Casualty Occurrence Sample Clauses
The Casualty Occurrence clause defines how parties should respond if the property involved in the agreement suffers damage or destruction due to unforeseen events such as fire, natural disasters, or accidents. Typically, this clause outlines the procedures for notification, assessment of the extent of the damage, and the allocation of responsibility for repairs or restoration. It may also specify whether the agreement can be terminated or modified if the damage is significant. The core function of this clause is to provide a clear process for handling unexpected property damage, thereby reducing uncertainty and potential disputes between the parties.
POPULAR SAMPLE Copied 1 times
Casualty Occurrence. On the first day payment is due on each Note following the Casualty Occurrence or, if there is no such payment date, thirty (30) days after such Casualty Occurrence Borrower shall pay to Lender an amount equal to the Balance Due (as defined below) for each lost or damaged item of Collateral. The Balance Due for each such item is the sum of: (i) all amounts for each item which may be then due or accrued to the payment date, plus (ii) as of such payment date, an amount equal to the product of the fraction specified below times the sum of all remaining payments under the respective Note, including the amount of any mandatory or optional payment required or permitted to be paid by Borrower to Lender at the maturity of the Note. The numerator of the fraction shall be the Collateral Value (as set forth on the applicable Note) of the item and the denominator shall be the aggregate Collateral Value of all items under the Note. Upon the making of such payments, Lender shall release such item of Collateral from its lien hereunder. Notwithstanding the above, within thirty (30) days following a Casualty Occurrence, Borrower may repair the Collateral or replace any item of Collateral which has suffered a Casualty Occurrence with Collateral acceptable to Lender in its complete discretion and, in such event, the provisions of the previous paragraph shall not apply. Borrower's tender of such Collateral shall constitute a representation and warranty that it is free of all liens, claims and encumbrances and otherwise qualifies as Collateral under this Security Agreement. Following such tender, Lender shall have a first security interest in such Collateral. All insurance proceeds from policies required to be maintained hereunder received by or payable to Lender on account of a Casualty Occurrence shall be released to the vendor of the replacement item of Collateral upon Borrower's request if (i) no Event of Default has occurred and is continuing hereunder, and (ii) Lender has received an invoice from the vendor describing the replacement item of Collateral. If Lender has received from Borrower the Balance Due and all other payments due with respect to the item of Collateral which has suffered a Casualty Occurrence, all insurance proceeds received by Lender thereafter or payable on account of the Casualty Occurrence shall be paid to Borrower as it may direct.
Casualty Occurrence. In the event any unit of Equipment is ------------------- damaged, destroyed, lost, stolen, or title thereto shall be requisitioned or taken by any governmental authority under power of eminent domain or otherwise, such fact shall promptly be reported by Lessee to Lessor. Lessee shall determine in the event of damage, whether such unit of Equipment can be repaired. In the event Lessee determines that such unit of Equipment can be repaired, Lessee shall cause such unit of Equipment to be repaired, at Lessee's expense, as soon as reasonably practicable. Lessee shall be entitled to reimbursement from and to the extent of any insurance proceeds paid with respect to a unit of Equipment repaired by Lessee. In the event Lessee determines that the unit of Equipment cannot be repaired or in the event of such destruction, loss, theft, requisition or taking of title, such unit of Equipment shall be deemed to have suffered a "Casualty Occurrence" and, as soon as reasonably practicable after the date of such Casualty Occurrence, Lessee shall either (at Lessee's option) (x) pay to Lessor a purchase price equal to such Equipment's fair market value (as defined in Section 23(h) hereof plus a lease termination fee equal to the present value (using a discount rate equal to the discount rate set forth on Schedule B (the "Discount Rate")) of the remaining Fixed Rent applicable to the subject Equipment less the fair market value of Lessee's remaining leasehold interest hereunder with respect to such Equipment, or (y) replace such item with any item or items of like kind equipment, in accordance with the terms set forth in Section 23(g) hereof. The repair or replacement of the Equipment as hereinabove provided shall not result in any abatement or reduction in, or in any other way affect, the rent to be paid with respect to such Equipment, it being expressly agreed that the Fixed Rent payable with respect thereto shall continue in the same amounts and be payable at the same times as prescribed on Schedule B hereto as if such repair or replacement did not occur. In the event Lessee elects (in lieu of replacing) to purchase any unit of Equipment, as described above, the Fixed Rent payable pursuant to Schedule B shall (as of the next rental payment) be reduced to an amount which bears the same relationship to the rental payable before such reduction as the value of Equipment leased after the Casualty Occurrence bears to the value of Equipment leased prior to the Casualty Occurrence...
Casualty Occurrence. A. The term "occurrence" as used herein means each accident or occurrence or series of accidents or occurrences, arising out of one event, provided that, as respects:
Casualty Occurrence. In the event of any material (involving damages to any party thereto in excess of $250,000) casualty with respect to any Collateral or Vessel, the Borrower shall give the Lender written notice of such casualty promptly after discovering or receiving notice of the casualty, which notice shall identify the affected Collateral or other Vessel. The Borrower shall, within a reasonable period of time, remedy or repair such casualty to bring the Collateral into conformity with the provisions of this Agreement unless such casualty shall constitute an Event of Loss and the provisions of §2.3(b) apply.
