Examples of Condemnation Event in a sentence
Promptly after the occurrence of any Insurance and Condemnation Event or Asset Disposition, in either case involving Net Proceeds in an aggregate amount in excess of $5,000,000, notice of such Insurance and Condemnation Event or Asset Disposition that reasonably describes such Insurance and Condemnation Event or Asset Disposition, as applicable.
Upon the occurrence and during the pendancy of an Actionable Default the Mortgagor authorizes the Mortgagee, acting upon an Act of Secured Debtholders, as attorney-in-fact for the Mortgagor, to commence, appear in and prosecute, in the Mortgagee's or the Mortgagor's name, any action or proceeding relating to any Condemnation Event applicable to the Property or any part thereof, whether direct or indirect, and to settle or compromise any claim in connection with such condemnation or other taking.
The Mortgagor shall promptly notify the Mortgagee of any threatened or pending Condemnation Event, whether direct or indirect, affecting the Property, or any part thereof, and the Mortgagor shall appear in and prosecute any such action or proceeding unless otherwise directed by the Mortgagee in writing.
If such deduction of Impaired Unencumbered Asset Value results in the non-compliance with any financial covenant set forth in this Section 6.11, the Borrower shall have 90 days from the date of such Casualty or Condemnation Event to cure such non-compliance before such non-compliance shall become an Event of Default.
The Parent Borrower (on behalf of the Borrowers) shall make mandatory principal prepayments of the Loans in the manner set forth in clause (vii) below in an amount equal to one hundred percent (100%) of the aggregate Net Cash Proceeds from any Insurance and Condemnation Event by any Credit Party or any of its Subsidiaries.