowner all Rent and all additional Rent and other charges payable hereunder, justly apportioned to the date of such termination.

  • For purposes of this paragraph, "Major Taking" shall mean actual condemnation or receipt by Seller of a notice of taking relating to all or a portion of the Property resulting in a diminution in the fair market value of the Property of more than $1,000,000.00 (as reasonably determined by Seller).

  • If any Condemnation Proceeding would not constitute a Major Taking, neither Buyer nor Seller shall have any right to terminate this Agreement, Buyer and Seller shall be obligated to close the purchase and sale contemplated hereby as scheduled less the portion of the Land and/or the Improvements so taken or subject to the Condemnation Proceeding without adjustment of the Purchase Price, and Seller shall pay to Buyer at Closing any award paid to Seller prior Closing on account of the Condemnation Proceeding.

  • In the event of any termination of this Lease as a result of any such Major Taking or Minor Taking, Tenant shall pay to Landlord all Rent and all additional Rent and other charges payable hereunder, justly apportioned to the date of such termination; provided, however, there shall be no apportionment or abatement of Base Rent or the Operating Expense Subsidy during the initial Term for any reason.

  • If any part of the Leased Premises or Joint Use Areas shall be taken in an expropriation proceeding other than a Major Taking (“Minor Taking”), then this Lease shall, upon vesting of title in the Minor Taking, terminate as to the parts so taken, and Tenant shall have no claim or interest in the award, damages, consequential damages and compensation, or any part thereof other than for Tenant’s Recoverable Damages.

  • In the event of a Major Taking, this Lease shall, at the option of the Landlord, exercisable by written notice to Tenant given within ninety (90) days after Tenant’s receipt of the Notice of Taking, be terminated as of a date specified in such notice (which shall not be more than sixty (60) days thereafter) and the Rent and Additional Rent (taking into account any abatement as aforesaid) shall be adjusted proportionately as of the date of termination and Tenant shall thereupon promptly vacate the Premises.


More Definitions of Major Taking

Major Taking has the meaning ascribed to such term in Section 11.2.
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Major Taking is a Taking involving so much of a Property that after the Taking the potential occupancy of any Improvements situated thereon in accordance with applicable Legal Requirements is reduced by more than fifteen percent (15%) of such potential occupancy prior to the commencement of the Taking or in case of Undeveloped Land is involved it renders more than fifteen percent (15%) of the applicable Parcel of Undeveloped Land commercially unusable. If there is a Major Taking, the same shall be an Adjustment Event and the parties rights and obligations shall be governed by the provisions of Section 20.3. In the event of a Taking or, if as a result of the process set forth in Section 20.3 relating to a Major Taking, Purchaser is entitled to the condemnation proceeds, Seller will: (i) execute such documents as Purchaser may reasonably request to evidence the assignment of condemnation proceeds to Purchaser, (ii) cooperate with Purchaser in any proceeding relating to the Taking or Major Taking, and (iii) notify Purchaser of all actions relating to the Taking promptly following its receipt of information regarding same, and (iv) upon and following Closing, deliver to Purchaser any proceeds received by Seller (whether before or after Closing). If the parties cannot agree upon whether a Taking is a Major Taking, the disagreement shall be an Arbitration Event and shall be resolved in accordance with the provisions of Section 20.4.
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Major Taking shall be as defined in Section 16.2(a) --------------- hereof.
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Major Taking means any Condemnation (x) if any material portion of the Improvements are taken or (y) if any portion of the Land is taken which would (i) materially and adversely affect access (other than on a temporary basis provided that reasonable alternative access is provided) to the Improvements or (ii) result in the Property being permanently unable to be operated in a manner consistent in all material respects with the manner in which it is currently being operated or (z) otherwise render the Property permanently non-compliant with any applicable law, ordinance or regulation pertaining to its operation including, without limitation, the taking of any parking necessary to comply with current zoning requirements.
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Major Taking. Section 7.3(f) "mortgage": Section 9.1 "mortgagee": Section 9.1 "Net Award" Section 7.3(d) "Outside Restoration Date" Section 7.2(b) "Parlex" Section 5.15 "Permitted Exceptions" Exhibit C "Permitted Transfer" Section 6.1 "Property Condition Notice" Section 5.3(b) "Property Condition Report" Section 5.3(b) "reletting expenses" Section 8.2.1 "rent" Section 3.2 "Special Notice Provisions" Section 6.4(b) "Taking Termination Date" Section 7.3(f) "Taxes and Impositions": Section 5.5 "Tenant Notice" Section 5.3(b) "Tenant Property": Section 5.9 "Tenant Work": Section 5.1.1 "Tenant's Architect": Section 5.1.2 "Tenant's Contractor": Section 5.1.3
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Related to Major Taking

  • Material Taking shall have the meaning set forth in Section 6.4.

