Casualty Occurrence. On the first day payment is due on each Note following the Casualty Occurrence or, if there is no such payment date, thirty (30) days after such Casualty Occurrence Borrower shall pay to Lender an amount equal to the Balance Due (as defined below) for each lost or damaged item of Collateral. The Balance Due for each such item is the sum of: (i) all amounts for each item which may be then due or accrued to the payment date, plus (ii) as of such payment date, an amount equal to the product of the fraction specified below times the sum of all remaining payments under the respective Note, including the amount of any mandatory or optional payment required or permitted to be paid by Borrower to Lender at the maturity of the Note. The numerator of the fraction shall be the Collateral Value (as set forth on the applicable Note) of the item and the denominator shall be the aggregate Collateral Value of all items under the Note. Upon the making of such payments, Lender shall release such item of Collateral from its lien hereunder. Notwithstanding the above, within thirty (30) days following a Casualty Occurrence, Borrower may repair the Collateral or replace any item of Collateral which has suffered a Casualty Occurrence with Collateral acceptable to Lender in its complete discretion and, in such event, the provisions of the previous paragraph shall not apply. Borrower's tender of such Collateral shall constitute a representation and warranty that it is free of all liens, claims and encumbrances and otherwise qualifies as Collateral under this Security Agreement. Following such tender, Lender shall have a first security interest in such Collateral. All insurance proceeds from policies required to be maintained hereunder received by or payable to Lender on account of a Casualty Occurrence shall be released to the vendor of the replacement item of Collateral upon Borrower's request if (i) no Event of Default has occurred and is continuing hereunder, and (ii) Lender has received an invoice from the vendor describing the replacement item of Collateral. If Lender has received from Borrower the Balance Due and all other payments due with respect to the item of Collateral which has suffered a Casualty Occurrence, all insurance proceeds received by Lender thereafter or payable on account of the Casualty Occurrence shall be paid to Borrower as it may direct.
Casualty Occurrence. Lessee shall bear the risk if a Casualty Occurrence or other damage occurs to the Equipment from the date of the Master Lease until all Obligations have been satisfied. Lessee shall give Lessor prompt notice of a Casualty Occurrence or other damage to the Equipment which does not constitute Reasonable Wear and Tear. If, in Lessor’s opinion, any damage to the Equipment is not a Casualty Occurrence, Lessee shall, at its expense, promptly restore the Equipment to the condition required herein. If the damage is a Casualty Occurrence, Lessee shall pay to Lessor on the first Rent payment due date following the Casualty Occurrence (thirty (30) days after the Casualty Occurrence if there is no Rent payment due date remaining) all amounts then due under this Lease with respect to the item or component of the Equipment suffering said Casualty Occurrence (the “Casualty Impaired Equipment”), plus a sum equal to the applicable Casualty Value of the Casualty Impaired Equipment, as applicable. Upon making this payment, the Term with respect to the Casualty Impaired Equipment shall terminate and Lessee shall be entitled to possession of the Casualty Impaired Equipment and shall be responsible for its sale or other disposition. Lessee shall be entitled to any recovery from insurance or otherwise, related to the Casualty Impaired Equipment to the extent it exceeds the amount of the Casualty Value paid by Lessee.
Casualty Occurrence. A. The term "occurrence" as used herein means each accident or occurrence or series of accidents or occurrences, arising out of one event, provided that, as respects:
Casualty Occurrence. In the event of any material (involving damages to any party thereto in excess of $500,000) casualty with respect to any Collateral or Vessel, the Borrower shall give the Agent written notice of such casualty promptly after discovering or receiving notice of the casualty, which notice shall identify the affected Collateral or other Vessel. The Borrower shall, within a reasonable period of time, remedy or repair such casualty to bring the Collateral into conformity with the provisions of this Agreement unless such casualty shall constitute an Event of Loss and the provisions of §2.3(b) apply.
Casualty Occurrence. 6.1 If any of the Equipment is lost, stolen, or damaged beyond economic repair, you will promptly notify us and unless otherwise agreed by us you will immediately pay to us all Rentals payable with respect to such Equipment for the remainder of the Term.
Casualty Occurrence. In the event that the System shall be destroyed or substantially damaged as the result of a fire or other casualty, Supplier shall, within *** of the destruction or damage, subject to the agreement of Client (whose agreement will not be unreasonably with held), determine whether or not to rebuild or replace the System provided that such rebuilding or replacement can be accomplished within *** after the date of the destruction or damage, or to terminate this Agreement without liability or charge. Client shall be liable for the payment for all Product Water supplied up until the date of the termination. Client’s obligations for further payments shall cease unless and until such time as the System is rebuilt or replaced and capable of producing Product Water. Portions of this exhibit have been omitted and filed separately with the SEC pursuant to a confidential treatment request and are indicated by ***.
Casualty Occurrence. Notwithstanding any request by the Lessee for a determination of fair market sales value pursuant to this Section 19, the provisions of Section 13 shall continue in full force and effect until the date of purchase and the passage of ownership of the Facility unless the Lessee shall have exercised the option by irrevocable written notice to purchase pursuant to Section 19(b), in which event the amount of "CASUALTY VALUE" shall equal the greater of (i) the option purchase price and (ii) the Casualty Value which would have applied but for the exercise of such purchase option.
Casualty Occurrence. In the event that the Unit suffers a Casualty Occurrence, Lessee shall promptly and fully inform Lessor in regard thereto and Lessee, on the next succeeding Periodic Rent Payment Date following 15 days prior written notice, shall pay to Lessor a sum equal to the Casualty Value of the Unit as of the date of such payment. Upon receipt by Lessor of such payment this Lease shall terminate with respect to the Unit (subject to the requirements of Section 16(d) hereof regarding the disposition of the Unit).
Casualty Occurrence. Notwithstanding any request by the Lessee for a determination of Fair Market Sales Value pursuant to this Section 19, the provisions of Section 13 shall continue in full force and effect until the date of purchase and the passage of ownership of the Facility unless the Lessee shall have exercised the option by irrevocable written notice to purchase pursuant to Section 19(b), 19(f) or 19(g), in which event the amount of "Casualty Value" shall equal the greater of (i) the option purchase price, Early Purchase Price or Burdensome Buyout Price, as applicable, (plus any other amounts payable in connection therewith) and (ii) the Casualty Value which would have applied but for the exercise of such purchase option. If the Lessee has exercised any of its options to purchase or renew under this Section 19 and a Casualty Occurrence occurs before the closing of such purchase or commencement of the Renewal Term, as applicable, the Lessee may, by written notice to the Owner Trustee (and, so long as the Secured Indebtedness has not been fully paid and satisfied, the Indenture Trustee) given promptly upon such Casualty Occurrence, elect to rescind the exercise of such option.
Casualty Occurrence. No Casualty Occurrence has occurred, and the Leased Property may be used for the purposes contemplated by the Lessee in accordance with the Facility Lease and the other Operative Agreements.
