Casualty Proceeds means, with respect to any Casualty Event, the amount of any insurance proceeds or condemnation awards received by the Borrower, any Parent Guarantor or any of their respective Subsidiaries in connection therewith, but excluding any proceeds or awards required to be paid to a creditor (other than the Lenders) which holds a first-priority Lien permitted by Section 7.2.3 on the property which is the subject of such Casualty Event.

Casualty Proceeds means all proceeds under any Casualty Insurance Policy, and all other insurance proceeds, damages, awards, claims and rights of action of the Borrower with respect to any Casualty.

Casualty Proceeds means (i) with respect to any Condemnation Event, all awards or payments received by the Borrower, any Restricted Subsidiary or the Agent by reason of such Condemnation Event, including all amounts received with respect to any transfer in lieu or anticipation of such Condemnation Event or in settlement of any proceeding relating to such Condemnation Event and (ii) with respect to any other Casualty Event, all insurance proceeds or payments (excluding payments with respect to business interruption) which the Borrower, any Restricted Subsidiary or the Agent receives by reason of such other Casualty Event, less, in either case, unreimbursed expenses or losses related to the Casualty Event, including any payment with respect to Taxes actually paid or to become payable by the Borrower and its Restricted Subsidiaries (as reasonably estimated by a Financial Officer) in respect of such Casualty Event.

Examples of Casualty Proceeds in a sentence

Net Casualty Proceeds resulting from casualty to or condemnation of the Project shall be applied as provided in the Continuing Covenant Agreement and, to the extent consistent therewith, Section 3.01(b)(i) hereof.
The Trustee is hereby granted the authority to create a special trust fund designated the “Restoration Fund” upon the notice by the Borrower of its obtaining a disbursement of Casualty Proceeds to be applied as set forth in Section 2.06 of the Bond Loan Agreement.
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Casualty Proceeds shall be payable in accordance with the provisions of Article XVIII.
If the conditions for repair or restoration of the Project, as provided in Section 5.04 of the Loan Agreement, are not satisfied and the Trustee receives written notice from the Borrower of such insufficiency of the insurance proceeds or award in accordance with Section 5.04 of the Loan Agreement, the Trustee will apply the Net Casualty Proceeds of any casualty insurance or condemnation to the reduction of indebtedness under the Notes.

More Definitions of Casualty Proceeds

Casualty Proceeds means (a) payments or other proceeds from an insurance carrier with respect to any loss, casualty or damage to Collateral, and (b) payments received on account of any condemnation or other governmental taking of any of the Collateral.

Casualty Proceeds has the meaning assigned to such term in Section ------------------ 6.04(b)(v).

Casualty Proceeds shall have the meaning set forth in Section 9.1 hereof.

Casualty Proceeds shall have the meaning assigned to such term in the Mortgages.