Casualty Occurrence Sample Clauses
Casualty Occurrence. During the Term, Lessee hereby assumes all risk of loss, damage, theft, taking, destruction, confiscation, condemnation or requisition of, or to, each Unit, however caused or occasioned (each, a "Casualty"). Lessee shall promptly notify Lessor of any Casualty. In event that:
a. Such Casualty results in a total loss or constructive total loss of any Unit,
b. A Casualty arises from a theft, taking, confiscation, condemnation or requisition, or
c. The damage cannot reasonably be expected to be repaired in sixty (60) days from the date of the Casualty [or if earlier, the end of the Term, in each case the "Outside Repair Date") (any event in clauses (a), (b) or (c), being a "Total Loss"], then Lessee shall on the first day of the month next succeeding the Outside Repair Date (or if earlier, the end of the term, in each case the "Settlement Date") pay a settlement value as specified in the Settlement. Value as specified in the Rider ("Settlement Value") for such Settlement Date, together with any other accrued but unpaid amounts due hereunder. Any Unit which is seized and held by any governmental authority for more than thirty (30) days or which becomes the subject of a forfeiture proceeding initiated by any governmental authority shall be deemed a Total Loss for which Lessee shall pay the Settlement Value pursuant to this Section 11. Upon Lessor's receipt of the Settlement Value and all other amounts then due and payable under the Lease:
a. The Rent for such Unit shall cease, and the Lease for such Unit shall terminate (other than provisions expressly stated to survive), and
b. Unless prohibited by Applicable Law, Lessor shall convey to Lessee, the insurer, as applicable, or Lessee's designee, its title and interest to such Unit (taking into such Casualty) on an "as-is, where-is" basis without recourse or warranty [other than the absence of any Lessor Lien (defined below)]. Lessor has the right, but not the obligation, to replace any Unit which suffers a Total Loss, subject to Acceptance as set forth in Section 2. In the event that a Casualty shall occur that shall not constitute a Total Loss, then Lessee shall promptly repair the Unit to meet the requirements of Section 8 and so the Unit will be able to be returned in accordance with Section 9. If any Unit that has suffered a Casualty has not been so repaired by the Outside Repair Date, then such Unit on such Outside Repair Date shall be deemed to be a Total Loss and Settlement Value and all other amounts accr...
Casualty Occurrence. Notwithstanding any Casualty Occurrence, the Loan to which such casualtied item of Collateral is subject shall continue in full force and effect without any abatement in the monthly payment due. Borrower shall, at its election, (a) no later than thirty (30) days after such Casualty Occurrence repair the Collateral returning it to good operating condition, (b) no later than thirty (30) days after such Casualty Occurrence replace the Collateral with Collateral acceptable to Lender in its reasonable discretion, in good condition and repair taking all steps required by Lender to perfect Lender's first priority security interest therein, which replacement Collateral shall be subject to the terms of this Security Agreement, or (c) on the next regular monthly payment date which falls after such thirty (30) days, or if there is no such payment date, thirty (30) days after such Casualty Occurrence 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 discounting to present value the amounts in (ii) at a rate of 6% per annum compounded monthly on the basis of a 360 day year ("Discount Rate"). 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.
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. 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. 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 Lender 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. In the event of a Casualty Occurrence, the Lessee shall promptly and fully inform the Owner-Trustee and the Indenture Trustee in writing in regard thereto and shall, on the Casualty Termination Date, pay the Owner-Trustee an amount equal to the sum of (i) the Casualty Value of the Facility determined as of the Casualty Termination Date, (ii) if the Casualty Termination Date is a Rent Payment Date, the Periodic Rent (other than Periodic Rent payable "in advance" on such date) and the Periodic Site Rent due on the Casualty Termination Date, and (iii) all other Supplemental Rent then due. Notwithstanding such -38- Casualty Occurrence, the Lessee's obligation to pay Rent hereunder due and payable as to the Facility on or prior to the payment date of such Casualty Value shall continue. Upon receipt by the Owner-Trustee of such payments and all other sums then due and payable by the Lessee under this Lease and the other Operative Agreements, this Lease shall terminate, and the Owner-Trustee will transfer to the Lessee all the Owner-Trustee's right, title and interest, if any, in and to the Leased Property on an "as-is", "where-is" basis, without recourse or warranty, express or implied, except for a warranty against Lessor's Liens attributable to the Owner-Trustee or Wilmington Trust Company.
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.
6.2 Upon our receipt of the moneys referred to in clause 6.1: (a) this Agreement will terminate with respect to that Equipment and the renting of any remaining Equipment will continue at an adjusted Rental (based on the units of Equipment remaining) as notified by us in our absolute discretion; and (b) if you have paid all monies due to us under clause 6.1 and if we receive insurance proceeds in respect of the relevant Equipment, such insurance proceeds will be credited to you to the extent of any payment received from you under clause 6.1.
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 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.
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.