Prohibited Event definition

Prohibited Event means, with respect to any Apartment and the Shares allocated thereto, (i) the purchase or other acquisition of the Shares by an Ineligible Household, (ii) the purchase or other acquisition of the Shares for a Sale Price exceeding the Maximum Sale Price, (iii) the Lease, Sublease, or occupancy of the Apartment by an Ineligible Household, (iv) the Lease, Sublease, or occupancy of the Apartment for more than the Maximum Rent or, where applicable, the Maximum Sublease Rent, (v) the Sublease of an Apartment without the approval of both the Board and the Monitor, (vi) the Sublease of an Apartment for more than a cumulative total of eighteen (18) months in any five (5) year period, or (vii) a violation of the Owner Occupancy Requirements by the Shareholder. Notwithstanding the foregoing, the acquisition of Shares by an Ineligible Household through inheritance or as the result of Cooperative Loan enforcement proceedings shall not constitute a Prohibited Event until the earlier of (a) the date, if any, upon which such Ineligible Household commences occupancy of the Apartment to which such Shares are allocated, (b) the date of any of the events described in clauses (ii) through (vi) of the preceding sentence, or (c) one year from the date of such acquisition of Shares through inheritance or as the result of Cooperative Loan enforcement proceedings.
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Prohibited Event is defined in Section 4.7.
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Prohibited Event has the meaning set forth in Section 4.2(a).
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Examples of Prohibited Event in a sentence

  • The Prohibited Event Fee with respect to any Apartment shall constitute a special assessment, but shall not be subject to any of the forms of approval required by the By-Laws for any other special assessment.

  • Following a Prohibited Event with respect to any Apartment, the HDFC and the Manager shall (i) charge the monthly Prohibited Event Fee with respect to such Apartment, in addition to the monthly Maintenance and any other special assessments with respect to such Apartment, from the Prohibited Event Date until the Prohibited Event Cure Date, and (ii) take such additional actions as the Monitor or HPD determines are reasonably necessary to ensure that the Prohibited Event is cured in an expeditious manner.

  • Such notice shall specify the Prohibited Event, the actions necessary to cure the Prohibited Event, and the Prohibited Event Fee.

  • Upon determining that a Prohibited Event has occurred with respect to a Shareholder’s Apartment, the Monitor shall give written notice of such Prohibited Event to the Shareholder, with a copy to the HDFC.

  • In the event the Manager becomes aware that a Member has an attribute or characteristic that would cause a Prohibited Event, the Manager may provide the Nonqualifying Member with a written notice and a fifteen (15) day period to provide documentation reasonably acceptable to Manager demonstrating that such attribute or characteristic does not exist or has been cured.

  • If the Company or any Affiliate of the Company shall acquire any Unit Certificate in connection with a Prohibited Event, a Prohibited Event Unit Split Date with respect to such Units shall be deemed to occur as of the date of payment or redemption, as applicable, of the Notes, and the Warrants shall be separated from such Units as provided in Section 3.01(a) and, for the avoidance of doubt, such Warrants shall not be cancelled.

  • If Flowco makes an indemnity or reimbursement payment to any Infrastructurco Entity attributable to any Flowco Prohibited Event, such indemnity or reimbursement payment shall be increased to take into account any Taxes of such Infrastructurco Entity resulting from the receipt of such indemnity or reimbursement payment.

  • Infrastructurco shall execute and deliver to Flowco (or Flowco’s designee) any power of attorney or other similar document reasonably requested by Flowco in connection with any Tax Proceeding regarding a Flowco Prohibited Event.

  • As soon as practicable after receiving notice from the Corporation that shares of Stock have been transferred to the Trust, the Trustee of the Trust shall sell the shares held in the Trust to a Person, designated by the Trustee, whose ownership of the shares will not cause a Prohibited Event.

  • You must not attempt to bypass, interfere with, or block such steps in any way, whether by using software designed for the purpose or otherwise (to do so would be a serious breach of the General Terms and therefore a Prohibited Event).


More Definitions of Prohibited Event

Prohibited Event means, with respect to any portion of the principal amount of any Unit, any repayment, repurchase, redemption or other retiring of any portion of the principal amount of Notes forming a part thereof prior to the Unit Split Date for such Unit or portion thereof (other than in connection with a Termination Event).
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Prohibited Event has the meaning set forth in Section 10.20 hereof.
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Prohibited Event means (i) the sale (involving stock or assets), liquidation, dissolution or other transaction (including, without limitation, a merger or corporate reorganization) as a result of which the identity of the Companies as separate entities is no longer maintained or the nature of the business conducted by the Companies prior to the Signing Date terminates or substantially terminates, (ii) the acquisition by Buyer, directly or indirectly, of a Reporting Service (other than the Target Reporting Service) in the Restricted Area or (iii) an initial public offering (A) by the Buyer and/or the Companies, or (B) by an Affiliate (as defined in Rule 405 under the Securities Act of 1933, as amended) of the Buyer or the Companies in the court-reporting services business (in the case of (A) or (B) of this clause (iii), a "Disqualifying IPO"). Anything to the contrary notwithstanding, a Disqualifying IPO by an Affiliate will not constitute a Prohibited Event, provided the Affiliate unconditionally assumes or guarantees the obligations of Buyer hereunder. As used herein, the terms "Reporting Service," "Restricted Area" and "Target Reporting Service" shall have the meanings assigned to them in Section 7.1 hereof. The parties hereto acknowledge that the ability of the Buyer to engage in a prohibited event is limited by the rights granted to the Sellers under the Security Agreement, as defined below.
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Prohibited Event means, with respect to any Apartment and the Shares allocated thereto, the sale, lease, or sublease in violation of the requirements of the Regulatory Agreement. This term may be further defined in the Regulatory Agreement.
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Prohibited Event means any of the existence, use, generation, manufacture, production, storage, release, discharge or disposal on, under, within, from or about the Premises, or transportation to or from the Premises, of any Hazardous Material, except only to the extent such occurs in the ordinary course of Tenant's use of the Premises as permitted by Section 3 and in compliance with all Environmental Laws.
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Related to Prohibited Event

