Irrecoverable. In the event of any damage or destruction to the Leased Premises by fire or other casualty, Tenant shall immediately notify Landlord thereof in writing. Following any such damage or destruction which renders the Leased Premises untenantable in whole or substantial part which Landlord declares in its sole discretion that repairs are not reasonable during the Term of the Lease, the Lease shall terminate, and Tenant shall be provided a pro-rata rebate of any Rent applicable to the Term of the Lease with no other liabilities accruing to Landlord. Recoverable. Else, if Landlord declares the damage or destruction to be recoverable, but the impact renders the Leased Premises significantly limited for the intended use under the Lease, upon Parties agreement, either: (i) this Lease shall terminate, and in such case, the Rent shall be abated for the unexpired portion of the Lease, effective as of the agreement upon being memorialized in writing and endorsed by the Parties with Landlord not being liable for any other loss or damage to Tenant beyond such Rent abatement, (ii) this Lease shall not terminate, and Landlord shall proceed with reasonable diligence to rebuild or repair the Leased Premises to substantially the same conditions in which they existed prior to the damage with any discount in Rent reflected in the aforementioned written agreement, or (iii) Landlord may provide an equivalent or similar space that, upon Tenant’s approval, can serve as the Leased Premises for the remainder of the Lease. In no case shall Landlord be liable for any damages or costs not addressed in the written agreement. If Landlord fails to substantially complete the necessary repairs within thirty (30) working days from the date of Landlord's receipt of written notification by Tenant of the damage or destruction, Tenant may at its option terminate this Lease by delivering written notice of termination to Landlord, whereupon all rights and obligations under this Lease not specifically surviving termination hereof shall cease to exist.
Irrecoverable. Loans in respect of which a full loss is estimated and which must cease to be reflected as an asset in the Bank’s books of account, despite the fact that the Bank retains the right to collect the balances owed and that there may be circumstances or events in the future which enable the total or partial recovery of balances charged to losses.
Irrecoverable. Loans which show arrears in the payments of instalments of more than three hundred and sixty (360) days.
Irrecoverable. Loans whose instalment payments are in arrears by more than one hundred and eighty (180) days; in the case of loans with guarantees in rem the period of default must be more than three hundred and sixty (360) days.
Irrecoverable. This category covers loans whose irrecoverability is so obvious that their treatment as assets cannot be justified and they must be dealt with appropriately so that the loss is recognised, regardless of whether the Bank may ultimately recover the sums owed wholly or in part. This category shall also include loans granted to companies whose ability to generate resources also depends on other companies which in turn find themselves in a very precarious financial position when it comes to meeting their commitments, due to their own indebtedness, to their lack of operational capacity or to the situation of the economic sector to which the ordinary course of their business belongs. In order to classify a loan in this category, the Bank must take into account whether the debtor:
a. Has an operating cash flow which does not cover its costs; is in suspension of payments; is likely also to face difficulties in complying with any restructuring agreements; is in a state of insolvency; or has applied for its own bankruptcy;
b. Has defaulted on payment for more than 360 days. The Bank must also consider:
a. Whether the debtor has ceased trading and whether its loans are being collected via the courts;
b. If the Bank has inadequate knowledge about the customer, particularly in relation to its most recent financial position and current location;
c. If the loan was granted without proper analysis or for subjective reasons;
d. If the documentation for the loan is inadequate, defective or false;
e. If there are no guarantees or if the guarantees are inadequate or are not properly created.