Partial Loss Event means the partial impairment of one or more Lease Assets in a manner that substantially deprives the Lessee from the benefits expected from the whole of the Lease Assets, as determined by the Lessee and the occurrence of which: (a) has been certified in writing by a recognised independent industry expert; (b) has not arisen as a result of the Lessee's negligence or misconduct; and (c) does not constitute a Total Loss Event.
Partial Loss Event means the occurrence of loss or destruction of, or damage to any part of the Ijarah Assets.
Partial Loss Event means the partial impairment of one or more Lease Assets in a manner that substantially deprives the Lessee from the benefits expected from the whole of the Lease Assets, as determined by the Lessee and the occurrence of which
Examples of Partial Loss Event in a sentence
Partial Loss Event PrivilegeIf the customer’s vehicle is damaged and repaired, resulting in a damage record on their vehicle’s history report (i.e CarProof), they will be eligible to receive an in-store loyalty credit at the time they purchase a replacement vehicle.
In the event of a damage declaration on your customer’s vehicle, the Partial Loss Event Privilege can assist with the accelerated depreciation at the time of vehicle trade-in or for another purchase or lease.
More Definitions of Partial Loss Event
Partial Loss Event means the partial impairment of one or more Lease Assets in a manner that substantially deprives the Lessee from the benefits expected from the whole of the Lease Assets, as determined by the Lessee and the occurrence of which: (a) has been certified in writing by an independent qualified expert; (b) has not arisen as a result of the Lessee's negligence or misconduct; and (c) does not constitute a Total Loss Event; If, following a Total Loss Event or a Partial Loss Event where a Partial Loss Event Termination Notice has not been received within seven days of the Partial Loss Event by the Lessor, the Servicing Agent receives notice from the Republic that replacement Asset(s) (the "Replacement Lease Asset(s)") are available on or before the 60th day after the occurrence of the Loss Event, the Trustee shall pursuant to a separate purchase agreement substantially in the form, mutatis mutandis, of a Sale and Purchase Agreement purchase such Replacement Lease Asset(s) from the Republic in consideration for the payment by the Servicing Agent (on behalf of the Issuer) of the Takaful/Insurance Proceeds (or the assignment of the rights to such proceeds) to or to the order of the Republic and the transfer to the Republic by the Trustee of any residual interest it may hold in the impaired Lease Asset(s) subject to the Loss Event (including any remaining rights in respect of any Takaful/Insurance Proceeds), the date of such replacement being the "Replacement Date".
Partial Loss Event means the partial impairment of one or more of the Properties in a manner that substantially deprives the Lessee from the benefits expected from the whole of the Properties, as determined by the Lessee and the occurrence of which: (a) has been certified in writing by a recognised independent industry expert; (b) has not arisen as a result of the Lessee’s negligence or misconduct; and
Partial Loss Event means the total loss or destruction of, or damage to only part of the Ijarah Assets of a particular Ijarah Agreement or any event or occurrence that renders the part of the Ijarah Assets permanently unfit for any economic use and the repair or remedial work in respect thereof is whollyuneconomical.
Partial Loss Event means the partial impairment of one or more Lease Assets (arising as a result of any event including a failure by the Lessor to carry out Major Maintenance and Structural Repair) in a manner that substantially deprives the Lessee from the benefits expected from the whole of the Lease Assets, as determined by the Lessee and the occurrence of which: (a) has been certified in writing by an independent qualified expert; and (b) does not constitute a Total Loss Event.