Examples of Total Loss Event in a sentence
Total Loss Event: (a) Extinguishment or loss of knowledge of whereabouts, (b) damage or breakdown for which repair or reuse is economically impossible as reasonably determined by the Lessors and so confirmed by the appraisal service appointed by the Lessors, or (c) seizure, expropriation or robbery caused to the Property, Unit Component or any Parts consisting thereof.
Upon a Total Loss Event, the Issuer shall promptly once insurance proceeds are available, but in any event no later than one hundred and eighty (180) calendar days following the Total Loss Event, redeem 100% of the Outstanding Bonds at 100% of par value (plus accrued interest on redeemed amount).
This Agreement will, subject to Clause 3 (Conditions Precedent), commence on the Agreement Date and shall continue in full force and effect until the Expiry Date, unless terminated in the circumstances described in Clause 2.2 (Termination) or Clause 2.3 (Total Loss Event).