Casualty Occurrence. In the event any unit of Equipment is ------------------- damaged, destroyed, lost, stolen, or title thereto shall be requisitioned or taken by any governmental authority under power of eminent domain or otherwise, such fact shall promptly be reported by Lessee to Lessor. Lessee shall determine in the event of damage, whether such unit of Equipment can be repaired. In the event Lessee determines that such unit of Equipment can be repaired, Lessee shall cause such unit of Equipment to be repaired, at Lessee's expense, as soon as reasonably practicable. Lessee shall be entitled to reimbursement from and to the extent of any insurance proceeds paid with respect to a unit of Equipment repaired by Lessee. In the event Lessee determines that the unit of Equipment cannot be repaired or in the event of such destruction, loss, theft, requisition or taking of title, such unit of Equipment shall be deemed to have suffered a "Casualty Occurrence" and, as soon as reasonably practicable after the date of such Casualty Occurrence, Lessee shall either (at Lessee's option) (x) pay to Lessor a purchase price equal to such Equipment's fair market value (as defined in Section 23(h) hereof plus a lease termination fee equal to the present value (using a discount rate equal to the discount rate set forth on Schedule B (the "Discount Rate")) of the remaining Fixed Rent applicable to the subject Equipment less the fair market value of Lessee's remaining leasehold interest hereunder with respect to such Equipment, or (y) replace such item with any item or items of like kind equipment, in accordance with the terms set forth in Section 23(g) hereof. The repair or replacement of the Equipment as hereinabove provided shall not result in any abatement or reduction in, or in any other way affect, the rent to be paid with respect to such Equipment, it being expressly agreed that the Fixed Rent payable with respect thereto shall continue in the same amounts and be payable at the same times as prescribed on Schedule B hereto as if such repair or replacement did not occur. In the event Lessee elects (in lieu of replacing) to purchase any unit of Equipment, as described above, the Fixed Rent payable pursuant to Schedule B shall (as of the next rental payment) be reduced to an amount which bears the same relationship to the rental payable before such reduction as the value of Equipment leased after the Casualty Occurrence bears to the value of Equipment leased prior to the Casualty Occurrence...
Casualty Occurrence. On the first day payment is due on each Note following the Casualty Occurrence or, if there is no such payment date, thirty (30) days after such Casualty Occurrence Borrower shall pay to Lender an amount equal to the Balance Due (as defined below) for each lost or damaged item of Collateral. The Balance Due for each such item is the sum of: (i) all amounts for each item which may be then due or accrued to the payment date, plus (ii) as of such payment date, an amount equal to the product of the fraction specified below times the sum of all remaining payments under the respective Note, including the amount of any mandatory or optional payment required or permitted to be paid by Borrower to Lender at the maturity of the Note. The numerator of the fraction shall be the Collateral Value (as set forth on the applicable Note) of the item and the denominator shall be the aggregate Collateral Value of all items under the Note. Upon the making of such payments, Lender shall release such item of Collateral from its lien hereunder. Notwithstanding the above, within thirty (30) days following a Casualty Occurrence, Borrower may repair the Collateral or replace any item of Collateral which has suffered a Casualty Occurrence with Collateral acceptable to Lender in its complete discretion and, in such event, the provisions of the previous paragraph shall not apply. Borrower's tender of such Collateral shall constitute a representation and warranty that it is free of all liens, claims and encumbrances and otherwise qualifies as Collateral under this Security Agreement. Following such tender, Lender shall have a first security interest in such Collateral. All insurance proceeds from policies required to be maintained hereunder received by or payable to Lender on account of a Casualty Occurrence shall be released to the vendor of the replacement item of Collateral upon Borrower's request if (i) no Event of Default has occurred and is continuing hereunder, and (ii) Lender has received an invoice from the vendor describing the replacement item of Collateral. If Lender has received from Borrower the Balance Due and all other payments due with respect to the item of Collateral which has suffered a Casualty Occurrence, all insurance proceeds received by Lender thereafter or payable on account of the Casualty Occurrence shall be paid to Borrower as it may direct.