Casualty Occurrence. Notwithstanding any Casualty Occurrence, the Loan to which such casualtied item of Collateral is subject shall continue in full force and effect without any abatement in the monthly payment due. Borrower shall, at its election, (a) no later than thirty (30) days after such Casualty Occurrence repair the Collateral returning it to good operating condition, (b) no later than thirty (30) days after such Casualty Occurrence replace the Collateral with Collateral acceptable to Lender in its reasonable discretion, in good condition and repair taking all steps required by Lender to perfect Lender's first priority security interest therein, which replacement Collateral shall be subject to the terms of this Security Agreement, or (c) on the next regular monthly payment date which falls after such thirty (30) days, or if there is no such payment date, thirty (30) days after such Casualty Occurrence pay to Lender an amount equal to the Balance Due (as defined below) for each lost or damaged item of Collateral. The Balance Due for each such item is the sum of: (i) all amounts for each item which may be then due or accrued to the payment date, plus (ii) as of such payment date, an amount equal to the product of the fraction specified below times the sum of all remaining payments under the respective Note, including the amount of any mandatory or optional payment required or permitted to be paid by Borrower to Lender at the maturity of the Note discounting to present value the amounts in (ii) at a rate of 6% per annum compounded monthly on the basis of a 360 day year ("Discount Rate"). The numerator of the fraction shall be the collateral value (as set forth on the applicable Note) of the item and the denominator shall be the aggregate collateral value of all items under the Note. Upon the making of such payments, Lender shall release such item of Collateral from its lien hereunder.
Casualty Occurrence. In the event that the System shall be destroyed or substantially damaged as the result of a fire or other casualty, Supplier shall, within *** of the destruction or damage, subject to the agreement of Client (whose agreement will not be unreasonably with held), determine whether or not to rebuild or replace the System provided that such rebuilding or replacement can be accomplished within *** after the date of the destruction or damage, or to terminate this Agreement without liability or charge. Client shall be liable for the payment for all Product Water supplied up until the date of the termination. Client’s obligations for further payments shall cease unless and until such time as the System is rebuilt or replaced and capable of producing Product Water.
Casualty Occurrence. Notwithstanding any request by the Lessee for a determination of fair market sales value pursuant to this Section 19, the provisions of Section 13 shall continue in full force and effect until the date of purchase and the passage of ownership of the Facility unless the Lessee shall have exercised the option by irrevocable written notice to purchase pursuant to Section 19(b), in which event the amount of "CASUALTY VALUE" shall equal the greater of (i) the option purchase price and (ii) the Casualty Value which would have applied but for the exercise of such purchase option.
Casualty Occurrence. 6.1 If any of the Equipment is lost, stolen, or damaged beyond economic repair, you will promptly notify us and unless otherwise agreed by us you will immediately pay to us all Rentals payable with respect to such Equipment for the remainder of the Term.
6.2 Upon our receipt of the moneys referred to in clause 6.1: (a) this Agreement will terminate with respect to that Equipment and the renting of any remaining Equipment will continue at an adjusted Rental (based on the units of Equipment remaining) as notified by us in our absolute discretion; and (b) if you have paid all monies due to us under clause 6.1 and if we receive insurance proceeds in respect of the relevant Equipment, such insurance proceeds will be credited to you to the extent of any payment received from you under clause 6.1.
Casualty Occurrence. In the event that the Unit suffers a Casualty Occurrence, Lessee shall promptly and fully inform Lessor in regard thereto and Lessee, on the next succeeding Periodic Rent Payment Date following 15 days prior written notice, shall pay to Lessor a sum equal to the Casualty Value of the Unit as of the date of such payment. Upon receipt by Lessor of such payment this Lease shall terminate with respect to the Unit (subject to the requirements of Section 16(d) hereof regarding the disposition of the Unit).
Casualty Occurrence. Lessee shall promptly notify Lessor in writing if the Equipment (i) suffers damage or destruction resulting in an insurance settlement on the basis of actual, constructive or compromised total loss; (ii) suffers destruction or damage beyond repair; or (iii) becomes lost, stolen, destroyed or suffers damage, which in the reasonable determination of Lessor, makes repair uneconomic or renders the Equipment permanently unfit for use from any cause whatsoever (including an Adverse Environmental Condition) (such occurrences being hereinafter called “Casualty Occurrences”). The parties hereby acknowledge and agree that all of the Equipment shall be under Lessee’s care and attention at all times, and that Lessee shall maintain and use the Equipment in accordance with the terms of this Agreement, and therefore, Lessee shall be responsible for any Casualty Occurrence. Unless otherwise expressly provided for in Section 10(g) hereof, if any of the events set forth in the proviso to clause (ii) of Section 10(g) have occurred, on the date set forth on Annex C to the Schedule during the first month next succeeding a Casualty Occurrence, or if such date is not a Business Day, then on the next day that is a Business Day (the “Payment Date”), Lessee shall pay Lessor the sum of (x) the Stipulated Loss Value of all Equipment calculated in accordance with Annex C of the Schedule; and (y) all Rent (including Basic Term Rent scheduled to be paid on such Payment Date) and other amounts which are due hereunder with respect to the Equipment as of the Payment Date; provided that Lessee shall not be required to make any payment in respect of a Casualty Occurrence if (A) the Equipment affected by such Casualty Occurrence is not necessary to enable the Equipment to continue to be capable of operating at the capacity levels at which the Equipment was capable of operating as of the Basic Term Commencement Date with respect to the Equipment covered by the Schedule (reasonable wear and tear excepted) and (B) the failure to repair or replace such Equipment does not diminish the value, utility or remaining useful life of the Equipment which remains subject to this Agreement from the value, utility and remaining useful life of all Equipment subject to this Agreement immediately prior to such Casualty Occurrence. Upon payment of all sums due hereunder, the obligation of Lessee to pay Rent and the Term of this Agreement as to the Equipment shall terminate, and (except in the case of the loss, t...