Net Casualty definition

Net Casualty. Insurance Proceeds", when used with respect to any Condemnation Awards or insurance proceeds allocable to the Collateral, means the gross proceeds from any Casualty or Condemnation remaining after payment of all expenses (including attorneys' fees) incurred in the collection of such gross proceeds.
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Net Casualty. Value shall mean Casualty Value reduced by the principal amount of and accrued interest on the Outstanding Notes, as set forth in Schedule 4 to the Facility Lease. Net Economic Return shall mean:
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Net Casualty. Award As defined in Section 14.2(b).
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Examples of Net Casualty in a sentence

  • If the conditions for repair or restoration of the Project, as provided in Section 5.04 of the Loan Agreement, are not satisfied and the Trustee receives written notice from the Borrower of such insufficiency of the insurance proceeds or award in accordance with Section 5.04 of the Loan Agreement, the Trustee will apply the Net Casualty Proceeds of any casualty insurance or condemnation to the reduction of indebtedness under the Notes.

  • The disbursement of Net Casualty Proceeds pursuant to this clause (iv) shall be in accordance with customary disbursement procedures and shall not be available after the occurrence and during the continuance of a Default.

  • Borrower shall have the obligation to promptly and diligently complete the work of reconstruction necessitated by any casualty loss and restore the Mortgaged Property to the equivalent of its condition immediately prior to such casualty provided the applicable Net Casualty Proceeds are made available to Borrower for such purpose.

  • In such event, the Trustee shall deposit such Net Casualty Proceeds in the Redemption Fund and apply such money to the redemption of Bonds in accordance with subparagraph (a)(i) above.

  • Upon the occurrence and during the continuance of a Default or in the event Borrower is unable to satisfy the conditions set forth in subclauses (A) through (D) hereof by the required date, Administrative Agent, on behalf of the Lenders, shall have the right (but not the obligation) to apply all Net Casualty Proceeds held by it to the payment of the Obligations.

  • The Net Casualty Loss shall not, however, exceed the Allocated Value of such Asset.

  • Subject to Section 12.4, all Net Casualty Proceeds and all Net Condemnation Proceeds, as the case may be, shall be paid to Lessee to be applied, as necessary, to the repair or restoration of the Property so such Property shall have a value, utility and remaining useful life as close as reasonably practicable to the value, utility and remaining useful life existing immediately prior to such Casualty or Condemnation.

  • The Agent shall determine, in its sole discretion, the manner in which Net Casualty Proceeds are to be applied if the amount of the Net Casualty Proceeds exceeds, individually or in the aggregate, One Million Dollars ($1,000,000) or if there exists a Default or an Event of Default.

  • Any Net Casualty Proceeds not required to reconstruct the Mortgaged Property shall be delivered to Administrative Agent, for prepayment of the Obligation.

  • Any portion of Net Casualty Proceeds and/or Net Condemnation Proceeds not so made available for construction or reconstruction of the Facility or otherwise payable to Borrower pursuant to the Facility Lease shall be applied in accordance with the terms of Section 7.01 or Section 7.02, as the case may be.

Related to Net Casualty

  • Insured Casualty has the meaning set forth in Section 5.1(x)(iv)(B).

  • Major Casualty means, in relation to a Ship, any casualty to that Ship in respect of which the claim or the aggregate of the claims against all insurers, before adjustment for any relevant franchise or deductible, exceeds $500,000 or the equivalent in any other currency;

  • Net Casualty Proceeds means, with respect to any Casualty Event, the amount of any insurance proceeds or condemnation awards received by the Borrower or any of its U.S. Subsidiaries in connection with such Casualty Event (net of all collection or similar expenses related thereto), but excluding any proceeds or awards required to be paid to a creditor (other than the Lenders) which holds a first priority Lien permitted by clause (d) of Section 7.2.3 on the property which is the subject of such Casualty Event.

  • Casualty shall have the meaning set forth in Section 6.2 hereof.

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