Abatement Upon Initial Occurrence of Event Sample Clauses

Abatement Upon Initial Occurrence of Event. The Lease Payments shall be abated proportionately to the extent set forth in this Section 4.10(b) during any period in which there is substantial interference with the City’s use or possession of all or a portion of the Facility as a result of condemnation, damage, destruction or title defect. If there is substantial interference with the City’s use or possession of all or a portion of the Facility as a result of condemnation, damage, destruction or title defect, then the fair rental value of any portion of the Facility for which no substantial interference has occurred shall be determined by one or more independent appraisers selected by the City, who shall not be employees of the City. If based on such appraisal the fair rental value of the remaining portion of the Facility is less than the Maximum Lease Payment in the current Lease Year, then the Lease Payments shall be abated to an amount equal to such fair rental value as determined by the appraiser unless and until the use and occupancy of the Facility is restored. The amount of such abatement shall be such that the resulting Lease Payments due in any Lease Year do not exceed the fair rental value for the use and possession of the portion of the Facility for which no substantial interference has occurred. Based on the fair rental value determined by the appraiser, the City shall provide the Trustee and the JEPA with a certificate setting forth the amount to which the Lease Payments will be abated for the current and each subsequent Lease Year unless and until the use and occupancy of the Facility is restored. Such abatement shall continue for the period of the substantial interference with the use or possession of the Facility.
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Related to Abatement Upon Initial Occurrence of Event

  • Reports of unusual occurrence The Contractor shall, during the Maintenance Period, prior to the close of each day, send to the Authority and the Authority’s Engineer, by facsimile or e- mail, a report stating accidents and unusual occurrences on the Project Highway relating to the safety and security of the Users and Project Highway. A monthly summary of such reports shall also be sent within 3 (three) business days of the closing of month. For the purposes of this Clause 15.4, accidents and unusual occurrences on the Project Highway shall include:

  • Notice of Event of Default If the Mortgagee shall have Actual Knowledge of an Event of Default or of a Default arising from a failure to pay Rent, the Mortgagee shall give prompt written notice thereof to the Owner Trustee, the Owner Participant, Lessee, and each Note Holder. Subject to the terms of Sections 2.13, 4.03, 4.04, 4.08, 5.02 and 5.03 hereof, the Mortgagee shall take such action, or refrain from taking such action, with respect to such Event of Default or Default (including with respect to the exercise of any rights or remedies hereunder) as the Mortgagee shall be instructed in writing by a Majority in Interest of Note Holders. Subject to the provisions of Section 5.03, if the Mortgagee shall not have received instructions as above provided within 20 days after mailing notice of such Event of Default to the Note Holders, the Mortgagee may, subject to instructions thereafter received pursuant to the preceding provisions of this Section 5.01, take such action, or refrain from taking such action, but shall be under no duty to take or refrain from taking any action, with respect to such Event of Default or Default as it shall determine advisable in the best interests of the Note Holders; PROVIDED, HOWEVER, that the Mortgagee may not sell the Aircraft or any Engine without the consent of a Majority in Interest of Note Holders. For all purposes of this Trust Indenture, in the absence of Actual Knowledge on the part of the Mortgagee, the Owner Trustee or the Owner Participant, the Mortgagee, the Owner Trustee or the Owner Participant, as the case may be, shall not be deemed to have knowledge of a Default or an Event of Default (except, in the case of the Mortgagee, the failure of Lessee to pay any installment of Basic Rent within one Business Day after the same shall become due, if any portion of such installment was then required to be paid to the Mortgagee, which failure shall constitute knowledge of a Default) unless notified in writing by Lessee, the Owner Trustee, the Owner Participant or one or more Note Holders.

  • Authority Event of Default Any of the following events shall constitute an event of default by the Authority ("Authority Event of Default”), when not caused by a Developer Event of Default:

  • Notice of Events of Default The Issuer shall give a Responsible Officer of the Indenture Trustee and each Rating Agency prompt written notice of each Event of Default hereunder and each default on the part of the Servicer or the Seller of its obligations under the Sale and Servicing Agreement.

  • Termination Events This Agreement may, by notice given prior to or at the Closing, be terminated:

  • Termination due to Event of Default (a) Termination due to Parties Event of Default

  • Developer Event of Default Any of the following events shall constitute an event of default by the Developer ("Developer Event of Default") unless such event has occurred as a result of a Force Majeure Event or the Authority Event of Default or any governmental action for reasons other than any breach, default or lapse on the part of the Developer:

  • Default Events (a) Any material breach of the Funding Agreement by the Recipient, including those set out below, will be an event of default (“Default Event”):

  • Train Operator Events of Default The following are Train Operator Events of Default:

  • Additional Event of Suspension Section 4.01. Pursuant to Section 6.02 (l) of the General Conditions, the following additional event is specified, namely, that a situation has arisen which shall make it improbable that the Program, or a significant part thereof, will be carried out.

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