Permitted Closures definition

Permitted Closures means temporary closure of any Public Access Area or any part thereof in the following circumstances:
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Permitted Closures means the cessation of business (i) for fixturing, remodeling, repairing or refurbishing the Premises (not to exceed thirty (30) days at any one time), or (ii) during any period of Force Majeure. Notwithstanding anything to the contrary in the foregoing, Tenant may elect to not operate in the Premises during the following periods: (i) the week between Christmas and New Years, and (ii) during the Thanksgiving week.
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Permitted Closures which as used in this Lease shall mean (closures for reasonable periods of time for remodeling as permitted under this Lease (not to exceed any twelve (12) month period after the Commencement Date and during the Initial Term and any Option Period, closures due to rebuilding and repair after casualty or condemnation, closures for national holidays in Tenant’s discretion, and closures due to Force Majeure (as defined in Section 33.4 below) which prevents the operation of the business in the Premises), if after Tenant or its subtenant initially opens for business to the public from the Premises, and Tenant or its subtenant thereafter fails to remain open for business in any portion of the Premises for a period of thirty (30) or more consecutive months, then Tenant shall not be in default under any provision of this Lease as a result thereof, but Landlord shall none-the-less have the right to terminate the Lease upon thirty (30) days prior written notice to Tenant if both of the following do not occur: (i) Tenant or a subtenant does not re-open prior to the expiration of such thirty (30)-day period, and (ii) Landlord does not enter into a new sublease with a subtenant to operate in the Premises for the Permitted Use prior to the expiration of such thirty (30)-day period. If Landlord terminates the Lease pursuant to this provision, each party shall be released and relieved form all further liability hereunder except for their respective indemnity obligations accruing prior to the effective date of termination pursuant to Sections 7.5 and 7.6.
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Examples of Permitted Closures in a sentence

  • Subject to Permitted Closures or Permitted Relocations (including any Strategic Immaterial Lease Defaults arising thereunder), Borrowers shall within twenty (20) days prior to the expiration of the current term of any Franchise Agreement or Lease, exercise any option or procure other extension right necessary to cause the term of such Franchise Agreement or Lease (including renewal options) to extend to a date at least one (1) year beyond the Term Loan Maturity Date.

  • The Pier Open Space shall not be closed to the general public, except (i) to the extent required due to Permitted Closures, (ii) for Ancillary Uses at such times that the entire Museum is closed pursuant to Section 8.01(b), and/or (iii) as and to the extent set forth in Section 8.01(e) or 8.01(f) or as otherwise provided in this Lease.


More Definitions of Permitted Closures

Permitted Closures means the closure of any Restaurant, in each case subject to and conditioned upon the satisfaction of the following conditions precedent: (i) Borrowers shall notify Administrative Agent at least 30 days prior to the proposed closing of such Restaurant; (ii) all Collateral removed by Borrower from such Restaurant in connection with the Permitted Closure will continue to constitute Collateral securing the Obligations under the Loan Documents; (iii) except for a Strategic Immaterial Lease Default, the closure of such Restaurant shall not otherwise result in a Default or an Event of Default under the Loan Documents, including, without limitation, the financial covenants set forth in Section 7.11, calculated on a pro forma basis as of the most recently ended Fiscal Quarter and assuming the closure of such Restaurant; (iv) Borrowers shall have delivered to Administrative Agent evidence, in form and substance acceptable to Administrative Agent, that the aggregate amount of the Consolidated EBITDA for all Restaurants that have been the subject of a Permitted Closure (including such Restaurant), calculated in accordance with the definition of Consolidated EBITDA but solely based upon the operations and liabilities related to each such Restaurant for the period of the four (4) prior Fiscal Quarters ending as of the most recently ended Fiscal Quarter prior to such closure, is no greater than $1,000,000; (v) with respect to a Wendy’s Restaurant, Franchisor shall have consented to the closure of such Restaurant, and Borrowers shall have provided evidence to Administrative Agent that all liabilities and obligations of Borrowers under the Franchise Agreement for such Restaurant shall have been satisfied, paid and performed and Borrowers have no continuing liability thereunder (other than unmatured indemnification obligations that, by the terms of such Franchise Agreement, survive the expiration or termination thereof); (vi) with respect to the Lease for such Restaurant, as applicable, either (x) the Lease shall have terminated or expired by its terms, and Borrowers shall have provided evidence to Administrative Agent that all liabilities and obligations of Borrowers under the Lease for such Restaurant shall have been satisfied, paid and performed and Borrowers have no continuing liability thereunder (other than unmatured indemnification obligations that, by the terms of such Lease, survive the expiration or termination thereof), (y) Borrower shall have sublet such Restau...
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Permitted Closures means temporary closure of any area of the Publicly Accessible Active Lobby (or part thereof) in the following circumstances:-
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Permitted Closures means temporary closure of any Public Access Area or any part thereof in each case subject to the conditions prescribed by paragraphs 11.26 to 11.30 of Schedule I in the following circumstances: (a) with the prior approval of the Council where the Council is satisfied that such temporary closure is necessary in the interests of public safety or is required for the purposes of essential maintenance repair cleansing renewal or resurfacing works within the Public Access Area in question or for any other reasonable and proper purpose; (b) with the prior approval of the Council where the Council is satisfied that such temporary closure is necessary for the purposes of carrying out works of construction (including development or redevelopment or for the placing or replacing of underground services) on the Site or adjoining land; (c) temporary closure in the case of emergency where such closure is necessary in the interests of public safety or otherwise for reasons of public safety; and (d) closure for a maximum of one day per year to assert rights of proprietorship preventing public rights from coming into being by means of prescription or other process of law;
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Permitted Closures shall have the meaning set forth in Section 9.4.
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Related to Permitted Closures

