Material Renovation definition

Material Renovation means any renovation of an Unencumbered Asset the completion of which causes 25% or more of the rooms located in such Asset to be unavailable for use for a period of forty-five (45) consecutive days or longer.
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Material Renovation means any renovation of an Unencumbered Asset the completion of which causes 25% or more of the rooms located in such Asset to be unavailable for use for a period of forty-five (45) consecutive days or longer. “Moody’s” means Xxxxx’x Investors Service, Inc. and any successor thereto. “Multiemployer Plan” means a multiemployer plan, as defined in Section 4001(a)(3) of ERISA, to which any Loan Party or any ERISA Affiliate is making or accruing an obligation to make
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Material Renovation means any renovation of the Lounge the completion of which causes 20% or more of the available seats located in the Lounge to be unavailable for use for a period of forty-five (45) consecutive days or longer.
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Examples of Material Renovation in a sentence

  • Hotel Properties that are open for business, have at least one (1) full year of operating history, and are not subject to a Material Renovation.

  • In the same year, the State Office of Wall Material Renovation of the National Development and Reform Commission identified the first 170 cities expected to limit the use of solid clay bricks to certain targets by 2003.• In 2004, the Government mentioned for the first time the controlled use of solid clay bricks in small towns and rural areas.

  • The DCPAF shall have the right to repair, renovate, and/or improve the Center Buildings and the Center without the approval thereof by the City unless such repair, renovations and/or improvements would constitute a Material Renovation.

  • Upon completion of construction on Material Renovation, the DCPAF shall furnish the City with a certificate of substantial completion executed by the architect or other supervising party for the project, and a complete set of as-built plans for the improvements.

  • If the work constitutes a Material Renovation, the DCPAF shall submit the proposed plans and specifications, proposed contractor(s), and the construction schedule to the Director for advance written approval (which approval shall not be unreasonably withheld or delayed).

  • The $100,000.00 amount shall be adjusted throughout the term in accordance with the formula set forth in Article 9 applicable to the Material Renovation Amount.

  • For purposes hereof, a "Material Renovation" shall mean a renovation, or a series of relatedrenovations, which costs more than $100,000.00 or alters the structural integrity, capacity, or fundamental character or appearance of the Center Buildings.

  • The Material Renovation Amount or “MRA” shall be subject to adjustment on January 1 of each year in accordance with changes in the Index.


More Definitions of Material Renovation

Material Renovation means any capital improvement project for the Stadium if the Person who undertakes such capital improvement expects the hard costs of such capital improvement to exceed the Material Renovation Amount.
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Material Renovation means any renovation of a Borrowing Base Asset the completion of which causes twenty-five percent (25%) or more of (a) in the case of a Hotel Asset, the rooms located in such Asset and (b) in the case of a Parking Asset, parking spaces located in such Asset, to be unavailable for use for a period of forty-five (45) consecutive days or longer.
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Material Renovation means any renovation of an Unencumbered Asset the completion of which causes 25% or more of the rooms located in such Asset to be unavailable for use for a period of forty-five (45) consecutive days or longer. “Minimum Collateral Amount” means, at any time, (i) with respect to collateral consisting of cash or deposit account balances posted or to be posted under Section 9.10, an amount equal to 105% of the Fronting Exposure of all Issuing Banks with respect to Letters of Credit issued and outstanding at such time and (ii) otherwise, an amount determined by the Administrative Agent and the Issuing Banks in their sole discretion. “Moody’s” means Xxxxx’x Investors Service, Inc. and any successor thereto. “Multiemployer Plan” means a multiemployer plan, as defined in Section 4001(a)(3) of ERISA, to which any Loan Party or any ERISA Affiliate is making or accruing an obligation to make contributions, or has within any of the preceding five plan years made or accrued an obligation to make contributions. “Multiple Employer Plan” means a single employer plan, as defined in Section 4001(a)(15) of ERISA, that (a) is maintained for employees of any Loan Party or any ERISA Affiliate and at least one Person other than the Loan Parties and the ERISA Affiliates or (b) was so maintained and in respect of which any Loan Party or any ERISA Affiliate could have liability under Section 4064 or 4069 of ERISA in the event such plan has been or were to be terminated. “Negative Pledge” means, with respect to any asset, any provision of a document, instrument or agreement (other than pursuant to the Loan Documents, the 2018 Term Loan Facility, the Summit JV MR 1 Facility and the Summit SubJV Facility) which prohibits or purports to prohibit the creation or assumption of any Lien on such asset as security for Indebtedness of the Person owning such asset or any other Person; provided, however, that (a) an agreement that conditions a Person’s ability to encumber its assets upon the maintenance of one or more specified ratios that limit such Person’s ability to encumber its assets but that do not generally prohibit the encumbrance of its assets, or the encumbrance of specific assets, shall not constitute a Negative Pledge, and (b) a provision in any agreement governing unsecured Indebtedness generally prohibiting the encumbrance of assets shall not constitute a Negative Pledge so long as such provision is generally consistent with a comparable provision of the Loan Documents.
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Related to Material Renovation

  • Renovation means rehabilitation that involves costs of 75 percent or less of the value of the building before rehabilitation.