Casualty Occurrence. In the event of a Casualty Occurrence, the Lessee shall promptly and fully inform the Owner-Trustee and the Indenture Trustee in writing in regard thereto and shall, on the Casualty Termination Date, pay the Owner-Trustee an amount equal to the sum of (i) the Casualty Value of the Facility determined as of the Casualty Termination Date, (ii) if the Casualty Termination Date is a Rent Payment Date, the Periodic Rent (other than Periodic Rent payable "in advance" on such date) and the Periodic Site Rent due on the Casualty Termination Date, and (iii) all other Supplemental Rent then due. Notwithstanding such Casualty Occurrence, the Lessee's obligation to pay Rent hereunder due and payable as to the Facility on or prior to the payment date of such Casualty Value shall continue. Upon receipt by the Owner-Trustee of such payments and all other sums then due and payable by the Lessee under this Lease and the other Operative Agreements, this Lease shall terminate, and the Owner-Trustee will transfer to the Lessee all the Owner-Trustee's right, title and interest, if any, in and to the Leased Property on an "as-is", "where-is" basis, without recourse or warranty, express or implied, except for a warranty against Lessor's Liens attributable to the OwnerTrustee or Wilmington Trust Company.
Casualty Occurrence. A. The term "occurrence" as used herein means each accident or occurrence or series of accidents or occurrences, arising out of one event, provided that, as respects:
Casualty Occurrence. In the event of any material (involving damages to any party thereto in excess of $500,000) casualty with respect to any Collateral or Vessel, the Borrower shall give the Lender written notice of such casualty promptly after discovering or receiving notice of the casualty, which notice shall identify the affected Collateral or other Vessel. The Borrower shall, within a reasonable period of time, remedy or repair such casualty to bring the Collateral into conformity with the provisions of this Agreement unless such casualty shall constitute an Event of Loss and the provisions of §2.3(b) apply.
Casualty Occurrence. Notwithstanding any request by the Lessee for a determination of fair market sales value pursuant to this Section 19, the provisions of Section 13 shall continue in full force and effect until the date of purchase and the passage of ownership of the Facility unless the Lessee shall have exercised the option by irrevocable written notice to purchase pursuant to Section 19(b), in which event the amount of "CASUALTY VALUE" shall equal the greater of (i) the option purchase price and (ii) the Casualty Value which would have applied but for the exercise of such purchase option.
Casualty Occurrence. 6.1 If any of the Equipment is lost, stolen, or damaged beyond economic repair, you will promptly notify us and unless otherwise agreed by us you will immediately pay to us all Rentals payable with respect to such Equipment for the remainder of the Term.
Casualty Occurrence. In the event that the System shall be destroyed or substantially damaged as the result of a fire or other casualty, Supplier shall, within *** of the destruction or damage, subject to the agreement of Client (whose agreement will not be unreasonably with held), determine whether or not to rebuild or replace the System provided that such rebuilding or replacement can be accomplished within *** after the date of the destruction or damage, or to terminate this Agreement without liability or charge. Client shall be liable for the payment for all Product Water supplied up until the date of the termination. Client’s obligations for further payments shall cease unless and until such time as the System is rebuilt or replaced and capable of producing Product Water. Portions of this exhibit have been omitted and filed separately with the SEC pursuant to a confidential treatment request and are indicated by ***.
Casualty Occurrence. Notwithstanding any request by the Lessee -------------------- for a determination of Fair Market Sales Value pursuant to this Section 19, the provisions of Section 13 shall continue in full force and effect until the date of purchase and the passage of ownership of the Facility unless the Lessee shall have exercised the option by irrevocable written notice to purchase pursuant to Section 19(b) or 19(f), in which event the amount of "Casualty Value" shall equal the greater of (i) the option purchase price or Early Purchase Price , as applicable, (plus any other amounts payable in connection therewith) and (ii) the Casualty Value which would have applied but for the exercise of such purchase option. If the Lessee has exercised any of its options to purchase or renew under this Section 19 and a Casualty Occurrence occurs before the closing of such purchase or commencement of the Renewal Term, as applicable, the Lessee may, by written notice to the Owner Trustee (and, so long as the Secured Indebtedness has not been fully paid and satisfied, the Indenture Trustee and the ClO//2// Indenture Trustee) given promptly upon such Casualty Occurrence, elect to rescind the exercise of such option.
Casualty Occurrence. No Casualty Occurrence has occurred, and the Leased Property may be used for the purposes contemplated by the Lessee in accordance with the Facility Lease and the other Operative Agreements.
