Event of Taking Sample Clauses
The 'Event of Taking' clause defines the circumstances under which a property is considered to have been taken by a governmental authority, typically through eminent domain or similar legal processes. This clause outlines what constitutes a taking, such as the acquisition of all or part of the property, or actions that substantially impair the property's use or value. It often specifies the procedures to follow if a taking occurs, including notification requirements and the allocation of any compensation received. The core function of this clause is to provide clarity and guidance for both parties in the event of a government seizure, ensuring that rights and responsibilities are clearly established and that compensation is handled appropriately.
Event of Taking. Any event (a) which constitutes a taking of title to any Leased Property or (b) (i) which would otherwise constitute a Condemnation, (ii) which, in the good-faith judgment of the Lessee, renders restoration and rebuilding of such Leased Property impossible, impractical or uneconomical and (iii) as to which the Lessee, within thirty (30) days after the occurrence of such event, delivers to the Lessor and the Issuer an Officer's Certificate notifying the Lessor and the Issuer of such event, of such judgment and of the date (or the Lessee's best estimate thereof) on which the Lessee shall be required to relinquish possession of the affected Leased Property (or the affected portion thereof), shall constitute an "Event of Taking". In the case of any other event which constitutes a Condemnation, the Lessee shall restore and rebuild the affected Leased Property pursuant to SECTION 11.4 hereof. If an Event of Taking shall occur, the Lessee shall pay to the Issuer for the account of the Lessor (i) on the next Facility Rent Payment Date following the occurrence of such Event of Taking, in the case of an Event of Taking described in clause (a) of the second preceding sentence or (ii) on the Facility Rent Payment Date next preceding the date on which the Lessee is required to relinquish possession of the Leased Property (or the affected portion thereof), in the case of an Event of Taking described in CLAUSE (b) of the second preceding sentence, in addition to all Basic Rent and Supplemental Rent otherwise due on such date, an amount equal to the Lease Balance applicable to the Leased Property. Upon the Issuer's receipt of such amount on such date, the Lessor shall cause the Lessor's interest in the affected Leased Property to be conveyed to the Lessee in accordance with and subject to the provisions of SECTION 15.5 ("Purchase Procedure") hereof; PROVIDED, HOWEVER, that (A) such conveyance may be by special warranty deed, but free and clear of Lessor's Liens and the lien of the related Mortgage, (B) such conveyance shall be subject to all rights of the condemning authority, (C) the Lessor shall have no obligation to remove title defects other than Lessor Liens and the lien of the related Mortgage affecting such Leased Property and (D) the Lessee's ability to obtain a title insurance policy shall not affect the Lessee's obligation to purchase the Lessor's interest in the affected Leased Property. Upon completion of such purchase, but not prior thereto, the affected Leas...
Event of Taking. 13 10.3 Casualty ................................................... 14 10.4 Condemnation ............................................... 14 10.5 Verification of Restoration and Rebuilding ................. 14 10.6
Event of Taking. If an Event of Taking shall occur during the Base Term, the Lessee shall give the Lessor prompt written notice of such occurrence and the date thereof and the Lessee shall on the next succeeding Payment Date (the “Next Date”) after such Event of Taking shall have occurred or, if such Event of Taking shall have occurred within ten (10) Business Days preceding a Payment Date, then on the next succeeding Payment Date after such Next Date shall have occurred, terminate this Lease and, as compensation for such Event of Taking, pay to the Lessor on such Payment Date the Break Even Price.
Event of Taking. An Event of Taking of (i) all or substantially all of the Project Facilities or (ii) that could reasonably be expected to have a Material Adverse Effect has occurred.
Event of Taking. Any event (i) which constitutes a Condemnation of all of, or substantially all of, a Leased Property, or (ii) (A) which would otherwise constitute a Condemnation, (B) which, in the good-faith judgment of the related Lessee, renders restoration and rebuilding of a Leased Property impossible or impractical, or requires repairs to a Leased Property that would cost in excess of 50% of the original cost of such Leased Property, and (C) as to which such Lessee, within sixty (60) days after the occurrence of such event, delivers to Lessor an Officer's Certificate notifying Lessor of such event and of such judgment, shall constitute an "Event of Taking". In the case of any other event which constitutes a Condemnation, the related Lessee shall restore and rebuild such Leased Property pursuant to Section 10.
Event of Taking. Any event (i) which constitutes a Condemnation of all of, or substantially all of, a Leased Property, or (ii) (A) which would otherwise constitute a Condemnation, (B) which, in the good-faith judgment of Lessee, renders restoration and rebuilding of a Leased Property impossible, impractical or uneconomical, and (C) as to which Lessee, within sixty (60) days after the occurrence of such event, delivers to Lessor an Officer's Certificate notifying Lessor of such event and of such judgment, shall constitute an "Event of Taking". In the case of any other event which constitutes a Condemnation, Lessee shall restore and rebuild such Leased Property pursuant to Section 10.
Event of Taking. Upon the occurrence of an Event of Taking with respect to a Qualified MAN or FCL, neither Lessor nor any Participant shall thereafter have any obligation under the Operative Documents to provide any financing with respect to any Systems comprising such Qualified MAN or FCL.
Event of Taking. (a) If an Event of Taking shall occur, Lessee shall give Lessor and Administrative Agent prompt written notice of such occurrence and the date thereof, and Lessee shall purchase all of the Systems subject to the Lease Supplement affected thereby from Lessor on the next succeeding Payment Date after the date on which such Event of Taking shall have occurred at a purchase price equal to the sum of (i) the applicable Lease Supplement Balance plus (ii) ---- all accrued but unpaid Rent, plus (iii) all other sums due and payable by Lessee ---- to Lessor with respect to such Systems under any of the Operative Documents.
Event of Taking. An Event of Taking that would reasonably be expected to have a Material Adverse Effect has occurred.
Event of Taking. Any event (i) which constitutes a Condemnation of all of, or substantially all of, the Leased Property, or (ii) (A) which would otherwise constitute the Condemnation, (B) which, in the good-faith judgment of Lessee, renders restoration and rebuilding of the Leased Property impossible, impractical or uneconomical, and (C) as to which Lessee, within sixty (60) days after the occurrence of such