Economic Event definition

Economic Event means (a) a year-over-year decrease of 10% or more of average asking rent in Santa ▇▇▇▇▇ County; (b) a year-over-year increase of 20% or more on construction costs in Santa ▇▇▇▇▇ County; or (c) the difference of (I) the quotient of net operating income and total projects costs, minus (II) capitalization rates, is less than 0.5% with respect to the Affordable Project. Notwithstanding the first paragraph of this Section 8.7, (A) upon the occurrence of any Economic Event, the extension shall be for 12 months and (B) only one Economic Event shall cause an extension as an Event of Force Majeure, and any later Economic Events shall not cause any extension hereunder. The lack of funding to complete the development of the Affordable Project shall not constitute grounds of Force Majeure delay pursuant to this Section 8.7. Except for one Economic Event as provided in this Section 8.7, Developer expressly assumes the risk of real estate market conditions, construction costs, interest rates, and other similar general economic circumstances that may make funding and/or construction of the Affordable Project difficult, more expensive, or infeasible, whether or not such events or causes are foreseeable as of the date of this Agreement. Developer acknowledges and agrees that the provisions of this Section 8.7 shall not operate to excuse Developer from prompt payment when due under the City Loan Documents. An extension of time for any such cause shall be for the period of the enforced delay and shall commence to run from the time of the commencement of the cause, if notice by the party claiming such extension is sent to the other party within thirty (30) calendar days after it obtains actual knowledge of the event. Times of performance under this Agreement may also be extended in writing by mutual agreement between the City and Developer. Notwithstanding anything to the contrary herein, an Event of Force Majeure shall not extend the date of performance under any obligation that is enforceable by the State of California pursuant to the State Grant Deed, unless the State agrees to extend or otherwise modify the date of performance.
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Economic Event means an event where You make any early repayment of all or any part of a Fixed Rate Facility, or change to a variable rate or to another fixed rate, prior to the end of the Fixed Rate Period of the Fixed Rate Facility.
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Examples of Economic Event in a sentence

  • Online Portal Customer may have access to an online portal “Dashboard” where Customer can monitor their performance during both an Emergency and Economic Event.

  • You must pay NAB the amount of any Economic Costs notified to you when NAB ▇▇▇▇▇▇▇▇▇.▇▇▇ will determine the amount of any Economic Costs payable by you in respect of the occurrence of an Economic Event and will notify you of the amount (if any) that is payable by you in accordance with NAB's calculation under clause 8.3. You must pay NAB the amount of the Economic Costs notified to you by NAB as payable by you under this clause 8.

  • Economic Event Releases At times of releasing any Economic Data, the price tends to form gaps, and spreads may increase in multiples and execution is not guaranteed by price.

  • Notwithstanding anything herein to the contrary, the ▇▇▇▇▇ Acquisition Termination Notice may only be issued (i) following the ▇▇▇▇▇ Acquisition Closing Date and the subsequent occurrence of a Materially Adverse Trigger Event, (ii) prior to the end of the ▇▇▇▇▇ Acquisition Termination Period, and (iii) so long as no Significant Economic Event has occurred during the period beginning on the ▇▇▇▇▇ Acquisition Closing Date and ending on the date in which such ▇▇▇▇▇ Acquisition Termination Notice is issued.

  • Economic Events – Customer will receive “day-ahead” notice of an Economic Event.

  • For each Economic Event called during a Program Period, the Delivered Capacity for that event will equal the average of the Delivered Capacity from each Economic Event hour.

  • Consumers Energy will pay to Customer an Economic Event energy payment for Customer participation during any Economic Event equal to $300/MWh multiplied by the event’s Delivered Capacity multiplied by the hours for each such event as defined in section 7(b)(iii) above.