Common use of Casualty or Condemnation Loss Clause in Contracts

Casualty or Condemnation Loss. (A) If prior to the Closing Date any portion of the Assets or the “Assets” under the Terminal Interests ASPA is damaged or destroyed by Casualty Loss (“Consolidated Casualty Loss”), the transactions contemplated by this Agreement and the Terminal Interests ASPA shall nevertheless close. In the event that the aggregate amount the Consolidated Casualty Losses is reasonably determined by Seller to be less than Four Million U.S. Dollars (US$4,000,000), the transactions contemplated by this Agreement and the Terminal Interests ASPA shall nevertheless close and Seller shall have no obligation regarding the casualty. In the event that the aggregate amount of losses resulting from the Consolidated Casualty Losses is reasonably determined by Seller to be equal to or greater than Four Million U.S. Dollars (US$4,000,000), Seller, at Seller's sole discretion, shall select one of the following options which shall apply to the Consolidated Casualty Losses:

Casualty or Condemnation Loss. (A) If prior to the Closing Date any portion of the Assets or the “Assets” under the Terminal Interests Pipeline ASPA is damaged or destroyed by Casualty Loss (“Consolidated Casualty Loss”), the transactions contemplated by this Agreement and the Terminal Interests Pipeline ASPA shall nevertheless close. In the event that the aggregate amount the Consolidated Casualty Losses is reasonably determined by Seller to be less than Four Million U.S. Dollars (US$4,000,000), the transactions contemplated by this Agreement and the Terminal Interests Pipeline ASPA shall nevertheless close and Seller shall have no obligation regarding the casualty. In the event that the aggregate amount of losses resulting from the Consolidated Casualty Losses is reasonably determined by Seller to be equal to or greater than Four Million U.S. Dollars (US$4,000,000), Seller, at Seller's sole discretion, shall select one of the following options which shall apply to the Consolidated Casualty Losses: