Casualty Loss Value definition

Casualty Loss Value of each Item of Equipment as of any Casualty Loss Value Payment Date means an amount determined by multiplying the Acquisition Cost of such Item of Equipment by the percentage set forth opposite such Casualty Loss Value Payment Date on the Schedule of Casualty Loss Values attached to the Equipment Agreement Supplement for such Item.

Casualty Loss Value means as of any Casualty Loss Value Date during the Term an amount determined by multiplying (a) the Acquisition Cost for all Properties subject to a Casualty or Condemnation within the then current Basic Payment Period by (b) the percentage set forth opposite such Casualty Loss Value Date on Schedule B hereto.

Casualty Loss Value means the value of the loss of one hundred percent functionality of the Property resulting from an identifiable event of a sudden, unexpected, or unusual nature.

Examples of Casualty Loss Value in a sentence

• Upon receipt by Lessor of the Casualty Loss Value: (i) the applicable Equipment shall be removed from the Lease Schedule; and (ii) Lessee’s obligation to pay Lease Charges associated with the applicable Equipment shall cease.

• The proceeds of any loss or damage insurance shall be payable to Lessor, but Lessor shall remit all such insurance proceeds to Lessee at such time as Lessee either (i) provides Lessor satisfactory proof that the damage has been repaired and the Equipment has been restored to good working order and condition or (ii) pays to Lessor the Casualty Loss Value.

• Until the Equipment is returned to Lessor or as otherwise herein provided, whether or not this Lease Agreement has terminated as to the Equipment, Lessee, at its expense, shall maintain: (i) property and casualty insurance insuring the Equipment for its Casualty Loss Value naming Lessor or its assigns as sole loss payee; and (ii) comprehensive public liability and third-party property insurance naming Lessor and its assigns as additional loss payees.

• The proceeds of any loss or damage insurance shall be held in trust for Lessor until such time as Lessee either (i) provides Lessor satisfactory proof that the damage has been repaired and the Equipment has been restored to good working order and condition or (ii) pays to Lessor the Casualty Loss Value.

• Until the Equipment is returned to Lessor or as otherwise herein provided, whether or not this Lease Agreement has terminated as to the Equipment, Lessee, at its expense, shall maintain: (i) property and casualty insurance insuring the Equipment for its Casualty Loss Value naming Lessor or its assigns as sole loss payee; and (ii) commercial general liability insurance insuring against liability for bodily injury and property damage naming Lessor and its assigns as additional insureds.

More Definitions of Casualty Loss Value

Casualty Loss Value of each Item of Equipment means the amount set forth as such in the Lease Agreement Supplement for such Item.

Casualty Loss Value means the higher of the then current Fair Market Value or the applicable amount set forth in Table 1 to the Aircraft Lease Schedule attached hereto as Exhibit A.

Casualty Loss Value means the amounts payable by Lessee in any -------------------- Event of Loss and as otherwise provided in this Lease, which amounts are set forth in the Lease Supplements executed and delivered pursuant to this Lease.

Casualty Loss Value of each Item of Equipment as of any Casualty Loss Value Payment Date means an amount determined by multiplying the Acquisition Cost of such Item of Equipment by the percentage set forth opposite such Casualty Loss Value Payment Date on the Schedule of Casualty Loss Values attached to the Equipment Agreement Supplement for such Item. "Casualty Loss Value Payment Date" for each Item of Equipment for which an Event of Loss occurs shall mean the Payment Date for such Item next following the date of such Event of Loss. "Certificate of Costs" means a certificate by Obligor executed by a Responsible Officer certifying Obligor's original purchase price and date of purchase of each Item of Equipment to be sold by Obligor to Obligee under the Participation Agreement in the form of Exhibit B to the Participation Agreement. "Closing Date" means the first Funding Date. "Code" means the Internal Revenue Code of 1986, as the same may be amended from time to time, or any comparable successor law. "Collateral" has the meaning set forth in Section 7.1 of the Participation Agreement. "Commercial Paper Margin" means the commercial paper margin set forth in the Program Administration Letter expressed as an annual percentage rate calculated to the seventh decimal place. "Commercial Paper Notes" means short term promissory notes issued or to be issued by Lender to fund its investment in, or the make of, the Loans, with maturities of one (1) to ninety (90) days selected by Obligor, Obligee and Lender, provided however, for so long as a Loan Default has occurred and is continuing the maturities shall be selected by Lender in its sole discretion. "Commercial Paper Rate" except as otherwise provided in the Program Administration Letter, means for any period the sum of (a) the rate or yield (or if more than one rate or yield, the weighted average of the rates or yields) at which Commercial Paper Notes of Lender have been sold by Lender or any placement agent or commercial paper dealer selected by Lender, as agreed between each such dealer or agent and Lender, for the purpose of financing a Loan, plus (b) the commissions and charges charged by such placement agent or dealer with respect to such Commercial Paper Notes, plus (c) the Commercial Paper Margin. "Commerzbank" means Commerzbank Aktiengesellschaft, New York Branch.

Casualty Loss Value means the sum of: (i) the discounted present value of all unpaid future Rent for the Lost Units; (ii) the discounted present value of the Lost Unit’s Residual Value as determined by us; and (iii) all other amounts then due under this Lease with respect to the Lost Units (including all Other Payments then owing and unpaid). If the Total Loss occurs after the final Rent due date of the Lease Term, the Casualty Loss Value will be determined as of the last Monthly Rent due date during the Lease Term.

Casualty Loss Value. See Schedule 1 attached hereto

Casualty Loss Value with respect to any Item of Equipment as of the Casualty Loss Value Payment Date with respect to such Item means an amount determined by multiplying the Acquisition Cost of such Item of Equipment by the percentage set forth opposite such Casualty Loss Value Payment Date on Schedule I attached to the Lease Supplement for such Item. "Casualty Loss Value Payment Date" with respect to any Item of Equipment shall mean the earlier of (i) the day that is 90 days after the date of the Event of Loss applicable to such Item or (ii) the Rent Payment Date next following the date of the Event of Loss applicable to such Item (or the last day of the Term, if sooner) and shall be as set forth in the Schedule of Casualty Loss