Physical Obsolescence definition

Physical Obsolescence means any FF&E or other facility, component, structure or surface of the Premises which does not comply with Applicable Laws or has become dysfunctional due to defects in design, materials or workmanship or ordinary wear and tear other than as a result of StadCo’s failure to perform its maintenance and other obligations under this Agreement. For purposes of determining Physical Obsolescence or Physically Obsolete, any Personal Property or other facility, component, structure or surface of the Premises shall be deemed dysfunctional if such has deteriorated to a degree that cannot be remedied through Maintenance (including replacement necessitated by repeated breakdown of a component despite efforts to repair or restore it short of replacement).
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Physical Obsolescence means any equipment, fixture, furnishing, facility, surface, structure or any other Component of the Leased Premises that does not comply with Applicable Laws or has become dysfunctional due to defects in design, materials or workmanship, ordinary wear and tear or damage (other than as a result of Tenant’s failure to perform its maintenance obligations under this Lease). For the purposes of determining if an improvement is Physically Obsolete, any equipment, fixture, furnishing, facility, surface, structure or any other Component shall be deemed dysfunctional if such equipment, fixture, furnishing, facility, surface, structure or other Component has deteriorated or has been damaged to a degree that cannot be remedied through Maintenance (including replacement necessitated by repeated breakdown or failure of a Component despite Maintenance).
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Physical Obsolescence means any FF&E or other facility, component, structure or surface of the Premises which does not comply with Applicable Laws or has become dysfunctional due to defects in design, materials or workmanship or ordinary wear and tear other than as a result of Bristol’s failure to perform its Maintenance and other obligations under this Lease. For purposes of determining Physical Obsolescence or Physically Obsolete, any FF&E or other facility, component, structure or surface of the Premises shall be deemed dysfunctional if such has deteriorated to a degree that cannot be remedied through Maintenance (including replacement necessitated by repeated breakdown of a component despite efforts to repair or restore it short of replacement).
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Examples of Physical Obsolescence in a sentence

  • These are frequently considered Capital Expenditures and will be discussed in Section II.There are three types of obsolescence.1. Physical Obsolescence is characterized as a condition of aging (i.e. wear and tear) or deferred maintenance.

  • See also Economic Obsolescence, Physical Obsolescence, Replacement Cost Method, and Replacement Cost New.

  • The Board of City Commissioners considered the approval of application for tax abatement for Senior Citizens Homestead Credit, Physical Obsolescence and Disabled Veteran Credit for the following:  Senior Citizen Homestead Credit o 202 Redstone Dr (0472-022-001) – 2013: Joyce Sauer qualified for the abatement.

  • Even with this they could not be expected to meet perfectly all the circumstances encountered: see internal page 180 under Heading “Scales for Physical Obsolescence Generally”; see also §17 at internal page 200.

  • The Board of Directors of the Company has determined that it is advisable and in the best interest of the Company's shareholders for the Company to enter into a business combination with Parent upon the terms and subject to the conditions of this Agreement.


More Definitions of Physical Obsolescence

Physical Obsolescence means the material deficiency of a functional element of a treatment plant to a point that repair as normal or preventive maintenance is not cost-benefit effective.
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Physical Obsolescence means the material deficiency of a functional element of a treatment plant to a point that repair is normal or preventative maintenance is not cost-benefit effective.
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Physical Obsolescence means any City Personal Property or other facility, component, structure or surface of the Ballpark or the Ballpark Dedicated Parking that does not comply with Applicable Laws or has become dysfunctional due to defects in design, materials or workmanship or ordinary wear and tear other than as a result of Tenant’s failure to perform its maintenance obligations under this Agreement. For purposes of determining Physical Obsolescence or Physically Obsolete, any City Personal Property or other facility, component, structure or surface of the Ballpark or the Ballpark Dedicated Parking shall be deemed dysfunctional if such has deteriorated to a degree that cannot be remedied through Routine Maintenance (including replacement necessitated by repeated breakdown of a component despite efforts to repair or restore it short of replacement).
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Physical Obsolescence. – shall mean that certain factors have rendered the Property physically obsolete such that the Property is unattractive to existing Owners, prospective Owners, or investors, has decreasing usefulness or pursuant to a condition or process has gradually fallen into disuse.
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Physical Obsolescence means any Authority Personal Property or other facility, component, structure or surface of the Stadium that does not comply with Applicable Laws or has become dysfunctional due to defects in design, materials or workmanship or ordinary wear and tear other than as a result of Tenant’s failure to perform its maintenance obligations under this Agreement. For purposes of determining Physical Obsolescence or Physically Obsolete, any Authority Personal Property or other facility, component, structure or surface of the Stadium or the Stadium shall be deemed dysfunctional if such has deteriorated to a degree that cannot be remedied through Routine Maintenance (including replacement necessitated by repeated breakdown of a component despite efforts to repair or restore it short of replacement).
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Physical Obsolescence and “Physically Obsolete” means any equipment, fixture, furnishing, facility, surface, structure or any other component of the Fairgrounds which does not comply with applicable Governmental Rules or has become dysfunctional due to defects in design, materials or workmanship or ordinary wear and tear other than as a result of Landlord’s failure to perform its Maintenance obligations or Landlord’s negligence or other breach of its obligations. For purposes of determining Physical Obsolescence or Physically Obsolete, any equipment, fixture, furnishing, facility, surface, structure or any other components shall be deemed dysfunctional if such equipment, fixture, furnishing, facility, surface, structure or any other component has deteriorated to a degree that cannot be remedied through Maintenance, unless due to Landlord’s negligence or other breach of its obligations.
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Related to Physical Obsolescence

