Casualty Occurrence definition

Casualty Occurrence any of the following events in respect of the Facility, (i) any material loss of the Facility or material loss of use thereof which does not constitute a Loss Event, or (ii) the condemnation, confiscation or seizure of, or requisition of title to or use of, any material part of the Facility which action does not constitute a Loss Event.

Casualty Occurrence means any of the following events with respect to the Aircraft, the Airframe or an Engine:

Casualty Occurrence shall have the meaning set forth in Article 17.1.

Examples of Casualty Occurrence in a sentence

• In the event the Term for any Vehicle ends prior to the last day of the scheduled Term, whether as a result of a default by Lessee, a Casualty Occurrence or any other reason, the rentals and management fees paid by Lessee will be recalculated in accordance with the rule of 78's and the adjusted amount will be payable by Lessee to Lessor on the termination date.

• Lessee acknowledges and agrees that neither any Casualty Occurrence to any Vehicle nor any defect, unfitness or lack of governmental approval in, of, or with respect to, any Vehicle regardless of the cause or consequence nor any breach by Enterprise Fleet Management, Inc.

• Provider shall have no obligation to return the Aircraft to service after any Casualty Occurrence.

• Debtor will bear all risk of loss, theft, destruction or requisition of or damage to an Item ("Casualty Occurrence").

• The Agreement will continue in respect of the remainder of the Goods (if any) at a revised rent calculated by Company having regard to the proportion of the value, utility or other relevant measure of the Goods which has not suffered the Casualty Occurrence or Write Off.

More Definitions of Casualty Occurrence

Casualty Occurrence shall have the meaning given to such term in Section 2.4(c) hereof.

Casualty Occurrence means, with respect to any Unit, the occurrence of any of the following: (i) the destruction, damage, contamination, wear or unsuitability of such Unit which, in the Borrower’s good faith opinion, makes repair uneconomic or renders such Unit unfit for commercial use, (ii) theft or disappearance of such Unit, (iii) the permanent return of such Unit to the manufacturer pursuant to any warranty or patent indemnity provisions, (iv) the taking of title of such Unit or appropriation of such Unit by any governmental authority under the power of eminent domain or otherwise or (v) the taking or requisition for use of such Unit by any governmental authority under the power of eminent domain or otherwise for a continuous period in excess of 180 days.

Casualty Occurrence shall have the meaning specified in Section 12 hereof.

Casualty Occurrence shall have the meaning given such term in Section 7(b) of this Agreement.

Casualty Occurrence means any act or occurrence in which any item or component of Equipment is lost, stolen, destroyed, requisitioned, condemned, seized or taken by governmental action or, in Lessor’s opinion, irreparably damaged.

Casualty Occurrence or “Casualty Loss” shall mean any of the following events with respect to an Aircraft or an Engine constituting part of the Collateral:

Casualty Occurrence means any of the following events with respect to the Aircraft, Airframe or any Engine: (a) loss of such property or its use due to theft or disappearance for a period in excess of sixty (60) consecutive days, or destruction, damage beyond economic repair or rendition of such property permanently unfit for normal use by Lessee for any reason whatsoever; (b) any damage to such property which results in an insurance settlement with respect to such property on the basis of a total loss or on the basis of a compromised or constructive total loss; or (c) the condemnation, confiscation, appropriation or seizure of, or requisition of title to such property, or the use of such property by or on the authority of any Governmental Entity or purported Governmental Entity (excluding therefrom any Governmental Entity, or purported Governmental Entity, of the United States of America), which in any such case shall have resulted in the loss of possession thereof by Lessee for a period in excess of ninety (90) consecutive days (or for such shorter period ending on the date which is seven (7) days from the date of receipt of an insurance settlement with respect to such property on the basis of a total loss).