Material Casualty definition

Material Casualty has the meaning set forth in Section 14.1.1.

Material Casualty shall have the meaning assigned thereto in Section 9.2(b).

Material Casualty means a Casualty where the loss (i) is in an aggregate amount equal to or in excess of thirty percent (30%) of the outstanding Principal Amount of the Loan or (ii) has caused thirty percent (30%) or more of the hotel rooms or common areas (including banquet and conference facilities) in the Property to be unavailable for its applicable use.

Examples of Material Casualty in a sentence

• If either party so terminates this Lease under this Section 15.1, the Rent and additional rent with respect thereto shall be prorated and paid or refunded, as appropriate, from the date of the Material Casualty.

• In the event of a Casualty that is not a Material Casualty, or if neither party elects to exercise its right to terminate this Lease as provided in Section 15.1 above in connection with a Material Casualty, then LESSOR, at its expense (subject to reimbursement from any proceeds of insurance arising from the applicable Casualty), shall repair and restore the Premises to a condition at least equivalent to the condition that prevailed immediately before such Casualty with reasonable diligence and continuity.

• If a Casualty Loss occurs and such Casualty Loss would reasonably be expected to have a Material Adverse Effect (a “Material Casualty Loss”), PBF Energy shall have the right to extend the Closing Date for up to 45 days for the purpose of repairing or replacing the assets destroyed or damaged by the Material Casualty Loss.

• The costs to repair or replace the assets destroyed or damaged by the Material Casualty Loss shall be borne by PBF Energy.

• If the Insured Casualty Notice indicates that such casualty is a Material Casualty, Buyer may elect to be released from its obligations hereunder (including its obligation to purchase the Property) by delivering to Seller written notice of Buyer's intent to do so within ten (10) days after the date Buyer receives the Insured Casualty Notice.

More Definitions of Material Casualty

Material Casualty shall have the meaning set forth in Section 6.3.

Material Casualty means a Casualty in respect of all or substantially all of the Purchased Assets.

Material Casualty means a casualty or casualties that, in the aggregate: (i) causes in excess of $10,000,000.00 worth of damage to the Hotel; or (ii) will take twelve (12) months or longer from the date of the casualty to fully remediate.

Material Casualty means the occurrence of damage or destruction to the improvements located on a Property the cost of which to restore is at least equal to 40% of the then current replacement cost of such improvements and the restoration of which cannot reasonably be completed with 120 days from the occurrence of such damage or destruction, both as reasonably determined by Lessee.

Material Casualty means any Casualty to any Property that alone, or in combination with any prior Casualties to such Property for which repairs to restore such Property to its prior condition have not been completed, will require repairs costing (a) during the Construction Period, $500,000 or more to restore such Property to its prior condition, or (b) after the Construction Period, $2,500,000 or more to restore such Property to its prior condition.

Material Casualty means any damage to the Property or any portion thereof by fire or other casualty that, in the Buyer’s reasonable judgment, may be expected to cost in excess of Five Hundred Thousand Dollars ($500,000) to repair. As used in this SECTION 8.2(b), a “Material Condemnation” shall mean a taking of the Property or a taking of any material portion of the Hotel as a result of a condemnation or eminent domain proceeding (including the institution of such proceeding pursuant to a written notice thereof to the Seller) that impairs the use and value of the Property or otherwise causes the Property to be non-compliant with applicable law, and which (in each instance) cannot be restored by Seller (at Seller’s sole cost and expense) to substantially the same use and value as before the taking.

Material Casualty means casualty, for which the estimated cost to repair or restore the Property exceeds an amount equal to five percent (5%) of the aggregate construction costs for the Investment.