Material Renovation definition

Material Renovation means any renovation of an Unencumbered Asset the completion of which causes 25% or more of the rooms located in such Asset to be unavailable for use for a period of forty-five (45) consecutive days or longer.
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Material Renovation means any renovation of a Borrowing Base Asset the completion of which causes twenty-five percent (25%) or more of (a) in the case of a Hotel Asset, the rooms located in such Asset and (b) in the case of a Parking Asset, parking spaces located in such Asset, to be unavailable for use for a period of forty-five (45) consecutive days or longer.
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Material Renovation means any renovation of an Unencumbered Asset the completion of which causes 25% or more of the rooms located in such Asset to be unavailable for use for a period of forty-five (45) consecutive days or longer. “Minimum Collateral Amount” means, at any time, (i) with respect to collateral consisting of cash or deposit account balances posted or to be posted under Section 9.10, an amount equal to 105% of the Fronting Exposure of all Issuing Banks with respect to Letters of Credit issued and outstanding at such time and (ii) otherwise, an amount determined by the Administrative Agent and the Issuing Banks in their sole discretion. “Moody’s” means Xxxxx’x Investors Service, Inc. and any successor thereto. “Multiemployer Plan” means a multiemployer plan, as defined in Section 4001(a)(3) of ERISA, to which any Loan Party or any ERISA Affiliate is making or accruing an obligation to make contributions, or has within any of the preceding five plan years made or accrued an obligation to make contributions. “Multiple Employer Plan” means a single employer plan, as defined in Section 4001(a)(15) of ERISA, that (a) is maintained for employees of any Loan Party or any ERISA Affiliate and at least one Person other than the Loan Parties and the ERISA Affiliates or (b) was so maintained and in respect of which any Loan Party or any ERISA Affiliate could have liability under Section 4064 or 4069 of ERISA in the event such plan has been or were to be terminated. “Negative Pledge” means, with respect to any asset, any provision of a document, instrument or agreement (other than pursuant to the Loan Documents, the 2018 Term Loan Facility, the Summit JV MR 1 Facility and the Summit SubJV Facility) which prohibits or purports to prohibit the creation or assumption of any Lien on such asset as security for Indebtedness of the Person owning such asset or any other Person; provided, however, that (a) an agreement that conditions a Person’s ability to encumber its assets upon the maintenance of one or more specified ratios that limit such Person’s ability to encumber its assets but that do not generally prohibit the encumbrance of its assets, or the encumbrance of specific assets, shall not constitute a Negative Pledge, and (b) a provision in any agreement governing unsecured Indebtedness generally prohibiting the encumbrance of assets shall not constitute a Negative Pledge so long as such provision is generally consistent with a comparable provision of the Loan Documents.
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Examples of Material Renovation in a sentence

  • If you are in any doubt about the contents of this Memorandum you should consult your professional advisor.

  • For purposes hereof, a "Material Renovation" shall mean a renovation, or a series of relatedrenovations, which costs more than $100,000.00 or alters the structural integrity, capacity, or fundamental character or appearance of the Center Buildings.

  • Upon completion of construction on Material Renovation, the DCPAF shall furnish the City with a certificate of substantial completion executed by the architect or other supervising party for the project, and a complete set of as-built plans for the improvements.

  • If the work constitutes a Material Renovation, the DCPAF shall submit the proposed plans and specifications, proposed contractor(s), and the construction schedule to the Director for advance written approval (which approval shall not be unreasonably withheld or delayed).

  • Thus, due to the effect of the 20% additional equity interest, FCCDCI is consolidated into the Group effective 01 January 2017.LRDCSI was registered and incorporated with SEC on 20 May 2016.

  • The DCPAF shall have the right to repair, renovate, and/or improve the Center Buildings and the Center without the approval thereof by the City unless such repair, renovations and/or improvements would constitute a Material Renovation.

  • The Material Renovation Amount or “MRA” shall be subject to adjustment on January 1 of each year in accordance with changes in the Index.

  • Washington StreetOswego, IL 60543-9661Separate sealed BIDS for Site Preparation, Utility Extensions and Connections, Installation of Restroom Building and Components Supplied by Owner, Site Work and the Infield Re-Grading and Material Renovation of the Existing 4-field Softball Complex will be received by Oswegoland Park District, 313 E.

  • If you wish to contest this Infringement Notice, this notice will serve as a summons requiring you to attend a court and appear before a Magistrate.

  • The $100,000.00 amount shall be adjusted throughout the term in accordance with the formula set forth in Article 9 applicable to the Material Renovation Amount.


