Significant Casualty definition

Significant Casualty the meaning set forth in Section 7.2.2.

Significant Casualty means a Casualty that in the reasonable, good faith judgment of the relevant Lessee (as evidenced by an Officer's Certificate) either (a) renders the applicable Property unsuitable for continued use as commercial or retail property of the type of such Property immediately prior to such Casualty or (b) is so substantial in nature that restoration of such Property to substantially its condition as existed immediately prior to such Casualty would be impracticable or impossible.

Significant Casualty means (a) any Casualty that in the reasonable, good -------------------- faith judgment of the Agent either (i) renders an item of the Equipment unsuitable for continued use as property of the type of such Equipment immediately prior to such Casualty or (ii) is so substantial in nature that restoration of an item of the Equipment to substantially its condition as existed immediately prior to such Casualty would be impracticable or impossible, and (b) any theft, disappearance or other loss of an item of the Equipment.

Examples of Significant Casualty in a sentence

• If Borrower or any party other than Lender is a payee on any check representing Proceeds with respect to a Significant Casualty, Borrower shall immediately endorse, and cause all such third parties to endorse, such check payable to the order of Lender.

• If any Borrower or any party other than Lender is a payee on any check representing Proceeds with respect to a Significant Casualty, such Borrower shall immediately endorse, and cause all such third parties to endorse, such check payable to the order of Lender.

• All Net Proceeds with respect to a Casualty Event that is not a Significant Casualty Event shall, subject to the provisions of this Agreement, be made available to the Borrower to pay the costs incurred in connection with the Restoration of the affected Project.

• All Net Proceeds with respect to a Significant Casualty Event, shall, at the Administrative Agent’s option, be applied to the payment of the Obligations unless required to be made available to the Borrower for Restoration hereunder, in which case such Net Proceeds shall, subject to the provisions of this Agreement, be made available to the Borrower to pay the costs incurred in connection with the Restoration.

• If Borrower or any party other than Lender is a payee on any check representing Proceeds with respect to a Significant Casualty, Borrower will immediately endorse, and cause all such third parties to endorse, such check payable to the order of Lender.

More Definitions of Significant Casualty

Significant Casualty means (i) a Casualty that results in an insurance settlement on the basis of a total loss, or a constructive or compromised total loss, or (ii) a Casualty that in the reasonable, good faith judgment of the Lessee (as evidenced by a Responsible Officer's Certificate delivered by the Lessee to the Lessor pursuant to Section 16.1 of the Lease) either (a) renders the Property unsuitable for continued use as a commercial property of the type of such property immediately prior to such Casualty or (b) is so substantial in nature that restoration of the Property to substantially its condition as existed immediately prior to such Casualty would be impracticable or impossible.

Significant Casualty means that the Leased Property shall suffer (i) damage or destruction if the resulting cost to repair or restore the Leased Property is in excess of $100,000,000 and cannot be restored prior to the Expiration Date or (ii) damage or destruction if the resulting cost to repair or restore the Leased Property is in excess of $250,000,000.

Significant Casualty shall have the meaning set forth in Section 5.2(b).

Significant Casualty shall have the meaning set forth in Section 12.1(b).

Significant Casualty. 7.2.2 “Single Member Bankruptcy Remote LLC” - Schedule 5 “Sole Member” - Schedule 5 “Special Member” - Schedule 5 “Special Purpose Bankruptcy Remote Entity” - 5.13 “Spreader” - 1.1 (Definition of Loan Documents) “Springing Recourse Event” - 10.1

Significant Casualty. 7.2.2 “Single Member Bankruptcy Remote LLC” - Schedule 5 “Special Member” - Schedule 5 Table of Contents “Special Purpose Bankruptcy Remote Entity” - 5.13 “Springing Recourse Event” - 10.1 “Subaccounts” - 3.1 “Subordinate Mortgages” - 1.1 (Definition of Loan Documents) “Successor Borrower” - 2.3.3 “Tax and Insurance Subaccount” - 3.3 “Terrorism Premium Cap” - 7.1.1

Significant Casualty. 7.2.2 “Special Purpose Bankruptcy Remote Entity” - 5.13