Total Loss Event means: (i) the total loss or destruction of, or damage to the whole of, the Wakala Assets or any event or occurrence which renders the whole of the Wakala Assets permanently unfit for any economic use and (but only after taking into consideration any insurances payable or other indemnity granted by any third party in respect of the Wakala Assets) the repair or remedial work in respect thereof is wholly uneconomical; or (ii) the expropriation, nationalisation, requisition, confiscation, attachment, sequestration or execution of any legal process in respect of the whole of the Wakala Assets, in each case as determined by the Servicing Agent acting for and on behalf of the Trustee;
Total Loss Event means the total loss or destruction of, or damage to the whole of, the properties underlying the Assets, or any event or occurrence that renders the whole of the properties underlying the Assets permanently unfit for any economic use and (but only after taking into consideration any insurances or other indemnity granted by any third party in respect of the properties underlying the Assets) the repair or remedial work in respect thereof is wholly uneconomical.
Total Loss Event means, in relation to a Series comprising Lease Assets, the earlier of the date that (A) the Trustee is notified and (B) the Trustee becomes aware of (i) a total loss or destruction of, or damage to the whole of the Lease Assets in a particular Series or any event or occurrence that renders the whole of such Lease Assets permanently unfit for any economic use and (but only after taking into consideration any insurances or other indemnity granted in each case by any third party in respect of the Lease Assets) the repair or remedial work in respect thereof is wholly uneconomical or (ii) Axiata ceasing to have full legal ownership in the entirety of the Lease Assets;
Examples of Total Loss Event in a sentence
Total Loss Event: (a) Extinguishment or loss of knowledge of whereabouts, (b) damage or breakdown for which repair or reuse is economically impossible as reasonably determined by the Lessors and so confirmed by the appraisal service appointed by the Lessors, or (c) seizure, expropriation or robbery caused to the Property, Unit Component or any Parts consisting thereof.
Upon a Total Loss Event, the Issuer shall promptly once insurance proceeds are available, but in any event no later than one hundred and eighty (180) calendar days following the Total Loss Event, redeem 100% of the Outstanding Bonds at 100% of par value (plus accrued interest on redeemed amount).
This Agreement will, subject to Clause 3 (Conditions Precedent), commence on the Agreement Date and shall continue in full force and effect until the Expiry Date, unless terminated in the circumstances described in Clause 2.2 (Termination) or Clause 2.3 (Total Loss Event).
More Definitions of Total Loss Event
Total Loss Event means the total loss or destruction of, or damage to the whole of, the Lease Assets or any event or occurrence that renders the whole of the Lease Assets permanently unfit for any economic use and (but only after taking into consideration any takaful/insurance or other indemnity granted by any third party in respect of the Lease Assets) the repair or remedial work in respect thereof is wholly uneconomical.
Total Loss Event means, in relation to a Series, the total loss or destruction of, or damage to the whole of the Portfolio Assets comprising the relevant Asset Portfolio or any event or occurrence that renders the whole of the Portfolio Assets permanently unfit for any economic use and (but only after taking into consideration any insurances or other indemnity granted by any third partyin respect of the Portfolio Assets) the repair or remedial work in respect thereof is wholly uneconomical; and
Total Loss Event means an actual or constructive total loss of a Mortgaged Vessel.
Total Loss Event means If the Norwegian High Frequency Licenses are revoked or cancelled.
Total Loss Event means, in relation to each Series: (i) the total loss or destruction of, or damage to the whole of, the Lease Assets of that Series or any event or occurrence which renders the whole of the Lease Assets of that Series permanently unfit for any economic use and (but only after taking into consideration any insurances or other indemnity granted by any third party in respect of the Lease Assets of that Series) the repair or remedial work in respect thereof is wholly uneconomical; or (ii) the expropriation, nationalisation, requisition, confiscation, attachment, sequestration or execution of any legal process in respect of the whole of the Lease Assets of that Series;
Total Loss Event means an actual or constructive total loss of the Barge.
Total Loss Event means an actual or constructive total loss of any Existing Vessel.