Major Casualty Event definition

Major Casualty Event means an event or circumstance that results in the loss, destruction or material damage to at least 50% of the Maximum Capacity (in MW).

Major Casualty Event means any casualty event:

Major Casualty Event has the meaning given in Section 3.5.2 of the Depositary Agreement.

Examples of Major Casualty Event in a sentence

• If any proceeds of insurance are made available to it to rebuild or repair its Vessel and, following a Major Casualty Event, in accordance with an approved Repair Plan, to proceed diligently and in good faith with the reconstruction or repair of such Vessel.

• In determining whether to approve such plan the Intercreditor Agent shall give due regard to any off-hire or loss of earnings insurance that may be payable in respect of the relevant Major Casualty Event.

• For the avoidance of doubt, no cancellation of the Available Commitments will occur and no prepayment of the Relevant Borrower’s Term Loan will be required in accordance with this Clause 5.9 following a Major Casualty Event if the relevant Vessel affected by such Major Casualty Event has become a Released Vessel in accordance with Clause 5.17.

• Should the State seek to terminate this Agreement due to a Major Casualty Event or an Extended Force Majeure Event, the State will provide Notice to BREP at least ninety (90) days prior to the proposed Termination Date.

• Should BREP seek to terminate this Agreement due to a Major Casualty Event or an Extended Force Majeure Event, BREP will provide Notice to the State at least ninety (90) days prior to the proposed Termination Date.

More Definitions of Major Casualty Event

Major Casualty Event means a Covered Asset Loss under a Lease that in the reasonable judgment of LEP constitutes fifty percent or greater (=>50%) of the Thermal Services Capacity at such Covered Facility that was in place immediately prior to such Covered Asset Loss.

Major Casualty Event means any loss of or damage to property through one or more related events for which the Borrower or any of its Subsidiaries receives any insurance proceeds under any casualty insurance policy or any condemnation of property (or any transfer or disposition of property in lieu of condemnation) for which the Borrower or any of its Subsidiaries receives a condemnation award or other compensation, with respect to which the aggregate amount of such proceeds, award or other compensation exceeds $1,000,000.

Major Casualty Event has the meaning given in the respective Project Company Depositary Agreements.

Major Casualty Event a Recovery Event yielding gross proceeds to ASC or any of its Restricted Subsidiaries in excess of $15,000,000.

Major Casualty Event means, with respect to any Mortgaged Property, a Casualty Event that either results in (i) damage to such Mortgaged Property of $750,000 or more, as determined by the Borrower in good faith or (ii) a taking of such Mortgaged Property (or portion thereof) with a value

Major Casualty Event means, with respect to any Mortgaged Property, a Casualty Event that either results in (i) damage to such Mortgaged Property of $750,000 or more, as determined by the Borrower in good faith or (ii) a taking of such Mortgaged Property (or portion thereof) with a value subject to such taking of $750,000 or more, as determined by the Borrower in good faith.

Major Casualty Event means any loss of or damage to property through one or more related events for which New Valero or any of its Subsidiaries receives any insurance proceeds under any casualty insurance policy or any condemnation of property (or any transfer or disposition of property in lieu of condemnation) for which New Valero or any of its Subsidiaries receives a condemnation award or other compensation, with respect to which the aggregate amount of such proceeds, award or other compensation exceeds $5,000,000 ; provided that such event shall not constitute a Major Casualty Event if New Valero notifies the Administrative Agent promptly after receipt of such proceeds, award or other compensation that the same will be committed by New Valero and its Subsidiaries to be used to repair or replace the affected asset within six months of the date of such notice and will be so used within thirty-six months of the date of such notice, but only to the extent such proceeds, award or other compensation is actually so used.