Event of Loss definition

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.

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 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.

Examples of Event of Loss in a sentence

• If there is repairable damage to the Aircraft or any of the Engines, or loss or destruction of any Engine (when no Event of Loss has occurred to the Airframe), and if the insurance monies paid in respect thereof are insufficient to pay the cost or estimated cost of making good or repairing such damage or the cost of purchasing a replacement Engine, Lessee will promptly pay the deficiency.

• Seller shall, in addition, furnish any information reasonably requested by Xxxxx with respect to any such Taking, Event of Loss, or the property or operations affected thereby, including any condemnation or eminent domain proceeding or insurance claim made in respect thereof and the expected proceeds that may arise in connection therewith.

• If insurance proceeds in an amount at least equal to the Agreed Value (or in the case of an Engine the amount such Engine was insured for) are not received by Lessor within 60 days after an Event of Loss, Lessee shall forthwith pay to Lessor the Agreed Value then in effect (or in the case of an Engine the amount such Engine was insured for) and upon its receipt Lessor will thereupon assign its right to such insurance proceeds to Lessee.

• Nothing herein shall preclude Lessee from replacing an Engine that suffers an Event of Loss with a comparable engine or auxiliary power unit, as applicable, of equal or greater value within the period set forth in this Section 5.8, which upon installation on the Airframe will without further act be and become the sole and exclusive property of Lessor free from all Liens (other than Lessor Liens).

• So long as no Event of Default has occurred and is continuing and no Event of Loss has occurred, Lessee will be entitled to any rental or other payments made by the requisitioning authority in respect of the requisition of the Aircraft during the Term.

More Definitions of Event of Loss

Event of Loss means any of the following events:

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.

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, with respect to any property or asset (tangible or intangible, real or personal) constituting Collateral, any of the following:

Event of Loss means, with respect to any property or asset (tangible or intangible, real or personal), any of the following:

Event of Loss means any of the following events: (x) the actual or constructive total loss of the Vessel or the agreed or compromised total loss of the Vessel; or (y) the capture, condemnation, confiscation, requisition (but excluding any requisition for hire by or on behalf of any government or governmental authority or agency or by any persons acting or purporting to act on behalf of any such government or governmental authority or agency), purchase, seizure or forfeiture of, or any taking of title to, the Vessel. An Event of Loss shall be deemed to have occurred: (i) in the event of an actual loss of the Vessel, at the time and on the date of such loss or if such time and date are not known at noon Greenwich Mean Time on the date which the Vessel was last heard from; (ii) in the event of damage which results in a constructive or compromised or arranged total loss of the Vessel, at the time and on the date on which notice claiming the loss of the Vessel is given to the insurers; or (iii) in the case of an event referred to in clause (y) above, at the time and on the date on which such event is expressed to take effect by the Person making the same. Notwithstanding the foregoing, if the Vessel shall have been returned to the Borrower or any Subsidiary of the Borrower following any event referred to in clause (y) above prior to the date upon which payment is required to be made under Section 4.02(b) hereof, no Event of Loss shall be deemed to have occurred by reason of such event so long as the requirements set forth in Section 9.10 have been satisfied.