Casualty Termination Event definition

Casualty Termination Event shall have the meaning ascribed to it in Section 11.2.
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Casualty Termination Event means either a loss of access to the Property for a material amount of time that is continuing beyond the Closing or the Outside Date or a loss of more than twenty percent (20%) of the Purchase Price.
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Casualty Termination Event means damage to the Casino Property and/or Traymore Site by fire or other casualty which damages results in a Total Material Adverse Effect.
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Examples of Casualty Termination Event in a sentence

  • If the Lease is not so terminated, or if there is no Casualty Termination Event, then Landlord shall restore the Premises, excluding any Tenant-Made Alterations and Trade Fixtures.

  • Notwithstanding anything contained herein to the contrary, in the event of a Casualty Termination Event, Seller may cancel this Contract by notice to Purchaser, in which event this Contract shall be deemed terminated and of no force and effect and neither party shall have any further rights or liabilities against or to the other except for those provisions expressly stated to survive the termination of this Contract and Seller shall cause the return of the Deposit to Purchaser.

  • If there is no Casualty Termination Event or if Investor does not timely elect to cancel this Agreement in the event of a Casualty Termination Event, this Agreement shall remain in full force and effect, and the parties shall nonetheless consummate this transaction in accordance with the terms of this Agreement, without any abatement of or reduction in the Investor Capital Contribution, or any liability or obligation on the part of WWP Sponsor by reason of such Casualty.

  • If, prior to the Closing, any portion of the Property is damaged by earthquake, hurricane, tornado, flood, landslide, fire, acts of war, terrorism, terrorist activities or other casualty, and such casualty, destruction, loss or damage does not result in a Casualty Termination Event, then Seller shall promptly repair or replace such damaged Property to substantially the same condition as, or better condition than, it was immediately prior to such casualty, destruction, loss or damage.

  • Employees who have completed 3 years or more in the employ of the Company shall receive three (3) weeks off with vacation pay calculated at seven percent (7%) of gross earnings.

  • In addition, in the event of a Casualty Termination Event, Seller may cancel this Contract by giving notice to Purchaser within twenty (20) days after the Casualty Termination Event, in which event this Contract shall terminate, and neither party shall have any further rights or liabilities against or to the other, except for the Surviving Obligations, and provided that Purchaser is not in default under the Access Agreement, Seller shall cause the return of the Deposit to Purchaser.

  • If there is no Casualty Termination Event or if Purchaser does not timely elect to cancel the Contract in the event of a Casualty Termination Event, this Contract shall remain in full force and effect and Purchaser shall be entitled to all insurance proceeds payable to Seller on account of such Casualty, less such sums, if any, as shall have been actually and reasonably incurred by Seller or expended by Seller in connection with the repair or restoration of such Casualty or the prosecution of such claim.


More Definitions of Casualty Termination Event

Casualty Termination Event means either (a) damage to the Real Property, Barges or the improvements thereon resulting from a Casualty if (i) such damage is not the result of Buyers’ or their agents’ activities on or about the Real Property and (ii) any of (A) the cost to repair that damage and restore the Real Property, Barges and improvements thereon to substantially the same condition as existed prior to that Casualty exceeds $5,000,000; or (B) such damage materially interferes, or would reasonably be expected to materially interfere, with the operation of the Business (including the Casino) or the hotel adjacent to the Casino and such interference is likely to continue to materially interfere with the operation of the Business after the occurrence of such Casualty for a period exceeding 30 days, or (b) loss of access to the Real Property, Barges or the improvements thereon resulting from a Casualty if (i) such loss of access is not the result of Buyers’ or their agents’ activities on or about the Real Property and (ii) such loss of access is likely to continue after the occurrence of such Casualty for a period exceeding 30 days.
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Casualty Termination Event means a Casualty (i) for which the estimated cost of repair or restoration is more than $100,000,000.00, or (ii) will result in the termination of any Leases covering in excess of 25% of the aggregate leasable square footage of the Property, or (iii) for which any of (A) Cravath, (B) Nomura or (C) at least two (2) of the other Major Tenants have the right to terminate its or their respective Leases (and the time period for the exercise of such right has not elapsed, nor has such right been waived by such Tenant), or (iv) which entitles the Lender to accelerate the Mortgage Loan and apply the proceeds of such Casualty to the repayment of principal of the Mortgage Loan, and Lender elects in writing to so accelerate and apply, nor has such right been waived by Lender.
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Casualty Termination Event means that any of the following has occurred: (i) a loss of access to the Property that continues, or is reasonably likely to continue, for thirty (30) days or more, or (ii) any damage to the Property which shall cost an amount equal to or greater than Ten Million United States Dollars ($10,000,000) to repair or will impair the value of the Property by such amount.
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Casualty Termination Event shall have the meaning ascribed to that term in Section 15 hereof.
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Related to Casualty Termination Event

  • Company Termination Event means any of the following:

  • Potential Termination Event means an event which, with the giving of notice and/or the lapse of time, would constitute a Termination Event.

