Major litigation definition
Major litigation is defined here as actual or threatened claims, demands, suits or other litigation involving potential recovery by, or uninsured exposure of, the Owner in amounts in excess of Five Thousand Dollars ($5,000) per claim or in the aggregate at any time either by or against the Owner, as such amounts may be adjusted from time to time by the Owner.
Major litigation means any legal proceeding in which the hedge fund is a party which if decided adversely against the hedge fund would require such fund to make material future expenditures or have a material adverse impact on the hedge fund's financial position;
Major litigation means any Article 78 Proceeding or other litigation commenced by any party, other than Tenant and/or any party that is under common control with Tenant or contracted by Tenant to be involved in the development, financing, design, construction, operation, leasing and/or maintenance of the Project, which litigation (i) results in a temporary restraining order and/or temporary injunction being issued against Tenant and/or Landlord in connection with such litigation, and/or (ii) seeks relief in such litigation which would result in Landlord and/or Tenant being denied the right to proceed with the Project or would prevent Landlord and/or Tenant from proceeding with the Project.
Examples of Major litigation in a sentence
Major litigation, arbitration or administrative procedures have taken place against the Mortgagor or the Collateral.
Major litigation, arbitration or administrative proceedings have taken place against the Guarantor or its material operating assets, resulting in the possibility of the Guarantor’s inability to perform its liability of guaranty.