Major Casualty definition
Major Casualty means, in relation to a Ship, any casualty to that Ship in respect of which the claim or the aggregate of the claims against all insurers, before adjustment for any relevant franchise or deductible, exceeds $500,000 or the equivalent in any other currency;
Major Casualty means any casualty to a vessel for which the total insurance claim, inclusive of any deductible, exceeds or may exceed the Major Casualty Amount.
Major Casualty means any casualty to the Rig in respect whereof the claim or the aggregate of the claims against all insurers, before adjustment for any relevant franchise or deductible, exceeds Five Hundred Thousand United States Dollars (US$500,000) or the equivalent in any other currency;
Examples of Major Casualty in a sentence
No Borrower shall settle, compromise or abandon any claim under any obligatory insurance for Total Loss or for a Major Casualty, and shall do all things necessary and provide all documents, evidence and information to enable the Security Trustee to collect or recover any moneys which at any time become payable in respect of the obligatory insurances.
More Definitions of Major Casualty
Major Casualty means, in relation to each Ship, any casualty to that Ship in respect of which the claim or the aggregate of the claims against all insurers, before adjustment for any relevant franchise or deductible, exceeds $500,000 or the equivalent in any other currency;
Major Casualty means a casualty that renders unusable twenty percent (20%) or more of the Net Rentable Area of the Building or which materially adversely affects the use of such Building.
Major Casualty means any casualty, whether covered by insurance or not, whose repair would exceed ten percent (10%) of the replacement cost of the damaged or destroyed improvements.
Major Casualty means, with respect to the Property, any Casualty affecting such Property where (a) the damage to such Property is treated by any insurer of such Property as a total loss; (b) such Property cannot reasonably be repaired and restored to the condition in which it existed immediately prior to such Casualty; or (c) the reasonably anticipated cost to repair and restore such Property to the condition in which it existed immediately prior to such Casualty would exceed twenty-five percent (25%) of the Outstanding Lease Amount.
Major Casualty means a casualty to the Vessel or incident (other than a Total Loss) in respect of which the claim or aggregate of the claims against all insurers, before adjustment for any relevant franchise or deductible, exceeds United States Dollars One Million Hive Hundred Thousand (US$1,500,000) or the equivalent in any other currency;
Major Casualty means any casualty to the Boat
Major Casualty means a casualty that renders unusable thirty five percent (35%) or more of the rentable area of the Building or which materially adversely affects the use of such Building. If Landlord elects to terminate this Lease as a result of a Major Casualty which meets the qualifications set forth in the preceding two sentences, Landlord must so notify Tenant, in writing, of such termination on or before sixty (60) days following the date of the casualty. In the event that Landlord elects to terminate the Lease pursuant to the preceding Major Casualty provision, then subject to Landlord’s lender’s approval, Tenant shall have the right to fully fund any shortfall of insurance proceeds and cause Landlord to restore the Premises. Tenant shall have to exercise said right to restore a Major Casualty by providing written notice to Landlord of its election to do so as well as proof of its ability to pay any shortfall insurance proceeds within ten (10) business days of Landlord’s termination notice to Tenant. Anything herein to the contrary notwithstanding, if there is any “Substantial Destruction” of the Premises during the last nine (9) months of the Term (excluding any unexpired options to extend the Term), Landlord or Tenant may terminate this Lease as of the date of the occurrence of such damage or destruction by giving written notice to the other within thirty (30) calendar days after the date of the occurrence of such Substantial Destruction without liability to either party; provided, however, that if there are any unexpired options to extend the Term and Landlord gives Tenant written notice of its termination of this Lease pursuant to this sentence (but not pursuant to any other provision of this Paragraph 20), Tenant shall have until the date which is ten (10) days after Landlord’s notice of termination within which to exercise such option to extend the Term, and if Tenant so exercises such option Landlord’s notice of termination shall be rendered void, the Lease shall continue in full force and effect, and Landlord shall repair the damage or destruction as and to the extent otherwise required pursuant to the provisions of this Paragraph 20. As used herein the term “Substantial Destruction” shall be defined as damage or destruction which cannot, in Landlord’s reasonable opinion, be repaired within sixty (60) calendar days after Landlord becomes aware of said damage or destruction.