  • Cost of materials means the cost of components, parts or materials which are intended for the production, manufacturing or assembling of the goods bid for and which are not produced, manufactured or assembled in the factory where the production, manufacture or assembly of such goods occurs, including freight, landing costs, port charges, import duties and other import costs of such components, parts or materials and all costs in connection with the handling and transport thereof prior to delivery at that factory;

  • Consumables means where the context permits, Digital Print Consumables, Inkjet Printing System Consumables and Prepress Consumables.

  • Nonconformance as used in this clause means a condition of any hardware, software, material, or service/workmanship in which one or more characteristics do not conform to requirements.

  • Disinfection profile means a summary of daily Giardia lamblia inactivation through the treatment plant. The procedure for developing a disinfection profile is contained in s. NR 810.32.

  • Calibration means the determination of (1) the response or reading of an instrument relative to a series of known radiation values over the range of the instrument, or (2) the strength of a source of radiation relative to a standard.

  • Raw material means any unprocessed material in its raw or natural state that is intended to become part of the components of a cannabis product.

  • Scrap means property that has no value except for its basic material content. For purposes of demilitarization, scrap is defined as recyclable waste and discarded materials derived from items that have been rendered useless beyond repair, rehabilitation, or restoration such that the item's original identity, utility, form, fit, and function have been destroyed. Items can be classified as scrap if processed by cutting, tearing, crushing, mangling, shredding, or melting. Intact or recognizable components and parts are not "scrap."

  • Raw Materials means all raw materials, supplies, components and packaging necessary to manufacture and ship the Product in accordance with the Specifications, as provided in Exhibit A, but not including the API.

  • Corrosion inhibitor means a substance capable of reducing the corrosivity of water toward metal plumbing materials, especially lead and copper, by forming a protective film on the interior surface of those materials.

  • Drug Substance means an active ingredient that is intended to furnish pharmacological activity or other direct effect in the diagnosis, cure, mitigation, treatment, or prevention of disease or to affect the structure or any function of the human body, but does not include intermediates used in the synthesis of such ingredient.

  • Inventories means “Inventories” as defined in the Uniform System of Accounts, such as provisions in storerooms, refrigerators, pantries and kitchens, beverages in wine cellars and bars, other merchandise intended for sale, fuel, mechanical supplies, stationery, and other supplies and similar items.

  • Tooling means tooling inventory, including but not limited to dies, molds, tooling, casting patterns, gauges, jigs, racks and stands for engines, cowls, radome and wheels, aircraft jacks, test benches, test equipment, lathes, welders, grinders, presses, punches and hoists and other similar items (whether or not completed or fixed or handheld).

  • Biological agent shall mean any pathogenic (disease producing) micro-organism(s) and/or biologically produced toxin(s) (including genetically modified organisms and chemically synthesized toxins) which cause illness and/or death in humans, animals or plants.

  • Samples mean representative physical examples of materials, equipment or workmanship, used to confirm compliance with requirements and/or to establish standards for use in execution of the Work.

  • Bulk drug substance means any substance that is represented for use, and that, when used in the