Major Casualty Amount definition

Major Casualty Amount means, in relation to a Ship, the amount specified as such against the name of that Ship in Schedule 2 (Ship information) or the equivalent in any other currency.

Major Casualty Amount means Five hundred thousand Dollars ($500,000) or the equivalent in any other currency;

Major Casualty Amount means one million US Dollars (US$1,000,000) or the equivalent in any other currency or currencies.

Examples of Major Casualty Amount in a sentence

• If for any completed Restoration the cost of which exceeds the Major Casualty Amount, Tenant has not theretofore delivered same to the FCRHA, Tenant shall deliver to the FCRHA, within ninety (90) days of the completion of such Restoration, a complete set of “as built” plans in CADD format, together with a statement in writing from Tenant or its Architect that such plans are complete and correct in all material respects.

• Except with approval, the Ship shall not be put into any other person’s possession for work to be done on the Ship if the cost of that work will exceed or is likely to exceed the Major Casualty Amount unless that person gives the Security Agent a written undertaking in approved terms not to exercise any lien on the Ship or its Earnings for any of the cost of such work.

• Except with approval, the Ship shall not be put into any other person’s possession for work to be done on the Ship if the cost of that work will exceed or is likely to exceed the Major Casualty Amount for such Ship unless the relevant Owner has established to the reasonable satisfaction of the Agent that it has sufficient reserves to pay for the cost of such work.

• The Charterers shall promptly provide the Owners and, if applicable, the Finance Parties with full information regarding any casualty or other accident or damage to the Vessel the repair costs of which (whether before or after adjudication) would reasonably be expected to exceed the Major Casualty Amount including, without limitation, any communication with all parties involved in case of a claim under any of the Insurances.

• The Charterers shall not settle, compromise or abandon any claim under or in connection with any of the Insurances (other than a claim of less than the Major Casualty Amount arising other than from a Total Loss) without the prior written consent of the Owners and, if applicable, the Finance Parties.

More Definitions of Major Casualty Amount

Major Casualty Amount means initially Two Million Dollars ($2,000,000), provided that such amount shall be increased on the fifth (5th) anniversary of the Commencement Date and on each fifth (5th) anniversary of the Commencement Date thereafter occurring during the Term, by the percent increase, if any, in the Consumer Price Index for the month in which the applicable anniversary date occurs over the Consumer Price Index for the month in which the Commencement Date occurs.

Major Casualty Amount means $3,000,000 (or the equivalent in any other currency).

Major Casualty Amount means any casualty to the Vessel in respect whereof the claim or the aggregate of the claims against all insurers, before adjustment for any relevant franchise or deductible, exceeds five hundred thousand Dollars ($500,000) or the equivalent in any other currency;

Major Casualty Amount means, in relation to a Ship, the amount specified as such in Schedule 2 (Ship information) against the name of such Ship or the equivalent in any other currency.

Major Casualty Amount means, in relation to each Ship or any ‘Substitute Ship’ for a Ship in accordance with clause 25.15 (Substitution of a Mortgaged Ship) three million five hundred thousand dollars ($3,500,000) (or the equivalent in any other currency).

Major Casualty Amount means ten million US Dollars (US$10,000,000) or the equivalent in any other currency or currencies.

Major Casualty Amount means in respect of the Vessel, $30,000,000 (or the equivalent in any other currency).