Condemnation Event definition

Condemnation Event means any act of taking by a public or quasi-public authority through condemnation, reverse condemnation or eminent domain.

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Condemnation Event means any condemnation or other taking or temporary or permanent requisition of any property, any interest therein or right appurtenant thereto, or any change of grade affecting any property, as the result of the exercise of any right of condemnation or eminent domain. A transfer to a Governmental Authority in lieu or anticipation of condemnation shall be deemed to be a Condemnation Event.

Condemnation Event means any actual condemnation, seizure or taking, by exercise of the power of eminent domain or otherwise, of any property or assets of a Person, or confiscation of such property or assets or the requisition of the use of such property or assets.

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.

• 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 Borrower shall make mandatory principal prepayments of the Term Loans in the manner set forth in clause (iv) below in an amount equal to 100% of the aggregate Net Cash Proceeds from any Insurance and Condemnation Event to the extent that the aggregate amount of such Net Cash Proceeds not reinvested as set forth below exceeds $62,500,000 during any Fiscal Year.

• A sale or other transfer to a governmental authority in lieu of, or in anticipation of, condemnation shall be deemed to be a Condemnation Event.

• 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.

More Definitions of Condemnation Event

Condemnation Event means any Facility (or any portion thereof in excess of $20,000,000) is condemned, confiscated, requisitioned, captured, seized or subjected to forfeiture, or title thereto is taken, by any governmental authority (or any Person acting under color of governmental authority).

Condemnation Event any action or series of actions by any Governmental Authority (a) by which such Governmental Authority appropriates, confiscates, condemns, expropriates, nationalizes, seizes or otherwise takes any part of the Collateral (in whole or in part) or (b) by which such Governmental Authority assumes custody or control of the Collateral (other than immaterial portions of such Collateral) or business operations of the Borrower or any of its Subsidiaries or any Capital Stock of the Borrower or any of its Subsidiaries.

Condemnation Event means any Facility (or any portion thereof in excess of $20.0 million) is condemned, confiscated, requisitioned, captured, seized or subjected to forfeiture, or title thereto is taken, by any Governmental Authority (or any Person acting under color of Governmental Authority).

Condemnation Event has the meaning assigned to such term in the definition of “Casualty Event”.

Condemnation Event means an event pursuant to which Allied, the Borrower or any of the Subsidiaries has the right to collect and receive proceeds as a result of any action or proceeding for the taking of any property of Allied, the Borrower or any Subsidiary, or any part thereof or interest therein, for public or quasi-public use under the power of eminent domain, by reason of any public improvement or condemnation proceeding, or in any other manner.

Condemnation Event means an event pursuant to which the Borrowers or any of the Guarantors has the right to collect and receive proceeds as a result of any action or proceeding for the taking of any property of the Borrowers or any Guarantor, or any part thereof or interest therein, for public or quasi-public use under the power of eminent domain, by reason of any public improvement or condemnation proceeding, or in any other manner.

Condemnation Event means any condemnation, taking by eminent domain or similar action with respect to the Facility or the Facility Site or any portion thereof or any other material asset of any Seller Party.