Event of Loss means, with respect to any Property, any of the following: (a) any loss, destruction or damage of such Property; (b) any pending or threatened institution of any proceedings for the condemnation or seizure of such Property or for the exercise of any right of eminent domain; or (c) any actual condemnation, seizure or taking, by exercise of the power of eminent domain or otherwise, of such Property, or confiscation of such Property or the requisition of the use of such Property.
Event of Loss means, with respect to the Aircraft, Airframe or any Engine, any of the following events with respect to such property:
Event of Loss means, with respect to any Property, any of the following: (a) any loss, destruction or damage of such Property or (b) any condemnation, seizure, or taking, by exercise of the power of eminent domain or otherwise, of such Property, or confiscation of such Property or the requisition of the use of such Property.
Examples of Event of Loss in a sentence
Company shall pay to Customer an amount that is equal to the lesser of the Replacement Value paid to Company by Customer or the total amount of any insurance or other proceeds received by Company (less any deductible paid by Company) from the disposition of the Equipment suffering an Event of Loss, upon Company's receipt of such proceeds.
Company shall give Customer written notice as to which of the foregoing options Company has elected within thirty (30) days after the date on which the Event of Loss occurred.
Customer shall furnish to Company such proof of the Event of Loss as Company may reasonably require.
More Definitions of Event of Loss
Event of Loss means, with respect to any property or asset, any (i) loss, destruction or damage of such property or asset or (ii) any condemnation, seizure or taking, by exercise of the power of eminent domain or otherwise, of such property or asset, or confiscation or requisition of the use of such property or asset.
Event of Loss means any of the following events with respect to the Aircraft (whether the Airframe or an Engine of such Aircraft or both): (A) loss of such Aircraft or the use thereof due to theft or disappearance of the Aircraft which shall result in the loss of possession thereof for a period of 120 days (or for a shorter period ending on the date on which there is an insurance settlement for a total loss on the basis of the theft or disappearance of such Aircraft); (B) the destruction, damage beyond repair or rendition of such Aircraft permanently unfit for normal use for any reason whatsoever; (C) the condemnation, confiscation or seizure of, or requisition of title to, or use or possession (other than use by the United States Government if Lessee obtains adequate compensation from the United States Government) of such Aircraft; (D) as a result of any rule, regulation, order or other action by the FAA or other governmental body having jurisdiction, the use of such Aircraft in the normal course of interstate air transportation of persons or cargo shall have been prohibited for a period of more than nine consecutive months unless Lessee, prior to the expiration of such nine month period, shall have undertaken and shall be diligently carrying forward all steps which are necessary or desirable to permit the normal use of such property by Lessee or, in any event, if such use shall have been prohibited for a period of twelve consecutive months; (E) the operation or location of such Aircraft, while under requisition for use by the United States or any instrumentality or agency thereof, in any area excluded from coverage by any insurance policy in effect with respect to such Aircraft, if Lessee shall be unable to obtain indemnity or "war-risk" insurance in lieu thereof from the United States; (F) any damage which results in an insurance settlement with respect to such Aircraft on the basis of an actual or constructive total loss or (G) a divestiture of such Airframe as described in Section 4(d)(iii) or Section 4(d)(vi) of any Aircraft Chattel Mortgage under the Credit Agreement. An Event of Loss with respect to the Aircraft shall be deemed to have occurred if an Event of Loss occurs with respect to the Airframe of the Aircraft.
Event of Loss means, with respect to any property or asset (tangible or intangible, real or personal) constituting Collateral, any of the following:
Event of Loss means any of the following events:
Event of Loss means, with respect to any property, (i) the actual or constructive total loss of such property or the use thereof, resulting from destruction, damage beyond repair, or the rendition of such property permanently unfit for normal use from any casualty or similar occurrence whatsoever, (ii) the destruction or damage of a portion of such property from any casualty or similar occurrence whatsoever under circumstances in which such damage cannot reasonably be expected to be repaired, or such property cannot reasonably be expected to be restored to its condition immediately prior to such destruction or damage, within 90 days after the occurrence of such destruction or damage, (iii) the condemnation, confiscation or seizure of, or requisition of title to or use of, any property, or (iv) in the case of any property located upon a Leasehold, the termination or expiration of such Leasehold.
Event of Loss means, with respect to any property, (i) the actual or constructive total loss of such property or the use thereof, resulting from destruction, damage beyond repair, or the rendition of such property permanently unfit for normal use from any casualty or similar occurrence whatsoever, (ii) the destruction or damage of a portion of such property from any casualty or similar occurrence whatsoever under circumstances in which such damage cannot reasonably be expected to be repaired, or such property cannot reasonably be expected to be restored to its condition immediately prior to such destruction or damage, within 90 days after the occurrence of such destruction or damage, (iii) the condemnation, confiscation or seizure of, or requisition of title to or use of, any property, or (iv) in the case of any property located upon a leasehold, the termination or expiration of such leasehold.
Event of Loss means an event of loss, theft, destruction or damage of any kind to any item of the Assets, including the loss, theft or taking by governmental action of any item of the Assets for a stated period extending beyond the Term of any Schedule.