Prohibited Event definition

Prohibited Event means, with respect to any Apartment and the Shares allocated thereto, (i) the purchase or other acquisition of the Shares by an Ineligible Household, (ii) the purchase or other acquisition of the Shares for a Sale Price exceeding the Maximum Sale Price, (iii) the Lease, Sublease, or occupancy of the Apartment by an Ineligible Household, (iv) the Lease, Sublease, or occupancy of the Apartment for more than the Maximum Rent or, where applicable, the Maximum Sublease Rent, (v) the Sublease of an Apartment without the approval of both the Board and the Monitor, (vi) the Sublease of an Apartment for more than a cumulative total of eighteen (18) months in any five (5) year period, or (vii) a violation of the Owner Occupancy Requirements by the Shareholder. Notwithstanding the foregoing, the acquisition of Shares by an Ineligible Household through inheritance or as the result of Cooperative Loan enforcement proceedings shall not constitute a Prohibited Event until the earlier of (a) the date, if any, upon which such Ineligible Household commences occupancy of the Apartment to which such Shares are allocated, (b) the date of any of the events described in clauses (ii) through (vi) of the preceding sentence, or (c) one year from the date of such acquisition of Shares through inheritance or as the result of Cooperative Loan enforcement proceedings.

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Prohibited Event is defined in Section 4.7.

Prohibited Event has the meaning set forth in Section 4.2(a).

Examples of Prohibited Event in a sentence

Following a Prohibited Event with respect to any Apartment, the HDFC and the Manager shall (i) charge the monthly Prohibited Event Fee with respect to such Apartment, in addition to the monthly Maintenance and any other special assessments with respect to such Apartment, from the Prohibited Event Date until the Prohibited Event Cure Date, and (ii) take such additional actions as the Monitor or HPD determines are reasonably necessary to ensure that the Prohibited Event is cured in an expeditious manner.
The Prohibited Event Fee with respect to any Apartment shall constitute a special assessment, but shall not be subject to any of the forms of approval required by the By-Laws for any other special assessment.
Such notice shall specify the Prohibited Event, the actions necessary to cure the Prohibited Event, and the Prohibited Event Fee.
Upon determining that a Prohibited Event has occurred with respect to a Shareholder’s Apartment, the Monitor shall give written notice of such Prohibited Event to the Shareholder, with a copy to the HDFC.
If Flowco makes an indemnity or reimbursement payment to any Infrastructurco Entity attributable to any Flowco Prohibited Event, such indemnity or reimbursement payment shall be increased to take into account any Taxes of such Infrastructurco Entity resulting from the receipt of such indemnity or reimbursement payment.
Infrastructurco shall execute and deliver to Flowco (or Flowco’s designee) any power of attorney or other similar document reasonably requested by Flowco in connection with any Tax Proceeding regarding a Flowco Prohibited Event.
If the Company or any Affiliate of the Company shall acquire any Unit Certificate in connection with a Prohibited Event, a Prohibited Event Unit Split Date with respect to such Units shall be deemed to occur as of the date of payment or redemption, as applicable, of the Notes, and the Warrants shall be separated from such Units as provided in Section 3.01(a) and, for the avoidance of doubt, such Warrants shall not be cancelled.

More Definitions of Prohibited Event

Prohibited Event means, with respect to any portion of the principal amount of any Unit, any repayment, repurchase, redemption or other retiring of any portion of the principal amount of Notes forming a part thereof prior to the Unit Split Date for such Unit or portion thereof (other than in connection with a Termination Event).

Prohibited Event has the meaning set forth in Section 10.20 hereof.

Prohibited Event means any of the existence, use, generation, manufacture, production, storage, release, discharge or disposal on, under, within, from or about the Premises, or transportation to or from the Premises, of any Hazardous Material, except only to the extent such occurs in the ordinary course of Tenant's use of the Premises as permitted by Section 3 and in compliance with all Environmental Laws.

Prohibited Event means (i) the sale (involving stock or assets), liquidation, dissolution or other transaction (including, without limitation, a merger or corporate reorganization) as a result of which the identity of the Companies as separate entities is no longer maintained or the nature of the business conducted by the Companies prior to the Signing Date terminates or substantially terminates, (ii) the acquisition by Buyer, directly or indirectly, of a Reporting Service (other than the Target Reporting Service) in the Restricted Area or (iii) an initial public offering (A) by the Buyer and/or the Companies, or (B) by an Affiliate (as defined in Rule 405 under the Securities Act of 1933, as amended) of the Buyer or the Companies in the court-reporting services business (in the case of (A) or (B) of this clause (iii), a "Disqualifying IPO"). Anything to the contrary notwithstanding, a Disqualifying IPO by an Affiliate will not constitute a Prohibited Event, provided the Affiliate unconditionally assumes or guarantees the obligations of Buyer hereunder. As used herein, the terms "Reporting Service," "Restricted Area" and "Target Reporting Service" shall have the meanings assigned to them in Section 7.1 hereof. The parties hereto acknowledge that the ability of the Buyer to engage in a prohibited event is limited by the rights granted to the Sellers under the Security Agreement, as defined below.

Prohibited Event means, with respect to any Apartment and the Shares allocated thereto, the sale, lease, or sublease in violation of the requirements of the Regulatory Agreement. This term may be further defined in the Regulatory Agreement.