Major Damage. A Property is destroyed or damaged to an extent such that, taking into account the proceeds of insurance effected under Clause 21.10 (Insurances) and the timing of the receipt of those proceeds, in the reasonable opinion of the Majority Lenders, that destruction or damage is likely to have a Material Adverse Effect.
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Samples: Credit Agreement (Corporate Property Associates 16 Global Inc), Credit Agreement (Corporate Property Associates 16 Global Inc)
Major Damage. A Any part of any Property is destroyed or damaged to an extent such that, taking into account the proceeds of insurance effected under Clause 21.10 (Insurances) and the timing of the receipt of those proceeds, in the reasonable opinion of the Majority Lenders, that taking into account the amount and timing of receipt of the proceeds of insurance effected in accordance with the terms of this Agreement, the destruction or damage is likely to has or will have a Material Adverse Effect.
Appears in 2 contracts
Samples: Facility Agreement (NorthStar Healthcare Income, Inc.), Facility Agreement (Northstar Realty Finance Corp.)
Major Damage. A Any part of any Property is destroyed or damaged to an extent such that, taking into account the proceeds of insurance effected under Clause 21.10 (Insurances) and the timing of the receipt of those proceeds, in the reasonable opinion of the Majority Lenders, that (acting reasonably), taking into account the amount and timing of receipt of the proceeds of insurance effected in accordance with the terms of this Agreement, the destruction or damage is likely to has or will have a Material Adverse Effect.
Appears in 1 contract
Samples: Facility Agreement (American Realty Capital Global Trust II, Inc.)
Major Damage. A Any part of a Property is destroyed or damaged to an extent such that, taking into account the proceeds of insurance effected under Clause 21.10 (Insurances) and the timing of the receipt of those proceeds, in the reasonable opinion of the Majority Lenders, that taking into account the amount and timing of receipt of the proceeds of insurance effected in accordance with the terms of this Agreement, the destruction or damage is likely to has or will have a Material Adverse Effect.
Appears in 1 contract
Samples: Royal Invest International Corp.
Major Damage. A Any material part of the Property is destroyed or damaged to an extent such thatand in the opinion of the Lender, taking into account the amount and timing of receipt of the proceeds of insurance effected under Clause 21.10 (Insurances) and in accordance with the timing terms of this Agreement, the receipt of those proceeds, in the reasonable opinion of the Majority Lenders, that destruction or damage is likely to has or will have a Material Adverse Effect.
Appears in 1 contract
Samples: Facility Agreement (Strategic Hotels & Resorts, Inc)
Major Damage. A Any part of the Property is destroyed or damaged to an extent such that, taking into account the proceeds of insurance effected under Clause 21.10 (Insurances) and the timing of the receipt of those proceedsand, in the reasonable opinion of the Majority LendersLender, that taking into account the amount and timing of receipt of the proceeds of insurance receivable by the Borrower, the destruction or damage is likely to has or will have a Material Adverse Effect.
Appears in 1 contract
Samples: Agreement
Major Damage. A Any part of any Property is destroyed or damaged to an extent such thatand, taking into account the amount and timing of receipt of the proceeds of insurance effected under Clause 21.10 (Insurances) and in accordance with the timing terms of this Agreement, the receipt of those proceeds, in the reasonable opinion of the Majority Lenders, that destruction or damage is likely could reasonably be expected to have a Material Adverse EffectEffect or to materially adversely affect the market value of the Properties as a whole.
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