Casualty Threshold definition

Casualty Threshold is defined in paragraph 10 of this Lease.

Casualty Threshold means $350,000. If the Net Casualty Proceeds in respect of the applicable fire or other Casualty are less than the Casualty Threshold, such Net Casualty Proceeds shall be paid to Tenant to apply to the cost of restoration. If the Net Casualty Proceeds in respect of the applicable fire or other Casualty are equal to or greater than the Casualty Threshold, such Net Casualty Proceeds shall be paid to the Proceeds Trustee (herein, together with amounts required to be deposited with Landlord or the Proceeds Trustee pursuant to paragraph 10(b), called the “Restoration Fund”) for release to Tenant as restoration progresses, subject to and in accordance with paragraph 10(b). If Landlord mortgages the Premises with a Mortgage, the Mortgagee hereunder may, at its option be appointed Proceeds Trustee for so long as such Mortgage remains outstanding. Insurance proceeds shall be deposited in an interest bearing account and interest shall be distributed to Tenant upon completion of said installation, repair, replacement or rebuilding, provided no default has occurred and is continuing hereunder. All checks drawn on said account shall be signed by the Proceeds Trustee. Subject to Section 10(b) above, the Restoration Fund shall be disbursed to Tenant by the Proceeds Trustee under the following procedure, as said procedures may be modified to conform to the disbursement procedures set forth in the Mortgage or otherwise as may be reasonably requested by Landlord, Mortgagee and/or the Proceeds Trustee:

Casualty Threshold shall have the meaning ascribed thereto in Section 9.1.

Examples of Casualty Threshold in a sentence

• Borrower shall, at its expense, diligently prosecute any such proceedings, and shall consult with Lender, its attorneys and experts, and cooperate with them in the carrying on or defense of any such proceedings which is reasonably expected to involve an Award of an amount greater than the Casualty Threshold Amount.

• In addition, Lender may participate in any settlement discussions with any insurance companies (and shall approve any final settlement) (x) if an Event of Default is continuing or (y) with respect to any Casualty in which the Net Proceeds or the costs of completing the Restoration are reasonably expected to be equal to or greater than the Casualty Threshold Amount and Borrower shall deliver to Lender all instruments required by Lender to permit such participation.

• In addition, Lender may participate in any settlement discussions with any insurance companies (and shall approve any final settlement) (i) if an Event of Default is continuing or (ii) with respect to any Casualty in which the Net Proceeds or the costs of completing the Restoration are reasonably expected to be equal to or greater than the Casualty Threshold Amount and Borrower shall deliver to Lender all instruments required by Lender to permit such participation.

• In addition, Lender may participate in any settlement discussions with any insurance companies (and shall approve any final settlement) (a) if an Event of Default is continuing or (b) with respect to any Casualty in which the Net Proceeds or the costs of completing the Restoration are reasonably expected to be equal to or greater than the Casualty Threshold Amount and Borrower shall deliver to Lender all instruments required by Lender to permit such participation.

• Borrower shall, at its expense, diligently prosecute any such proceedings, and shall consult with Administrative Agent, its attorneys and experts, and cooperate with them in the carrying on or defense of any such proceedings which is reasonably expected to involve an Award of an amount greater than the Casualty Threshold Amount.

More Definitions of Casualty Threshold

Casualty Threshold means $10,000,000.

Casualty Threshold means $15,000,000, subject to increase based on a consumer price index adjustment. In the event that casualty proceeds are in excess of $50,000,000 and the tenant has elected to restore the improvements at the Mortgaged Property, the casualty proceeds are required to be paid to a depositary that is a leasehold mortgagee with respect to the leasehold interest of the sole tenant, or that is an “institutional lender” as defined in the ground lease.

Casualty Threshold is defined in Section 12.4(a).

Casualty Threshold shall have the meaning set forth in Section 6.2 hereof.

Casualty Threshold means $7,500,000.00.

Casualty Threshold means an amount equal to $1,500,000.00.

Casualty Threshold has the meaning ascribed to it in Section 6.10(a).