  • ERISA Termination Event means (i) a “Reportable Event” described in Section 4043 of ERISA and the regulations issued thereunder (other than a “Reportable Event” not subject to the provision for 30-day notice to the PBGC under such regulations), or (ii) the withdrawal of a Borrower or any of its ERISA Affiliates from a “single employer” Plan during a plan year in which it was a “substantial employer”, both of such terms as defined in Section 4001(a) of ERISA, or (iii) the filing of a notice of intent to terminate a Plan or the treatment of a Plan amendment as a termination under Section 4041 of ERISA, or (iv) the institution of proceedings to terminate a Plan by the PBGC or (v) any other event or condition which might constitute grounds under Section 4042 of ERISA for the termination of, or the appointment of a trustee to administer, any Plan or (vi) the partial or complete withdrawal of a Borrower or any ERISA Affiliate of such Borrower from a “multiemployer plan” as defined in Section 4001(a) of ERISA.

  • Servicer Termination Event shall have the meaning assigned to such term in the Lead Securitization Servicing Agreement or at any time that the Mortgage Loan is no longer subject to the provisions of the Lead Securitization Servicing Agreement, any analogous concept under the servicing agreement pursuant to which the Mortgage Loan is being serviced in accordance with the terms of this Agreement.

  • Swap Termination Event means the occurrence of a “Termination Event” under the Swap Agreement, as defined in the Swap Agreement.]

  • Additional Termination Event has the meaning specified in Section 5(b).

  • Early Termination Event has the meaning specified in Section 9.2.

  • Forbearance Termination Event has the meaning set forth in Section 3(a) hereto.

  • Servicer Termination Events (or any analogous term under the Lead Securitization Servicing Agreement) include customary market termination events with respect to failure to make advances, failure to timely remit payments to the Non-Lead Note Holders as required hereunder or under the Lead Securitization Servicing Agreement (subject to no more than one business day grace period), failure to timely deposit amounts into any REO Account or to remit to a Servicer for deposit into a related collection or custodial account, failure to deliver (or cause to be delivered) materials or information required in order for each Non-Lead Note Holder or each Non-Lead Depositor to timely comply with its obligations under the Exchange Act, the Securities Act and Form SF-3, and for rating agency downgrades or other triggers with respect to any certificates issued in connection with a Non-Lead Securitization, subject to customary grace periods (provided that, in the case of failures related to the securities laws, such grace periods will not cause a Non-Lead Depositor to fail to comply with the applicable provisions of such securities laws). Upon the occurrence of such a Servicer Termination Event with respect to the Master Servicer affecting a Non-Lead Securitization Note Holder and the Master Servicer is not otherwise terminated pursuant to the Lead Securitization Servicing Agreement, the Master Servicer shall be required, upon the direction of such Non-Lead Securitization Note Holder, to appoint a subservicer with respect to such Non-Lead Securitization Note. Upon the occurrence of a Servicer Termination Event with respect to the Special Servicer affecting a Non-Lead Securitization Note Holder and the Special Servicer is not otherwise terminated pursuant to the Lead Securitization Servicing Agreement, the Trustee shall, upon direction of such Non-Lead Securitization Note Holder, terminate the Special Servicer with respect to, but only with respect to, the Mortgage Loan;

  • Termination Events means each of the events specified in Clause 10.3 of this Contract.

  • Control Termination Event shall have the meaning given to such term or any one or more analogous terms in the Lead Securitization Servicing Agreement.

  • Terminating Event means any of the following events:

  • Consultation Termination Event shall have the meaning assigned to such term or an analogous term in the Servicing Agreement.

  • Unmatured Termination Event means an event that, with the giving of notice or lapse of time, or both, would constitute a Termination Event.

  • Commitment Termination Event means (a) the occurrence of any Event of Default described in clauses (a) through (d) of Section 8.1.9, or (b) the occurrence and continuance of any other Event of Default and either (i) the declaration of the Loans to be due and payable pursuant to Section 8.3, or (ii) in the absence of such declaration, the giving of notice to the Borrower by the Administrative Agent, acting at the direction of the Required Lenders, that the Commitments have been terminated.

  • Incipient Event of Termination means an event that but for notice or lapse of time or both would constitute an Event of Termination.

  • Loan Termination Date means the earliest to occur of the following: (i) as to the REVOLVING NOTES, November 1, 2012, as to the TERM NOTES, October 31, 2016, (ii) the date the OBLIGATIONS are accelerated pursuant to this AGREEMENT, and (iii) the date ADMINISTRATIVE AGENT has received (a) notice in writing from BORROWER of BORROWER’s election to terminate this AGREEMENT and (b) indefeasible payment in full of the OBLIGATIONS.

  • Servicer Event of Termination One or more of the events described in Section 7.01.

  • Facility Termination Date means the date as of which all of the following shall have occurred: (a) the Commitments have terminated, (b) all Obligations have been paid in full (other than contingent indemnification obligations), and (c) all Letters of Credit have terminated or expired (other than Letters of Credit as to which other arrangements with respect thereto satisfactory to the Lender shall have been made).

  • Termination Upon a Change in Control means a termination of Officer’s employment with Corporation within 12 months following a “Change in Control” that constitutes a Termination Other Than For Cause described in Section 2.1(b).

  • Termination Option Event means an event of a kind defined as such in Section 4.1, 4.2 or 4.8.

  • Event of Termination has the meaning specified in Section 7.01.

  • Master Servicer Event of Termination As defined in Section 7.01 hereof.