Casualty definition

Casualty shall have the meaning set forth in Section 6.2 hereof.

AI-Powered Contracts

Draft, Review & Redline at the Speed of AI

Casualty means the occurrence of any casualty, damage or injury, by fire or otherwise, to the Property or any part thereof.

Casualty means any casualty, loss, damage, destruction or other similar loss with respect to real or personal property or improvements.

Examples of Casualty in a sentence

All interest (if any) earned on sums on deposit in the Borrower’s Casualty Account shall be credited to such account.
Subject to the terms and conditions of this Section and the other provisions of the Loan Documents, the Borrower’s Casualty Account shall be subject to the sole dominion, control and discretion of Administrative Agent, but Administrative Agent shall have no fiduciary duty with respect to such account or any funds on deposit therein.
Borrower hereby assigns and pledges to Administrative Agent, for the ratable benefit of Lenders, and grants to Administrative Agent and Lenders, a first-priority security interest in and lien on the Borrower’s Casualty Account and all amounts from time to time held in or credited to the Borrower’s Casualty Account, and any proceeds thereof, as security for Borrower’s Obligations.
Within seven (7) days after demand by Administrative Agent after a Casualty with respect to which the Insurance Proceeds payable exceed the Casualty Proceeds Deposit Threshold, Borrower shall establish the Borrower’s Casualty Account with Administrative Agent, unless Borrower has already done so, and shall fund such Net Casualty Proceeds into such account.
Such notice also shall generally describe the nature and extent of such Casualty and, if feasible, set forth Borrower’s best preliminary estimate of the cost of Restoration.

More Definitions of Casualty

Casualty means any loss of or damage to any property included within or related to the Properties or arising from an adjoining property caused by an Act of God, fire, flood or other catastrophe.

Casualty means any damage or destruction of any kind or nature, ordinary or extraordinary, foreseen or unforeseen, affecting any or all Improvements, whether or not insured or insurable.

Casualty has the meaning set forth in Section 12.13.1 hereof.

Casualty means, with respect to a Financed Vehicle, the total loss or destruction of such Financed Vehicle.

Casualty shall have the meaning specified in Section 6.2 hereof.

Casualty is defined as damage to or destruction of the Property by fire or other casualty.

Casualty means any fire, storm, earthquake, tornado, flood or natural disaster or other sudden, unexpected or unusual cause of damage or destruction.