Casualty Occurrence definition

Casualty Occurrence any of the following events in respect of the Facility, (i) any material loss of the Facility or material loss of use thereof which does not constitute a Loss Event, or (ii) the condemnation, confiscation or seizure of, or requisition of title to or use of, any material part of the Facility which action does not constitute a Loss Event.

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Casualty Occurrence means any of the following events with respect to the Aircraft, the Airframe or an Engine:

Casualty Occurrence shall have the meaning set forth in Article 17.1.

Examples of Casualty Occurrence in a sentence

The Lessee shall promptly and fully notify the Lessor in writing if the Project or any material portion thereof shall have suffered a Casualty Occurrence but in any event within thirty (30) days of such Casualty Occurrence.
As between Lessor and Lessee, the Lessee hereby assumes and shall bear the entire risk of any Casualty Occurrence with respect to the Project.
The Replacement Equipment shall have at least the value, expected end-of-term residual value, function and remaining useful life, as the Project that suffered the Casualty Occurrence, assuming that such Project had been maintained in accordance with the provisions of the Lease.
The Replacement Equipment shall be free and clear of all Liens (except Permitted Liens), shall be new equipment or used equipment of the same technology, of similar make and model, of similar age and use, and have similar capacity and operational functionality as the Project that suffered the Casualty Occurrence.
Without limiting any other provision hereof, the Lessee shall repair all damage to the Project or any portion thereof from any and all causes, other than a Casualty Occurrence so as to cause it to be in the condition and state of repair required by the Lease.

More Definitions of Casualty Occurrence

Casualty Occurrence shall have the meaning given to such term in Section 2.4(c) hereof.

Casualty Occurrence means, with respect to any Unit, the occurrence of any of the following: (i) the destruction, damage, contamination, wear or unsuitability of such Unit which, in the Borrower’s good faith opinion, makes repair uneconomic or renders such Unit unfit for use in the business of the Borrower, (ii) theft or disappearance of such Unit, (iii) the permanent return of such Unit to the manufacturer pursuant to any warranty or patent indemnity provisions, (iv) the taking of title of such Unit or appropriation of such Unit by any Governmental Authority under the power of eminent domain or otherwise or (v) the taking or requisition for use of such Unit by any Governmental Authority under the power of eminent domain or otherwise for a continuous period in excess of 120 days.

Casualty Occurrence is defined in Section 9.01(a).

Casualty Occurrence shall have the meaning specified in Section 12 hereof.

Casualty Occurrence shall have the meaning given such term in Section 7(b) of this Agreement.

Casualty Occurrence with respect to a Unit shall mean any of the following events: (i) loss of such Unit or of the use thereof, including, without limitation, disappearance, loss, theft, destruction, or damage beyond repair of such Unit, or rendition of such Unit permanently unfit for commercial use or operation; (ii) an insurance settlement with respect to such Unit on the basis of a total loss; (iii) a Requisition of Use for an indefinite period or for a stated period extending for six (6) consecutive months or more or extending beyond the end of the Term of the Lease; (iv) the use of such Unit or the Satellite in the normal course of business shall have been prohibited for a period of six (6) consecutive months or more or extending beyond the end of the Term of the Lease as a result of any rule, regulation, order or other action by any governmental body having jurisdiction; (v) such Unit becomes a "Failed Transponder" pursuant to the Purchase Agreement; (vi) a Satellite Failure or the Satellite shall at any time have less than four (4) pounds of fuel on board and available for use; or (vii) one or more Owner Participants shall be subject to regulation under the Public Utility Holding Company Act of 1935, as amended, or be deemed to be a "common carrier" subject to the jurisdiction of the Federal Communications Commission (except for nonburdensome direct or derivative obligations to furnish information, which the Owner Participants agree to furnish so long as the costs and expenses thereof are to be paid by the Lessee) under the Communications Act of 1934 by reason of their participation in the transactions contemplated by the Pertinent Documents. The date of such Casualty Occurrence shall be the date of such disappearance, loss, theft, destruction, damage, Requisition of Use for the stated period, prohibition of use for the stated period, failure or regulation.

Casualty Occurrence means any of the following events with respect to the Aircraft: (i) the total loss of such Aircraft or the use thereof due to theft, disappearance, destruction, damage beyond economic repair or rendition of such Aircraft permanently unfit for use for any reason whatsoever, (ii) any damage to the Airframe or an Engine which results in an insurance settlement with respect to such property on the basis of a total loss, or (iii) the condemnation, confiscation, appropriation or seizure of, or requisition of title to such property or the use of such property by or on the authority of any governmental authority or purported governmental authority.