Insurance or Condemnation Event definition

Insurance or Condemnation Event means the receipt by any Credit Party of any cash insurance proceeds or condemnation award payable by reason of theft, loss, physical destruction or damage, taking or similar event with respect to any of their respective property or assets.
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Insurance or Condemnation Event means any Loan Party’s or the Administrative Agent’s receipt of insurance proceeds with respect to assets of any Loan Party in accordance with Schedule 8.1.3[Maintenance of Insurance] or condemnation proceeds with respect to assets of any Loan Party taken as a result of an Official Body’s exercise of or threat to exercise the power of eminent domain, condemnation or similar power.
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Insurance or Condemnation Event means the receipt by Company or any of its Subsidiaries of (i) any Cash payments under any insurance policy as a result of any damage to or loss of all or any portion of its tangible assets, including any payments made in respect of insurance described in the certificate delivered pursuant to subsection 4.1L hereof or (ii) any Cash proceeds resulting from the taking of assets by the power of eminent domain, condemnation or otherwise; provided that with respect to any such event that would be otherwise deemed an Insurance or Condemnation Event pursuant to the foregoing, and if cash proceeds are less than $15,000,000, if Company shall deliver an Officers' Certificate to Administrative Agent at or prior to receipt of the Cash payment or proceeds of such event setting forth Company's intent to use such Cash payment or proceeds to replace assets that would be included in Plant Assets that are the subject of such event with other Plant Assets necessary or desirable for the conduct of its business within 360 days of such receipt and no Event of Default or Potential Event of Default shall have occurred and shall be continuing at such time, such receipt shall not be deemed to constitute an Insurance or Condemnation Event, except to the extent such Cash payment or proceeds are not so used within such 360-day period, after which time such event, to such extent, shall be deemed an Insurance or Condemnation Event; provided, further that no event which would otherwise be deemed an Insurance or Condemnation Event pursuant to the foregoing, shall be so deemed to the extent the cash proceeds therefrom do not exceed $500,000.
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More Definitions of Insurance or Condemnation Event

Insurance or Condemnation Event means the receipt by Company or any of its Subsidiaries of (i) any Cash payments under any insurance policy as a result of any damage to or loss of all or any portion of its tangible assets, (ii) any Cash payments as a result of any warranty claims or (iii) any Cash proceeds resulting from the taking of assets by the power of eminent domain, condemnation or otherwise; provided, that with respect to any such event that would be otherwise deemed an Insurance or Condemnation Event pursuant to the foregoing, and if cash proceeds are less than $10,000,000, if Company shall deliver an Officers' Certificate to Administrative Agent at or prior to receipt of the Cash payment or proceeds of such event setting forth Company's intent to use such Cash payment or proceeds to replace assets that would be included in Plant Assets that are the subject of such event with other Plant Assets necessary or desirable for the conduct of its business within 360 days of such receipt and no Event of Default or Potential Event of Default shall have occurred and shall be continuing at such time, such receipt shall not be deemed to constitute an Insurance or Condemnation Event, except to the extent such Cash payment or proceeds are not so used within such 360-day period, after which time such event, to such extent, shall be deemed an Insurance or Condemnation Event.
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Related to Insurance or Condemnation Event

  • Insurance and Condemnation Event means the receipt by any Credit Party or any of its Subsidiaries of any cash insurance proceeds or condemnation award payable by reason of theft, loss, physical destruction or damage, taking or similar event with respect to any of their respective Property.

  • Condemnation Event means any act of taking by a public or quasi-public authority through condemnation, reverse condemnation or eminent domain.

  • Insurance and Condemnation Proceeds shall have the meaning assigned to such term in the Servicing Agreement or such other analogous term used in the Servicing Agreement.