  • Major Transaction means and shall be deemed to have occurred at such time upon any of the following events:

  • Total Taking means the Taking of the fee title to all the Premises and the Improvements on the Premises, which shall be considered to include any offsite improvements effected by Tenant to serve the Premises or the improvements or the parking on the Premises.

  • Date of Taking means the date the Condemnor has the right to possession of the property being condemned.

  • Major Event means an event which is likely to pose a serious risk to public health in relation to medicinal products in more than one Member States. Such an event concerns a deadly threat or otherwise serious threat to health of biological, chemical, environmental or other origin or incident that can affect the supply or quality, safety, and efficacy of medicinal products. Such an event may lead to shortages of medicinal products in more than one Member State and necessitates urgent coordination at Union level in order to ensure a high level of human health protection.

  • Price Failure means, with respect to a particular date of determination, the VWAP of the Common Stock on any Trading Day during the seven (7) Trading Day period ending on the Trading Day immediately preceding such date of determination fails to exceed the Floor Price (as adjusted for stock splits, stock dividends, stock combinations, recapitalizations or other similar transactions occurring after the date hereof). All such determinations to be appropriately adjusted for any stock splits, stock dividends, stock combinations, recapitalizations or other similar transactions during any such measuring period.

  • Major Change means any event or proposed modification that, in the opinion of the Fund, will involve a major change in, or a restructuring of, a Funded Activity’s scope, structure, design or objectives, including a reallocation of GCF Proceeds beyond the threshold set out in the relevant FAA affecting the Funded Activity’s scope or objectives, or any other change that substantially alters the purpose or benefit of the Funded Activity, in each case, as may be described in detail in the relevant FAA;

  • Exercise Event shall have the meaning ascribed to such term in Section 2(c).

  • Substantial Taking means a Taking of at least 15% of the Land or Improvements which, in Lessee’s and Lessor’s reasonable judgment, will materially and adversely interfere with any development or use of the Premises that Lessee is then conducting or intends in good faith to conduct in the future.

  • Control Transaction means any of the following transactions or any combination thereof:

  • Major Trading Area or "MTA" means Major Trading Area as defined by the FCC in 47 C.F.R. Part 24.202.

  • Terminating Event means any of the following events:

  • Regulatory Event means, following the occurrence of a Change in Law (as defined below) with respect to the Issuer and/or Société Générale as Guarantor or in any other capacity (including without limitation as hedging counterparty of the Issuer, market maker of the Certificates or direct or indirect shareholder or sponsor of the Issuer) or any of its affiliates involved in the issuer of the Certificates (hereafter the “Relevant Affiliates” and each of the Issuer, Société Générale and the Relevant Affiliates, a “Relevant Entity”) that, after the Certificates have been issued, (i) any Relevant Entity would incur a materially increased (as compared with circumstances existing prior to such event) amount of tax, duty, liability, penalty, expense, fee, cost or regulatory capital charge however defined or collateral requirements for performing its obligations under the Certificates or hedging the Issuer’s obligations under the Certificates, including, without limitation, due to clearing requirements of, or the absence of, clearing of the transactions entered into in connection with the issue of, or hedging the Issuer’s obligation under, the Certificates, (ii) it is or will become for any Relevant Entity impracticable, impossible (in each case, after using commercially reasonable efforts), unlawful, illegal or otherwise prohibited or contrary, in whole or in part, under any law, regulation, rule, judgement, order or directive of any governmental, administrative or judicial authority, or power, applicable to such Relevant Entity (a) to hold, acquire, issue, reissue, substitute, maintain, settle, or as the case may be, guarantee, the Certificates, (b) to acquire, hold, sponsor or dispose of any asset(s) (or any interest thereof) of any other transaction(s) such Relevant Entity may use in connection with the issue of the Certificates or to hedge the Issuer’s obligations under the Certificates,(c) to perform obligations in connection with, the Certificates or any contractual arrangement entered into between the Issuer and Société Générale or any Relevant Affiliate (including without limitation to hedge the Issuer’s obligations under the Certificates) or (d) to hold, acquire, maintain, increase, substitute or redeem all or a substantial part of its direct or indirect shareholding in the Issuer’s capital or the capital of any Relevant Affiliate or to directly or indirectly sponsor the Issuer or any Relevant Affiliate, or (iii) there is or may be a material adverse effect on a Relevant Entity in connection with the issue of the Certificates.