  • permitted client means any of the following:

  • Permitted Facility means a facility authorized by the general permit to discharge total nitrogen or

  • Permitted Real Property Encumbrances means (i) those liens, encumbrances and other matters affecting title to any Mortgaged Property listed in the applicable title policy in respect thereof (or any update thereto) and found, on the date of delivery of such title policy to the Administrative Agent in accordance with the terms hereof, reasonably acceptable by the Administrative Agent, (ii) as to any particular real property at any time, such easements, encroachments, covenants, restrictions, rights of way, minor defects, irregularities or encumbrances on title which do not, in the reasonable opinion of the Administrative Agent, materially impair such real property for the purpose for which it is held by the mortgagor or owner, as the case may be, thereof, or the Lien held by the Administrative Agent, (iii) municipal and zoning laws, regulations, codes and ordinances, which are not violated in any material respect by the existing improvements and the present use made by the mortgagor or owner, as the case may be, of such real property, (iv) general real estate taxes and assessments not yet delinquent, and (v) such other items as the Administrative Agent may consent to.

  • Permitted Asset Sale means any Asset Sale that is permitted under Section 6.8.

  • Permitted Asset Dispositions means the following Asset Dispositions, provided, however, that at the time of such Asset Disposition, no Default or Event of Default exists or would result from such Asset Disposition:

  • Permitted Assets means any and all properties or assets that are used or useful in a Permitted Business (including Capital Stock in a Person that is a Restricted Subsidiary and Capital Stock in a Person whose primary business is a Permitted Business that shall become a Restricted Subsidiary immediately upon the acquisition of such Capital Stock by the Issuer or by a Restricted Subsidiary, but excluding any other securities).

  • Permitted Existing Investments means the Investments of the Borrower and its Subsidiaries identified as such on Schedule 1.1.2 to this Agreement.

  • Permitted Title Exceptions means those exceptions to title to the Real Property that are satisfactory to the Acquiror as determined pursuant to Section 2.2.

  • Permitted Financing means (i) the Company’s issuance of Common Stock and warrants therefore in connection with a merger and/or acquisition or consolidation, (ii) the issuance of shares of Common Stock or warrants therefore in connection with strategic license agreements so long as such issuances are not for the purpose of raising capital, (iii) the Company’s issuance of Common Stock or the issuance or grants of options to purchase Common Stock pursuant to the Company’s stock option plans and employee stock purchase plans as they now exist, and (iv) the issuance of Common Stock upon the exercise or conversion of any securities outstanding on the date hereof.

  • Permitted Issuances means issuances of shares of Common Stock and upon exercise of the warrants and options and other convertible securities, in each case listed on Schedule 1.

  • Permitted Existing Liens means the Liens on assets of the Borrower and its Subsidiaries identified as such on Schedule 1.1.3 to this Agreement.