  • Designated Event with respect to X means that:—

  • Prohibited Party As of any date of determination, any Person that has theretofore failed to comply with such Person’s obligations under Regulation AB with respect to the Trust Fund or any other securitization if (and only if) both (A) such failure was an “event of default” under the relevant agreement to which such Person was a party, and (B) such Person is proposed to become a Servicing Function Participant in respect of the Trust Fund. In determining whether any person or entity is a “Prohibited Party”, each party hereto, provided that they are not an Affiliate of such Person, shall be entitled to conclusively rely on a written certification from any Person stating that it is not a Prohibited Party. All necessary determinations under or for purposes of this definition shall be made as of the date of consummation of the transaction in which the relevant person or entity would become a Servicing Function Participant in respect of the Trust Fund.

  • Listed Event means any of the events listed in Section 5(a) of this Disclosure Certificate.

  • Prohibited Act the following constitute Prohibited Acts:

  • ERISA Prohibited Holder As defined in Section 5.02(d).

  • Excluded Events has the meaning set forth in Section 6.1(d)(ii).

  • Prohibited Action means an action of the Client as defined under paragraph 10.1 of this Client Agreement. A Prohibited Action constitutes an event of Default giving the Company the right to take action under paragraph 14.2 of this Client Agreement.

  • Prohibited Transaction has the meaning set forth in ERISA Section 406 and Code Section 4975.

  • Widely attended event means an event at which at least 25 persons have been invited to attend or there is a reasonable expectation that at least 25 persons will attend the event and the event is open to individuals (i) who are members of a public, civic, charitable or professional organization, (ii) who are from a particular industry or profession or (iii) who represent persons interested in a particular issue.

  • Prohibited Payment means any bribe, rebate, payoff, influence payment, kickback or other payment or gift of money or anything of value (including meals or entertainment) to any officer, employee or ceremonial office holder of any government or instrumentality thereof, political party or supra-national organization (such as the United Nations), any political candidate, any royal family member or any other person who is connected or associated personally with any of the foregoing that is prohibited under any Law for the purpose of influencing any act or decision of such payee in his official capacity, inducing such payee to do or omit to do any act in violation of his lawful duty, securing any improper advantage or inducing such payee to use his influence with a government or instrumentality thereof to affect or influence any act or decision of such government or instrumentality.

  • Covered Event means any event or occurrence related to the fact that Indemnitee is or was a director, officer, employee, agent or fiduciary of the Company, or any subsidiary of the Company, or is or was serving at the request of the Company as a director, officer, employee, agent or fiduciary of another corporation, partnership, joint venture, trust or other enterprise, or by reason of any action or inaction on the part of Indemnitee while serving in such capacity.

  • Prohibited Activity means any service or activity on behalf of a Competing Business that involves the planning, management, supervision, or providing of services that are substantially similar to those services Employee provided to the Company within the last 12 months of Employee’s employment with the Company.

  • Specified Event has the meaning given to such term in the definition of “Consolidated EBITDA.”

  • OFAC Event means the event specified in Section 8.13(c) hereof.

  • Prior Related Event means any transaction, event, circumstance, action, failure to act, occurrence of any sort or type, whether known or unknown, which occurred, existed, was taken, permitted or begun at any time prior to the Effective Date or occurred, existed, was taken, was permitted or begun in accordance with, pursuant to or by virtue of any of the terms of the Credit Agreement or any documents executed in connection with the Credit Agreement or which was related to or connected in any manner, directly or indirectly, to any of the Notes or Letters of Credit.

  • Prohibited Transactions is defined in ERISA Section 406 and Code Section 4975.

  • Prohibited Transaction Class Exemption means U.S. Department of Labor prohibited transaction class exemption 84-14, 90-1, 91-38, 95-60 or 96-23, or any similar prohibited transaction class exemption issued by the U.S. Department of Labor.

  • prohibited substance means any substance so described on the Prohibited List, which appears in Annex I to this Convention.

  • Foreign Plan Event with respect to any Foreign Benefit Arrangement or Foreign Plan, (a) the failure to make or, if applicable, accrue in accordance with normal accounting practices, any employer or employee contributions required by applicable law or by the terms of such Foreign Benefit Arrangement or Foreign Plan; (b) the failure to register or loss of good standing with applicable regulatory authorities of any such Foreign Benefit Arrangement or Foreign Plan required to be registered; or (c) the failure of any Foreign Benefit Arrangement or Foreign Plan to comply with any material provisions of applicable law and regulations or with the material terms of such Foreign Benefit Arrangement or Foreign Plan.

  • Prohibited Transfer means any Transfer or purported Transfer of Corporation Securities to the extent that such Transfer is prohibited and/or void under this Article IX.

  • Listed Events means any of the events listed in Section 5(a) of this Disclosure Certificate.

  • prohibited article means an article the introduction or removal of which into or out of a prison is prohibited by any rule under this Act.

  • Prohibited Waste means prohibited waste as defined in Schedule “D” to this Bylaw.

  • Prohibited Transferee means any of the Persons listed on Schedule I attached to this Agreement.

  • Prohibited Person means any Person:

  • Specified Event of Default means an Event of Default under Section 7.01(a), (b), (h) or (i).