  • Net Insurance/Condemnation Proceeds means an amount equal to: (a) any Cash payment or proceeds (including Cash Equivalents) received by the Borrower or any of its Restricted Subsidiaries (i) under any casualty insurance policy in respect of a covered loss thereunder of any assets of the Borrower or any of its Restricted Subsidiaries or (ii) as a result of the taking of any assets of the Borrower or any of its Restricted Subsidiaries by any Person pursuant to the power of eminent domain, condemnation, expropriation or otherwise, or pursuant to a sale of any such assets to a purchaser with such power under threat of such a taking, minus (b) (i) any actual out-of-pocket costs incurred by the Borrower or any of its Restricted Subsidiaries in connection with the adjustment, settlement or collection of any claims of the Borrower or the relevant Restricted Subsidiary in respect thereof, (ii) payment of the outstanding principal amount of, premium or penalty, if any, and interest and other amounts on any Indebtedness (other than the Loans, Indebtedness outstanding with respect to the Second Lien Term Loans and any Indebtedness secured by a Lien on the Collateral that is pari passu with or expressly subordinated to the Lien on the Collateral securing any Secured Obligation) that is secured by a Lien on the assets in question and that is required to be repaid or otherwise comes due under the terms thereof as a result of such loss, taking or sale, (iii) in the case of a taking, the reasonable out-of-pocket costs of putting any affected property in a safe and secure position, (iv) any selling costs and out-of-pocket expenses (including reasonable broker’s fees or commissions, legal fees, transfer and similar Taxes and the Borrower’s good faith estimate of income or other Taxes paid or payable (including pursuant to Tax sharing arrangements or any Tax distribution)) in connection with any sale or taking of such assets as described in clause (a) of this definition, (v) any amounts provided as a reserve in accordance with GAAP against any liabilities under any indemnification obligation or purchase price adjustments associated with any sale or taking of such assets as referred to in clause (a) of this definition (provided that to the extent and at the time any such amounts are released from such reserve (other than in connection with a payment in respect of such liability), such amounts shall constitute Net Insurance/Condemnation Proceeds) and (vi) the pro rata portion of such Net Insurance/Condemnation Proceeds (calculated without regard to this clause vi) attributable to minority interests and not available for distribution to or for the account of the Borrower and the Restricted Subsidiaries as a result thereof.

  • Loss Event means (A) an annual pre-tax loss at GS Inc. or (B) annual negative revenues in one or more reporting segments as disclosed in the Firm’s Form 10-K other than the Investing & Lending segment, or annual negative revenues in the Investing & Lending segment of $5 billion or more, provided in either case that you are employed in a business within such reporting segment.

  • Net Condemnation Proceeds The Condemnation Proceeds received with respect to any Mortgage Loan or Serviced Companion Loan (including an REO Mortgage Loan or REO Companion Loan) net of the amount of (i) costs and expenses incurred with respect thereto and (ii) amounts required to be applied to the restoration or repair of the related Mortgaged Property; provided that, in the case of an Outside Serviced Mortgage Loan, “Net Condemnation Proceeds” under this Agreement shall be limited to any related Condemnation Proceeds that are received by the Trust Fund in connection with such Outside Serviced Mortgage Loan, pursuant to the allocations set forth in the related Co-Lender Agreement.

  • Condemnation Proceeds All awards or settlements in respect of a Mortgaged Property, whether permanent or temporary, partial or entire, by exercise of the power of eminent domain or condemnation, to the extent not required to be released to a Mortgagor in accordance with the terms of the related Mortgage Loan Documents.

  • Event of Loss means, with respect to any Property, any of the following: (a) any loss, destruction or damage of such Property or (b) any 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.

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

  • Reduction Event means any of the following:

  • Special Hazard Coverage Termination Date The point in time at which the Special Hazard Loss Coverage Amount is reduced to zero.

  • Condemnation Award means all proceeds of any Condemnation or transfer in lieu thereof.

  • Event of Loss Proceeds means, with respect to any proceeds from any Event of Loss, all Satellite insurance proceeds received by the Issuer or any of the Restricted Subsidiaries in connection with such Event of Loss, after

  • Casualty Event means any event that gives rise to the receipt by the Borrower 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.

  • Insurance Proceeds With respect to each Mortgage Loan, proceeds of insurance policies insuring the Mortgage Loan or the related Mortgaged Property.

  • Partial Condemnation means any Condemnation which does not constitute a Termination Event.

  • Termination Proceeds means any proceeds arising out of a sale of Receivables (or interests therein) pursuant to subsection 12.01(b) of the Agreement with respect to Series 2001-D.

  • Net Casualty Proceeds means, with respect to any Casualty Event, the amount of any insurance proceeds or condemnation awards received by the Borrower or any of its U.S. Subsidiaries in connection with such Casualty Event (net of all collection or similar expenses related thereto), 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 clause (d) of Section 7.2.3 on the property which is the subject of such Casualty Event.

  • Termination Events means each of the events specified in Clause 10.3 of this Contract.

  • Insurance Proceeds Account has the meaning given to such term in the Accounts Agreement.

  • Casualty Value means the market value of the Equipment at the end of the Term or when in relation to a Total Loss, the market value the Equipment would have had at the end of the Term but for the Total Loss. The Casualty Value may be less than but will not be more than the original purchase price of the Equipment.

  • Insured Casualty has the meaning set forth in Section 5.1(x)(iv)(B).

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

  • 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.

  • Data Loss Event means any event that results, or may result, in unauthorised access to Personal Data held by the Supplier under this Agreement, and/or actual or potential loss and/or destruction of Personal Data in breach of this Agreement, including any Personal Data Breach.