Material Casualty Event definition

Material Casualty Event means a Casualty Event with respect to which the cost of the repair and restoration of the applicable Property or Properties, whether or not covered in whole or in part by insurance, would reasonably be expected to equal or exceed $26,000,000 in the aggregate.

Material Casualty Event shall have the meaning assigned to such term in Section 3.05(c).

Material Casualty Event means any Casualty Event affecting (i) all or any portion of any Borrowing Base Project the Net Cash Proceeds of which are equal to or greater than 5% of such Project’s Project Value or (ii) all or any portion of any Project (other than a Borrowing Base Project) of a Restricted Party the Net Cash Proceeds of which are equal to or greater than $500,000.

Examples of Material Casualty Event in a sentence

• This Section 5.15 will provide the exclusive remedy for each of the Parties for any and all claims relating (directly or indirectly) to any Material Casualty Event.

• Mortgagor shall turn over to Mortgagee any Condemnation Proceeds that (i) individually or in the aggregate, exceed $1,500,000 and are not the result of a Material Casualty Event, or (ii) are the result of a Material Casualty Event, in each case substantially simultaneously with (and in any event not later than the third Business Day next following) receipt thereof by Mortgagor.

• Mortgagee, in its sole discretion, may, subject to Section 6 and the provisions of the Loan Agreement, (i) apply the proceeds of insurance consequent upon any Insured Casualty to the Indebtedness Hereby Secured in such order or manner as Mortgagee may elect or (ii) unless the Insured Casualty is the result of a Material Casualty Event, make the proceeds available to Mortgagor for the restoration, repairing, replacing or rebuilding of the Premises.

• Mortgagor shall turn over to Mortgagee any insurance proceeds of (i) an Insured Casualty (other than a Material Casualty Event) which proceeds, individually or in the aggregate, exceed $1,500,000, or (ii) a Material Casualty Event, in each case substantially simultaneously with (and in any event not later than the third Business Day next following) receipt thereof by Mortgagor.

• The Seller shall not, and shall cause the Company and each Company Subsidiary not to, settle any claim with respect to any Material Casualty Event or Material Condemnation Event without the Buyers’ prior written consent, which consent shall not be unreasonably withheld or delayed.

More Definitions of Material Casualty Event

Material Casualty Event means any loss of title or any loss of or damage to or any destruction of, or condemnation or other taking (including by any Governmental Authority) of, any portion of the Plant, if the portion of the Plant subject to such loss, damage, destruction, condemnation or other taking is material to the operation, or income-producing capacity, of the Plant and cannot be repaired, replaced or restored in accordance with applicable laws (including the Xx Xxxxxxx County, Illinois, County Code, Title 8 (Zoning Regulations) and other applicable zoning and permitting laws) within 180 days following the occurrence of such loss, damage, destruction, condemnation or other taking (or, if sooner, within 90 days prior to the Applicable Maturity Date).

Material Casualty Event means an insured event resulting from loss, physical destruction, damage or other similar event, but only if (i) such event affects at least fifty percent (50%) of the production capacity of the Refineries taken as a whole, in each case, relevant to the aggregate amount of Product to be delivered to Citi at Included Locations and otherwise, and (ii) such event extends, and the loss, destruction, or damage (however described) cannot be or is not reasonably expected to be able to be repaired or cured within two-hundred forty (240) days from its occurrence.

Material Casualty Event is defined in Section 5.15.

Material Casualty Event means any loss, destruction or damage which: (a) in Purchaser’s business judgment, would materially impair the ability of Purchaser to operate its business in the Premises for a period of more than five (5) business days following the scheduled Closing Date; or (b) would cost more than Five Hundred Thousand Dollars ($500,000) to repair.

Material Casualty Event shall have the meaning assigned to such term in Section 3.05(c). "MATERIAL MORTGAGED PROPERTY" shall have the meaning assigned to such term in Section 4.01(o)(iii).

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

Material Casualty Event any Recovery Event that gives rise to the receipt of Net Cash Proceeds in an amount equal to or in excess of (a) $25,000,000 for any individual Recovery Event or series of related Recovery Events or (b) $50,000,000 when aggregated with all Recovery Events that are excluded as Material Casualty Events as a result of clause (a) of this definition.