Major Loss definition

Major Loss has the meaning set forth in Section 5.10(b).

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Major Loss shall have the meaning set forth in Section 8.3.

Major Loss means an aviation-related accident or incident that results in the combined policy insurance providers establishing a reserve in an amount greater than the aggregate combined base premium amount for the year in which such accident or incident occurs, net of contribution from or subrogation against any third parties.

Examples of Major Loss in a sentence

• If there is a Minor Loss and insurance coverage as set forth above is not available, Buyer shall have the same rights as if it was a Major Loss.

• If, prior to the Closing Date, any portion of the Property suffers a Minor or Major Loss, Seller shall immediately notify Buyer of that fact, which notice shall include sufficient detail to apprise Buyer of the current status of the Property following such loss.

• Damage or destruction to, or condemnation of, any Real Property that is not a Major Loss.

• In the event of a Major Loss, Buyer may, at its option to be exercised by written notice to Seller within twenty (20) days of Seller’s notice to Buyer of the occurrence thereof, elect to either (i) terminate this Agreement, or (ii) consummate the acquisition of the Property for the full Consideration, subject to the following.

• If Buyer elects to proceed with the acquisition of the Property, then the Closing shall be postponed if necessary, to occur on the later of the then-scheduled Closing Date or the date which is ten (10) Business Days after Buyer makes such election and, upon the Closing, Buyer shall be given a credit against the Consideration equal to the amount of any insurance proceeds or condemnation awards collected by Seller as a result of such Major Loss, plus the amount of any insurance deductible.

More Definitions of Major Loss

Major Loss means substantial damage or destruction by fire or other casualty of the EG Facility or any portion thereof, or the taking, requisitioning or sale of the use, occupancy or title to the EG Facility or any substantial portion thereof in, by or on account of any actual or threatened eminent domain proceeding or other action by any person or entity having the power of eminent domain.

Major Loss is defined in Section 5.19(b).

Major Loss means any damage, destruction or other casualty losses with respect to the assets of the Acquired Companies arising between the date of this Agreement and the Closing that individually or in the aggregate has an estimated repair cost (including the cost of any remediation necessary to restore the affected assets to their condition prior to such casualty) as reasonably determined by Sellers in excess of $98,250,000.00.

Major Loss means: (i) loss or damage to the Property or any portion thereof such that the cost of repairing or restoring the premises in question to a condition substantially identical to that of the premises in question prior to the event of loss or damage would be, in the opinion of an architect jointly selected by Seller and Buyer, equal to or greater than $50,000, or (ii) any loss due to a condemnation which, in Buyer’s sole opinion, permanently and materially impairs the current use or the Intended Use of the Property.

Major Loss means any actual or constructive total loss of either Project, a condemnation or taking of a material portion of either Project or either Site, or any other Loss that, in the reasonable judgment of the Required Holders and the Independent Engineer, makes restoration or continued operation of a Project uneconomical or unfeasible.

Major Loss means any Event of Damage or Event of Taking, the restoration of which is reasonably estimated to cost $150,000,000 or more.

Major Loss means any damage, destruction or other casualty losses with respect to or taking of the Purchased Assets, that individually or in the aggregate have an estimated cost to repair or replace or a value of more than three percent (3%) of the Purchase Price.