Partial Loss Event definition

Partial Loss Event means, in relation to each Series, the partial impairment of one or more of the Lease Assets in a manner that substantially deprives the Lessee of the benefits expected from the whole of the Lease Assets, as determined by the Lessee and the occurrence of which: (a) has been certified in writing by a recognised independent industry expert; (b) has not arisen as a result of the Lessee’s negligence or misconduct; and (c) does not constitute a Total Loss Event;
Sample 1
Partial Loss Event means the total loss or destruction of, or damage to only part of the Ijarah Assets of a particular Ijarah Agreement or any event or occurrence that renders the part of the Ijarah Assets permanently unfit for any economic use and the repair or remedial work in respect thereof is whollyuneconomical.
Sample 1
Partial Loss Event means the partial impairment of one or more Lease Assets in a manner that substantially deprives the Lessee from the benefits expected from the whole of the Lease Assets, as determined by the Lessee and the occurrence of which: (a) has been certified in writing by an independent qualified expert; (b) has not arisen as a result of the Lessee's negligence or misconduct; and (c) does not constitute a Total Loss Event; If, following a Total Loss Event or a Partial Loss Event where a Partial Loss Event Termination Notice has not been received within seven days of the Partial Loss Event by the Lessor, the Servicing Agent receives notice from the Republic that replacement Asset(s) (the "Replacement Lease Asset(s)") are available on or before the 60th day after the occurrence of the Loss Event, the Trustee shall pursuant to a separate purchase agreement substantially in the form, mutatis mutandis, of a Sale and Purchase Agreement purchase such Replacement Lease Asset(s) from the Republic in consideration for the payment by the Servicing Agent (on behalf of the Issuer) of the Takaful/Insurance Proceeds (or the assignment of the rights to such proceeds) to or to the order of the Republic and the transfer to the Republic by the Trustee of any residual interest it may hold in the impaired Lease Asset(s) subject to the Loss Event (including any remaining rights in respect of any Takaful/Insurance Proceeds), the date of such replacement being the "Replacement Date".
Sample 1

Examples of Partial Loss Event in a sentence

  • In the event of a damage declaration on your customer’s vehicle, the Partial Loss Event Privilege can assist with the accelerated depreciation at the time of vehicle trade-in or for another purchase or lease.

  • This s ta t io n i s to be b u i l t to sp>ecifications required by NERC, and i s to be a v a ila b le without charge to NERC and i t s customers on an " as needed" b asis.

  • The Wakeel may from time to time: (i) throughout the tenure of the Ringgit Sukuk Wakalah Bi Al-Istithmar at the option of the Issuer or (ii) upon the occurrence of a Total Loss Event or Partial Loss Event, substitute the existing Tangible Assets with any other form of eligible Shariah-compliant assets.

  • The Wakeel shall irrevocably and unconditionally undertake to make good the difference if the proceeds of takaful/insurance areinsufficient to repair the affected Ijarah Assets and if the affected Ijarah Assets are to be replaced, to ensure that following such replacement pursuant to the Partial Loss Event or the Total Loss Event (as the case may be), the value of the Ijarah Assets (including the replacement assets) shall not be less than the Assets Minimum Requirements.

  • In the event the Shariah-compliant leasable assets which form part of the Tangible Assets are affected by Total Loss Event or Partial Loss Event, the proceeds from the takaful/insurance claim for the affected leaseable assets shall be utilised for replacement or repair of the affected leaseable assets.

  • The cardholder may also be asked to surrender the card at any time deemed necessary by the Board’s management.

  • Partial Loss Event Privilege‌If the customer’s vehicle is damaged and repaired, resulting in a damage record on their vehicle’s history report (i.e CarProof), they will be eligible to receive an in-store loyalty credit at the time they purchase a replacement vehicle.

  • The Wakeel shall have the right to substitute from time to time (i) throughout the tenure of the Sukuk Wakalah at the option of the Wakeel or (ii) upon the occurrence of a Partial Loss Event (as defined herein) or Total Loss Event (as defined herein) or (iii) in the event the Investment Assets become Shariah non- compliant, via an exchange agreement, the Ijarah Assets or the Investment Assets (as the case may be) with qualified asset(s) that is/are Shariah-compliant and approved by the Shariah Adviser.

  • In the event the Ijarah Assets are affected by a Partial Loss Event or Total Loss Event, proceeds of the takaful/insurance claim over the affected Ijarah Assets shall be utilised for the replacement or repair of the affected Ijarah Assets.

  • In the event the Lease Assets are affected by a Partial Loss Event (as defined below), proceeds from the takaful/insurance claim over the affected Lease Assets shall be utilised for the replacement or repair of the affected Lease Assets.


More Definitions of Partial Loss Event

Partial Loss Event means the occurrence of loss or destruction of, or damage to any part of the Ijarah Assets.
Sample 1

Related to Partial Loss Event

  • Partial Loss means any Physical Damage loss which is not a Total Loss.

  • Data Loss Event means any event that results, or may result, in unauthorised access to Personal Data held by the Contractor under this Agreement, and/or actual or potential loss and/or destruction of Personal Data in breach of this Agreement, including any Personal Data Breach.

  • Event of Loss means, with respect to any Property, any of the following: (a) any loss, destruction or damage of such Property; (b) any pending or threatened institution of any proceedings for the condemnation or seizure of such Property or for the exercise of any right of eminent domain; or (c) any actual condemnation, seizure or taking, by exercise of the power of eminent domain or otherwise, of such Property, or confiscation of such Property or the requisition of the use of such Property.

  • Condemnation Event means any act of taking by a public or quasi-public authority through condemnation, reverse condemnation or eminent domain.

  • Total Loss means, in relation to a Ship:

  • Casualty Loss has the meaning set forth in Section 6.3(b).

  • Casualty Event means any event that gives rise to the receipt by the Borrower or any Restricted Subsidiary of any insurance proceeds or condemnation awards in respect of any equipment, fixed assets or real property (including any improvements thereon) to replace or repair such equipment, fixed assets or real property.

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

  • Involuntary Disposition means any loss of, damage to or destruction of, or any condemnation or other taking for public use of, any property of any Loan Party or any Subsidiary.

  • Foreign Casualty Event shall have the meaning assigned to such term in Section 2.05(b)(viii).