  • Permitted Restricted Payments means any of the following Restricted Payments made by:

  • Securities Financing Transactions means repurchase agreements, reverse repurchase agreements, securities lending agreements and any other transactions within the scope of SFTR that a Fund is permitted to engage in;

  • Permitted Intercompany Activities means any transactions between or among the Borrower and its Restricted Subsidiaries that are entered into in the ordinary course of business of the Borrower and its Restricted Subsidiaries and, in the good faith judgment of the Borrower are necessary or advisable in connection with the ownership or operation of the business of the Borrower and its Restricted Subsidiaries, including, but not limited to, (i) payroll, cash management, purchasing, insurance and hedging arrangements and (ii) management, technology and licensing arrangements.

  • Permitted Transactions has the meaning set forth in Section 13(B).

  • Permitted Payments has the meaning specified in Section 7.06(b).

  • Closed-End Funds has the meaning set forth in Section 2.1(b).

  • Permitted Group means any group of investors that is deemed to be a "person" (as that term is used in Section 13(d)(3) of the Exchange Act), by virtue of the Stockholders Agreement, as the same may be amended, modified or supplemented from time to time; provided that no single Person (other than the Principals and their Related Parties) Beneficially Owns (together with its Affiliates) more of the Voting Stock of the Company that is Beneficially Owned by such group of investors than is then collectively Beneficially Owned by the Principals and their Related Parties in the aggregate.

  • Permitted Deductions means the following deductions to the extent included in the gross invoiced sales price of the Product, or otherwise directly paid or incurred by the Selling Entity with respect to the sale:

  • Transformative Acquisition means any acquisition or Investment by the Borrower or any Restricted Subsidiary that is either (a) not permitted by the terms of this Agreement immediately prior to the consummation of such acquisition or Investment or (b) if permitted by the terms of this Agreement immediately prior to the consummation of such acquisition or Investment, would not provide the Borrower and its Restricted Subsidiaries with adequate flexibility under this Agreement for the continuation and/or expansion of their combined operations following such consummation, as determined by the Borrower acting in good faith.

  • Permitted Distributions means the following Distributions:

  • Performing Cash Pay Mezzanine Investments means Mezzanine Investments (a) as to which, at the time of determination, not less than 2/3rds of the interest (including accretions and “pay-in-kind” interest) for the current monthly, quarterly, semi-annual or annual period (as applicable) is payable in cash and (b) which are Performing.

  • Permitted Dispositions means each of the following:

  • Permitted Business Acquisition means any acquisition of all or substantially all the assets of, or all the Equity Interests (other than directors’ qualifying shares) in, or merger, consolidation or amalgamation with, a person or division or line of business of a person (or any subsequent investment made in a person, division or line of business previously acquired in a Permitted Business Acquisition), if immediately after giving effect thereto: (i) no Event of Default shall have occurred and be continuing or would result therefrom; (ii) all transactions related thereto shall be consummated in accordance with applicable laws; (iii) with respect to any such acquisition or investment with a fair market value (as determined in good faith by the Borrower) in excess of $50.0 million, the Borrower and its Subsidiaries shall be in Pro Forma Compliance after giving effect to such acquisition or investment and any related transactions; (iv) any acquired or newly formed Subsidiary shall not be liable for any Indebtedness except for Indebtedness permitted by Section 6.01; (v) the Borrower and the Subsidiaries are in compliance with Section 5.09 to the extent required thereby with respect to any person acquired in such acquisition, and (vi) the aggregate amount of such acquisitions and investments in assets that are not owned by the Borrower or Subsidiary Loan Parties or in Equity Interests in persons that are not Subsidiary Loan Parties or persons that do not become Subsidiary Loan Parties upon consummation of such acquisition shall not exceed the sum of (x) the greater of (I) 4.5% of Consolidated Total Assets as of the end of the fiscal quarter immediately prior to the date of such acquisition or investment for which financial statements have been delivered pursuant to Section 5.04 and (II) $500.0 million and (y) the portion of Cumulative Credit on the date of such election by the Borrower.

  • Permitted Asset Disposition means (i) any Asset Disposition permitted by Section 8.5 and (ii) any Excluded Asset Disposition.

  • Permitted Exceptions shall have the meaning set forth in Section 4.3.