Material Portion definition

Material Portion has the meaning set forth in Section 6.13(c).

Material Portion means any portion of the Real Property that has a "fair market value" exceeding 10% of the Purchase Price of the Real Property.

Material Portion shall have the same meaning with respect to a casualty as that set forth in Section 12.1 with respect to a Taking.

Examples of Material Portion in a sentence

• If a Material Portion of the Property of the Borrower and Guarantors (taken as a whole) is leased, sold or disposed of in violation of this Section 6.13, the Borrower shall within three (3) Business Days after the date of such lease, sale or disposition pay to Administrative Agent for the benefit of Lenders at the time of such lease, sale or disposal, all amounts (if any) owed by the Borrower pursuant to Section 2.2, taking into account the effect of such lease, sale or disposal.

• If a Material Portion of the Property of the Borrower and Guarantors (taken as a whole) is leased, sold or disposed of in violation of this Section 6.13, the Borrower shall pay to Administrative Agent for the benefit of Lenders at the time of such lease, sale or disposal, all amounts owed by the Borrower pursuant to Section 2.2, taking into account the effect of such lease, sale or disposal.

• In the event of a casualty loss involving less that a Material Portion of the Property, Buyer’s sole and exclusive remedy shall be as described in clause (ii) above.

• If, prior to the Closing, Seller receives notice that all or a Material Portion (as hereinafter defined) of the Property is to be condemned, Seller shall as soon as is reasonably possible give Buyer notice thereof (a “Condemnation Notice”)and Buyer shall have the right to terminate this Agreement upon written notice delivered within ten (10) days after Buyer’s receipt of a Condemnation Notice (which notice must contain the amount of compensation offered for such condemnation).

• CBL/OP shall not have terminated this Agreement by reason of the condemnation of a Material Portion of the Property in accordance with Section 11.1 below and CBL/OP shall not have terminated this Agreement by reason of Material Damage to the Real Property in accordance with Section 11.3 below.

More Definitions of Material Portion

Material Portion means a taking of the Property which, as a result of the taking, in Hersha Owner’s reasonable estimation as reviewed and confirmed in good faith by Owner JV, will result in a decrease in value of the Property equal to or exceeding ten percent (10%) of the Purchase Price.

Material Portion as used in the preceding sentence shall mean a Taking of: (a) at least one-third (ILLEGIBLE) of the Premises; or (b) the Building or any part thereof; or (c) shall result in cutting off direct access to and from the Premises to any adjacent public street or highway; or (d) such portion of the Premises as shall otherwise substantially alter Tenant's ability to use the same in the manner used by Tenant immediately prior to the Taking. Notwithstanding the termination of this Lease, both Landlord and Tenant shall have the right to prosecute their claims for an award and/or to share in the proceeds of any award based upon their respective interests. If the interests of Landlord and Tenant are both compensated in a single award, then Tenant shall be entitled to that portion of the award necessary to compensate it for its leasehold improvements and moving expenses and Landlord shall be entitled to the remainder of the award.

Material Portion means the amount of property or other assets owned, leased or operated by the Borrower and its Subsidiaries which represents more than 10% of the consolidated assets of the Borrower and its Subsidiaries as would be shown in the most recent publicly filed consolidated financial statements of the Borrower and its Subsidiaries.

Material Portion means a portion equal to or greater than 5% of the Collateral by value or number of Properties affected.

Material Portion. As defined in Section 22.3.

Material Portion means, with respect to the Property of the Borrower and Guarantors (taken as a whole), Property which represents more than 20% of the book value of all assets of the Borrower and Guarantors (taken as a whole). If a Material Portion of the Property of the Borrower and Guarantors (taken as a whole) is leased, sold or disposed of in violation of this Section 6.14, the Borrower shall pay to Administrative Agent for the benefit of Lenders at the time of such lease, sale or disposal, all amounts owed by the Borrower pursuant to Section 2.2, taking into account the effect of such lease, sale or disposal. Notwithstanding anything else that could be construed to the contrary in this Section 6.14, the provisions of this Section 6.14 do not govern the circumstances under which Liens may be granted, created or otherwise permitted to exist (which shall be governed by Section 6.16) nor shall this Section 6.14 govern the circumstances under which Investments or Restricted Payments may be made (which shall be governed by Section 6.15 and 6.19, respectively).

Material Portion. More than 40% of the gross floor area of casino space (but not any hotel, convention or other space that is not casino space) of any Facility; provided, however, with respect to any Facility that is not located in Las Vegas, Nevada and the Excalibur Hotel and Casino, Tenant may sublease or enter into management agreements covering more than 40% of the gross floor area of the casino space of any such Facility without Landlord’s consent as would not reasonably be expected to result in a material adverse effect on the applicable Facility.