More Definitions of Material Renovation

Material Renovation means any renovation of an Unencumbered Asset the completion of which causes 25% or more of the rooms located in such Asset to be unavailable for use for a period of forty-five (45) consecutive days or longer. “Moody’s” means Xxxxx’x Investors Service, Inc. and any successor thereto. “Multiemployer Plan” means a multiemployer plan, as defined in Section 4001(a)(3) of ERISA, to which any Loan Party or any ERISA Affiliate is making or accruing an obligation to make
Sample 1
Material Renovation means any renovation of the Lounge the completion of which causes 20% or more of the available seats located in the Lounge to be unavailable for use for a period of forty-five (45) consecutive days or longer.
Sample 1

Related to Material Renovation

  • Renovation means altering a facility or one or more facility components in any way, including the stripping or removal of RACM from a facility component. Operations in which load-supporting structural members are wrecked or taken out are demolitions.

  • Material Real Property means any real property owned by any Loan Party with a fair market value in excess of $5,000,000.

  • Tenant Work All work installed or furnished to the Premises by Tenant in connection with Tenant’s initial occupancy pursuant to Rider 2 and the Workletter.

  • Major renovation means the renovation of a building where:

  • Material Alteration shall have the meaning set forth in Section 4.1.11.

  • Residential rental property means property that is used solely as leased or rented property for residential purposes. If the property is a space rental mobile home park, residential rental property includes the rental space that is leased or rented by the owner of that rental space but does not include the mobile home or recreational vehicle that serves as the actual dwelling if the dwelling is owned and occupied by the tenant of the rental space and not by the owner of the rental space.

  • demolition work means a method to dismantle, wreck, break, pull down or knock down of a structure or part thereof by way of manual labour, machinery, or the use of explosives;

  • aerial work means an aircraft operation in which an aircraft is used for specialised services such as agriculture, construction, photography, surveying, observation and patrol, search and rescue, and aerial advertisement;

  • Building Work has the meaning given to it in section 6 of the Building and Construction Industry (Improving Productivity) Act 2016 (Cth);

  • Demolition means the wrecking or taking out of any load-supporting structural member of a facility together with any related handling operations or the intentional burning of any facility.

  • Project means the goods or Services described in the Signature Document or a Work Order of this Contract.

  • Landlord’s Work means the work of constructing the Tenant Improvements.

  • this Tenant Work Letter means the relevant portion of Sections 1 through 6 of this Tenant Work Letter.

  • Tenant Lease means any lease entered into by the Borrower, any Loan Party or any Subsidiary with respect to any portion of a Property.

  • Subleased Premises means such portions of the Leased Premises being particularly identified on Schedule B, which the parties agree, for the purposes of this Sublease and any square footage calculations pursuant hereto, is approximately 42,244 square feet of office (21,068 square feet on the third floor and 21,176 square feet on the seventh floor) and approximately 9.4312% of common space (building rentable area is 447,917 square feet).

  • Building means any structure used or intended for supporting or sheltering any use or occupancy.

  • Material Project means the construction or expansion of any capital project of the Borrower or any of its Subsidiaries, the aggregate capital cost of which exceeds $25,000,000.

  • Tenant Improvements Defined in Exhibit B, if any.

  • Tenant Improvement Work means the construction of the Tenant Improvements, together with any related work (including demolition) that is necessary to construct the Tenant Improvements.

  • Common Area means all areas and facilities within the Project that are not designated by Landlord for the exclusive use of Tenant or any other lessee or other occupant of the Project, including the parking areas, access and perimeter roads, pedestrian sidewalks, landscaped areas, trash enclosures, recreation areas and the like.

  • Building Project means the aggregate combined parcel of land on a portion of which are the improvements of which the Premises form a part, with all the improvements thereon, said improvements being a part of the block and lot for tax purposes which are applicable to the aforesaid land.

  • Leased Premises means the Leased Premises as defined in Paragraph 1.

  • Substantial alteration means an alteration that has a major impact on the architectural features, characteristics, appearance, or integrity of a structure or lot. The term does not include routine maintenance that is reasonably necessary to maintain a dealership facility in attractive condition and does not include any changes to items protected by federal intellectual property rights.

  • Usable space means all the space on a pole, except the portion below ground level, the 20 feet of safety clearance space above ground level, and the safety clearance space between communications and power circuits. There is a rebuttable presumption that six feet of a pole are buried below ground level.

  • Project Work means the work required to complete the Project.

  • Urban renewal area means a slum area or a blighted area or a combination thereof which the municipality designates as appropriate for an urban renewal project.