  • Barrier Event means that R (final) is lower than the Barrier.

  • Partial Taking means the taking of only a portion of the Premises which does not constitute a Total Taking; (4) "Date of Taking" means the date upon which the title to the Premises, or a portion thereof, passes to and vests in the condemnor or the effective date of any order for possession if issued prior to the date title vests in the condemnor; and (5) "Award" means the amount of any award made, consideration paid, or damages ordered as a result of a Taking.

  • Corporate Event shall have the meaning specified in Section 14.01(b)(iii).

  • Notice Event means any of the events enumerated in paragraph (b)(5)(i)(C) of the Rule and listed in Section 4(a) of this Disclosure Agreement.

  • Company Triggering Event shall be deemed to have occurred if: (a) the Company shall have made a Company Board Adverse Recommendation Change; (b) the Company Board or any committee thereof shall have publicly approved, endorsed or recommended any Acquisition Proposal; or (c) the Company shall have entered into any letter of intent or similar document relating to any Acquisition Proposal in violation of the terms of the Agreement.

  • Conversion Event means the cessation of use of (i) a Foreign Currency both by the government of the country or the confederation which issued such Foreign Currency and for the settlement of transactions by a central bank or other public institutions of or within the international banking community or (ii) any currency unit or composite currency for the purposes for which it was established.

  • Major Work means any Work to Construct or Maintain the Distribution System that costs more than One Hundred Thousand ($100,000.00) Dollars;

  • Triggering Event means any Section 11(a)(ii) Event or any Section 13 Event.

  • Current Price means, with respect to any Reference Obligation on any date of determination, the Calculation Agent’s determination of the net cash proceeds that would be received from the sale on such date of determination of such Reference Obligation, net of the related Costs of Assignment. If Counterparty disputes the Calculation Agent’s determination of the Current Price of any Reference Obligation, then Counterparty may, no later than two hours after Counterparty is given notice of such determination, (a) designate up to two entities, each of which shall be either (i) an Approved Buyer or (ii) a Dealer of credit standing acceptable to Citibank in the exercise of its reasonable discretion and (b) provide to Citibank within such two-hour period with respect to each such Approved Buyer or Dealer a Firm Bid with respect to the entire Reference Amount of the Reference Obligation. The higher of such two Firm Bids will be the Current Price. The “Current Price” shall be expressed as a percentage of par and will be determined exclusive of accrued interest.

  • Delay Event means any event set out at Clause 5.19.4 [Delay Events].

  • Approved Transaction means any transaction in which the Board (or, if approval of the Board is not required as a matter of law, the stockholders of the Company) shall approve (i) any consolidation or merger of the Company, or binding share exchange, pursuant to which shares of Common Stock of the Company would be changed or converted into or exchanged for cash, securities, or other property, other than any such transaction in which the common stockholders of the Company immediately prior to such transaction have the same proportionate ownership of the Common Stock of, and voting power with respect to, the surviving corporation immediately after such transaction, (ii) any merger, consolidation or binding share exchange to which the Company is a party as a result of which the Persons who are common stockholders of the Company immediately prior thereto have less than a majority of the combined voting power of the outstanding capital stock of the Company ordinarily (and apart from the rights accruing under special circumstances) having the right to vote in the election of directors immediately following such merger, consolidation or binding share exchange, (iii) the adoption of any plan or proposal for the liquidation or dissolution of the Company, or (iv) any sale, lease, exchange or other transfer (in one transaction or a series of related transactions) of all, or substantially all, of the assets of the Company.

  • Company Sale a sale, conveyance or other disposition of the Company, whether by merger, consolidation, sale of all or substantially all of the Company’s assets or sale of capital stock, including any issuance or transfer of Capital Stock of the Company to any Person.