Minor Loss definition

Minor Loss means a particular loss by reason of fire damage with respect to any Mortgaged Property in an amount which is less than the greater of (i) as to any loss occurring in calendar year 2020, Fifty Million Dollars ($50,000,000); provided, that with respect to any loss occurring in any subsequent calendar year, such amount shall be increased by the same percentage increase in the CPI Index for the period commencing on January 1, 2020 and ending on January 1 of the calendar year in which such loss occurs, and (ii) three percent (3%) of the principal amount of Bonds Outstanding on the date of such particular loss.

Minor Loss means any Event of Damage or Event of Taking the restoration of which is reasonably estimated by the Borrower to cost less than $5,000,000.

Minor Loss has the meaning set forth in Section 10.2.

Examples of Minor Loss in a sentence

• If there is a Minor Loss and insurance coverage as set forth above is not available, Buyer shall have the same rights as if it was a Major Loss.

• No (i) Default or Event of Default, (ii) Event of Abandonment or (iii) Event of Damage or Event of Taking has occurred and is continuing, other than (in the case of clause (iii) and as of any date when this representation and warranty is made after the Closing Date) any Event of Damage or Event of Taking that is either a Minor Loss or for which a restoration notice and/or restoration plan has been approved in accordance with Section 5.17.

• GVI's obligations hereunder shall not be affected by the occurrence of a Minor Loss, provided that insurance or condemnation proceeds available to Metrovest are sufficient to cover the cost of restoration; the insurance carrier has admitted liability for the payment of such costs; and the Loan is not accelerated or defaulted by reason of such casualty or condemnation.

• If neither subclause (i) nor (ii) applies, then Buyer shall have the same rights with respect to such Minor Loss as if it were a Major Loss; provided, however, Seller shall have the right, at Seller’s option and election, to credit to Buyer as of the Closing the amount of such Minor Loss, in which case such Minor Loss shall not be treated as a Major Loss and Buyer shall be obligated to proceed with the transactions contemplated by this Agreement.

• Buyer’s obligations hereunder shall not be affected by the occurrence of a Minor Loss, provided that upon the Closing, there shall be a credit against the Property Purchase Price equal to the amount of any insurance proceeds collected by Seller as a result of such Minor Loss, plus the amount of any insurance deductible.

More Definitions of Minor Loss

Minor Loss means a particular loss by reason of fire damage with respect to any Mortgaged Property in an amount which is less than the greater of (i) as to any loss occurring in calendar year 2004, Fifty Million Dollars ($50,000,000); provided, that with respect to any loss occurring in any subsequent calendar year, such amount shall be increased by the same percentage increase in the CPI Index for the period commencing on January 1, 2004 and ending on January 1 of the calendar year in which such loss occurs, and (ii) three percent (3%) of the principal amount of Bonds Outstanding on the date of such particular loss.

Minor Loss has the meaning set forth in Section 6.22(a).

Minor Loss means any Event of Damage the Restoration of which is reasonably estimated by the Borrower to cost, or any Event of Taking the value of which is reasonably estimated by the Borrower to be, (a) prior to an Account Trigger Event (or if an Account Trigger Event has occurred, an Account Trigger Event Release with respect thereto also has occurred), less than three million Dollars ($3,000,000) individually and, together with the cost or value, as applicable, of all prior Events of Damage and Events of Taking, less than ten million Dollars ($10,000,000) in the aggregate, and (b) contemporaneously with or after an Account Trigger Event and prior to an Account Trigger Event Release with respect thereto, less than five hundred thousand Dollars ($500,000).

Minor Loss has the meaning set forth in Section 11.15(b)(i).

Minor Loss means a loss or damage to the Real Property or any portion thereof the cost of which to repair or restore to a condition substantially identical to that of the premises in question prior to the event of damage would equal less than the Major Loss Threshold.

Minor Loss is defined as any such damage or destruction that is not a Major Loss.

Minor Loss means an Event of Loss that is not a Major Loss.