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.
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 Payment Date shall be the next rent payment date after the Casualty Occurrence.
Lessee shall pay Lessor the sum of (i) the Stipulated Loss Value (see Schedule) of the affected unit determined as of the rent payment date prior to the Casualty Occurrence; and (ii) all rent and other amounts which are then due under this Agreement on the Payment Date (defined below) for the affected unit.
Such insurance shall cover any Casualty Occurrence to any unit of Collateral.
Notwithstanding anything in Section 9 or this Section 10 to the contrary, this Security Agreement and Borrower's obligations hereunder shall remain in full force and effect with respect to any unit of Collateral which is not subject to a Casualty Occurrence.
Such insurance shall cover any Casualty Occurrence to any unit of Equipment.
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 commercial use, (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 180 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 or “Casualty Loss” shall mean any of the following events with respect to an Aircraft or an Engine constituting part of the Collateral:
Casualty Occurrence means any of the following events with respect to the Aircraft, Airframe or any Engine: (a) loss of such property or its use due to theft or disappearance for a period in excess of twenty (20) consecutive days, or in any event extending beyond the Term, or destruction, damage beyond economic repair or rendition of such property permanently unfit for normal use by Lessee for any reason whatsoever; (b) any damage to such property which results in an insurance settlement with respect to such property on the basis of a total loss or on the basis of a compromised or constructive total loss; (c) 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 Entity or purported Governmental Entity, which in any such case shall have resulted in the loss of possession thereof by Lessee for a period in excess of thirty (30) consecutive days (or for such shorter period ending on the date which is seven (7) days from the date of receipt of an insurance settlement with respect to such property on the basis of a total loss) or in any event extending beyond the Term; or (d) prohibition under any applicable Law of the use of the Aircraft for commercial transportation of passengers for a period of thirty (30) consecutive days, or in any event extending beyond the Term.