Casualty Threshold Amount definition

Casualty Threshold Amount means, with respect to all Casualties arising from any single Casualty event, an amount equal to two percent (2%) of the Outstanding Principal Balance as of the date of such Casualty Event.
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Casualty Threshold Amount. With respect to all Casualties arising from any single Casualty event, an amount equal to the greater of $5,000,000 or two percent (2%) of the Advances Outstanding as of the date of such Casualty event.
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Casualty Threshold Amount means $200,000 in each instance.
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Examples of Casualty Threshold Amount in a sentence

  • Borrower shall, at its expense, diligently prosecute any such proceedings, and shall consult with Lender, its attorneys and experts, and cooperate with them in the carrying on or defense of any such proceedings which is reasonably expected to involve an Award of an amount greater than the Casualty Threshold Amount.

  • In addition, Lender may participate in any settlement discussions with any insurance companies (and shall approve any final settlement) (a) if an Event of Default is continuing or (b) with respect to any Casualty in which the Net Proceeds or the costs of completing the Restoration are reasonably expected to be equal to or greater than the Casualty Threshold Amount and Borrower shall deliver to Lender all instruments required by Lender to permit such participation.

  • If the Casualty is expected to be equal to or less than the Casualty Threshold Amount, and for so long as no Default exists, Lender shall disburse the Insurance Proceeds to Borrower to complete the Restoration in accordance with this Security Instrument.

  • If the Casualty is expected to be greater than the Casualty Threshold Amount, or if a Default exists, Lender shall control, administer and disburse all Insurance Proceeds subject to Borrower’s satisfaction of the terms and conditions of Lender’s form of disbursement agreement, or such other documentation required by Lender, relating to the disbursement of Insurance Proceeds and the Restoration of the Property.


More Definitions of Casualty Threshold Amount

Casualty Threshold Amount means, with respect to all Casualties arising from any single Casualty event, an amount equal to $2,500,000.
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Casualty Threshold Amount has the meaning set forth in Section 8.1.5.
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Casualty Threshold Amount means one percent of the original face principal amount of the Note; provided, however, that in no event shall the Casualty Threshold Amount be less than $25,000 or more than $100,000. In the event of any damage to or loss or destruction of the Mortgaged Property (a “Casualty”): (w) if it could reasonably be expected to cost more than the Casualty Threshold Amount to repair the Casualty, Borrower shall give prompt written notice of the Casualty to Lender and to Borrower’s insurer, and shall make a claim under each insurance policy providing coverage therefor; (x) Borrower shall take such actions as are necessary or appropriate to preserve and protect the Property; (y) if the aggregate proceeds of any and all insurance policies insuring the Mortgaged Property, whether or not required by this Deed of Trust, that are payable as a result of the Casualty (collectively, the “Insurance Proceeds”) could reasonably be expected to exceed the Casualty Threshold Amount, or if an Event of Default exists, Borrower shall take such actions as are necessary or appropriate to ensure that all Insurance Proceeds are paid to Lender forthwith to be held by Lender until applied to the Secured Obligations or disbursed in accordance with this Section 4.6; and (z) unless otherwise instructed by Xxxxxx, regardless of whether the Insurance Proceeds, if any, are sufficient for the purpose, Borrower shall promptly commence and diligently pursue to completion in a good, workmanlike and lien-free manner the restoration, replacement and rebuilding of the Mortgaged Property as nearly as possible to its value, condition and character immediately prior to the Casualty (collectively, the “Restoration”). If the Restoration will cost more than the Casualty Threshold Amount to repair, Borrower shall submit the proposed plans and specifications for the Restoration, and all construction contracts, architect’s contracts, other contracts in connection with the Restoration, and such other documents as Lender may reasonably request to Lender for its review and approval. Borrower shall not begin the Restoration unless and until Lender gives its written approval of such plans, specifications, contracts and other documents, with such revisions as Lender may reasonably require. Notwithstanding the foregoing, Lender shall not be responsible for the sufficiency, completeness, quality or legality of any such plans, specifications, contracts or other documents. Borrower shall pay, within ten days after demand...
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Casualty Threshold Amount has the meaning set forth in Section 12.2(a)(i).
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Casualty Threshold Amount means $3,000,000.
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Related to Casualty Threshold Amount

  • Threshold Amount means $50,000,000.

  • Casualty Event means any event that gives rise to the receipt by the Company or any Restricted Subsidiary of any insurance proceeds or condemnation awards in respect of any equipment, fixed assets or real property (including any improvements thereon) to replace or repair such equipment, fixed assets or real property.

  • Casualty Loss has the meaning set forth in Section 6.3(b).

  • Property Loss Event means any loss of or damage to property of Group or any Subsidiary thereof that results in the receipt by such Person of proceeds of insurance in excess of $2,000,000 or any taking of property of Group or any Subsidiary thereof that results in the receipt by such Person of a compensation payment in respect thereof in excess of $2,000,000.

  • Casualty shall have the meaning set forth in Section 6.2 hereof.

  • Casualty Proceeds means, with respect to any Casualty Event, the amount of any insurance proceeds or condemnation awards received by the Borrower, any Parent Guarantor or any of their respective Subsidiaries in connection therewith, but excluding any proceeds or awards required to be paid to a creditor (other than the Lenders) which holds a first-priority Lien permitted by Section 7.2.3 on the property which is the subject of such Casualty Event.

  • Uninsured motor vehicle" means a land motor vehicle or trailer of any type:

  • Foreign Casualty Event shall have the meaning assigned to such term in Section 2.05(b)(viii).

  • Event of Loss means, with respect to any Property, any of the following: (a) any loss, destruction or damage of such Property; (b) any pending or threatened institution of any proceedings for the condemnation or seizure of such Property or for the exercise of any right of eminent domain; or (c) any actual condemnation, seizure or taking, by exercise of the power of eminent domain or otherwise, of such Property, or confiscation of such Property or the requisition of the use of such Property.