Minor Casualty definition

Minor Casualty means any fire or other casualty which results in damage to the Facility and/or its contents, to the extent that the total cost (in Landlord's reasonable judgment) of repairing and/or replacing of the damaged portion of the Facility to the same condition as existed previously does not exceed the dollar amount of Two Million Dollars ($2,000,000), said dollar amount to be adjusted by the GDP Deflator.

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Minor Casualty means any casualty, whether covered by insurance or not, which is not a Major Casualty.

Minor Casualty means any fire or other casualty that results in physical damage to the a Facility to the extent that the total cost (as estimated by the Project Engineer) of repairing and/or replacing the damaged portion of the Facility , as the case may be, to the same condition as previously existed would not exceed the amount of INR 25,00,000 (Rupees twenty five lakhs).

Examples of Minor Casualty in a sentence

• If, during the Term, the Facility is damaged by fire, casualty or other cause to a greater extent than a Minor Casualty, but not to the extent of a Total Casualty, or if the Facility suffers a Total Casualty but neither party elects to terminate under Section 10.1, Landlord shall, at its cost and expense and with all reasonable diligence, repair and/or replace the damaged portion of the Facility to the same condition as existed previously.

• The Improvements (including any partially constructed portion of the Project) shall not have been injured or damaged by fire, explosion, accident, flood or other casualty, unless (i) such injury or damage constitutes a Minor Casualty, or (ii) the damage therefrom shall have been fully Restored, or (iii) Net Proceeds in an amount sufficient for Restoration shall have been received by Borrowers or Lender as required pursuant to this Agreement.

• In the event of any Minor Casualty at any time during the Term, and regardless of whether such Minor Casualty is insured or uninsured, Tenant shall be obligated to repair, rebuild or restore the damaged improvements.

• There shall be no abatement or reduction of Rent on account of any Minor Casualty and all obligations of Tenant under this Agreement shall remain unchanged and in full force and effect.

• If, during the Term, the Resort is damaged by a Minor Casualty, Manager shall, with commercially reasonable diligence, proceed to process the claim with the applicable insurance carriers, including settling such claim, and to make the necessary arrangements with appropriate contractors and suppliers to repair and/or replace the damaged portion of the Resort.

More Definitions of Minor Casualty

Minor Casualty means any casualty or accident other than a Major Casualty.

Minor Casualty means any fire or other casualty which results in damage to the Hotel and/or its contents, to the extent that the total cost (in Marriott's reasonable judgment pursuant to the Submanagement Agreement) of repairing and/or replacing of the damaged portion of the Hotel to the same condition as existed previously does not exceed the dollar amount of Two Hundred Fifty Thousand Dollars ($250,000), said dollar amount to be adjusted by the GDP Deflator.

Minor Casualty means an incident or occurrence whereby a Mortgaged Ship sustains damage or is the subject of a claim of the Casualty Amount or less;

Minor Casualty means any injury or damage to the Improvements on the Hotel/Casino Property and/or the Adjacent Property, including any partially constructed portion of the Project, (i) the cost of which to Restore, together with any prior such damages which (A) have not yet been Restored or (B) with respect to which Net Proceeds in an amount sufficient for Restoration have not yet been received by Borrowers or Lender as required pursuant to this Agreement, is less than $5,000,000.00, and (ii) is not materially interfering with, and is not, in Lender’s reasonable judgment, reasonably likely to materially interfere with, the progress of construction of the Project.

Minor Casualty the meaning set forth in Section 7.5(c)(ii).

Minor Casualty means any fire, earthquake, flood, water damage, other catastrophe or insured event occurring not later than nine (9) months prior to the Scheduled Maturity Date (as defined in the Note) which (1) does not result in an Environmental Condition, (II) does not damage or render untenantable (including, without limitation, as a result of the inability to access leased premises) more than 10% of the rentable square footage of the Improvements, and (III) does not result in more than 10% of the tenants terminating or having the right to terminate their Leases. In addition, Lender shall not be required to advance any proceeds for the restoration of the Property, even if a Minor Casualty, unless Borrower shall deliver to Lender, and Lender shall approve in writing, which approval shall not be unreasonably withheld, the plans, specifications and construction budget for the repair and/or restoration of the Property and Lender shall determine that the Improvements located on the Real Estate can be restored so as to constitute a commercially viable building of the same quality and use and having the same rentable square footage as existed immediately before the fire, other catastrophe or insured event for the amounts set forth in the construction budget. Upon receipt by L▇▇▇▇▇ of proceeds from a Minor Casualty and/or if Lender, in its sole discretion, shall otherwise agree to make insurance proceeds from a non-Minor Casualty available for repair and restoration of the Property, the following shall apply:

Minor Casualty means any casualty or damage to the Improvements, if the proceeds of any casualty insurance policy paid by any insurance company on account of such casualty or damage are $10,000,000 or less.