Total Loss Event definition

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: (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, 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

• Upon the occurrence of a Total Loss Event, the Certificates may be redeemed and the Trust dissolved on the dates specified by the Delegate.

• Upon the occurrence of a Total Loss Event, all of the Asset Portfolio Revenues credited to the Collection Accounts (each as defined in the Management Agreement) will immediately be paid by the Services Agent into the Transaction Account.

• The Certificates will be redeemed using the proceeds of insurance payable in respect of the Total Loss Event which are required to be paid into the Transaction Account by no later than the 30th day after the occurrence of the Total Loss Event.

• The Certificates will be redeemed using the proceeds of insurance payable in respect of the Total Loss Event, which are required to be paid into the Transaction Account by no later than the 30th day after the occurrence of the Total Loss Event, and the payments made in respect all outstanding amounts of the Deferred Sale Price.

• A "Total Loss Event" is the total loss or destruction of, or damage to the whole of, the Tangible Assets (as defined in the Master Purchase Agreement) or any event or occurrence that renders the whole of the Tangible 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 Tangible Assets) the repair or remedial work in respect thereof is wholly uneconomical.

More Definitions of Total Loss Event

Total Loss Event means: (a) 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 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 (b) the Lessor ceases to own the entirety of the Lease Assets other than in accordance with the terms of the Transaction Documents.

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 party in 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 the Barge.

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 event resulting in a major damage and/or significant value loss to a New Vessel or the Existing Vessel.