  • Tenant Work All work installed or furnished to the Premises by Tenant in connection with Tenant’s initial occupancy pursuant to Rider 2 and the Workletter.

  • Major renovation means the renovation of a building where:

  • Material Alteration means any alteration affecting structural elements of the Improvements, utility or HVAC system contained in any Improvements or the exterior of any Property, the cost of which exceeds the Alteration Threshold; provided, however, that in no event shall (i) any Required Repairs, (ii) any tenant improvement work performed pursuant to any Lease existing on the date hereof or entered into hereafter in accordance with the provisions of this Agreement, or (iii) alterations performed as part of a Restoration, constitute a Material Alteration.

  • Residential rental property means property that is used solely as leased or rented property for residential purposes. If the property is a space rental mobile home park, residential rental property includes the rental space that is leased or rented by the owner of that rental space but does not include the mobile home or recreational vehicle that serves as the actual dwelling if the dwelling is owned and occupied by the tenant of the rental space and not by the owner of the rental space.

  • demolition work means a method to dismantle, wreck, break, pull down or knock down of a structure or part thereof by way of manual labour, machinery, or the use of explosives;

  • aerial work means an aircraft operation in which an aircraft is used for specialised services such as agriculture, construction, photography, surveying, observation and patrol, search and rescue, and aerial advertisement;

  • Building Work has the meaning given to it in section 6 of the Building and Construction Industry (Improving Productivity) Act 2016 (Cth).

  • Demolition means the wrecking or taking out of any load-supporting structural member of a facility together with any related handling operations or the intentional burning of any facility.

  • Project means the goods or Services described in the Signature Document or a Work Order of this Contract.

  • Landlord’s Work means the work of constructing the Tenant Improvements.

  • this Tenant Work Letter means the relevant portion of Sections 1 through 6 of this Tenant Work Letter.

  • Tenant Lease means any lease entered into by the Borrower, any Loan Party or any Subsidiary with respect to any portion of a Property.

  • Subleased Premises means such portions of the Leased Premises being particularly identified on Schedule B, which the parties agree, for the purposes of this Sublease and any square footage calculations pursuant hereto, is approximately 42,244 square feet of office (21,068 square feet on the third floor and 21,176 square feet on the seventh floor) and approximately 9.4312% of common space (building rentable area is 447,917 square feet).

  • Building means any structure used or intended for supporting or sheltering any use or occupancy;

  • Tenant Improvements Defined in Exhibit B, if any.

  • Tenant Improvement Work means the construction of the Tenant Improvements, together with any related work (including demolition) that is necessary to construct the Tenant Improvements.

  • Common Area means all real property owned by the Association for the common use and enjoyment of the Owners.

  • Building Project means the aggregate combined parcel of land on a portion of which are the improvements of which the Premises form a part, with all the improvements thereon, said improvements being a part of the block and lot for tax purposes which are applicable to the aforesaid land.

  • Leased Premises means the Leased Premises as defined in Paragraph 1.

  • Substantial alteration means an alteration that has a major impact on the architectural features, characteristics, appearance, or integrity of a structure or lot. The term does not include routine maintenance that is reasonably necessary to maintain a dealership facility in attractive condition and does not include any changes to items protected by federal intellectual property rights.

  • Usable space means the areas that are available at all times for use by children in an early learning program and meets licensing requirements.

  • Project Work means the work required to complete the Project.

  • Building Common Areas means with respect to the Tower, the areas, facilities and amenities specified in Schedule [E] which are to be used and enjoyed in common with all the other Apartment Acquirers of the Units in the Building; and

  • Tenant Delay means an actual delay in the occurrence of the Substantial Completion Date or the Final Completion Date with respect to Landlord’s Work as the result of: (1) any unreasonable delay by Tenant in approving the Plans; (2) any request by Tenant that Landlord delay the commencement or completion of Landlord’s Work for any reason; (3) any request by Tenant to change the Plans after initial approval thereof by Tenant, or the making of any changes to Landlord’s Work requested by Tenant and agreed to by Landlord after initial approval of the Plans by Tenant; (4) any failure by Tenant to respond in writing within seven (7) business days after any written request by Landlord for clarification or interpretation of the Plans or for approval of changes in the Plans deemed necessary by Landlord; or (5) any other act or omission of Tenant or its officers, agents, employees or contractors; Notwithstanding the foregoing, no event shall be deemed to be a Tenant Delay until and unless Landlord has given Tenant written notice (the “Tenant Delay Notice”) advising Tenant (i) that a Tenant Delay is occurring, (ii) of the basis on which Landlord has determined that a Tenant Delay is occurring, and (iii) the actions which Landlord believes that Tenant must take to eliminate such Tenant Delay, and Tenant has failed to correct the Tenant Delay specified in the Tenant Delay Notice within forty-eight (48) hours following receipt thereof. No period of time prior to expiration of such 48-hour period shall be included in the period of time charged to Tenant pursuant to such Tenant Delay Notice if Tenant corrects the Tenant Delay specified in the Tenant Delay Notice within such 48-hour period.

  • the Premises means the building or part of the building booked and referred to in the contract

Most Referenced Clauses

Most Referenced Definitions