Individual Threshold Amount definition

Individual Threshold Amount means, with respect to (a) each Environmental Loss related to Environmental Contamination associated with a Marathon Refinery or an Ashland Refinery, $1,000,000, (b) all Environmental Losses related to Environmental Contamination associated with any individual retail gasoline service station included in the Transferred Assets, $100,000, (c) each Environmental Loss related to Environmental Contamination associated with a pipeline, pipeline station or pipeline-related facility (other than a pipeline terminal) included in the Transferred Assets, $100,000; provided, however, that such amount shall be reduced to zero for purposes of each of Section 9.1(c)(ii) and Section 9.2(c)(ii) of the Asset Transfer and Contribution Agreement once the aggregate amount of Environmental Losses borne by the Company under each such section with respect to Environmental Contamination associated with pipelines, pipeline stations or pipeline-related facilities (other than pipeline terminals) as a result of application of the Individual Threshold Amount equals $5,000,000, (d) each Environmental Loss related to Environmental Contamination associated with a particular terminal (including a pipeline terminal) included in the Transferred Assets, $100,000, (e) each Environmental Loss related to Environmental Contamination associated with any other property included in the Transferred Assets, $100,000 and (f) each Environmental Violation (including a series of Environmental Violations arising from the same event, condition or set of circumstances), $100,000.

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Individual Threshold Amount means, with respect to any Redemption pursuant to Section 3.6(a)(ii)(A)(1), a number of Units equal to (a) $250,000 divided by (b) the Unit Redemption Price, rounded up to the nearest whole Unit.

Individual Threshold Amount has the meaning specified in Section 14.6(d).

Examples of Individual Threshold Amount in a sentence

In addition, notice of any casualty, damage, injury or Taking, the restoration of which is estimated by Grantor in good faith to cost more than the Individual Threshold Amount, shall set forth such good faith estimate of the cost of repairing or restoring such casualty, damage, injury or Taking in reasonable detail if the same is then available and, if not, as soon thereafter as it can reasonably be provided.
For the avoidance of doubt, if the Company reasonably expects an Environmental Loss to be less than or equal to fifty percent (50%) of the applicable Individual Threshold Amount and therefore does not follow the procedures outlined below, but subsequently reasonably expects such Environmental Loss to exceed fifty percent (50%) of the applicable Individual Threshold Amount, it shall thereafter be required to follow all of the procedures outlined below with respect to such Environmental Loss.
Ashland’s obligation to indemnify for (x) Environmental Contamination that is the subject of an Ashland Consent Decree or an Ashland Ongoing Remediation and (y) Ashland Designated UST Environmental Contamination is not subject to any Individual Threshold Amount.
Notwithstanding any provision in this Agreement, including Sections 1.4 and 1.5 above, to the contrary, all reductions from the Escrow Amount permitted pursuant to Sections 1.4 and 1.5 shall be made on a dollar-for-dollar basis regardless of amount and without regard to the Individual Threshold Amount or Aggregate Threshold Amount.
Whether or not an Event of Default shall have occurred and be continuing, Beneficiary shall have the right to approve, such approval not to be unreasonably withheld, any settlement which might result in any Proceeds in excess of the applicable Individual Threshold Amount and Grantor will deliver or cause to be delivered to Beneficiary all instruments reasonably requested by Beneficiary to permit such approval.
Grantor will promptly notify Beneficiary in writing upon obtaining knowledge of (i) the institution of any proceedings relating to any Taking, or (ii) the occurrence of any casualty, damage or injury to, any Property or any portion thereof the restoration of which is estimated by Grantor in good faith to cost more than the Individual Threshold Amount.
Marathon’s obligation to indemnify for (x) Environmental Contamination that is the subject of a Marathon Consent Decree or a Marathon Ongoing Remediation and (y) Marathon Designated UST Environmental Contamination is not subject to any Individual Threshold Amount.
Except upon the occurrence and during the continuance of an Event of Default, Grantor may settle any insurance claim with respect to Proceeds which does not exceed the applicable Individual Threshold Amount.

More Definitions of Individual Threshold Amount

Individual Threshold Amount means, with respect to the Property --------------------------- described on Schedule 1 attached hereto as the [▇▇▇▇▇▇ Airport] Property, ---------- $1,000,000, and with respect to each other Property, the greater of $250,000 and five percent (5%) of the Allocated Loan Amount therefor.

Individual Threshold Amount has the meaning set forth in SECTION 5.2(g)(i).

Individual Threshold Amount means, with respect to each Property, the greater of $250,000 or ten percent (10%) of the Allocated Loan Amount therefor.

Individual Threshold Amount shall have the meaning set forth in Section 7.4 hereof.

Individual Threshold Amount means $1,000,000.